Huntsman Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS (Tables)

RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS (Tables)

6 Months Ended

Jun. 30, 2015

RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS

Accrued restructuring costs by type of cost and initiative

As of June 30, 2015 and December 31, 2014, accrued restructuring costs by type of cost and initiative consisted of the following (dollars in millions):

	Workforce reductions(1)			Demolition and decommissioning			Non-cancelable lease and contract termination costs			Other restructuring costs			Total(2)
Accrued liabilities as of January 1, 2015	$	87		$	—		$	48		$	3		$	138
2015 charges for 2014 and prior initiatives		55			3			6			12			76
2015 charges for 2015 initiatives		44			—			—			—			44
Reversal of reserves no longer required		(1	)		—			—			—			(1	)
2015 payments for 2014 and prior initiatives		(25	)		(3	)		(3	)		(11	)		(42	)
2015 payments for 2015 initiatives		(4	)		—			—			—			(4	)
Net activity of discontinued operations		—			—			(1	)		—			(1	)
Foreign currency effect on liability balance		(6	)		—			3			—			(3	)

Accrued liabilities as of June 30, 2015	$	150		$	—		$	53		$	4		$	207


(1)	The workforce reduction reserves relate to the termination of 1,344 positions, of which 1,268 positions had not been terminated as of June 30, 2015.
(2)	Accrued liabilities by initiatives were as follows (dollars in millions):

	June 30, 2015		December 31, 2014
2013 and prior initiatives	$	68	$	75
2014 initiatives		98		63
2015 initiatives		41		—

Total	$	207	$	138

Accrued liabilities by initiative

Accrued liabilities by initiatives were as follows (dollars in millions):

	June 30, 2015		December 31, 2014
2013 and prior initiatives	$	68	$	75
2014 initiatives		98		63
2015 initiatives		41		—

Total	$	207	$	138

Details with respect to reserves for restructuring, impairment and plant closing costs, provided by segment and initiative

Details with respect to our reserves for restructuring, impairment and plant closing costs are provided below by segment and initiative (dollars in millions):

	Polyurethanes			Performance Products			Advanced Materials			Textile Effects			Pigments and Additives			Discontinued Operations			Corporate and Other			Total
Accrued liabilities as of January 1, 2015	$	6		$	9		$	5		$	54		$	59		$	1		$	4		$	138
2015 charges for 2014 and prior initiatives		2			1			1			12			57			—			3			76
2015 charges for 2015 initiatives		13			—			3			1			27			—			—			44
Reversal of reserves no longer required		—			—			—			—			—			—			(1	)		(1	)
2015 payments for 2014 and prior initiatives		(4	)		(4	)		(2	)		(9	)		(19	)		—			(4	)		(42	)
2015 payments for 2015 initiatives		—			—			—			—			(4	)		—			—			(4	)
Net activity of discontinued operations		—			—			—			—			—			(1	)		—			(1	)
Foreign currency effect on liability balance		—			(1	)		—			2			(4	)		—			—			(3	)

Accrued liabilities as of June 30, 2015	$	17		$	5		$	7		$	60		$	116		$	—		$	2		$	207


Current portion of restructuring reserves	$	15		$	5		$	5		$	23		$	116		$	—		$	2		$	166
Long-term portion of restructuring reserves		2			—			2			37			—			—			—			41

Cash and noncash restructuring charges by initiative

Details with respect to cash and noncash restructuring charges for the three and six months ended June 30, 2015 and 2014 by initiative are provided below (dollars in millions):

	Three months ended June, 2015		Six months ended June 30, 2015
Cash charges:
2015 charges for 2014 and prior initiatives	$	34	$	76
2015 charges for 2015 initiatives		20		44
Pension related charges		3		3
Reversal of reserves no longer required		—		(1	)
Accelerated depreciation		47		75
Non-cash charges		10		10

Total 2015 Restructuring, Impairment and Plant Closing Costs	$	114	$	207

	Three months ended June 30, 2014			Six months ended June 30, 2014
Cash charges:
2014 charges for 2013 and prior initiatives	$	10		$	51
2014 charges for 2014 initiatives		6			6
Pension related charges		1			2
Reversal of reserves no longer required		(4	)		(8	)
Non-cash charges		—			1

Total 2014 Restructuring, Impairment and Plant Closing Costs	$	13		$	52