OTHER COMPREHENSIVE INCOME |
14. OTHER COMPREHENSIVE (LOSS) INCOME
The components of other comprehensive (loss) income 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 (loss) income before reclassifications, gross
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(105)
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2
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1
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—
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(102)
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31
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(71)
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Tax expense
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(10)
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—
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—
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(3)
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(13)
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—
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(13)
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Amounts reclassified from accumulated other comprehensive loss, gross(c)
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—
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41
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—
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—
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41
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—
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41
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Tax benefit (expense)
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—
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2
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—
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(6)
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(4)
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—
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(4)
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Net current-period other comprehensive (loss) income
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(115)
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45
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1
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(9)
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(78)
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31
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(47)
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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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(5)
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(5)
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Ending balance, June 30, 2018
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$
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(364)
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$
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(1,144)
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$
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4
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$
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5
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$
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(1,499)
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$
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169
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$
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(1,330)
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(a)
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Amounts are net of tax of $75 and $65 as of June 30, 2018 and January 1, 2018, respectively.
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(b)
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Amounts are net of tax of $174 and $172 as of June 30, 2018 and January 1, 2018, respectively.
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(c)
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See table below for details about these reclassifications.
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Pension and
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Other
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Foreign
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other
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comprehensive
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Amounts
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Amounts
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currency
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postretirement
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income of
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attributable to
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attributable to
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translation
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benefits
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unconsolidated
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noncontrolling
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Huntsman
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adjustment(a)
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adjustments(b)
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affiliates
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Other, net
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Total
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interests
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Corporation
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Beginning balance, January 1, 2017
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$
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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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118
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—
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—
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6
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124
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(7)
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117
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Tax benefit
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17
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—
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—
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—
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17
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—
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17
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Amounts reclassified from accumulated other comprehensive loss, gross(c)
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—
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39
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—
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(8)
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31
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—
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31
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Tax expense
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—
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(2)
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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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Net current-period other comprehensive income
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135
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37
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—
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(2)
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170
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(7)
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163
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Ending balance, June 30, 2017
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$
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(324)
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$
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(1,238)
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$
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4
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$
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21
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$
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(1,537)
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$
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29
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$
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(1,508)
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(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 $177 as of June 30, 2017 and January 1, 2017, respectively.
(c)See table below for details about these reclassifications.
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Three months
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Six months
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ended
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ended
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June 30, 2018
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June 30, 2018
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Amounts reclassified
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Amounts reclassified
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Affected line item in
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from accumulated
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from accumulated
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the statement
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Details about Accumulated Other
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other
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other
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where net income
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Comprehensive Loss Components(a):
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comprehensive loss
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comprehensive loss
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is presented
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Amortization of pension and other postretirement benefits:
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Prior service credit
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$
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(3)
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$
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(6)
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(b)
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Settlement loss
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—
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2
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(b)
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Actuarial loss
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22
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45
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(b)(c)
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19
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41
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Total before tax
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(3)
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2
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Income tax (expense) benefit
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Total reclassifications for the period
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$
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16
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$
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43
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Net of tax
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Three months
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Six months
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ended
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ended
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June 30, 2017
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June 30, 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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(7)
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(b)
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Actuarial loss
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23
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46
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(b)(c)
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20
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39
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Total before tax
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(1)
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(2)
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Income tax expense
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Total reclassifications for the period
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$
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19
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$
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37
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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 12. Employee Benefit Plans.”
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(c)
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Amounts contain approximately $5 million and $6 million of actuarial losses related to discontinued operations for the three months ended June 30, 2018 and 2017 and $9 million and $11 million of actuarial losses related to discontinued operations for the six months ended June 30, 2018 and 2017, respectively.
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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
|
Beginning balance, January 1, 2018
|
|
$
|
(252)
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|
$
|
(1,174)
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|
$
|
3
|
|
$
|
17
|
|
$
|
(1,406)
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$
|
143
|
|
$
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(1,263)
|
Cumulative effect of changes in fair value of equity investments
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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)
|
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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|
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(1,416)
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|
143
|
|
|
(1,273)
|
Other comprehensive (loss) income before reclassifications, gross
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|
|
(105)
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|
|
2
|
|
|
1
|
|
|
—
|
|
|
(102)
|
|
|
31
|
|
|
(71)
|
Tax benefit (expense)
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|
|
(10)
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|
|
—
|
|
|
—
|
|
|
(1)
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|
|
(11)
|
|
|
—
|
|
|
(11)
|
Amounts reclassified from accumulated other comprehensive loss, gross(c)
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
42
|
Tax benefit (expense)
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(5)
|
|
|
(4)
|
|
|
—
|
|
|
(4)
|
Net current-period other comprehensive (loss) income
|
|
|
(115)
|
|
|
45
|
|
|
1
|
|
|
(6)
|
|
|
(75)
|
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|
31
|
|
|
(44)
|
Disposition of a portion of P&A Business
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|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
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|
|
—
|
|
|
(5)
|
|
|
(5)
|
Ending balance, June 30, 2018
|
|
$
|
(367)
|
|
$
|
(1,129)
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$
|
4
|
|
$
|
1
|
|
$
|
(1,491)
|
|
$
|
169
|
|
$
|
(1,322)
|
|
(a)
|
|
Amounts are net of tax of $61 and $51 as of June 30, 2018 and January 1, 2018, respectively.
|
|
(b)
|
|
Amounts are net of tax of $200 and $199 as of June 30, 2018 and January 1, 2018, respectively.
|
|
(c)
|
|
See table below for details about these reclassifications.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment(a)
|
|
Pension and other postretirement benefits adjustments(b)
|
|
Other comprehensive income of unconsolidated affiliates
|
|
Other, net
|
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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
|
|
|
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 both June 30, 2017 and January 1, 2017, respectively.
|
|
(c)
|
|
See table below for details about these reclassifications.
|
|
|
|
|
|
|
|
|
|
|
|
Three months
|
|
Six months
|
|
|
|
|
ended
|
|
ended
|
|
|
|
|
June 30, 2018
|
|
June 30, 2018
|
|
|
|
|
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)
|
|
$
|
(6)
|
|
(b)
|
Settlement loss
|
|
|
23
|
|
|
46
|
|
(b)
|
Actuarial loss
|
|
|
—
|
|
|
2
|
|
(b)(c)
|
|
|
|
20
|
|
|
42
|
|
Total before tax
|
|
|
|
(4)
|
|
|
1
|
|
Income tax (expense) benefit
|
Total reclassifications for the period
|
|
$
|
16
|
|
$
|
43
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
|
|
Three months
|
|
Six months
|
|
|
|
|
ended
|
|
ended
|
|
|
|
|
June 30, 2017
|
|
June 30, 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)
|
|
$
|
(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
|
|
(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 12. Employee Benefit Plans.”
|
|
(c)
|
|
Amounts contain approximately $5 million and $6 of actuarial losses related to discontinued operations for the three months ended June 3, 2018 and 2017 and $9 million and $11 million for the six months ended June 30, 2018 and 2017.
|
|