Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF HUNTSMAN INTERNATIONAL LLC (UNAUDITED) (Tables)

v2.4.0.8
CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF HUNTSMAN INTERNATIONAL LLC (UNAUDITED) (Tables) (HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES)
 3 Months Ended
Mar. 31, 2014
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
  
Condensed consolidated financial information  
CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED)

AS OF MARCH 31, 2014
(In Millions)

 
   Parent
Company		   Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC		  

ASSETS

                                

Current assets:

                                

Cash and cash equivalents

   $ 43   $ —   $ 162   $ —   $ 205  

Restricted cash

     —     —     9     —     9  

Accounts and notes receivable, net

     41     120     1,530     —     1,691  

Accounts receivable from affiliates

     1,763     4,286     126     (5,843 )   332  

Inventories

     121     334     1,465     (9 )   1,911  

Prepaid expenses

     53     35     40     (78 )   50  

Deferred income taxes

     12     —     59     (18 )   53  

Other current assets

     426     2     202     (428 )   202  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current assets

     2,459     4,777     3,593     (6,376 )   4,453  

Property, plant and equipment, net

     389     961     2,384     1     3,735  

Investment in unconsolidated affiliates

     5,562     1,262     183     (6,722 )   285  

Intangible assets, net

     43     1     39     —     83  

Goodwill

     (17 )   82     65     —     130  

Deferred income taxes

     316     —     235     (311 )   240  

Notes receivable from affiliates

     22     656     —     (678 )   —  

Other noncurrent assets

     76     168     222     1     467  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 8,850   $ 7,907   $ 6,721   $ (14,085 ) $ 9,393  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

LIABILITIES AND EQUITY

                                

Current liabilities:

                                

Accounts payable

   $ 50   $ 246   $ 848   $ —   $ 1,144  

Accounts payable to affiliates

     3,064     838     1,992     (5,843 )   51  

Accrued liabilities

     111     548     580     (506 )   733  

Deferred income taxes

     —     58     8     (22 )   44  

Note payable to affiliate

     100     —     —     —     100  

Current portion of debt

     20     —     250     —     270  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current liabilities

     3,345     1,690     3,678     (6,371 )   2,342  

Long-term debt

     3,275     —     346     —     3,621  

Notes payable to affiliates

     707     —     683     (678 )   712  

Deferred income taxes

     24     202     9     47     282  

Other noncurrent liabilities

     134     138     642     —     914  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

     7,485     2,030     5,358     (7,002 )   7,871  

Equity

                                

Huntsman International LLC members' equity

                                

Members' equity

     3,146     4,346     2,314     (6,660 )   3,146  

Accumulated deficit

     (1,167 )   148     (463 )   315     (1,167 )

Accumulated other comprehensive (loss) income

     (614 )   1,383     (642 )   (741 )   (614 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Huntsman International LLC members' equity

     1,365     5,877     1,209     (7,086 )   1,365  

Noncontrolling interests in subsidiaries

     —     —     154     3     157  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total equity

     1,365     5,877     1,363     (7,083 )   1,522  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and equity

   $ 8,850   $ 7,907   $ 6,721   $ (14,085 ) $ 9,393  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

AS OF DECEMBER 31, 2013
(In Millions)

 
   Parent
Company		   Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International
LLC		  

ASSETS

                                

Current assets:

                                

Cash and cash equivalents

   $ 308   $ —   $ 207   $ —   $ 515  

Restricted cash

     —     —     9     —     9  

Accounts and notes receivable, net

     28     130     1,384     —     1,542  

Accounts receivable from affiliates

     2,386     4,823     140     (7,024 )   325  

Inventories

     112     297     1,339     (7 )   1,741  

Prepaid expenses

     70     64     47     (120 )   61  

Deferred income taxes

     12     —     59     (18 )   53  

Other current assets

     379     4     199     (382 )   200  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current assets

     3,295     5,318     3,384     (7,551 )   4,446  

Property, plant and equipment, net

     390     954     2,414     1     3,759  

Investment in unconsolidated affiliates

     5,393     1,178     178     (6,464 )   285  

Intangible assets, net

     48     1     39     —     88  

Goodwill

     (17 )   82     66     —     131  

Deferred income taxes

     323     —     239     (319 )   243  

Notes receivable from affiliates

     22     658     1     (680 )   1  

Other noncurrent assets

     67     172     220     (1 )   458  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 9,521   $ 8,363   $ 6,541   $ (15,014 ) $ 9,411  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

LIABILITIES AND EQUITY

                                

Current liabilities:

                                

Accounts payable

   $ 50   $ 267   $ 750   $ —   $ 1,067  

Accounts payable to affiliates

     3,655     1,476     1,946     (7,024 )   53  

Accrued liabilities

     138     517     590     (503 )   742  

Deferred income taxes

     —     57     8     (21 )   44  

Note payable to affiliate

     100     —     —     —     100  

Current portion of debt

     28     —     249     —     277  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current liabilities

