Quarterly report pursuant to Section 13 or 15(d)

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

v3.2.0.727
CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF HUNTSMAN INTERNATIONAL LLC (UNAUDITED) (Tables) - Huntsman International
6 Months Ended
Jun. 30, 2015
Condensed consolidated financial information  
CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED)

 


AS OF JUNE 30, 2015
(In Millions)

                                                                                                                                                                                    

 

 

Parent
Company

 

Guarantors

 

Nonguarantors

 

Eliminations

 

Consolidated
Huntsman
International
LLC

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

239

 

$

1

 

$

357

 

$

 

$

597

 

Restricted cash

 

 

 

 

 

 

9

 

 

 

 

9

 

Accounts and notes receivable, net

 

 

42

 

 

120

 

 

1,552

 

 

7

 

 

1,721

 

Accounts receivable from affiliates

 

 

2,228

 

 

4,491

 

 

150

 

 

(6,525

)

 

344

 

Inventories

 

 

116

 

 

380

 

 

1,446

 

 

(4

)

 

1,938

 

Prepaid expenses

 

 

10

 

 

4

 

 

31

 

 

 

 

45

 

Deferred income taxes

 

 

12

 

 

 

 

65

 

 

(18

)

 

59

 

Other current assets

 

 

673

 

 

8

 

 

187

 

 

(678

)

 

190

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total current assets

 

 

3,320

 

 

5,004

 

 

3,797

 

 

(7,218

)

 

4,903

 

Property, plant and equipment, net

 

 

453

 

 

1,311

 

 

2,521

 

 

1

 

 

4,286

 

Investment in unconsolidated affiliates

 

 

6,160

 

 

1,791

 

 

261

 

 

(7,862

)

 

350

 

Intangible assets, net

 

 

34

 

 

5

 

 

54

 

 

 

 

93

 

Goodwill

 

 

(14

)

 

82

 

 

51

 

 

 

 

119

 

Deferred income taxes

 

 

404

 

 

 

 

444

 

 

(404

)

 

444

 

Notes receivable from affiliates

 

 

23

 

 

551

 

 

 

 

(574

)

 

 

Other noncurrent assets

 

 

141

 

 

271

 

 

239

 

 

(1

)

 

650

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total assets

 

$

10,521

 

$

9,015

 

$

7,367

 

$

(16,058

)

$

10,845

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

47

 

$

272

 

$

853

 

$

7

 

$

1,179

 

Accounts payable to affiliates

 

 

3,713

 

 

856

 

 

2,008

 

 

(6,526

)

 

51

 

Accrued liabilities

 

 

72

 

 

768

 

 

581

 

 

(679

)

 

742

 

Deferred income taxes

 

 

 

 

51

 

 

18

 

 

(19

)

 

50

 

Note payable to affiliate

 

 

100

 

 

 

 

 

 

 

 

100

 

Current portion of debt

 

 

74

 

 

 

 

53

 

 

 

 

127

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total current liabilities

 

 

4,006

 

 

1,947

 

 

3,513

 

 

(7,217

)

 

2,249

 

Long-term debt

 

 

4,518

 

 

 

 

402

 

 

 

 

4,920

 

Notes payable to affiliates

 

 

795

 

 

 

 

581

 

 

(574

)

 

802

 

Deferred income taxes

 

 

29

 

 

174

 

 

24

 

 

106

 

 

333

 

Other noncurrent liabilities

 

 

163

 

 

268

 

 

916

 

 

 

 

1,347

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities

 

 

9,511

 

 

2,389

 

 

5,436

 

 

(7,685

)

 

9,651

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Huntsman International LLC members' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Members' equity

 

 

3,183

 

 

4,528

 

 

3,478

 

 

(8,006

)

 

3,183

 

Accumulated (deficit) income

 

 

(983

)

 

515

 

 

(541

)

 

26

 

 

(983

)

Accumulated other comprehensive (loss) income

 

 

(1,190

)

 

1,583

 

 

(1,184

)

 

(399

)

 

(1,190

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total Huntsman International LLC members' equity

 

 

1,010

 

 

6,626

 

 

1,753

 

 

(8,379

)

 

1,010

 

Noncontrolling interests in subsidiaries

 

 

 

 

 

 

178

 

 

6

 

 

184

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total equity

 

 

1,010

 

 

6,626

 

 

1,931

 

 

(8,373

)

 

1,194

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities and equity

 

$

10,521

 

$

9,015

 

$

7,367

 

$

(16,058

)

