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Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating Activities: Ìý Ìý
Net income $ 249 $ 973
Less: Loss (income) from discontinued operations, net of tax 1 (448)
Income from continuing operations 250 525
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations: Ìý Ìý
Equity in income of investment in unconsolidated affiliates (22) (31)
Unrealized gains on fair value adjustments to Venator investment (57) Ìý
Cash received from return on investment in unconsolidated subsidiary 10 Ìý
Depreciation and amortization 182 165
Loss on disposal of businesses/assets, net Ìý 3
Loss on early extinguishment of debt 23 3
Noncash interest expense 2 1
Noncash restructuring and impairment charges Ìý 2
Deferred income taxes 55 (86)
Noncash loss on foreign currency transactions 4 4
Stock-based compensation 15 15
Other, net Ìý 3
Changes in operating assets and liabilities: Ìý Ìý
Accounts and notes receivable (39) (94)
Inventories 45 (107)
Prepaid expenses 6 (1)
Other current assets 31 7
Other noncurrent assets (38) (68)
Accounts payable (47) 50
Accrued liabilities (108) (92)
Other noncurrent liabilities (39) 40
Net cash provided by operating activities from continuing operations 273 339
Net cash provided by operating activities from discontinued operations 0 301
Net cash provided by operating activities 273 640
Investing Activities: Ìý Ìý
Capital expenditures (136) (109)
Acquisition of a business, net of cash acquired Ìý (370)
Cash received from forward swap contract related to the sale of investment in Venator 16 Ìý
Other, net 2 (1)
Net cash used in investing activities from continuing operations (118) (480)
Net cash used in investing activities from discontinued operations Ìý (161)
Net cash used in investing activities (118) (641)
Financing Activities: Ìý Ìý
Net borrowings on revolving loan facilities 126 315
Repayments of short-term debt Ìý (4)
Borrowings on short-term debt Ìý 4
Repayments of long-term debt (662) (13)
Proceeds from issuance of long-term debt 742 Ìý
Repayments of notes payable (14) (18)
Debt issuance costs paid (7) (4)
Dividends paid to noncontrolling interests (10) (31)
Dividends paid to common stockholders (77) (78)
Repurchase and cancellation of stock awards (12) (29)
Proceeds from issuance of common stock 2 15
Repurchase of common stock (115) (135)
Costs of early extinguishment of debt (21) Ìý
Proceeds from the secondary offering of Venator Ìý 44
Cash paid for expenses of the secondary offering of Venator Ìý (2)
Net cash (used in) provided by financing activities (48) 64
Effect of exchange rate changes on cash 2 (19)
Increase in cash, cash equivalents and restricted cash 109 44
Cash, cash equivalents and restricted cash from continuing operations at beginning of period 340 481
Cash, cash equivalents and restricted cash from discontinued operations at beginning of period Ìý 238
Cash, cash equivalents and restricted cash at end of period 449 763
Supplemental cash flow information: Ìý Ìý
Cash paid for interest 53 83
Cash paid for income taxes 68 97
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES Ìý Ìý
Operating Activities: Ìý Ìý
Net income 243 967
Less: Loss (income) from discontinued operations, net of tax 1 (448)
Income from continuing operations 244 519
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations: Ìý Ìý
Equity in income of investment in unconsolidated affiliates (22) (31)
Unrealized gains on fair value adjustments to Venator investment (57) Ìý
Cash received from return on investment in unconsolidated subsidiary 10 Ìý
Depreciation and amortization 182 164
Loss on disposal of businesses/assets, net Ìý 3
Loss on early extinguishment of debt 23 3
Noncash interest expense 11 11
Noncash restructuring and impairment charges Ìý 2
Deferred income taxes 54 (86)
Noncash loss on foreign currency transactions 4 4
Noncash compensation 14 14
Other, net Ìý 3
Changes in operating assets and liabilities: Ìý Ìý
Accounts and notes receivable (39) (96)
Inventories 45 (107)
Prepaid expenses 5 (1)
Other current assets 29 5
Other noncurrent assets (38) (68)
Accounts payable (55) 40
Accrued liabilities (108) (92)
Other noncurrent liabilities (37) 42
Net cash provided by operating activities from continuing operations 265 329
Net cash provided by operating activities from discontinued operations Ìý 301
Net cash provided by operating activities 265 630
Investing Activities: Ìý Ìý
Capital expenditures (136) (109)
Acquisition of a business, net of cash acquired Ìý (370)
Increase in receivable from affiliate (5) (23)
Cash received from forward swap contract related to the sale of investment in Venator 16 Ìý
Other, net 3 (1)
Net cash used in investing activities from continuing operations (122) (503)
Net cash used in investing activities from discontinued operations Ìý (161)
Net cash used in investing activities (122) (664)
Financing Activities: Ìý Ìý
Net borrowings on revolving loan facilities 126 315
Repayments of short-term debt (662) (13)
Borrowings on short-term debt 742 Ìý
Repayments of long-term debt Ìý (4)
Proceeds from issuance of long-term debt Ìý 4
Repayments of notes payable to affiliate (115) (115)
Repayments of notes payable (14) (18)
Debt issuance costs paid (7) (4)
Dividends paid to noncontrolling interests (10) (31)
Dividends paid to parent (75) (78)
Costs of early extinguishment of debt (21) Ìý
Proceeds from the secondary offering of Venator Ìý 44
Cash paid for expenses of the secondary offering of Venator Ìý (2)
Net cash (used in) provided by financing activities (36) 98
Effect of exchange rate changes on cash 2 (19)
Increase in cash, cash equivalents and restricted cash 109 45
Cash, cash equivalents and restricted cash from continuing operations at beginning of period 340 479
Cash, cash equivalents and restricted cash from discontinued operations at beginning of period 0 238
Cash, cash equivalents and restricted cash at end of period 449 762
Supplemental cash flow information: Ìý Ìý
Cash paid for interest 53 83
Cash paid for income taxes $ 68 $ 97