Huntsman Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE (LOSS) INCOME (Tables)

OTHER COMPREHENSIVE (LOSS) INCOME (Tables)

6 Months Ended

Jun. 30, 2016

OTHER COMPREHENSIVE (LOSS) INCOME

Schedule of other comprehensive (loss) income and changes in accumulated other comprehensive loss by component

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

		Foreign currency translation adjustment(a)			Pension and other postretirement benefits adjustments(b)			Other comprehensive income of unconsolidated affiliates			Other, net			Total			Amounts attributable to noncontrolling interests			Amounts attributable to Huntsman Corporation
Beginning balance, January 1, 2016		$	(288	)	$	(1,056	)	$	11		$	17		$	(1,316	)	$	28		$	(1,288	)

Other comprehensive (loss) income before reclassifications, gross			(30	)		—			(8	)		2			(36	)		—			(36	)
Tax benefit			4			—			—			—			4			—			4
Amounts reclassified from accumulated other comprehensive loss, gross(c)			—			27			—			—			27			—			27
Tax expense			—			(3	)		—			—			(3	)		—			(3	)

Net current-period other comprehensive (loss) income			(26	)		24			(8	)		2			(8	)		—			(8	)

Ending balance, June 30, 2016		$	(314	)	$	(1,032	)	$	3		$	19		$	(1,324	)	$	28		$	(1,296	)


(a)	Amounts are net of tax of $86 and $90 as of June 30, 2016 and January 1, 2016, respectively.
(b)	Amounts are net of tax of $132 and $135 as of June 30, 2016 and January 1, 2016, respectively.
(c)	See table below for details about these reclassifications.

		Foreign currency translation adjustment(a)			Pension and other postretirement benefits adjustments(b)			Other comprehensive income of unconsolidated affiliates			Other, net			Total			Amounts attributable to noncontrolling interests			Amounts attributable to Huntsman Corporation
Beginning balance, January 1, 2015		$	25		$	(1,122	)	$	10		$	11		$	(1,076	)	$	23		$	(1,053	)

Other comprehensive (loss) income before reclassifications, gross			(123	)		(5	)		9			—			(119	)		5			(114	)
Tax expense			(19	)		—			—			—			(19	)		—			(19	)
Amounts reclassified from accumulated other comprehensive loss, gross(c)			—			35			—			—			35			—			35
Tax expense			—			(8	)		—			—			(8	)		—			(8	)

Net current-period other comprehensive (loss) income			(142	)		22			9			—			(111	)		5			(106	)

Ending balance, June 30, 2015		$	(117	)	$	(1,100	)	$	19		$	11		$	(1,187	)	$	28		$	(1,159	)


(a)	Amounts are net of tax of $66 and $47 as of June 30, 2015 and January 1, 2015, respectively.
(b)	Amounts are net of tax of $175 and $182 as of June 30, 2015 and January 1, 2015, respectively.
(c)	See table below for details about these reclassifications.

Schedule of details about reclassifications from accumulated other comprehensive loss

		Three months ended June 30, 2016			Six months ended June 30, 2016
		Three months ended June 30, 2016			Six months ended June 30, 2016			Affected line item in the statement where net income is presented
Details about Accumulated Other Comprehensive Loss Components(a):		Amounts reclassified from accumulated other comprehensive loss			Amounts reclassified from accumulated other comprehensive loss
Amortization of pension and other postretirement benefits:
Prior service credit		$	(4	)	$	(8	)	(b)
Actuarial loss			16			35		(b)(c)

			12			27		Total before tax
			(3	)		(3	)	Income tax expense

Total reclassifications for the period		$	9		$	24		Net of tax

		Three months ended June 30, 2015			Six months ended June 30, 2015
		Three months ended June 30, 2015			Six months ended June 30, 2015			Affected line item in the statement where net income is presented
Details about Accumulated Other Comprehensive Loss Components(a):		Amounts reclassified from accumulated other comprehensive loss			Amounts reclassified from accumulated other comprehensive loss
Amortization of pension and other postretirement benefits:
Prior service credit		$	(2	)	$	(4	)	(b)
Actuarial loss			20			39		(b)(c)

Settlement loss			18			35		Total before tax
			(4	)		(8	)	Income tax expense

Total reclassifications for the period		$	14		$	27		Net of tax


(a)	Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations.
(b)	These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See "Note 9. Employee Benefit Plans."
(c)	Amounts contain approximately $1 million of actuarial losses related to discontinued operations for each of the three months ended June 30, 2016 and 2015 and $2 million of actuarial losses related to discontinued operations for each of the six months ended June 30, 2016 and 2015.