     3,971     2,317     3,543     (7,548 )   2,283  

Long-term debt

     3,290     —     343     —     3,633  

Notes payable to affiliates

     772     —     687     (680 )   779  

Deferred income taxes

     25     200     39     39     303  

Other noncurrent liabilities

     137     140     661     —     938  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

     8,195     2,657     5,273     (8,189 )   7,936  

Equity

                                

Huntsman International LLC members' equity

                                

Members' equity

     3,138     4,354     2,215     (6,569 )   3,138  

Accumulated deficit

     (1,194 )   66     (450 )   384     (1,194 )

Accumulated other comprehensive (loss) income

     (618 )   1,286     (645 )   (641 )   (618 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Huntsman International LLC members' equity

     1,326     5,706     1,120     (6,826 )   1,326  

Noncontrolling interests in subsidiaries

     —     —     148     1     149  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total equity

     1,326     5,706     1,268     (6,825 )   1,475  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and equity

   $ 9,521   $ 8,363   $ 6,541   $ (15,014 ) $ 9,411  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2014
(In Millions)

 
   Parent
Company		   Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC		  

Revenues:

                                

Trade sales, services and fees, net

   $ 260   $ 766   $ 1,667   $ —   $ 2,693  

Related party sales

     97     130     341     (506 )   62  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenues

     357     896     2,008     (506 )   2,755  

Cost of goods sold

     300     709     1,796     (505 )   2,300  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     57     187     212     (1 )   455  

Selling, general and administrative

     31     38     158     —     227  

Research and development

     11     9     16     —     36  

Other operating (income) expense

     (3 )   (5 )   4     —     (4 )

Restructuring, impairment and plant closing (credits) costs

     (2 )   2     39     —     39  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income (loss)

     20     143     (5 )   (1 )   157  

Interest (expense) income

     (47 )   8     (12 )   —     (51 )

Equity in income (loss) of investment in affiliates and subsidiaries

     79     (13 )   2     (66 )   2  

Other income

     1     —     —     —     1  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) from continuing operations before income taxes

     53     138     (15 )   (67 )   109  

Income tax benefit (expense)

     4     (56 )   15     —     (37 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income from continuing operations

     57     82     —     (67 )   72  

Loss from discontinued operations, net of tax

     —     —     (7 )   —     (7 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income (loss)

     57     82     (7 )   (67 )   65  

Net income attributable to noncontrolling interests

     —     —     (6 )   (2 )   (8 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income (loss) attributable to Huntsman International LLC

   $ 57   $ 82   $ (13 ) $ (69 ) $ 57  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Net income (loss)

   $ 57   $ 82   $ (7 ) $ (67 ) $ 65  

Other comprehensive income

     4     97     5     (98 )   8  

Comprehensive income attributable to noncontrolling interests

     —     —     (10 )   (2 )   (12 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income (loss) attributable to Huntsman International LLC

   $ 61   $ 179   $ (12 ) $ (167 ) $ 61  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

THREE MONTHS ENDED MARCH 31, 2013
(In Millions)

 
   Parent
Company		   Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC		  

Revenues:

                                

Trade sales, services and fees, net

   $ 242   $ 784   $ 1,609   $ —   $ 2,635  

Related party sales

     198     116     331     (578 )   67  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenues

     440     900     1,940     (578 )   2,702  

Cost of goods sold

     388     748     1,789     (576 )   2,349  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     52     152     151     (2 )   353  

Selling, general and administrative

     36     37     151     —     224  

Research and development

     11     9     16     —     36  

Other operating expense (income)

     6     6     (19 )   —     (7 )

Restructuring, impairment and plant closing (credits) costs

     (1 )   7     38     —     44  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income (loss)

     —     93     (35 )   (2 )   56  

Interest (expense) income

     (48 )   10     (16 )   —     (54 )

Equity in income (loss) of investment in affiliates and subsidiaries

     22     (78 )   1     56     1  

Loss on early extinguishment of debt

     (35 )   —     —     —     (35 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

(Loss) income from continuing operations before income taxes

     (61 )   25     (50 )   54     (32 )

Income tax benefit (expense)

     39     (8 )   (13 )   —     18  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

(Loss) income from continuing operations

     (22 )   17     (63 )   54     (14 )

(Loss) income from discontinued operations, net of tax

     (1 )   1     (2 )   —     (2 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net (loss) income

     (23 )   18     (65 )   54     (16 )

Net income attributable to noncontrolling interests

     —     —     (7 )   —     (7 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net (loss) income attributable to Huntsman International LLC

   $ (23 ) $ 18   $ (72 ) $ 54   $ (23 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Net (loss) income

