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

Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Details)

INCOME TAXES (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
U.S.
Current	$ 55us-gaap_CurrentFederalTaxExpenseBenefit	$ 75us-gaap_CurrentFederalTaxExpenseBenefit	$ 156us-gaap_CurrentFederalTaxExpenseBenefit
Deferred	(4)	79	17
Non-U.S.
Current	48us-gaap_CurrentForeignTaxExpenseBenefit	42us-gaap_CurrentForeignTaxExpenseBenefit	51us-gaap_CurrentForeignTaxExpenseBenefit
Deferred	(48)	(71)	(55)
Total income tax expense	51us-gaap_IncomeTaxExpenseBenefit	125us-gaap_IncomeTaxExpenseBenefit	169us-gaap_IncomeTaxExpenseBenefit
Reconciliation between the U.S. federal income taxes at the U.S. statutory rate to the provision (benefit) for income taxes
Income (loss) from continuing operations before income taxes	404	279	547
Expected tax expense at U.S. statutory rate of 35%	142	98	192
State tax expense net of federal benefit	10	11	15
Non-U.S. tax rate differentials	(7)	10	1
Effects of non-U.S. operations	3	1	(2)
U.S. domestic manufacturing deduction	(14)	(14)	(16)
Currency exchange gains and losses	(7)	14	11
Effect of tax holidays			(12)
U.S. foreign tax credits, net of associated income and taxes	(2)	(86)	(21)
Tax benefit of losses with valuation allowances as a result of other comprehensive income	(7)	(22)
Tax authority audits and dispute resolutions	3	9	5
Change in valuation allowance	(76)	100	(11)
Other, net	6	4	7
Total income tax expense	51us-gaap_IncomeTaxExpenseBenefit	125us-gaap_IncomeTaxExpenseBenefit	169us-gaap_IncomeTaxExpenseBenefit
U.S. income tax statutory rate (as a percent)	35.00%	35.00%	35.00%
Component of income (loss) from continuing operations before income taxes
U.S.	435	419	482
Non-U.S.	(31)	(140)	65
Income (Loss) from Continuing Operations before Income Taxes	404	279	547
Deferred income tax assets:
Net operating loss carryforwards	875	853
Pension and other employee compensation	313	197
Property, plant and equipment	109	72
Intangible assets	46	22
Foreign tax credits	17	114
Other, net	100us-gaap_DeferredTaxAssetsOther	106us-gaap_DeferredTaxAssetsOther
Total	1,460us-gaap_DeferredTaxAssetsGross	1,364us-gaap_DeferredTaxAssetsGross
Deferred income tax liabilities:
Property, plant and equipment	(540)	(543)
Pension and other employee compensation	(2)	(6)
Other, net	(103)us-gaap_DeferredTaxLiabilitiesOther	(61)us-gaap_DeferredTaxLiabilitiesOther
Total	(645)us-gaap_DeferredTaxLiabilities	(610)us-gaap_DeferredTaxLiabilities
Net deferred tax asset before valuation allowance	815hun_DeferredTaxAssetsLiabilitiesGross	754hun_DeferredTaxAssetsLiabilitiesGross
Valuation allowance-net operating losses and other	(702)	(700)
Valuation allowance-foreign tax credits		(114)
Net deferred tax assets	113us-gaap_DeferredTaxAssetsLiabilitiesNet	(60)us-gaap_DeferredTaxAssetsLiabilitiesNet
Current deferred tax asset	62	53
Current deferred tax liability	(51)us-gaap_DeferredTaxLiabilitiesCurrent	(43)us-gaap_DeferredTaxLiabilitiesCurrent
Non-current deferred tax asset	435	243
Non-current deferred tax liability	(333)	(313)
Huntsman International
U.S.
Current	43	41	52
Deferred	(1)	124	129
Non-U.S.
Current	48	42	51
Deferred	(47)	(70)	(53)
Total income tax expense	43	137	179
Reconciliation between the U.S. federal income taxes at the U.S. statutory rate to the provision (benefit) for income taxes
Income (loss) from continuing operations before income taxes	409	289	559
Expected tax expense at U.S. statutory rate of 35%	143	101	196
State tax expense net of federal benefit	10	11	15
Non-U.S. tax rate differentials	(7)	10	1
Effects of non-U.S. operations	4	3	(1)
U.S. domestic manufacturing deduction	(13)	(14)	(8)
Currency exchange gains and losses	(7)	14	11
Effect of tax holidays			(12)
U.S. foreign tax credits, net of associated income and taxes	(2)	(86)	(21)
Tax benefit of losses with valuation allowances as a result of other comprehensive income	(7)	(22)
Tax authority audits and dispute resolutions	3	9	5
Change in valuation allowance	(88)	108	(14)
Other, net	7	3	7
Total income tax expense	43	137	179
U.S. income tax statutory rate (as a percent)	35.00%	35.00%	35.00%
Component of income (loss) from continuing operations before income taxes
U.S.	436	429	494
Non-U.S.	(27)	(140)	65
Income (Loss) from Continuing Operations before Income Taxes	409	289	559
Deferred income tax assets:
Net operating loss carryforwards	874	853
Pension and other employee compensation	311	196
Property, plant and equipment	118	72
Intangible assets	46	22
Foreign tax credits	17	125
Other, net	100	105
Total	1,466	1,373
Deferred income tax liabilities:
Property, plant and equipment	(535)	(524)
Pension and other employee compensation	(2)	(6)
Other, net	(103)	(62)
Total	(640)	(592)
Net deferred tax asset before valuation allowance	826	781
Valuation allowance-net operating losses and other	(707)	(707)
Valuation allowance-foreign tax credits		(125)
Net deferred tax assets	119	(51)
Current deferred tax asset	62	53
Current deferred tax liability	(52)	(44)
Non-current deferred tax asset	435	243
Non-current deferred tax liability	$ (326)	$ (303)