$

10,845

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  


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 JUNE 30, 2015
(In Millions)

                                                                                                                                                                                    

 

 

Parent
Company

 

Guarantors

 

Nonguarantors

 

Eliminations

 

Consolidated
Huntsman
International
LLC

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade sales, services and fees, net

 

$

268

 

$

658

 

$

1,771

 

$

 

$

2,697

 

Related party sales

 

 

71

 

 

137

 

 

290

 

 

(455

)

 

43

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total revenues

 

 

339

 

 

795

 

 

2,061

 

 

(455

)

 

2,740

 

Cost of goods sold

 

 

258

 

 

594

 

 

1,796

 

 

(457

)

 

2,191

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Gross profit

 

 

81

 

 

201

 

 

265

 

 

2

 

 

549

 

Selling, general and administrative

 

 

39

 

 

56

 

 

153

 

 

 

 

248

 

Research and development

 

 

11

 

 

12

 

 

18

 

 

 

 

41

 

Other operating (income) expense

 

 

(1

)

 

(11

)

 

10

 

 

 

 

(2

)

Restructuring, impairment and plant closing costs

 

 

1

 

 

4

 

 

109

 

 

 

 

114

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Operating income (loss)

 

 

31

 

 

140

 

 

(25

)

 

2

 

 

148

 

Interest (expense) income

 

 

(56

)

 

8

 

 

(8

)

 

 

 

(56

)

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

 

 

73

 

 

(23

)

 

3

 

 

(50

)

 

3

 

Loss on early extinguishment of debt

 

 

(20

)

 

 

 

 

 

 

 

(20

)

Other (loss) income

 

 

 

 

(1

)

 

2

 

 

(1

)

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income (loss) from continuing operations before income taxes

 

 

28

 

 

124

 

 

(28

)

 

(49

)

 

75

 

Income tax benefit (expense)

 

 

2

 

 

(49

)

 

13

 

 

 

 

(34

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income (loss) from continuing operations

 

 

30

 

 

75

 

 

(15

)

 

(49

)

 

41

 

Loss from discontinued operations, net of tax

 

 

(1

)

 

(1

)

 

 

 

 

 

(2

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss)

 

 

29

 

 

74

 

 

(15

)

 

(49

)

 

39

 

Net income attributable to noncontrolling interests

 

 

 

 

 

 

(5

)

 

(5

)

 

(10

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss) attributable to Huntsman International LLC

 

$

29

 

$

74

 

$

(20

)

$

(54

)

$

29

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss)

 

$

29

 

$

74

 

$

(15

)

$

(49

)

$

39

 

Other comprehensive income

 

 

58

 

 

109

 

 

55

 

 

(162

)

 

60

 

Comprehensive income attributable to noncontrolling interests

 

 

 

 

 

 

(7

)

 

(5

)

 

(12

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income attributable to Huntsman International LLC

 

$

87

 

$

183

 

$

33

 

$

(216

)

$

87

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  


THREE MONTHS ENDED JUNE 30, 2014
(In Millions)

                                                                                                                                                                                    

 

 

Parent
Company

 

Guarantors

 

Nonguarantors

 

Eliminations

 

Consolidated
Huntsman
International
LLC

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade sales, services and fees, net

 

$

311

 

$

850

 

$

1,760

 

$

 

$

2,921

 

Related party sales

 

 

79

 

 

127

 

 

371

 

 

(510

)

 

67

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total revenues

 

 

390

 

 

977

 

 

2,131

 

 

(510

)

 

2,988

 

Cost of goods sold

 

 

321

 

 

765

 

 

1,908

 

 

(512

)

 

2,482

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Gross profit

 

 

69

 

 

212

 

 

223

 

 

2

 

 

506

 

Selling, general and administrative

 

 

52

 

 

40

 

 

151

 

 

 

 

243

 

Research and development

 

 

13

 

 

10

 

 

14

 

 

 

 

37

 

Other operating (income) expense

 

 

(7

)

 

(2

)

 

4

 

 

 

 

(5

)

Restructuring, impairment and plant closing costs

 

 

4

 

 

 

 

9

 

 

 

 

13

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Operating income

 

 

7

 

 

164

 

 

45

 

 

2

 

 

218

 

Interest (expense) income

 

 

(46

)

 

10

 

 

(16

)

 

 

 

(52

)

Equity in income of investment in affiliates and subsidiaries

 

 

137

 

 

15

 

 

2

 

 

(152

)

 

2

 

Other income

 

 

1

 

 

 

 

 

