Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (LOSS)

v3.7.0.1
OTHER COMPREHENSIVE INCOME (LOSS)
3 Months Ended
Mar. 31, 2017
OTHER COMPREHENSIVE INCOME (LOSS)  
OTHER COMPREHENSIVE INCOME (LOSS)

12. OTHER COMPREHENSIVE INCOME (LOSS)

 

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

 

Huntsman Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Pension and

    

Other

    

 

    

 

    

 

    

 

 

 

Foreign

 

other

 

comprehensive

 

 

 

 

 

 

 

Amounts

 

Amounts

 

 

currency

 

postretirement

 

income of

 

 

 

 

 

 

 

attributable to

 

attributable to

 

 

translation

 

benefits

 

unconsolidated

 

 

 

 

 

 

 

noncontrolling

 

Huntsman

 

 

adjustment(a)

 

adjustments(b)

 

affiliates

 

Other, net

 

Total

 

interests

 

Corporation

Beginning balance, January 1, 2017

 

$

(459)

 

$

(1,275)

 

$

 4

 

$

23

 

$

(1,707)

 

$

36

 

$

(1,671)

Other comprehensive (loss) income before reclassifications, gross

 

 

74

 

 

 —

 

 

 —

 

 

 2

 

 

76

 

 

(2)

 

 

74

Tax benefit

 

 

 3

 

 

 —

 

 

 —

 

 

 —

 

 

 3

 

 

 —

 

 

 3

Amounts reclassified from accumulated other comprehensive loss, gross(c)

 

 

 —

 

 

19

 

 

 —

 

 

 —

 

 

19

 

 

 —

 

 

19

Tax expense

 

 

 —

 

 

(1)

 

 

 —

 

 

 —

 

 

(1)

 

 

 —

 

 

(1)

Net current-period other comprehensive (loss) income

 

 

77

 

 

18

 

 

 —

 

 

 2

 

 

97

 

 

(2)

 

 

95

Ending balance, March 31, 2017

 

$

(382)

 

$

(1,257)

 

$

 4

 

$

25

 

$

(1,610)

 

$

34

 

$

(1,576)


(a)

Amounts are net of tax of $97 and $100 as of March 31, 2017 and January 1, 2017, respectively.

 

(b)

Amounts are net of tax of $176 and $177 as of March 31, 2017 and January 1, 2017, respectively.

 

(c)

See table below for details about these reclassifications.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Pension and

    

Other

    

 

 

    

 

 

    

 

 

    

 

 

 

 

Foreign

 

other

 

comprehensive

 

 

 

 

 

Amounts

 

Amounts

 

 

currency

 

postretirement

 

income of

 

 

 

 

 

attributable to

 

attributable to

 

 

translation

 

benefits

 

unconsolidated

 

 

 

 

 

noncontrolling

 

Huntsman

 

 

adjustment(a)

 

adjustments(b)

 

affiliates

 

Other, net

 

Total

 

interests

 

Corporation

Beginning balance, January 1, 2016

 

$

(288)

 

$

(1,056)

 

$

11

 

$

17

 

$

(1,316)

 

$

28

 

$

(1,288)

Other comprehensive income (loss) before reclassifications, gross

 

 

17

 

 

 —

 

 

(11)

 

 

 —

 

 

 6

 

 

(2)

 

 

 4

Tax benefit

 

 

10

 

 

 —

 

 

 —

 

 

 —

 

 

10

 

 

 —

 

 

10

Amounts reclassified from accumulated other comprehensive loss, gross(c)

 

 

 —

 

 

13

 

 

 —

 

 

 —

 

 

13

 

 

 —

 

 

13

Tax benefit

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Net current-period other comprehensive income (loss)

 

 

27

 

 

13

 

 

(11)

 

 

 —

 

 

29

 

 

(2)

 

 

27

Ending balance, March 31, 2016

 

$

(261)

 

$

(1,043)

 

$

 —

 

$

17

 

$

(1,287)

 

$

26

 

$

(1,261)


(a)Amounts are net of tax of $80 and $90 as of March 31, 2016 and January 1, 2016, respectively.

