Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
 12 Months Ended
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Operating Activities:      
Net income $ 741 $ 357 $ 126
Less: (Income) loss from discontinued operations (158) 8 302
Income from continuing operations 583 365 428
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:      
Equity in income of investment in unconsolidated affiliates (13) (5) (6)
Depreciation and amortization 319 318 298
(Gain) loss on disposal of businesses/assets, net (6) (94) 5
Loss on early extinguishment of debt 54 3 31
Noncash interest expense 8 16 13
Noncash restructuring and impairment charges (credits) 1 (4) 7
Deferred income taxes (55) 4 (18)
Noncash (gain) loss on foreign currency transactions (5) (2) 10
Stock-based compensation 36 32 29
Other, net 6 3 1
Changes in operating assets and liabilities      
Accounts and notes receivable (183) (25) 87
Inventories (104) 177 84
Prepaid expenses (11) 5 (10)
Other current assets 24 12 (74)
Other noncurrent assets (60) 44 (100)
Accounts payable 154 46 (129)
Accrued liabilities 63 123 (35)
Other noncurrent liabilities 31 (44) (7)
Net cash provided by operating activities from continuing operations 842 974 614
Net cash provided by (used in) operating activities from discontinued operations 377 114 (39)
Net cash provided by operating activities 1,219 1,088 575
Investing Activities:      
Capital expenditures (282) (318) (461)
Investment in unconsolidated affiliates   (1) (12)
Acquisition of business, net of cash acquired (14)   (14)
Proceeds from sale of businesses/assets 25 199 1
Cash received from purchase price adjustment for business acquired     18
Cash received from termination of cross-currency interest rate contracts 7   66
Change in restricted cash   1 (3)
Other, net (1)   1
Net cash used in investing activities from continuing operations (265) (119) (404)
Net cash used in investing activities from discontinued operations (159) (83) (196)
Net cash (used in) provided by investing activities (424) (202) (600)
Financing Activities:      
Net repayments under revolving loan facilities (41)   (1)
Net borrowings (repayments) on overdraft facilities 1 (1) (8)
Repayments of short-term debt (15) (56)  
Borrowings on short-term debt 8 10 12
Repayments of long-term debt (2,058) (1,070) (604)
Proceeds from long-term debt of P and A Business 750    
Proceeds from issuance of long-term debt 24 559 326
Repayments of notes payable (27) (33) (33)
Borrowings on notes payable 31 31 34
Debt issuance costs paid (21) (9) (8)
Call premiums related to early extinguishment of debt   (1) (35)
Contingent consideration paid for acquisition     (4)
Dividends paid to noncontrolling interests (34) (30) (14)
Contribution from noncontrolling interests 5    
Dividends paid to common stockholders (120) (120) (121)
Repurchase and cancellation of stock awards (12) (3) (7)
Proceeds from issuance of common stock 35 1 1
Repurchase of common stock     (100)
Proceeds from the IPO and secondary offering of P and A Business 1,012    
Cash paid for expenses of the IPO and secondary offering of P and A Business (58)    
Other, net 1 (1)  
Net cash used in financing activities (519) (723) (562)
Effect of exchange rate changes on cash 18 (6) (16)
Increase in cash and cash equivalents 294 157 (603)
Cash and cash equivalents from continuing operations at beginning of period 470 [1] 385 [1] 236
Cash and cash equivalents from discontinued operations at beginning of period   29 21
Cash and cash equivalents at end of period 708 414 257
Supplemental cash flow information:      
Cash paid for interest 175 205 225
Cash paid for income taxes 25 40 126
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES      
Operating Activities:      
Net income 734 354 127
Less: (Income) loss from discontinued operations (155) 13 307
Income from continuing operations 579 367 434
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:      
Equity in income of investment in unconsolidated affiliates (13) (5) (6)
