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

Quarterly report pursuant to Section 13 or 15(d)

Note 14 - Accumulated Other Comprehensive Loss

Note 14 - Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2021

Comprehensive Income (Loss) Note [Text Block]

14. ACCUMULATED OTHER COMPREHENSIVE LOSS

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

Huntsman Corporation

				*Pension*			*Other*
	*Foreign*			*and 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, 2021	$	(328	)	$	(1,050	)	$	8	$	4	$	(1,366	)	$	20		$	(1,346	)
Other comprehensive loss before reclassifications, gross		(42	)		—			—		—		(42	)		(2	)		(44	)
Tax expense		—			—			—		—		—			—			—
Amounts reclassified from accumulated other comprehensive loss, gross(c)		—			65			—		—		65			—			65
Tax expense		—			(13	)		—		—		(13	)		—			(13	)
Net current-period other comprehensive (loss) income		(42	)		52			—		—		10			(2	)		8
Ending balance, September 30, 2021	$	(370	)	$	(998	)	$	8	$	4	$	(1,356	)	$	18		$	(1,338	)

(a)	Amounts are net of tax of $56 million as of both September 30, 2021 and January 1, 2021.

(b)	Amounts are net of tax of $139 million and $153 million as of September 30, 2021 and January 1, 2021, respectively.

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

				*Pension*			*Other*
	*Foreign*			*and 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, 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 million as of both September 30, 2020 and January 1, 2020.

(b)	Amounts are net of tax of $125 million and $148 million as of September 30, 2020 and January 1, 2020, respectively.

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

	*Three Months Ended September 30,*
	*2021*			*2020*
	*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	)	$	(3	)	(b)
Actuarial loss		23			21		(b)(d)
		20			18		Total before tax
		(3	)		(4	)	Income tax expense
Total reclassifications for the period	$	17		$	14		Net of tax

	*Nine Months Ended September 30,*
	*2021*			*2020*
	*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	$	(8	)	$	(9	)	(b)
Settlement loss		3			41		(c)
Actuarial loss		70			61		(b)(d)
		65			93		Total before tax
		(13	)		(21	)	Income tax expense
Total reclassifications for the period	$	52		$	72		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 million of pension and other post-employment benefit settlement losses during the nine months ended September 30, 2020.

(d)

Amounts include approximately $1 million of actuarial losses related to discontinued operations for both the three months ended September 30, 2021 and 2020. Amounts include approximately $4 million of actuarial losses related to discontinued operations for both the nine months ended September 30, 2021 and 2020.

Huntsman International

				*Pension*			*Other*
	*Foreign*			*and 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*			*International*
Beginning balance, January 1, 2021	$	(333	)	$	(1,028	)	$	8	$	—	$	(1,353	)	$	20		$	(1,333	)
Other comprehensive loss before reclassifications, gross		(42	)		—			—		—		(42	)		(2	)		(44	)
Tax expense		—			—			—		—		—			—			—
Amounts reclassified from accumulated other comprehensive loss, gross(c)		—			67			—		—		67			—			67
Tax expense		—			(14	)		—		—		(14	)		—			(14	)
Net current-period other comprehensive (loss) income		(42	)		53			—		—		11			(2	)		9
Ending balance, September 30, 2021	$	(375	)	$	(975	)	$	8	$	—	$	(1,342	)	$	18		$	(1,324	)

(a)	Amounts are net of tax of $43 million for both September 30, 2021 and January 1, 2021.

(b)	Amounts are net of tax of $164 million and $178 million as of September 30, 2021 and January 1, 2021, respectively.

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

				*Pension*			*Other*
	*Foreign*			*and 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*			*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 million as of both September 30, 2020 and January 1, 2020.

(b)	Amounts are net of tax of $150 million and $174 million as of September 30, 2020 and January 1, 2020, respectively.

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

	*Three Months Ended September 30,*
	*2021*			*2020*
	*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	)	$	(3	)	(b)
Actuarial loss		24			22		(b)(d)
		21			19		Total before tax
		(4	)		(4	)	Income tax expense
Total reclassifications for the period	$	17		$	15		Net of tax

	*Nine Months Ended September 30,*
	*2021*			*2020*
	*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	$	(8	)	$	(9	)	(b)
Settlement loss		3			41		(c)
Actuarial loss		72			63		(b)(d)
		67			95		Total before tax
		(14	)		(21	)	Income tax expense
Total reclassifications for the period	$	53		$	74		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 million of pension and other post-employment benefit settlement losses during the nine months ended September 30, 2020.

(d)