Registration of securities issued in business combination transactions

SELECTED UNAUDITED QUARTERLY FINANCIAL DATA (Tables)

v3.3.1.900
SELECTED UNAUDITED QUARTERLY FINANCIAL DATA (Tables)
12 Months Ended
Dec. 31, 2015
SELECTED UNAUDITED QUARTERLY FINANCIAL DATA  
Summary of 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):

                                                                                                                                                                                    

 

 

Three months ended

 

 

 

March 31,
2015

 

June 30,
2015

 

September 30,
2015

 

December 31,
2015(1)

 

Revenues

 

$

2,589 

 

$

2,740 

 

$

2,638 

 

$

2,332 

 

Gross profit

 

 

452 

 

 

549 

 

 

474 

 

 

377 

 

Restructuring, impairment and plant closing costs

 

 

93 

 

 

114 

 

 

14 

 

 

81 

 

Income from continuing operations

 

 

17 

 

 

41 

 

 

64 

 

 

 

Net income

 

 

15 

 

 

39 

 

 

64 

 

 

 

Net income attributable to Huntsman International

 

 

 

 

29 

 

 

56 

 

 

 

 

                                                                                                                                                                                    

 

 

Three months ended

 

 

 

March 31,
2014

 

June 30,
2014

 

September 30,
2014(2)

 

December 31,
2014

 

Revenues

 

$

2,755

 

$

2,988

 

$

2,884

 

$

2,951

 

Gross profit

 

 

455

 

 

506

 

 

516

 

 

450

 

Restructuring, impairment and plant closing costs

 

 

39

 

 

13

 

 

39

 

 

67

 

Income (loss) from continuing operations

 

 

72

 

 

125

 

 

204

 

 

(35

)

Net income (loss)

 

 

65

 

 

125

 

 

204

 

 

(37

)

Net income (loss) attributable to Huntsman International

 

 

57

 

 

120

 

 

198

 

 

(40

)


 

 

(1)          

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.

(2)          

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.

(3)          

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.