Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF HUNTSMAN INTERNATIONAL LLC (UNAUDITED) (Tables)

v2.4.0.6
CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF HUNTSMAN INTERNATIONAL LLC (UNAUDITED) (Tables) (HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES)
9 Months Ended
Sep. 30, 2012
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
 
Condensed consolidating financial statements  
CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED)

 


HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED)
AS OF SEPTEMBER 30, 2012
(Dollars in Millions)

 
  Parent
Company
  Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC
 

ASSETS

                               

Current assets:

                               

Cash and cash equivalents

  $ 4   $ 3   $ 264   $   $ 271  

Restricted cash

            9         9  

Accounts and notes receivable, net

    34     146     1,446         1,626  

Accounts receivable from affiliates

    1,621     3,933     119     (5,410 )   263  

Inventories

    91     312     1,411     (7 )   1,807  

Prepaid expenses

    9     11     61     (18 )   63  

Deferred income taxes

    6         49     (15 )   40  

Other current assets

    218     4     230     (218 )   234  
                       

Total current assets

    1,983     4,409     3,589     (5,668 )   4,313  

Property, plant and equipment, net

    375     859     2,297         3,531  

Investment in unconsolidated affiliates

    5,875     1,670     134     (7,456 )   223  

Intangible assets, net

    30     2     47     (4 )   75  

Goodwill

    (16 )   82     41         107  

Deferred income taxes

    66         189     (65 )   190  

Notes receivable from affiliates

    20     928     2     (948 )   2  

Other noncurrent assets

    84     133     267         484  
                       

Total assets

  $ 8,417   $ 8,083   $ 6,566   $ (14,141 ) $ 8,925  
                       

LIABILITIES AND EQUITY

                               

Current liabilities:

                               

Accounts payable

  $ 55   $ 251   $ 711   $   $ 1,017  

Accounts payable to affiliates

    2,955     1,119     1,386     (5,409 )   51  

Accrued liabilities

    91     353     509     (235 )   718  

Deferred income taxes

        39     7     (17 )   29  

Note payable to affiliate

    100                 100  

Current portion of debt

    24         106         130  
                       

Total current liabilities

    3,225     1,762     2,719     (5,661 )   2,045  

Long-term debt

    2,995         555         3,550  

Notes payable to affiliates

    607         952     (949 )   610  

Deferred income taxes

        144     94     34     272  

Other noncurrent liabilities

    173     152     582         907  
                       

Total liabilities

    7,000     2,058     4,902     (6,576 )   7,384  

Equity

                               

Huntsman International LLC members' equity:

                               

Members' equity

    3,103     4,732     2,349     (7,081 )   3,103  

Accumulated deficit

    (1,155 )   (289 )   (295 )   584     (1,155 )

Accumulated other comprehensive (loss) income

    (531 )   1,582     (471 )   (1,111 )   (531 )
                       

Total Huntsman International LLC members' equity

    1,417     6,025     1,583     (7,608 )   1,417  

Noncontrolling interests in subsidiaries

            81     43     124  
                       

Total equity

    1,417     6,025     1,664     (7,565 )   1,541  
                       

Total liabilities and equity

  $ 8,417   $ 8,083   $ 6,566   $ (14,141 ) $ 8,925  
                       

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED)
AS OF DECEMBER 31, 2011
(Dollars in Millions)

 
  Parent
Company
  Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC
 

ASSETS

                               

Current assets:

                               

