ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
OTHER COMPREHENSIVE INCOME |
|
Schedule of 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
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|
|
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|
|
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Foreign currency translation adjustment(a) |
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Pension and other postretirement benefits adjustments(b) |
|
Other comprehensive income of unconsolidated affiliates |
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Other, net |
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Total |
|
Amounts attributable to noncontrolling interests |
|
Amounts
attributable to
Huntsman
Corporation
|
Beginning balance, January 1, 2020 |
|
$ |
(369) |
|
$ |
(1,031) |
|
$ |
8 |
|
$ |
4 |
|
$ |
(1,388) |
|
$ |
26 |
|
$ |
(1,362) |
Other comprehensive (loss) income before reclassifications, gross |
|
|
(52) |
|
|
8 |
|
|
— |
|
|
— |
|
|
(44) |
|
|
— |
|
|
(44) |
Tax expense |
|
|
(4) |
|
|
(2) |
|
|
— |
|
|
— |
|
|
(6) |
|
|
— |
|
|
(6) |
Amounts reclassified from accumulated other comprehensive loss, gross(c) |
|
|
— |
|
|
75 |
|
|
— |
|
|
— |
|
|
75 |
|
|
— |
|
|
75 |
Tax expense |
|
|
— |
|
|
(17) |
|
|
— |
|
|
— |
|
|
(17) |
|
|
— |
|
|
(17) |
Net current-period other comprehensive (loss) income |
|
|
(56) |
|
|
64 |
|
|
— |
|
|
— |
|
|
8 |
|
|
— |
|
|
8 |
Ending balance, June 30, 2020 |
|
$ |
(425) |
|
$ |
(967) |
|
$ |
8 |
|
$ |
4 |
|
$ |
(1,380) |
|
$ |
26 |
|
$ |
(1,354) |
(a) |
Amounts are net of tax of $72 and $68 as of June 30, 2020 and January 1, 2020, respectively.
|
(b) |
Amounts are net of tax of $129 and $148 as of June 30, 2020 and January 1, 2020, respectively.
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(c) |
See table below for details about these reclassifications. |
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|
|
|
|
|
|
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
Corporation
|
Beginning balance, January 1, 2019 |
|
$ |
(371) |
|
$ |
(994) |
|
$ |
8 |
|
$ |
5 |
|
$ |
(1,352) |
|
$ |
36 |
|
$ |
(1,316) |
Other comprehensive income before reclassifications, gross |
|
|
19 |
|
|
— |
|
|
— |
|
|
— |
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|
19 |
|
|
— |
|
|
19 |
Tax benefit |
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|
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
1 |
Amounts reclassified from accumulated other comprehensive loss, gross(c) |
|
|
— |
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|
31 |
|
|
— |
|
|
— |
|
|
31 |
|
|
— |
|
|
31 |
Tax expense |
|
|
— |
|
|
(6) |
|
|
— |
|
|
— |
|
|
(6) |
|
|
— |
|
|
(6) |
Net current-period other comprehensive income |
|
|
20 |
|
|
25 |
|
|
— |
|
|
— |
|
|
45 |
|
|
— |
|
|
45 |
Ending balance, June 30, 2019 |
|
$ |
(351) |
|
$ |
(969) |
|
$ |
8 |
|
$ |
5 |
|
$ |
(1,307) |
|
$ |
36 |
|
$ |
(1,271) |
(a) |
Amounts are net of tax of $70 and $71 as of June 30, 2019 and January 1, 2019, respectively. |
(b) |
Amounts are net of tax of $129 and $135 as of June 30, 2019 and January 1, 2019, respectively. |
(c) |
See table below for details about these reclassifications. |
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Schedule of details about reclassifications from other comprehensive income |
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Three months ended June 30, |
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2020 |
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2019 |
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Amounts reclassified |
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Amounts reclassified |
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Affected line item in |
|
|
from accumulated |
|
from accumulated |
|
the statement |
|
|
other |
|
other |
|
where net income |
Details about Accumulated Other |
|
comprehensive loss |
|
comprehensive loss |
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is presented |
Comprehensive Loss Components(a): |
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|
Amortization of pension and other postretirement benefits: |
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|
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|
Prior service credit |
|
$ |
(2) |
|
$ |
(3) |
|
(b) |
Actuarial loss |
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|
19 |
|
|
19 |
|
(b)(d) |
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|
17 |
|
|
16 |
|
Total before tax |
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|
|
(3) |
|
|
(3) |
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Income tax expense |
Total reclassifications for the period |
|
$ |
14 |
|
$ |
13 |
|
Net of tax |
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|
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Six months ended June 30, |
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2020 |
|
2019 |
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|
|
|
Amounts reclassified |
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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 |
