Registration of securities issued in business combination transactions

CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF HUNTSMAN INTERNATIONAL LLC (UNAUDITED)

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CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF HUNTSMAN INTERNATIONAL LLC (UNAUDITED)
 3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
CONDENSED CONSOLIDATING FINANCIAL INFORMATION    
CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF HUNTSMAN INTERNATIONAL LLC (UNAUDITED)

19. CONDENSED CONSOLIDATING FINANCIAL INFORMATION (UNAUDITED)

        The following condensed consolidating financial statements (unaudited) present, in separate columns, financial information for the following: Huntsman International (on a parent only basis), with its investment in subsidiaries recorded under the equity method; the Guarantors on a combined, and where appropriate, consolidated basis; and the nonguarantors on a combined, and where appropriate, consolidated basis. Additional columns present eliminating adjustments and consolidated totals as of March 31, 2014 and December 31, 2013 and for the three months ended March 31, 2014 and 2013. There are no contractual restrictions limiting transfers of cash from the Guarantors to our Company. Each of the Guarantors is 100% owned by us and has fully and unconditionally guaranteed, subject to certain customary release provisions, our outstanding notes on a joint and several basis.

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
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  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
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  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
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  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
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 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
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  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
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  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

25. CONDENSED CONSOLIDATING FINANCIAL INFORMATION

        The following condensed consolidating financial statements present, in separate columns, financial information for the following: Huntsman International (on a parent only basis), with its investment in subsidiaries recorded under the equity method; the Guarantors on a combined, and where appropriate, consolidated basis; and the nonguarantors on a combined, and where appropriate, consolidated basis. Additional columns present eliminating adjustments and consolidated totals as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011. There are no contractual restrictions limiting transfers of cash from Guarantor subsidiaries to our Company. Each of the Guarantors is 100% owned by us and has fully and unconditionally guaranteed our outstanding notes on a joint and several basis.

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
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  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
AS OF DECEMBER 31, 2012
(In Millions)

 
   Parent
Company		   Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International
LLC		  

ASSETS

                                

Current assets:

                                

Cash and cash equivalents

   $ 7   $ 2   $ 201   $ —   $ 210  

Restricted cash

     —     —     9     —     9  

Accounts and notes receivable, net

     16     182     1,336     —     1,534  

Accounts receivable from affiliates

     1,733     3,907     101     (5,442 )   299  

Inventories

     111     309     1,404     (5 )   1,819  

Prepaid expenses

     10     7     43     (12 )   48  

Deferred income taxes

     7     —     57     (13 )   51  

Other current assets

     203     5     225     (211 )   222  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current assets

     2,087     4,412     3,376     (5,683 )   4,192  

Property, plant and equipment, net

     371     898     2,386     1     3,656  

Investment in unconsolidated affiliates

     5,413     1,360     159     (6,694 )   238  

Intangible assets, net

     27     2     42     (1 )   70  

Goodwill

     (18 )   82     53     —     117  

Deferred income taxes

     248     —     224     (243 )   229  

Notes receivable from affiliates

     21     941     2     (962 )   2  

Other noncurrent assets

     72     139     156     (1 )   366  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 8,221   $ 7,834   $ 6,398   $ (13,583 ) $ 8,870  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

LIABILITIES AND EQUITY

                                

Current liabilities:

                                

Accounts payable

   $ 87   $ 280   $ 734   $ —   $ 1,101  

Accounts payable to affiliates

     2,987     1,111     1,406     (5,442 )   62  

Accrued liabilities

     87     342     518     (224 )   723  

Deferred income taxes

     —     45     9     (15 )   39  

Note payable to affiliate

     100     —     —     —     100  

Current portion of debt

     15     —     273     —     288  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current liabilities

     3,276     1,778     2,940     (5,681 )   2,313  

Long-term debt

     3,026     —     388     —     3,414  

Notes payable to affiliates

     595     —     965     (961 )   599  

Deferred income taxes

     14     169     49     (62 )   170  

Other noncurrent liabilities

     216     190     751     —     1,157  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

     7,127     2,137     5,093     (6,704 )   7,653  

Equity

                                

Huntsman International LLC members' equity

                                

Members' equity

     3,109     4,689     2,262     (6,951 )   3,109  

Accumulated deficit

     (1,224 )   (243 )   (354 )   597     (1,224 )

Accumulated other comprehensive (loss) income

     (791 )   1,251     (692 )   (559 )   (791 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Huntsman International LLC members' equity

     1,094     5,697     1,216     (6,913 )   1,094  

Noncontrolling interests in subsidiaries

     —     —     89     34     123  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total equity

     1,094     5,697     1,305     (6,879 )   1,217  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and equity