Cash and cash equivalents

  $ 4   $   $ 227   $   $ 231  

Restricted cash

            8         8  

Accounts and notes receivable, net

    13     151     1,365         1,529  

Accounts receivable from affiliates

    1,105     3,041     93     (4,091 )   148  

Inventories

    105     271     1,167     (4 )   1,539  

Prepaid expenses

    9     7     43     (13 )   46  

Deferred income taxes

    6         49     (15 )   40  

Other current assets

    90     9     222     (101 )   220  
                       

Total current assets

    1,332     3,479     3,174     (4,224 )   3,761  

Property, plant and equipment, net

    393     868     2,247     2     3,510  

Investment in unconsolidated affiliates

    5,286     1,460     147     (6,691 )   202  

Intangible assets, net

    42     2     52     (3 )   93  

Goodwill

    (16 )   82     48         114  

Deferred income taxes

    154         191     (182 )   163  

Notes receivable from affiliates

    20     920     5     (940 )   5  

Other noncurrent assets

    81     137     264         482  
                       

Total assets

  $ 7,292   $ 6,948   $ 6,128   $ (12,038 ) $ 8,330  
                       

LIABILITIES AND EQUITY

                               

Current liabilities:

                               

Accounts payable

  $ 53   $ 205   $ 604   $   $ 862  

Accounts payable to affiliates

    2,244     822     1,089     (4,091 )   64  

Accrued liabilities

    117     204     487     (114 )   694  

Deferred income taxes

        39     7     (17 )   29  

Note payable to affiliate

    100                 100  

Current portion of debt

    33         179         212  
                       

Total current liabilities

    2,547     1,270     2,366     (4,222 )   1,961  

Long-term debt

    3,128         602         3,730  

Notes payable to affiliates

    435         944     (940 )   439  

Deferred income taxes

    9     79     98     (80 )   106  

Other noncurrent liabilities

    196     163     644         1,003  
                       

Total liabilities

    6,315     1,512     4,654     (5,242 )   7,239  

Equity

                               

Huntsman International LLC members' equity:

                               

Members' equity

    3,081     4,754     2,343     (7,097 )   3,081  

Accumulated deficit

    (1,493 )   (820 )   (396 )   1,216     (1,493 )

Accumulated other comprehensive (loss) income

    (611 )   1,502     (546 )   (956 )   (611 )
                       

Total Huntsman International LLC members' equity

    977     5,436     1,401     (6,837 )   977  

Noncontrolling interests in subsidiaries

            73     41     114  
                       

Total equity

    977     5,436     1,474     (6,796 )   1,091  
                       

Total liabilities and equity

  $ 7,292   $ 6,948   $ 6,128   $ (12,038 ) $ 8,330  
                       
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED)

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, 2012
(Dollars in Millions)

 
  Parent
Company
  Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC
 

Revenues:

                               

Trade sales, services and fees, net

  $ 240   $ 838   $ 1,613   $   $ 2,691  

Related party sales

    187     92     306     (535 )   50  
                       

Total revenues

    427     930     1,919     (535 )   2,741  

Cost of goods sold

    362     689     1,706     (558 )   2,199  
                       

Gross profit

    65     241     213     23     542  

Selling, general and administrative

    43     25     152         220  

Research and development

    10     9     16         35  

Other operating (income) expense

    (1 )   (5 )   4     2      

Restructuring, impairment and plant closing costs (credits)

    1     (1 )   47         47  
                       

Operating income (loss)

    12     213     (6 )   21     240  

Interest (expense) income, net

    (52 )   10     (17 )       (59 )

Equity in income (loss) of investment in affiliates and subsidiaries

    146     (20 )   3     (127 )   2  

Loss on early extinguishment of debt

    (1 )               (1 )

Other income

        21     1     (21 )   1  
                       

Income (loss) from continuing operations before income taxes

    105     224     (19 )   (127 )   183  

Income tax benefit (expense)

    11     (80 )   7         (62 )
                       

Income (loss) from continuing operations

    116     144     (12 )   (127 )   121  

Income (loss) from discontinued operations, net of tax

    1         (2 )       (1 )
                       

Income (loss) before extraordinary gain

    117     144     (14 )   (127 )   120  

Extraordinary gain on the acquisition of a business, net of tax of nil

            1         1  
                       

Net income (loss)

