Huntsman Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF HUNTSMAN INTERNATIONAL LLC (Tables)

CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF HUNTSMAN INTERNATIONAL LLC (Tables) - Huntsman International

3 Months Ended

Mar. 31, 2016

CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF HUNTSMAN INTERNATIONAL LLC

AS OF MARCH 31, 2016
(In Millions)

	Parent Company			Guarantors		Nonguarantors			Eliminations			Consolidated Huntsman International LLC
ASSETS
Current assets:
Cash and cash equivalents	$	31		$	—	$	177		$	—		$	208
Restricted cash		—			—		10			—			10
Accounts and notes receivable, net		31			105		1,415			7			1,558
Accounts receivable from affiliates		1,885			4,777		172			(6,505	)		329
Inventories		87			338		1,268			(4	)		1,689
Prepaid expenses		36			13		48			(28	)		69
Other current assets		804			8		194			(730	)		276

Total current assets		2,874			5,241		3,284			(7,260	)		4,139
Property, plant and equipment, net		459			1,432		2,513			1			4,405
Investment in unconsolidated affiliates		6,132			1,644		256			(7,688	)		344
Intangible assets, net		31			3		72			—			106
Goodwill		(13	)		82		54			—			123
Deferred income taxes		480			—		436			(492	)		424
Notes receivable from affiliates		36			550		—			(586	)		—
Other noncurrent assets		63			216		298			(1	)		576

Total assets	$	10,062		$	9,168	$	6,913		$	(16,026	)	$	10,117


LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	47		$	181	$	763		$	7		$	998
Accounts payable to affiliates		3,678			976		1,905			(6,505	)		54
Accrued liabilities		78			811		518			(757	)		650
Note payable to affiliate		100			—		—			—			100
Current portion of debt		27			—		76			—			103

Total current liabilities		3,930			1,968		3,262			(7,255	)		1,905
Long-term debt		4,293			—		431			—			4,724
Notes payable to affiliates		697			—		588			(587	)		698
Deferred income taxes		24			278		44			75			421
Other noncurrent liabilities		161			244		820			1			1,226

Total liabilities		9,105			2,490		5,145			(7,766	)		8,974
Equity
Huntsman International LLC members' equity
Members' equity		3,200			4,512		3,386			(7,898	)		3,200
Accumulated (deficit) income		(957	)		746		(514	)		(232	)		(957	)
Accumulated other comprehensive (loss) income		(1,286	)		1,420		(1,267	)		(153	)		(1,286	)

Total Huntsman International LLC members' equity		957			6,678		1,605			(8,283	)		957
Noncontrolling interests in subsidiaries		—			—		163			23			186

Total equity		957			6,678		1,768			(8,260	)		1,143

Total liabilities and equity	$	10,062		$	9,168	$	6,913		$	(16,026	)	$	10,117

AS OF DECEMBER 31, 2015
(In Millions)

	Parent Company			Guarantors		Nonguarantors			Eliminations			Consolidated Huntsman International LLC
ASSETS
Current assets:
Cash and cash equivalents	$	44		$	1	$	212		$	—		$	257
Restricted cash		—			—		12			—			12
Accounts and notes receivable, net		21			96		1,298			5			1,420
Accounts receivable from affiliates		2,163			4,730		163			(6,716	)		340
Inventories		101			322		1,275			(6	)		1,692
Prepaid expenses		49			31		91			(60	)		111
Other current assets		790			8		212			(704	)		306

Total current assets		3,168			5,188		3,263			(7,481	)		4,138
Property, plant and equipment, net		473			1,433		2,503			1			4,410
Investment in unconsolidated affiliates		5,991			1,558		263			(7,465	)		347
Intangible assets, net		32			3		51			—			86
Goodwill		(13	)		82		47			—			116
Deferred income taxes		473			—		430			(485	)		418
Notes receivable from affiliates		36			539		6			(581	)		—
Other noncurrent assets		71			223		279			—			573

Total assets	$	10,231		$	9,026	$	6,842		$	(16,011	)	$	10,088


LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	50		$	207	$	772		$	5		$	1,034
Accounts payable to affiliates		3,905			973		1,891			(6,717	)		52
Accrued liabilities		74			793		581			(765	)		683
Note payable to affiliate		100			—		—			—			100
Current portion of debt		89			—		81			—			170

