Huntsman Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Trade sales, services and fees, net	$ 11,317us-gaap_SalesRevenueNet	$ 10,847us-gaap_SalesRevenueNet	$ 10,964us-gaap_SalesRevenueNet
Related party sales	261us-gaap_RevenueFromRelatedParties	232us-gaap_RevenueFromRelatedParties	223us-gaap_RevenueFromRelatedParties
Total revenues	11,578us-gaap_Revenues	11,079us-gaap_Revenues	11,187us-gaap_Revenues
Cost of goods sold	9,659us-gaap_CostOfGoodsSold	9,326us-gaap_CostOfGoodsSold	9,153us-gaap_CostOfGoodsSold
Gross profit	1,919us-gaap_GrossProfit	1,753us-gaap_GrossProfit	2,034us-gaap_GrossProfit
Operating expenses:
Selling, general and administrative	974	942	951
Research and development	158us-gaap_ResearchAndDevelopmentExpense	140us-gaap_ResearchAndDevelopmentExpense	152us-gaap_ResearchAndDevelopmentExpense
Other operating (income) expense	(4)us-gaap_OtherOperatingIncomeExpenseNet	10us-gaap_OtherOperatingIncomeExpenseNet	(6)us-gaap_OtherOperatingIncomeExpenseNet
Restructuring, impairment and plant closing costs	158	151	92
Total expenses	1,286us-gaap_OperatingExpenses	1,243us-gaap_OperatingExpenses	1,189us-gaap_OperatingExpenses
Operating income	633us-gaap_OperatingIncomeLoss	510us-gaap_OperatingIncomeLoss	845us-gaap_OperatingIncomeLoss
Interest expense	(205)us-gaap_InterestIncomeExpenseNet	(190)us-gaap_InterestIncomeExpenseNet	(226)us-gaap_InterestIncomeExpenseNet
Equity in income of investment in unconsolidated affiliates	6	8	7
Loss on early extinguishment of debt	(28)	(51)	(80)
Other (loss) income	(2)us-gaap_OtherNonoperatingIncomeExpense	2us-gaap_OtherNonoperatingIncomeExpense	1us-gaap_OtherNonoperatingIncomeExpense
Income from continuing operations before income taxes	404	279	547
Income tax expense	(51)us-gaap_IncomeTaxExpenseBenefit	(125)us-gaap_IncomeTaxExpenseBenefit	(169)us-gaap_IncomeTaxExpenseBenefit
Income from continuing operations	353	154	378
Loss from discontinued operations, net of tax	(8)	(5)	(7)
Income before extraordinary gain	345	149	371
Extraordinary gain on the acquisition of a business, net of tax of nil			2
Net income	345us-gaap_ProfitLoss	149us-gaap_ProfitLoss	373us-gaap_ProfitLoss
Net income attributable to noncontrolling interests	(22)	(21)	(10)
Net income attributable to Huntsman Corporation or Huntsman International LLC	323us-gaap_NetIncomeLoss	128us-gaap_NetIncomeLoss	363us-gaap_NetIncomeLoss
Basic income (loss) per share:
Income from continuing operations attributable to Huntsman Corporation common stockholders (in dollars per share)	$ 1.36	$ 0.55	$ 1.55
Loss from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax (in dollars per share)	$ (0.03)	$ (0.02)	$ (0.03)
Extraordinary gain on the acquisition of a business attributable to Huntsman Corporation common stockholders, net of tax (in dollars per share)			$ 0.01
Net income attributable to Huntsman Corporation common stockholders (in dollars per share)	$ 1.33us-gaap_EarningsPerShareBasic	$ 0.53us-gaap_EarningsPerShareBasic	$ 1.53us-gaap_EarningsPerShareBasic
Weighted average shares (in shares)	242.1	239.7	237.6
Diluted income (loss) per share:
Income from continuing operations attributable to Huntsman Corporation common stockholders (in dollars per share)	$ 1.34	$ 0.55	$ 1.53
Loss from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax (in dollars per share)	$ (0.03)	$ (0.02)	$ (0.03)
Extraordinary gain on the acquisition of a business attributable to Huntsman Corporation common stockholders, net of tax (in dollars per share)			$ 0.01
Net income attributable to Huntsman Corporation common stockholders (in dollars per share)	$ 1.31us-gaap_EarningsPerShareDiluted	$ 0.53us-gaap_EarningsPerShareDiluted	$ 1.51us-gaap_EarningsPerShareDiluted
Weighted average shares (in shares)	246.0	242.4	240.6
Amounts attributable to Huntsman Corporation common stockholders :
Income from continuing operations	331	133	368
Loss from discontinued operations, net of tax	(8)	(5)	(7)
Extraordinary gain on the acquisition of a business, net of tax			2
Net income	323us-gaap_NetIncomeLoss	128us-gaap_NetIncomeLoss	363us-gaap_NetIncomeLoss
Dividends per share (in dollars per share)	$ 0.50	$ 0.50	$ 0.40
Huntsman International
Revenues:
Trade sales, services and fees, net	11,317	10,847	10,964
Related party sales	261	232	223
Total revenues	11,578	11,079	11,187
Cost of goods sold	9,651	9,309	9,146
Gross profit	1,927	1,770	2,041
Operating expenses:
Selling, general and administrative	969	936	934
Research and development	158	140	152
Other operating (income) expense	(4)	10	(6)
Restructuring, impairment and plant closing costs	158	151	92
Total expenses	1,281	1,237	1,172
Operating income	646	533	869
Interest expense	(214)	(203)	(238)
Equity in income of investment in unconsolidated affiliates	6	8	7
Loss on early extinguishment of debt	(28)	(51)	(80)
Other (loss) income	(1)	2	1
Income from continuing operations before income taxes	409	289	559
Income tax expense	(43)	(137)	(179)
Income from continuing operations	366	152	380
Loss from discontinued operations, net of tax	(9)	(5)	(7)
Income before extraordinary gain	357	147	373
Extraordinary gain on the acquisition of a business, net of tax of nil			2
Net income	357	147	375
Net income attributable to noncontrolling interests	(22)	(21)	(10)
Net income attributable to Huntsman Corporation or Huntsman International LLC	335	126	365
Amounts attributable to Huntsman Corporation common stockholders :
Extraordinary gain on the acquisition of a business, net of tax			2
Net income	$ 335	$ 126	$ 365