   $ (23 ) $ 18   $ (65 ) $ 54   $ (16 )

Other comprehensive loss

     (32 )   (188 )   (16 )   204     (32 )

Comprehensive income attributable to noncontrolling interests

     —     —     (7 )   —     (7 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive loss attributable to Huntsman International LLC

   $ (55 ) $ (170 ) $ (88 ) $ 258   $ (55 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2014
(In Millions)

 
   Parent
Company		   Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC		  

Net cash (used in) provided by operating activities

   $ (32 ) $ 36   $ (72 ) $ 1   $ (67 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investing activities:

                                

Capital expenditures

     (15 )   (32 )   (60 )   —     (107 )

Cash received from unconsolidated affiliates

     —     15     —     —     15  

Investment in affiliate

     (88 )   (3 )   —     91     —  

Investment in unconsolidated affiliates

     —     (11 )   —     —     (11 )

Increase in receivable from affiliate

     (5 )   —     —     —     (5 )

Other, net

     —     1     (1 )   (1 )   (1 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash used in investing activities

     (108 )   (30 )   (61 )   90     (109 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Financing activities:

                                

Net borrowings under revolving loan facilities

     —     —     2     —     2  

Net borrowings on overdraft facilities

     —     —     4     —     4  

Repayments of short-term debt

     —     —     (3 )   —     (3 )

Borrowings on short-term debt

     —     —     1     —     1  

Repayments of long-term debt

     (13 )   —     (9 )   —     (22 )

Repayments of notes payable to affiliate

     (65 )   —     —     —     (65 )

Repayments of notes payable

     (9 )   —     (1 )   —     (10 )

Borrowings on notes payable

     —     —     1     —     1  

Debt issuance costs paid

     (2 )   —     —     —     (2 )

Contingent consideration paid for acquisition

     (6 )   —     —     —     (6 )

Contribution from parent

     —     3     96     (99 )   —  

Distribution to parent

     —     (8 )   —     8     —  

Dividends paid to parent

     (30 )   —     —     —     (30 )

Excess tax benefit related to stock-based compensation

     1     —     —     —     1  

Other, net

     (1 )   (1 )   (2 )   —     (4 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided by (used in) financing activities

     (125 )   (6 )   89     (91 )   (133 )

Effect of exchange rate changes on cash

     —     —     (1 )   —     (1 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Increase (decrease) in cash and cash equivalents

     (265 )   —     (45 )   —     (310 )

Cash and cash equivalents at beginning of period

     308     —     207     —     515  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash and cash equivalents at end of period

   $ 43   $ —   $ 162   $ —   $ 205  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

THREE MONTHS ENDED MARCH 31, 2013
(In Millions)

 
   Parent
Company		   Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International
LLC		  

Net cash (used in) provided by operating activities

   $ (84 ) $ 24   $ (15 ) $ —   $ (75 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investing activities:

                                

Capital expenditures

     (8 )   (22 )   (59 )   —     (89 )

Cash received from unconsolidated affiliates

     —     15     —     —     15  

Investment in affiliate

     (79 )   (4 )   —     83     —  

Investment in unconsolidated affiliates

     —     (5 )   —     —     (5 )

Acquisition of businesses, net of cash acquired

     —     —     (7 )   —     (7 )

Increase in receivable from affiliate

     (3 )   —     —     —     (3 )

Other, net

     —     —     1     —     1  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash used in investing activities

     (90 )   (16 )   (65 )   83     (88 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Financing activities:

                                

Net borrowings on overdraft facilities

     —     —     1     —     1  

Repayments of short-term debt

     —     —     (5 )   —     (5 )

Borrowings on short-term debt

     —     —     13     —     13  

Repayments of long-term debt

     (393 )   —     (20 )   —     (413 )

Proceeds from issuance of long-term debt

     470     —     3     —     473  

Proceeds from notes payable to affiliate

     145     —     —     —     145  

Repayments of notes payable

     (9 )   —     (1 )   —     (10 )

Call premiums related to early extinguishment of debt

     (4 )   —     —     —     (4 )

Contribution from parent

     —     4     90     (94 )   —  

Distribution to parent

     —     (11 )   —     11     —  

Dividends paid to parent

     (30 )   —     —     —     (30 )

Excess tax benefit related to stock-based compensation

     1     —     —     —     1  

Other, net

     (2 )   —     1     —     (1 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided by (used in) financing activities

     178     (7 )   82     (83 )   170  

Effect of exchange rate changes on cash

     —     —     (2 )   —     (2 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Increase in cash and cash equivalents

     4     1     —     —     5  

Cash and cash equivalents at beginning of period

     7     2     201     —     210  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash and cash equivalents at end of period

   $ 11   $ 3   $ 201   $ —   $ 215  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​