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

Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - HUNTSMAN INTERNATIONAL (Tables)

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - HUNTSMAN INTERNATIONAL (Tables)

3 Months Ended

Mar. 31, 2017

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - HUNTSMAN INTERNATIONAL

AS OF MARCH 31, 2017
(In Millions)


									Consolidated
	Parent								Huntsman
	Company		Guarantors		Nonguarantors		Eliminations		International LLC
ASSETS
Current assets:
Cash and cash equivalents	$	44	$	1	$	409	$	—	$	454
Restricted cash		—		—		12		—		12
Accounts and notes receivable, net		30		100		1,336		5		1,471
Accounts receivable from affiliates		1,321		4,686		242		(5,887)		362
Inventories		93		297		1,100		(4)		1,486
Prepaid expenses		59		99		39		(135)		62
Other current assets		836		6		206		(744)		304
Total current assets		2,383		5,189		3,344		(6,765)		4,151
Property, plant and equipment, net		462		1,395		2,309		1		4,167
Investment in unconsolidated affiliates		6,112		1,737		250		(7,763)		336
Intangible assets, net		27		2		53		—		82
Goodwill		(13)		82		53		—		122
Deferred income taxes		497		—		426		(511)		412
Notes receivable from affiliates		38		539		—		(577)		—
Other noncurrent assets		75		176		263		—		514
Total assets	$	9,581	$	9,120	$	6,698	$	(15,615)	$	9,784
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	55	$	212	$	853	$	5	$	1,125
Accounts payable to affiliates		3,742		790		1,431		(5,888)		75
Accrued liabilities		76		806		628		(881)		629
Note payable to affiliate		100		—		—		—		100
Current portion of debt		28		—		33		—		61
Total current liabilities		4,001		1,808		2,945		(6,764)		1,990
Long-term debt		3,786		—		375		—		4,161
Notes payable to affiliates		711		—		577		(577)		711
Deferred income taxes		—		315		31		87		433
Other noncurrent liabilities		176		313		896		—		1,385
Total liabilities		8,674		2,436		4,824		(7,254)		8,680
Equity
Huntsman International LLC members’ equity
Members’ equity		3,235		4,560		3,403		(7,963)		3,235
Accumulated (deficit) income		(734)		1,003		(143)		(860)		(734)
Accumulated other comprehensive (loss) income		(1,594)		1,121		(1,561)		440		(1,594)
Total Huntsman International LLC members’ equity		907		6,684		1,699		(8,383)		907
Noncontrolling interests in subsidiaries		—		—		175		22		197
Total equity		907		6,684		1,874		(8,361)		1,104
Total liabilities and equity	$	9,581	$	9,120	$	6,698	$	(15,615)	$	9,784

AS OF MARCH 31, 2016
(In Millions)


									Consolidated
	Parent								Huntsman
	Company		Guarantors		Nonguarantors		Eliminations		International LLC
ASSETS
Current assets:
Cash and cash equivalents	$	37	$	—	$	376	$	—	$	413
Restricted cash		—		—		11		—		11
Accounts and notes receivable, net		22		106		1,269		5		1,402
Accounts receivable from affiliates		1,351		4,672		315		(5,991)		347
Inventories		85		285		976		(2)		1,344
Prepaid expenses		68		144		43		(195)		60
Other current assets		820		5		185		(724)		286
Total current assets		2,383		5,212		3,175		(6,907)		3,863
Property, plant and equipment, net		463		1,422		2,305		—		4,190
Investment in unconsolidated affiliates		5,870		1,533		248		(7,319)		332
Intangible assets, net		28		3		35		—		66
Goodwill		(12)		82		51		—		121
Deferred income taxes		515		—		408		(527)		396
Notes receivable from affiliates		37		530		—		(567)		—
Other noncurrent assets		74		188		245		—		507
Total assets	$	9,358	$	8,970	$	6,467	$	(15,320)	$	9,475
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	63	$	186	$	816	$	5	$	1,070
Accounts payable to affiliates		3,667		912		1,478		(5,991)		66
Accrued liabilities		87		807		640		(921)		613
Note payable to affiliate		100		—		—		—		100
Current portion of debt		30		—		30		—		60
Total current liabilities		3,947		1,905		2,964		(6,907)		1,909
Long-term debt		3,763		—		372		—		4,135
Notes payable to affiliates		696		—		568		(567)		697
Deferred income taxes		22		311		21		69		423
Other noncurrent liabilities		174		314		887		—		1,375
Total liabilities		8,602		2,530		4,812		(7,405)		8,539
Equity
Huntsman International LLC members’ equity
Members’ equity		3,226		4,568		3,390		(7,958)		3,226
Accumulated (deficit) income		(779)		872		(239)		(633)		(779)
Accumulated other comprehensive (loss) income		(1,691)		1,000		(1,654)		654		(1,691)
Total Huntsman International LLC members' equity		756		6,440		1,497		(7,937)		756
Noncontrolling interests in subsidiaries		—		—		158		22		180
Total equity		756		6,440		1,655		(7,915)		936
Total liabilities and equity	$	9,358	$	8,970	$	6,467	$	(15,320)	$	9,475

