Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME

v3.10.0.1
OTHER COMPREHENSIVE INCOME
9 Months Ended
Sep. 30, 2018
OTHER COMPREHENSIVE INCOME  
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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

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 (loss) income before reclassifications, gross

 

 

(155)

 

 

 2

 

 

 1

 

 

 —

 

 

(152)

 

 

32

 

 

(120)

Tax expense

 

 

(1)

 

 

 —

 

 

 —

 

 

(3)

 

 

(4)

 

 

 —

 

 

(4)

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

 

 

 —

 

 

60

 

 

 —

 

 

 —

 

 

60

 

 

 —

 

 

60

Tax expense

 

 

 —

 

 

(1)

 

 

 —

 

 

(6)

 

 

(7)

 

 

 —

 

 

(7)

Net current-period other comprehensive (loss) income

 

 

(156)

 

 

61

 

 

 1

 

 

(9)

 

 

(103)

 

 

32

 

 

(71)

Disposition of a portion of P&A Business

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(5)

 

 

(5)

Ending balance, September 30, 2018

 

$

(405)

 

$

(1,128)

 

$

 4

 

$

 5

 

$

(1,524)

 

$

170

 

$

(1,354)


(a)

Amounts are net of tax of $66 and $65 as of September 30, 2018 and January 1, 2018, respectively.

 

(b)

Amounts are net of tax of $171 and $172 as of September 30, 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 (loss) before reclassifications, gross

 

 

170

 

 

 —

 

 

(1)

 

 

 7

 

 

176

 

 

(12)

 

 

164

Tax benefit

 

 

31

 

 

 —

 

 

 —

 

 

(1)

 

 

30

 

 

 —

 

 

30

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

 

 

 —

 

 

60

 

 

 —

 

 

(8)

 

 

52

 

 

 —

 

 

52

Tax expense

 

 

 —

 

 

(5)

 

 

 —

 

 

 —

 

 

(5)

 

 

 —

 

 

(5)

Net current-period other comprehensive income (loss)

 

 

201

 

 

55

 

 

(1)

 

 

(2)

 

 

253

 

 

(12)

 

 

241

Disposition of a portion of P&A Business

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

72

 

 

72

Ending balance, September 30, 2017

 

$

(258)

 

$

(1,220)

 

$

 3

 

$

21

 

$

(1,454)

 

$

96

 

$

(1,358)


(a)Amounts are net of tax of $69 and $100 as of September 30, 2017 and January 1, 2017, respectively.

 

(b)Amounts are net of tax of $172 and $177 as of September 30, 2017 and January 1, 2017, respectively.

 

(c)See table below for details about these reclassifications.

 

 

 

 

 

 

 

 

 

 

 

 

Three months

 

Nine months

 

 

 

 

ended

 

ended

 

 

 

 

September 30, 2018

 

September 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

 

$

(2)

 

$

(9)

 

(b)

Settlement loss

 

 

 —

 

 

 2

 

(b)

Actuarial loss

 

 

21

 

 

67

 

(b)(c)

 

 

 

19

 

 

60

 

Total before tax

 

 

 

(3)

 

 

(1)

 

Income tax (expense) benefit

Total reclassifications for the period

 

$

16

 

$

59

 

Net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Three months

 

Nine months

 

 

 

 

ended

 

ended

 

 

 

 

September 30, 2017

 

September 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

 

$

(4)

 

$

(11)

 

(b)

Actuarial loss

 

 

25

 

 

71

 

(b)(c)

 

 

 

21

 

 

60

 

Total before tax

 

 

 

(3)

 

 

(5)

 

Income tax expense

Total reclassifications for the period

 

$

18

 

$

55

 

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 $8 and $6 of actuarial losses related to discontinued operations for the three months ended September 30, 2018 and 2017 and $13 and $18 of actuarial losses related to discontinued operations for the nine months ended September 30, 2018 and 2017, respectively.

 

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 (loss) income before reclassifications, gross

 

 

(156)

 

 

 2

 

 

 1

 

 

 —

 

 

(153)

 

 

32

 

 

(121)

Tax expense

 

 

(1)

 

 

 —

 

 

 —

 

 

(1)

 

 

(2)

 

 

 —

 

 

(2)

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

 

 

 —

 

 

61

 

 

 —

 

 

 —

 

 

61

 

 

 —

 

 

61

Tax expense

 

 

 —

 

 

(1)

 

 

 —

 

 

(5)

 

 

(6)

 

 

 —

 

 

(6)

Net current-period other comprehensive (loss) income

 

 

(157)

 

 

62

 

 

 1

 

 

(6)

 

 

(100)

 

 

32

 

 

(68)

Disposition of a portion of P&A Business

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(5)

 

 

(5)

Ending balance, September 30, 2018

 

$

(409)

 

$

(1,112)

 

$

 4

 

$

 1

 

$

(1,516)

 

$

170

 

$

(1,346)


(a)

Amounts are net of tax of $52 and $51 as of September 30, 2018 and January 1, 2018, respectively.

 

(b)

Amounts are net of tax of $198 and $199 as of September 30, 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

 

 

169

 

 

 —

 

 

(1)

 

 

 8

 

 

176

 

 

(12)

 

 

164

Tax benefit (expense)

 

 

30

 

 

 —

 

 

 —

 

 

(1)

 

 

29

 

 

 —

 

 

29

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

 

 

 —

 

 

65

 

 

 —

 

 

(8)

 

 

57

 

 

 —

 

 

57

Contribution of other comprehensive income from Parent

 

 

 —

 

 

20

 

 

 —

 

 

 —

 

 

20

 

 

 —

 

 

20

Tax expense

 

 

 —

 

 

(5)

 

 

 —

 

 

 —

 

 

(5)

 

 

 —

 

 

(5)

Net current-period other comprehensive income (loss)

 

 

199

 

 

80

 

 

(1)

 

 

(1)

 

 

277

 

 

(12)

 

 

265

Disposition of a portion of P&A Business

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

72

 

 

72

Ending balance, September 30, 2017

 

$

(263)

 

$

(1,206)

 

$

 3

 

$

16

 

$

(1,450)

 

$

96

 

$

(1,354)


(a)

Amounts are net of tax of $56 and $86 as of September 30, 2017 and January 1, 2017, respectively.

 

(b)

Amounts are net of tax of $200 and $205 as of September 30, 2017 and January 1, 2017, respectively.

 

(c)

See table below for details about these reclassifications.

 

 

 

 

 

 

 

 

 

 

 

 

Three months

 

Nine months

 

 

 

 

ended

 

ended

 

 

 

 

September 30, 2018

 

September 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)

 

$

(9)

 

(b)

Settlement loss

 

 

 —

 

 

 2

 

(b)

Actuarial loss

 

 

22

 

 

68

 

(b)(c)

 

 

 

19

 

 

61

 

Total before tax

 

 

 

(2)

 

 

(1)

 

Income tax (expense) benefit

Total reclassifications for the period

 

$

17

 

$

60

 

Net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Three months

 

Nine months

 

 

 

 

ended

 

ended

 

 

 

 

September 30, 2017

 

September 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

 

$

(4)

 

$

(11)

 

(b)

Actuarial loss

 

 

26

 

 

76

 

(b)(c)

 

 

 

22

 

 

65

 

Total before tax

 

 

 

(3)

 

 

(5)

 

Income tax expense

Total reclassifications for the period

 

$

19

 

$

60

 

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 $8 and $6 of actuarial losses related to discontinued operations for the three months ended September 30, 2018 and 2017 and $13 and $18 for the nine months ended September 30, 2018 and 2017.