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)

9 Months Ended

Sep. 30, 2017

CONDENSED CONSOLIDATING FINANCIAL INFORMATION - HUNTSMAN INTERNATIONAL

AS OF SEPTEMBER 30, 2017
(In Millions)


									Consolidated
	Parent								Huntsman
	Company		Guarantors		Nonguarantors		Eliminations		International LLC
ASSETS
Current assets:
Cash and cash equivalents	$	56	$	—	$	382	$	—	$	438
Restricted cash		—		—		11		—		11
Accounts and notes receivable, net		36		73		1,108		5		1,222
Accounts receivable from affiliates		873		4,213		122		(4,855)		353
Inventories		81		201		808		(6)		1,084
Prepaid expenses		18		6		31		(9)		46
Other current assets		735		3		195		(740)		193
Current assets held for sale		—		—		2,745		—		2,745
Total current assets		1,799		4,496		5,402		(5,605)		6,092
Property, plant and equipment, net		451		1,111		1,469		—		3,031
Investment in unconsolidated affiliates		6,074		2,302		255		(8,376)		255
Intangible assets, net		27		—		30		—		57
Goodwill		(14)		82		71		—		139
Deferred income taxes		510		—		280		(522)		268
Notes receivable from affiliates		111		565		—		(676)		—
Other noncurrent assets		47		172		245		—		464
Total assets	$	9,005	$	8,728	$	7,752	$	(15,179)	$	10,306
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	60	$	175	$	631	$	5	$	871
Accounts payable to affiliates		3,783		537		602		(4,855)		67
Accrued liabilities		88		825		375		(750)		538
Note payable to affiliate		100		—		—		—		100
Current portion of debt		5		—		24		—		29
Current liabilities held for sale		—		—		1,633		—		1,633
Total current liabilities		4,036		1,537		3,265		(5,600)		3,238
Long-term debt		2,504		—		341		—		2,845
Notes payable to affiliates		717		—		676		(676)		717
Deferred income taxes		—		281		66		74		421
Other noncurrent liabilities		173		268		589		—		1,030
Total liabilities		7,430		2,086		4,937		(6,202)		8,251
Equity
Huntsman International LLC members’ equity
Members’ equity		3,412		2,256		3,484		(5,740)		3,412
Accumulated (deficit) income		(483)		2,908		166		(3,074)		(483)
Accumulated other comprehensive (loss) income		(1,354)		1,478		(1,304)		(174)		(1,354)
Total Huntsman International LLC members’ equity		1,575		6,642		2,346		(8,988)		1,575
Noncontrolling interests in subsidiaries		—		—		469		11		480
Total equity		1,575		6,642		2,815		(8,977)		2,055
Total liabilities and equity	$	9,005	$	8,728	$	7,752	$	(15,179)	$	10,306

AS OF SEPTEMBER 30, 2016
(In Millions)


									Consolidated
	Parent								Huntsman
	Company		Guarantors		Nonguarantors		Eliminations		International LLC
ASSETS
Current assets:
Cash and cash equivalents	$	37	$	—	$	347	$	—	$	384
Restricted cash		—		—		11		—		11
Accounts and notes receivable, net		22		88		1,053		5		1,168
Accounts receivable from affiliates		1,351		4,589		149		(5,760)		329
Inventories		85		183		652		(2)		918
Prepaid expenses		68		46		36		(101)		49
Other current assets		820		3		129		(725)		227
Current assets held for sale		—		—		777		—		777
Total current assets		2,383		4,909		3,154		(6,583)		3,863
Property, plant and equipment, net		463		1,163		1,385		1		3,012
Investment in unconsolidated affiliates		5,870		1,458		245		(7,325)		248
Intangible assets, net		28		—		15		—		43
Goodwill		(12)		82		51		—		121
Deferred income taxes		515		—		265		(527)		253
Notes receivable from affiliates		37		620		—		(657)		—
Other noncurrent assets		74		188		210		—		472
Noncurrent assets held for sale		—		—		1,463		—		1,463
Total assets	$	9,358	$	8,420	$	6,788	$	(15,091)	$	9,475
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	63	$	152	$	553	$	5	$	773
Accounts payable to affiliates		3,667		645		1,499		(5,760)		51
Accrued liabilities		87		787		420		(826)		468
Note payable to affiliate		100		—		—		—		100
Current portion of debt		30		—		20		—		50
Current liabilities held for sale		—		—		467		—		467
Total current liabilities		3,947		1,584		2,959		(6,581)		1,909
Long-term debt		3,763		—		359		—		4,122
Notes payable to affiliates		696		—		658		(657)		697
Deferred income taxes		22		257		19		69		367
Other noncurrent liabilities		174		300		577		—		1,051
Noncurrent liabilities held for sale		—		—		393		—		393
Total liabilities		8,602		2,141		4,965		(7,169)		8,539
Equity
Huntsman International LLC members’ equity
Members’ equity		3,226		2,949		5,019		(7,968)		3,226
Accumulated (deficit) income		(779)		2,332		(1,713)		(619)		(779)
Accumulated other comprehensive (loss) income		(1,691)		998		(1,652)		654		(1,691)
Total Huntsman International LLC members' equity		756		6,279		1,654		(7,933)		756
Noncontrolling interests in subsidiaries		—		—		169		11		180
Total equity		756		6,279		1,823		(7,922)		936
Total liabilities and equity	$	9,358	$	8,420	$	6,788	$	(15,091)	$	9,475

