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
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Pension and
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Other
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Foreign
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other
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comprehensive
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Amounts
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Amounts
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currency
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postretirement
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income of
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attributable to
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attributable to
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translation
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benefits
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unconsolidated
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noncontrolling
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Huntsman
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adjustment(a)
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adjustments(b)
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affiliates
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Other, net
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Total
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interests
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Corporation
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Beginning balance, January 1, 2017
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$
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(459)
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$
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(1,275)
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$
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4
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$
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23
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$
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(1,707)
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$
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36
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$
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(1,671)
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Other comprehensive (loss) income before reclassifications, gross
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74
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—
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—
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2
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76
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(2)
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74
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Tax benefit
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3
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—
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—
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—
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3
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—
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3
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Amounts reclassified from accumulated other comprehensive loss, gross(c)
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—
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19
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—
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—
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19
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—
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19
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Tax expense
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—
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(1)
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—
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—
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(1)
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—
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(1)
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Net current-period other comprehensive (loss) income
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77
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18
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—
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2
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97
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(2)
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95
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Ending balance, March 31, 2017
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$
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(382)
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$
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(1,257)
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$
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4
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$
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25
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$
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(1,610)
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$
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34
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$
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(1,576)
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(a)
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Amounts are net of tax of $97 and $100 as of March 31, 2017 and January 1, 2017, respectively.
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(b)
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Amounts are net of tax of $176 and $177 as of March 31, 2017 and January 1, 2017, respectively.
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(c)
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See table below for details about these reclassifications.
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Pension and
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Other
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Foreign
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other
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comprehensive
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Amounts
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Amounts
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currency
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postretirement
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income of
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attributable to
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attributable to
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translation
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benefits
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unconsolidated
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noncontrolling
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Huntsman
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adjustment(a)
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adjustments(b)
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affiliates
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Other, net
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Total
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interests
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Corporation
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Beginning balance, January 1, 2016
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$
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(288)
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$
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(1,056)
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$
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11
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$
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17
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$
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(1,316)
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$
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28
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$
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(1,288)
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Other comprehensive income (loss) before reclassifications, gross
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17
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—
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(11)
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—
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6
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(2)
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4
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Tax benefit
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10
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—
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—
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—
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10
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—
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10
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Amounts reclassified from accumulated other comprehensive loss, gross(c)
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—
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13
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—
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—
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13
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—
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13
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Tax benefit
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—
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—
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—
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—
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—
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—
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—
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Net current-period other comprehensive income (loss)
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27
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13
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(11)
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—
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29
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(2)
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27
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Ending balance, March 31, 2016
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$
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(261)
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$
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(1,043)
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$
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—
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$
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17
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$
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(1,287)
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$
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26
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$
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(1,261)
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(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 $135 as of both March 31, 2016 and January 1, 2016.
(c)See table below for details about these reclassifications.
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Three months ended March 31,
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2017
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2016
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Amount reclassified
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Amount reclassified
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Affected line item in
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from accumulated
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from accumulated
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the statement
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Details about Accumulated Other
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other
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other
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where net income
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Comprehensive Loss Components(a):
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comprehensive loss
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comprehensive loss
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is presented
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Amortization of pension and other postretirement benefits:
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Prior service credit
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$
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(4)
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$
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(4)
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(b)
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Actuarial loss
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23
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17
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(b)(c)
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19
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13
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Total before tax
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(1)
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—
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Income tax expense
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Total reclassifications for the period
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$
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18
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$
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13
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Net of tax
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(a)
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Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations.
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(b)
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These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 10. Employee Benefit Plans.”
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(c)
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Amounts contain approximately $1 million of actuarial losses related to discontinued operations for both of the three months ended March 31, 2017 and 2016.
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Huntsman International
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Foreign currency translation adjustment(a)
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Pension and other postretirement benefits adjustments(b)
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Other comprehensive income of unconsolidated affiliates
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Other, net
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Total
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Amounts attributable to noncontrolling interests
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Amounts
attributable to
Huntsman
International
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Beginning balance, January 1, 2017
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$
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(462)
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$
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(1,286)
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$
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4
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$
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17
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$
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(1,727)
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$
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36
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$
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(1,691)
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Other comprehensive (loss) income before reclassifications, gross
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75
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—
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—
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2
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77
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(2)
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75
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Tax benefit
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2
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—
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—
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—
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2
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—
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2
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Amounts reclassified from accumulated other comprehensive loss, gross(c)
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—
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21
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—
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—
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21
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—
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21
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Tax benefit
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—
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(1)
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—
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—
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(1)
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—
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(1)
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Net current-period other comprehensive (loss) income
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77
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20
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—
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2
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99
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(2)
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97
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Ending balance, March 31, 2017
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$
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(385)
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$
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(1,266)
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$
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4
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$
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19
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$
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(1,628)
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$
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34
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$
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(1,594)
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(a)
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Amounts are net of tax of $84 and $86 as of March 31, 2017 and January 1, 2017, respectively.
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(b)
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Amounts are net of tax of $204 and $205 as of March 31, 2017 and January 1, 2017, respectively.
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(c)
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See table below for details about these reclassifications.
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Foreign currency translation adjustment(a)
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Pension and other postretirement benefits adjustments(b)
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Other comprehensive income of unconsolidated affiliates
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Other, net
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Total
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Amounts attributable to noncontrolling interests
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Amounts attributable to Huntsman International
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Beginning balance, January 1, 2016
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$
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(292)
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$
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(1,074)
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$
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11
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$
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11
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$
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(1,344)
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$
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28
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$
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(1,316)
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Other comprehensive income (loss) before reclassifications, gross
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18
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—
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(11)
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—
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7
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(2)
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5
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Tax benefit
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10
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—
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—
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—
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10
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—
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10
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Amounts reclassified from accumulated other comprehensive loss, gross(c)
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—
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15
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—
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—
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15
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—
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15
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Tax benefit
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—
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—
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—
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—
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—
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—
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—
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Net current-period other comprehensive income (loss)
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28
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15
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(11)
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—
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32
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(2)
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30
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Ending balance, March 31, 2016
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$
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(264)
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$
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(1,059)
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$
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—
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$
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11
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$
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(1,312)
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$
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26
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$
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(1,286)
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(a)
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Amounts are net of tax of $66 and $76 as of March 31, 2016 and January 1, 2016, respectively.
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(b)
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Amounts are net of tax of $163 as of both March 31, 2016 and January 1, 2016.
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(c)
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See table below for details about these reclassifications.
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Three months ended March 31,
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2017
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2016
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Amount reclassified
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Amount reclassified
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Affected line item in
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from accumulated
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from accumulated
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the statement
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Details about Accumulated Other
|
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other
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other
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where net income
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Comprehensive Loss Components(a):
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comprehensive loss
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comprehensive loss
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is presented
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Amortization of pension and other postretirement benefits:
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Prior service credit
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$
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(4)
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$
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(4)
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(b)
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Actuarial loss
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25
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19
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(b)(c)
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21
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15
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Total before tax
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(1)
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—
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Income tax expense
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Total reclassifications for the period
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$
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20
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$
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15
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Net of tax
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(a)
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Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations.
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(b)
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These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 10. Employee Benefit Plans.”
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(c)
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Amounts contain approximately $1 million of actuarial losses related to discontinued operations for both the three months ended March 31, 2017 and 2016.
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