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

Annual report pursuant to Section 13 and 15(d)

OTHER COMPREHENSIVE (LOSS) INCOME (Tables)

OTHER COMPREHENSIVE (LOSS) INCOME (Tables)

12 Months Ended

Dec. 31, 2019

OTHER COMPREHENSIVE LOSS

Schedule of other comprehensive loss

Other comprehensive loss consisted of the following (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 (loss) income before reclassifications, gross			—			(112)			—			(1)			(113)			5			(108)
Tax benefit			2			25			—			—			27			—			27
Amounts reclassified from accumulated other comprehensive loss, gross(c)			—			62			—			—			62			—			62
Tax expense			—			(12)			—			—			(12)			—			(12)
Net current-period other comprehensive (loss) income			2			(37)			—			(1)			(36)			5			(31)
Acquisition of noncontrolling interest			—			—			—			—			—			(15)			(15)
Ending balance, December 31, 2019		$	(369)		$	(1,031)		$	8		$	4		$	(1,388)		$	26		$	(1,362)

(a)	Amounts are net of tax of $68 and $71 as of December 31, 2019 and January 1, 2019, respectively.

(b)	Amounts are net of tax of $148 and $135 as of December 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 (loss) income before reclassifications, gross			(186)			(130)			—			—			(316)			47			(269)
Tax expense (benefit)			(6)			27			—			(3)			18			—			18
Amounts reclassified from accumulated other comprehensive loss, gross(c)			—			77			—			—			77			—			77
Tax expense			—			(13)			—			(6)			(19)			—			(19)
Net current-period other comprehensive (loss) income			(192)			(39)			—			(9)			(240)			47			(193)
Disposition of a portion of Venator			—			—			—			—			—			(5)			(5)
Deconsolidation of Venator			70			285			5			—			360			(149)			211
Tax expense			—			(51)			—			—			(51)			—			(51)
Ending balance, December 31, 2018		$	(371)		$	(994)		$	8		$	5		$	(1,352)		$	36		$	(1,316)

(a)	Amounts are net of tax of $71 and $65 as of December 31, 2018 and January 1, 2018, respectively.

(b)	Amounts are net of tax of $135 and $172 as of December 31, 2018 and January 1, 2018, respectively.

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

Schedule of details about reclassifications from other comprehensive loss


		Amounts reclassified
		from accumulated
		other
		comprehensive loss									Affected line item in
Details about Accumulated Other		Year ended December 31,									where net income
Comprehensive Loss Components(a):		2019			2018			2017			is presented
Amortization of pension and other postretirement benefits:
Prior service credit		$	(11)		$	(12)		$	(15)		(b)
Settlement loss			1			2			—
Actuarial loss			72			87			95		(b)(c)
			62			77			80		Total before tax
			(12)			(13)			(14)		Income tax expense
Total reclassifications for the period		$	50		$	64		$	66		Net of tax

(a)	Pension and other postretirement benefits amounts in parentheses indicate credits on our consolidated statements of operations.

(b)	These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 19. Employee Benefit Plans.”

(c)	Amounts contain approximately $7, $22 and $22 of prior service credit and actuarial loss related to discontinued operations for the years ended December 31, 2019, 2018 and 2017, respectively.

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

OTHER COMPREHENSIVE LOSS

Schedule of other comprehensive loss

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 (loss) income before reclassifications, gross			—			(113)			—			(1)			(114)			5			(109)
Tax benefit			2			25			—			—			27			—			27
Amounts reclassified from accumulated other comprehensive loss, gross(c)			—			65			—			—			65			—			65
Tax expense			—			(12)			—			—			(12)			—			(12)
Net current-period other comprehensive (loss) income			2			(35)			—			(1)			(34)			5			(29)
Acquisition of noncontrolling interest			—			—			—			—			—			(15)			(15)
Ending balance, December 31, 2019		$	(374)		$	(1,012)		$	8		$	—		$	(1,378)		$	26		$	(1,352)

(a)	Amounts are net of tax of $55 and $57 as of December 31, 2019 and January 1, 2019, respectively.

(b)	Amounts are net of tax of $174 and $161 as of December 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 (loss) income before reclassifications, gross			(188)			(130)			—			—			(318)			47			(271)
Tax expense (benefit)			(6)			27			—			(1)			20			—			20
Amounts reclassified from accumulated other comprehensive loss, gross(c)			—			80			—			—			80			—			80
Tax expense			—			(14)			—			(5)			(19)			—			(19)
Net current-period other comprehensive (loss) income			(194)			(37)			—			(6)			(237)			47			(190)
Disposition of a portion of Venator			—			—			—			—			—			(5)			(5)
Deconsolidation of Venator			70			285			5			—			360			(149)			211
Tax expense			—			(51)			—			—			(51)			—			(51)
Ending balance, December 31, 2018		$	(376)		$	(977)		$	8		$	1		$	(1,344)		$	36		$	(1,308)

(a)	Amounts are net of tax of $57 and $51 as of December 31, 2018 and January 1, 2018, respectively.

(b)	Amounts are net of tax of $161 and $199 as of December 31, 2018 and January 1, 2018, respectively.

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

Schedule of details about reclassifications from other comprehensive loss


		Amounts reclassified
		from accumulated
		other
		comprehensive loss									Affected line item in
Details about Accumulated Other		Year ended December 31,									where net income
Comprehensive Loss Components(a):		2019			2018			2017			is presented
Amortization of pension and other postretirement benefits:
Prior service credit		$	(11)		$	(12)		$	(15)		(b)
Settlement loss			1			2			—
Actuarial loss			75			90			101		(b)(c)
			65			80			86		Total before tax
			(12)			(14)			(15)		Income tax expense
Total reclassifications for the period		$	53		$	66		$	71		Net of tax

(a)	Pension and other postretirement benefits amounts in parentheses indicate credits on our consolidated statements of operations.

(b)	These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 19. Employee Benefit Plans.”

(c)	Amounts contain approximately $7 and $22 and $29 of prior service credit and actuarial loss related to discontinued operations for the years ended December 31, 2019, 2018 and 2017, respectively.