Total current liabilities		4,218			1,973		3,325			(7,477	)		2,039
Long-term debt		4,229			—		396			—			4,625
Notes payable to affiliates		703			—		576			(581	)		698
Deferred income taxes		24			276		36			82			418
Other noncurrent liabilities		160			241		819			4			1,224

Total liabilities		9,334			2,490		5,152			(7,972	)		9,004
Equity
Huntsman International LLC members' equity
Members' equity		3,196			4,517		3,394			(7,911	)		3,196
Accumulated (deficit) income		(983	)		652		(557	)		(95	)		(983	)
Accumulated other comprehensive (loss) income		(1,316	)		1,367		(1,311	)		(56	)		(1,316	)

Total Huntsman International LLC members' equity		897			6,536		1,526			(8,062	)		897
Noncontrolling interests in subsidiaries		—			—		164			23			187

Total equity		897			6,536		1,690			(8,039	)		1,084

Total liabilities and equity	$	10,231		$	9,026	$	6,842		$	(16,011	)	$	10,088

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED MARCH 31, 2016
(In Millions)

	Parent Company			Guarantors			Nonguarantors			Eliminations			Consolidated Huntsman International LLC
Revenues:
Trade sales, services and fees, net	$	251		$	566		$	1,504		$	—		$	2,321
Related party sales		53			104			269			(392	)		34

Total revenues		304			670			1,773			(392	)		2,355
Cost of goods sold		240			548			1,543			(393	)		1,938

Gross profit		64			122			230			1			417
Selling, general and administrative		40			46			135			—			221
Research and development		11			11			15			—			37
Other operating expense (income)		12			(7	)		—			—			5
Restructuring, impairment and plant closing costs		—			4			9			—			13

Operating income		1			68			71			1			141
Interest (expense) income		(54	)		8			(7	)		—			(53	)
Equity in income of investment in affiliates and subsidiaries		92			44			1			(136	)		1
Other income		1			—			—			—			1

Income from continuing operations before income taxes		40			120			65			(135	)		90
Income tax benefit (expense)		15			(26	)		(16	)		—			(27	)

Income from continuing operations		55			94			49			(135	)		63
Income (loss) from discontinued operations, net of tax		1			—			(2	)		—			(1	)

Net income		56			94			47			(135	)		62
Net income attributable to noncontrolling interests		—			—			(3	)		(3	)		(6	)

Net income attributable to Huntsman International LLC	$	56		$	94		$	44		$	(138	)	$	56


Net income	$	56		$	94		$	47		$	(135	)	$	62
Other comprehensive income		30			55			50			(103	)		32
Comprehensive income attributable to noncontrolling interests		—			—			(5	)		(3	)		(8	)

Comprehensive income attributable to Huntsman International LLC	$	86		$	149		$	92		$	(241	)	$	86

THREE MONTHS ENDED MARCH 31, 2015
(In Millions)

	Parent Company			Guarantors			Nonguarantors			Eliminations			Consolidated Huntsman International LLC
Revenues:
Trade sales, services and fees, net	$	257		$	579		$	1,724		$	—		$	2,560
Related party sales		68			122			267			(428	)		29

Total revenues		325			701			1,991			(428	)		2,589
Cost of goods sold		261			579			1,723			(426	)		2,137

Gross profit		64			122			268			(2	)		452
Selling, general and administrative		45			40			159			—			244
Research and development		11			10			21			—			42
Other operating (income) expense		(28	)		1			20			—			(7	)
Restructuring, impairment and plant closing costs		—			—			93			—			93

Operating income (loss)		36			71			(25	)		(2	)		80
Interest (expense) income		(57	)		8			(9	)		—			(58	)
Equity in income (loss) of investment in affiliates and subsidiaries		25			(16	)		2			(9	)		2
Loss on early extinguishment of debt		(3	)		—			—			—			(3	)
Other income (loss)		1			(7	)		5			—			(1	)

Income (loss) from continuing operations before income taxes		2			56			(27	)		(11	)		20
Income tax benefit (expense)		4			(23	)		16			—			(3	)

Income (loss) from continuing operations		6			33			(11	)		(11	)		17
Loss from discontinued operations, net of tax		(1	)		—			(1	)		—			(2	)

Net income (loss)		5			33			(12	)		(11	)		15
Net income attributable to noncontrolling interests		—			—			(8	)		(2	)		(10	)

Net income (loss) attributable to Huntsman International LLC	$	5		$	33		$	(20	)	$	(13	)	$	5


