| SELECTED UNAUDITED QUARTERLY FINANCIAL DATA |
29. SELECTED UNAUDITED QUARTERLY FINANCIAL DATA
A summary of selected unaudited quarterly financial data for the years ended December 31, 2012 and 2011 is as follows (dollars in millions):
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Three months ended |
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March 31,
2012(1) |
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June 30,
2012 |
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September 30,
2012(1) |
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December 31,
2012(1)(2) |
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Revenues
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$ |
2,913 |
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$ |
2,914 |
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$ |
2,741 |
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$ |
2,619 |
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Gross profit
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554 |
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532 |
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542 |
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413 |
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Restructuring, impairment and plant closing costs
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— |
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5 |
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47 |
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40 |
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Income (loss) from continuing operations
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170 |
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133 |
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121 |
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(44 |
) |
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Income (loss) before extraordinary gain
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166 |
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131 |
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120 |
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(44 |
) |
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Net income (loss)
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166 |
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131 |
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121 |
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(43 |
) |
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Net income (loss) attributable to Huntsman International LLC
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166 |
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127 |
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117 |
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(45 |
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Three months ended |
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March 31,
2011 |
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June 30,
2011 |
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September 30,
2011(3) |
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December 31,
2011(4) |
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Revenues
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$ |
2,679 |
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$ |
2,934 |
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$ |
2,976 |
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$ |
2,632 |
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Gross profit
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465 |
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505 |
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495 |
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393 |
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Restructuring, impairment and plant closing costs
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7 |
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9 |
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155 |
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(4 |
) |
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Income (loss) from continuing operations
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81 |
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127 |
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(39 |
) |
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88 |
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Income (loss) before extraordinary gain
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67 |
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126 |
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(29 |
) |
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92 |
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Net income (loss)
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68 |
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127 |
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(29 |
) |
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94 |
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Net income (loss) attributable to Huntsman International LLC
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63 |
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117 |
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(31 |
) |
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104 |
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- (1)
- During 2012, our Polyurethanes segment implemented a restructuring program to reduce annualized fixed costs by $75 million by the third quarter of 2013. In connection with this program, we recorded restructuring expenses of $5 million, $32 million and $1 million in the first, third and fourth quarters of 2012, respectively.
- (2)
- During the fourth quarter of 2012, our Advanced Materials segment began implementing a global transformational change program, subject to consultation with relevant employee representatives, designed to improve the segment's manufacturing efficiencies, enhance commercial excellence and ensure its long-term global competitiveness. In connection with this global transformational change program, we recorded charges of $28 million related primarily to workforce reduction costs.
- (3)
- During the quarter ended September 30, 2011, we announced plans to implement a significant restructuring of our Textile Effects business, including the closure of our production facilities and business support offices in Basel, Switzerland. In connection with this plan during 2011, we recorded a charge of $62 million for workforce reduction and a noncash $53 million charge for the impairment of long-lived assets at our Basel, Switzerland manufacturing facility.
- (4)
- During the quarter ended December 31, 2011, our Advanced Materials division completed the sale of its stereolithography resin and Digitalis® machine manufacturing businesses to 3D Systems Corporation and recognized a pre-tax gain of $34 million.
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