    117     144     (13 )   (127 )   121  

Net loss (income) attributable to noncontrolling interests

        1     (6 )   1     (4 )
                       

Net income (loss) attributable to Huntsman International LLC

  $ 117   $ 145   $ (19 ) $ (126 ) $ 117  
                       

Net income (loss)

  $ 117   $ 144   $ (13 ) $ (127 ) $ 121  

Other comprehensive income

    107     61     87     (146 )   109  

Comprehensive income (loss) attributable to noncontrolling interests

        1     (8 )   1     (6 )
                       

Comprehensive income attributable to Huntsman International LLC

  $ 224   $ 206   $ 66   $ (272 ) $ 224  
                       

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, 2011
(Dollars in Millions)

 
  Parent
Company
  Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC
 

Revenues:

                               

Trade sales, services and fees, net

  $ 247   $ 870   $ 1,803   $ 3   $ 2,923  

Related party sales

    161     117     299     (524 )   53  
                       

Total revenues

    408     987     2,102     (521 )   2,976  

Cost of goods sold

    360     821     1,827     (527 )   2,481  
                       

Gross profit

    48     166     275     6     495  

Selling, general and administrative

    35     20     161         216  

Research and development

    13     9     20         42  

Other operating (income) expense

    (2 )   15     (14 )       (1 )

Restructuring, impairment and plant closing costs

            155         155  
                       

Operating income (loss)

    2     122     (47 )   6     83  

Interest (expense) income, net

    (54 )   11     (23 )       (66 )

Equity in income (loss) of investment in affiliates and subsidiaries

    19     (73 )   2     54     2  

Loss on early extinguishment of debt

    (2 )               (2 )

Other expense

                (1 )   (1 )
                       

(Loss) income from continuing operations before income taxes

    (35 )   60     (68 )   59     16  

Income tax benefit (expense)

    11     (46 )   (20 )       (55 )
                       

(Loss) income from continuing operations

    (24 )   14     (88 )   59     (39 )

(Loss) income from discontinued operations, net of tax

    (7 )   (1 )   18         10  
                       

Net (loss) income

    (31 )   13     (70 )   59     (29 )

Net income attributable to noncontrolling interests

        (1 )   (1 )       (2 )
                       

Net (loss) income attributable to Huntsman International LLC

  $ (31 ) $ 12   $ (71 ) $ 59   $ (31 )
                       

Net (loss) income

  $ (31 ) $ 13   $ (70 ) $ 59   $ (29 )

Other comprehensive loss

    (194 )   (167 )   (184 )   351     (194 )

Comprehensive income attributable to noncontrolling interests

            (2 )       (2 )
                       

Comprehensive loss attributable to Huntsman International LLC

  $ (225 ) $ (154 ) $ (256 ) $ 410   $ (225 )
                       


HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 2012
(Dollars in Millions)

 
  Parent
Company
  Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC
 

Revenues:

                               

Trade sales, services and fees, net

  $ 718   $ 2,654   $ 5,034   $   $ 8,406  

Related party sales

    536     346     884     (1,604 )   162  
                       

Total revenues

    1,254     3,000     5,918     (1,604 )   8,568  

Cost of goods sold

    1,071     2,300     5,170     (1,601 )   6,940  
                       

Gross profit

    183     700     748     (3 )   1,628  

Selling, general and administrative

    142     76     451         669  

Research and development

    32     27     53         112  

Other operating (income) expense

    (4 )   2     7     2     7  

Restructuring, impairment and plant closing costs

    2         50         52  
                       

Operating income

    11     595     187     (5 )   788  

Interest (expense) income, net

    (155 )   31     (57 )       (181 )

Equity in income of investment in affiliates and subsidiaries

    531     102     6     (634 )   5  

Loss on early extinguishment of debt

    (2 )               (2 )

Other (expense) income

    (22 )   21     2     1     2  
                       

Income from continuing operations before income taxes

    363     749     138     (638 )   612  

Income tax benefit (expense)

