Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (LOSS)

v3.7.0.1
OTHER COMPREHENSIVE INCOME (LOSS)
6 Months Ended
Jun. 30, 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 income before reclassifications, gross

 

 

118

 

 

 —

 

 

 —

 

 

 6

 

 

124

 

 

(7)

 

 

117

Tax benefit

 

 

17

 

 

 —

 

 

 —

 

 

 —

 

 

17

 

 

 —

 

 

17

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

 

 

 —

 

 

39

 

 

 —

 

 

(8)

 

 

31

 

 

 —

 

 

31

Tax expense

 

 

 —

 

 

(2)

 

 

 —

 

 

 —

 

 

(2)

 

 

 —

 

 

(2)

Net current-period other comprehensive income (loss)

 

 

135

 

 

37

 

 

 —

 

 

(2)

 

 

170

 

 

(7)

 

 

163

Ending balance, June 30, 2017

 

$

(324)

 

$

(1,238)

 

$

 4

 

$

21

 

$

(1,537)

 

$

29

 

$

(1,508)


(a)

Amounts are net of tax of $83 and $100 as of June 30, 2017 and January 1, 2017, respectively.

 

(b)

Amounts are net of tax of $175 and $177 as of June 30, 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 (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.

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

 

 

June 30, 2017

 

June 30, 2017

 

 

 

 

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

 

$

(3)

 

$

(7)

 

(b)

Actuarial loss

 

 

23

 

 

46

 

(b)(c)

 

 

 

20

 

 

39

 

Total before tax

 

 

 

(1)

 

 

(2)

 

Income tax expense

Total reclassifications for the period

 

$

19

 

$

37

 

Net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

 

 

June 30, 2016

 

June 30, 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)

 

$

(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


(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 June 30, 2017 and 2016 and $2 million of actuarial losses related to discontinued operations for both of the six months ended June 30, 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 income before reclassifications, gross

 

 

117

 

 

 —

 

 

 —

 

 

 6

 

 

123

 

 

(7)

 

 

116

Tax benefit

 

 

17

 

 

 —

 

 

 —

 

 

 —

 

 

17

 

 

 —

 

 

17

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

 

 

 —

 

 

43

 

 

 —

 

 

(8)

 

 

35

 

 

 —

 

 

35

Tax expense

 

 

 —

 

 

(2)

 

 

 —

 

 

 —

 

 

(2)

 

 

 —

 

 

(2)

Net current-period other comprehensive income (loss)

 

 

134

 

 

41

 

 

 —

 

 

(2)

 

 

173

 

 

(7)

 

 

166

Ending balance, June 30, 2017

 

$

(328)

 

$

(1,245)

 

$

 4

 

$

15

 

$

(1,554)

 

$

29

 

$

(1,525)


(a)

Amounts are net of tax of $69 and $86 as of June 30, 2017 and January 1, 2017, respectively.

 

(b)

Amounts are net of tax of $203 and $205 as of June 30, 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 (loss) income 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 both June 30, 2016 and January 1, 2016, respectively.

 

(c)

See table below for details about these reclassifications.

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

 

 

June 30, 2017

 

June 30, 2017

 

 

 

 

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

 

$

(3)

 

$

(7)

 

(b)

Actuarial loss

 

 

25

 

 

50

 

(b)(c)

 

 

 

22

 

 

43

 

Total before tax

 

 

 

(1)

 

 

(2)

 

Income tax expense

Total reclassifications for the period

 

$

21

 

$

41

 

Net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

 

 

June 30, 2016

 

June 30, 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)

 

$

(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


(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 June 30, 2017 and 2016 and $2 million of actuarial losses related to discontinued operations for both the six months ended June 30, 2017 and 2016.