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

Quarterly report pursuant to Section 13 or 15(d)

RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS (Tables)

RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS (Tables)

6 Months Ended

Jun. 30, 2012

RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS

Accrued restructuring costs by type of cost and initiative

	Workforce reductions(1)			Demolition and decommissioning		Non-cancelable lease costs			Other restructuring costs			Total(2)

Accrued liabilities as of January 1, 2012	$	73		$	—	$	11		$	8		$	92
2012 charges for 2007 and prior initiatives		2			—		—			—			2
2012 charges for 2009 initiatives		1			—		—			3			4
2012 charges for 2010 initiatives		1			—		—			—			1
2012 charges for 2011 initiatives		2			—		—			2			4
2012 charges for 2012 initiatives		5			—		—			1			6
Reversal of reserves no longer required		(12	)		—		—			(1	)		(13	)
2012 payments for 2007 and prior initiatives		(1	)		—		(1	)		(1	)		(3	)
2012 payments for 2009 initiatives		(1	)		—		—			(2	)		(3	)
2012 payments for 2010 initiatives		(3	)		—		—			—			(3	)
2012 payments for 2011 initiatives		(13	)		—		—			(3	)		(16	)
2012 payments for 2012 initiatives		(2	)		—		—			—			(2	)
Net activity of discontinued operations		—			—		—			1			1
Foreign currency effect on liability balance		(1	)		—		—			—			(1	)

Accrued liabilities as of June 30, 2012	$	51		$	—	$	10		$	8		$	69

(1): The total workforce reduction reserves of $51 million relate to the termination of 565 positions, of which 516 positions had not been terminated as of June 30, 2012.
(2): Accrued liabilities by initiatives were as follows (dollars in millions):

	June 30, 2012		December 31, 2011

2007 initiatives and prior	$	1	$	2
2009 initiatives		9		11
2010 initiatives		10		16
2011 initiatives		45		63
2012 initiatives		4		—

Total	$	69	$	92

Accrued restructuring costs by type of initiative

	June 30, 2012		December 31, 2011

2007 initiatives and prior	$	1	$	2
2009 initiatives		9		11
2010 initiatives		10		16
2011 initiatives		45		63
2012 initiatives		4		—

Total	$	69	$	92

Details with respect to reserves for restructuring, impairment and plant closing costs, provided by segment and initiative

	Polyurethanes			Performance Products			Advanced Materials			Textile Effects			Pigments			Discontinued Operations		Corporate and Other			Total

Accrued liabilities as of January 1, 2012	$	—		$	1		$	12		$	69		$	3		$	6	$	1		$	92
2012 charges for 2007 and prior initiatives		—			—			—			2			—			—		—			2
2012 charges for 2009 initiatives		—			—			1			—			3			—		—			4
2012 charges for 2010 initiatives		—			—			—			—			—			—		1			1
2012 charges for 2011 initiatives		—			—			1			3			—			—		—			4
2012 charges for 2012 initiatives		5			—			1			—			—			—		—			6
Reversal of reserves no longer required		—			—			—			(13	)		—			—		—			(13	)
2012 payments for 2007 and prior initiatives		—			—			—			(2	)		(1	)		—		—			(3	)
2012 payments for 2009 initiatives		—			—			—			—			(3	)		—		—			(3	)
2012 payments for 2010 initiatives		—			(1	)		—			(1	)		—			—		(1	)		(3	)
2012 payments for 2011 initiatives		—			—			(11	)		(5	)		—			—		—			(16	)
2012 payments for 2012 initiatives		(2	)		—			—			—			—			—		—			(2	)
Net activity of discontinued operations		—			—			—			—			—			1		—			1
Foreign currency effect on liability balance		—			—			(1	)		—			—			—		—			(1	)

Accrued liabilities as of June 30, 2012	$	3		$	—		$	3		$	53		$	2		$	7	$	1		$	69

Current portion of restructuring reserves	$	3		$	—		$	2		$	28		$	2		$	7	$	1		$	43
Long-term portion of restructuring reserve		—			—			1			25			—			—		—			26
Estimated additional future charges for current restructuring projects
Estimated additional charges within one year		35			—			—			12			—			—		—			47
Estimated additional charges beyond one year		—			—			—			7			—			—		—			7

Cash and non-cash restructuring charges by initiative

	Three months ended June 30, 2012			Six months ended June 30, 2012

Cash charges:
2012 charges for 2007 and prior initiatives	$	—		$	2
2012 charges for 2009 initiatives		3			4
2012 charges for 2010 initiatives		1			1
2012 charges for 2011 initiatives		1			4
2012 charges for 2012 initiatives		1			6
Reversal of reserves no longer required		(1	)		(13	)
Non-cash charges		—			1

Total 2012 restructuring, impairment and plant closing costs	$	5		$	5

	Three months ended June 30, 2011			Six months ended June 30, 2011

Cash charges:
2011 charges for 2006 and prior initiatives	$	—		$	2
2011 charges for 2009 initiatives		2			3
2011 charges for 2010 initiatives		2			3
2011 charges for 2011 initiatives		6			11
Reversal of reserves no longer required		(1	)		(3	)

Total 2011 restructuring, impairment and plant closing costs	$	9		$	16

- Definition

Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References + Details