Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME

v3.19.3
OTHER COMPREHENSIVE INCOME
9 Months Ended
Sep. 30, 2019
OTHER COMPREHENSIVE INCOME  
OTHER COMPREHENSIVE INCOME

14. OTHER COMPREHENSIVE INCOME

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

Huntsman Corporation

    

    

Pension and

    

Other

    

    

    

    

Foreign

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, 2019

$

(371)

$

(994)

$

8

$

5

$

(1,352)

$

36

$

(1,316)

Other comprehensive loss before reclassifications, gross

(19)

(1)

(20)

6

(14)

Tax benefit

(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 (loss) 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.

    

    

Pension and

    

Other

    

    

    

    

Foreign

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, 2018

$

(249)

$

(1,189)

$

3

$

24

$

(1,411)

$

143

$

(1,268)

Cumulative effect of changes in fair value of equity investments

(10)

(10)

(10)

Revised beginning balance, January 1, 2018

(249)

(1,189)

3

14

(1,421)

143

(1,278)

Other comprehensive (loss) income before reclassifications, gross

(155)

2

1

(152)

32

(120)

Tax expense

(1)

(3)

(4)

(4)

Amounts reclassified from accumulated other comprehensive loss, gross(c)

60

60

60

Tax expense

(1)

(6)

(7)

(7)

Net current-period other comprehensive (loss) income

(156)

61

1

(9)

(103)

32

(71)

Disposition of a portion of Venator

(5)

(5)

Ending balance, September 30, 2018

$

(405)

$

(1,128)

$

4

$

5

$

(1,524)

$

170

$

(1,354)

(a)

Amounts are net of tax of $66 and $65 as of September 30, 2018 and January 1, 2018, respectively.

(b)

Amounts are net of tax of $171 and $172 as of September 30, 2018 and January 1, 2018, respectively.

(c)

See table below for details about these reclassifications.

Amounts reclassified

from accumulated

other

comprehensive loss

Affected line item in

Three months

Nine months

the statement

Details about Accumulated Other

ended

ended

where net income

Comprehensive Loss Components(a):

    

September 30, 2019

September 30, 2019

    

is presented

Amortization of pension and other postretirement benefits:

Prior service credit

$

(2)

$

(8)

(b)

Actuarial loss

17

54

(b)(c)

15

46

Total before tax

(4)

(10)

Income tax expense

Total reclassifications for the period

$

11

$

36

Net of tax

Amounts reclassified

from accumulated

other

comprehensive loss

Affected line item in

Three months

Nine months

the statement

Details about Accumulated Other

ended

ended

where net income

Comprehensive Loss Components(a):

    

September 30, 2018

September 30, 2018

    

is presented

Amortization of pension and other postretirement benefits:

Prior service credit

$

(2)

$

(9)

(b)

Settlement loss

2

(b)

Actuarial loss

21

67

(b)(c)

19

60

Total before tax

(3)

(1)

Income tax (expense) benefit

Total reclassifications for the period

$

16

$

59

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) Amounts contain approximately $1 and $9 of actuarial losses related to discontinued operations for the three months ended September 30, 2019 and 2018, respectively and $4 and $15 of actuarial losses related to discontinued operations for the nine months ended September 30, 2019 and 2018, respectively.

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, 2019

    

$

(376)

    

$

(977)

    

$

8

    

$

1

    

$

(1,344)

    

$

36

    

$

(1,308)

Other comprehensive loss before reclassifications, gross

(20)

(1)

(21)

6

(15)

Tax benefit

(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 (loss) 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.

    

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, 2018

    

$

(252)

    

$

(1,174)

    

$

3

    

$

17

    

$

(1,406)

    

$

143

    

$

(1,263)

Cumulative effect of changes in fair value of equity investments

(10)

(10)

(10)

Revised beginning balance, January 1, 2018

(252)

(1,174)

3

7

(1,416)

143

(1,273)

Other comprehensive (loss) income before reclassifications, gross

(156)

2

1

(153)

32

(121)

Tax benefit (expense)

(1)

(1)

(2)

(2)

Amounts reclassified from accumulated other comprehensive loss, gross(c)

61

61

61

Tax expense

(1)

(5)

(6)

(6)

Net current-period other comprehensive (loss) income

(157)

62

1

(6)

(100)

32

(68)

Disposition of a portion of Venator

(5)

(5)

Ending balance, September 30, 2018

$

(409)

$

(1,112)

$

4

$

1

$

(1,516)

$

170

$

(1,346)

(a) Amounts are net of tax of $52 and $51 as of September 30, 2018 and January 1, 2018, respectively.

(b) Amounts are net of tax of $198 and $199 as of September 30, 2018 and January 1, 2018, respectively.

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

Amounts reclassified

from accumulated

other

comprehensive loss

Affected line item in

Three months

Nine months

the statement

Details about Accumulated Other

ended

ended

where net income

Comprehensive Loss Components(a):

    

September 30, 2019

September 30, 2019

    

is presented

Amortization of pension and other postretirement benefits:

Prior service credit

$

(2)

$

(8)

(b)

Actuarial loss

17

56

(b)(c)

15

48

Total before tax

(3)

(10)

Income tax expense

Total reclassifications for the period

$

12

$

38

Net of tax

Amounts reclassified

from accumulated

other

comprehensive loss

Affected line item in

Three months

Nine months

the statement

Details about Accumulated Other

ended

ended

where net income

Comprehensive Loss Components(a):

    

September 30, 2018

September 30, 2018

    

is presented

Amortization of pension and other postretirement benefits:

Prior service credit

$

(3)

$

(9)

(b)

Settlement loss

2

Actuarial loss

22

68

(b)(c)

19

61

Total before tax

(2)

(1)

Income tax (expense) benefit

Total reclassifications for the period

$

17

$

60

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) Amounts contain approximately $1 and $9 of actuarial losses related to discontinued operations for the three months ended September 30, 2019 and 2018, respectively and $4 and $15 of actuarial losses related to discontinued operations for the nine months ended September 30, 2019 and 2018, respectively.