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)

9 Months Ended

Sep. 30, 2015

RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS

Accrued restructuring costs by type of cost and initiative

As of September 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		57			5			7			18			87
2015 charges for 2015 initiatives		44			—			—			1			45
Pigments and Additives opening balance sheet liabilities		1			—			—			—			1
Reversal of reserves no longer required		(1	)		—			—			—			(1	)
2015 payments for 2014 and prior initiatives		(44	)		(5	)		(4	)		(17	)		(70	)
2015 payments for 2015 initiatives		(11	)		—			—			(1	)		(12	)
Net activity of discontinued operations		—			—			(1	)		—			(1	)
Foreign currency effect on liability balance		(7	)		—			—			—			(7	)

Accrued liabilities as of September 30, 2015	$	126		$	—		$	50		$	4		$	180


(1)	The workforce reduction reserves relate to the termination of 1,389 positions, of which 1,279 positions had not been terminated as of September 30, 2015.
(2)	Accrued liabilities by initiatives were as follows (dollars in millions):

	September 30, 2015		December 31, 2014
2013 and prior initiatives	$	65	$	75
2014 initiatives		85		63
2015 initiatives		30		—

Total	$	180	$	138

Accrued liabilities by initiative

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

	September 30, 2015		December 31, 2014
2013 and prior initiatives	$	65	$	75
2014 initiatives		85		63
2015 initiatives		30		—

Total	$	180	$	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			2			1			15			63			—			4			87
2015 charges for 2015 initiatives		14			—			2			2			26			—			1			45
Pigments and Additives opening balance sheet liabilities		—			—			—			—			1			—			—			1
Reversal of reserves no longer required		—			—			—			—			—			—			(1	)		(1	)
2015 payments for 2014 and prior initiatives		(4	)		(5	)		(1	)		(14	)		(41	)		—			(5	)		(70	)
2015 payments for 2015 initiatives		(7	)		—			—			—			(4	)		—			(1	)		(12	)
Net activity of discontinued operations		—			—			—			—			—			(1	)		—			(1	)
Foreign currency effect on liability balance		—			(1	)		(1	)		—			(5	)		—			—			(7	)

Accrued liabilities as of September 30, 2015	$	11		$	5		$	6		$	57		$	99		$	—		$	2		$	180


Current portion of restructuring reserves	$	9		$	5		$	4		$	20		$	99		$	—		$	2		$	139
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 nine months ended September 30, 2015 and 2014 by initiative are provided below (dollars in millions):

	Three months ended September 30, 2015		Nine months ended September 30, 2015
Cash charges:
2015 charges for 2014 and prior initiatives	$	11	$	87
2015 charges for 2015 initiatives		1		45
Pension related charges		—		3
Reversal of reserves no longer required		—		(1	)
Accelerated depreciation		2		77
Non-cash charges		—		10

Total 2015 Restructuring, Impairment and Plant Closing Costs	$	14	$	221

	Three months ended September 30, 2014		Nine months ended September 30, 2014
Cash charges:
2014 charges for 2013 and prior initiatives	$	9	$	60
2014 charges for 2014 initiatives		—		6
Pension related charges		—		2
Reversal of reserves no longer required		—		(8	)
Non-cash charges		30		31

Total 2014 Restructuring, Impairment and Plant Closing Costs	$	39	$	91