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Note 13 - Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

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 income (loss) before reclassifications, gross			27				(24	)			—				(1	)			2				(2	)			—
Tax impact			—				2				—				—				2				—				2
Amounts reclassified from accumulated other comprehensive loss, gross(c)			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	)		$	2			$	4			$	(1,166	)		$	23			$	(1,143	)

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

(b)	Amounts are net of tax of $57 million and $31 million as of March 31, 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			(20	)			—				—				(1	)			(21	)			1				(20	)
Tax impact			—				—				—				—				—				—				—
Amounts reclassified from accumulated other comprehensive loss, gross(c)			—				13				—				—				13				—				13
Tax impact			—				(4	)			—				—				(4	)			—				(4	)
Net current-period other comprehensive (loss) income			(20	)			9				—				(1	)			(12	)			1				(11	)
Ending balance, March 31, 2022		$	(440	)		$	(801	)		$	8			$	5			$	(1,228	)		$	14			$	(1,214	)

(a)	Amounts are net of tax of $56 million for both March 31, 2022 and January 1, 2022.

(b)	Amounts are net of tax of $77 million and $81 million as of March 31, 2022 and January 1, 2022, respectively.

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

		*Three Months Ended March 31,*
		*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		$	(2	)		$	(2	)	(b)(c)	Other income, net
Actuarial loss			8				15		(b)(c)	Other income, net
Curtailment gains			(1	)			—		(d)	Other income, net
Settlement losses			67				—		(d)	Other income, net
			72				13			Total before tax
			24				(4	)		Income tax expense
Total reclassifications for the period		$	96			$	9			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 $1 million of actuarial losses and prior service credits related to discontinued operations for both of the three months ended March 31, 2023 and 2022.

(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 three months ended March 31, 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 income (loss) before reclassifications, gross			27				(24	)			—				—				3				(2	)			1
Tax impact			—				2				—				—				2				—				2
Amounts reclassified from accumulated other comprehensive loss, gross(c)			28				72				—				—				100				—				100
Tax impact			(1	)			24				—				—				23				—				23
Net current-period other comprehensive income (loss)			54				74				—				—				128				(2	)			126
Ending balance, March 31, 2023		$	(599	)		$	(554	)		$	2			$	1			$	(1,150	)		$	23			$	(1,127	)

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

(b)	Amounts are net of tax of $81 million and $55 million as of March 31, 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			(20	)			—				—				(1	)			(21	)			1				(20	)
Tax impact			—				—				—				—				—				—				—
Amounts reclassified from accumulated other comprehensive loss, gross(c)			—				13				—				—				13				—				13
Tax impact			—				(4	)			—				—				(4	)			—				(4	)
Net current-period other comprehensive (loss) income			(20	)			9				—				(1	)			(12	)			1				(11	)
Ending balance, March 31, 2022		$	(444	)		$	(777	)		$	8			$	1			$	(1,212	)		$	14			$	(1,198	)

(a)	Amounts are net of tax of $43 million for both March 31, 2022 and January 1, 2022.

(b)	Amounts are net of tax of $101 million and $105 million as of March 31, 2022 and January 1, 2022, respectively.

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

		*Three Months Ended March 31,*
		*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		$	(2	)		$	(2	)	(b)(c)	Other income, net
Actuarial loss			8				15		(b)(c)	Other income, net
Curtailment gains			(1	)			—		(d)	Other income, net
Settlement losses			67				—		(d)	Other income, net
			72				13			Total before tax
			24				(4	)		Income tax expense
Total reclassifications for the period		$	96			$	9			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 $1 million of actuarial losses and prior service credits related to discontinued operations for both of the three months ended March 31, 2023 and 2022.

(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 three months ended March 31, 2023.