Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Operating Activities:    
Net income $ 54 $ 186
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Equity in income of investment in unconsolidated affiliates (5) (4)
Depreciation and amortization 194 239
Loss on early extinguishment of debt 23  
Noncash interest expense 8 5
Noncash restructuring and impairment charges 85 6
Deferred income taxes (59) (32)
Noncash (gain) loss on foreign currency transactions (4) 4
Stock-based compensation 17 16
Other, net 4 (2)
Changes in operating assets and liabilities :    
Accounts and notes receivable (142) (300)
Inventories 7 (109)
Prepaid expenses 14 14
Other current assets 62 (19)
Other noncurrent assets (99) (13)
Accounts payable 12 94
Accrued liabilities 31 (75)
Other noncurrent liabilities (21) (27)
Net cash provided by (used in) operating activities 181 (17)
Investing Activities:    
Capital expenditures (296) (214)
Cash received from unconsolidated affiliates 25 30
Investment in unconsolidated affiliates (32) (29)
Acquisition of businesses, net of cash acquired (15)  
Cash received from purchase price adjustment for business acquired 18  
Proceeds from sale of businesses/assets 1 14
Cash received from termination of cross-currency interest rate contracts 66  
Other, net   (3)
Net cash used in investing activities (233) (202)
Financing Activities:    
Net borrowings under revolving loan facilities   (1)
Net (repayments) borrowings on overdraft facilities (2) 8
Repayments of short-term debt (17) (8)
Borrowings on short-term debt   5
Repayments of long-term debt (388) (35)
Proceeds from issuance of long-term debt 326 204
Repayments of notes payable (15) (16)
Borrowings on notes payable 1 1
Debt issuance costs paid (5) (4)
Call premiums related to early extinguishment of debt (26)  
Contingent consideration paid for acquisition (4) (6)
Dividends paid to common stockholders (62) (60)
Dividends paid to noncontrolling interest (4) (4)
Repurchase and cancellation of stock awards (7) (7)
Proceeds from issuance of common stock 1 28
Excess tax benefit related to stock-based compensation 1  
Excess tax expense related to stock-based compensation   (1)
Other, net (1) (1)
Net cash (used in) provided by financing activities (202) 103
Effect of exchange rate changes on cash (7) (1)
Decrease in cash and cash equivalents (261) (117)
Cash and cash equivalents at beginning of period 860 [1] 520
Cash and cash equivalents at end of period 599 [1] 403
Supplemental cash flow information:    
Cash paid for interest 115 91
Cash paid for income taxes 30 143
Huntsman International    
Operating Activities:    
Net income 54 190
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Equity in income of investment in unconsolidated affiliates (5) (4)
Depreciation and amortization 187 229
Loss on early extinguishment of debt 23  
Noncash interest expense 12 9
Noncash restructuring and impairment charges 85 6
Deferred income taxes (59) (31)
Noncash (gain) loss on foreign currency transactions (4) 4
Noncash compensation 16 15
Other, net 6 (2)
Changes in operating assets and liabilities :    
Accounts and notes receivable (142) (299)
Inventories 7 (109)
Prepaid expenses 15 15
Other current assets 55 (13)
Other noncurrent assets (99) (13)
Accounts payable 8 89
Accrued liabilities 39 (80)
Other noncurrent liabilities (17) (23)
Net cash provided by (used in) operating activities 181 (17)
Investing Activities:    
Capital expenditures (296) (214)
Cash received from unconsolidated affiliates 25 30
Investment in unconsolidated affiliates (32) (29)
Acquisition of businesses, net of cash acquired (15)  
Cash received from purchase price adjustment for business acquired 18  
Proceeds from sale of businesses/assets 1 14
Increase in receivable from affiliate (4) (5)
Cash received from termination of cross-currency interest rate contracts 66  
Other, net   (3)
Net cash used in investing activities (237) (207)
Financing Activities:    
Net borrowings under revolving loan facilities   (1)
Net (repayments) borrowings on overdraft facilities (2) 8
Repayments of short-term debt (17) (8)
Borrowings on short-term debt   5
Repayments of long-term debt (388) (35)
Proceeds from issuance of long-term debt 326 204
Proceeds from issuance of notes payable from affiliate 195  
Repayments of notes payable to affiliate (50) (65)
Repayments of notes payable (15) (16)
Borrowings on notes payable 1 1
Debt issuance costs paid (5) (4)
Call premiums related to early extinguishment of debt (26)  
Contingent consideration paid for acquisition (4) (6)
Dividends paid to noncontrolling interest (4) (4)
Dividends paid to parent (61) (60)
Excess tax benefit related to stock-based compensation 1  
Excess tax expense related to stock-based compensation   (1)
Other, net (1)  
Net cash (used in) provided by financing activities (50) 18
Effect of exchange rate changes on cash (7) (1)
Decrease in cash and cash equivalents (113) (207)
Cash and cash equivalents at beginning of period 710 [1] 515
Cash and cash equivalents at end of period 597 [1] 308
Supplemental cash flow information:    
Cash paid for interest 115 91
Cash paid for income taxes $ 30 $ 143
[1] At June 30, 2015 and December 31, 2014, respectively, $28 and $46 of cash and cash equivalents, $9 and $10 of restricted cash, $42 and $41 of accounts and notes receivable (net), $51 and $68 of inventories, $5 and $6 of other current assets, $326 and $339 of property, plant and equipment (net), $38 and $40 of intangible assets (net), $28 and $27 of other noncurrent assets, $77 and $92 of accounts payable, $33 and $37 of accrued liabilities, $18 and $172 of current portion of debt, $147 and $36 of longterm debt, and $97 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective Balance Sheet captions above. See “Note 5. Variable Interest Entities.”