Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE (LOSS) INCOME

v2.4.0.8
OTHER COMPREHENSIVE (LOSS) INCOME
 9 Months Ended
Sep. 30, 2014
OTHER COMPREHENSIVE (LOSS) INCOME  
OTHER COMPREHENSIVE (LOSS) INCOME

12. OTHER COMPREHENSIVE (LOSS) INCOME

        The components of other comprehensive (loss) income and changes in accumulated other comprehensive loss by component were as follows (dollars in millions):

Huntsman Corporation

 
   Foreign
currency
translation
adjustment(a)		   Pension and
other
postretirement
benefits
adjustments, net
of tax(b)		   Other
comprehensive
income of
unconsolidated
affiliates		   Other,
net		   Total   Amounts
attributable to
noncontrolling
interests		   Amounts
attributable to
Huntsman
Corporation		  

Beginning balance, January 1, 2014

   $ 246   $ (851 ) $ 12   $ 8   $ (585 ) $ 8   $ (577 )

Other comprehensive (loss) income before reclassifications

     (108 )   —     —     2     (106 )   7     (99 )

Amounts reclassified from accumulated other comprehensive loss(c)

     —     33     —     —     33     —     33  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net current-period other comprehensive (loss) income

     (108 )   33     —     2     (73 )   7     (66 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ending balance, September 30, 2014

   $ 138   $ (818 ) $ 12   $ 10   $ (658 ) $ 15   $ (643 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               
(a)
Amounts are net of tax of $32 and $13 as of September 30, 2014 and January 1, 2014, respectively.

(b)
Amounts are net of tax of $72 and $83 as of September 30, 2014 and January 1, 2014, respectively.

(c)
See table below for details about these reclassifications.

 
   Foreign
currency
translation
adjustment(a)		   Pension and
other
postretirement
benefits
adjustments, net
of tax(b)		   Other
comprehensive
income of
unconsolidated
affiliates		   Other, net   Total   Amounts
attributable to
noncontrolling
interests		   Amounts
attributable to
Huntsman
Corporation		  

Beginning balance, January 1, 2013

   $ 269   $ (1,036 ) $ 7   $ 3   $ (757 ) $ 13   $ (744 )

Other comprehensive (loss) income before reclassifications

     (44 )   22     2     3     (17 )   1     (16 )

Amounts reclassified from accumulated other comprehensive loss(c)

     —     46     —     —     46     —     46  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net current-period other comprehensive (loss) income

     (44 )   68     2     3     29     1     30  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ending balance, September 30, 2013

   $ 225   $ (968 ) $ 9   $ 6   $ (728 ) $ 14   $ (714 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               
(a)
Amounts are net of tax of $18 and $20 as of September 30, 2013 and January 1, 2013, respectively.

(b)
Amounts are net of tax of $176 and $197 as of September 30, 2013 and January 1, 2013, respectively.

(c)
See table below for details about these reclassifications.

 
   Three months
ended
September 30, 2014		   Nine months
ended
September 30, 2014		    
Details about Accumulated Other
Comprehensive Loss Components:
  Amounts reclassified
from accumulated other
comprehensive loss		   Amounts reclassified
from accumulated other
comprehensive loss		   Affected line item
in the statement where
net income is presented

Amortization of pension and other postretirement benefits:

                

Prior service credit

   $ (2 ) $ (7 ) (a)(b)

Actuarial loss

     13     40   (a)(b)(c)

Settlement loss

     10     11   (a)(b)
             
​ ​ ​ ​ ​ ​ ​ ​ ​

 

     21     44   Total before tax

 

     (5 )   (11 ) Income tax expense
             
​ ​ ​ ​ ​ ​ ​ ​ ​

Total reclassifications for the period

   $ 16   $ 33   Net of tax
             
​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​
             


 

 
   Three months
ended
September 30, 2013		   Nine months
ended
September 30, 2013		    
Details about Accumulated Other
Comprehensive Loss Components:
  Amounts reclassified
from accumulated other
comprehensive loss		   Amounts reclassified
from accumulated other
comprehensive loss		   Affected line item
in the statement where
net income is presented

Amortization of pension and other postretirement benefits:

                

Prior service credit

   $ (2 ) $ (6 ) (a)(b)

Actuarial loss

     20     61   (a)(b)(c)

Settlement loss

     6     6   (a)(b)
             
​ ​ ​ ​ ​ ​ ​ ​ ​

 

     24     61   Total before tax

 

     (6 )   (15 ) Income tax expense
             
​ ​ ​ ​ ​ ​ ​ ​ ​

Total reclassifications for the period

   $ 18   $ 46   Net of tax
             
​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​
             
(a)
Amounts in parentheses indicate credits on our condensed consolidated statements of operations (unaudited).