Net income (loss)	$	5		$	33		$	(12	)	$	(11	)	$	15
Other comprehensive (loss) income		(161	)		73			(170	)		90			(168	)
Comprehensive income attributable to noncontrolling interests		—			—			—			(3	)		(3	)

Comprehensive (loss) income attributable to Huntsman International LLC	$	(156	)	$	106		$	(182	)	$	76		$	(156	)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2016
(In Millions)

	Parent Company			Guarantors			Nonguarantors			Eliminations			Consolidated Huntsman International LLC
Net cash provided by (used in) operating activities	$	55		$	34		$	(3	)	$	1		$	87

Investing activities:
Capital expenditures		(6	)		(31	)		(62	)		—			(99	)
Cash received from unconsolidated affiliates		—			10			—			—			10
Investment in affiliate		(7	)		2			—			5			—
Investment in unconsolidated affiliates		—			(11	)		(1	)		—			(12	)
Increase in receivable from affiliate		(2	)		—			—			—			(2	)
Change in restricted cash		—			—			2			—			2
Other, net		—			—			(1	)		—			(1	)

Net cash used in investing activities		(15	)		(30	)		(62	)		5			(102	)

Financing activities:
Net borrowings under revolving loan facilities		—			—			45			—			45
Repayments of short-term debt		—			—			(12	)		—			(12	)
Borrowings on short-term debt		—			—			4			—			4
Repayments of long-term debt		(16	)		—			(11	)		—			(27	)
Proceeds from notes payable to affiliate		—			—			6			(6	)		—
Repayments of notes payable		(9	)		—			—			—			(9	)
Borrowings on notes payable		2			—			—			—			2
Dividends paid to noncontrolling intrests		—			—			(5	)		(4	)		(9	)
Contribution from parent		—			2			7			(9	)		—
Distribution to parent		—			(7	)		(6	)		13			—
Dividends paid to parent		(30	)		—			—			—			(30	)

Net cash (used in) provided by financing activities		(53	)		(5	)		28			(6	)		(36	)
Effect of exchange rate changes on cash		—			—			2			—			2

Decrease in cash and cash equivalents		(13	)		(1	)		(35	)		—			(49	)
Cash and cash equivalents at beginning of period		44			1			212			—			257

Cash and cash equivalents at end of period	$	31		$	—		$	177		$	—		$	208

THREE MONTHS ENDED MARCH 31, 2015
(In Millions)

	Parent Company			Guarantors			Nonguarantors			Eliminations			Consolidated Huntsman International LLC
Net cash (used in) provided by operating activities	$	(410	)	$	42		$	403		$	—		$	35

Investing activities:
Capital expenditures		(22	)		(53	)		(74	)		—			(149	)
Cash received from unconsolidated affiliates		—			15			—			—			15
Investment in affiliate		(20	)		(1	)		—			21			—
Investment in unconsolidated affiliates		—			(4	)		(9	)		—			(13	)
Increase in receivable from affiliate		(6	)		—			—			—			(6	)
Cash received from termination of cross-currency interest rate contracts		66			—			—			—			66

Net cash provided by (used in) investing activities		18			(43	)		(83	)		21			(87	)

Financing activities:
Net repayments on overdraft facilities		—			—			(2	)		—			(2	)
Repayments of short-term debt		—			—			(17	)		—			(17	)
Repayments of long-term debt		(54	)		—			(5	)		—			(59	)
Proceeds from issuance of long-term debt		326			—			—			—			326
Repayments of notes payable to affiliate		(50	)		—			—			—			(50	)
Repayments of notes payable		(9	)		—			—			—			(9	)
Debt issuance costs paid		(4	)		—			—			—			(4	)
Call premiums related to early extinguishment of debt		(3	)		—			—			—			(3	)
Contingent consideration paid for acquisition		(4	)		—			—			—			(4	)
Contribution from parent		—			2			28			(30	)		—
Distribution to parent		—			(7	)		(2	)		9			—
Dividends paid to parent		(31	)		—			—			—			(31	)
Excess tax benefit related to stock-based compensation		1			—			—			—			1
Other, net		—			—			(2	)		—			(2	)

Net cash provided by (used in) financing activities		172			(5	)		—			(21	)		146
Effect of exchange rate changes on cash		—			—			(8	)		—			(8	)

(Decrease) increase in cash and cash equivalents		(220	)		(6	)		312			—			86
Cash and cash equivalents at beginning of period		353			6			351			—			710

Cash and cash equivalents at end of period	$	133		$	—		$	663		$	—		$	796