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

Quarterly report pursuant to Section 13 or 15(d)

Note 13 - Accumulated Other Comprehensive Loss

Note 13 - Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2023

Comprehensive Income (Loss) Note [Text Block]

13. 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*
	*adjustments(a)*			*adjustments(b)*			*affiliates*			*Other, net*			*Total*			*interests*		*Corporation*
Beginning balance, January 1, 2023	$	(648	)	$	(652	)	$	2		$	5		$	(1,293	)	$	25	$	(1,268	)
Other comprehensive loss before reclassifications, gross		(65	)		(24	)		(7	)		(2	)		(98	)		5		(93	)
Tax impact		(1	)		2			—			—			1			—		1
Amounts reclassified from accumulated other comprehensive loss, gross(c)		28			83			—			—			111			—		111
Tax impact		(1	)		25			—			—			24			—		24
Net current-period other comprehensive (loss) income		(39	)		86			(7	)		(2	)		38			5		43
Ending balance, September 30, 2023	$	(687	)	$	(566	)	$	(5	)	$	3		$	(1,255	)	$	30	$	(1,225	)

(a)	Amounts are net of tax of $57 million and $55 million as of September 30, 2023 and January 1, 2023, respectively.

(b)	Amounts are net of tax of $58 million and $31 million as of September 30, 2023 and January 1, 2023, 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*
	*adjustments(a)*			*adjustments(b)*			*affiliates*		*Other, net*			*Total*			*interests*		*Corporation*
Beginning balance, January 1, 2022	$	(420	)	$	(810	)	$	8	$	6		$	(1,216	)	$	13	$	(1,203	)
Other comprehensive loss before reclassifications, gross		(338	)		—			—		(1	)		(339	)		17		(322	)
Tax impact		—			—			—		—			—			—		—
Amounts reclassified from accumulated other comprehensive loss, gross(c)		—			36			—		—			36			—		36
Tax impact		—			(8	)		—		—			(8	)		—		(8	)
Net current-period other comprehensive (loss) income		(338	)		28			—		(1	)		(311	)		17		(294	)
Ending balance, September 30, 2022	$	(758	)	$	(782	)	$	8	$	5		$	(1,527	)	$	30	$	(1,497	)

(a)	Amounts are net of tax of $56 million as of both September 30, 2022 and January 1, 2022.

(b)	Amounts are net of tax of $73 million and $81 million as of September 30, 2022 and January 1, 2022, respectively.

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

	*Three Months Ended September 30,*
	*2023*			*2022*
	*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	)	$	(3	)	^(b)(c)	Other income, net
Actuarial loss		17			15		^(b)(c)	Other income, net
		12			12			Total before tax
		—			(2	)		Income tax expense
Total reclassifications for the period	$	12		$	10			Net of tax

	*Nine Months Ended September 30,*
	*2023*			*2022*
	*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	)	$	(8	)	^(b)(c)	Other income, net
Actuarial loss		25			44		^(b)(c)	Other income, net
Curtailment gains		(1	)		—		^(d)	Other income, net
Settlement losses		67			—		^(d)	Other income, net
		83			36			Total before tax
		25			(8	)		Income tax expense
Total reclassifications for the period	$	108		$	28			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 11. Employee Benefit Plans.”

(c)	Amounts include approximately nil and $3 million of actuarial losses and prior service credits related to discontinued operations for the three months ended September 30, 2023 and 2022, respectively. Amounts include approximately $1 million and $8 million of actuarial losses and prior service credits related to discontinued operations for the nine months ended September 30, 2023 and 2022, respectively.

(d)	In connection with the sale of our Textile Effects Business, we recognized $67 million of pension settlement losses and $1 million of pension curtailment gains for the nine months ended September 30, 2023.

Huntsman International

				*Pension*			*Other*
	*Foreign*			*and other*			*comprehensive*									*Amounts*		*Amounts*
	*currency*			*postretirement*			*income of*									*attributable to*		*attributable to*
	*translation*			*benefits*			*unconsolidated*									*noncontrolling*		*Huntsman*
	*adjustments(a)*			*adjustments(b)*			*affiliates*			*Other, net*			*Total*			*interests*		*International*
Beginning balance, January 1, 2023	$	(653	)	$	(628	)	$	2		$	1		$	(1,278	)	$	25	$	(1,253	)
Other comprehensive loss before reclassifications, gross		(65	)		(24	)		(7	)		(2	)		(98	)		5		(93	)
Tax impact		(1	)		2			—			—			1			—		1
Amounts reclassified from accumulated other comprehensive loss, gross(c)		28			83			—			—			111			—		111
Tax impact		(1	)		25			—			—			24			—		24
Net current-period other comprehensive (loss) income		(39	)		86			(7	)		(2	)		38			5		43
Ending balance, September 30, 2023	$	(692	)	$	(542	)	$	(5	)	$	(1	)	$	(1,240	)	$	30	$	(1,210	)

(a)	Amounts are net of tax of $44 million and $42 million as of September 30, 2023 and January 1, 2023, respectively.

(b)	Amounts are net of tax of $82 million and $55 million as of September 30, 2023 and January 1, 2023, 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*
	*adjustments(a)*			*adjustments(b)*			*affiliates*		*Other, net*			*Total*			*interests*		*International*
Beginning balance, January 1, 2022	$	(424	)	$	(786	)	$	8	$	2		$	(1,200	)	$	13	$	(1,187	)
Other comprehensive loss before reclassifications, gross		(339	)		—			—		(1	)		(340	)		17		(323	)
Tax impact		—			—			—		—			—			—		—
Amounts reclassified from accumulated other comprehensive loss, gross(c)		—			36			—		—			36			—		36
Tax impact		—			(8	)		—		—			(8	)		—		(8	)
Net current-period other comprehensive (loss) income		(339	)		28			—		(1	)		(312	)		17		(295	)
Ending balance, September 30, 2022	$	(763	)	$	(758	)	$	8	$	1		$	(1,512	)	$	30	$	(1,482	)

(a)	Amounts are net of tax of $43 million for both September 30, 2022 and January 1, 2022.

(b)	Amounts are net of tax of $97 million and $105 million as of September 30, 2022 and January 1, 2022, respectively.

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

	*Three Months Ended September 30,*
	*2023*			*2022*
	*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	)	$	(3	)	^(b)(c)	Other income, net
Actuarial loss		17			15		^(b)(c)	Other income, net
		12			12			Total before tax
		—			(2	)		Income tax expense
Total reclassifications for the period	$	12		$	10			Net of tax

	*Nine Months Ended September 30,*
	*2023*			*2022*
	*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	)	$	(8	)	^(b)(c)	Other income, net
Actuarial loss		25			44		^(b)(c)	Other income, net
Curtailment gains		(1	)		—		^(d)	Other income, net
Settlement losses		67			—		^(d)	Other income, net
		83			36			Total before tax
		25			(8	)		Income tax expense
Total reclassifications for the period	$	108		$	28			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 11. Employee Benefit Plans.”

(c)	Amounts include approximately nil and $3 million of actuarial losses and prior service credits related to discontinued operations for the three months ended September 30, 2023 and 2022, respectively. Amounts include approximately $1 million and $8 million of actuarial losses and prior service credits related to discontinued operations for the nine months ended September 30, 2023 and 2022, respectively.

(d)	In connection with the sale of our Textile Effects Business, we recognized $67 million of pension settlement losses and $1 million of pension curtailment gains for the nine months ended September 30, 2023.