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

THREE MONTHS ENDED SEPTEMBER 30, 2017
(In Millions)


									Consolidated
	Parent								Huntsman
	Company		Guarantors		Nonguarantors		Eliminations		International LLC
Revenues:
Trade sales, services and fees, net	$	296	$	498	$	1,343	$	—	$	2,137
Related party sales		55		75		255		(353)		32
Total revenues		351		573		1,598		(353)		2,169
Cost of goods sold		275		520		1,251		(352)		1,694
Gross profit		76		53		347		(1)		475
Selling, general and administrative		34		31		132		—		197
Research and development		12		11		12		—		35
Restructuring, impairment and plant closing (credits) costs		(3)		1		3		—		1
Merger costs		12		—		—		—		12
Other operating expense (income), net		20		(8)		(7)		—		5
Operating income		1		18		207		(1)		225
Interest (expense) income		(43)		7		(8)		—		(44)
Equity in income of investment in affiliates and subsidiaries		187		180		1		(367)		1
Loss on early extinguishment of debt		(35)		—		—		—		(35)
Dividend income (expense)		1		—		(1)		—		—
Other income, net		(1)		2		1		—		2
Income from continuing operations before income taxes		110		207		200		(368)		149
Income tax benefit (expense)		26		(11)		(49)		—		(34)
Income from continuing operations		136		196		151		(368)		115
Income (loss) from discontinued operations, net of tax		9		(1)		54		—		62
Net income		145		195		205		(368)		177
Net income attributable to noncontrolling interests		—		—		(32)		—		(32)
Net income attributable to Huntsman International LLC	$	145	$	195	$	173	$	(368)	$	145
Net income	$	145	$	195	$	205	$	(368)	$	177
Other comprehensive income		171		329		113		(509)		104
Comprehensive income attributable to noncontrolling interests		—		—		(36)		(1)		(37)
Comprehensive income attributable to Huntsman International LLC	$	316	$	524	$	282	$	(878)	$	244

THREE MONTHS ENDED SEPTEMBER 30, 2016
(In Millions)


									Consolidated
	Parent								Huntsman
	Company		Guarantors		Nonguarantors		Eliminations		International LLC
Revenues:
Trade sales, services and fees, net	$	264	$	424	$	1,114	$	—	$	1,802
Related party sales		45		64		231		(311)		29
Total revenues		309		488		1,345		(311)		1,831
Cost of goods sold		249		434		1,101		(310)		1,474
Gross profit		60		54		244		(1)		357
Selling, general and administrative		33		25		126		—		184
Research and development		13		11		10		—		34
Restructuring, impairment and plant closing costs		2		6		30		—		38
Other operating income, net		3		(8)		3		—		(2)
Operating income		9		20		75		(1)		103
Interest (expense) income		(54)		7		(8)		—		(55)
Equity in (loss) income of investment in affiliates and subsidiaries		82		80		2		(163)		1
Loss on early extinguishment of debt		(1)		—		—		—		(1)
Dividend income (expense)		1		—		(2)		1		—
Other (loss) income, net		(3)		—		3		—		—
Income from continuing operations before income taxes		34		107		70		(163)		48
Income tax benefit (expense)		20		(13)		(14)		—		(7)
Income from continuing operations		54		94		56		(163)		41
Loss from discontinued operations, net of tax		—		—		22		—		22
Net income		54		94		78		(163)		63
Net income attributable to noncontrolling interests		—		—		(9)		—		(9)
Net income attributable to Huntsman International LLC	$	54	$	94	$	69	$	(163)	$	54
Net income	$	54	$	94	$	78	$	(163)	$	63
Other comprehensive income		32		7		31		(38)		32
Comprehensive income attributable to noncontrolling interests		—		—		(6)		(3)		(9)
Comprehensive income attributable to Huntsman International LLC	$	86	$	101	$	103	$	(204)	$	86

