Huntsman Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

9 Months Ended

Sep. 30, 2020

The components of other comprehensive income and changes in accumulated other comprehensive loss by component were as follows (dollars in millions):

Huntsman Corporation


	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, 2020	$	(369)	$	(1,031)	$	8	$	4	$	(1,388)	$	26	$	(1,362)
Other comprehensive (loss) income before reclassifications, gross		(42)		8		—		—		(34)		(3)		(37)
Tax expense		—		(2)		—		—		(2)		—		(2)
Amounts reclassified from accumulated other comprehensive loss, gross(c)		—		93		—		—		93		—		93
Tax expense		—		(21)		—		—		(21)		—		(21)
Net current-period other comprehensive (loss) income		(42)		78		—		—		36		(3)		33
Ending balance, September 30, 2020	$	(411)	$	(953)	$	8	$	4	$	(1,352)	$	23	$	(1,329)

(a)	Amounts are net of tax of $68 as of both September 30, 2020 and January 1, 2020.

(b)	Amounts are net of tax of $125 and $148 as of September 30, 2020 and January 1, 2020, 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 Corporation
Beginning balance, January 1, 2019	$	(371)	$	(994)	$	8	$	5	$	(1,352)	$	36	$	(1,316)
Other comprehensive income before reclassifications, gross		(19)		—		—		(1)		(20)		6		(14)
Tax expense		(1)		—		—		—		(1)		—		(1)
Amounts reclassified from accumulated other comprehensive loss, gross(c)		—		46		—		—		46		—		46
Tax expense		—		(10)		—		—		(10)		—		(10)
Net current-period other comprehensive income		(20)		36		—		(1)		15		6		21
Acquisition of noncontrolling interest		—		—		—		—		—		(15)		(15)
Ending balance, September 30, 2019	$	(391)	$	(958)	$	8	$	4	$	(1,337)	$	27	$	(1,310)

(a)	Amounts are net of tax of $72 and $71 as of September 30, 2019 and January 1, 2019, respectively.

(b)	Amounts are net of tax of $125 and $135 as of September 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


	Three months ended September 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	$	(3)	$	(2)	(b)
Actuarial loss		21		17	(b)(d)
		18		15	Total before tax
		(4)		(4)	Income tax expense
Total reclassifications for the period	$	14	$	11	Net of tax


	Nine months ended September 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	$	(9)	$	(8)	(b)
Settlement loss		41		—	(c)
Actuarial loss		61		54	(b)(d)
		93		46	Total before tax
		(21)		(10)	Income tax expense
Total reclassifications for the period	$	72	$	36	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 nine months ended September 30, 2020.

(d)	Amounts contain approximately $1 of actuarial losses related to discontinued operations for both the three months ended September 30, 2020 and 2019, and $4 of actuarial losses related to discontinued operations for both the nine months ended September 30, 2020 and 2019.

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

OTHER COMPREHENSIVE INCOME

Schedule of other comprehensive income

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, 2020	$	(374)	$	(1,012)	$	8	$	—	$	(1,378)	$	26	$	(1,352)
Other comprehensive (loss) income before reclassifications, gross		(42)		8		—		—		(34)		(3)		(37)
Tax expense		—		(2)		—		—		(2)		—		(2)
Amounts reclassified from accumulated other comprehensive loss, gross(c)		—		95		—		—		95		—		95
Tax expense		—		(21)		—		—		(21)		—		(21)
Net current-period other comprehensive (loss) income		(42)		80		—		—		38		(3)		35
Ending balance, September 30, 2020	$	(416)	$	(932)	$	8	$	—	$	(1,340)	$	23	$	(1,317)

(a)	Amounts are net of tax of $55 as of both September 30, 2020 and January 1, 2020.

(b)	Amounts are net of tax of $150 and $174 as of September 30, 2020 and January 1, 2020, 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, 2019	$	(376)	$	(977)	$	8	$	1	$	(1,344)	$	36	$	(1,308)
Other comprehensive income before reclassifications, gross		(20)		—		—		(1)		(21)		6		(15)
Tax expense		(1)		—		—		—		(1)		—		(1)
Amounts reclassified from accumulated other comprehensive loss, gross(c)		—		48		—		—		48		—		48
Tax expense		—		(10)		—		—		(10)		—		(10)
Net current-period other comprehensive income		(21)		38		—		(1)		16		6		22
Acquisition of noncontrolling interest		—		—		—		—		—		(15)		(15)
Ending balance, September 30, 2019	$	(397)	$	(939)	$	8	$	—	$	(1,328)	$	27	$	(1,301)

(a)	Amounts are net of tax of $59 and $57 as of September 30, 2019 and January 1, 2019, respectively.

(b)	Amounts are net of tax of $151 and $161 as of September 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


	Three months ended September 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	$	(3)	$	(2)	(b)
Actuarial loss		22		17	(b)(d)
		19		15	Total before tax
		(4)		(3)	Income tax expense
Total reclassifications for the period	$	15	$	12	Net of tax


	Nine months ended September 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	$	(9)	$	(8)	(b)
Settlement loss		41		—	(c)
Actuarial loss		63		56	(b)(d)
		95		48	Total before tax
		(21)		(10)	Income tax expense
Total reclassifications for the period	$	74	$	38	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 nine months ended September 30, 2020.

(d)	Amounts contain approximately $1 of actuarial losses related to discontinued operations for both the three months ended September 30, 2020 and 2019, and $4 of actuarial losses related to discontinued operations for both the nine months ended September 30, 2020 and 2019.