Annual report pursuant to Section 13 and 15(d)

Schedule I-Condensed Financial Information of Registrant

v2.4.0.6
Schedule I-Condensed Financial Information of Registrant
12 Months Ended
Dec. 31, 2011
Schedule I-Condensed Financial Information of Registrant  
Schedule I-Condensed Financial Information of Registrant

 

 

 
  December 31,  
 
  2011   2010  

ASSETS

             

Cash and cash equivalents

  $ 323   $ 405  

Receivable from affiliate

    14     14  

Note receivable from affiliate

    100     100  
           

Total current assets

    437     519  

Note receivable from affiliate-long-term

    435     435  

Investment in and advances to affiliates

    944     938  
           

Total assets

  $ 1,816   $ 1,892  
           

LIABILITIES AND STOCKHOLDERS' EQUITY

             

Accounts payable

  $   $ 1  

Payable to affiliate

    143     86  

Accrued liabilities

    2     2  
           

Total current liabilities

    145     89  

Other long term liabilities

    9     13  
           

Total liabilities

    154     102  
           

STOCKHOLDERS' EQUITY

             

Common stock, $0.01 par value, 1,200,000,000 shares authorized, 241,836,001 and 239,549,365 issued and 235,746,087 and 236,799,455 outstanding as of December 31, 2011 and 2010, respectively

    2     2  

Additional paid-in capital

    3,228     3,186  

Treasury stock, 4,043,526 shares at December 31, 2011

    (50 )    

Unearned stock-based compensation

    (12 )   (11 )

Accumulated deficit

    (947 )   (1,090 )

Accumulated other comprehensive loss

    (559 )   (297 )
           

Total stockholders' equity

    1,662     1,790  
           

Total liabilities and stockholders' equity

  $ 1,816   $ 1,892  
           

 
  Year ended December 31,  
 
  2011   2010   2009  

Selling, general and administrative

  $ (15 ) $ (15 ) $ (2 )

Interest income (expense), net

    13     19     (2 )

Equity in income (loss) of subsidiaries

    170     165     (431 )

Dividend income—affiliate

    79         23  

(Expense) income associated with the Merger

        (4 )   835  

Loss on early extinguishment of debt

        (146 )    

Income tax benefit (expense)

        8     (309 )
               

Net income

  $ 247   $ 27   $ 114  
               

Net income

  $ 247   $ 27   $ 114  

Other comprehensive (loss) income from subsidiaries

    (262 )   (10 )   202  
               

Comprehensive (loss) income

  $ (15 ) $ 17   $ 316  
               

 
  Huntsman Corporation Stockholders    
 
 
  Shares    
   
   
   
   
   
   
 
 
   
   
   
   
   
  Accumulated
other
comprehensive
(loss) income
   
 
 
  Common
Stock
  Common
stock
  Additional
paid-in
capital
  Treasury
Stock
  Unearned
stock-based
compensation
  Accumulated
deficit
  Total
equity
 

Balance, January 1, 2009

    233,553,515   $ 2   $ 3,141   $   $ (13 ) $ (1,031 ) $ (489 ) $ 1,610  

Net income

                        114         114  

Other comprehensive income

                            202     202  

Issuance of nonvested stock awards

            8         (8 )            

Vesting of stock awards

    742,565                              

Recognition of stock-based compensation

            6         10             16  

Repurchase and cancellation of stock awards

    (214,590 )                   (2 )       (2 )

Dividends declared on common stock

                        (96 )       (96 )
                                   

Balance, December 31, 2009

    234,081,490     2     3,155         (11 )   (1,015 )   (287 )   1,844  

Net income

                        27         27  

Other comprehensive loss

                            (10 )   (10 )

Consolidation of a variable interest entity

                                 

Issuance of nonvested stock awards

            12         (12 )            

Vesting of stock awards

    1,939,524         9                     9  

Recognition of stock-based compensation

            3         12             15  

Repurchase and cancellation of stock awards

    (431,052 )                   (6 )       (6 )

Stock options exercised

    1,209,493         3                     3  

Excess tax benefit related to stock-based compensation

            4                     4  

Dividends declared on common stock

                        (96 )       (96 )
                                   

Balance, December 31, 2010

    236,799,455     2     3,186         (11 )   (1,090 )   (297 )   1,790  

Net income

                        247         247  

Dividend paid to noncontrolling interest

                                 

Other comprehensive loss

                            (262 )   (262 )

Consolidation of a variable interest entity

                                 

Issuance of nonvested stock awards

            11         (11 )            

Vesting of stock awards

    2,229,418         13                     13  

Recognition of stock-based compensation

            5         10             15  

Repurchase of common stock

    (4,043,526 )           (50 )               (50 )

Repurchase and cancellation of stock awards

    (507,624 )                   (8 )       (8 )

Stock options exercised

    1,268,364         3                     3  

Excess tax benefit related to stock-based compensation

            10                     10  

Dividends declared on common stock

                        (96 )       (96 )
                                   

Balance, December 31, 2011

    235,746,087   $ 2   $ 3,228   $ (50 ) $ (12 ) $ (947 ) $ (559 ) $ 1,662  
                                   

 
  Year ended December 31,  
 
  2011   2010   2009  

Operating Activities:

                   

Net income

  $ 247   $ 27   $ 114  

Equity in (income) loss of subsidiaries

    (170 )   (165 )   431  

Loss on early extinguishment of debt

        146      

Stock-based compensation

    1     3     4  

Noncash interest income

    (13 )   (19 )   (17 )

Changes in operating assets and liabilities

    62     (4 )   175  
               

Net cash provided by (used in) operating activities

    127     (12 )   707  
               

Investing Activities:

                   

Loan to affiliate

    (105 )   (110 )   (529 )

Repayments of loan by affiliate

    105     125     403  

Investment in affiliate

            (236 )
               

Net cash provided by (used in) investing activities

        15     (362 )
               

Financing Activities:

                   

Repayments of Convertible Note

        (250 )    

Call premiums related to early extinguishment of debt

        (132 )    

Dividends paid to common stockholders

    (96 )   (96 )   (96 )

Repurchase and cancellation of stock awards

    (8 )   (6 )   (2 )

Proceeds from issuance of common stock

    3     3      

Repuchase of common stock

    (50 )        

Increase in payable to affiliates

    (57 )   57     7  

Other, net

    (1 )       2  
               

Net cash used in financing activities

    (209 )   (424 )   (89 )
               

(Decrease) increase in cash and cash equivalents

    (82 )   (421 )   256  

Cash and cash equivalents at beginning of period

    405     826     570  
               

Cash and cash equivalents at end of period

  $ 323   $ 405   $ 826