NINE MONTHS ENDED SEPTEMBER 30, 2017
(In Millions)


									Consolidated
	Parent								Huntsman
	Company		Guarantors		Nonguarantors		Eliminations		International LLC
Revenues:
Trade sales, services and fees, net	$	824	$	1,543	$	3,681	$	—	$	6,048
Related party sales		169		248		772		(1,082)		107
Total revenues		993		1,791		4,453		(1,082)		6,155
Cost of goods sold		792		1,551		3,585		(1,079)		4,849
Gross profit		201		240		868		(3)		1,306
Selling, general and administrative		129		94		356		—		579
Research and development		35		31		37		—		103
Restructuring, impairment and plant closing costs		1		—		12		—		13
Merger costs		18		—		—		—		18
Other operating expense (income), net		36		(33)		(12)		—		(9)
Operating (expense) income		(18)		148		475		(3)		602
Interest (expense) income		(143)		20		(23)		—		(146)
Equity in income of investment in affiliates and subsidiaries		534		453		5		(988)		4
Loss on early extinguishment of debt		(36)		—		—		—		(36)
Dividend income		1		—		—		(1)		—
Other income, net		1		—		4		—		5
Income from continuing operations before income taxes		339		621		461		(992)		429
Income tax benefit (expense)		56		(58)		(75)		—		(77)
Income from continuing operations		395		563		386		(992)		352
(Loss) income from discontinued operations, net of tax		(7)		(2)		107		—		98
Net income		388		561		493		(992)		450
Net income attributable to noncontrolling interests		—		—		(64)		—		(64)
Net income attributable to Huntsman International LLC	$	388	$	561	$	429	$	(992)	$	386
Net income	$	388	$	561	$	493	$	(992)	$	450
Other comprehensive income		337		479		289		(828)		277
Comprehensive income attributable to noncontrolling interests		—		—		(70)		(6)		(76)
Comprehensive income attributable to Huntsman International LLC	$	725	$	1,040	$	712	$	(1,826)	$	651

NINE MONTHS ENDED SEPTEMBER 30, 2016
(In Millions)


									Consolidated
	Parent								Huntsman
	Company		Guarantors		Nonguarantors		Eliminations		International LLC
Revenues:
Trade sales, services and fees, net	$	787	$	1,396	$	3,336	$	—	$	5,519
Related party sales		139		222		700		(966)		95
Total revenues		926		1,618		4,036		(966)		5,614
Cost of goods sold		726		1,343		3,339		(967)		4,441
Gross profit		200		275		697		1		1,173
Selling, general and administrative		117		79		365		—		561
Research and development		35		32		36		—		103
Restructuring, impairment and plant closing costs		5		15		36		—		56
Other operating expense (income), net		11		(28)		14		—		(3)
Operating income		32		177		246		1		456
Interest (expense) income		(165)		24		(21)		—		(162)
Equity in income of investment in affiliates and subsidiaries		67		183		6		(252)		4
Loss on early extinguishment of debt		(3)		—		—		—		(3)
Dividend income (expense)		217		(430)		430		(217)		—
Other (loss) income , net		(3)		—		8		—		5
Income (loss) from continuing operations before income taxes		145		(46)		669		(468)		300
Income tax benefit (expense)		50		(71)		(44)		—		(65)
Income (loss) from continuing operations		195		(117)		625		(468)		235
Income (loss) from discontinued operations, net of tax		1		(1)		(17)		—		(17)
Net income (loss)		196		(118)		608		(468)		218
Net income attributable to noncontrolling interests		—		—		(19)		(3)		(22)
Net income (loss) attributable to Huntsman International LLC	$	196	$	(118)	$	589	$	(471)	$	196
Net income (loss)	$	196	$	(118)	$	608	$	(468)	$	218
Other comprehensive income		27		86		32		(118)		27
Comprehensive income attributable to noncontrolling interests		—		—		(11)		(11)		(22)
Comprehensive income (loss) attributable to Huntsman International LLC	$	223	$	(32)	$	629	$	(597)	$	223

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2017
(In Millions)


									Consolidated
	Parent								Huntsman
	Company		Guarantors		Nonguarantors		Eliminations		International LLC
Net cash provided by (used in) operating activities from continuing operations	$	274	$	514	$	(252)	$	—	$	536
Net cash (used in) provided by operating activities from discontinued operations		(19)		—		221		—		202
Net cash provided by (used in) operating activities		255		514		(31)		—		738

