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

Quarterly report pursuant to Section 13 or 15(d)

RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS (Tables)

RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS (Tables)

9 Months Ended

Sep. 30, 2016

RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS

Accrued restructuring costs by type of cost and initiative

As of September 30, 2016 and December 31, 2015, accrued restructuring costs by type of cost and initiative consisted of the following (dollars in millions):

	Workforce reductions(1)			Demolition and decommissioning			Non-cancelable lease and contract termination costs			Other restructuring costs			Total(2)
Accrued liabilities as of January 1, 2016	$	109		$	16		$	38		$	5		$	168
2016 charges for 2015 and prior initiatives		6			28			8			30			72
2016 charges for 2016 initiatives		6			—			—			3			9
Reversal of reserves no longer required		(1	)		—			—			—			(1	)
Distribution of prefunded restructuring costs		(40	)		(5	)		—			(1	)		(46	)
2016 payments for 2015 and prior initiatives		(37	)		(13	)		(3	)		(29	)		(82	)
2016 payments for 2016 initiatives		(1	)		—			—			(2	)		(3	)
Foreign currency effect on liability balance		1			1			1			(1	)		2

Accrued liabilities as of September 30, 2016	$	43		$	27		$	44		$	5		$	119


(1)	The workforce reduction reserves relate to the termination of 489 positions, of which 436 positions had not been terminated as of September 30, 2016.
(2)	Accrued liabilities by initiatives were as follows (dollars in millions):

	September 30, 2016		December 31, 2015
2014 and prior initiatives	$	102	$	143
2015 initiatives		11		25
2016 initiatives		6		—

Total	$	119	$	168

Accrued liabilities by initiative

Accrued liabilities by initiatives were as follows (dollars in millions)

	September 30, 2016		December 31, 2015
2014 and prior initiatives	$	102	$	143
2015 initiatives		11		25
2016 initiatives		6		—

Total	$	119	$	168

Details with respect to reserves for restructuring, impairment and plant closing costs, provided by segment and initiative

Details with respect to our reserves for restructuring, impairment and plant closing costs are provided below by segment and initiative (dollars in millions):

	Polyurethanes			Performance Products			Advanced Materials		Textile Effects			Pigments			Discontinued Operations		Corporate and other			Total
Accrued liabilities as of January 1, 2016	$	5		$	9		$	4	$	55		$	90		$	1	$	4		$	168
2016 charges for 2015 and prior initiatives		—			16			—		37			16			—		3			72
2016 charges for 2016 initiatives		3			—			—		1			5			—		—			9
Reversal of reserves no longer required		—			—			—		(1	)		—			—		—			(1	)
Distribution of prefunded restructuring costs		—			(5	)		—		(5	)		(36	)		—		—			(46	)
2016 payments for 2015 and prior initiatives		(2	)		(18	)		—		(15	)		(43	)		—		(4	)		(82	)
2016 payments for 2016 initiatives		(2	)		—			—		(1	)		—			—		—			(3	)
Foreign currency effect on liability balance		—			—			—		1			1			—		—			2

Accrued liabilities as of September 30, 2016	$	4		$	2		$	4	$	72		$	33		$	1	$	3		$	119


Current portion of restructuring reserves	$	3		$	2		$	2	$	32		$	26		$	1	$	3		$	69
Long-term portion of restructuring reserves		1			—			2		40			7			—		—			50

Cash and noncash restructuring charges by initiative

Details with respect to cash and noncash restructuring charges for the three and nine months ended September 30, 2016 and 2015 by initiative are provided below (dollars in millions):

	Three months ended September 30, 2016			Nine months ended September 30, 2016
Cash charges:
2016 charges for 2015 and prior initiatives	$	44		$	72
2016 charges for 2016 initiatives		3			9
Reversal of reserves no longer required		—			(1	)
Gain on sale of land		(3	)		(3	)
Accelerated depreciation		1			8
Non-cash charges		—			2

Total 2016 Restructuring, Impairment and Plant Closing Costs	$	45		$	87

	Three months ended September 30, 2015		Nine months ended September 30, 2015
Cash charges:
2015 charges for 2014 and prior initiatives	$	11	$	87
2015 charges for 2015 initiatives		1		45
Pension related charges		—		3
Reversal of reserves no longer required		—		(1	)
Accelerated depreciation		2		77
Non-cash charges		—		10

Total 2015 Restructuring, Impairment and Plant Closing Costs	$	14	$	221