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

Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS (Tables)

DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2019

Summary of major classes of line items of discontinued operations


	December 31,		December 31,
	2019		2018
Carrying amounts of major classes of assets held for sale:
Accounts receivable	$	145	$	89
Inventories		105		134
Other current assets		—		9
Total current assets				232
Property, plant and equipment, net		720		711
Operating lease right-of-use assets		69		—
Deferred income taxes		4		—
Other noncurrent assets		165		166
Total noncurrent assets				877
Total assets held for sale(1)	$	1,208	$	1,109
Carrying amounts of major classes of liabilities held for sale:
Accounts payable	$	152	$	168
Accrued liabilities		26		57
Current operating lease liabilities		20		—
Total current liabilities				225
Deferred income taxes		135		159
Noncurrent operating lease liabilities		51		—
Other noncurrent liabilities		128		124
Total noncurrent liabilities				283
Total liabilities held for sale(1)	$	512	$	508

(1)	The assets and liabilities held for sale are classified as current as of December 31, 2019 because the sale of our

Chemical Intermediates Businesses was completed on January 3, 2020.

The following table reconciles major line items constituting pretax income of discontinued operations to after-tax income (loss) of discontinued operations as presented in our consolidated statements of operations (dollars in millions):


	Year ended December 31,
	2019		2018		2017
Major line items constituting pretax income of discontinued operations(1):
Trade sales, services and fees, net(2)	$	1,545	$	3,923	$	3,747
Cost of goods sold(2)		1,287		2,847		3,198
Other expense items, net that are not major		54		332		208
Income from discontinued operations before income taxes		204		744		341
Income tax expense		(35)		(86)		(111)
Loss on disposal		—		(427)		—
Valuation allowance		—		(270)		—
Income (loss) from discontinued operations, net of tax		169		(39)		230
Net income attributable to noncontrolling interests		—		(6)		(10)
Net income (loss) attributable to discontinued operations	$	169	$	(45)	$	220

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

BUSINESS DISPOSITIONS

Summary of major classes of line items of discontinued operations


	Year ended December 31,
	2019		2018		2017
Major line items constituting pretax income of discontinued operations(1):
Trade sales, services and fees, net(2)	$	1,545	$	3,923	$	3,747
Cost of goods sold(2)		1,287		2,847		3,201
Other expense items, net that are not major		54		332		208
Income from discontinued operations before income taxes		204		744		338
Income tax expense		(35)		(86)		(111)
Loss on disposal		—		(427)		—
Valuation allowance		—		(270)		—
Income (loss) from discontinued operations, net of tax		169		(39)		227
Net income attributable to noncontrolling interests		—		(6)		(10)
Net income (loss) attributable to discontinued operations	$	169	$	(45)	$	217

(1)

Discontinued operations include our Chemical Intermediates Businesses, our Australian styrenics operations and our North American polymers and base chemicals operations for all periods presented. We began accounting for our investment in Venator as an equity method investment on December 3, 2018. Therefore, the summarized financial data only includes the results of Venator applicable to the period from January 1, 2017 through December 2, 2018.

(2)	Includes eliminations of trade sales, services and fees, net and cost of sales between continuing operations and discontinued operations.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details