DEBT (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Debt |
Ìý
|
| Schedule of outstanding debt |
Outstanding debt, net of debt issuance costs, of consolidated entities consisted of the following (dollars in millions):
ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
DecemberÌý31,Ìý
|
|
Ìý
|
ÌýÌýÌýÌý
|
2017
|
ÌýÌýÌýÌý
|
2016
|
|
Senior Credit Facilities:
|
ÌýÌýÌýÌý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Term loans
|
Ìý
|
$
|
Ìýâ€�
|
Ìý
|
$
|
1,967
|
|
Amounts outstanding under A/R programs
|
Ìý
|
Ìý
|
180
|
Ìý
|
Ìý
|
208
|
|
Senior notes
|
Ìý
|
Ìý
|
1,927
|
Ìý
|
Ìý
|
1,812
|
|
Variable interest entities
|
Ìý
|
Ìý
|
107
|
Ìý
|
Ìý
|
126
|
|
Other
|
Ìý
|
Ìý
|
84
|
Ìý
|
Ìý
|
59
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
2,298
|
Ìý
|
$
|
4,172
|
|
Total current portion of debt
|
Ìý
|
$
|
40
|
Ìý
|
$
|
50
|
|
Long-term portion
|
Ìý
|
Ìý
|
2,258
|
Ìý
|
Ìý
|
4,122
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
2,298
|
Ìý
|
$
|
4,172
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
2,298
|
Ìý
|
$
|
4,172
|
|
Notes payable to affiliates-noncurrent
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
Ìý1
|
|
Total debt
|
Ìý
|
$
|
2,298
|
Ìý
|
$
|
4,173
|
Ìý
|
| Schedule of maturities of debt (excluding debt to affiliates) |
The scheduled maturities of our debt (excluding debt to affiliates) by year as of DecemberÌý31, 2017 are as follows (dollars in millions):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
YearÌýendingÌýDecemberÌý31,Ìý
|
ÌýÌýÌýÌý
|
Ìý
|
Ìý
|
|
2018
|
Ìý
|
$
|
40
|
|
2019
|
Ìý
|
Ìý
|
27
|
|
2020
|
Ìý
|
Ìý
|
865
|
|
2021
|
Ìý
|
Ìý
|
560
|
|
2022
|
Ìý
|
Ìý
|
409
|
|
Thereafter
|
Ìý
|
Ìý
|
397
|
|
Ìý
|
Ìý
|
$
|
2,298
|
Ìý
|
| HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES |
Ìý
|
| Debt |
Ìý
|
| Schedule of outstanding debt |
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
DecemberÌý31,Ìý
|
|
Ìý
|
ÌýÌýÌýÌý
|
2017
|
ÌýÌýÌýÌý
|
2016
|
|
Senior Credit Facilities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Term loans
|
Ìý
|
$
|
Ìýâ€�
|
Ìý
|
$
|
1,967
|
|
Amounts outstanding under A/R programs
|
Ìý
|
Ìý
|
180
|
Ìý
|
Ìý
|
208
|
|
Senior notes
|
Ìý
|
Ìý
|
1,927
|
Ìý
|
Ìý
|
1,812
|
|
Variable interest entities
|
Ìý
|
Ìý
|
107
|
Ìý
|
Ìý
|
126
|
|
Other
|
Ìý
|
Ìý
|
84
|
Ìý
|
Ìý
|
59
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
2,298
|
Ìý
|
$
|
4,172
|
|
Total current portion of debt
|
Ìý
|
$
|
40
|
Ìý
|
$
|
50
|
|
Long-term portion
|
Ìý
|
Ìý
|
2,258
|
Ìý
|
Ìý
|
4,122
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
2,298
|
Ìý
|
$
|
4,172
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
2,298
|
Ìý
|
$
|
4,172
|
|
Notes payable to affiliates-current
|
Ìý
|
Ìý
|
100
|
Ìý
|
Ìý
|
100
|
|
Notes payable to affiliates-noncurrent
|
Ìý
|
Ìý
|
742
|
Ìý
|
Ìý
|
697
|
|
Total debt
|
Ìý
|
$
|
3,140
|
Ìý
|
$
|
4,969
|
Ìý
|
| Schedule of Senior Credit Facilities |
As of December 31, 2017, our Senior Credit Facilities consisted of a Revolving Facility as follows (dollars in millions):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Unamortized
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
DiscountsÌýand
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Committed
|
Ìý
|
Principal
|
Ìý
|
DebtÌýIssuance
|
Ìý
|
Carrying
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Facility
|
ÌýÌýÌýÌý
|
Amount
|
ÌýÌýÌýÌý
|
Outstanding
|
ÌýÌýÌýÌý
|
Costs
|
ÌýÌýÌýÌý
|
Value
|
ÌýÌýÌýÌý
|
InterestÌýRate(2)
|
ÌýÌýÌýÌý
|
Maturity
|
|
Revolving Facility
|
Ìý
|
$
|
650
|
Ìý
|
$
|
Ìýâ€�
|
(1)
|
$
|
Ìýâ€�
|
(1)
|
$
|
Ìýâ€�
|
(1)
|
USD LIBOR plus 2.50%
|
Ìý
|
2021
|
|
(1)
|
|
We had no borrowings outstanding under our Revolving Facility; we had approximately $9Ìýmillion (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.
