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1. GENERAL
CERTAIN DEFINITIONS
听听听听听听听听For convenience in this report, the terms "Company," "our," "us" or "we" may be used to refer to 乐天堂fun88(中国区)官方网站 Corporation and, unless the context otherwise requires, its subsidiaries and predecessors. In this report, "乐天堂fun88(中国区)官方网站 International" refers to 乐天堂fun88(中国区)官方网站 International听LLC (our 100% owned subsidiary) and, unless the context otherwise requires, its subsidiaries; and "HPS" refers to 乐天堂fun88(中国区)官方网站 Polyurethanes Shanghai听Ltd. (our consolidated splitting joint venture with Shanghai Chlor-Alkali Chemical Company,听Ltd).
听听听听听听听听In this report, we may use, without definition, the common names of competitors or other industry participants. We may also use the common names or abbreviations for certain chemicals or products.
INTERIM FINANCIAL STATEMENTS
听听听听听听听听Our interim condensed consolidated financial statements (unaudited) and 乐天堂fun88(中国区)官方网站 International's interim condensed consolidated financial statements (unaudited) were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP" or "U.S.听GAAP") and in management's opinion reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of results of operations, comprehensive income, financial position and cash flows for the periods presented. Results for interim periods are not necessarily indicative of those to be expected for the full year. These condensed consolidated financial statements (unaudited) should be read in conjunction with the audited consolidated financial statements and notes to consolidated financial statements included in the Annual Report on Form听10-K for the year ended December听31, 2011 for our Company and 乐天堂fun88(中国区)官方网站 International.
DESCRIPTION OF BUSINESS
听听听听听听听听We are a global manufacturer of differentiated organic chemical products and of inorganic chemical products. Our products comprise a broad range of chemicals and formulations, which we market globally to a diversified group of consumer and industrial customers. Our products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, construction products, personal care and hygiene, durable and non-durable consumer products, electronics, medical, packaging, paints and coatings, power generation, refining, synthetic fiber, textile chemicals and dye industries. We are a leading global producer in many of our key product lines, including MDI, amines, surfactants, maleic anhydride, epoxy-based polymer formulations, textile chemicals, dyes and titanium dioxide.
听听听听听听听听We operate in five segments: Polyurethanes, Performance Products, Advanced Materials, Textile Effects and Pigments. Our Polyurethanes, Performance Products, Advanced Materials and Textile Effects segments produce differentiated organic chemical products and our Pigments segment produces inorganic chemical products.
COMPANY
听听听听听听听听Our Company, a Delaware corporation, was formed in 2004 to hold the 乐天堂fun88(中国区)官方网站 businesses. Jon听M. 乐天堂fun88(中国区)官方网站 founded the predecessor to our Company in 1970 as a small packaging company. Since then, we have grown through a series of acquisitions and now own a global portfolio of businesses.
听听听听听听听听We operate all of our businesses through 乐天堂fun88(中国区)官方网站 International, our 100% owned subsidiary. 乐天堂fun88(中国区)官方网站 International is a Delaware limited liability company.
HUNTSMAN CORPORATION AND HUNTSMAN INTERNATIONAL FINANCIAL STATEMENTS
听听听听听听听听Except where otherwise indicated, these notes relate to the condensed consolidated financial statements (unaudited) for both our Company and 乐天堂fun88(中国区)官方网站 International. The differences between our financial statements and 乐天堂fun88(中国区)官方网站 International's financial statements relate primarily to the following:
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purchase accounting recorded at our Company for the 2003 step-acquisition of 乐天堂fun88(中国区)官方网站 International Holdings听LLC, the former parent company of 乐天堂fun88(中国区)官方网站 International that was merged into 乐天堂fun88(中国区)官方网站 International in 2005;
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the different capital structures; and
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- a note payable from 乐天堂fun88(中国区)官方网站 International to us.
PRINCIPLES OF CONSOLIDATION
听听听听听听听听Our condensed consolidated financial statements (unaudited) include the accounts of our wholly-owned and majority-owned subsidiaries and any variable interest entities for which we are the primary beneficiary. All intercompany accounts and transactions have been eliminated, except for intercompany sales between continuing and discontinued operations.
USE OF ESTIMATES
听听听听听听听听The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
RECENT DEVELOPMENTS
Amendment to Credit Agreement
听听听听听听听听On March听6, 2012, 乐天堂fun88(中国区)官方网站 International entered into a seventh amendment to its senior secured credit facilities (the "Senior Credit Facilities"). The amendment among other things extended the maturity of our revolving credit facility ("Revolving Facility") from March 2014 to March 2017, increased capacity for revolving commitments to $400听million and extended $346听million of our term loan B facility ("Term Loan B"), which prior to this amendment had a maturity of April 2014, to a new stated maturity of April 2017 ("Extended Term Loan B鈥擲eries听2"). The amendment also increased the interest rate margin with respect to Extended Term Loan B鈥擲eries听2 to LIBOR plus 3.00%. For more information, see "Note听7. Debt鈥擠irect and Subsidiary Debt鈥擜mendment to Credit Agreement."
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