   $ 8,221   $ 7,834   $ 6,398   $ (13,583 ) $ 8,870  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 2013
(In Millions)

 
   Parent
Company		   Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International
LLC		  

Revenues:

                                

Trade sales, services and fees, net

   $ 1,039   $ 3,193   $ 6,615   $ —   $ 10,847  

Related party sales

     315     470     1,277     (1,830 )   232  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenues

     1,354     3,663     7,892     (1,830 )   11,079  

Cost of goods sold

     1,097     2,904     7,137     (1,829 )   9,309  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     257     759     755     (1 )   1,770  

Selling, general and administrative

     168     131     637     —     936  

Research and development

     51     38     51     —     140  

Other operating (income) expense

     (6 )   (10 )   26     —     10  

Restructuring, impairment and plant closing costs

     13     15     123     —     151  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income (loss)

     31     585     (82 )   (1 )   533  

Interest (expense) income, net

     (185 )   43     (61 )   —     (203 )

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

     118     (134 )   8     16     8  

Loss on early extinguishment of debt

     (51 )   —     —     —     (51 )

Other income

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

Loss (income) from continuing operations before income taxes

     (85 )   494     (133 )   13     289  

Income tax benefit (expense)

     210     (200 )   26     (173 )   (137 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) from continuing operations

     125     294     (107 )   (160 )   152  

Income (loss) from discontinued operations, net of tax

     1     (1 )   (5 )   —     (5 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income (loss)

     126     293     (112 )   (160 )   147  

Net income attributable to noncontrolling interests

     —     —     (22 )   1     (21 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income (loss) attributable to Huntsman International LLC

   $ 126   $ 293   $ (134 ) $ (159 ) $ 126  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Net income (loss)

   $ 126   $ 293   $ (112 ) $ (160 ) $ 147  

Other comprehensive income

     173     34     48     (77 )   178  

Comprehensive income attributable to noncontrolling interests

     —     —     (23 )   (3 )   (26 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income (loss) attributable to Huntsman International LLC

   $ 299   $ 327   $ (87 ) $ (240 ) $ 299  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 2012
(In Millions)

 
   Parent
Company		   Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International
LLC		  

Revenues:

                                

Trade sales, services and fees, net

   $ 932   $ 3,443   $ 6,589   $ —   $ 10,964  

Related party sales

     745     447     1,161     (2,130 )   223  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenues

     1,677     3,890     7,750     (2,130 )   11,187  

Cost of goods sold

     1,424     3,003     6,849     (2,130 )   9,146  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     253     887     901     —     2,041  

Selling, general and administrative

     191     120     623     —     934  

Research and development

     47     36     69     —     152  

Other operating (income) expense

     (5 )   2     (3 )   —     (6 )

Restructuring, impairment and plant closing costs

     4     7     81     —     92  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income

     16     722     131     —     869  

Interest (expense) income, net

     (207 )   42     (73 )   —     (238 )

Equity in income of investment in affiliates and subsidiaries

     503     40     9     (545 )   7  

Loss on early extinguishment of debt

     (80 )   —     —     —     (80 )

Other (expense) income

     (12 )   14     (1 )   —     1  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income from continuing operations before income taxes

     220     818     66     (545 )   559  

Income tax benefit (expense)

     141     (243 )   1     (78 )   (179 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income from continuing operations

     361     575     67     (623 )   380  

Income (loss) from discontinued operations, net of tax

     4     1     (12 )   —     (7 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income before extraordinary gain

     365     576     55     (623 )   373  

Extraordinary gain on the acquisition of a business, net of tax of nil

     —     —     2     —     2  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income

     365     576     57     (623 )   375  

Net income attributable to noncontrolling interests

     —     —     (16 )   6     (10 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income attributable to Huntsman International LLC

   $ 365   $ 576   $ 41   $ (617 ) $ 365  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Net income

   $ 365   $ 576   $ 57   $ (623 ) $ 375  

Other comprehensive loss

     (180 )   (250 )   (148 )   397     (181 )

Comprehensive income attributable to noncontrolling interests

     —     —     (16 )   7     (9 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income (loss) attributable to Huntsman International LLC

   $ 185   $ 326   $ (107 ) $ (219 ) $ 185  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 2011
(In Millions)

 
   Parent
Company		   Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC		  

Revenues:

                                

Trade sales, services and fees, net

   $ 885   $ 3,349   $ 6,807   $ —   $ 11,041  

Related party sales

     453     493     1,098     (1,864 )   180  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenues

     1,338     3,842     7,905     (1,864 )   11,221  

Cost of goods sold

     1,178     3,160     6,855     (1,830 )   9,363  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     160     682     1,050     (34 )   1,858  

