Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME

v3.19.1
OTHER COMPREHENSIVE INCOME
3 Months Ended
Mar. 31, 2019
OTHER COMPREHENSIVE INCOME  
OTHER COMPREHENSIVE INCOME

14. OTHER COMPREHENSIVE INCOME

 

The components of other comprehensive 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, 2019

 

$

(371)

 

$

(994)

 

$

 8

 

$

 5

 

$

(1,352)

 

$

36

 

$

(1,316)

Other comprehensive income before reclassifications, gross

 

 

40

 

 

 —

 

 

 —

 

 

 —

 

 

40

 

 

(2)

 

 

38

Tax benefit

 

 

 2

 

 

 —

 

 

 —

 

 

 —

 

 

 2

 

 

 —

 

 

 2

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

 

 

 —

 

 

15

 

 

 —

 

 

 —

 

 

15

 

 

 —

 

 

15

Tax expense

 

 

 —

 

 

(3)

 

 

 —

 

 

 —

 

 

(3)

 

 

 —

 

 

(3)

Net current-period other comprehensive income

 

 

42

 

 

12

 

 

 —

 

 

 —

 

 

54

 

 

(2)

 

 

52

Ending balance, March 31, 2019

 

$

(329)

 

$

(982)

 

$

 8

 

$

 5

 

$

(1,298)

 

$

34

 

$

(1,264)


(a)

Amounts are net of tax of $69 and $71 as of March 31, 2019 and January 1, 2019, respectively.

 

(b)

Amounts are net of tax of $132 and $135 as of March 31, 2019 and January 1, 2019, 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, 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 income (loss) before reclassifications, gross

 

 

83

 

 

(2)

 

 

 —

 

 

 —

 

 

81

 

 

(7)

 

 

74

Tax benefit (expense)

 

 

 4

 

 

 —

 

 

 —

 

 

(3)

 

 

 1

 

 

 —

 

 

 1

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

 

 

 —

 

 

22

 

 

 —

 

 

 —

 

 

22

 

 

 —

 

 

22

Tax benefit (expense)

 

 

 —

 

 

 5

 

 

 —

 

 

(6)

 

 

(1)

 

 

 —

 

 

(1)

Net current-period other comprehensive income (loss)

 

 

87

 

 

25

 

 

 —

 

 

(9)

 

 

103

 

 

(7)

 

 

96

Disposition of a portion of Venator

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(16)

 

 

(16)

Ending balance, March 31, 2018

 

$

(162)

 

$

(1,164)

 

$

 3

 

$

 5

 

$

(1,318)

 

$

120

 

$

(1,198)


(a)Amounts are net of tax of $61 and $65 as of March 31, 2018 and January 1, 2018, respectively.

 

(b)Amounts are net of tax of $177 and $172 as of March 31, 2018 and January 1, 2018, respectively.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 

 

 

 

 

2019

 

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)

 

$

(3)

 

(b)

Settlement loss

 

 

 —

 

 

 2

 

(b)

Actuarial loss

 

 

18

 

 

23

 

(b)(c)

 

 

 

15

 

 

22

 

Total before tax

 

 

 

(3)

 

 

 5

 

Income tax benefit (expense)

Total reclassifications for the period

 

$

12

 

$

27

 

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 $1 and $4 of actuarial losses related to discontinued operations for the three months ended March  31, 2019 and 2018, 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, 2019

    

$

(376)

    

$

(977)

    

$

 8

    

$

 1

    

$

(1,344)

    

$

36

    

$

(1,308)

Other comprehensive income before reclassifications, gross

 

 

40

 

 

 —

 

 

 —

 

 

 —

 

 

40

 

 

(2)

 

 

38

Tax benefit

 

 

 1

 

 

 —

 

 

 —

 

 

 —

 

 

 1

 

 

 —

 

 

 1

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

 

 

 —

 

 

16

 

 

 —

 

 

 —

 

 

16

 

 

 —

 

 

16

Tax expense

 

 

 —

 

 

(3)

 

 

 —

 

 

 —

 

 

(3)

 

 

 —

 

 

(3)

Net current-period other comprehensive income

 

 

41

 

 

13

 

 

 —

 

 

 —

 

 

54

 

 

(2)

 

 

52

Ending balance, March 31, 2019

 

$

(335)

 

$

(964)

 

$

 8

 

$

 1

 

$

(1,290)

 

$

34

 

$

(1,256)


(a)

Amounts are net of tax of $56 and $57 as of March 31, 2019 and January 1, 2019, respectively.

 

(b)

Amounts are net of tax of $158 and $161 as of March 31, 2019 and January 1, 2019, 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, 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 income before reclassifications, gross

 

 

81

 

 

(2)

 

 

 1

 

 

 —

 

 

80

 

 

(7)

 

 

73

Tax benefit (expense)

 

 

 4

 

 

 —

 

 

 —

 

 

(1)

 

 

 3

 

 

 —

 

 

 3

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

 

 

 —

 

 

22

 

 

 —

 

 

 —

 

 

22

 

 

 —

 

 

22

Tax benefit (expense)

 

 

 —

 

 

 5

 

 

 —

 

 

(5)

 

 

 —

 

 

 —

 

 

 —

Net current-period other comprehensive income (loss)

 

 

85

 

 

25

 

 

 1

 

 

(6)

 

 

105

 

 

(7)

 

 

98

Disposition of a portion of Venator

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(16)

 

 

(16)

Ending balance, March 31, 2018

 

$

(167)

 

$

(1,149)

 

$

 4

 

$

 1

 

$

(1,311)

 

$

120

 

$

(1,191)


(a)

Amounts are net of tax of $48 and $51 as of March 31, 2018 and January 1, 2018, respectively.

 

(b)

Amounts are net of tax of $204 and $199 as of March 31, 2018 and January 1, 2018, respectively.

 

(c)

See table below for details about these reclassifications.

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 

 

 

 

 

2019

 

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)

 

$

(3)

 

(b)

Settlement loss

 

 

 —

 

 

 2

 

(b)

Actuarial loss

 

 

19

 

 

23

 

(b)(c)

 

 

 

16

 

 

22

 

Total before tax

 

 

 

(3)

 

 

 5

 

Income tax benefit (expense)

Total reclassifications for the period

 

$

13

 

$

27

 

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 $1 and $4 of actuarial losses related to discontinued operations for the three months ended March 31, 2019 and 2018, respectively.