| Schedule I-Condensed Financial Information of Registrant |
HUNTSMAN CORPORATION (PARENT ONLY)
Schedule I—Condensed Financial Information of Registrant
HUNTSMAN CORPORATION (Parent Only)
BALANCE SHEETS
(In Millions, Except Share and Per Share Amounts)
|
|
|
December 31,
|
|
|
|
|
2014
|
|
2013
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
150
|
|
$
|
5
|
|
|
Receivable from affiliate
|
|
|
16
|
|
|
7
|
|
|
Note receivable from affiliate
|
|
|
100
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
266
|
|
|
112
|
|
|
Note receivable from affiliate-long-term
|
|
|
650
|
|
|
772
|
|
|
Investment in and advances to affiliates
|
|
|
1,176
|
|
|
1,399
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
2,092
|
|
$
|
2,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Payable to affiliate
|
|
$
|
304
|
|
$
|
292
|
|
|
Accrued liabilities
|
|
|
2
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
306
|
|
|
294
|
|
|
Other long-term liabilities
|
|
|
8
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
314
|
|
|
303
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Common stock $0.01 par value, 1,200,000,000 shares authorized, 248,893,036 and 245,930,859 issued and 243,416,979 and 240,401,442 outstanding in 2014 and 2013, respectively
|
|
|
3
|
|
|
2
|
|
|
Additional paid-in capital
|
|
|
3,385
|
|
|
3,305
|
|
|
Treasury stock, 4,043,526 shares at both December 31, 2014 and 2013
|
|
|
(50
|
)
|
|
(50
|
)
|
|
Unearned stock-based compensation
|
|
|
(14
|
)
|
|
(13
|
)
|
|
Accumulated deficit
|
|
|
(493
|
)
|
|
(687
|
)
|
|
Accumulated other comprehensive loss
|
|
|
(1,053
|
)
|
|
(577
|
)
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
1,778
|
|
|
1,980
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
2,092
|
|
$
|
2,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUNTSMAN CORPORATION (Parent Only)
STATEMENTS OF OPERATIONS
(In Millions)
|
|
|
Year ended
December 31,
|
|
|
|
|
2014
|
|
2013
|
|
2012
|
|
|
Selling, general and administrative
|
|
$
|
(5
|
)
|
$
|
(13
|
)
|
$
|
(3
|
)
|
|
Interest income
|
|
|
9
|
|
|
13
|
|
|
13
|
|
|
Equity in income of subsidiaries
|
|
|
222
|
|
|
32
|
|
|
257
|
|
|
Dividend income—affiliate
|
|
|
97
|
|
|
96
|
|
|
96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
323
|
|
$
|
128
|
|
$
|
363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUNTSMAN CORPORATION (Parent Only)
STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(In Millions)
|
|
|
Year ended December 31,
|
|
|
|
|
2014
|
|
2013
|
|
2012
|
|
|
Net income
|
|
$
|
323
|
|
$
|
128
|
|
$
|
363
|
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translations adjustments, net of tax of $47, $13 and $20 in 2014, 2013 and 2012, respectively
|
|
|
(221
|
)
|
|
(23
|
)
|
|
51
|
|
|
Pension and other postretirement benefits adjustments, net of tax of $182, $83 and $197 in 2014, 2013 and 2012, respectively
|
|
|
(271
|
)
|
|
185
|
|
|
(236
|
)
|
|
Other, net
|
|
|
23
|
|
|
31
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss) income, net of tax
|
|
|
(469
|
)
|
|
193
|
|
|
(176
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (loss) income
|
|
|
(146
|
)
|
|
321
|
|
|
187
|
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
(7
|
)
|
|
(26
|
)
|
|
(9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (loss) income attributable to Huntsman Corporation
|
|
$
|
(153
|
)
|
$
|
295
|
|
$
|
178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUNTSMAN CORPORATION (Parent Only)
STATEMENTS OF STOCKHOLDERS' EQUITY
(In Millions, Except Share Amounts)
|
|
|
Huntsman Corporation Stockholders' Equity
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
other
comprehensive
loss
|
|
|
|
|
|
|
Common
stock
|
|
Common
stock
|
|
Additional
paid-in
capital
|
|
Treasury
stock
|
|
Unearned
stock-based
compensation
|
|
Accumulated
deficit
|
|
Total
equity
|
|
|
Balance, January 1, 2012
|
|
|
235,746,087
|
|
$
|
2
|
|
$
|
3,228
|
|
$
|
(50
|
)
|
$
|
(12
|
)
|
$
|
(947
|
)
|
$
|
(559
|
)
|
$
|
1,662
|
|
|
Net income
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
363
|
|
|
—
|
|
|
363
|
|
|
Other comprehensive loss
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(185
|
)
|
|
(185
|
)
|
|
Issuance of nonvested stock awards
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Vesting of stock awards
|
|
|
2,162,043
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
Recognition of stock-based compensation
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
Repurchase and cancellation of stock awards
|
|
|
(537,039
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
Stock options exercised
|
|
|
902,331
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
