Quarterly report pursuant to Section 13 or 15(d)

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

v2.4.1.9
CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF HUNTSMAN INTERNATIONAL LLC (UNAUDITED) (Tables) (Huntsman International)
3 Months Ended
Mar. 31, 2015
Huntsman International
 
Condensed consolidated financial information  
CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED)

AS OF MARCH 31, 2015
(In Millions)

                                                                                                                                                                                    

 

 

Parent
Company

 

Guarantors

 

Nonguarantors

 

Eliminations

 

Consolidated
Huntsman
International
LLC

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

133

 

$

 

$

663

 

$

 

$

796

 

Restricted cash

 

 

 

 

 

 

9

 

 

 

 

9

 

Accounts and notes receivable, net

 

 

75

 

 

90

 

 

1,461

 

 

7

 

 

1,633

 

Accounts receivable from affiliates

 

 

2,631

 

 

4,560

 

 

181

 

 

(7,025

)

 

347

 

Inventories

 

 

111

 

 

354

 

 

1,409

 

 

(5

)

 

1,869

 

Prepaid expenses

 

 

13

 

 

7

 

 

42

 

 

(6

)

 

56

 

Deferred income taxes

 

 

12

 

 

 

 

64

 

 

(18

)

 

58

 

Other current assets

 

 

666

 

 

7

 

 

200

 

 

(650

)

 

223

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total current assets

 

 

3,641

 

 

5,018

 

 

4,029

 

 

(7,697

)

 

4,991

 

Property, plant and equipment, net

 

 

442

 

 

1,279

 

 

2,484

 

 

 

 

4,205

 

Investment in unconsolidated affiliates

 

 

5,979

 

 

1,713

 

 

268

 

 

(7,610

)

 

350

 

Intangible assets, net

 

 

34

 

 

5

 

 

56

 

 

 

 

95

 

Goodwill

 

 

(13

)

 

82

 

 

50

 

 

 

 

119

 

Deferred income taxes

 

 

416

 

 

 

 

411

 

 

(417

)

 

410

 

Notes receivable from affiliates

 

 

23

 

 

538

 

 

 

 

(561

)

 

 

Other noncurrent assets

 

 

155

 

 

265

 

 

222

 

 

(1

)

 

641

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total assets

 

$

10,677

 

$

8,900

 

$

7,520

 

$

(16,286

)

$

10,811

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

52

 

$

288

 

$

815

 

$

7

 

$

1,162

 

Accounts payable to affiliates

 

 

3,826

 

 

964

 

 

2,282

 

 

(7,025

)

 

47

 

Accrued liabilities

 

 

90

 

 

708

 

 

559

 

 

(655

)

 

702

 

Deferred income taxes

 

 

 

 

51

 

 

18

 

 

(19

)

 

50

 

Note payable to affiliate

 

 

100

 

 

 

 

 

 

 

 

100

 

Current portion of debt

 

 

326

 

 

 

 

203

 

 

 

 

529

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total current liabilities

 

 

4,394

 

 

2,011

 

 

3,877

 

 

(7,692

)

 

2,590

 

Long-term debt

 

 

4,547

 

 

 

 

282

 

 

 

 

4,829

 

Notes payable to affiliates

 

 

600

 

 

 

 

569

 

 

(563

)

 

606

 

Deferred income taxes

 

 

29

 

 

178

 

 

20

 

 

93

 

 

320

 

Other noncurrent liabilities

 

 

162

 

 

264

 

 

919

 

 

 

 

1,345

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities

 

 

9,732

 

 

2,453

 

 

5,667

 

 

(8,162

)

 

9,690

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Huntsman International LLC members' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Members' equity

 

 

3,175

 

 

4,534

 

 

3,437

 

 

(7,971

)

 

3,175

 

Accumulated (deficit) income

 

 

(982

)

 

440

 

 

(519

)

 

79

 

 

(982

)

Accumulated other comprehensive (loss) income

 

 

(1,248

)

 

1,473

 

 

(1,238

)

 

(235

)

 

(1,248

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total Huntsman International LLC members' equity

 

 

945

 

 

6,447

 

 

1,680

 

 

(8,127

)

 

945

 

Noncontrolling interests in subsidiaries

 

 

 

 

 

 

173

 

 

3

 

 

176

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total equity

 

 

945

 

 

6,447

 

 

1,853

 

 

(8,124

)

 

1,121

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities and equity

 

$

10,677

 

$

8,900

 

$

7,520

 

