Annual report pursuant to Section 13 and 15(d)

SELECTED UNAUDITED QUARTERLY FINANCIAL DATA

v3.19.3.a.u2
SELECTED UNAUDITED QUARTERLY FINANCIAL DATA
12 Months Ended
Dec. 31, 2019
SELECTED UNAUDITED QUARTERLY FINANCIAL DATA  
SELECTED UNAUDITED QUARTERLY FINANCIAL DATA

28. SELECTED UNAUDITED QUARTERLY FINANCIAL DATA

A summary of selected unaudited quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (dollars in millions, except per share amounts):

Huntsman Corporation

Three months ended

March 31, 

June 30, 

September 30, 

December 31, 

    

2019

    

2019

    

2019

    

2019

Revenues

$

1,669

$

1,784

$

1,687

$

1,657

Gross profit

 

359

 

373

 

340

 

310

Restructuring, impairment and plant closing costs (credits)

 

1

 

 

(43)

 

1

Income (loss) from continuing operations

 

108

 

83

 

(27)

 

265

Net income

 

131

 

118

 

41

 

308

Net income attributable to noncontrolling interests

12

8

11

5

Net income attributable to Huntsman Corporation

 

119

 

110

 

30

 

303

Basic income per share(4):

 

  

 

  

 

  

 

Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders

 

0.41

 

0.33

 

(0.17)

 

1.16

Net income attributable to Huntsman Corporation common stockholders

 

0.51

 

0.48

 

0.13

 

1.35

Diluted income per share(4):

 

  

 

  

 

  

 

  

Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders

 

0.41

 

0.32

 

(0.17)

 

1.15

Net income attributable to Huntsman Corporation common stockholders

 

0.51

 

0.47

 

0.13

 

1.34

Three months ended

March 31, 

June 30, 

September 30, 

December 31, 

    

2018

    

2018

    

2018(1)

    

2018(2)

Revenues

$

1,838

$

1,977

$

1,968

$

1,821

Gross profit

 

466

 

479

 

467

 

352

Restructuring, impairment and plant closing costs (credits)

 

2

 

1

 

5

 

(15)

Income from continuing operations

 

189

 

242

 

197

 

61

Net income (loss)

 

350

 

623

 

(8)

 

(315)

Net income attributable to noncontrolling interests(3)

76

209

3

25

Net income (loss) attributable to Huntsman Corporation

 

274

 

414

 

(11)

 

(340)

Basic income per share(4):

 

  

 

  

 

  

 

  

Income from continuing operations attributable to Huntsman Corporation common stockholders

 

0.70

 

0.93

 

0.72

 

0.20

Net income (loss) attributable to Huntsman Corporation common stockholders

 

1.14

 

1.73

 

(0.05)

 

(1.45)

Diluted income per share(4):

 

  

 

  

 

  

 

  

Income from continuing operations attributable to Huntsman Corporation common stockholders

 

0.68

 

0.91

 

0.72

 

0.19

Net income (loss) attributable to Huntsman Corporation common stockholders

 

1.11

 

1.71

 

(0.05)

 

(1.43)

Huntsman International

Three months ended

    

March 31, 

June 30, 

September 30, 

December 31, 

    

2019

    

2019

    

2019

    

2019

Revenues

$

1,669

$

1,784

$

1,687

$

1,657

Gross profit

 

359

 

373

 

340

 

310

Restructuring, impairment and plant closing costs (credits)

 

1

 

 

(43)

 

1

Income (loss) from continuing operations

 

105

 

80

 

(30)

 

268

Net income

 

128

 

115

 

38

 

311

Net income attributable to noncontrolling interests

12

8

11

5

Net income attributable to Huntsman International

 

116

 

107

 

27

 

306

Three months ended

March 31, 

June 30, 

September 30, 

December 31, 

    

2018

    

2018

    

2018(1)

    

2018(2)

Revenues

$

1,838

$

1,977

1,968

$

1,821

Gross profit

 

467

 

480

468

 

352

Restructuring, impairment and plant closing costs (credits)

 

2

 

1

5

 

(15)

Income from continuing operations

 

186

 

239

194

 

56

Net income (loss)

 

347

 

620

(11)

 

(320)

Net income attributable to noncontrolling interests(3)

76

209

3

25

Net income (loss) attributable to Huntsman International

 

271

 

411

(14)

 

(345)

(1) During the third quarter of 2018, we recognized a net after tax valuation allowance of $270 million to adjust the carrying amount of the assets and liabilities held for sale and the amount of accumulated comprehensive income recorded in equity related to Venator to the lower of cost or estimated fair value, less cost to sell. This loss was recorded in discontinued operations on our consolidated statements of operations. For more information see “Note 4. Discontinued Operations and Dispositions – Separation and Deconsolidation of Venator.”

(2) In connection with the deconsolidation of Venator, we recorded a pretax loss of $427 million during the fourth quarter of 2018 to record our remaining ownership interest in Venator at fair value. This loss was recorded in discontinued operations on our consolidated statements of operations. We elected the fair value option to account for our equity method investment in Venator post deconsolidation. Accordingly, at December 31, 2018, we recorded a pretax loss of $57 million to record our equity method investment in Venator at fair value. This loss was recorded in “Fair value adjustments to Venator investment” on our consolidated statements of operations. Furthermore, in connection with the December 3, 2018 sale of Venator shares to Bank of America N.A., we recorded a forward swap. During December 2018, we recorded a loss of $5 million in “Fair value adjustments to Venator investment” on our consolidated statements of operations to record the forward swap at fair value. For more information, see “Note 4. Discontinued Operations and Dispositions – Separation and Deconsolidation of Venator.”

(3) In connection with the Venator IPO in August 2017, we separated the P&A Business and, beginning in the third quarter of 2017, we reported the results of operations of Venator as discontinued operations on our consolidated financial statements. On December 3, 2018, we further reduced our investment in Venator by the sale of Venator ordinary shares which allowed us to deconsolidate Venator beginning in December 2018. See “Note 4. Discontinued Operations and Business Dispositions—Separation of Venator.”
(4) Basic and diluted income per share are computed independently for each of the quarters presented based on the weighted average number of common shares outstanding during that period. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.