Excess tax benefit related to stock-based compensation
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
Acquisition of a business
|
|
|
—
|
|
|
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
Dividends declared on common stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(96
|
)
|
|
—
|
|
|
(96
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2012
|
|
|
238,273,422
|
|
|
2
|
|
|
3,264
|
|
|
(50
|
)
|
|
(12
|
)
|
|
(687
|
)
|
|
(744
|
)
|
|
1,773
|
|
|
Net income
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
128
|
|
|
—
|
|
|
128
|
|
|
Other comprehensive income
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
167
|
|
|
167
|
|
|
Issuance of nonvested stock awards
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Vesting of stock awards
|
|
|
1,067,888
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
Recognition of stock-based compensation
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
Repurchase and cancellation of stock awards
|
|
|
(304,209
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|
Stock options exercised
|
|
|
1,364,341
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
Excess tax benefit related to stock-based compensation
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
Accrued and unpaid dividends
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
Dividends declared on common stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(120
|
)
|
|
—
|
|
|
(120
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2013
|
|
|
240,401,442
|
|
|
2
|
|
|
3,305
|
|
|
(50
|
)
|
|
(13
|
)
|
|
(687
|
)
|
|
(577
|
)
|
|
1,980
|
|
|
Net income
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
323
|
|
|
—
|
|
|
323
|
|
|
Other comprehensive income
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(476
|
)
|
|
(476
|
)
|
|
Issuance of nonvested stock awards
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Vesting of stock awards
|
|
|
1,018,050
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
Recognition of stock-based compensation
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
Repurchase and cancellation of stock awards
|
|
|
(302,200
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
Stock options exercised
|
|
|
2,299,687
|
|
|
1
|
|
|
47
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
Excess tax benefit related to stock-based compensation
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
Accrued and unpaid dividends
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
Cash received for a noncontrolling interest of a subsidiary
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Dividends declared on common stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(121
|
)
|
|
—
|
|
|
(121
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2014
|
|
|
243,416,979
|
|
$
|
3
|
|
$
|
3,385
|
|
$
|
(50
|
)
|
$
|
(14
|
)
|
$
|
(493
|
)
|
$
|
(1,053
|
)
|
$
|
1,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This statement should be read in conjunction with the notes to the consolidated financial statements.
HUNTSMAN CORPORATION (Parent Only)
STATEMENTS OF CASH FLOWS
(In Millions)
|
|
|
Year ended December 31,
|
|
|
|
|
2014
|
|
2013
|
|
2012
|
|
|
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
323
|
|
$
|
128
|
|
$
|
363
|
|
|
Equity in income of subsidiaries
|
|
|
(222
|
)
|
|
(32
|
)
|
|
(257
|
)
|
|
Stock-based compensation
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
Noncash interest (income) expense
|
|
|
(9
|
)
|
|
6
|
|
|
(13
|
)
|
|
Changes in operating assets and liabilities
|
|
|
9
|
|
|
63
|
|
|
128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
102
|
|
|
166
|
|
|
222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
Loan to affiliate
|
|
|
—
|
|
|
(177
|
)
|
|
(299
|
)
|
|
Repayments of loan by affiliate
|
|
|
122
|
|
|
—
|
|
|
139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
122
|
|
|
(177
|
)
|
|
(160
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid to common stockholders
|
|
|
(121
|
)
|
|
(120
|
)
|
|
(96
|
)
|
|
Repurchase and cancellation of stock awards
|
|
|
(7
|
)
|
|
(6
|
)
|
|
(7
|
)
|
|
Proceeds from issuance of common stock
|
|
|
47
|
|
|
13
|
|
|
3
|
|
|
Increase (decrease) in payable to affiliates
|
|
|
2
|
|
|
(48
|
)
|
|
(108
|
)
|
|
Other, net
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
(79
|
)
|
|
(161
|
)
|
|
(208
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
145
|
|
|
(172
|
)
|
|
(146
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
|
5
|
|
|
177
|
|
|
323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
150
|
|
$
|
5
|
|
$
|
177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|