|
27. OPERATING SEGMENT INFORMATION
We derive our revenues, earnings and cash flows from the manufacture and sale of a wide variety of differentiated and commodity chemical products. During the first quarter of 2010, we began reporting our LIFO inventory valuation reserves as part of Corporate and other; these reserves were previously reported in our Performance Products segment. During the third quarter of 2010, we began reporting the amounts outstanding under the A/R Programs and certain purchase accounting adjustments as part of our Polyurethanes, Performance Products, Advanced Materials, Textile Effects and Pigments segments' assets. These amounts were previously reported as Corporate and other segment assets. In addition, we eliminated intercompany balances from the assets of each reportable segment. During the fourth quarter of 2010, we began reporting the (income) loss attributable to noncontrolling interests in the reporting segment to which the subsidiary relates. Previously, (income) loss attributable to noncontrolling interests was reported in our Corporate and other segment. All relevant information for prior periods has been reclassified to reflect these changes.
We have reported our operations through five segments: Polyurethanes, Advanced Materials, Textile Effects, Performance Products and Pigments. We have organized our business and derived our operating segments around differences in product lines.
The major products of each reportable operating segment are as follows:
|
|
|
|
Segment
|
|
Products |
| Polyurethanes |
|
MDI, PO, polyols, PG, TPU, aniline and MTBE |
| Performance Products |
|
amines, surfactants, LAB, maleic anhydride, other performance chemicals, EG, olefins and technology licenses |
| Advanced Materials |
|
epoxy resin compounds and formulations; cross-linking, matting and curing agents; epoxy, acrylic and polyurethane- based adhesives and tooling resin formulations |
| Textile Effects |
|
textile chemicals and dyes |
| Pigments |
|
titanium dioxide |
Sales between segments are generally recognized at external market prices and are eliminated in consolidation. We use EBITDA to measure the financial performance of our global business units and for reporting the results of our operating segments. This measure includes all operating items relating to the businesses. The EBITDA of operating segments excludes items that principally apply to our Company as a whole. The revenues and EBITDA for each of our reportable operating segments are as follows (dollars in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2011 |
|
2010 |
|
2009 |
|
|
Net Sales:
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$ |
4,434 |
|
$ |
3,605 |
|
$ |
3,005 |
|
|
Performance Products
|
|
|
3,301 |
|
|
2,659 |
|
|
2,090 |
|
|
Advanced Materials
|
|
|
1,372 |
|
|
1,244 |
|
|
1,059 |
|
|
Textile Effects
|
|
|
737 |
|
|
787 |
|
|
691 |
|
|
Pigments
|
|
|
1,642 |
|
|
1,213 |
|
|
960 |
|
|
Eliminations
|
|
|
(265 |
) |
|
(258 |
) |
|
(140 |
) |
| |
|
|
|
|
|
|
|
|
Total
|
|
$ |
11,221 |
|
$ |
9,250 |
|
$ |
7,665 |
|
| |
|
|
|
|
|
|
|
|
Huntsman Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
Segment EBITDA(1):
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$ |
469 |
|
$ |
319 |
|
$ |
388 |
|
|
Performance Products
|
|
|
385 |
|
|
363 |
|
|
246 |
|
|
Advanced Materials
|
|
|
125 |
|
|
143 |
|
|
59 |
|
|
Textile Effects
|
|
|
(199 |
) |
|
1 |
|
|
(64 |
) |
|
Pigments
|
|
|
501 |
|
|
205 |
|
|
(25 |
) |
|
Corporate and other(2)
|
|
|
(236 |
) |
|
(384 |
) |
|
651 |
|
| |
|
|
|
|
|
|
|
|
Subtotal
|
|
|
1,045 |
|
|
647 |
|
|
1,255 |
|
|
Discontinued Operations(3)
|
|
|
(6 |
