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

OPERATING SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2015

The major products of each reportable operating segment are as follows:

Segment		Products
Polyurethanes		MDI, PO, polyols, PG, TPU, aniline and MTBE
Performance Products		amines, surfactants, LAB, maleic anhydride, other performance chemicals, EG, olefins and technology licenses
Advanced Materials		Basic liquid and solid epoxy resins; specialty resin compounds; cross-linking, matting and curing agents; epoxy, acrylic and polyurethane-based formulations
Textile Effects		textile chemicals, dyes and inks
Pigments and Additives		titanium dioxide, functional additives, color pigments, timber treatment and water treatment chemicals

The revenues and EBITDA for each of our reportable operating segments are as follows (dollars in millions):

	Year ended December 31,
	2015		2014		2013
Revenues:
Polyurethanes	$	3,811	$	5,032	$	4,964
Performance Products		2,501		3,072		3,019
Advanced Materials		1,103		1,248		1,267
Textile Effects		804		896		811
Pigments and Additives		2,160		1,549		1,269
Eliminations		(80)		(219)		(251)

Total	$	10,299	$	11,578	$	11,079


Huntsman Corporation:
Segment EBITDA(1):
Polyurethanes	$	516	$	669	$	696
Performance Products		438		440		372
Advanced Materials		195		182		86
Textile Effects		18		28		(78)
Pigments and Additives		(223)		(59)		79
Corporate and other(2)		(197)		(228)		(261)

Subtotal		747		1,032		894
Discontinued Operations(3)		(6)		(10)		(5)

Total		741		1,022		889
Interest expense, net		(205)		(205)		(190)
Income tax expense—continuing operations		(46)		(51)		(125)
Income tax benefit—discontinued operations		2		2		2
Depreciation and amortization		(399)		(445)		(448)

Net income attributable to Huntsman Corporation	$	93	$	323	$	128

	Year ended December 31,
	2015		2014		2013
Depreciation and Amortization:
Polyurethanes	$	100	$	131	$	156
Performance Products		119		138		121
Advanced Materials		38		42		38
Textile Effects		17		16		17
Pigments and Additives		93		78		73
Corporate and other(2)		32		40		41

Subtotal		399		445		446
Discontinued Operations		—		—		2

Total	$	399	$	445	$	448


(1)	Segment EBITDA is defined as net income attributable to Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, and certain Corporate and other items.
(2)	Corporate and other includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, non-operating income and expense, benzene sales and gains and losses on the disposition of corporate assets.
(3)	The operating results of our former polymers, base chemicals and Australian styrenics businesses are classified as discontinued operations, and, accordingly, the revenues of these businesses are excluded for all periods presented. The EBITDA of our former polymers, base chemicals and Australian styrenics businesses are included in discontinued operations for all periods presented.


(1)	Geographic information for revenues is based upon countries into which product is sold.
(2)	Subsequent to the issuance of the Company's 2014 financial statements, revenues by geographic area were corrected to properly reflect intercompany sales eliminations.
(3)	Long-lived assets consist of property, plant and equipment, net.

The revenues and EBITDA for each of our reportable operating segments are as follows (dollars in millions):

	Year ended December 31,
	2015		2014		2013
Huntsman International:
Segment EBITDA(1):
Polyurethanes	$	516	$	669	$	696
Performance Products		438		440		372
Advanced Materials		195		182		86
Textile Effects		18		28		(78)
Pigments and Additives		(223)		(59)		79
Corporate and other(2)		(200)		(230)		(262)

Subtotal		744		1,030		893
Discontinued Operations(3)		(6)		(10)		(5)

Total		738		1,020		888
Interest expense, net		(214)		(214)		(203)
Income tax expense—continuing operations		(45)		(43)		(137)
Income tax benefit—discontinued operations		2		2		2
Depreciation and amortization		(387)		(430)		(424)

Net income attributable to Huntsman International	$	94	$	335	$	126

	Year ended December 31,
	2015		2014		2013
Depreciation and Amortization:
Polyurethanes	$	100	$	131	$	156
Performance Products		119		138		121
Advanced Materials		38		42		38
Textile Effects		17		16		17
Pigments and Additives		93		78		73
Corporate and other(2)		20		25		17

Subtotal		387		430		422
Discontinued Operations		—		—		2

Total	$	387	$	430	$	424


(1)	Segment EBITDA is defined as net income attributable to Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, and certain Corporate and other items.
(2)	Corporate and other includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, non-operating income and expense, benzene sales and gains and losses on the disposition of corporate assets.
(3)	The operating results of our former polymers, base chemicals and Australian styrenics businesses are classified as discontinued operations, and, accordingly, the revenues of these businesses are excluded for all periods presented. The EBITDA of our former polymers, base chemicals and Australian styrenics businesses are included in discontinued operations for all periods presented.