(b)
These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See "Note 10. Employee Benefit Plans."

(c)
Amounts contain $1 million of actuarial losses related to discontinued operations for both of the three months ended September 30, 2014 and 2013, and $3 million and $5 million for the nine months ended September 30, 2014 and 2013, respectively.

Huntsman International

 
   Foreign
currency
translation
adjustment(a)		   Pension and other
postretirement
benefits adjustments,
net of tax(b)		   Other
comprehensive
income (loss) of
unconsolidated
affiliates		   Other, net   Total   Amounts
attributable to
noncontrolling
interests		   Amounts
attributable to
Huntsman
International		  

Beginning balance, January 1, 2014

   $ 243   $ (883 ) $ 12   $ 2   $ (626 ) $ 8   $ (618 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive (loss) income before reclassifications

     (108 )   —     —     2     (106 )   7     (99 )

Amounts reclassified from accumulated other comprehensive loss(c)

     —     38     —     —     38     —     38  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net current-period other comprehensive (loss) income

     (108 )   38     —     2     (68 )   7     (61 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ending balance, September 30, 2014

   $ 135   $ (845 ) $ 12   $ 4   $ (694 ) $ 15   $ (679 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               
(a)
Amounts are net of tax of $19 and nil as of September 30, 2014 and January 1, 2014, respectively.

(b)
Amounts are net of tax of $101 and $113 as of September 30, 2014 and January 1, 2014, respectively.

(c)
See table below for details about these reclassifications.

 
   Foreign
currency
translation
adjustment(a)		   Pension and other
postretirement
benefits adjustments,
net of tax(b)		   Other
comprehensive
income of
unconsolidated
affiliates		   Other, net   Total   Amounts
attributable to
noncontrolling
interests		   Amounts
attributable to
Huntsman
International		  

Beginning balance, January 1, 2013

   $ 268   $ (1,076 ) $ 7   $ (3 ) $ (804 ) $ 13   $ (791 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive (loss) income before reclassifications

     (44 )   22     2     3     (17 )   1     (16 )

Amounts reclassified from accumulated other comprehensive loss(c)

     —     49     —     —     49     —     49  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net current-period other comprehensive (loss) income

     (44 )   71     2     3     32     1     33  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ending balance, September 30, 2013

   $ 224   $ (1,005 ) $ 9   $ —   $ (772 ) $ 14   $ (758 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               
(a)
Amounts are net of tax of $5 and $7 as of September 30, 2013 and January 1, 2013, respectively.

(b)
Amounts are net of tax of $206 and $228 as of September 30, 2013 and January 1, 2013, respectively.

(c)
See table below for details about these reclassifications.

 
   Three months
ended
September 30, 2014		   Nine months
ended
September 30, 2014		    
Details about Accumulated Other
Comprehensive Loss Components:
  Amounts reclassified
from accumulated other
comprehensive loss		   Amounts reclassified
from accumulated other
comprehensive loss		   Affected line item
in the statement where
net income is presented

Amortization of pension and other postretirement benefits:

                

Prior service credit

   $ (2 ) $ (7 ) (a)(b)

Actuarial loss

     15     46   (a)(b)(c)

Settlement loss

     10     11   (a)(b)
             
​ ​ ​ ​ ​ ​ ​ ​ ​

 

     23     50   Total before tax

 

     (5 )   (12 ) Income tax expense
             
​ ​ ​ ​ ​ ​ ​ ​ ​

Total reclassifications for the period

   $ 18   $ 38   Net of tax
             
​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​
             


 

 
   Three months
ended
September 30, 2013		   Nine months
ended
September 30, 2013		    
Details about Accumulated Other
Comprehensive Loss Components:
  Amounts reclassified
from accumulated other
comprehensive loss		   Amounts reclassified
from accumulated other
comprehensive loss		   Affected line item
in the statement where
net income is presented

Amortization of pension and other postretirement benefits:

                

Prior service credit

   $ (2 ) $ (6 ) (a)(b)

Actuarial loss

     23     66   (a)(b)(c)

Settlement loss

     6     6   (a)(b)
             
​ ​ ​ ​ ​ ​ ​ ​ ​

 

     27     66   Total before tax

 

     (8 )   (17 ) Income tax expense
             
​ ​ ​ ​ ​ ​ ​ ​ ​

Total reclassifications for the period

   $ 19   $ 49   Net of tax
             
​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​
             
(a)
Amounts in parentheses indicate credits on our condensed consolidated statements of operations (unaudited).

(b)
These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See "Note 10. Employee Benefit Plans."

(c)
Amounts contain approximately $1 million of actuarial losses related to discontinued operations for both of the three months ended September 30, 2014 and 2013, and $3 million and $5 million for the nine months ended September 30, 2014 and 2013, respectively.