Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Operating Activities:    
Net income $ 163 $ 67
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Extraordinary gain on the acquisition of a business, net of tax   (1)
Equity in income of investment in unconsolidated affiliates (2) (2)
Depreciation and amortization 109 103
Loss on disposal of businesses/assets, net 1  
Loss on early extinguishment of debt 1 3
Noncash interest expense 7 8
Deferred income taxes 19 (16)
Noncash loss (gain) on foreign currency transactions 9 (3)
Stock-based compensation 10 8
Other, net 4 (1)
Changes in operating assets and liabilities:    
Accounts and notes receivable (239) (287)
Inventories (65) (171)
Prepaid expenses (1) 1
Other current assets 53 (104)
Other noncurrent assets (1) 37
Accounts payable 186 213
Accrued liabilities (51) 73
Other noncurrent liabilities (13) (52)
Net cash provided by (used in) operating activities 190 (124)
Investing Activities:    
Capital expenditures (81) (60)
Investment in unconsolidated affiliates (34) (6)
Cash received from unconsolidated affiliates 15 9
Acquisition of a business (2)  
Increase in restricted cash (8)  
Other, net 1  
Net cash used in investing activities (109) (57)
Financing Activities:    
Net repayments under revolving loan facilities (17)  
Net borrowings on overdraft facilities 3 7
Repayments of short-term debt (4) (78)
Borrowings on short-term debt   65
Repayments of long-term debt (109) (120)
Proceeds from issuance of long-term debt   9
Repayments of notes payable (17) (9)
Borrowings on notes payable 1 1
Debt issuance costs paid (4) (4)
Call premiums related to early extinguishment of debt (1) (3)
Dividends paid to common stockholders (24) (24)
Repurchase and cancellation of stock awards (7) (8)
Proceeds from issuance of common stock 1 2
Excess tax benefit related to stock-based compensation 4 7
Other, net (2) (1)
Net cash used in financing activities (176) (156)
Effect of exchange rate changes on cash 4 3
Decrease in cash and cash equivalents (91) (334)
Cash and cash equivalents at beginning of period 554 [1] 966
Cash and cash equivalents at end of period 463 [1] 632
Supplemental cash flow information:    
Cash paid for interest 82 66
Cash paid for income taxes 13 5
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
    
Operating Activities:    
Net income 166 68
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Extraordinary gain on the acquisition of a business, net of tax   (1)
Equity in income of investment in unconsolidated affiliates (2) (2)
Depreciation and amortization 103 98
Loss on disposal of businesses/assets, net 1  
Loss on early extinguishment of debt 1 3
Noncash interest expense 9 13
Deferred income taxes 47 (16)
Noncash loss (gain) on foreign currency transactions 9 (3)
Noncash compensation 9 7
Other, net 4 (1)
Changes in operating assets and liabilities:    
Accounts and notes receivable (239) (287)
Inventories (65) (171)
Prepaid expenses 1 3
Other current assets 27 (104)
Other noncurrent assets (1) 37
Accounts payable 183 209
Accrued liabilities (53) 73
Other noncurrent liabilities (11) (50)
Net cash provided by (used in) operating activities 189 (124)
Investing Activities:    
Capital expenditures (81) (60)
(Increase) decrease in receivable from affiliate (20) 8
Investment in unconsolidated affiliates (34) (6)
Cash received from unconsolidated affiliates 15 9
Acquisition of a business (2)  
Increase in restricted cash (8)  
Other, net 1  
Net cash used in investing activities (129) (49)
Financing Activities:    
Net repayments under revolving loan facilities (17)  
Net borrowings on overdraft facilities 3 7
Repayments of short-term debt (4) (78)
Borrowings on short-term debt   65
Repayments of long-term debt (109) (120)
Proceeds from issuance of long-term debt   9
Proceeds from notes payable to affiliate 102  
Repayments of notes payable (17) (9)
Borrowings on notes payable 1 1
Debt issuance costs paid (4) (4)
Call premiums related to early extinguishment of debt (1) (3)
Dividends paid to parent (24) (8)
Excess tax benefit related to stock-based compensation 4 7
Other, net 1  
Net cash used in financing activities (65) (133)
Effect of exchange rate changes on cash 4 3
Decrease in cash and cash equivalents (1) (303)
Cash and cash equivalents at beginning of period 231 [1] 561
Cash and cash equivalents at end of period 230 [1] 258
Supplemental cash flow information:    
Cash paid for interest 82 66
Cash paid for income taxes $ 13 $ 5
[1] At March 31, 2012 and December 31, 2011, respectively, $33 and $44 of cash and cash equivalents, $9 and $2 of restricted cash, $34 and $29 of accounts and notes receivable (net), $49 and $47 of inventories, $2 and $1 of other current assets, $399 and $403 of property, plant and equipment (net), $23 each of intangible assets (net), $22 and $21 of other noncurrent assets, $64 and $55 of accounts payable, $19 and $21 of accrued liabilities, $23 and $16 of current portion of debt, $256 and $264 of long-term debt, and $103 and $111 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See "Note 5. Variable Interest Entities."