$

(16,286

)

$

10,811

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  


AS OF DECEMBER 31, 2014
(In Millions)

                                                                                                                                                                                    

 

 

Parent
Company

 

Guarantors

 

Nonguarantors

 

Eliminations

 

Consolidated
Huntsman
International
LLC

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

353

 

$

6

 

$

351

 

$

 

$

710

 

Restricted cash

 

 

 

 

 

 

10

 

 

 

 

10

 

Accounts and notes receivable, net

 

 

57

 

 

127

 

 

1,476

 

 

5

 

 

1,665

 

Accounts receivable from affiliates

 

 

2,256

 

 

4,732

 

 

152

 

 

(6,794

)

 

346

 

Inventories

 

 

120

 

 

350

 

 

1,558

 

 

(3

)

 

2,025

 

Prepaid expenses

 

 

17

 

 

9

 

 

46

 

 

(11

)

 

61

 

Deferred income taxes

 

 

12

 

 

 

 

68

 

 

(18

)

 

62

 

Other current assets

 

 

697

 

 

7

 

 

208

 

 

(606

)

 

306

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total current assets

 

 

3,512

 

 

5,231

 

 

3,869

 

 

(7,427

)

 

5,185

 

Property, plant and equipment, net

 

 

431

 

 

1,251

 

 

2,692

 

 

1

 

 

4,375

 

Investment in unconsolidated affiliates

 

 

6,024

 

 

1,594

 

 

256

 

 

(7,524

)

 

350

 

Intangible assets, net

 

 

35

 

 

5

 

 

56

 

 

 

 

96

 

Goodwill

 

 

(15

)

 

82

 

 

55

 

 

 

 

122

 

Deferred income taxes

 

 

454

 

 

 

 

435

 

 

(454

)

 

435

 

Notes receivable from affiliates

 

 

23

 

 

592

 

 

 

 

(615

)

 

 

Other noncurrent assets

 

 

127

 

 

203

 

 

212

 

 

(4

)

 

538

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total assets

 

$

10,591

 

$

8,958

 

$

7,575

 

$

(16,023

)

$

11,101

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

55

 

$

290

 

$

868

 

$

5

 

$

1,218

 

Accounts payable to affiliates

 

 

3,696

 

 

974

 

 

2,198

 

 

(6,794

)

 

74

 

Accrued liabilities

 

 

102

 

 

699

 

 

553

 

 

(618

)

 

736

 

Deferred income taxes

 

 

 

 

51

 

 

20

 

 

(19

)

 

52

 

Note payable to affiliate

 

 

100

 

 

 

 

 

 

 

 

100

 

Current portion of debt

 

 

40

 

 

 

 

227

 

 

 

 

267

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total current liabilities

 

 

3,993

 

 

2,014

 

 

3,866

 

 

(7,426

)

 

2,447

 

Long-term debt

 

 

4,629

 

 

 

 

304

 

 

 

 

4,933

 

Notes payable to affiliates

 

 

650

 

 

 

 

621

 

 

(615

)

 

656

 

Deferred income taxes

 

 

29

 

 

197

 

 

46

 

 

54

 

 

326

 

Other noncurrent liabilities

 

 

167

 

 

261

 

 

1,015

 

 

 

 

1,443

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities

 

 

9,468

 

 

2,472

 

 

5,852

 

 

(7,987

)

 

9,805

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Huntsman International LLC members' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Members' equity

 

 

3,166

 

 

4,676

 

 

3,127

 

 

(7,803

)

 

3,166

 

Accumulated (deficit) income

 

 

(956

)

 

409

 

 

(501

)

 

92

 

 

(956

)

Accumulated other comprehensive (loss) income

 

 

(1,087

)

 

1,401

 

 

(1,076

)

 

(325

)

 

(1,087

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total Huntsman International LLC members' equity

 

 

1,123

 

 

6,486

 

 

1,550

 

 

(8,036

)

 

1,123

 

Noncontrolling interests in subsidiaries

 

 

 

 

 

 

173

 

 

 

 

173

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total equity

 

 

1,123

 

 

6,486

 

 

1,723

 

 

(8,036

)

 

1,296

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities and equity

 

$

10,591

 

$

8,958

 

$

7,575

 

$

(16,023

)

$

11,101

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2015
(In Millions)

                                                                                                                                                                                    

 

 

Parent
Company

 

Guarantors

 

Nonguarantors

 

Eliminations

 

Consolidated
Huntsman
International
LLC

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade sales, services and fees, net