Selling, general and administrative

     182     97     637     —     916  

Research and development

     50     34     82     —     166  

Other operating expense (income)

     35     (18 )   (37 )   —     (20 )

Restructuring, impairment and plant closing costs

     1     —     166     —     167  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating (loss) income

     (108 )   569     202     (34 )   629  

Interest (expense) income, net

     (216 )   43     (89 )   —     (262 )

Equity in income of investment in affiliates and subsidiaries

     381     77     9     (459 )   8  

Loss on early extinguishment of debt

     (7 )   —     —     —     (7 )

Other (expense) income

     (35 )   —     1     36     2  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income from continuing operations before income taxes

     15     689     123     (457 )   370  

Income tax benefit (expense)

     232     (210 )   (35 )   (100 )   (113 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income from continuing operations

     247     479     88     (557 )   257  

Income (loss) from discontinued operations, net of tax

     6     (1 )   (6 )   —     (1 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income before extraordinary gain

     253     478     82     (557 )   256  

Extraordinary gain on the acquisition of a business, net of tax of nil

     —     —     4     —     4  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income

     253     478     86     (557 )   260  

Net income attributable to noncontrolling interests

     —     (2 )   (6 )   1     (7 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income attributable to Huntsman International LLC

   $ 253   $ 476   $ 80   $ (556 ) $ 253  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Net income

   $ 253   $ 478   $ 86   $ (557 ) $ 260  

Other comprehensive loss

     (257 )   (98 )   (232 )   325     (262 )

Comprehensive income attributable to noncontrolling interests

     —     (3 )   (1 )   2     (2 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive (loss) income attributable to Huntsman International LLC

   $ (4 )   377   $ (147 ) $ (230 ) $ (4 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
YEAR ENDED DECEMBER 31, 2013
(In Millions)

 
   Parent
Company		   Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC		  

Net cash (used in) provided by operating activities

   $ 113   $ 167   $ 456   $ (2 ) $ 734  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investing activities:

                                

Capital expenditures

     (52 )   (134 )   (285 )   —     (471 )

Cash received from unconsolidated affiliates

     —     71     —     —     71  

Investment in affiliate

     68     (11 )   —     (57 )   —  

Investment in unconsolidated affiliates

     —     (60 )   (44 )   —     (104 )

Acquisition of a business, net of cash acquired

     (66 )   —     —     —     (66 )

Proceeds from sale of businesses/assets

     —     —     2     —     2  

Increase in receivable from affiliate

     (48 )   —     —     —     (48 )

Other, net

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

Net cash used in investing activities

     (100 )   (134 )   (323 )   (57 )   (614 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Financing activities:

                                

Net repayments under revolving loan facilities

     —     —     (4 )   —     (4 )

Net borrowings on overdraft facilities

     —     —     (9 )   —     (9 )

Repayments of short-term debt

     —     —     (18 )   —     (18 )

Borrowings on short-term debt

     —     —     15     —     15  

Repayments of long-term debt

     (761 )   —     (79 )   —     (840 )

Proceeds from issuance of long-term debt

     978     —     1     —     979  

Proceeds from notes payable to affiliate

     177     —     —     —     177  

Repayments of notes payable

     (33 )   —     (7 )   —     (40 )

Borrowings on notes payable

     33     —     2     —     35  

Debt issuance costs paid

     (11 )   —     —     —     (11 )

Call premiums and other costs related to early extinguishment of debt

     (4 )   —     —     —     (4 )

Contribution from parent

     —     11     (24 )   13     —  

Distribution to parent

     —     (44 )   —     44     —  

Dividends paid to parent

     (96 )   (2 )   —     2     (96 )

Excess tax benefit related to stock-based compensation

     1     —     —     —     1  

Other, net

     4     —     (1 )   —     3  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided by (used in) financing activities

     288     (35 )   (124 )   59     188  

Effect of exchange rate changes on cash

     —     —     (3 )   —     (3 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Increase (decrease) in cash and cash equivalents

     301     (2 )   6     —     305  

Cash and cash equivalents at beginning of period

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

Cash and cash equivalents at end of period

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

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
YEAR ENDED DECEMBER 31, 2012
(In Millions)

 
   Parent
Company		   Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC		  

Net cash provided by operating activities

   $ 85     269   $ 508   $ (2 ) $ 860  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investing activities:

                                

Capital expenditures

     (23 )   (111 )   (278 )   —     (412 )

Cash received from unconsolidated affiliates

     —     80     2     —     82  

Investment in affiliate

     225     (62 )   48     (211 )   —  

Investment in unconsolidated affiliates

     (3 )   (100 )   (24 )   —     (127 )

