CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF HUNTSMAN INTERNATIONAL LLC (UNAUDITED) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 |
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | ' | ' |
CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF HUNTSMAN INTERNATIONAL LLC (UNAUDITED) | ' | ' |
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19. CONDENSED CONSOLIDATING FINANCIAL INFORMATION (UNAUDITED) | 25. CONDENSED CONSOLIDATING FINANCIAL INFORMATION |
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The following condensed consolidating financial statements (unaudited) present, in separate columns, financial information for the following: Huntsman International (on a parent only basis), with its investment in subsidiaries recorded under the equity method; the Guarantors on a combined, and where appropriate, consolidated basis; and the nonguarantors on a combined, and where appropriate, consolidated basis. Additional columns present eliminating adjustments and consolidated totals as of March 31, 2014 and December 31, 2013 and for the three months ended March 31, 2014 and 2013. There are no contractual restrictions limiting transfers of cash from the Guarantors to our Company. Each of the Guarantors is 100% owned by us and has fully and unconditionally guaranteed, subject to certain customary release provisions, our outstanding notes on a joint and several basis. | The following condensed consolidating financial statements present, in separate columns, financial information for the following: Huntsman International (on a parent only basis), with its investment in subsidiaries recorded under the equity method; the Guarantors on a combined, and where appropriate, consolidated basis; and the nonguarantors on a combined, and where appropriate, consolidated basis. Additional columns present eliminating adjustments and consolidated totals as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011. There are no contractual restrictions limiting transfers of cash from Guarantor subsidiaries to our Company. Each of the Guarantors is 100% owned by us and has fully and unconditionally guaranteed our outstanding notes on a joint and several basis. |
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HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES | HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) | CONDENSED CONSOLIDATING BALANCE SHEETS |
AS OF MARCH 31, 2014 | AS OF DECEMBER 31, 2013 |
(In Millions) | (In Millions) |
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| | Parent | | Guarantors | | Nonguarantors | | Eliminations | | Consolidated | | | | Parent | | Guarantors | | Nonguarantors | | Eliminations | | Consolidated | |
Company | Huntsman | Company | Huntsman |
| International LLC | | International |
ASSETS | | | | | | | | | | | | | | | | | | LLC |
Current assets: | | | | | | | | | | | | | | | | | ASSETS | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 43 | | $ | — | | $ | 162 | | $ | — | | $ | 205 | | Current assets: | | | | | | | | | | | | | | | | |
Restricted cash | | | — | | | — | | | 9 | | | — | | | 9 | | Cash and cash equivalents | | $ | 308 | | $ | — | | $ | 207 | | $ | — | | $ | 515 | |
Accounts and notes receivable, net | | | 41 | | | 120 | | | 1,530 | | | — | | | 1,691 | | Restricted cash | | | — | | | — | | | 9 | | | — | | | 9 | |
Accounts receivable from affiliates | | | 1,763 | | | 4,286 | | | 126 | | | (5,843 | ) | | 332 | | Accounts and notes receivable, net | | | 28 | | | 130 | | | 1,384 | | | — | | | 1,542 | |
Inventories | | | 121 | | | 334 | | | 1,465 | | | (9 | ) | | 1,911 | | Accounts receivable from affiliates | | | 2,386 | | | 4,823 | | | 140 | | | (7,024 | ) | | 325 | |
Prepaid expenses | | | 53 | | | 35 | | | 40 | | | (78 | ) | | 50 | | Inventories | | | 112 | | | 297 | | | 1,339 | | | (7 | ) | | 1,741 | |
Deferred income taxes | | | 12 | | | — | | | 59 | | | (18 | ) | | 53 | | Prepaid expenses | | | 70 | | | 64 | | | 47 | | | (120 | ) | | 61 | |
Other current assets | | | 426 | | | 2 | | | 202 | | | (428 | ) | | 202 | | Deferred income taxes | | | 12 | | | — | | | 59 | | | (18 | ) | | 53 | |
| | | | | | | | | | | | Other current assets | | | 379 | | | 4 | | | 199 | | | (382 | ) | | 200 | |
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Total current assets | | | 2,459 | | | 4,777 | | | 3,593 | | | (6,376 | ) | | 4,453 | | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net | | | 389 | | | 961 | | | 2,384 | | | 1 | | | 3,735 | | Total current assets | | | 3,295 | | | 5,318 | | | 3,384 | | | (7,551 | ) | | 4,446 | |
Investment in unconsolidated affiliates | | | 5,562 | | | 1,262 | | | 183 | | | (6,722 | ) | | 285 | | Property, plant and equipment, net | | | 390 | | | 954 | | | 2,414 | | | 1 | | | 3,759 | |
Intangible assets, net | | | 43 | | | 1 | | | 39 | | | — | | | 83 | | Investment in unconsolidated affiliates | | | 5,393 | | | 1,178 | | | 178 | | | (6,464 | ) | | 285 | |
Goodwill | | | (17 | ) | | 82 | | | 65 | | | — | | | 130 | | Intangible assets, net | | | 48 | | | 1 | | | 39 | | | — | | | 88 | |
Deferred income taxes | | | 316 | | | — | | | 235 | | | (311 | ) | | 240 | | Goodwill | | | (17 | ) | | 82 | | | 66 | | | — | | | 131 | |
Notes receivable from affiliates | | | 22 | | | 656 | | | — | | | (678 | ) | | — | | Deferred income taxes | | | 323 | | | — | | | 239 | | | (319 | ) | | 243 | |
Other noncurrent assets | | | 76 | | | 168 | | | 222 | | | 1 | | | 467 | | Notes receivable from affiliates | | | 22 | | | 658 | | | 1 | | | (680 | ) | | 1 | |
| | | | | | | | | | | | Other noncurrent assets | | | 67 | | | 172 | | | 220 | | | (1 | ) | | 458 | |
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Total assets | | $ | 8,850 | | $ | 7,907 | | $ | 6,721 | | $ | (14,085 | ) | $ | 9,393 | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Total assets | | $ | 9,521 | | $ | 8,363 | | $ | 6,541 | | $ | (15,014 | ) | $ | 9,411 | |
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LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 50 | | $ | 246 | | $ | 848 | | $ | — | | $ | 1,144 | | Current liabilities: | | | | | | | | | | | | | | | | |
Accounts payable to affiliates | | | 3,064 | | | 838 | | | 1,992 | | | (5,843 | ) | | 51 | | Accounts payable | | $ | 50 | | $ | 267 | | $ | 750 | | $ | — | | $ | 1,067 | |
Accrued liabilities | | | 111 | | | 548 | | | 580 | | | (506 | ) | | 733 | | Accounts payable to affiliates | | | 3,655 | | | 1,476 | | | 1,946 | | | (7,024 | ) | | 53 | |
Deferred income taxes | | | — | | | 58 | | | 8 | | | (22 | ) | | 44 | | Accrued liabilities | | | 138 | | | 517 | | | 590 | | | (503 | ) | | 742 | |
Note payable to affiliate | | | 100 | | | — | | | — | | | — | | | 100 | | Deferred income taxes | | | — | | | 57 | | | 8 | | | (21 | ) | | 44 | |
Current portion of debt | | | 20 | | | — | | | 250 | | | — | | | 270 | | Note payable to affiliate | | | 100 | | | — | | | — | | | — | | | 100 | |
| | | | | | | | | | | | Current portion of debt | | | 28 | | | — | | | 249 | | | — | | | 277 | |
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Total current liabilities | | | 3,345 | | | 1,690 | | | 3,678 | | | (6,371 | ) | | 2,342 | | | | | | | | | | | | | | | | | | |
Long-term debt | | | 3,275 | | | — | | | 346 | | | — | | | 3,621 | | Total current liabilities | | | 3,971 | | | 2,317 | | | 3,543 | | | (7,548 | ) | | 2,283 | |
Notes payable to affiliates | | | 707 | | | — | | | 683 | | | (678 | ) | | 712 | | Long-term debt | | | 3,290 | | | — | | | 343 | | | — | | | 3,633 | |
Deferred income taxes | | | 24 | | | 202 | | | 9 | | | 47 | | | 282 | | Notes payable to affiliates | | | 772 | | | — | | | 687 | | | (680 | ) | | 779 | |
Other noncurrent liabilities | | | 134 | | | 138 | | | 642 | | | — | | | 914 | | Deferred income taxes | | | 25 | | | 200 | | | 39 | | | 39 | | | 303 | |
| | | | | | | | | | | | Other noncurrent liabilities | | | 137 | | | 140 | | | 661 | | | — | | | 938 | |
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Total liabilities | | | 7,485 | | | 2,030 | | | 5,358 | | | (7,002 | ) | | 7,871 | | | | | | | | | | | | | | | | | | |
Equity | | | | | | | | | | | | | | | | | Total liabilities | | | 8,195 | | | 2,657 | | | 5,273 | | | (8,189 | ) | | 7,936 | |
Huntsman International LLC members' equity | | | | | | | | | | | | | | | | | Equity | | | | | | | | | | | | | | | | |
Members' equity | | | 3,146 | | | 4,346 | | | 2,314 | | | (6,660 | ) | | 3,146 | | Huntsman International LLC members' equity | | | | | | | | | | | | | | | | |
Accumulated deficit | | | (1,167 | ) | | 148 | | | (463 | ) | | 315 | | | (1,167 | ) | Members' equity | | | 3,138 | | | 4,354 | | | 2,215 | | | (6,569 | ) | | 3,138 | |
Accumulated other comprehensive (loss) income | | | (614 | ) | | 1,383 | | | (642 | ) | | (741 | ) | | (614 | ) | Accumulated deficit | | | (1,194 | ) | | 66 | | | (450 | ) | | 384 | | | (1,194 | ) |
| | | | | | | | | | | | Accumulated other comprehensive (loss) income | | | (618 | ) | | 1,286 | | | (645 | ) | | (641 | ) | | (618 | ) |
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Total Huntsman International LLC members' equity | | | 1,365 | | | 5,877 | | | 1,209 | | | (7,086 | ) | | 1,365 | | | | | | | | | | | | | | | | | | |
Noncontrolling interests in subsidiaries | | | — | | | — | | | 154 | | | 3 | | | 157 | | Total Huntsman International LLC members' equity | | | 1,326 | | | 5,706 | | | 1,120 | | | (6,826 | ) | | 1,326 | |
| | | | | | | | | | | | Noncontrolling interests in subsidiaries | | | — | | | — | | | 148 | | | 1 | | | 149 | |
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Total equity | | | 1,365 | | | 5,877 | | | 1,363 | | | (7,083 | ) | | 1,522 | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Total equity | | | 1,326 | | | 5,706 | | | 1,268 | | | (6,825 | ) | | 1,475 | |
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Total liabilities and equity | | $ | 8,850 | | $ | 7,907 | | $ | 6,721 | | $ | (14,085 | ) | $ | 9,393 | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Total liabilities and equity | | $ | 9,521 | | $ | 8,363 | | $ | 6,541 | | $ | (15,014 | ) | $ | 9,411 | |
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HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES | |
CONDENSED CONSOLIDATING BALANCE SHEETS | HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES |
AS OF DECEMBER 31, 2013 | CONDENSED CONSOLIDATING BALANCE SHEETS |
(In Millions) | AS OF DECEMBER 31, 2012 |
| (In Millions) |
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| | Parent | | Guarantors | | Nonguarantors | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | | | |
Company | Huntsman | | | Parent | | Guarantors | | Nonguarantors | | Eliminations | | Consolidated | |
| International LLC | Company | Huntsman |
ASSETS | | | | | | | | | | | | | | | | | | International |
Current assets: | | | | | | | | | | | | | | | | | | LLC |
Cash and cash equivalents | | $ | 308 | | $ | — | | $ | 207 | | $ | — | | $ | 515 | | ASSETS | | | | | | | | | | | | | | | | |
Restricted cash | | | — | | | — | | | 9 | | | — | | | 9 | | Current assets: | | | | | | | | | | | | | | | | |
Accounts and notes receivable, net | | | 28 | | | 130 | | | 1,384 | | | — | | | 1,542 | | Cash and cash equivalents | | $ | 7 | | $ | 2 | | $ | 201 | | $ | — | | $ | 210 | |
Accounts receivable from affiliates | | | 2,386 | | | 4,823 | | | 140 | | | (7,024 | ) | | 325 | | Restricted cash | | | — | | | — | | | 9 | | | — | | | 9 | |
Inventories | | | 112 | | | 297 | | | 1,339 | | | (7 | ) | | 1,741 | | Accounts and notes receivable, net | | | 16 | | | 182 | | | 1,336 | | | — | | | 1,534 | |
Prepaid expenses | | | 70 | | | 64 | | | 47 | | | (120 | ) | | 61 | | Accounts receivable from affiliates | | | 1,733 | | | 3,907 | | | 101 | | | (5,442 | ) | | 299 | |
Deferred income taxes | | | 12 | | | — | | | 59 | | | (18 | ) | | 53 | | Inventories | | | 111 | | | 309 | | | 1,404 | | | (5 | ) | | 1,819 | |
Other current assets | | | 379 | | | 4 | | | 199 | | | (382 | ) | | 200 | | Prepaid expenses | | | 10 | | | 7 | | | 43 | | | (12 | ) | | 48 | |
| | | | | | | | | | | | Deferred income taxes | | | 7 | | | — | | | 57 | | | (13 | ) | | 51 | |
| | | | | | | | | | | | | | | | | Other current assets | | | 203 | | | 5 | | | 225 | | | (211 | ) | | 222 | |
Total current assets | | | 3,295 | | | 5,318 | | | 3,384 | | | (7,551 | ) | | 4,446 | | | | | | | | | | | | | |
Property, plant and equipment, net | | | 390 | | | 954 | | | 2,414 | | | 1 | | | 3,759 | | | | | | | | | | | | | | | | | | |
Investment in unconsolidated affiliates | | | 5,393 | | | 1,178 | | | 178 | | | (6,464 | ) | | 285 | | Total current assets | | | 2,087 | | | 4,412 | | | 3,376 | | | (5,683 | ) | | 4,192 | |
Intangible assets, net | | | 48 | | | 1 | | | 39 | | | — | | | 88 | | Property, plant and equipment, net | | | 371 | | | 898 | | | 2,386 | | | 1 | | | 3,656 | |
Goodwill | | | (17 | ) | | 82 | | | 66 | | | — | | | 131 | | Investment in unconsolidated affiliates | | | 5,413 | | | 1,360 | | | 159 | | | (6,694 | ) | | 238 | |
Deferred income taxes | | | 323 | | | — | | | 239 | | | (319 | ) | | 243 | | Intangible assets, net | | | 27 | | | 2 | | | 42 | | | (1 | ) | | 70 | |
Notes receivable from affiliates | | | 22 | | | 658 | | | 1 | | | (680 | ) | | 1 | | Goodwill | | | (18 | ) | | 82 | | | 53 | | | — | | | 117 | |
Other noncurrent assets | | | 67 | | | 172 | | | 220 | | | (1 | ) | | 458 | | Deferred income taxes | | | 248 | | | — | | | 224 | | | (243 | ) | | 229 | |
| | | | | | | | | | | | Notes receivable from affiliates | | | 21 | | | 941 | | | 2 | | | (962 | ) | | 2 | |
| | | | | | | | | | | | | | | | | Other noncurrent assets | | | 72 | | | 139 | | | 156 | | | (1 | ) | | 366 | |
Total assets | | $ | 9,521 | | $ | 8,363 | | $ | 6,541 | | $ | (15,014 | ) | $ | 9,411 | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | Total assets | | $ | 8,221 | | $ | 7,834 | | $ | 6,398 | | $ | (13,583 | ) | $ | 8,870 | |
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LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 50 | | $ | 267 | | $ | 750 | | $ | — | | $ | 1,067 | | LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | |
Accounts payable to affiliates | | | 3,655 | | | 1,476 | | | 1,946 | | | (7,024 | ) | | 53 | | Current liabilities: | | | | | | | | | | | | | | | | |
Accrued liabilities | | | 138 | | | 517 | | | 590 | | | (503 | ) | | 742 | | Accounts payable | | $ | 87 | | $ | 280 | | $ | 734 | | $ | — | | $ | 1,101 | |
Deferred income taxes | | | — | | | 57 | | | 8 | | | (21 | ) | | 44 | | Accounts payable to affiliates | | | 2,987 | | | 1,111 | | | 1,406 | | | (5,442 | ) | | 62 | |
Note payable to affiliate | | | 100 | | | — | | | — | | | — | | | 100 | | Accrued liabilities | | | 87 | | | 342 | | | 518 | | | (224 | ) | | 723 | |
Current portion of debt | | | 28 | | | — | | | 249 | | | — | | | 277 | | Deferred income taxes | | | — | | | 45 | | | 9 | | | (15 | ) | | 39 | |
| | | | | | | | | | | | Note payable to affiliate | | | 100 | | | — | | | — | | | — | | | 100 | |
| | | | | | | | | | | | | | | | | Current portion of debt | | | 15 | | | — | | | 273 | | | — | | | 288 | |
Total current liabilities | | | 3,971 | | | 2,317 | | | 3,543 | | | (7,548 | ) | | 2,283 | | | | | | | | | | | | | |
Long-term debt | | | 3,290 | | | — | | | 343 | | | — | | | 3,633 | | | | | | | | | | | | | | | | | | |
Notes payable to affiliates | | | 772 | | | — | | | 687 | | | (680 | ) | | 779 | | Total current liabilities | | | 3,276 | | | 1,778 | | | 2,940 | | | (5,681 | ) | | 2,313 | |
Deferred income taxes | | | 25 | | | 200 | | | 39 | | | 39 | | | 303 | | Long-term debt | | | 3,026 | | | — | | | 388 | | | — | | | 3,414 | |
Other noncurrent liabilities | | | 137 | | | 140 | | | 661 | | | — | | | 938 | | Notes payable to affiliates | | | 595 | | | — | | | 965 | | | (961 | ) | | 599 | |
| | | | | | | | | | | | Deferred income taxes | | | 14 | | | 169 | | | 49 | | | (62 | ) | | 170 | |
| | | | | | | | | | | | | | | | | Other noncurrent liabilities | | | 216 | | | 190 | | | 751 | | | — | | | 1,157 | |
Total liabilities | | | 8,195 | | | 2,657 | | | 5,273 | | | (8,189 | ) | | 7,936 | | | | | | | | | | | | | |
Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Huntsman International LLC members' equity | | | | | | | | | | | | | | | | | Total liabilities | | | 7,127 | | | 2,137 | | | 5,093 | | | (6,704 | ) | | 7,653 | |
Members' equity | | | 3,138 | | | 4,354 | | | 2,215 | | | (6,569 | ) | | 3,138 | | Equity | | | | | | | | | | | | | | | | |
Accumulated deficit | | | (1,194 | ) | | 66 | | | (450 | ) | | 384 | | | (1,194 | ) | Huntsman International LLC members' equity | | | | | | | | | | | | | | | | |
Accumulated other comprehensive (loss) income | | | (618 | ) | | 1,286 | | | (645 | ) | | (641 | ) | | (618 | ) | Members' equity | | | 3,109 | | | 4,689 | | | 2,262 | | | (6,951 | ) | | 3,109 | |
| | | | | | | | | | | | Accumulated deficit | | | (1,224 | ) | | (243 | ) | | (354 | ) | | 597 | | | (1,224 | ) |
| | | | | | | | | | | | | | | | | Accumulated other comprehensive (loss) income | | | (791 | ) | | 1,251 | | | (692 | ) | | (559 | ) | | (791 | ) |
Total Huntsman International LLC members' equity | | | 1,326 | | | 5,706 | | | 1,120 | | | (6,826 | ) | | 1,326 | | | | | | | | | | | | | |
Noncontrolling interests in subsidiaries | | | — | | | — | | | 148 | | | 1 | | | 149 | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Total Huntsman International LLC members' equity | | | 1,094 | | | 5,697 | | | 1,216 | | | (6,913 | ) | | 1,094 | |
| | | | | | | | | | | | | | | | | Noncontrolling interests in subsidiaries | | | — | | | — | | | 89 | | | 34 | | | 123 | |
Total equity | | | 1,326 | | | 5,706 | | | 1,268 | | | (6,825 | ) | | 1,475 | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | Total equity | | | 1,094 | | | 5,697 | | | 1,305 | | | (6,879 | ) | | 1,217 | |
Total liabilities and equity | | $ | 9,521 | | $ | 8,363 | | $ | 6,541 | | $ | (15,014 | ) | $ | 9,411 | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | Total liabilities and equity | | $ | 8,221 | | $ | 7,834 | | $ | 6,398 | | $ | (13,583 | ) | $ | 8,870 | |
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HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES | | | | | | | | | | | | |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE | |
INCOME (LOSS) (UNAUDITED) | HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES |
THREE MONTHS ENDED MARCH 31, 2014 | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
(In Millions) | YEAR ENDED DECEMBER 31, 2013 |
| (In Millions) |
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| | Parent | | Guarantors | | Nonguarantors | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | | | |
Company | Huntsman | | | Parent | | Guarantors | | Nonguarantors | | Eliminations | | Consolidated | |
| International LLC | Company | Huntsman |
Revenues: | | | | | | | | | | | | | | | | | | International |
Trade sales, services and fees, net | | $ | 260 | | $ | 766 | | $ | 1,667 | | $ | — | | $ | 2,693 | | | LLC |
Related party sales | | | 97 | | | 130 | | | 341 | | | (506 | ) | | 62 | | Revenues: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Trade sales, services and fees, net | | $ | 1,039 | | $ | 3,193 | | $ | 6,615 | | $ | — | | $ | 10,847 | |
| | | | | | | | | | | | | | | | | Related party sales | | | 315 | | | 470 | | | 1,277 | | | (1,830 | ) | | 232 | |
Total revenues | | | 357 | | | 896 | | | 2,008 | | | (506 | ) | | 2,755 | | | | | | | | | | | | | |
Cost of goods sold | | | 300 | | | 709 | | | 1,796 | | | (505 | ) | | 2,300 | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Total revenues | | | 1,354 | | | 3,663 | | | 7,892 | | | (1,830 | ) | | 11,079 | |
| | | | | | | | | | | | | | | | | Cost of goods sold | | | 1,097 | | | 2,904 | | | 7,137 | | | (1,829 | ) | | 9,309 | |
Gross profit | | | 57 | | | 187 | | | 212 | | | (1 | ) | | 455 | | | | | | | | | | | | | |
Selling, general and administrative | | | 31 | | | 38 | | | 158 | | | — | | | 227 | | | | | | | | | | | | | | | | | | |
Research and development | | | 11 | | | 9 | | | 16 | | | — | | | 36 | | Gross profit | | | 257 | | | 759 | | | 755 | | | (1 | ) | | 1,770 | |
Other operating (income) expense | | | (3 | ) | | (5 | ) | | 4 | | | — | | | (4 | ) | Selling, general and administrative | | | 168 | | | 131 | | | 637 | | | — | | | 936 | |
Restructuring, impairment and plant closing (credits) costs | | | (2 | ) | | 2 | | | 39 | | | — | | | 39 | | Research and development | | | 51 | | | 38 | | | 51 | | | — | | | 140 | |
| | | | | | | | | | | | Other operating (income) expense | | | (6 | ) | | (10 | ) | | 26 | | | — | | | 10 | |
| | | | | | | | | | | | | | | | | Restructuring, impairment and plant closing costs | | | 13 | | | 15 | | | 123 | | | — | | | 151 | |
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 | | Operating income (loss) | | | 31 | | | 585 | | | (82 | ) | | (1 | ) | | 533 | |
Other income | | | 1 | | | — | | | — | | | — | | | 1 | | Interest (expense) income, net | | | (185 | ) | | 43 | | | (61 | ) | | — | | | (203 | ) |
| | | | | | | | | | | | Equity in income (loss) of investment in affiliates and subsidiaries | | | 118 | | | (134 | ) | | 8 | | | 16 | | | 8 | |
| | | | | | | | | | | | | | | | | Loss on early extinguishment of debt | | | (51 | ) | | — | | | — | | | — | | | (51 | ) |
Income (loss) from continuing operations before income taxes | | | 53 | | | 138 | | | (15 | ) | | (67 | ) | | 109 | | Other income | | | 2 | | | — | | | 2 | | | (2 | ) | | 2 | |
Income tax benefit (expense) | | | 4 | | | (56 | ) | | 15 | | | — | | | (37 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Loss (income) from continuing operations before income taxes | | | (85 | ) | | 494 | | | (133 | ) | | 13 | | | 289 | |
Income from continuing operations | | | 57 | | | 82 | | | — | | | (67 | ) | | 72 | | Income tax benefit (expense) | | | 210 | | | (200 | ) | | 26 | | | (173 | ) | | (137 | ) |
Loss from discontinued operations, net of tax | | | — | | | — | | | (7 | ) | | — | | | (7 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Income (loss) from continuing operations | | | 125 | | | 294 | | | (107 | ) | | (160 | ) | | 152 | |
Net income (loss) | | | 57 | | | 82 | | | (7 | ) | | (67 | ) | | 65 | | Income (loss) from discontinued operations, net of tax | | | 1 | | | (1 | ) | | (5 | ) | | — | | | (5 | ) |
Net income attributable to noncontrolling interests | | | — | | | — | | | (6 | ) | | (2 | ) | | (8 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Net income (loss) | | | 126 | | | 293 | | | (112 | ) | | (160 | ) | | 147 | |
Net income (loss) attributable to Huntsman International LLC | | $ | 57 | | $ | 82 | | $ | (13 | ) | $ | (69 | ) | $ | 57 | | Net income attributable to noncontrolling interests | | | — | | | — | | | (22 | ) | | 1 | | | (21 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Net income (loss) attributable to Huntsman International LLC | | $ | 126 | | $ | 293 | | $ | (134 | ) | $ | (159 | ) | $ | 126 | |
| | | | | | | | | | | | | | | | | | | | | | | |
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 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | Net income (loss) | | $ | 126 | | $ | 293 | | $ | (112 | ) | $ | (160 | ) | $ | 147 | |
| | | | | | | | | | | | | | | | | Other comprehensive income | | | 173 | | | 34 | | | 48 | | | (77 | ) | | 178 | |
Comprehensive income (loss) attributable to Huntsman International LLC | | $ | 61 | | $ | 179 | | $ | (12 | ) | $ | (167 | ) | $ | 61 | | Comprehensive income attributable to noncontrolling interests | | | — | | | — | | | (23 | ) | | (3 | ) | | (26 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Comprehensive income (loss) attributable to Huntsman International LLC | | $ | 299 | | $ | 327 | | $ | (87 | ) | $ | (240 | ) | $ | 299 | |
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HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES | | | | | | | | | | | | | | | | | |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | | | | | | | | | | | | |
(UNAUDITED) | |
THREE MONTHS ENDED MARCH 31, 2013 | HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES |
(In Millions) | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
| YEAR ENDED DECEMBER 31, 2012 |
| | | | | | | | | | | | | | | | | (In Millions) |
| | Parent | | Guarantors | | Nonguarantors | | Eliminations | | Consolidated | | |
Company | Huntsman | | | | | | | | | | | | | | | | | |
| International LLC | | | Parent | | Guarantors | | Nonguarantors | | Eliminations | | Consolidated | |
Revenues: | | | | | | | | | | | | | | | | | Company | Huntsman |
Trade sales, services and fees, net | | $ | 242 | | $ | 784 | | $ | 1,609 | | $ | — | | $ | 2,635 | | | International |
Related party sales | | | 198 | | | 116 | | | 331 | | | (578 | ) | | 67 | | | LLC |
| | | | | | | | | | | | Revenues: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Trade sales, services and fees, net | | $ | 932 | | $ | 3,443 | | $ | 6,589 | | $ | — | | $ | 10,964 | |
Total revenues | | | 440 | | | 900 | | | 1,940 | | | (578 | ) | | 2,702 | | Related party sales | | | 745 | | | 447 | | | 1,161 | | | (2,130 | ) | | 223 | |
Cost of goods sold | | | 388 | | | 748 | | | 1,789 | | | (576 | ) | | 2,349 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Total revenues | | | 1,677 | | | 3,890 | | | 7,750 | | | (2,130 | ) | | 11,187 | |
Gross profit | | | 52 | | | 152 | | | 151 | | | (2 | ) | | 353 | | Cost of goods sold | | | 1,424 | | | 3,003 | | | 6,849 | | | (2,130 | ) | | 9,146 | |
Selling, general and administrative | | | 36 | | | 37 | | | 151 | | | — | | | 224 | | | | | | | | | | | | | |
Research and development | | | 11 | | | 9 | | | 16 | | | — | | | 36 | | | | | | | | | | | | | | | | | | |
Other operating expense (income) | | | 6 | | | 6 | | | (19 | ) | | — | | | (7 | ) | Gross profit | | | 253 | | | 887 | | | 901 | | | — | | | 2,041 | |
Restructuring, impairment and plant closing (credits) costs | | | (1 | ) | | 7 | | | 38 | | | — | | | 44 | | Selling, general and administrative | | | 191 | | | 120 | | | 623 | | | — | | | 934 | |
| | | | | | | | | | | | Research and development | | | 47 | | | 36 | | | 69 | | | — | | | 152 | |
| | | | | | | | | | | | | | | | | Other operating (income) expense | | | (5 | ) | | 2 | | | (3 | ) | | — | | | (6 | ) |
Operating income (loss) | | | — | | | 93 | | | (35 | ) | | (2 | ) | | 56 | | Restructuring, impairment and plant closing costs | | | 4 | | | 7 | | | 81 | | | — | | | 92 | |
Interest (expense) income | | | (48 | ) | | 10 | | | (16 | ) | | — | | | (54 | ) | | | | | | | | | | | | |
Equity in income (loss) of investment in affiliates and subsidiaries | | | 22 | | | (78 | ) | | 1 | | | 56 | | | 1 | | | | | | | | | | | | | | | | | | |
Loss on early extinguishment of debt | | | (35 | ) | | — | | | — | | | — | | | (35 | ) | Operating income | | | 16 | | | 722 | | | 131 | | | — | | | 869 | |
| | | | | | | | | | | | Interest (expense) income, net | | | (207 | ) | | 42 | | | (73 | ) | | — | | | (238 | ) |
| | | | | | | | | | | | | | | | | Equity in income of investment in affiliates and subsidiaries | | | 503 | | | 40 | | | 9 | | | (545 | ) | | 7 | |
(Loss) income from continuing operations before income taxes | | | (61 | ) | | 25 | | | (50 | ) | | 54 | | | (32 | ) | Loss on early extinguishment of debt | | | (80 | ) | | — | | | — | | | — | | | (80 | ) |
Income tax benefit (expense) | | | 39 | | | (8 | ) | | (13 | ) | | — | | | 18 | | Other (expense) income | | | (12 | ) | | 14 | | | (1 | ) | | — | | | 1 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Loss) income from continuing operations | | | (22 | ) | | 17 | | | (63 | ) | | 54 | | | (14 | ) | Income from continuing operations before income taxes | | | 220 | | | 818 | | | 66 | | | (545 | ) | | 559 | |
(Loss) income from discontinued operations, net of tax | | | (1 | ) | | 1 | | | (2 | ) | | — | | | (2 | ) | Income tax benefit (expense) | | | 141 | | | (243 | ) | | 1 | | | (78 | ) | | (179 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net (loss) income | | | (23 | ) | | 18 | | | (65 | ) | | 54 | | | (16 | ) | Income from continuing operations | | | 361 | | | 575 | | | 67 | | | (623 | ) | | 380 | |
Net income attributable to noncontrolling interests | | | — | | | — | | | (7 | ) | | — | | | (7 | ) | Income (loss) from discontinued operations, net of tax | | | 4 | | | 1 | | | (12 | ) | | — | | | (7 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net (loss) income attributable to Huntsman International LLC | | $ | (23 | ) | $ | 18 | | $ | (72 | ) | $ | 54 | | $ | (23 | ) | Income before extraordinary gain | | | 365 | | | 576 | | | 55 | | | (623 | ) | | 373 | |
| | | | | | | | | | | | Extraordinary gain on the acquisition of a business, net of tax of nil | | | — | | | — | | | 2 | | | — | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Net income | | | 365 | | | 576 | | | 57 | | | (623 | ) | | 375 | |
Net (loss) income | | $ | (23 | ) | $ | 18 | | $ | (65 | ) | $ | 54 | | $ | (16 | ) | Net income attributable to noncontrolling interests | | | — | | | — | | | (16 | ) | | 6 | | | (10 | ) |
Other comprehensive loss | | | (32 | ) | | (188 | ) | | (16 | ) | | 204 | | | (32 | ) | | | | | | | | | | | | |
Comprehensive income attributable to noncontrolling interests | | | — | | | — | | | (7 | ) | | — | | | (7 | ) | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Net income attributable to Huntsman International LLC | | $ | 365 | | $ | 576 | | $ | 41 | | $ | (617 | ) | $ | 365 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive loss attributable to Huntsman International LLC | | $ | (55 | ) | $ | (170 | ) | $ | (88 | ) | $ | 258 | | $ | (55 | ) | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | Net income | | $ | 365 | | $ | 576 | | $ | 57 | | $ | (623 | ) | $ | 375 | |
| | | | | | | | | | | | Other comprehensive loss | | | (180 | ) | | (250 | ) | | (148 | ) | | 397 | | | (181 | ) |
| Comprehensive income attributable to noncontrolling interests | | | — | | | — | | | (16 | ) | | 7 | | | (9 | ) |
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES | | | | | | | | | | | | |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) | | | | | | | | | | | | | | | | | |
THREE MONTHS ENDED MARCH 31, 2014 | Comprehensive income (loss) attributable to Huntsman International LLC | | $ | 185 | | $ | 326 | | $ | (107 | ) | $ | (219 | ) | $ | 185 | |
(In Millions) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | Guarantors | | Nonguarantors | | Eliminations | | Consolidated | | | | | | | | | | | | | |
Company | Huntsman | |
| International LLC | HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES |
Net cash (used in) provided by operating activities | | $ | (32 | ) | $ | 36 | | $ | (72 | ) | $ | 1 | | $ | (67 | ) | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
| | | | | | | | | | | | YEAR ENDED DECEMBER 31, 2011 |
| | | | | | | | | | | | | | | | | (In Millions) |
Investing activities: | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (15 | ) | | (32 | ) | | (60 | ) | | — | | | (107 | ) | | | | | | | | | | | | | | | | | |
Cash received from unconsolidated affiliates | | | — | | | 15 | | | — | | | — | | | 15 | | | | Parent | | Guarantors | | Nonguarantors | | Eliminations | | Consolidated | |
Investment in affiliate | | | (88 | ) | | (3 | ) | | — | | | 91 | | | — | | Company | Huntsman |
Investment in unconsolidated affiliates | | | — | | | (11 | ) | | — | | | — | | | (11 | ) | | International LLC |
Increase in receivable from affiliate | | | (5 | ) | | — | | | — | | | — | | | (5 | ) | Revenues: | | | | | | | | | | | | | | | | |
Other, net | | | — | | | 1 | | | (1 | ) | | (1 | ) | | (1 | ) | Trade sales, services and fees, net | | $ | 885 | | $ | 3,349 | | $ | 6,807 | | $ | — | | $ | 11,041 | |
| | | | | | | | | | | | Related party sales | | | 453 | | | 493 | | | 1,098 | | | (1,864 | ) | | 180 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | (108 | ) | | (30 | ) | | (61 | ) | | 90 | | | (109 | ) | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Total revenues | | | 1,338 | | | 3,842 | | | 7,905 | | | (1,864 | ) | | 11,221 | |
| | | | | | | | | | | | | | | | | Cost of goods sold | | | 1,178 | | | 3,160 | | | 6,855 | | | (1,830 | ) | | 9,363 | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net borrowings under revolving loan facilities | | | — | | | — | | | 2 | | | — | | | 2 | | | | | | | | | | | | | | | | | | |
Net borrowings on overdraft facilities | | | — | | | — | | | 4 | | | — | | | 4 | | Gross profit | | | 160 | | | 682 | | | 1,050 | | | (34 | ) | | 1,858 | |
Repayments of short-term debt | | | — | | | — | | | (3 | ) | | — | | | (3 | ) | Selling, general and administrative | | | 182 | | | 97 | | | 637 | | | — | | | 916 | |
Borrowings on short-term debt | | | — | | | — | | | 1 | | | — | | | 1 | | Research and development | | | 50 | | | 34 | | | 82 | | | — | | | 166 | |
Repayments of long-term debt | | | (13 | ) | | — | | | (9 | ) | | — | | | (22 | ) | Other operating expense (income) | | | 35 | | | (18 | ) | | (37 | ) | | — | | | (20 | ) |
Repayments of notes payable to affiliate | | | (65 | ) | | — | | | — | | | — | | | (65 | ) | Restructuring, impairment and plant closing costs | | | 1 | | | — | | | 166 | | | — | | | 167 | |
Repayments of notes payable | | | (9 | ) | | — | | | (1 | ) | | — | | | (10 | ) | | | | | | | | | | | | |
Borrowings on notes payable | | | — | | | — | | | 1 | | | — | | | 1 | | | | | | | | | | | | | | | | | | |
Debt issuance costs paid | | | (2 | ) | | — | | | — | | | — | | | (2 | ) | Operating (loss) income | | | (108 | ) | | 569 | | | 202 | | | (34 | ) | | 629 | |
Contingent consideration paid for acquisition | | | (6 | ) | | — | | | — | | | — | | | (6 | ) | Interest (expense) income, net | | | (216 | ) | | 43 | | | (89 | ) | | — | | | (262 | ) |
Contribution from parent | | | — | | | 3 | | | 96 | | | (99 | ) | | — | | Equity in income of investment in affiliates and subsidiaries | | | 381 | | | 77 | | | 9 | | | (459 | ) | | 8 | |
Distribution to parent | | | — | | | (8 | ) | | — | | | 8 | | | — | | Loss on early extinguishment of debt | | | (7 | ) | | — | | | — | | | — | | | (7 | ) |
Dividends paid to parent | | | (30 | ) | | — | | | — | | | — | | | (30 | ) | Other (expense) income | | | (35 | ) | | — | | | 1 | | | 36 | | | 2 | |
Excess tax benefit related to stock-based compensation | | | 1 | | | — | | | — | | | — | | | 1 | | | | | | | | | | | | | |
Other, net | | | (1 | ) | | (1 | ) | | (2 | ) | | — | | | (4 | ) | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Income from continuing operations before income taxes | | | 15 | | | 689 | | | 123 | | | (457 | ) | | 370 | |
| | | | | | | | | | | | | | | | | Income tax benefit (expense) | | | 232 | | | (210 | ) | | (35 | ) | | (100 | ) | | (113 | ) |
Net cash provided by (used in) financing activities | | | (125 | ) | | (6 | ) | | 89 | | | (91 | ) | | (133 | ) | | | | | | | | | | | | |
Effect of exchange rate changes on cash | | | — | | | — | | | (1 | ) | | — | | | (1 | ) | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Income from continuing operations | | | 247 | | | 479 | | | 88 | | | (557 | ) | | 257 | |
| | | | | | | | | | | | | | | | | Income (loss) from discontinued operations, net of tax | | | 6 | | | (1 | ) | | (6 | ) | | — | | | (1 | ) |
Increase (decrease) in cash and cash equivalents | | | (265 | ) | | — | | | (45 | ) | | — | | | (310 | ) | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | 308 | | | — | | | 207 | | | — | | | 515 | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Income before extraordinary gain | | | 253 | | | 478 | | | 82 | | | (557 | ) | | 256 | |
| | | | | | | | | | | | | | | | | Extraordinary gain on the acquisition of a business, net of tax of nil | | | — | | | — | | | 4 | | | — | | | 4 | |
Cash and cash equivalents at end of period | | $ | 43 | | $ | — | | $ | 162 | | $ | — | | $ | 205 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Net income | | | 253 | | | 478 | | | 86 | | | (557 | ) | | 260 | |
| | | | | | | | | | | | | | | | | Net income attributable to noncontrolling interests | | | — | | | (2 | ) | | (6 | ) | | 1 | | | (7 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES | Net income attributable to Huntsman International LLC | | $ | 253 | | $ | 476 | | $ | 80 | | $ | (556 | ) | $ | 253 | |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) | | | | | | | | | | | | |
THREE MONTHS ENDED MARCH 31, 2013 | | | | | | | | | | | | | | | | | |
(In Millions) | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Net income | | $ | 253 | | $ | 478 | | $ | 86 | | $ | (557 | ) | $ | 260 | |
| | Parent | | Guarantors | | Nonguarantors | | Eliminations | | Consolidated | | Other comprehensive loss | | | (257 | ) | | (98 | ) | | (232 | ) | | 325 | | | (262 | ) |
Company | Huntsman | Comprehensive income attributable to noncontrolling interests | | | — | | | (3 | ) | | (1 | ) | | 2 | | | (2 | ) |
| International LLC | | | | | | | | | | | | |
Net cash (used in) provided by operating activities | | $ | (84 | ) | $ | 24 | | $ | (15 | ) | $ | — | | $ | (75 | ) | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Comprehensive (loss) income attributable to Huntsman International LLC | | $ | (4 | ) | | 377 | | $ | (147 | ) | $ | (230 | ) | $ | (4 | ) |
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Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (8 | ) | | (22 | ) | | (59 | ) | | — | | | (89 | ) | | | | | | | | | | | | | | | | | |
Cash received from unconsolidated affiliates | | | — | | | 15 | | | — | | | — | | | 15 | | | | | | | | | | | | | |
Investment in affiliate | | | (79 | ) | | (4 | ) | | — | | | 83 | | | — | | |
Investment in unconsolidated affiliates | | | — | | | (5 | ) | | — | | | — | | | (5 | ) | HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES |
Acquisition of businesses, net of cash acquired | | | — | | | — | | | (7 | ) | | — | | | (7 | ) | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
Increase in receivable from affiliate | | | (3 | ) | | — | | | — | | | — | | | (3 | ) | YEAR ENDED DECEMBER 31, 2013 |
Other, net | | | — | | | — | | | 1 | | | — | | | 1 | | (In Millions) |
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Net cash used in investing activities | | | (90 | ) | | (16 | ) | | (65 | ) | | 83 | | | (88 | ) | | | Parent | | Guarantors | | Nonguarantors | | Eliminations | | Consolidated | |
| | | | | | | | | | | | Company | Huntsman |
| | | | | | | | | | | | | | | | | | International LLC |
Financing activities: | | | | | | | | | | | | | | | | | Net cash (used in) provided by operating activities | | $ | 113 | | $ | 167 | | $ | 456 | | $ | (2 | ) | $ | 734 | |
Net borrowings on overdraft facilities | | | — | | | — | | | 1 | | | — | | | 1 | | | | | | | | | | | | | |
Repayments of short-term debt | | | — | | | — | | | (5 | ) | | — | | | (5 | ) | | | | | | | | | | | | | | | | | |
Borrowings on short-term debt | | | — | | | — | | | 13 | | | — | | | 13 | | Investing activities: | | | | | | | | | | | | | | | | |
Repayments of long-term debt | | | (393 | ) | | — | | | (20 | ) | | — | | | (413 | ) | Capital expenditures | | | (52 | ) | | (134 | ) | | (285 | ) | | — | | | (471 | ) |
Proceeds from issuance of long-term debt | | | 470 | | | — | | | 3 | | | — | | | 473 | | Cash received from unconsolidated affiliates | | | — | | | 71 | | | — | | | — | | | 71 | |
Proceeds from notes payable to affiliate | | | 145 | | | — | | | — | | | — | | | 145 | | Investment in affiliate | | | 68 | | | (11 | ) | | — | | | (57 | ) | | — | |
Repayments of notes payable | | | (9 | ) | | — | | | (1 | ) | | — | | | (10 | ) | Investment in unconsolidated affiliates | | | — | | | (60 | ) | | (44 | ) | | — | | | (104 | ) |
Call premiums related to early extinguishment of debt | | | (4 | ) | | — | | | — | | | — | | | (4 | ) | Acquisition of a business, net of cash acquired | | | (66 | ) | | — | | | — | | | — | | | (66 | ) |
Contribution from parent | | | — | | | 4 | | | 90 | | | (94 | ) | | — | | Proceeds from sale of businesses/assets | | | — | | | — | | | 2 | | | — | | | 2 | |
Distribution to parent | | | — | | | (11 | ) | | — | | | 11 | | | — | | Increase in receivable from affiliate | | | (48 | ) | | — | | | — | | | — | | | (48 | ) |
Dividends paid to parent | | | (30 | ) | | — | | | — | | | — | | | (30 | ) | Other, net | | | (2 | ) | | — | | | 4 | | | — | | | 2 | |
Excess tax benefit related to stock-based compensation | | | 1 | | | — | | | — | | | — | | | 1 | | | | | | | | | | | | | |
Other, net | | | (2 | ) | | — | | | 1 | | | — | | | (1 | ) | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Net cash used in investing activities | | | (100 | ) | | (134 | ) | | (323 | ) | | (57 | ) | | (614 | ) |
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Net cash provided by (used in) financing activities | | | 178 | | | (7 | ) | | 82 | | | (83 | ) | | 170 | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash | | | — | | | — | | | (2 | ) | | — | | | (2 | ) | Financing activities: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Net repayments under revolving loan facilities | | | — | | | — | | | (4 | ) | | — | | | (4 | ) |
| | | | | | | | | | | | | | | | | Net borrowings on overdraft facilities | | | — | | | — | | | (9 | ) | | — | | | (9 | ) |
Increase in cash and cash equivalents | | | 4 | | | 1 | | | — | | | — | | | 5 | | Repayments of short-term debt | | | — | | | — | | | (18 | ) | | — | | | (18 | ) |
Cash and cash equivalents at beginning of period | | | 7 | | | 2 | | | 201 | | | — | | | 210 | | Borrowings on short-term debt | | | — | | | — | | | 15 | | | — | | | 15 | |
| | | | | | | | | | | | Repayments of long-term debt | | | (761 | ) | | — | | | (79 | ) | | — | | | (840 | ) |
| | | | | | | | | | | | | | | | | Proceeds from issuance of long-term debt | | | 978 | | | — | | | 1 | | | — | | | 979 | |
Cash and cash equivalents at end of period | | $ | 11 | | $ | 3 | | $ | 201 | | $ | — | | $ | 215 | | Proceeds from notes payable to affiliate | | | 177 | | | — | | | — | | | — | | | 177 | |
| | | | | | | | | | | | Repayments of notes payable | | | (33 | ) | | — | | | (7 | ) | | — | | | (40 | ) |
| | | | | | | | | | | | | | | | | Borrowings on notes payable | | | 33 | | | — | | | 2 | | | — | | | 35 | |
| | | | | | | | | | | | | | | | | Debt issuance costs paid | | | (11 | ) | | — | | | — | | | — | | | (11 | ) |
| | | | | | | | | | | | Call premiums and other costs related to early extinguishment of debt | | | (4 | ) | | — | | | — | | | — | | | (4 | ) |
| Contribution from parent | | | — | | | 11 | | | (24 | ) | | 13 | | | — | |
| Distribution to parent | | | — | | | (44 | ) | | — | | | 44 | | | — | |
| Dividends paid to parent | | | (96 | ) | | (2 | ) | | — | | | 2 | | | (96 | ) |
| Excess tax benefit related to stock-based compensation | | | 1 | | | — | | | — | | | — | | | 1 | |
| Other, net | | | 4 | | | — | | | (1 | ) | | — | | | 3 | |
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| Net cash provided by (used in) financing activities | | | 288 | | | (35 | ) | | (124 | ) | | 59 | | | 188 | |
| Effect of exchange rate changes on cash | | | — | | | — | | | (3 | ) | | — | | | (3 | ) |
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| Increase (decrease) in cash and cash equivalents | | | 301 | | | (2 | ) | | 6 | | | — | | | 305 | |
| Cash and cash equivalents at beginning of period | | | 7 | | | 2 | | | 201 | | | — | | | 210 | |
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| Cash and cash equivalents at end of period | | $ | 308 | | $ | — | | $ | 207 | | $ | — | | $ | 515 | |
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| HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
| YEAR ENDED DECEMBER 31, 2012 |
| (In Millions) |
| |
| | | | | | | | | | | | | | | | | |
| | | Parent | | Guarantors | | Nonguarantors | | Eliminations | | Consolidated | |
| Company | Huntsman |
| | International LLC |
| Net cash provided by operating activities | | $ | 85 | | | 269 | | $ | 508 | | $ | (2 | ) | $ | 860 | |
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| Investing activities: | | | | | | | | | | | | | | | | |
| Capital expenditures | | | (23 | ) | | (111 | ) | | (278 | ) | | — | | | (412 | ) |
| Cash received from unconsolidated affiliates | | | — | | | 80 | | | 2 | | | — | | | 82 | |
| Investment in affiliate | | | 225 | | | (62 | ) | | 48 | | | (211 | ) | | — | |
| Investment in unconsolidated affiliates | | | (3 | ) | | (100 | ) | | (24 | ) | | — | | | (127 | ) |
| Acquisition of businesses, net of cash acquired | | | — | | | — | | | (18 | ) | | — | | | (18 | ) |
| Proceeds from sale of businesses/assets | | | — | | | — | | | 6 | | | — | | | 6 | |
| Increase in receivable from affiliate | | | (108 | ) | | — | | | — | | | — | | | (108 | ) |
| Other, net | | | — | | | 1 | | | (1 | ) | | (1 | ) | | (1 | ) |
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| Net cash provided by (used in) investing activities | | | 91 | | | (192 | ) | | (265 | ) | | (212 | ) | | (578 | ) |
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| Financing activities: | | | | | | | | | | | | | | | | |
| Net repayments under revolving loan facilities | | | — | | | — | | | (15 | ) | | — | | | (15 | ) |
| Net borrowings on overdraft facilities | | | — | | | — | | | 2 | | | — | | | 2 | |
| Repayments of short-term debt | | | — | | | — | | | (53 | ) | | — | | | (53 | ) |
| Repayments of long-term debt | | | (625 | ) | | — | | | (69 | ) | | — | | | (694 | ) |
| Proceeds from issuance of long-term debt | | | 400 | | | — | | | 5 | | | — | | | 405 | |
| Repayments of notes payable to affiliate | | | (139 | ) | | — | | | — | | | — | | | (139 | ) |
| Proceeds from notes payable to affiliate | | | 299 | | | — | | | — | | | — | | | 299 | |
| Repayments of notes payable | | | (33 | ) | | — | | | (4 | ) | | — | | | (37 | ) |
| Borrowings on notes payable | | | 33 | | | — | | | 1 | | | — | | | 34 | |
| Debt issuance costs paid | | | (11 | ) | | — | | | — | | | — | | | (11 | ) |
| Call premiums related to early extinguishment of debt | | | (2 | ) | | — | | | — | | | — | | | (2 | ) |
| Contribution from parent | | | — | | | 14 | | | — | | | (14 | ) | | — | |
| Distribution to parent | | | — | | | (87 | ) | | (138 | ) | | 225 | | | — | |
| Dividends paid to parent | | | (96 | ) | | (2 | ) | | (1 | ) | | 3 | | | (96 | ) |
| Excess tax benefit related to stock-based compensation | | | 4 | | | — | | | — | | | — | | | 4 | |
| Other, net | | | (3 | ) | | — | | | — | | | — | | | (3 | ) |
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| Net cash used in financing activities | | | (173 | ) | | (75 | ) | | (272 | ) | | 214 | | | (306 | ) |
| Effect of exchange rate changes on cash | | | — | | | — | | | 3 | | | — | | | 3 | |
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| Increase (decrease) in cash and cash equivalents | | | 3 | | | 2 | | | (26 | ) | | — | | | (21 | ) |
| Cash and cash equivalents at beginning of period | | | 4 | | | — | | | 227 | | | — | | | 231 | |
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| Cash and cash equivalents at end of period | | $ | 7 | | | 2 | | $ | 201 | | $ | — | | $ | 210 | |
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| |
| HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
| YEAR ENDED DECEMBER 31, 2011 |
| (In Millions) |
| |
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| | | Parent | | Guarantors | | Nonguarantors | | Eliminations | | Consolidated | |
| Company | Huntsman |
| | International LLC |
| Net cash provided by operating activities | | $ | 304 | | $ | 99 | | $ | 34 | | $ | (5 | ) | $ | 432 | |
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| Investing activities: | | | | | | | | | | | | | | | | |
| Capital expenditures | | | (21 | ) | | (70 | ) | | (239 | ) | | — | | | (330 | ) |
| Cash received from unconsolidated affiliates | | | — | | | 30 | | | 2 | | | — | | | 32 | |
| Investment in affiliates | | | (56 | ) | | (16 | ) | | — | | | 72 | | | — | |
| Investment in unconsolidated affiliate | | | — | | | (26 | ) | | — | | | — | | | (26 | ) |
| Proceeds from settlements treated as reimbursement of capital expenditures | | | — | | | — | | | 3 | | | — | | | 3 | |
| Acquisition of businesses, net of cash acquired | | | — | | | — | | | (34 | ) | | — | | | (34 | ) |
| | | | | | | | | | | | | | | | | Cash assumed in connection with the initial consolidation of a variable interest entity | | | — | | | — | | | 28 | | | — | | | 28 | |
| | | | | | | | | | | | | | | | | Proceeds from sale of businesses/assets | | | — | | | 8 | | | 40 | | | — | | | 48 | |
| | | | | | | | | | | | | | | | | Increase in receivable from affiliate | | | (57 | ) | | — | | | — | | | — | | | (57 | ) |
| | | | | | | | | | | | | | | | | Other, net | | | — | | | — | | | (4 | ) | | 3 | | | (1 | ) |
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| | | | | | | | | | | | | | | | | Net cash used in investing activities | | | (134 | ) | | (74 | ) | | (204 | ) | | 75 | | | (337 | ) |
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| | | | | | | | | | | | | | | | | Financing activities: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Net repayments under revolving loan facilities | | | — | | | — | | | (2 | ) | | — | | | (2 | ) |
| | | | | | | | | | | | | | | | | Net borrowings on overdraft facilities | | | — | | | — | | | 9 | | | — | | | 9 | |
| | | | | | | | | | | | | | | | | Repayments of short-term debt | | | — | | | — | | | (187 | ) | | — | | | (187 | ) |
| | | | | | | | | | | | | | | | | Borrowings on short-term debt | | | — | | | — | | | 162 | | | — | | | 162 | |
| | | | | | | | | | | | | | | | | Repayments of long-term debt | | | (305 | ) | | — | | | (103 | ) | | — | | | (408 | ) |
| | | | | | | | | | | | | | | | | Proceeds from issuance of long-term debt | | | — | | | — | | | 98 | | | — | | | 98 | |
| | | | | | | | | | | | | | | | | Repayments of notes payable to affiliate | | | (105 | ) | | — | | | — | | | — | | | (105 | ) |
| | | | | | | | | | | | | | | | | Proceeds from notes payable to affiliate | | | 105 | | | — | | | — | | | — | | | 105 | |
| | | | | | | | | | | | | | | | | Repayments of notes payable | | | (32 | ) | | — | | | (2 | ) | | — | | | (34 | ) |
| | | | | | | | | | | | | | | | | Borrowings on notes payable | | | 33 | | | — | | | 2 | | | — | | | 35 | |
| | | | | | | | | | | | | | | | | Debt issuance costs paid | | | (7 | ) | | — | | | — | | | — | | | (7 | ) |
| | | | | | | | | | | | | | | | | Call premiums related to early extinguishment of debt | | | (6 | ) | | — | | | — | | | — | | | (6 | ) |
| | | | | | | | | | | | | | | | | Contribution from parent | | | — | | | (32 | ) | | 104 | | | (72 | ) | | — | |
| | | | | | | | | | | | | | | | | Dividends paid to parent | | | (79 | ) | | (2 | ) | | — | | | 2 | | | (79 | ) |
| | | | | | | | | | | | | | | | | Dividends paid to noncontrolling interests | | | — | | | — | | | (9 | ) | | — | | | (9 | ) |
| | | | | | | | | | | | | | | | | Excess tax benefit related to stock-based compensation | | | 10 | | | — | | | — | | | — | | | 10 | |
| | | | | | | | | | | | | | | | | Other, net | | | — | | | — | | | — | | | — | | | — | |
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| | | | | | | | | | | | | | | | | Net cash (used in) provided by financing activities | | | (386 | ) | | (34 | ) | | 72 | | | (70 | ) | | (418 | ) |
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| | | | | | | | | | | | | | | | | Effect of exchange rate changes on cash | | | — | | | — | | | (7 | ) | | — | | | (7 | ) |
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| | | | | | | | | | | | | | | | | Decrease in cash and cash equivalents | | | (216 | ) | | (9 | ) | | (105 | ) | | — | | | (330 | ) |
| | | | | | | | | | | | | | | | | Cash and cash equivalents at beginning of period | | | 220 | | | 9 | | | 332 | | | — | | | 561 | |
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| | | | | | | | | | | | | | | | | Cash and cash equivalents at end of period | | $ | 4 | | $ | — | | $ | 227 | | $ | — | | $ | 231 | |
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