 

$

257

 

$

579

 

$

1,724

 

$

 

$

2,560

 

Related party sales

 

 

68

 

 

122

 

 

267

 

 

(428

)

 

29

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total revenues

 

 

325

 

 

701

 

 

1,991

 

 

(428

)

 

2,589

 

Cost of goods sold

 

 

261

 

 

579

 

 

1,723

 

 

(426

)

 

2,137

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Gross profit

 

 

64

 

 

122

 

 

268

 

 

(2

)

 

452

 

Selling, general and administrative

 

 

45

 

 

40

 

 

159

 

 

 

 

244

 

Research and development

 

 

11

 

 

10

 

 

21

 

 

 

 

42

 

Other operating (income) expense

 

 

(28

)

 

1

 

 

20

 

 

 

 

(7

)

Restructuring, impairment and plant closing costs

 

 

 

 

 

 

93

 

 

 

 

93

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Operating income (loss)

 

 

36

 

 

71

 

 

(25

)

 

(2

)

 

80

 

Interest (expense) income

 

 

(57

)

 

8

 

 

(9

)

 

 

 

(58

)

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

 

 

25

 

 

(16

)

 

2

 

 

(9

)

 

2

 

Loss on early extinguishment of debt

 

 

(3

)

 

 

 

 

 

 

 

(3

)

Other income (loss)

 

 

1

 

 

(7

)

 

5

 

 

 

 

(1

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income (loss) from continuing operations before income taxes

 

 

2

 

 

56

 

 

(27

)

 

(11

)

 

20

 

Income tax benefit (expense)

 

 

4

 

 

(23

)

 

16

 

 

 

 

(3

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income (loss) from continuing operations

 

 

6

 

 

33

 

 

(11

)

 

(11

)

 

17

 

Loss from discontinued operations, net of tax

 

 

(1

)

 

 

 

(1

)

 

 

 

(2

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss)

 

 

5

 

 

33

 

 

(12

)

 

(11

)

 

15

 

Net income attributable to noncontrolling interests

 

 

 

 

 

 

(8

)

 

(2

)

 

(10

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss) attributable to Huntsman International LLC

 

$

5

 

$

33

 

$

(20

)

$

(13

)

$

5

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss)

 

$

5

 

$

33

 

$

(12

)

$

(11

)

$

15

 

Other comprehensive (loss) income

 

 

(161

)

 

73

 

 

(170

)

 

90

 

 

(168

)

Comprehensive income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

(3

)

 

(3

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive (loss) income attributable to Huntsman International LLC

 

$

(156

)

$

106

 

$

(182

)

$

76

 

$

(156

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  


THREE MONTHS ENDED MARCH 31, 2014
(In Millions)

                                                                                                                                                                                    

 

 

Parent
Company

 

Guarantors

 

Nonguarantors

 

Eliminations

 

Consolidated
Huntsman
International
LLC

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade sales, services and fees, net

 

$

260

 

$

766

 

$

1,667

 

$

 

$

2,693

 

Related party sales

 

 

97

 

 

130

 

 

341

 

 

(506

)

 

62

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total revenues

 

 

357

 

 

896

 

 

2,008

 

 

(506

)

 

2,755

 

Cost of goods sold

 

 

300

 

 

709

 

 

1,796

 

 

(505

)

 

2,300

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Gross profit

 

 

57

 

 

187

 

 

212

 

 

(1

)

 

455

 

Selling, general and administrative

 

 

31

 

 

38

 

 

158

 

 

 

 

227

 

Research and development

 

 

11

 

 

9

 

 

16

 

 

 

 

36

 

Other operating (income) expense

 

 

(3

)

 

(5

)

 

4

 

 

 

 

(4

)

Restructuring, impairment and plant closing (credits) costs

 

 

(2

)

 

2

 

 

39

 

 

 

 

39

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Operating income (loss)

 

 

20

 

 

143

 

 

(5

)

 

(1

)

 

157

 

Interest (expense) income

 

 

(47

)

 

8

 

 

(12

)

 

 

 

(51

)

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

 

 

79

 

 

(13

)

 

2

 

 

(66

)

 

2

 

Other income

 

 

1

 

 

 

 

 

 

 

 

1

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income (loss) from continuing operations before income taxes

 

 

53

 

 

138

 

 

(15

)

 

(67

)

 

109

 

Income tax benefit (expense)

 

 

4

 

 

(56

)

 

15

 

 

 