|
$ |
(5) |
|
$ |
(6) |
|
(b) |
Settlement loss |
|
|
41 |
|
|
— |
|
(c) |
Actuarial loss |
|
|
39 |
|
|
37 |
|
(b)(d) |
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|
|
75 |
|
|
31 |
|
Total before tax |
|
|
|
(17) |
|
|
(6) |
|
Income tax expense |
Total reclassifications for the period |
|
$ |
58 |
|
$ |
25 |
|
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) |
In connection with the sale of our Chemical Intermediates Businesses, we recognized $41 of pension and other post-employment benefit settlement losses during the six months ended June 30, 2020. |
(d) |
Amounts contain approximately $2 and nil of actuarial losses related to discontinued operations for the three months ended June 30, 2020 and 2019, respectively, and $3 and $1 of actuarial losses related to discontinued operations for the six months ended June 30, 2020 and 2019. |
|
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES |
|
OTHER COMPREHENSIVE INCOME |
|
Schedule of other comprehensive income |
Huntsman International
|
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|
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|
|
|
|
|
|
|
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, 2020 |
|
$ |
(374) |
|
$ |
(1,012) |
|
$ |
8 |
|
$ |
— |
|
$ |
(1,378) |
|
$ |
26 |
|
$ |
(1,352) |
Other comprehensive (loss) income before reclassifications, gross |
|
|
(53) |
|
|
8 |
|
|
— |
|
|
— |
|
|
(45) |
|
|
— |
|
|
(45) |
Tax expense |
|
|
(4) |
|
|
(2) |
|
|
— |
|
|
— |
|
|
(6) |
|
|
— |
|
|
(6) |
Amounts reclassified from accumulated other comprehensive loss, gross(c) |
|
|
— |
|
|
77 |
|
|
— |
|
|
— |
|
|
77 |
|
|
— |
|
|
77 |
Tax expense |
|
|
— |
|
|
(17) |
|
|
— |
|
|
— |
|
|
(17) |
|
|
— |
|
|
(17) |
Net current-period other comprehensive (loss) income |
|
|
(57) |
|
|
66 |
|
|
— |
|
|
— |
|
|
9 |
|
|
— |
|
|
9 |
Ending balance, June 30, 2020 |
|
$ |
(431) |
|
$ |
(946) |
|
$ |
8 |
|
$ |
— |
|
$ |
(1,369) |
|
$ |
26 |
|
$ |
(1,343) |
(a) |
Amounts are net of tax of $59 and $55 as of June 30, 2020 and January 1, 2020 respectively.
|
(b) |
Amounts are net of tax of $155 and $174 as of June, 2020 and January 1, 2020, respectively.
|
(c) |
See table below for details about these reclassifications. |
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
19 |
|
|
— |
|
|
— |
|
|
— |
|
|
19 |
|
|
— |
|
|
19 |
Tax benefit |
|
|
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
1 |
Amounts reclassified from accumulated other comprehensive loss, gross(c) |
|
|
— |
|
|
33 |
|
|
— |
|
|
— |
|
|
33 |
|
|
— |
|
|
33 |
Tax expense |
|
|
— |
|
|
(7) |
|
|
— |
|
|
— |
|
|
(7) |
|
|
— |
|
|
(7) |
Net current-period other comprehensive income |
|
|
20 |
|
|
26 |
|
|
— |
|
|
— |
|
|
46 |
|
|
— |
|
|
46 |
Ending balance, June 30, 2019 |
|
$ |
(356) |
|
$ |
(951) |
|
$ |
8 |
|
$ |
1 |
|
$ |
(1,298) |
|
$ |
36 |
|
$ |
(1,262) |
(a) |
Amounts are net of tax of $56 and $57 as of June 30, 2019 and January 1, 2019, respectively. |
(b) |
Amounts are net of tax of $154 and $161 as of June 30, 2019 and January 1, 2019, respectively. |
(c) |
See table below for details about these reclassifications. |
|
Schedule of details about reclassifications from other comprehensive income |
|
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|
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|
Three months ended June 30, |
|
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|
|
2020 |
|
2019 |
|
|
|
|
Amounts reclassified |
|
Amounts reclassified |
|
Affected line item in |
|
|
from accumulated |
|
from accumulated |
|
the statement |
|
|
other |
|
other |
|
where net income |
Details about Accumulated Other |
|
comprehensive loss |
|
comprehensive loss |
|
is presented |
Comprehensive Loss Components(a): |
|
|
|
|
|
|
|
|
Amortization of pension and other postretirement benefits: |
|
|
|
|
|
|
|
|
Prior service credit |
|
$ |
(2) |
|
$ |
(3) |
|
(b) |
Actuarial loss |
|
|
20 |
|
|
20 |
|
(b)(d) |
|
|
|
18 |
|
|
17 |
|
Total before tax |
|
|
|
(3) |
|
|
(4) |
|
Income tax expense |
Total reclassifications for the period |
|
$ |
15 |
|
$ |
13 |
|
Net of tax |
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
|
|
2020 |
|
2019 |
|
|
|
|
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 |
|
$ |
(5) |
|
$ |
(6) |
|
(b) |
Settlement loss |
|
|
41 |
|
|
— |
|
(c) |
Actuarial loss |
|
|
41 |
|
|
39 |
|
(b)(d) |
|
|
|
77 |
|
|
33 |
|
Total before tax |
|
|
|
(17) |
|
|
(7) |
|
Income tax expense |
Total reclassifications for the period |
|
$ |
60 |
|
$ |
26 |
|
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) |
In connection with the sale of our Chemical Intermediates Businesses, we recognized $41 of pension and other post-employment benefit settlement losses during the six months ended June 30, 2020. |
|
(d) |
Amounts contain approximately $2 and nil of actuarial losses related to discontinued operations for the three months ended June 30, 2020 and 2019, respectively, and $3 and $1 of actuarial losses related to discontinued operations for the six months ended June 30, 2020 and 2019. |
|