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Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS (Tables)

v3.19.3.a.u2
DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS (Tables)
12 Months Ended
Dec. 31, 2019
BUSINESS DISPOSITIONS
Summary of major classes of line items of discontinued operations

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December听31,听

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December听31,听

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2019

听听听听

2018

Carrying amounts of major classes of assets held for sale:

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Accounts receivable

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$

145

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$

89

Inventories

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105

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134

Other current assets

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9

Total current assets

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232

Property, plant and equipment, net

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720

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711

Operating lease right-of-use assets

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69

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Deferred income taxes

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4

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Other noncurrent assets

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165

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166

Total noncurrent assets

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877

Total assets held for sale(1)

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$

1,208

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$

1,109

Carrying amounts of major classes of liabilities held for sale:

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Accounts payable

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$

152

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$

168

Accrued liabilities

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26

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57

Current operating lease liabilities

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20

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Total current liabilities

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225

Deferred income taxes

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135

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159

Noncurrent operating lease liabilities

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51

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Other noncurrent liabilities

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128

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124

Total noncurrent liabilities

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283

Total liabilities held for sale(1)

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$

512

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$

508

(1) The assets and liabilities held for sale are classified as current as of December 31, 2019 because the sale of our
Chemical Intermediates Businesses was completed on January 3, 2020.

The following table reconciles major line items constituting pretax income of discontinued operations to after-tax income (loss) of discontinued operations as presented in our consolidated statements of operations (dollars in millions):

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Year ended December听31,听

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2019

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2018

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2017

Major line items constituting pretax income of discontinued operations(1):

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Trade sales, services and fees, net(2)

$

1,545

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$

3,923

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$

3,747

Cost of goods sold(2)

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1,287

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2,847

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3,198

Other expense items, net that are not major

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54

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332

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208

Income from discontinued operations before income taxes

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204

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744

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341

Income tax expense

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(35)

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(86)

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(111)

Loss on disposal

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(427)

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Valuation allowance

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鈥�

鈥�

鈥�

(270)

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鈥�

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Income (loss) from discontinued operations, net of tax

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169

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(39)

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230

Net income attributable to noncontrolling interests

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鈥�

鈥�

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(6)

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鈥�

(10)

Net income (loss) attributable to discontinued operations

$

169

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$

(45)

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$

220

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
BUSINESS DISPOSITIONS
Summary of major classes of line items of discontinued operations

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Year ended December听31,听

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2019

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2018

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2017

Major line items constituting pretax income of discontinued operations(1):

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Trade sales, services and fees, net(2)

$

1,545

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$

3,923

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$

3,747

Cost of goods sold(2)

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1,287

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2,847

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3,201

Other expense items, net that are not major

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54

鈥�

鈥�

332

鈥�

鈥�

208

Income from discontinued operations before income taxes

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204

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744

鈥�

鈥�

338

Income tax expense

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(35)

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鈥�

(86)

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(111)

Loss on disposal

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鈥�

(427)

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Valuation allowance

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鈥�

鈥�

鈥�

(270)

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Income (loss) from discontinued operations, net of tax

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169

鈥�

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(39)

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227

Net income attributable to noncontrolling interests

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鈥�

鈥�

鈥�

(6)

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鈥�

(10)

Net income (loss) attributable to discontinued operations

$

169

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$

(45)

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$

217

(1) Discontinued operations include our Chemical Intermediates Businesses, our Australian styrenics operations and our North American polymers and base chemicals operations for all periods presented. We began accounting for our investment in Venator as an equity method investment on December 3, 2018. Therefore, the summarized financial data only includes the results of Venator applicable to the period from January 1, 2017 through December 2, 2018.

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(2) Includes eliminations of trade sales, services and fees, net and cost of sales between continuing operations and discontinued operations.