) |
|
53 |
|
|
(97 |
) |
| |
|
|
|
|
|
|
|
|
Total
|
|
|
1,039 |
|
|
700 |
|
|
1,158 |
|
|
Interest expense, net
|
|
|
(249 |
) |
|
(229 |
) |
|
(238 |
) |
|
Income tax expense—continuing operations
|
|
|
(109 |
) |
|
(29 |
) |
|
(444 |
) |
|
Income tax benefit (expense)—discontinued operations
|
|
|
5 |
|
|
(10 |
) |
|
80 |
|
|
Depreciation and amortization
|
|
|
(439 |
) |
|
(405 |
) |
|
(442 |
) |
| |
|
|
|
|
|
|
|
|
Net income attributable to Huntsman Corporation
|
|
$ |
247 |
|
$ |
27 |
|
$ |
114 |
|
| |
|
|
|
|
|
|
|
|
Depreciation and Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$ |
160 |
|
$ |
155 |
|
$ |
160 |
|
|
Performance Products
|
|
|
110 |
|
|
92 |
|
|
78 |
|
|
Advanced Materials
|
|
|
33 |
|
|
33 |
|
|
38 |
|
|
Textile Effects
|
|
|
27 |
|
|
26 |
|
|
19 |
|
|
Pigments
|
|
|
74 |
|
|
67 |
|
|
104 |
|
|
Corporate and other(2)
|
|
|
35 |
|
|
31 |
|
|
41 |
|
| |
|
|
|
|
|
|
|
|
Subtotal
|
|
|
439 |
|
|
404 |
|
|
440 |
|
|
Discontinued Operations
|
|
|
— |
|
|
1 |
|
|
2 |
|
| |
|
|
|
|
|
|
|
|
Total
|
|
$ |
439 |
|
$ |
405 |
|
$ |
442 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, |
|
|
|
2011 |
|
2010 |
|
2009 |
|
|
Capital Expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$ |
85 |
|
$ |
59 |
|
$ |
55 |
|
|
Performance Products
|
|
|
96 |
|
|
66 |
|
|
70 |
|
|
Advanced Materials
|
|
|
39 |
|
|
24 |
|
|
14 |
|
|
Textile Effects
|
|
|
34 |
|
|
23 |
|
|
19 |
|
|
Pigments
|
|
|
57 |
|
|
49 |
|
|
23 |
|
|
Corporate and other(2)
|
|
|
19 |
|
|
15 |
|
|
8 |
|
| |
|
|
|
|
|
|
|
|
Total
|
|
$ |
330 |
|
$ |
236 |
|
$ |
189 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2011 |
|
2010 |
|
|
Total Assets:
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$ |
3,144 |
|
$ |
3,095 |
|
|
Performance Products
|
|
|
2,348 |
|
|
2,077 |
|
|
Advanced Materials
|
|
|
1,307 |
|
|
1,327 |
|
|
Textile Effects
|
|
|
686 |
|
|
776 |
|
|
Pigments
|
|
|
1,428 |
|
|
1,330 |
|
|
Corporate and other(2)
|
|
|
(256 |
) |
|
109 |
|
| |
|
|
|
|
|
|
Total
|
|
$ |
8,657 |
|
$ |
8,714 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2011 |
|
2010 |
|
2009 |
|
|
Huntsman International:
|
|
|
|
|
|
|
|
|
|
|
|
Segment EBITDA(1):
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$ |
469 |
|
$ |
319 |
|
$ |
388 |
|
|
Performance Products
|
|
|
385 |
|
|
363 |
|
|
246 |
|
|
Advanced Materials
|
|
|
125 |
|
|
143 |
|
|
59 |
|
|
Textile Effects
|
|
|
(199 |
) |
|
1 |
|
|
(64 |
) |
|
Pigments
|
|
|
501 |
|
|
205 |
|
|
(25 |
) |
|
Corporate and other(2)
|
|
|
(236 |
) |
|
(224 |
) |
|
(178 |
) |
| |
|
|
|
|
|
|
|
|
Subtotal
|
|
|
1,045 |
|
|
807 |
|
|
426 |
|
|
Discontinued Operations(3)
|
|
|
(6 |
) |
|
53 |
|
|
(97 |
) |
| |
|
|
|
|
|
|
|
|
Total
|
|
|
1,039 |
|
|
860 |
|
|
329 |
|
|
Interest expense, net
|
|
|
(262 |
) |
|
(248 |
) |
|
(240 |
) |
|
Income tax expense—continuing operations
|
|
|
(113 |
) |
|
(40 |
) |
|
(159 |
) |
|
Income tax benefit (expense)—discontinued operations
|
|
|
5 |
|
|
(10 |
) |
|
80 |
|
|
Depreciation and amortization
|
|
|
(416 |
) |
|
(382 |
) |
|
(420 |
) |
| |
|
|
|
|
|
|
|
|
Net income (loss) attributable to Huntsman International LLC
|
|
$ |
253 |
|
$ |
180 |
|
$ |
(410 |
) |
| |
|
|
|
|
|
|
|
|
Depreciation and Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$ |
160 |
|
$ |
155 |
|
$ |
160 |
|
|
Performance Products
|
|
|
110 |
|
|
92 |
|
|
78 |
|
|
Advanced Materials
|
|
|
33 |
|
|
33 |
|
|
38 |
|
|
Textile Effects
|
|
|
27 |
|
|
26 |
|
|
19 |
|
|
Pigments
|
|
|
74 |
|
|
67 |
|
|
104 |
|
|
Corporate and other(2)
|
|
|
12 |
|
|
8 |
|
|
19 |
|
| |
|
|
|
|
|
|
|
|
Subtotal
|
|
|
416 |
|
|
381 |
|
|
418 |
|
|
Discontinued Operations
|
|
|
— |
|
|