Investing activities:
Capital expenditures		(26)		(37)		(96)		—		(159)
Cash received from consolidated affiliates		800		—		(278)		(522)		—
Acquisition of business, net of cash acquired		—		—		(14)		—		(14)
Proceeds from sale of businesses/assets		—		—		21		—		21
Increase in receivable from affiliate		(3)		—		—		—		(3)
Cash received from termination of cross-currency interest rate contracts		7		—		—		—		7
Other, net		1		—		—		—		1
Net cash provided by (used in) investing activities from continuing operations		779		(37)		(367)		(522)		(147)
Net cash used in investing activities from discontinued operations		—		—		(49)		—		(49)
Net cash provided by (used in) investing activities		779		(37)		(416)		(522)		(196)

Financing activities:
Net repayments under revolving loan facilities		—		—		(36)		—		(36)
Repayments of short-term debt		—		—		(10)		—		(10)
Borrowings on short-term debt		—		—		6		—		6
Repayments of long-term debt		(1,416)		—		(23)		—		(1,439)
Proceeds from long-term debt of P&A Business		—		—		750		—		750
Proceeds from issuance of long-term debt		—		—		24		—		24
Proceeds from issuance of notes payable from affiliate		21		—		—		—		21
Repayments of notes payable		(20)		—		—		—		(20)
Borrowings on notes payable		11		—		—		—		11
Debt issuance costs paid		(3)		—		(18)		—		(21)
Dividends paid to noncontrolling interests		—		—		(26)		—		(26)
Contribution from noncontrolling interests		—		—		4		—		4
Distribution to parent		—		(477)		(45)		522		—
Dividends paid to parent		(90)		—		—		—		(90)
Proceeds from the IPO of P&A Business		522		—		—		—		522
Cash paid for the expenses of the IPO of P&A Business		(40)		—		—		—		(40)
Other, net		—		—		1		—		1
Net cash (used in) provided by financing activities		(1,015)		(477)		627		522		(343)
Effect of exchange rate changes on cash		—		—		12		—		12
Increase in cash and cash equivalents		19		—		192		—		211
Cash and cash equivalents from continuing operations at beginning of period		37		—		347		—		384
Cash and cash equivalents from discontinued operations at beginning of period		—		—		29		—		29
Cash and cash equivalents at end of period	$	56	$	—	$	568	$	—	$	624

NINE MONTHS ENDED SEPTEMBER 30, 2016
(In Millions)


									Consolidated
	Parent								Huntsman
	Company		Guarantors		Nonguarantors		Eliminations		International LLC
Net cash provided by operating activities from continuing operations	$	410	$	87	$	239	$	—	$	736
Net cash provided by operating activities from discontinued operations		—		—		107		—		107
Net cash provided by operating activities		410		87		346		—		843

Investing activities:
Capital expenditures		(24)		(66)		(124)		—		(214)
Investment in affiliate		(11)		(3)		(2)		14		(2)
Decrease in receivable in affiliate		3		—		—		—		3
Change in restricted cash		—		—		1		—		1
Other, net		—		1		1		—		2
Net cash used in investing activities from continuing operations		(32)		(68)		(124)		14		(210)
Net cash used in investing activities from discontinued operations		—		—		(57)		—		(57)
Net cash used in investing activities		(32)		(68)		(181)		14		(267)

Financing activities:
Net repayments on overdraft facilities	$	—	$	(1)	$	—	$	—	$	(1)
Repayments of short-term debt		—		—		(41)		—		(41)
Borrowings on short-term debt		—		—		8		—		8
Repayments of long-term debt		(774)		—		(21)		—		(795)
Proceeds from issuance of long-term debt		547		—		5		—		552
Repayments of notes payable to affiliate		(7)		—		—		6		(1)
Proceeds of notes payable to affiliate		—		—		6		(6)		—
Repayments of notes payable		(23)		—		(2)		—		(25)
Borrowings on notes payable		30		—		1		—		31
Debt issuance costs paid		(8)		—		—		—		(8)
Dividends paid to noncontrolling interests		—		—		(26)		—		(26)
Contribution from parent		—		3		31		(34)		—
Distribution to parent		—		(20)		—		20		—
Dividends paid to parent		(89)		(1)		—		—		(90)
Other, net		1		—		—		—		1
Net cash used in financing activities		(323)		(19)		(39)		(14)		(395)
Effect of exchange rate changes on cash from continuing operations		—		—		1		—		1
Increase in cash and cash equivalents		55		—		127		—		182
Cash and cash equivalents from continuing operations at beginning of period		44				192				236
Cash and cash equivalents from discontinued operations at beginning of period		—		—		21		—		21
Cash and cash equivalents at end of period	$	99	$	—	$	340	$	—	$	439