    44     (214 )   (18 )       (188 )
                       

Income from continuing operations

    407     535     120     (638 )   424  

Income (loss) from discontinued operations, net of tax

    3         (10 )       (7 )
                       

Income before extraordinary gain

    410     535     110     (638 )   417  

Extraordinary gain on the acquisition of a business, net of tax of nil

            1         1  
                       

Net income

    410     535     111     (638 )   418  

Net income attributable to noncontrolling interests

            (11 )   3     (8 )
                       

Net income attributable to Huntsman International LLC

  $ 410   $ 535   $ 100   $ (635 ) $ 410  
                       

Net income

  $ 410   $ 535   $ 111   $ (638 ) $ 418  

Other comprehensive income

    80     80     72     (150 )   82  

Comprehensive income attributable to noncontrolling interests

            (10 )       (10 )
                       

Comprehensive income attributable to Huntsman International LLC

  $ 490   $ 615   $ 173   $ (788 ) $ 490  
                       

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 2011
(Dollars in Millions)

 
  Parent
Company
  Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC
 

Revenues:

                               

Trade sales, services and fees, net

  $ 682   $ 2,534   $ 5,229   $   $ 8,445  

Related party sales

    353     400     868     (1,477 )   144  
                       

Total revenues

    1,035     2,934     6,097     (1,477 )   8,589  

Cost of goods sold

    901     2,403     5,283     (1,463 )   7,124  
                       

Gross profit

    134     531     814     (14 )   1,465  

Selling, general and administrative

    119     77     492         688  

Research and development

    37     25     61         123  

Other operating expense (income)

    31     (23 )   (1 )       7  

Restructuring, impairment and plant closing costs

            171         171  
                       

Operating (loss) income

    (53 )   452     91     (14 )   476  

Interest (expense) income, net

    (164 )   32     (65 )       (197 )

Equity in income (loss) of investment in affiliates and subsidiaries

    300     (12 )   7     (289 )   6  

Loss on early extinguishment of debt

    (5 )               (5 )

Other expense

    (16 )           16      
                       

Income from continuing operations before income taxes

    62     472     33     (287 )   280  

Income tax benefit (expense)

    87     (166 )   (32 )       (111 )
                       

Income from continuing operations

    149     306     1     (287 )   169  

Loss from discontinued operations, net of tax

        (1 )   (4 )       (5 )
                       

Income (loss) before extraordinary gain

    149     305     (3 )   (287 )   164  

Extraordinary gain on the acquisition of a business, net of tax of nil

            2         2  
                       

Net income (loss)

    149     305     (1 )   (287 )   166  

Net income attributable to noncontrolling interests

        (2 )   (9 )   (6 )   (17 )
                       

Net income (loss) attributable to Huntsman International LLC

  $ 149   $ 303   $ (10 ) $ (293 ) $ 149  
                       

Net income (loss)

  $ 149   $ 305   $ (1 ) $ (287 ) $ 166  

Other comprehensive (loss) income

    (36 )   141     (77 )   (63 )   (35 )

Comprehensive income attributable to noncontrolling interests

        (1 )   (11 )   (6 )   (18 )
                       

Comprehensive income (loss) attributable to Huntsman International LLC

  $ 113   $ 445   $ (89 ) $ (356 ) $ 113  
                       
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)


HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 2012
(Dollars in Millions)

 
  Parent
Company
  Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC
 

Net cash provided by operating activities

  $ 161     124   $ 349   $ (1 ) $ 633  
                       

Investing activities:

                               

Capital expenditures

    (14 )   (55 )   (179 )       (248 )

Cash paid for acquisition of a business

            (17 )   (1 )   (18 )

Increase in receivable from affiliate

    (97 )               (97 )

Investment in affiliate

    23     (11 )       (12 )    

Investment in unconsolidated affiliate

    (3 )   (81 )           (84 )

