Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.8.0.1
DISCONTINUED OPERATIONS (Tables)
 3 Months Ended
Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Summary of major classes of assets and liabilities constituting assets and liabilities held for sale

The following table summarizes the major classes of assets and liabilities constituting assets and liabilities held for sale (dollars in millions):

 

 

 

 

 

 

 

 

 

 

March 31, 

 

December 31, 

 

 

2018

    

2017

Carrying amounts of major classes of assets held for sale:

 

 

 

 

 

 

Accounts receivable

 

$

439

 

$

380

Inventories

 

 

482

 

 

454

Other current assets

 

 

311

 

 

318

Property, plant and equipment, net

 

 

1,534

 

 

1,424

Deferred income taxes

 

 

153

 

 

158

Other noncurrent assets

 

 

141

 

 

146

Total assets held for sale

 

$

3,060

 

$

2,880

Carrying amounts of major classes of liabilities in held for sale:

 

 

 

 

 

 

Accounts payable

 

$

387

 

$

385

Accrued liabilities

 

 

249

 

 

236

Other current liabilities

 

 

19

 

 

25

Long term debt

 

 

747

 

 

746

Other noncurrent liabilities

 

 

319

 

 

300

Total liabilities held for sale

 

$

1,721

 

$

1,692

(1)

The assets and liabilities held for sale are classified as current as of March 31, 2018 and December 31, 2017 because it is probable that the sale of our controlling financial interest in Venator ordinary shares will occur and proceeds will be collected within one year.

 

The following table summarizes major classes of line items constituting pretax and after-tax income of discontinued operations (dollars in millions):

 

 

Huntsman Corporation

 

 

 

 

 

 

 

 

March 31, 

 

2018

    

2017

Major classes of line items constituting pretax income (loss) of discontinued operations:

 

 

 

 

 

Trade sales, services and fees, net

$

627

 

$

543

Cost of goods sold

 

476

 

 

470

Selling, general and administrative

 

51

 

 

40

Restructuring, impairment and plant closing costs

 

 9

 

 

27

Business separation expenses

 

 —

 

 

 9

Interest expense

 

 9

 

 

 —

Other operating income, net

 

(50)

 

 

 —

Other (income) loss, net

 

(2)

 

 

 1

Income (loss) from discontinued operations before income taxes

 

134

 

 

(4)

Income tax expense

 

(20)

 

 

(3)

Income (loss) from discontinued operations, net of tax

 

114

 

 

(7)

Net income attributable to noncontrolling interests

 

(2)

 

 

(3)

Net income (loss) attributable to discontinued operations

$

112

 

$

(10)

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Summary of major classes of assets and liabilities constituting assets and liabilities held for sale

 

 

 

 

 

 

 

March 31, 

 

2018

    

2017

Major classes of line items constituting pretax income (loss) of discontinued operations:

 

 

 

 

 

Trade sales, services and fees, net

$

627

 

$

543

Cost of goods sold

 

476

 

 

471

Selling, general and administrative

 

51

 

 

40

Restructuring, impairment and plant closing costs

 

 9

 

 

27

Business separation expenses

 

 —

 

 

 9

Interest expense

 

 9

 

 

 —

Other operating income, net

 

(50)

 

 

 —

Other (income) loss, net

 

(2)

 

 

 1

Income (loss) from discontinued operations before income taxes

 

134

 

 

(5)

Income tax expense

 

(20)

 

 

(3)

Income (loss) from discontinued operations, net of tax

 

114

 

 

(8)

Net income attributable to noncontrolling interests

 

(2)

 

 

(3)

Net income (loss) attributable to discontinued operations

$

112

 

$

(11)