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

Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Mar. 31, 2017

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.

Schedule of details about reclassifications from other comprehensive loss

	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

OTHER COMPREHENSIVE INCOME (LOSS)

Schedule of other comprehensive loss


	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.

Schedule of details about reclassifications from other comprehensive loss


	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.