Acquisition of businesses, net of cash acquired

     —     —     (18 )   —     (18 )

Proceeds from sale of businesses/assets

     —     —     6     —     6  

Increase in receivable from affiliate

     (108 )   —     —     —     (108 )

Other, net

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

Net cash provided by (used in) investing activities

     91     (192 )   (265 )   (212 )   (578 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Financing activities:

                                

Net repayments under revolving loan facilities

     —     —     (15 )   —     (15 )

Net borrowings on overdraft facilities

     —     —     2     —     2  

Repayments of short-term debt

     —     —     (53 )   —     (53 )

Repayments of long-term debt

     (625 )   —     (69 )   —     (694 )

Proceeds from issuance of long-term debt

     400     —     5     —     405  

Repayments of notes payable to affiliate

     (139 )   —     —     —     (139 )

Proceeds from notes payable to affiliate

     299     —     —     —     299  

Repayments of notes payable

     (33 )   —     (4 )   —     (37 )

Borrowings on notes payable

     33     —     1     —     34  

Debt issuance costs paid

     (11 )   —     —     —     (11 )

Call premiums related to early extinguishment of debt

     (2 )   —     —     —     (2 )

Contribution from parent

     —     14     —     (14 )   —  

Distribution to parent

     —     (87 )   (138 )   225     —  

Dividends paid to parent

     (96 )   (2 )   (1 )   3     (96 )

Excess tax benefit related to stock-based compensation

     4     —     —     —     4  

Other, net

     (3 )   —     —     —     (3 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash used in financing activities

     (173 )   (75 )   (272 )   214     (306 )

Effect of exchange rate changes on cash

     —     —     3     —     3  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Increase (decrease) in cash and cash equivalents

     3     2     (26 )   —     (21 )

Cash and cash equivalents at beginning of period

     4     —     227     —     231  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash and cash equivalents at end of period

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

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
YEAR ENDED DECEMBER 31, 2011
(In Millions)

 
   Parent
Company		   Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC		  

Net cash provided by operating activities

   $ 304   $ 99   $ 34   $ (5 ) $ 432  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investing activities:

                                

Capital expenditures

     (21 )   (70 )   (239 )   —     (330 )

Cash received from unconsolidated affiliates

     —     30     2     —     32  

Investment in affiliates

     (56 )   (16 )   —     72     —  

Investment in unconsolidated affiliate

     —     (26 )   —     —     (26 )

Proceeds from settlements treated as reimbursement of capital expenditures

     —     —     3     —     3  

Acquisition of businesses, net of cash acquired

     —     —     (34 )   —     (34 )

Cash assumed in connection with the initial consolidation of a variable interest entity

     —     —     28     —     28  

Proceeds from sale of businesses/assets

     —     8     40     —     48  

Increase in receivable from affiliate

     (57 )   —     —     —     (57 )

Other, net

     —     —     (4 )   3     (1 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash used in investing activities

     (134 )   (74 )   (204 )   75     (337 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Financing activities:

                                

Net repayments under revolving loan facilities

     —     —     (2 )   —     (2 )

Net borrowings on overdraft facilities

     —     —     9     —     9  

Repayments of short-term debt

     —     —     (187 )   —     (187 )

Borrowings on short-term debt

     —     —     162     —     162  

Repayments of long-term debt

     (305 )   —     (103 )   —     (408 )

Proceeds from issuance of long-term debt

     —     —     98     —     98  

Repayments of notes payable to affiliate

     (105 )   —     —     —     (105 )

Proceeds from notes payable to affiliate

     105     —     —     —     105  

Repayments of notes payable

     (32 )   —     (2 )   —     (34 )

Borrowings on notes payable

     33     —     2     —     35  

Debt issuance costs paid

     (7 )   —     —     —     (7 )

Call premiums related to early extinguishment of debt

     (6 )   —     —     —     (6 )

Contribution from parent

     —     (32 )   104     (72 )   —  

Dividends paid to parent

     (79 )   (2 )   —     2     (79 )

Dividends paid to noncontrolling interests

     —     —     (9 )   —     (9 )

Excess tax benefit related to stock-based compensation

     10     —     —     —     10  

Other, net

     —     —     —     —     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash (used in) provided by financing activities

     (386 )   (34 )   72     (70 )   (418 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effect of exchange rate changes on cash

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

Decrease in cash and cash equivalents

     (216 )   (9 )   (105 )   —     (330 )

Cash and cash equivalents at beginning of period

     220     9     332     —     561  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash and cash equivalents at end of period

   $ 4   $ —   $ 227   $ —   $ 231  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​