 

(b)Amounts are net of tax of $135 as of both March 31, 2016 and January 1, 2016.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 

 

 

 

 

2017

 

2016

 

 

 

 

Amount reclassified

 

Amount reclassified

 

Affected line item in

 

 

from accumulated

 

from accumulated

 

the statement

Details about Accumulated Other

 

other

 

other

 

where net income

Comprehensive Loss Components(a):

    

comprehensive loss

    

comprehensive loss

    

is presented

Amortization of pension and other postretirement benefits:

 

 

 

 

 

 

 

 

Prior service credit

 

$

(4)

 

$

(4)

 

(b)

Actuarial loss

 

 

23

 

 

17

 

(b)(c)

 

 

 

19

 

 

13

 

Total before tax

 

 

 

(1)

 

 

 —

 

Income tax expense

Total reclassifications for the period

 

$

18

 

$

13

 

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 10. Employee Benefit Plans.”

 

(c)

Amounts contain approximately $1 million of actuarial losses related to discontinued operations for both of the three months ended March 31, 2017 and 2016.

Huntsman International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

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, 2017

    

$

(462)

    

$

(1,286)

    

$

 4

    

$

17

    

$

(1,727)

    

$

36

    

$

(1,691)

Other comprehensive (loss) income before reclassifications, gross

 

 

75

 

 

 —

 

 

 —

 

 

 2

 

 

77

 

 

(2)

 

 

75

Tax benefit

 

 

 2

 

 

 —

 

 

 —

 

 

 —

 

 

 2

 

 

 —

 

 

 2

Amounts reclassified from accumulated other comprehensive loss, gross(c)

 

 

 —

 

 

21

 

 

 —

 

 

 —

 

 

21

 

 

 —

 

 

21

Tax benefit

 

 

 —

 

 

(1)

 

 

 —

 

 

 —

 

 

(1)

 

 

 —

 

 

(1)

Net current-period other comprehensive (loss) income

 

 

77

 

 

20

 

 

 —

 

 

 2

 

 

99

 

 

(2)

 

 

97

Ending balance, March 31, 2017

 

$

(385)

 

$

(1,266)

 

$

 4

 

$

19

 

$

(1,628)

 

$

34

 

$

(1,594)


(a)

Amounts are net of tax of $84 and $86 as of March 31, 2017 and January 1, 2017, respectively.

 

(b)

Amounts are net of tax of $204 and $205 as of March 31, 2017 and January 1, 2017, 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, 2016

 

$

(292)

 

$

(1,074)

 

$

11

 

$

11

 

$

(1,344)

 

$

28

 

$

(1,316)

Other comprehensive income (loss) before reclassifications, gross

 

 

18

 

 

 —

 

 

(11)

 

 

 —

 

 

 7

 

 

(2)

 

 

 5

Tax benefit

 

 

10

 

 

 —

 

 

 —

 

 

 —

 

 

10

 

 

 —

 

 

10

Amounts reclassified from accumulated other comprehensive loss, gross(c)

 

 

 —

 

 

15

 

 

 —

 

 

 —

 

 

15

 

 

 —

 

 

15

Tax benefit

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Net current-period other comprehensive income (loss)

 

 

28

 

 

15

 

 

(11)

 

 

 —

 

 

32

 

 

(2)

 

 

30

Ending balance, March 31, 2016

 

$

(264)

 

$

(1,059)

 

$

 —

 

$

11

 

$

(1,312)

 

$

26

 

$

(1,286)


(a)

Amounts are net of tax of $66 and $76 as of March 31, 2016 and January 1, 2016, respectively.

 

(b)

Amounts are net of tax of $163 as of both March 31, 2016 and January 1, 2016.

 

(c)

See table below for details about these reclassifications.

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 

 

 

 

 

2017

 

2016

 

 

 

 

Amount reclassified

 

Amount reclassified

 

Affected line item in

 

 

from accumulated

 

from accumulated

 

the statement

Details about Accumulated Other

 

other

 

other

 

where net income

Comprehensive Loss Components(a):

    

comprehensive loss

    

comprehensive loss

    

is presented

Amortization of pension and other postretirement benefits:

 

 

 

 

 

 

 

 

Prior service credit

 

$

(4)

 

$

(4)

 

(b)

Actuarial loss

 

 

25

 

 

19

 

(b)(c)

 

 

 

21

 

 

15

 

Total before tax

 

 

 

(1)

 

 

 —

 

Income tax expense

Total reclassifications for the period

 

$

20

 

$

15

 

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 10. Employee Benefit Plans.”

 

(c)

Amounts contain approximately $1 million of actuarial losses related to discontinued operations for both the three months ended March 31, 2017 and 2016.