Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.10.0.1
DISCONTINUED OPERATIONS (Tables)
 9 Months Ended
Sep. 30, 2018
DISCONTINUED OPERATIONS  
Summary of major classes of items held for sale and discontinued operations

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

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

 

2018

    

2017

Carrying amounts of major classes of assets held for sale:

 

 

 

 

 

 

Accounts receivable

 

$

398

 

$

380

Inventories

 

 

513

 

 

454

Other current assets

 

 

337

 

 

318

Property, plant and equipment, net

 

 

1,679

 

 

1,424

Deferred income taxes

 

 

118

 

 

158

Other noncurrent assets

 

 

141

 

 

146

Valuation allowance(2)

 

 

(270)

 

 

 —

Total assets held for sale(1)

 

$

2,916

 

$

2,880

Carrying amounts of major classes of liabilities held for sale:

 

 

 

 

 

 

Accounts payable

 

$

375

 

$

385

Accrued liabilities

 

 

146

 

 

236

Other current liabilities

 

 

16

 

 

25

Long-term debt

 

 

744

 

 

746

Other noncurrent liabilities

 

 

283

 

 

300

Total liabilities held for sale(1)

 

$

1,564

 

$

1,692

 

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

 

 

Huntsman Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months

 

Nine months

 

ended

 

ended

 

September 30, 

 

September 30, 

 

2018

    

2017

    

2018

    

2017

Major classes of line items constituting pretax income of discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

Trade sales, services and fees, net

$

539

 

$

589

 

$

1,796

 

$

1,700

Cost of goods sold

 

438

 

 

475

 

 

1,032

 

 

1,426

Other expense items, net that are not major

 

120

 

 

34

 

 

231

 

 

132

(Loss) income from discontinued operations before income taxes

 

(19)

 

 

80

 

 

533

 

 

142

Income tax benefit (expense)

 

52

 

 

(17)

 

 

(52)

 

 

(41)

Valuation allowance(2)

 

(270)

 

 

 —

 

 

(270)

 

 

 —

(Loss) income from discontinued operations, net of tax

 

(237)

 

 

63

 

 

211

 

 

101

Net income attributable to noncontrolling interests

 

(2)

 

 

(2)

 

 

(6)

 

 

(8)

Net (loss) income attributable to discontinued operations

$

(239)

 

$

61

 

$

205

 

$

93

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES  
DISCONTINUED OPERATIONS  
Summary of major classes of items held for sale and discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months

 

Nine months

 

ended

 

ended

 

September 30, 

 

September 30, 

 

2018

    

2017

    

2018

    

2017

Major classes of line items constituting pretax income of discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

Trade sales, services and fees, net

$

539

 

$

589

 

$

1,796

 

$

1,700

Cost of goods sold

 

438

 

 

474

 

 

1,032

 

 

1,425

Other expense items, net that are not major

 

120

 

 

36

 

 

231

 

 

136

(Loss) income from discontinued operations before income taxes

 

(19)

 

 

79

 

 

533

 

 

139

Income tax benefit (expense)

 

52

 

 

(17)

 

 

(52)

 

 

(41)

Valuation allowance(2)

 

(270)

 

 

 —

 

 

(270)

 

 

 —

(Loss) income from discontinued operations, net of tax

 

(237)

 

 

62

 

 

211

 

 

98

Net income attributable to noncontrolling interests

 

(2)

 

 

(2)

 

 

(6)

 

 

(8)

Net (loss) income attributable to discontinued operations

$

(239)

 

$

60

 

$

205

 

$

90

 

(1)

We have presented Venator as held for sale as a single asset and liability in our condensed consolidated balance sheets. We are actively marketing our retained ownership in Venator at a reasonable price.

 

(2)

During the third quarter of 2018, we recognized a net after tax valuation allowance of $270 million to adjust the net carrying amount of Venator to the lower of cost or estimated fair value, less cost to sell. The fair value less cost to sell utilized the observable stock price of Venator plus an estimated control premium less estimated selling costs (Level 3).