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

Annual report pursuant to Section 13 and 15(d)

FAIR VALUE (Tables)

FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2011

	December 31,

	2011						2010
	Carrying Value			Estimated Fair Value			Carrying Value			Estimated Fair Value
Non-qualified employee benefit plan investments	$	12		$	12		$	11		$	11
Cross-currency interest rate contacts		27			27			19			19
Interest rate contracts		(17	)		(17	)		(9	)		(9	)
Long-term debt (including current portion)		(3,942	)		(4,061	)		(4,146	)		(4,371	)

Assets and liabilities are measured at fair value on a recurring basis

				Fair Value Amounts Using

Description	December 31, 2011			Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
Assets:
Available-for sale equity securities:
Equity mutual funds	$	12		$	12	$	—		$	—
Derivatives:
Cross-currency interest rate contract(1)		27			—		—			27

Total assets	$	39		$	12	$	—		$	27

Liabilities:
Derivatives:
Interest rate contracts(2)	$	(17	)	$	—	$	(17	)	$	—

				Fair Value Amounts Using

Description	December 31, 2010			Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
Assets:
Available-for sale equity securities:
Equity mutual funds	$	11		$	11	$	—		$	—
Derivatives:
Cross-currency interest rate contract(1)		19			—		—			19

Total assets	$	30		$	11	$	—		$	19

Liabilities:
Derivatives:
Interest rate contracts(2)	$	(9	)	$	—	$	(9	)	$	—

(1): The income approach is used to calculate the fair value of these instruments. Fair value represents the present value of estimated future cash flows, calculated using relevant interest rates, exchange rates, and yield curves at stated intervals.
(2): The income approach is used to calculate the fair value of these instruments. Fair value represents the present value of estimated future cash flows, calculated using relevant interest rates and yield curves at stated intervals.

Reconciliation of beginning and ending balances for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)	Cross-currency interest rate contracts		Total

Beginning balance, January 1, 2011	$	19	$	19
Total gains (losses):
Included in earnings		—		—
Included in other comprehensive income (loss)		8		8
Purchases, issuances and settlements		—		—

Ending balance, December 31, 2011	$	27	$	27

The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at December 31, 2011	$	—	$	—

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)	Realized interest in securitized receivables			Cross-currency interest rate contracts		Total

Beginning balance, January 1, 2010	$	262		$	—	$	262
Total gains (losses):
Included in earnings		—			12		12
Included in other comprehensive income (loss)		—			7		7
Purchases, issuances and settlements(1)		(262	)		—		(262	)

Ending balance, December 31, 2010	$	—		$	19	$	19

The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at December 31, 2010	$	—		$	12	$	12

(1): Upon adoption of ASU 2009-16, transfers of our accounts receivable under our A/R Programs no longer met the criteria for derecognition. Accordingly, beginning January 1, 2010, the amounts outstanding under the A/R Programs were accounted for as secured borrowings and the retained interest in securitized receivables was no longer relevant.

Schedule of gains and losses (realized and unrealized) included in earnings reported in interest expense and other comprehensive loss

	Interest expense		Other comprehensive income (loss)

*2011*
Total net gains included in earnings	$	—	$	—
Changes in unrealized gains relating to assets still held at December 31, 2011	$	—	$	8

	Interest expense		Other comprehensive income (loss)

*2010*
Total net gains included in earnings	$	12	$	—
Changes in unrealized gains relating to assets still held at December 31, 2010	$	12	$	7

- Definition

Tabular disclosure of the total amount of gains or losses for the period which are included in earnings or resulted in a change to net assets which gains or losses have arisen from the use of significant unobservable inputs (Level 3) to measure the fair value of assets and liabilities. Such gains or losses are attributable to the change in unrealized gains or losses relating to those assets and liabilities so valued which are still held at the reporting date and which change are also considered for disclosure; it may be expected that a description of where those unrealized gains or losses are reported in the statement of income or the statement of financial position would also be disclosed.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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