Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating Activities:      
Net income $ 650 $ 741 $ 357
Less: Loss (income) from discontinued operations, net of tax 195 (158) 8
Income from continuing operations 845 583 365
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 (55) (13) (5)
Unrealized losses on fair value adjustments to Venator investment 62    
Depreciation and amortization 343 319 318
Loss (gain) on disposal of businesses/assets, net 4 (6) (94)
Loss on early extinguishment of debt 3 54 3
Noncash interest expense 1 8 16
Noncash restructuring and impairment (credits) charges (22) 1 (4)
Deferred income taxes (116) (55) 4
Noncash gain on foreign currency transactions (3) (5) (2)
Stock-based compensation 27 36 32
Other, net 5 6 3
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts and notes receivable (13) (183) (25)
Inventories (86) (104) 177
Prepaid expenses (9) (11) 5
Other current assets 60 24 12
Other noncurrent assets (76) (60) 44
Accounts payable 8 154 46
Accrued liabilities 43 63 123
Other noncurrent liabilities (58) 31 (44)
Net cash provided by operating activities from continuing operations 963 842 974
Net cash provided by operating activities from discontinued operations 244 377 114
Net cash provided by operating activities 1,207 1,219 1,088
Investing Activities:      
Capital expenditures (313) (282) (318)
Investment in unconsolidated affiliates     (1)
Acquisition of businesses, net of cash acquired (366) (14)  
Proceeds from sale of businesses/assets   25 199
Cash received from termination of cross-currency interest rate contracts   7  
Cash received from forward swap contract related to the sale of investment 3    
Other, net (1) (1)  
Net cash used in investing activities from continuing operations (677) (265) (120)
Net cash used in investing activities from discontinued operations (296) (159) (83)
Net cash used in investing activities (973) (424) (203)
Financing Activities:      
Net borrowings (repayments) under revolving loan facilities 125 (41)  
Net (repayments) borrowings on overdraft facilities (1) 1 (1)
Repayments of short-term debt (8) (15) (56)
Borrowings on short-term debt 6 8 10
Repayments of long-term debt (68) (2,058) (1,070)
Proceeds from long-term debt of Venator   750  
Proceeds from issuance of long-term debt   24 559
Repayments of notes payable (29) (27) (33)
Borrowings on notes payable 27 31 31
Debt issuance costs paid (4) (21) (9)
Call premiums related to early extinguishment of debt     (1)
Dividends paid to noncontrolling interests (69) (34) (30)
Contribution from noncontrolling interests   5  
Dividends paid to common stockholders (156) (120) (120)
Repurchase and cancellation of stock awards (30) (12) (3)
Proceeds from issuance of common stock 17 35 1
Repurchase of common stock (277)    
Proceeds from the IPO of Venator   1,012  
Cash paid for expenses for the IPO of Venator   (58)  
Proceeds from the secondary offering of Venator 44    
Cash paid for expenses of the secondary offering of Venator (2)    
Other, net 1 1 (1)
Net cash used in financing activities (424) (519) (723)
Effect of exchange rate changes on cash (35) 18 (6)
(Decrease) increase in cash, cash equivalents and restricted cash (225) 294 156
Cash, cash equivalents and restricted cash from continuing operations at beginning of period 481 396 248
Cash, cash equivalents and restricted cash from discontinued operations at beginning of period 238 29 21
Deconsolidation of cash, cash equivalents and restricted cash from Venator (154)    
Cash, cash equivalents and restricted cash at end of period 340 719 425
Supplemental cash flow information:      
Cash paid for interest 163 175 205
Cash paid for income taxes 179 25 40
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES      
Operating Activities:      
Net income 636 734 354
Less: Loss (income) from discontinued operations, net of tax 195 (155) 13
Income from continuing operations 831 579 367
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 (55) (13) (5)
Unrealized losses on fair value adjustments to Venator investment 62    
Depreciation and amortization 340 311 306
Loss (gain) on disposal of businesses/assets, net 4 (6) (94)
Loss on early extinguishment of debt 3 54 3
Noncash interest expense 22 25 27
Noncash restructuring and impairment (credits) charges (22) 1 (4)
Deferred income taxes (121) (50) 3
Noncash gain on foreign currency transactions (3) (5) (2)
Noncash compensation 26 35 31
Other, net 7 7 1
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts and notes receivable (14) (181) (25)
Inventories (86) (104) 177
Prepaid expenses (8) (10) 5
Other current assets 60 21 12
Other noncurrent assets (76) (60) 44
Accounts payable (13) 138 35
Accrued liabilities 43 57 123
Other noncurrent liabilities (54) 37 (36)
Net cash provided by operating activities from continuing operations 946 836 968
Net cash provided by operating activities from discontinued operations 244 372 110
Net cash provided by operating activities 1,190 1,208 1,078
Investing Activities:      
Capital expenditures (313) (282) (318)
Investment in unconsolidated affiliates     (1)
Acquisition of businesses, net of cash acquired (366) (14)  
Proceeds from sale of businesses/assets   25 199
Increase in receivable in affiliate (16) (15) 6
Cash received from termination of cross-currency interest rate contracts   7  
Cash received from forward swap contract related to the sale of investment 3    
Other, net     1
Net cash used in investing activities from continuing operations (692) (279) (113)
Net cash used in investing activities from discontinued operations (296) (159) (83)
Net cash used in investing activities (988) (438) (196)
Financing Activities:      
Net borrowings (repayments) under revolving loan facilities 125 (41)  
Net (repayments) borrowings on overdraft facilities (1) 1 (1)
Repayments of short-term debt (8) (15) (56)
Borrowings on short-term debt 6 8 10
Repayments of long-term debt (68) (2,058) (1,070)
Proceeds from long-term debt of Venator   750  
Proceeds from issuance of long-term debt   24 559
Repayments of notes payable to affiliate (255)   (1)
Proceeds from issuance of notes payable to affiliate   47  
Repayments of notes payable (29) (27) (33)
Borrowings on notes payable 27 31 31
Debt issuance costs paid (4) (21) (9)
Call premiums related to early extinguishment of debt     (1)
Dividends paid to noncontrolling interests (69) (34) (30)
Contribution from noncontrolling interests   5  
Dividends paid to parent (154) (120) (119)
Proceeds from the IPO of Venator   1,012  
Cash paid for expenses for the IPO of Venator   (58)  
Proceeds from the secondary offering of Venator 44    
Cash paid for expenses of the secondary offering of Venator (2)    
Other, net (2) 1 (1)
Net cash used in financing activities (390) (495) (721)
Effect of exchange rate changes on cash (35) 18 (6)
(Decrease) increase in cash, cash equivalents and restricted cash (223) 293 155
Cash, cash equivalents and restricted cash from continuing operations at beginning of period 479 395 248
Cash, cash equivalents and restricted cash from discontinued operations at beginning of period 238 29 21
Deconsolidation of cash, cash equivalents and restricted cash from Venator (154)    
Cash, cash equivalents and restricted cash at end of period 340 717 424
Supplemental cash flow information:      
Cash paid for interest 163 175 139
Cash paid for income taxes $ 179 $ 25 $ 40