 

(37

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income from continuing operations

 

 

57

 

 

82

 

 

 

 

(67

)

 

72

 

Loss from discontinued operations, net of tax

 

 

 

 

 

 

(7

)

 

 

 

(7

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss)

 

 

57

 

 

82

 

 

(7

)

 

(67

)

 

65

 

Net income attributable to noncontrolling interests

 

 

 

 

 

 

(6

)

 

(2

)

 

(8

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss) attributable to Huntsman International LLC

 

$

57

 

$

82

 

$

(13

)

$

(69

)

$

57

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss)

 

$

57

 

$

82

 

$

(7

)

$

(67

)

$

65

 

Other comprehensive income

 

 

4

 

 

97

 

 

5

 

 

(98

)

 

8

 

Comprehensive income attributable to noncontrolling interests

 

 

 

 

 

 

(10

)

 

(2

)

 

(12

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income (loss) attributable to Huntsman International LLC

 

$

61

 

$

179

 

$

(12

)

$

(167

)

$

61

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2015
(In Millions)

                                                                                                                                                                                    

 

 

Parent
Company

 

Guarantors

 

Nonguarantors

 

Eliminations

 

Consolidated
Huntsman
International LLC

 

Net cash (used in) provided by operating activities

 

$

(410

)

$

42

 

$

403

 

$

 

$

35

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(22

)

 

(53

)

 

(74

)

 

 

 

(149

)

Cash received from unconsolidated affiliates

 

 

 

 

15

 

 

 

 

 

 

15

 

Investment in affiliate

 

 

(20

)

 

(1

)

 

 

 

21

 

 

 

Investment in unconsolidated affiliates

 

 

 

 

(4

)

 

(9

)

 

 

 

(13

)

Increase in receivable from affiliate

 

 

(6

)

 

 

 

 

 

 

 

(6

)

Cash received from termination of cross-currency interest rate contracts

 

 

66

 

 

 

 

 

 

 

 

66

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net cash provided by (used in) investing activities

 

 

18

 

 

(43

)

 

(83

)

 

21

 

 

(87

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net repayments on overdraft facilities

 

 

 

 

 

 

(2

)

 

 

 

(2

)

Repayments of short-term debt

 

 

 

 

 

 

(17

)

 

 

 

(17

)

Repayments of long-term debt

 

 

(54

)

 

 

 

(5

)

 

 

 

(59

)

Proceeds from issuance of long-term debt

 

 

326

 

 

 

 

 

 

 

 

326

 

Repayments of notes payable to affiliate

 

 

(50

)

 

 

 

 

 

 

 

(50

)

Repayments of notes payable

 

 

(9

)

 

 

 

 

 

 

 

(9

)

Debt issuance costs paid

 

 

(4

)

 

 

 

 

 

 

 

(4

)

Call premiums related to early extinguishment of debt

 

 

(3

)

 

 

 

 

 

 

 

(3

)

Contingent consideration paid for acquisition

 

 

(4

)

 

 

 

 

 

 

 

(4

)

Contribution from parent

 

 

 

 

2

 

 

28

 

 

(30

)

 

 

Distribution to parent

 

 

 

 

(7

)

 

(2

)

 

9

 

 

 

Dividends paid to parent

 

 

(31

)

 

 

 

 

 

 

 

(31

)

Excess tax benefit related to stock-based compensation

 

 

1

 

 

 

 

 

 

 

 

1

 

Other, net

 

 

 

 

 

 

(2

)

 

 

 

(2

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net cash provided by (used in) financing activities

 

 

172

 

 

(5

)

 

 

 

(21

)

 

146

 

Effect of exchange rate changes on cash

 

 

 

 

 

 

(8

)

 

 

 

(8

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

(Decrease) increase in cash and cash equivalents

 

 

(220

)

 

(6

)

 

312

 

 

 

 

86

 

Cash and cash equivalents at beginning of period

 

 

353

 

 

6

 

 

351

 

 

 

 

710

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Cash and cash equivalents at end of period

 

$

133

 

$

 

$

663

 

$

 

$

796

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

        


THREE MONTHS ENDED MARCH 31, 2014
(In Millions)

                                                                                                                                                                                    

 

 

Parent
Company

 

Guarantors

 

Nonguarantors

 

Eliminations

 

Consolidated
Huntsman
International LLC

 

Net cash (used in) provided by operating activities

 

$

(32

)

$

36

 

$

(72

)

$

1

 

$

(67

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(15

)