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Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities: Ìý Ìý
Net income $ 708 $ 131
Less: Income loss from discontinued operations, net of tax (777) (23)
(Loss) income from continuing operations (69) 108
Adjustments to reconcile (loss) income from continuing operations to net cash provided by (used in) operating activities from continuing operations: Ìý Ìý
Equity in income of investment in unconsolidated affiliates (2) (10)
Unrealized losses (gains) on fair value adjustments to Venator investment 110 (76)
Depreciation and amortization 67 67
Loss on early extinguishment of debt Ìý 23
Deferred income taxes (2) 10
Stock-based compensation 7 8
Taxes paid on sale of business (2) Ìý
Other, net 14 13
Changes in operating assets and liabilities: Ìý Ìý
Accounts and notes receivable (34) (15)
Inventories (92) (82)
Prepaid expenses 6 (4)
Other current assets 1 22
Other noncurrent assets (7) (26)
Accounts payable 61 (10)
Accrued liabilities (44) (43)
Other noncurrent liabilities (54) (25)
Net cash used in operating activities from continuing operations (40) (40)
Net cash (used in) provided by operating activities from discontinued operations (35) 9
Net cash used in operating activities (75) (31)
Investing Activities: Ìý Ìý
Capital expenditures (61) (61)
Cash received from sale of business 1,915 Ìý
Acquisition of a business, net of cash acquired (346) Ìý
Cash received from forward swap contract related to the sale of investment in Venator Ìý 16
Reimbursements of capital expenditures 3 Ìý
Net cash provided by (used in) investing activities from continuing operations 1,511 (45)
Net cash used in investing activities from discontinued operations Ìý (9)
Net cash provided by (used in) investing activities 1,511 (54)
Financing Activities: Ìý Ìý
Net (repayments) borrowings on revolving loan facilities (158) 211
Repayments of long-term debt Ìý (652)
Proceeds from issuance of long-term debt Ìý 742
Repayments of notes payable (32) (7)
Debt issuance costs paid Ìý (6)
Dividends paid to noncontrolling interests (23) Ìý
Dividends paid to common stockholders (37) (39)
Repurchase and cancellation of stock awards (6) (12)
Proceeds from issuance of common stock Ìý 1
Repurchase of common stock (96) (33)
Costs of early extinguishment of debt Ìý (21)
Other, net (2) (1)
Net cash (used in) provided by financing activities (354) 183
Effect of exchange rate changes on cash (13) 6
Increase in cash, cash equivalents and restricted cash 1,069 104
Cash, cash equivalents and restricted cash at beginning of period 525 340
Cash, cash equivalents and restricted cash at end of period 1,594 444
Supplemental cash flow information: Ìý Ìý
Cash paid for interest 5 26
Cash paid for income taxes 36 14
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES Ìý Ìý
Operating Activities: Ìý Ìý
Net income 707 128
Less: Income loss from discontinued operations, net of tax (777) (23)
(Loss) income from continuing operations (70) 105
Adjustments to reconcile (loss) income from continuing operations to net cash provided by (used in) operating activities from continuing operations: Ìý Ìý
Equity in income of investment in unconsolidated affiliates (2) (10)
Unrealized losses (gains) on fair value adjustments to Venator investment 110 (76)
Depreciation and amortization 67 67
Loss on early extinguishment of debt Ìý 23
Deferred income taxes (1) 9
Noncash compensation 6 7
Taxes paid on sale of business (2) Ìý
Other, net 16 21
Changes in operating assets and liabilities: Ìý Ìý
Accounts and notes receivable (34) (15)
Inventories (92) (82)
Prepaid expenses 6 (4)
Other current assets Ìý 21
Other noncurrent assets (7) (26)
Accounts payable 59 (15)
Accrued liabilities (44) (44)
Other noncurrent liabilities (54) (25)
Net cash used in operating activities from continuing operations (42) (44)
Net cash (used in) provided by operating activities from discontinued operations (35) 9
Net cash used in operating activities (77) (35)
Investing Activities: Ìý Ìý
Capital expenditures (61) (61)
Cash received from sale of business 1,915 Ìý
Acquisition of a business, net of cash acquired (346) Ìý
Decrease (increase) in receivable from affiliate 279 (9)
Cash received from forward swap contract related to the sale of investment in Venator Ìý 16
Reimbursements of capital expenditures 3 Ìý
Net cash provided by (used in) investing activities from continuing operations 1,790 (54)
Net cash used in investing activities from discontinued operations Ìý (9)
Net cash provided by (used in) investing activities 1,790 (63)
Financing Activities: Ìý Ìý
Net (repayments) borrowings on revolving loan facilities (158) 211
Repayments of long-term debt Ìý (652)
Proceeds from issuance of long-term debt Ìý 742
Repayments of notes payable to affiliate (380) (33)
Repayments of notes payable (32) (7)
Debt issuance costs paid Ìý (6)
Dividends paid to noncontrolling interests (23) Ìý
Dividends paid to parent (36) (37)
Costs of early extinguishment of debt Ìý (21)
Other, net (2) (2)
Net cash (used in) provided by financing activities (631) 195
Effect of exchange rate changes on cash (13) 6
Increase in cash, cash equivalents and restricted cash 1,069 103
Cash, cash equivalents and restricted cash at beginning of period 525 340
Cash, cash equivalents and restricted cash at end of period 1,594 443
Supplemental cash flow information: Ìý Ìý
Cash paid for interest 5 26
Cash paid for income taxes $ 36 $ 14