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

3 Months Ended

Mar. 31, 2024

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*
	*Foreign*			*and other*									*Amounts*			*Amounts*
	*currency*			*postretirement*									*attributable to*			*attributable to*
	*translation*			*benefits*									*noncontrolling*			*Huntsman*
	adjustments⁽¹⁾			adjustments⁽²⁾			*Other, net*			*Total*			*interests*			*Corporation*
Beginning balance, January 1, 2024	$	(614	)	$	(656	)	$	(3	)	$	(1,273	)	$	28		$	(1,245	)
Other comprehensive (loss) income before reclassifications, gross		(36	)		2			5			(29	)		(1	)		(30	)
Tax impact		—			—			—			—			—			—
Amounts reclassified from accumulated other comprehensive loss, gross⁽³⁾		—			6			—			6			—			6
Tax impact		—			—			—			—			—			—
Net current-period other comprehensive (loss) income		(36	)		8			5			(23	)		(1	)		(24	)
Ending balance, March 31, 2024	$	(650	)	$	(648	)	$	2		$	(1,296	)	$	27		$	(1,269	)

(1)	Amounts are net of tax of $56 million for both March 31, 2024 and January 1, 2024.

(2)	Amounts are net of tax of $67 million for both March 31, 2024 and January 1, 2024.

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

				*Pension*
	*Foreign*			*and other*									*Amounts*			*Amounts*
	*currency*			*postretirement*									*attributable to*			*attributable to*
	*translation*			*benefits*									*noncontrolling*			*Huntsman*
	adjustments⁽¹⁾			adjustments⁽²⁾			*Other, net*			*Total*			*interests*			*Corporation*
Beginning balance, January 1, 2023	$	(648	)	$	(652	)	$	7		$	(1,293	)	$	25		$	(1,268	)
Other comprehensive income (loss) before reclassifications, gross		27			(24	)		(1	)		2			(2	)		—
Tax impact		—			2			—			2			—			2
Amounts reclassified from accumulated other comprehensive loss, gross⁽³⁾		28			72			—			100			—			100
Tax impact		(1	)		24			—			23			—			23
Net current-period other comprehensive income (loss)		54			74			(1	)		127			(2	)		125
Ending balance, March 31, 2023	$	(594	)	$	(578	)	$	6		$	(1,166	)	$	23		$	(1,143	)

(1)	Amounts are net of tax of $56 million and $55 as of March 31, 2023 and January 1, 2023, respectively.

(2)	Amounts are net of tax of $57 million and $31 million as of March 31, 2023 and January 1, 2023, respectively.

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

	*Three months ended March 31,*
	*2024*			*2023*
	*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⁽¹⁾:	*comprehensive loss*			*comprehensive loss*				*is presented*
Amortization of pension and other postretirement benefits:
Prior service credit	$	(2	)	$	(2	)	⁽²⁾⁽³⁾	Other income, net
Actuarial loss		8			8		⁽²⁾⁽³⁾	Other income, net
Curtailment gains		—			(1	)	⁽²⁾⁽⁴⁾	Other income, net
Settlement losses		—			67		⁽²⁾⁽⁴⁾	Other income, net
		6			72			Total before tax
		—			24			Income tax expense
Total reclassifications for the period	$	6		$	96			Net of tax

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

(2)	These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. Employee Benefit Plans.”

(3)	Amounts include approximately nil and $1 million of actuarial losses and prior service credits related to discontinued operations for the three months ended March 31, 2024 and 2023, respectively.

(4)	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 three months ended March 31, 2023.

Huntsman International

				*Pension*
	*Foreign*			*and other*									*Amounts*			*Amounts*
	*currency*			*postretirement*									*attributable to*			*attributable to*
	*translation*			*benefits*									*noncontrolling*			*Huntsman*
	adjustments⁽¹⁾			adjustments⁽²⁾			*Other, net*			*Total*			*interests*			*International*
Beginning balance, January 1, 2024	$	(619	)	$	(632	)	$	(7	)	$	(1,258	)	$	28		$	(1,230	)
Other comprehensive (loss) income before reclassifications, gross		(36	)		2			5			(29	)		(1	)		(30	)
Tax impact		—			—			—			—			—			—
Amounts reclassified from accumulated other comprehensive loss, gross⁽³⁾		—			6			—			6			—			6
Tax impact		—			—			—			—			—			—
Net current-period other comprehensive (loss) income		(36	)		8			5			(23	)		(1	)		(24	)
Ending balance, March 31, 2024	$	(655	)	$	(624	)	$	(2	)	$	(1,281	)	$	27		$	(1,254	)

(1)	Amounts are net of tax of $43 million for both March 31, 2024 and January 1, 2024.

(2)	Amounts are net of tax of $91 million for both March 31, 2024 and January 1, 2024.

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

				Pension
	*Foreign*			*and other*								*Amounts*			*Amounts*
	*currency*			*postretirement*								*attributable to*			*attributable to*
	*translation*			*benefits*								*noncontrolling*			*Huntsman*
	adjustments⁽¹⁾			adjustments⁽²⁾			*Other, net*		*Total*			*interests*			*International*
Beginning balance, January 1, 2023	$	(653	)	$	(628	)	$	3	$	(1,278	)	$	25		$	(1,253	)
Other comprehensive income (loss) before reclassifications, gross		27			(24	)		—		3			(2	)		1
Tax impact		—			2			—		2			—			2
Amounts reclassified from accumulated other comprehensive loss, gross⁽³⁾		28			72			—		100			—			100
Tax impact		(1	)		24			—		23			—			23
Net current-period other comprehensive (loss) income		54			74			—		128			(2	)		126
Ending balance, March 31, 2023	$	(599	)	$	(554	)	$	3	$	(1,150	)	$	23		$	(1,127	)

(1)	Amounts are net of tax of $43 million and $42 million for March 31, 2023 and January 1, 2023, respectively.

(2)	Amounts are net of tax of $81 million and $55 million as of March 31, 2023 and January 1, 2023, respectively.

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

	*Three months ended March 31,*
	*2024*			*2023*
	*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⁽¹⁾:	*comprehensive loss*			*comprehensive loss*				*is presented*
Amortization of pension and other postretirement benefits:
Prior service credit	$	(2	)	$	(2	)	⁽²⁾⁽³⁾	Other income, net
Actuarial loss		8			8		⁽²⁾⁽³⁾	Other income, net
Curtailment gains		—			(1	)	⁽²⁾⁽⁴⁾	Other income, net
Settlement losses		—			67		⁽²⁾⁽⁴⁾	Other income, net
		6			72			Total before tax
		—			24			Income tax expense
Total reclassifications for the period	$	6		$	96			Net of tax

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

(2)	These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. Employee Benefit Plans.”

(3)	Amounts include approximately nil and $1 million of actuarial losses and prior service credits related to discontinued operations for the three months ended March 31, 2024 and 2023, respectively.

(4)	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 three months March 31, 2023.