Depreciation and amortization 311 306 286
(Gain) loss on disposal of businesses/assets, net (6) (94) 5
Loss on early extinguishment of debt 54 3 31
Noncash interest expense 25 27 22
Noncash restructuring and impairment charges (credits) 1 (4) 7
Deferred income taxes (50) 3 (17)
Noncash (gain) loss on foreign currency transactions (5) (2) 10
Noncash compensation 35 31 28
Other, net 7 1 2
Changes in operating assets and liabilities      
Accounts and notes receivable (181) (25) 87
Inventories (104) 177 84
Prepaid expenses (10) 5 (10)
Other current assets 21 12 (76)
Other noncurrent assets (60) 44 (100)
Accounts payable 138 35 (138)
Accrued liabilities 57 123 (35)
Other noncurrent liabilities 37 (36)  
Net cash provided by operating activities from continuing operations 836 968 614
Net cash provided by (used in) operating activities from discontinued operations 372 110 (44)
Net cash provided by operating activities 1,208 1,078 570
Investing Activities:      
Capital expenditures (282) (318) (461)
Investment in unconsolidated affiliates   (1) (12)
Acquisition of business, net of cash acquired (14)   (14)
Proceeds from sale of businesses/assets 25 199 1
(Increase) decrease in receivable from affiliate (15) 6 1
Cash received from purchase price adjustment for business acquired     18
Cash received from termination of cross-currency interest rate contracts 7   66
Change in restricted cash   1 (3)
Other, net   1 1
Net cash used in investing activities from continuing operations (279) (112) (403)
Net cash used in investing activities from discontinued operations (159) (83) (196)
Net cash (used in) provided by investing activities (438) (195) (599)
Financing Activities:      
Net repayments under revolving loan facilities (41)   (1)
Net borrowings (repayments) on overdraft facilities 1 (1) (8)
Repayments of short-term debt (15) (56)  
Borrowings on short-term debt 8 10 12
Repayments of long-term debt (2,058) (1,070) (604)
Proceeds from long-term debt of P and A Business 750    
Proceeds from issuance of long-term debt 24 559 326
Repayments of notes payable to affiliate   (1) (148)
Proceeds from issuance of notes payable to affiliate 47   195
Repayments of notes payable (27) (33) (33)
Borrowings on notes payable 31 31 34
Debt issuance costs paid (21) (9) (8)
Call premiums related to early extinguishment of debt   (1) (35)
Contingent consideration paid for acquisition     (4)
Dividends paid to noncontrolling interests (34) (30) (14)
Contribution from noncontrolling interests 5    
Dividends paid to parent (120) (119) (121)
Proceeds from the IPO and secondary offering of P and A Business 1,012    
Cash paid for expenses of the IPO and secondary offering of P and A Business (58)    
Other, net 1 (1) 1
Net cash used in financing activities (495) (721) (408)
Effect of exchange rate changes on cash 18 (6) (16)
Increase in cash and cash equivalents 293 156 (453)
Cash and cash equivalents from continuing operations at beginning of period 468 [1] 384 [1] 236
Cash and cash equivalents from discontinued operations at beginning of period   29 21
Cash and cash equivalents at end of period 706 413 257
Supplemental cash flow information:      
Cash paid for interest 175 139 225
Cash paid for income taxes $ 25 $ 40 $ 126
[1] At December 31, 2017 and December 31, 2016, respectively, $15 and $20 of cash and cash equivalents, $11 and $10 of restricted cash, $35 and $21 of accounts and notes receivable (net), $46 and $45 of inventories, $7 and $5 of other current assets, $283 and $279 of property, plant and equipment (net), $10 each of intangible assets (net), $43 and $37 of other noncurrent assets, $109 and $89 of accounts payable, $32 and $30 of accrued liabilities, $21 and $12 of current portion of debt, $86 and $114 of longterm debt, and $98 and $76 of other noncurrent liabilities from consolidated variable interest entities are included in the respective Balance Sheet captions above. See “Note 7. Variable Interest Entities.”