Huntsman Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

SELECTED UNAUDITED QUARTERLY FINANCIAL DATA

SELECTED UNAUDITED QUARTERLY FINANCIAL DATA

12 Months Ended

Dec. 31, 2019

SELECTED UNAUDITED QUARTERLY FINANCIAL DATA

SELECTED UNAUDITED QUARTERLY FINANCIAL DATA

28. SELECTED UNAUDITED QUARTERLY FINANCIAL DATA

A summary of selected unaudited quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (dollars in millions, except per share amounts):

Huntsman Corporation


	Three months ended
	March 31,		June 30,		September 30,		December 31,
	2019		2019		2019		2019
Revenues	$	1,669	$	1,784	$	1,687	$	1,657
Gross profit		359		373		340		310
Restructuring, impairment and plant closing costs (credits)		1		—		(43)		1
Income (loss) from continuing operations		108		83		(27)		265
Net income		131		118		41		308
Net income attributable to noncontrolling interests		12		8		11		5
Net income attributable to Huntsman Corporation		119		110		30		303
Basic income per share(4):
Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders		0.41		0.33		(0.17)		1.16
Net income attributable to Huntsman Corporation common stockholders		0.51		0.48		0.13		1.35
Diluted income per share(4):
Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders		0.41		0.32		(0.17)		1.15
Net income attributable to Huntsman Corporation common stockholders		0.51		0.47		0.13		1.34


	Three months ended
	March 31,		June 30,		September 30,		December 31,
	2018		2018		2018(1)		2018(2)
Revenues	$	1,838	$	1,977	$	1,968	$	1,821
Gross profit		466		479		467		352
Restructuring, impairment and plant closing costs (credits)		2		1		5		(15)
Income from continuing operations		189		242		197		61
Net income (loss)		350		623		(8)		(315)
Net income attributable to noncontrolling interests(3)		76		209		3		25
Net income (loss) attributable to Huntsman Corporation		274		414		(11)		(340)
Basic income per share(4):
Income from continuing operations attributable to Huntsman Corporation common stockholders		0.70		0.93		0.72		0.20
Net income (loss) attributable to Huntsman Corporation common stockholders		1.14		1.73		(0.05)		(1.45)
Diluted income per share(4):
Income from continuing operations attributable to Huntsman Corporation common stockholders		0.68		0.91		0.72		0.19
Net income (loss) attributable to Huntsman Corporation common stockholders		1.11		1.71		(0.05)		(1.43)

Huntsman International


	Three months ended
	March 31,		June 30,		September 30,		December 31,
	2019		2019		2019		2019
Revenues	$	1,669	$	1,784	$	1,687	$	1,657
Gross profit		359		373		340		310
Restructuring, impairment and plant closing costs (credits)		1		—		(43)		1
Income (loss) from continuing operations		105		80		(30)		268
Net income		128		115		38		311
Net income attributable to noncontrolling interests		12		8		11		5
Net income attributable to Huntsman International		116		107		27		306


	Three months ended
	March 31,		June 30,		September 30,		December 31,
	2018		2018		2018(1)		2018(2)
Revenues	$	1,838	$	1,977		1,968	$	1,821
Gross profit		467		480		468		352
Restructuring, impairment and plant closing costs (credits)		2		1		5		(15)
Income from continuing operations		186		239		194		56
Net income (loss)		347		620		(11)		(320)
Net income attributable to noncontrolling interests(3)		76		209		3		25
Net income (loss) attributable to Huntsman International		271		411		(14)		(345)

(1)

During the third quarter of 2018, we recognized a net after tax valuation allowance of $270 million to adjust the carrying amount of the assets and liabilities held for sale and the amount of accumulated comprehensive income recorded in equity related to Venator to the lower of cost or estimated fair value, less cost to sell. This loss was recorded in discontinued operations on our consolidated statements of operations. For more information see “Note 4. Discontinued Operations and Dispositions – Separation and Deconsolidation of Venator.”

(2)

In connection with the deconsolidation of Venator, we recorded a pretax loss of $427 million during the fourth quarter of 2018 to record our remaining ownership interest in Venator at fair value. This loss was recorded in discontinued operations on our consolidated statements of operations. We elected the fair value option to account for our equity method investment in Venator post deconsolidation. Accordingly, at December 31, 2018, we recorded a pretax loss of $57 million to record our equity method investment in Venator at fair value. This loss was recorded in “Fair value adjustments to Venator investment” on our consolidated statements of operations. Furthermore, in connection with the December 3, 2018 sale of Venator shares to Bank of America N.A., we recorded a forward swap. During December 2018, we recorded a loss of $5 million in “Fair value adjustments to Venator investment” on our consolidated statements of operations to record the forward swap at fair value. For more information, see “Note 4. Discontinued Operations and Dispositions – Separation and Deconsolidation of Venator.”

(3)

In connection with the Venator IPO in August 2017, we separated the P&A Business and, beginning in the third quarter of 2017, we reported the results of operations of Venator as discontinued operations on our consolidated financial statements. On December 3, 2018, we further reduced our investment in Venator by the sale of Venator ordinary shares which allowed us to deconsolidate Venator beginning in December 2018. See “Note 4. Discontinued Operations and Business Dispositions—Separation of Venator.”

(4)

Basic and diluted income per share are computed independently for each of the quarters presented based on the weighted average number of common shares outstanding during that period. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.