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

THREE MONTHS ENDED MARCH 31, 2017
(In Millions)


									Consolidated
	Parent								Huntsman
	Company		Guarantors		Nonguarantors		Eliminations		International LLC
Revenues:
Trade sales, services and fees, net	$	247	$	635	$	1,546	$	—	$	2,428
Related party sales		57		112		296		(424)		41
Total revenues		304		747		1,842		(424)		2,469
Cost of goods sold		247		653		1,524		(422)		2,002
Gross profit		57		94		318		(2)		467
Selling, general and administrative		49		44		133		—		226
Research and development		11		10		16		—		37
Restructuring, impairment and plant closing costs		1		3		32		—		36
Business separation expenses		9		—		—		—		9
Other operating expense (income), net		3		(16)		8		—		(5)
Operating (expense) income		(16)		53		129		(2)		164
Interest (expense) income		(50)		4		(5)		—		(51)
Equity in income of investment in affiliates and subsidiaries		124		95		—		(219)		—
Other income, net		1		—		1		—		2
Income from continuing operations before income taxes		59		152		125		(221)		115
Income tax benefit (expense)		16		(21)		(18)		—		(23)
Income from continuing operations		75		131		107		(221)		92
Loss from discontinued operations, net of tax		—		—		(1)		—		(1)
Net income		75		131		106		(221)		91
Net income attributable to noncontrolling interests		—		—		(12)		(4)		(16)
Net income attributable to Huntsman International LLC	$	75	$	131	$	94	$	(225)	$	75
Net income	$	75	$	131	$	106	$	(221)	$	91
Other comprehensive income		95		122		97		(215)		99
Comprehensive income attributable to noncontrolling interests		—		—		(14)		(4)		(18)
Comprehensive income attributable to Huntsman International LLC	$	170	$	253	$	189	$	(440)	$	172

THREE MONTHS ENDED MARCH 31, 2016
(In Millions)


									Consolidated
	Parent								Huntsman
	Company		Guarantors		Nonguarantors		Eliminations		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
Restructuring, impairment and plant closing costs		—		4		9		—		13
Other operating expense (income), net		12		(7)		—		—		5
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, net		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

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2017
(In Millions)


									Consolidated
	Parent								Huntsman
	Company		Guarantors		Nonguarantors		Eliminations		International LLC
Net cash provided by operating activities	$	58	$	17	$	15	$	—	$	90
Investing activities:
Capital expenditures		(8)		(9)		(57)		—		(74)
Insurance proceeds for recovery of property damage		—		—		54		—		54
Cash received from unconsolidated affiliates		—		12		—		—		12
Investment in affiliate		(12)		3		—		9		—
Investment in unconsolidated affiliates		—		(15)		—		—		(15)
Decrease in receivable from affiliate		(7)		—		—		—		(7)
Change in restricted cash		—		—		(1)		—		(1)
Other		—		—		1		—		1
Net cash used in investing activities		(27)		(9)		(3)		9		(30)
Financing activities:
Repayments of short-term debt		—		—		(6)		—		(6)
Borrowings on short-term debt		—		—		2		—		2
Repayments of long-term debt		(4)		—		(3)		—		(7)
Proceeds from issuance of long-term debt		—		—		8		—		8
Proceeds from issuance of notes payable from affiliate		15		—		—		—		15
Repayments of notes payable		(5)		—		—		—		(5)
Dividends paid to noncontrolling interests		—		—		—		(3)		(3)
Contribution from noncontrolling interests		—		—		2		—		2
Contribution from parent		—		—		19		(19)		—
Distribution to parent		—		(7)		(6)		13		—
Dividends paid to parent		(30)		—		—		—		(30)
Net cash (used in) provided by financing activities		(24)		(7)		16		(9)		(24)
Effect of exchange rate changes on cash		—		—		5		—		5
Increase in cash and cash equivalents		7		1		33		—		41
Cash and cash equivalents at beginning of period		37		—		376		—		413
Cash and cash equivalents at end of period	$	44	$	1	$	409	$	—	$	454

THREE MONTHS ENDED MARCH 31, 2016
(In Millions)


									Consolidated
	Parent								Huntsman
	Company		Guarantors		Nonguarantors		Eliminations		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 of notes payable to affiliate		—		—		6		(6)		—
Repayments of notes payable		(9)		—		—		—		(9)
Borrowings on notes payable		2		—		—		—		2
Contribution from parent		—		2		7		(9)		—
Distribution to parent		—		(7)		(6)		13		—
Dividends paid to noncontrolling interests		—		—		(5)		(4)		(9)
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