Huntsman International

OTHER COMPREHENSIVE (LOSS) INCOME

Schedule of other comprehensive (loss) income and changes in accumulated other comprehensive loss by component

		Foreign currency translation adjustment(a)			Pension and other postretirement benefits adjustments(b)			Other comprehensive income of unconsolidated affiliates			Other, net			Total			Amounts attributable to noncontrolling interests			Amounts attributable to Huntsman International
Beginning balance, January 1, 2016		$	(292	)	$	(1,074	)	$	11		$	11		$	(1,344	)	$	28		$	(1,316	)

Other comprehensive income (loss) before reclassifications, gross			(30	)		—			(8	)		3			(35	)		—			(35	)
Tax benefit			4			—			—			—			4			—			4
Amounts reclassified from accumulated other comprehensive loss, gross(c)			—			30			—			—			30			—			30
Tax expense			—			(4	)		—			—			(4	)		—			(4	)

Net current-period other comprehensive income (loss)			(26	)		26			(8	)		3			(5	)		—			(5	)

Ending balance, June 30, 2016		$	(318	)	$	(1,048	)	$	3		$	14		$	(1,349	)	$	28		$	(1,321	)


(a)	Amounts are net of tax of $72 and $76 as of June 30, 2016 and January 1, 2016, respectively.
(b)	Amounts are net of tax of $159 and $163 as of June 30, 2016 and January 1, 2016, respectively.
(c)	See table below for details about these reclassifications.

		Foreign currency translation adjustment(a)			Pension and other postretirement benefits adjustments(b)			Other comprehensive income of unconsolidated affiliates			Other, net			Total			Amounts attributable to noncontrolling interests			Amounts attributable to Huntsman International
Beginning balance, January 1, 2015		$	22		$	(1,147	)	$	10		$	5		$	(1,110	)	$	23		$	(1,087	)

Other comprehensive (loss) income before reclassifications, gross			(124	)		(5	)		9			—			(120	)		5			(115	)
Tax expense			(19	)		—			—			—			(19	)		—			(19	)
Amounts reclassified from accumulated other comprehensive loss, gross(c)			—			39			—			—			39			—			39
Tax expense			—			(8	)		—			—			(8	)		—			(8	)

Net current-period other comprehensive (loss) income			(143	)		26			9			—			(108	)		5			(103	)

Ending balance, June 30, 2015		$	(121	)	$	(1,121	)	$	19		$	5		$	(1,218	)	$	28		$	(1,190	)


(a)	Amounts are net of tax of $53 and $34 as of June 30, 2015 and January 1, 2015, respectively.
(b)	Amounts are net of tax of $204 and $211 as of June 30, 2015 and January 1, 2015, respectively.
(c)	See table below for details about these reclassifications.

Schedule of details about reclassifications from accumulated other comprehensive loss

		Three months ended June 30, 2016			Six months ended June 30, 2016
		Three months ended June 30, 2016			Six months ended June 30, 2016			Affected line item in the statement where net income is presented
Details about Accumulated Other Comprehensive Loss Components(a):		Amounts reclassified from accumulated other comprehensive loss			Amounts reclassified from accumulated other comprehensive loss
Amortization of pension and other postretirement benefits:
Prior service credit		$	(4	)	$	(8	)	(b)
Actuarial loss			19			38		(b)(c)

			15			30		Total before tax
			(4	)		(4	)	Income tax expense

Total reclassifications for the period		$	11		$	26		Net of tax

		Three months ended June 30, 2015			Six months ended June 30, 2015
		Three months ended June 30, 2015			Six months ended June 30, 2015			Affected line item in the statement where net income is presented
Details about Accumulated Other Comprehensive Loss Components(a):		Amounts reclassified from accumulated other comprehensive loss			Amounts reclassified from accumulated other comprehensive loss
Amortization of pension and other postretirement benefits:
Prior service credit		$	(2	)	$	(4	)	(b)
Actuarial loss			22			43		(b)(c)

			20			39		Total before tax
			(4	)		(8	)	Income tax expense

Total reclassifications for the period		$	16		$	31		Net of tax


(a)	Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations.
(b)	These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See "Note 9. Employee Benefit Plans."
(c)	Amounts contain approximately $1 million of actuarial losses related to discontinued operations for each of the three months ended June 30, 2016 and 2015 and $2 million of actuarial losses related to discontinued operations for each of the six months ended June 30, 2016 and 2015.