1 |
|
|
2 |
|
| |
|
|
|
|
|
|
|
|
Total
|
|
$ |
416 |
|
$ |
382 |
|
$ |
420 |
|
| |
|
|
|
|
|
|
|
|
Capital Expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$ |
85 |
|
$ |
59 |
|
$ |
55 |
|
|
Performance Products
|
|
|
96 |
|
|
66 |
|
|
70 |
|
|
Advanced Materials
|
|
|
39 |
|
|
24 |
|
|
14 |
|
|
Textile Effects
|
|
|
34 |
|
|
23 |
|
|
19 |
|
|
Pigments
|
|
|
57 |
|
|
49 |
|
|
23 |
|
|
Corporate and other(2)
|
|
|
19 |
|
|
15 |
|
|
8 |
|
| |
|
|
|
|
|
|
|
|
Total
|
|
$ |
330 |
|
$ |
236 |
|
$ |
189 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2011 |
|
2010 |
|
|
Total Assets:
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$ |
3,086 |
|
$ |
3,024 |
|
|
Performance Products
|
|
|
2,340 |
|
|
2,067 |
|
|
Advanced Materials
|
|
|
1,307 |
|
|
1,327 |
|
|
Textile Effects
|
|
|
686 |
|
|
776 |
|
|
Pigments
|
|
|
1,384 |
|
|
1,277 |
|
|
Corporate and other(2)
|
|
|
(473 |
) |
|
(164 |
) |
| |
|
|
|
|
|
|
Total
|
|
$ |
8,330 |
|
$ |
8,307 |
|
| |
|
|
|
|
|
-
(1)
- Segment EBITDA is defined as net income (loss) attributable to Huntsman Corporation or Huntsman International LLC, as appropriate, before interest, income tax, depreciation and amortization, and certain Corporate and other items.
-
(2)
- Corporate and other includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, (expenses) income associated with the Terminated Merger and related litigation (Huntsman Corporation only), unallocated restructuring, impairment and plant closing costs and non-operating income and expense.
-
(3)
- The operating results of our former polymers, base chemicals and Australian styrenics businesses are classified as discontinued operations, and, accordingly, the revenues of these businesses are excluded for all periods presented. The EBITDA of our former polymers, base chemicals and Australian styrenics businesses are included in discontinued operations for all periods presented. For more information, see "Note 25. Discontinued Operations."
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2011 |
|
2010 |
|
2009 |
|
|
By Geographic Area
|
|
|
|
|
|
|
|
|
|
|
|
Revenues(1):
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
3,470 |
|
$ |
2,777 |
|
$ |
2,345 |
|
|
China
|
|
|
944 |
|
|
881 |
|
|
561 |
|
|
Mexico
|
|
|
723 |
|
|
485 |
|
|
432 |
|
|
Germany
|
|
|
638 |
|
|
519 |
|
|
433 |
|
|
Italy
|
|
|
558 |
|
|
474 |
|
|
415 |
|
|
Other nations
|
|
|
4,888 |
|
|
4,114 |
|
|
3,479 |
|
| |
|
|
|
|
|
|
|
|
Total
|
|
$ |
11,221 |
|
$ |
9,250 |
|
$ |
7,665 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2011 |
|
2010 |
|
|
Long-lived assets(2):
|
|
|
|
|
|
|
|
|
Huntsman Corporation
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
1,390 |
|
$ |
1,441 |
|
|
The Netherlands
|
|
|
310 |
|
|
311 |
|
|
United Kingdom
|
|
|
306 |
|
|
320 |
|
|
Saudi Arabia
|
|
|
243 |
|
|
259 |
|
|
Germany
|
|
|
205 |
|
|
68 |
|
|
Switzerland
|
|
|
166 |
|
|
221 |
|
|
Spain
|
|
|
157 |
|
|
173 |
|
|
Other nations
|
|
|
845 |
|
|
812 |
|
| |
|
|
|
|
|
|
Total
|
|
$ |
3,622 |
|
$ |
3,605 |
|
| |
|
|
|
|
|
|
Huntsman International
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
1,278 |
|
$ |
1,305 |
|
|
The Netherlands
|
|
|
310 |
|
|
311 |
|
|
United Kingdom
|
|
|
306 |
|
|
320 |
|
|
Saudi Arabia
|
|
|
243 |
|
|
259 |
|
|
Germany
|
|
|
205 |
|
|
68 |
|
|
Switzerland
|
|
|
166 |
|
|
221 |
|
|
Spain
|
|
|
157 |
|
|
173 |
|
|
Other nations
|
|
|
845 |
|
|
812 |
|
| |
|
|
|
|
|
|
Total
|
|
$ |
3,510 |
|
$ |
3,469 |
|
| |
|
|
|
|
|
-
(1)
- Geographic information for revenues is based upon countries into which product is sold.
-
(2)
- Long-lived assets are made up of property, plant and equipment, net.
|