|
The applicable interest rate of the Revolving Facility is subject to certain secured leverage ratio thresholds.
|
| Schedule of A/R Programs |
Information regarding our A/R Programs as of DecemberÌý31, 2017 was as follows (monetary amounts in millions):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
ÌýÌýÌýÌý
|
Ìý
|
ÌýÌýÌýÌý
|
MaximumÌýFunding
|
ÌýÌýÌýÌý
|
Amount
|
ÌýÌýÌýÌý
|
Ìý
|
|
Facility
|
ÌýÌýÌýÌý
|
Maturity
|
ÌýÌýÌýÌý
|
Availability(1)
|
ÌýÌýÌýÌý
|
Outstanding
|
ÌýÌýÌýÌý
|
InterestÌýRate(2)
|
|
U.S. A/R Program
|
Ìý
|
April 2020
|
Ìý
|
$
|
250
|
Ìý
|
$
|
90
|
(3)ÌýÌý
|
Applicable rate plus 0.95%
|
|
EU A/R Program
|
Ìý
|
April 2020
|
Ìý
|
�
|
150
|
Ìý
|
�
|
76
|
Ìý
|
Applicable rate plus 1.30%
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
(approximately $179)
|
Ìý
|
Ìý
|
(approximately $90)
|
Ìý
|
Ìý
|
|
(1)
|
|
The amount of actual availability under our A/R Programs may be lower based on the level of eligible receivables sold, changes in the credit ratings of our customers, customer concentration levels and certain characteristics of the accounts receivable being transferred, as defined in the applicable agreements.
|
|
(2)
|
|
Applicable rate for our U.S. A/R Program is defined by the lender as USD LIBOR. Applicable rate for our EU A/R Program is either GBP LIBOR, USD LIBOR or EURIBOR.
|
|
(3)
|
|
As of DecemberÌý31, 2017, we had approximately $5Ìýmillion (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.
|
|
| Summary of outstanding notes |
As of DecemberÌý31, 2017, we had outstanding the following notes (monetary amounts in millions):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Unamortized
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Discounts
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
and Debt
|
|
Notes
|
ÌýÌýÌýÌý
|
Maturity
|
ÌýÌýÌýÌý
|
InterestÌýRate
|
ÌýÌýÌýÌý
|
AmountÌýOutstanding
|
ÌýÌýÌýÌý
|
Issuance Costs
|
|
2020 SeniorÌýNotes
|
Ìý
|
NovemberÌý2020
|
Ìý
|
4.875
|
%
|
$650Ìý($647ÌýcarryingÌývalue)
|
Ìý
|
$
|
(3)
|
|
2021 Senior Notes
|
Ìý
|
AprilÌý2021
|
Ìý
|
5.125
|
%
|
â‚�445Ìý(â‚�444 carryingÌývalue $(529))
|
Ìý
|
Ìý
|
(1)
|
|
2022 Senior Notes
|
Ìý
|
NovemberÌý2022
|
Ìý
|
5.125
|
%
|
$400 Ìý($397 carrying value)
|
Ìý
|
Ìý
|
(3)
|
|
2025 Senior Notes
|
Ìý
|
AprilÌý2025
|
Ìý
|
4.250
|
%
|
â‚�300Ìý(â‚�297 carrying value $(354))
|
Ìý
|
Ìý
|
(3)
|
Ìý
|
| Schedule of Redemption of Notes and Loss on Early Extinguishment of Debt |
During the year ended December 31, 2015, we redeemed or repurchased the following notes (dollars in millions):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
ÌýÌýÌýÌý
|
Ìý
|
ÌýÌýÌýÌý
|
Ìý
|
Ìý
|
ÌýÌýÌýÌý
|
AmountÌýPaid
|
ÌýÌýÌýÌý
|
LossÌýonÌýEarly
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
PrincipalÌýAmountÌýof
|
Ìý
|
(ExcludingÌýAccrued
|
Ìý
|
Extinguishment
|
|
DateÌýofÌýRedemption
|
Ìý
|
Notes
|
Ìý
|
NotesÌýRedeemed
|
Ìý
|
Interest)
|
Ìý
|
ofÌýDebt
|
|
SeptemberÌý2015
|
Ìý
|
2021 SeniorÌýSubordinated Notes
|
Ìý
|
$
|
195
|
Ìý
|
$
|
204
|
Ìý
|
$
|
Ìý7
|
|
AprilÌý2015
|
Ìý
|
2021 SeniorÌýSubordinated Notes
|
Ìý
|
Ìý
|
289
|
Ìý
|
Ìý
|
311
|
Ìý
|
Ìý
|
20
|
|
JanuaryÌý2015
|
Ìý
|
2021 SeniorÌýSubordinated Notes
|
Ìý
|
Ìý
|
37
|
Ìý
|
Ìý
|
40
|
Ìý
|
Ìý
|
Ìý3
|
Ìý
|