Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME

v3.8.0.1
OTHER COMPREHENSIVE INCOME
3 Months Ended
Mar. 31, 2018
OTHER COMPREHENSIVE INCOME  
OTHER COMPREHENSIVE INCOME

13. OTHER COMPREHENSIVE INCOME

 

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, 2018

 

$

(249)

 

$

(1,189)

 

$

 3

 

$

24

 

$

(1,411)

 

$

143

 

$

(1,268)

Cumulative effect of changes in fair value of equity investments

 

 

 —

 

 

 —

 

 

 —

 

 

(10)

 

 

(10)

 

 

 —

 

 

(10)

Revised beginning balance, January 1, 2018

 

 

(249)

 

 

(1,189)

 

 

 3

 

 

14

 

 

(1,421)

 

 

143

 

 

(1,278)

Other comprehensive income (loss) before reclassifications, gross

 

 

83

 

 

(2)

 

 

 —

 

 

 —

 

 

81

 

 

(7)

 

 

74

Tax benefit (expense)

 

 

 4

 

 

 —

 

 

 —

 

 

(3)

 

 

 1

 

 

 —

 

 

 1

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

 

 

 —

 

 

22

 

 

 —

 

 

 —

 

 

22

 

 

 —

 

 

22

Tax benefit (expense)

 

 

 —

 

 

 5

 

 

 —

 

 

(6)

 

 

(1)

 

 

 —

 

 

(1)

Net current-period other comprehensive income (loss)

 

 

87

 

 

25

 

 

 —

 

 

(9)

 

 

103

 

 

(7)

 

 

96

Disposition of a portion of P&A Business

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(16)

 

 

(16)

Ending balance, March 31, 2018

 

$

(162)

 

$

(1,164)

 

$

 3

 

$

 5

 

$

(1,318)

 

$

120

 

$

(1,198)

 

(a)

Amounts are net of tax of $61 and $65 as of March 31, 2018 and January 1, 2018, respectively.

 

(b)

Amounts are net of tax of $177 and $172 as of March 31, 2018 and January 1, 2018, 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, 2017

 

$

(459)

 

$

(1,275)

 

$

 4

 

$

23

 

$

(1,707)

 

$

36

 

$

(1,671)

Other comprehensive 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 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.

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 

 

 

 

 

2018

 

2017

 

 

 

 

Amounts reclassified

 

Amounts 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)

 

$

(4)

 

(b)

Settlement loss

 

 

 2

 

 

 —

 

(b)

Actuarial loss

 

 

23

 

 

23

 

(b)(c)

 

 

 

22

 

 

19

 

Total before tax

 

 

 

 5

 

 

(1)

 

Income tax benefit (expense)

Total reclassifications for the period

 

$

27

 

$

18

 

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 11. Employee Benefit Plans.”

 

(c)

Amounts contain approximately $4 and $5 of actuarial losses related to discontinued operations for the three months ended March 31, 2018 and 2017.

 

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, 2018

    

$

(252)

    

$

(1,174)

    

$

 3

    

$

17

    

$

(1,406)

    

$

143

    

$

(1,263)

Cumulative effect of changes in fair value of equity investments

 

 

 —

 

 

 —

 

 

 —

 

 

(10)

 

 

(10)

 

 

 —

 

 

(10)

Revised beginning balance, January 1, 2018

 

 

(252)

 

 

(1,174)

 

 

 3

 

 

 7

 

 

(1,416)

 

 

143

 

 

(1,273)

Other comprehensive income (loss) before reclassifications, gross

 

 

81

 

 

(2)

 

 

 1

 

 

 —

 

 

80

 

 

(7)

 

 

73

Tax benefit (expense)

 

 

 4

 

 

 —

 

 

 —

 

 

(1)

 

 

 3

 

 

 —

 

 

 3

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

 

 

 —

 

 

22

 

 

 —

 

 

 —

 

 

22

 

 

 —

 

 

22

Tax expense

 

 

 —

 

 

 5

 

 

 —

 

 

(5)

 

 

 —

 

 

 —

 

 

 —

Net current-period other comprehensive income (loss)

 

 

85

 

 

25

 

 

 1

 

 

(6)

 

 

105

 

 

(7)

 

 

98

Disposition of a portion of P&A Business

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(16)

 

 

(16)

Ending balance, March 31, 2018

 

$

(167)

 

$

(1,149)

 

$

 4

 

$

 1

 

$

(1,311)

 

$

120

 

$

(1,191)


(a)

Amounts are net of tax of $48 and $51 as of March 31, 2018 and January 1, 2018, respectively.

 

(b)

Amounts are net of tax of $204 and $199 as of March 31, 2018 and January 1, 2018, 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, 2017

 

$

(462)

 

$

(1,286)

 

$

 4

 

$

17

 

$

(1,727)

 

$

36

 

$

(1,691)

Other comprehensive 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 expense

 

 

 —

 

 

(1)

 

 

 —

 

 

 —

 

 

(1)

 

 

 —

 

 

(1)

Net current-period other comprehensive 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 both March 31, 2017 and January 1, 2017, respectively.

 

(c)

See table below for details about these reclassifications.

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 

 

 

 

 

2018

 

2017

 

 

 

 

Amounts reclassified

 

Amounts 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)

 

$

(4)

 

(b)

Settlement loss

 

 

 2

 

 

 —

 

(b)

Actuarial loss

 

 

23

 

 

25

 

(b)(c)

 

 

 

22

 

 

21

 

Total before tax

 

 

 

 5

 

 

(1)

 

Income tax benefit (expense)

Total reclassifications for the period

 

$

27

 

$

20

 

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 11. Employee Benefit Plans.”

 

(c)

Amounts contain approximately $4 and $5 of actuarial losses related to discontinued operations for the three months ended March 31, 2018 and 2017, respectively.