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
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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, 2018
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$
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(249)
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$
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(1,189)
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$
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3
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$
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24
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$
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(1,411)
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$
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143
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$
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(1,268)
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Cumulative effect of changes in fair value of equity investments
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—
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—
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—
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(10)
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(10)
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—
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(10)
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Revised beginning balance, January 1, 2018
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(249)
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(1,189)
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3
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14
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(1,421)
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143
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(1,278)
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Other comprehensive income (loss) before reclassifications, gross
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83
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(2)
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—
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—
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81
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(7)
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74
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Tax benefit (expense)
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4
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—
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—
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(3)
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1
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—
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1
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Amounts reclassified from accumulated other comprehensive loss, gross(c)
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—
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22
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—
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—
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22
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—
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22
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Tax benefit (expense)
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—
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5
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—
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(6)
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(1)
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—
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(1)
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Net current-period other comprehensive income (loss)
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87
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25
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—
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(9)
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103
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(7)
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96
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Disposition of a portion of P&A Business
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—
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—
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—
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—
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—
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(16)
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(16)
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Ending balance, March 31, 2018
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$
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(162)
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$
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(1,164)
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$
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3
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$
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5
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$
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(1,318)
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$
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120
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$
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(1,198)
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(a)
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Amounts are net of tax of $61 and $65 as of March 31, 2018 and January 1, 2018, respectively.
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(b)
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Amounts are net of tax of $177 and $172 as of March 31, 2018 and January 1, 2018, respectively.
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(c)
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See table below for details about these reclassifications.
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Pension and
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Other
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Foreign
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other
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comprehensive
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Amounts
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Amounts
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currency
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postretirement
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income of
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attributable to
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attributable to
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translation
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benefits
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unconsolidated
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noncontrolling
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Huntsman
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adjustment(a)
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adjustments(b)
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affiliates
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Other, net
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Total
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interests
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Corporation
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Beginning balance, January 1, 2017
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$
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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 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 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)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 $177 as of March 31, 2017 and January 1, 2017, respectively.
(c)See table below for details about these reclassifications.
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Three months ended March 31,
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2018
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2017
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Amounts reclassified
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Amounts reclassified
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Affected line item in
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from accumulated
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from accumulated
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the statement
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Details about Accumulated Other
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other
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other
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where net income
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Comprehensive Loss Components(a):
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comprehensive loss
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comprehensive loss
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is presented
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Amortization of pension and other postretirement benefits:
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Prior service credit
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$
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(3)
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$
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(4)
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(b)
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Settlement loss
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2
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—
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(b)
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Actuarial loss
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23
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23
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(b)(c)
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22
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19
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Total before tax
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5
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(1)
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Income tax benefit (expense)
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Total reclassifications for the period
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$
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27
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$
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18
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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 11. Employee Benefit Plans.”
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(c)
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Amounts contain approximately $4 and $5 of actuarial losses related to discontinued operations for the three months ended March 31, 2018 and 2017.
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Huntsman International
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Foreign currency translation adjustment(a)
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Pension and other postretirement benefits adjustments(b)
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Other comprehensive income of unconsolidated affiliates
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Other, net
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Total
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Amounts attributable to noncontrolling interests
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Amounts attributable to Huntsman International
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Beginning balance, January 1, 2018
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$
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(252)
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$
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(1,174)
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$
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3
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$
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17
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$
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(1,406)
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$
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143
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$
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(1,263)
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Cumulative effect of changes in fair value of equity investments
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—
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—
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—
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(10)
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(10)
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—
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(10)
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Revised beginning balance, January 1, 2018
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(252)
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(1,174)
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3
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7
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(1,416)
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143
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(1,273)
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Other comprehensive income (loss) before reclassifications, gross
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81
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(2)
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1
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—
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80
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(7)
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73
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Tax benefit (expense)
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4
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—
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—
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(1)
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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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22
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—
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—
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22
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—
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22
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Tax expense
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—
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5
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—
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(5)
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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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85
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25
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1
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(6)
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105
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(7)
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98
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Disposition of a portion of P&A Business
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—
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—
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—
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—
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—
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(16)
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(16)
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Ending balance, March 31, 2018
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$
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(167)
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$
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(1,149)
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$
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4
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$
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1
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$
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(1,311)
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$
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120
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$
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(1,191)
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(a)
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Amounts are net of tax of $48 and $51 as of March 31, 2018 and January 1, 2018, respectively.
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(b)
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Amounts are net of tax of $204 and $199 as of March 31, 2018 and January 1, 2018, respectively.
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(c)
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See table below for details about these reclassifications.
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Foreign currency translation adjustment(a)
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Pension and other postretirement benefits adjustments(b)
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Other comprehensive income of unconsolidated affiliates
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Other, net
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Total
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Amounts attributable to noncontrolling interests
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Amounts attributable to Huntsman International
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Beginning balance, January 1, 2017
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$
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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 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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—
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21
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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 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
|
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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|
$
|
19
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|
$
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(1,628)
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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 both 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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Three months ended March 31,
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2018
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2017
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Amounts reclassified
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Amounts reclassified
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|
Affected line item in
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from accumulated
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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)
|
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$
|
(4)
|
|
(b)
|
Settlement loss
|
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|
2
|
|
|
—
|
|
(b)
|
Actuarial loss
|
|
|
23
|
|
|
25
|
|
(b)(c)
|
|
|
|
22
|
|
|
21
|
|
Total before tax
|
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|
|
5
|
|
|
(1)
|
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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.
|
|