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)

3 Months Ended

Mar. 31, 2013

RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS

Accrued restructuring costs by type of cost and initiative

As of March 31, 2013 and December 31, 2012, accrued restructuring costs by type of cost and initiative consisted of the following (dollars in millions):

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

Accrued liabilities as of January 1, 2013	$	90		$	—		$	15		$	—		$	105
2013 charges for 2011 initiatives		—			4			16			1			21
2013 charges for 2012 initiatives		17			—			—			6			23
2013 charges for 2013 initiatives		2			—			—			—			2
Reversal of reserves no longer required		(7	)		—			—			—			(7	)
2013 payments for 2011 initiatives		(4	)		(4	)		—			(1	)		(9	)
2013 payments for 2012 initiatives		(4	)		—			—			(6	)		(10	)
Foreign currency effect on liability balance		(3	)		—			(1	)		—			(4	)

Accrued liabilities as of March 31, 2013	$	91		$	—		$	30		$	—		$	121

(1): The total workforce reduction reserves of $91 million relate to the termination of 817 positions, of which 738 positions had not been terminated as of March 31, 2013.

(2): Accrued liabilities by initiatives were as follows (dollars in millions):

	March 31, 2013		December 31, 2012

2008 and prior initiatives	$	2	$	2
2009 initiatives		6		7
2010 initiatives		9		9
2011 initiatives		44		34
2012 initiatives		58		53
2013 initiatives		2		—

Total	$	121	$	105

Accrued restructuring costs by type of initiative

Accrued liabilities by initiatives were as follows (dollars in millions):

	March 31, 2013		December 31, 2012

2008 and prior initiatives	$	2	$	2
2009 initiatives		6		7
2010 initiatives		9		9
2011 initiatives		44		34
2012 initiatives		58		53
2013 initiatives		2		—

Total	$	121	$	105

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

Details with respect to our reserves for restructuring, impairment and plant closing costs are provided below by segment and initiative (dollars in millions):

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

Accrued liabilities as of January 1, 2013	$	27		$	—	$	27		$	42		$	1	$	6	$	2	$	105
2013 charges for 2011 initiatives		—			—		—			21			—		—		—		21
2013 charges for 2012 initiatives		—			—		23			—			—		—		—		23
2013 charges for 2013 initiatives		—			2		—			—			—		—		—		2
Reversal of reserves no longer required		(4	)		—		(2	)		(1	)		—		—		—		(7	)
2013 payments for 2011 initiatives		—			—		—			(9	)		—		—		—		(9	)
2013 payments for 2012 initiatives		(2	)		—		(8	)		—			—		—		—		(10	)
Foreign currency effect on liability balance		(1	)		—		(1	)		(2	)		—		—		—		(4	)

Accrued liabilities as of March 31, 2013	$	20		$	2	$	39		$	51		$	1	$	6	$	2	$	121

Current portion of restructuring reserves	$	20		$	2	$	38		$	26		$	1	$	6	$	2	$	95
Long-term portion of restructuring reserves		—			—		1			25			—		—		—		26
Estimated additional future charges for current restructuring projects
Estimated additional charges within one year		—			3		13			65			—		—		—		81
Estimated additional charges beyond one year		—			—		—			—			—		—		—		—

Cash and non-cash restructuring charges by initiative

Details with respect to cash and non-cash restructuring charges for the periods ended March 31, 2013 and 2012 by initiative are provided below (dollars in millions):

	Three months ended March 31, 2013

Cash charges:
2013 charges for 2011 initiatives	$	21
2013 charges for 2012 initiatives		23
2013 charges for 2013 initiatives		2
Pension-related charges		4
Reversal of reserves no longer required		(7	)
Non-cash charges		1

Total 2013 Restructuring, Impairment and Plant Closing Costs	$	44

	Three months ended March 31, 2012

Cash charges:
2012 charges for 2008 and prior initiatives	$	2
2012 charges for 2009 initiatives		1
2012 charges for 2011 initiatives		3
2012 charges for 2012 initiatives		5
Reversal of reserves no longer required		(12	)
Non-cash charges		1

Total 2012 Restructuring, Impairment and Plant Closing Costs	$	—

- 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