| SELECTED UNAUDITED QUARTERLY FINANCIAL DATA |
27. SELECTED UNAUDITED QUARTERLY FINANCIAL DATA
A summary of selected unaudited quarterly financial data for the years ended December 31, 2015 and 2014 is as follows (dollars in millions, except per share amounts):
Huntsman Corporation
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Three months ended
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March 31,
2015
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June 30,
2015
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September 30,
2015
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December 31,
2015(1)
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Revenues
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$ 2,589
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$ 2,740
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$ 2,638
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$ 2,332
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Gross profit
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450
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549
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473
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376
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Restructuring, impairment and plant closing costs
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93
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114
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14
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81
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Income from continuing operations
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17
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41
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63
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9
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Net income
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15
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39
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63
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9
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Net income attributable to Huntsman Corporation
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5
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29
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55
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4
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Basic income per share(3):
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Income from continuing operations attributable to Huntsman Corporation common stockholders
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0.03
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0.13
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0.23
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0.02
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Net income attributable to Huntsman Corporation common stockholders
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0.02
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0.12
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0.23
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0.02
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Diluted income per share(3):
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Income from continuing operations attributable to Huntsman Corporation common stockholders
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0.03
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0.13
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0.22
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0.02
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Net income attributable to Huntsman Corporation common stockholders
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0.02
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0.12
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0.22
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0.02
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Three months ended
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March 31,
2014
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June 30,
2014
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September 30,
2014(2)
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December 31,
2014
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Revenues
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$ 2,755
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$ 2,988
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$ 2,884
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$ 2,951
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Gross profit
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450
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505
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515
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449
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Restructuring, impairment and plant closing costs
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39
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13
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39
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67
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Income (loss) from continuing operations
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69
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124
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194
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(34)
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Net income (loss)
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62
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124
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194
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(35)
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Net income (loss) attributable to Huntsman Corporation
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54
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119
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188
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(38)
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Basic income (loss) per share(3):
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Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders
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0.25
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0.49
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0.77
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(0.16)
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Net income (loss) attributable to Huntsman Corporation common stockholders
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0.22
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0.49
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0.77
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(0.16)
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Diluted income (loss) per share(3):
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Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders
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0.25
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0.48
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0.76
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(0.16)
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Net income (loss) attributable to Huntsman Corporation common stockholders
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0.22
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0.48
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0.76
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(0.16)
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Huntsman International
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Three months ended
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March 31,
2015
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June 30,
2015
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September 30,
2015
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December 31,
2015(1)
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Revenues
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$ 2,589
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$ 2,740
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$ 2,638
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$ 2,332
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Gross profit
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452
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549
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474
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377
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Restructuring, impairment and plant closing costs
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93
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114
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14
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81
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Income from continuing operations
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17
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41
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64
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9
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Net income
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15
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39
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64
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9
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Net income attributable to Huntsman International
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5
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29
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56
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4
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Three months ended
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March 31,
2014
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June 30,
2014
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September 30,
2014(2)
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December 31,
2014
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Revenues
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$ 2,755
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$ 2,988
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$ 2,884
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$ 2,951
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Gross profit
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455
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506
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516
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450
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Restructuring, impairment and plant closing costs
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39
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13
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39
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67
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Income (loss) from continuing operations
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72
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125
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204
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(35)
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Net income (loss)
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65
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125
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204
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(37)
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Net income (loss) attributable to Huntsman International
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57
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120
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198
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(40)
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(1)
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During the three months ended December 31, 2015, we declared a dividend from our non-U.S. operations to the U.S., which included bringing onshore certain U.S. foreign tax credits. The foreign tax credits brought onshore exceeded the amount needed to offset the cash tax impact of the dividend, as well as enough to allow us to carry $14 million of foreign tax credits back to a prior year and claim a refund. During 2015, a number of our intercompany liabilities that were denominated in U.S. dollars were owed by entities whose tax currency was the euro. As a result of the depreciation in the euro opposite the U.S. dollar, these entities recorded a tax only foreign exchange loss. Most of the intercompany receivables associated with these same U.S. dollar denominated intercompany debts were held by entities with a tax currency of the U.S. dollar which, therefore, resulted in no taxable gain. This resulted in a $33 million tax benefit ($58 million, net of $25 million of contingent liabilities and valuation allowances) in the fourth quarter of 2015.
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(2)
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During the three months ended September 30, 2014, as a result of extensive research and analysis, we filed amended U.S. tax returns for tax years 2008 through 2012, along with our original U.S. tax return for tax year 2013, and made elections which allowed us to utilize U.S. foreign tax credits. As a result of utilizing these assets that had been subject to a valuation allowance, we recognized a discrete income tax benefit of $94 million in the third quarter of 2014.
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(3)
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Basic and diluted income per share are computed independently for each of the quarters presented based on the weighted average number of common shares outstanding during that period. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.
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