Huntsman Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Schedule I-Condensed Financial Information of Registrant

Schedule I-Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2012

Schedule I-Condensed Financial Information of Registrant

Schedule I-Condensed Financial Information of Registrant

HUNTSMAN CORPORATION (PARENT ONLY)
Schedule I—Condensed Financial Information of Registrant
HUNTSMAN CORPORATION (Parent Only)
BALANCE SHEETS
(Dollars in Millions)

	December 31,

	2012			2011
ASSETS
Cash and cash equivalents	$	177		$	323
Receivable from affiliate		13			14
Note receivable from affiliate		100			100

Total current assets		290			437
Note receivable from affiliate-long-term		595			435
Investment in and advances to affiliates		1,146			944

Total assets	$	2,031		$	1,816

LIABILITIES AND STOCKHOLDERS' EQUITY
Payable to affiliate	$	250		$	143
Accrued liabilities		2			2

Total current liabilities		252			145
Other long-term liabilities		6			9

Total liabilities		258			154

STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, 1,200,000,000 shares authorized, 243,813,779 and 241,836,001 issued and 238,273,422 and 235,746,087 outstanding as of December 31, 2012 and 2011, respectively		2			2
Additional paid-in capital		3,264			3,228
Treasury stock, 4,043,526 shares at both December 31, 2012 and 2011		(50	)		(50	)
Unearned stock-based compensation		(12	)		(12	)
Accumulated deficit		(687	)		(947	)
Accumulated other comprehensive loss		(744	)		(559	)

Total stockholders' equity		1,773			1,662

Total liabilities and stockholders' equity	$	2,031		$	1,816

HUNTSMAN CORPORATION (Parent Only)
STATEMENTS OF OPERATIONS
(Dollars in Millions)

	Year ended December 31,

	2012			2011			2010
Selling, general and administrative	$	(3	)	$	(15	)	$	(15	)
Interest income, net		13			13			19
Equity in income of subsidiaries		257			170			165
Dividend income—affiliate		96			79			—
Expense associated with the Terminated Merger		—			—			(4	)
Loss on early extinguishment of debt		—			—			(146	)
Income tax benefit		—			—			8

Net income	$	363		$	247		$	27

HUNTSMAN CORPORATION (Parent Only)
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Millions)

	Year ended December 31,

	2012			2011			2010
Net income	$	363		$	247		$	27
Other comprehensive loss, net of tax:		—
Foreign currency translations adjustments		51			(80	)		24
Pension and other postretirement benefits adjustments		(236	)		(187	)		(33	)
Other, net		9			7			3

Other comprehensive loss		(176	)		(260	)		(6	)

Comprehensive income (loss)		187			(13	)		21
Comprehensive income attributable to noncontrolling interests		(9	)		(2	)		(4	)

Comprehensive income (loss) attributable to Huntsman Corporation	$	178		$	(15	)	$	17

HUNTSMAN CORPORATION (Parent Only)

STATEMENTS OF STOCKHOLDERS' EQUITY

(Dollars in Millions)

	Huntsman Corporation Stockholders

	Shares
	Shares																	Accumulated other comprehensive loss
	Common stock			Common stock		Additional paid-in capital			Treasury stock			Unearned stock-based compensation			Accumulated deficit			Accumulated other comprehensive loss			Total equity
Balance, January1, 2010		234,081,490			2		3,155			—			(11	)		(1,015	)		(287	)		1,844
Net income		—			—		—			—			—			27			—			27
Other comprehensive loss		—			—		—			—			—			—			(10	)		(10	)
Issuance of nonvested stock awards		—			—		12			—			(12	)		—			—			—
Vesting of stock awards		1,939,524			—		9			—			—			—			—			9
Recognition of stock-based compensation		—			—		3			—			12			—			—			15
Repurchase and cancellation of stock awards		(431,052	)		—		—			—			—			(6	)		—			(6	)
Stock options exercised		1,209,493			—		3			—			—			—			—			3
Excess tax benefit related to stock-based compensation		—			—		4			—			—			—			—			4
Dividends declared on common stock		—			—		—			—			—			(96	)		—			(96	)

Balance, December 31, 2010		236,799,455			2		3,186			—			(11	)		(1,090	)		(297	)		1,790
Net income		—			—		—			—			—			247			—			247
Other comprehensive loss		—			—		—			—			—			—			(262	)		(262	)
Issuance of nonvested stock awards		—			—		11			—			(11	)		—			—			—
Vesting of stock awards		2,229,418			—		13			—			—			—			—			13
Recognition of stock-based compensation		—			—		5			—			10			—			—			15
Repurchase of common stock		(4,043,526	)		—		—			(50	)		—			—			—			(50	)
Repurchase and cancellation of stock awards		(507,624	)		—		—			—			—			(8	)		—			(8	)
Stock options exercised		1,268,364			—		3			—			—			—			—			3
Excess tax benefit related to stock-based compensation		—			—		10			—			—			—			—			10
Dividends declared on common stock		—			—		—			—			—			(96	)		—			(96	)

Balance, December 31, 2011		235,746,087			2		3,228			(50	)		(12	)		(947	)		(559	)		1,662
Net income		—			—		—			—			—			363			—			363
Other comprehensive loss		—			—		—			—			—			—			(185	)		(185	)
Issuance of nonvested stock awards		—			—		12			—			(12	)		—			—			—
Vesting of stock awards		2,162,043			—		10			—			—			—			—			10
Recognition of stock-based compensation		—			—		9			—			12			—			—			21
Repurchase and cancellation of stock awards		(537,039	)		—		—			—			—			(7	)		—			(7	)
Stock options exercised		902,331			—		3			—			—			—			—			3
Excess tax benefit related to stock-based compensation		—			—		4			—			—			—			—			4
Acquisition of a business		—			—		(2	)		—			—			—			—			(2	)
Dividends declared on common stock		—			—		—			—			—			(96	)		—			(96	)

Balance, December 31, 2012		238,273,422		$	2	$	3,264		$	(50	)	$	(12	)	$	(687	)	$	(744	)	$	1,773

This statement should be read in conjunction with the notes to the consolidated financial statements.

HUNTSMAN CORPORATION (Parent Only)

STATEMENTS OF CASH FLOWS

(Dollars in Millions)

	Year ended December 31,

	2012			2011			2010
Operating Activities:
Net income	$	363		$	247		$	27
Equity in income of subsidiaries		(257	)		(170	)		(165	)
Loss on early extinguishment of debt		—			—			146
Stock-based compensation		1			1			3
Noncash interest income		(13	)		(13	)		(19	)
Changes in operating assets and liabilities		128			62			(4	)

Net cash provided by (used in) operating activities		222			127			(12	)

Investing Activities:
Loan to affiliate		(299	)		(105	)		(110	)
Repayments of loan by affiliate		139			105			125

Net cash (used in) provided by investing activities		(160	)		—			15

Financing Activities:
Repayments of Convertible Note		—			—			(250	)
Call premiums related to early extinguishment of debt		—			—			(132	)
Dividends paid to common stockholders		(96	)		(96	)		(96	)
Repurchase and cancellation of stock awards		(7	)		(8	)		(6	)
Proceeds from issuance of common stock		3			3			3
Repuchase of common stock		—			(50	)		—
Increase in payable to affiliates		(108	)		(57	)		57
Other, net		—			(1	)		—

Net cash used in financing activities		(208	)		(209	)		(424	)

Decrease in cash and cash equivalents		(146	)		(82	)		(421	)
Cash and cash equivalents at beginning of period		323			405			826

Cash and cash equivalents at end of period	$	177		$	323		$	405

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details