 

(1

)

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income from continuing operations before income taxes

 

 

99

 

 

189

 

 

31

 

 

(151

)

 

168

 

Income tax benefit (expense)

 

 

19

 

 

(50

)

 

(12

)

 

 

 

(43

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income from continuing operations

 

 

118

 

 

139

 

 

19

 

 

(151

)

 

125

 

Income (loss) from discontinued operations, net of tax

 

 

2

 

 

 

 

(2

)

 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income

 

 

120

 

 

139

 

 

17

 

 

(151

)

 

125

 

Net income attributable to noncontrolling interests

 

 

 

 

 

 

(4

)

 

(1

)

 

(5

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income attributable to Huntsman International LLC

 

$

120

 

$

139

 

$

13

 

$

(152

)

$

120

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income

 

$

120

 

$

139

 

$

17

 

$

(151

)

$

125

 

Other comprehensive income

 

 

19

 

 

56

 

 

14

 

 

(76

)

 

13

 

Comprehensive income attributable to noncontrolling interests

 

 

 

 

 

 

3

 

 

(1

)

 

2

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income attributable to Huntsman International LLC

 

$

139

 

$

195

 

$

34

 

$

(228

)

$

140

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  


SIX MONTHS ENDED JUNE 30, 2015
(In Millions)

                                                                                                                                                                                    

 

 

Parent
Company

 

Guarantors

 

Nonguarantors

 

Eliminations

 

Consolidated
Huntsman
International
LLC

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade sales, services and fees, net

 

$

525

 

$

1,237

 

$

3,495

 

$

 

$

5,257

 

Related party sales

 

 

139

 

 

259

 

 

557

 

 

(883

)

 

72

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total revenues

 

 

664

 

 

1,496

 

 

4,052

 

 

(883

)

 

5,329

 

Cost of goods sold

 

 

519

 

 

1,173

 

 

3,519

 

 

(883

)

 

4,328

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Gross profit

 

 

145

 

 

323

 

 

533

 

 

 

 

1,001

 

Selling, general and administrative

 

 

84

 

 

96

 

 

312

 

 

 

 

492

 

Research and development

 

 

22

 

 

22

 

 

39

 

 

 

 

83

 

Other operating (income) expense

 

 

(29

)

 

(10

)

 

30

 

 

 

 

(9

)

Restructuring, impairment and plant closing costs

 

 

1

 

 

4

 

 

202

 

 

 

 

207

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Operating income (loss)

 

 

67

 

 

211

 

 

(50

)

 

 

 

228

 

Interest (expense) income

 

 

(113

)

 

16

 

 

(17

)

 

 

 

(114

)

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

 

 

98

 

 

(39

)

 

5

 

 

(59

)

 

5

 

Loss on early extinguishment of debt

 

 

(23

)

 

 

 

 

 

 

 

(23

)

Other income (loss)

 

 

1

 

 

(8

)

 

7

 

 

(1

)

 

(1

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income (loss) from continuing operations before income taxes

 

 

30

 

 

180

 

 

(55

)

 

(60

)

 

95

 

Income tax benefit (expense)

 

 

6

 

 

(72

)

 

29

 

 

 

 

(37

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income (loss) from continuing operations

 

 

36

 

 

108

 

 

(26

)

 

(60

)

 

58

 

Loss from discontinued operations, net of tax

 

 

(2

)

 

(1

)

 

(1

)

 

 

 

(4

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss)

 

 

34

 

 

107

 

 

(27

)

 

(60

)

 

54

 

Net income attributable to noncontrolling interests

 

 

 

 

 

 

(13

)

 

(7

)

 

(20

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss) attributable to Huntsman International LLC

 

$

34

 

$

107

 

$

(40

)

$

(67

)

$

34

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss)

 

$

34

 

$

107

 

$

(27

)

$

(60

)

$

54

 

Other comprehensive (loss) income

 

 

(103

)

 

182

 

 

(115

)

 

(72

)

 

(108

)

Comprehensive income attributable to noncontrolling interests

 

 

 

 

 

 

(7

)

 

(8

)

 

(15

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive (loss) income attributable to Huntsman International LLC

 

$

(69

)

$

289

 

$

(149

)

$

(140

)

$

(69

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  


SIX MONTHS ENDED JUNE 30, 2014
(In Millions)

                                                                                                                                                                                    

 

 

Parent
Company

 

Guarantors

 

Nonguarantors

 

Eliminations

 

Consolidated
Huntsman
International
LLC

 

Revenues: