Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities:      
Net income $ 598 $ 650 $ 741
Less: (Income) loss from discontinued operations, net of tax (169) 39 (230)
Income from continuing operations 429 689 511
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:      
Equity in income of investment in unconsolidated affiliates (54) (55) (13)
Unrealized losses on fair value adjustments to Venator investment 19 62  
Cash received from return on investment in unconsolidated subsidiary 24    
Depreciation and amortization 270 255 236
Noncash lease expense 55    
(Gain) loss on disposal of businesses/assets, net (49) 3 (8)
Loss on early extinguishment of debt 23 3 54
Noncash interest expense 3 1 8
Noncash restructuring and impairment charges (credits) 3 (22) 1
Deferred income taxes (93) (167) (95)
Noncash loss (gain) on foreign currency transactions 8 (3) (5)
Stock-based compensation 29 27 36
Other, net 9 5 6
Changes in operating assets and liabilities:      
Accounts and notes receivable 138 (22) (161)
Inventories 77 (80) (88)
Prepaid expenses (27) (9) (11)
Other current assets 53 59 23
Other noncurrent assets (90) (41) (46)
Accounts payable 21 12 127
Accrued liabilities (50) 44 54
Other noncurrent liabilities (142) (57) 43
Net cash provided by operating activities from continuing operations 656 704 672
Net cash provided by operating activities from discontinued operations 241 503 547
Net cash provided by operating activities 897 1,207 1,219
Investing Activities:      
Capital expenditures (274) (251) (234)
Acquisition of a business, net of cash acquired   (366) (14)
Proceeds from sale of businesses/assets 50   25
Cash received from termination of cross-country interest rate contacts     7
Cash received from forward swap contract related to the sale of investment in Venator 16 3  
Other, net 7 (1) (1)
Net cash used in investing activities from continuing operations (201) (615) (217)
Net cash used in investing activities from discontinued operations (59) (358) (207)
Net cash used in investing activities (260) (973) (424)
Financing Activities:      
Net (repayments) borrowings on revolving loan facilities (89) 125 (41)
Net (repayments) borrowings on overdraft facilities   (1) 1
Repayments of long-term debt (676) (68) (2,058)
Proceeds from issuance of long-term debt 742   24
Proceeds from long-term debt of Venator     750
Repayments of short-term debt   (8) (15)
Borrowings on short-term debt 102 6 8
Repayments of notes payable (27) (29) (27)
Borrowings on notes payable 37 27 31
Debt issuance costs paid (8) (4) (21)
Costs of early extinguishment of debt (21)    
Dividends paid to common stockholders (150) (156) (120)
Dividends paid to noncontrolling interests (41) (69) (34)
Cash paid for noncontrolling interests (101)    
Contribution from noncontrolling interests     5
Repurchase of common stock (208) (277)  
Repurchase and cancellation of stock awards (12) (30) (12)
Proceeds from issuance of common stock 2 17 35
Proceeds from the IPO of Venator     1,012
Cash paid for expenses for the IPO of Venator     (58)
Proceeds from the secondary offering of Venator   44  
Cash paid for expenses of the secondary offering of Venator   (2)  
Other, net   1 1
Net cash used in financing activities (450) (424) (519)
Effect of exchange rate changes on cash (2) (35) 18
Increase in cash, cash equivalents and restricted cash 185 (225) 294
Cash, cash equivalents and restricted cash from continuing operations at beginning of period 340 481 396
Cash, cash equivalents and restricted cash from discontinued operations at beginning of period   238 29
Deconsolidation of cash, cash equivalents and restricted cash from Venator   (154)  
Cash, cash equivalents and restricted cash at end of period 525 340 719
Supplemental cash flow information:      
Cash paid for interest 111 163 175
Cash paid for income taxes 100 179 25
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES      
Operating Activities:      
Net income 587 636 734
Less: (Income) loss from discontinued operations, net of tax (169) 39 (227)
Income from continuing operations 418 675 507
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:      
Equity in income of investment in unconsolidated affiliates (54) (55) (13)
Unrealized losses on fair value adjustments to Venator investment 19 62  
Cash received from return on investment in unconsolidated subsidiary 24    
Depreciation and amortization 270 252 228
Noncash lease expense 55    
(Gain) loss on disposal of businesses/assets, net (49) 3 (8)
Loss on early extinguishment of debt 23 3 54
Noncash interest expense 18 22 25
Noncash restructuring and impairment charges (credits) 3 (22) 1
Deferred income taxes (91) (172) (90)
Noncash loss (gain) on foreign currency transactions 8 (3) (5)
Noncash compensation 28 26 35
Other, net 10 7 7
Changes in operating assets and liabilities:      
Accounts and notes receivable 138 (23) (159)
Inventories 77 (80) (88)
Prepaid expenses (27) (8) (10)
Other current assets 48 59 20
Other noncurrent assets (90) (41) (46)
Accounts payable 7 (9) 111
Accrued liabilities (51) 44 48
Other noncurrent liabilities (139) (53) 49
Net cash provided by operating activities from continuing operations 645 687 666
Net cash provided by operating activities from discontinued operations 241 503 542
Net cash provided by operating activities 886 1,190 1,208
Investing Activities:      
Capital expenditures (274) (251) (234)
Acquisition of a business, net of cash acquired   (366) (14)
Proceeds from sale of businesses/assets 50   25
Increase in receivable from affiliate (1) (16) (15)
Cash received from termination of cross-country interest rate contacts     7
Cash received from forward swap contract related to the sale of investment in Venator 16 3  
Other, net 7    
Net cash used in investing activities from continuing operations (202) (630) (231)
Net cash used in investing activities from discontinued operations (59) (358) (207)
Net cash used in investing activities (261) (988) (438)
Financing Activities:      
Net (repayments) borrowings on revolving loan facilities (89) 125 (41)
Net (repayments) borrowings on overdraft facilities   (1) 1
Repayments of long-term debt (676) (68) (2,058)
Proceeds from issuance of long-term debt 742   24
Proceeds from long-term debt of Venator     750
Repayments of short-term debt   (8) (15)
Borrowings on short-term debt 102 6 8
Repayments of notes payable to affiliate (207) (255)  
Proceeds from issuance of notes payable to affiliate     47
Repayments of notes payable (27) (29) (27)
Borrowings on notes payable 37 27 31
Debt issuance costs paid (8) (4) (21)
Costs of early extinguishment of debt (21)    
Dividends paid to parent (148) (154) (120)
Dividends paid to noncontrolling interests (41) (69) (34)
Cash paid for noncontrolling interests (101)    
Contribution from noncontrolling interests     5
Proceeds from the IPO of Venator     1,012
Cash paid for expenses for the IPO of Venator     (58)
Proceeds from the secondary offering of Venator   44  
Cash paid for expenses of the secondary offering of Venator   (2)  
Other, net (1) (2) 1
Net cash used in financing activities (438) (390) (495)
Effect of exchange rate changes on cash (2) (35) 18
Increase in cash, cash equivalents and restricted cash 185 (223) 293
Cash, cash equivalents and restricted cash from continuing operations at beginning of period 340 479 395
Cash, cash equivalents and restricted cash from discontinued operations at beginning of period   238 29
Deconsolidation of cash, cash equivalents and restricted cash from Venator   (154)  
Cash, cash equivalents and restricted cash at end of period 525 340 717
Supplemental cash flow information:      
Cash paid for interest 111 163 175
Cash paid for income taxes $ 100 $ 179 $ 25