Cash received from unconsolidated affiliates

        51             51  

Increase in restricted cash

            (2 )       (2 )

Other, net

            2         2  
                       

Net cash used in investing activities

    (91 )   (96 )   (196 )   (13 )   (396 )
                       

Financing activities:

                               

Net repayments under revolving loan facilities

            (16 )       (16 )

Net borrowings on overdraft facilities

            2         2  

Repayments of short-term debt

            (40 )       (40 )

Repayments of long-term debt

    (175 )       (67 )       (242 )

Proceeds from issuance of long-term debt

            3         3  

Proceeds from notes payable to affiliate

    172                 172  

Repayments of notes payable

    (24 )       (9 )       (33 )

Borrowings on notes payable

    33         1         34  

Debt issuance costs paid

    (4 )               (4 )

Call premiums related to early extinguishment of debt

    (2 )               (2 )

Contribution from parent

        11     11     (22 )    

Distribution to parent

        (35 )       35      

Dividends paid to parent

    (72 )   (1 )   (1 )   2     (72 )

Excess tax benefit related to stock-based compensation

    4                 4  

Other, net

    (2 )       (2 )   (1 )   (5 )
                       

Net cash used in financing activities

    (70 )   (25 )   (118 )   14     (199 )

Effect of exchange rate changes on cash

            2         2  
                       

Increase in cash and cash equivalents

        3     37         40  

Cash and cash equivalents at beginning of period

    4         227         231  
                       

Cash and cash equivalents at end of period

  $ 4     3   $ 264   $   $ 271  
                       


HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 2011
(Dollars in Millions)

 
  Parent
Company
  Guarantors   Nonguarantors   Eliminations   Consolidated
Huntsman
International LLC
 

Net cash provided by (used in) operating activities

  $ 128   $ 69   $ (125 ) $ (4 ) $ 68  
                       

Investing activities:

                               

Capital expenditures

    (15 )   (41 )   (161 )       (217 )

Proceeds from settlements treated as reimbursement of capital expenditures

            3         3  

Cash assumed in connection with the initial consolidation of a variable interest entity

            28         28  

Cash paid for acquisition of a business

            (23 )       (23 )

Proceeds from sale of business/assets

            7         7  

Increase in receivable from affiliate

    (35 )               (35 )

Investment in affiliate

    (138 )   (4 )       142      

Investment in unconsolidated affiliate

        (17 )           (17 )

Cash received from unconsolidated affiliates

        19             19  

Other, net

    1         (4 )   3      
                       

Net cash used in investing activities

    (187 )   (43 )   (150 )   145     (235 )

Financing activities:

                               

Net borrowings on overdraft facilities

            10         10  

Repayments of short-term debt

            (151 )       (151 )

Borrowings on short-term debt

            126         126  

Repayments of long-term debt

    (212 )       (75 )       (287 )

Proceeds from issuance of long-term debt

            89         89  

Proceeds from notes payable to affiliate

    105                 105  

Repayments of notes payable

    (23 )       (1 )       (24 )

Borrowings on notes payable

    33         2         35  

Debt issuance costs paid

    (7 )               (7 )

Call premiums related to early extinguishment of debt

    (5 )               (5 )

Contribution from parent

        (32 )   174     (142 )    

Dividends paid to noncontrolling interest

            (5 )       (5 )

Dividends paid to parent

    (56 )   (1 )       1     (56 )

Excess tax benefit related to stock-based compensation

    10                 10  

Other, net

            3         3  
                       

Net cash (used in) provided by financing activities

    (155 )   (33 )   172     (141 )   (157 )

Effect of exchange rate changes on cash

            (3 )       (3 )
                       

Decrease in cash and cash equivalents

    (214 )   (7 )   (106 )       (327 )

Cash and cash equivalents at beginning of period

    220     9     332         561  
                       

Cash and cash equivalents at end of period

  $ 6   $ 2   $ 226   $   $ 234