Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 15, 2013 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CELANESE CORPORATION | |
Entity Central Index Key | 1306830 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 157,672,305 | |
Entity Current Reporting Status | Yes |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Net sales | $1,636 | $1,609 | $4,894 | $4,917 | ||
Cost of sales | -1,290 | -1,281 | [1] | -3,896 | -3,980 | [1] |
Gross profit | 346 | 328 | [1] | 998 | 937 | [1] |
Selling, general and administrative expenses | -97 | -113 | [1] | -316 | -354 | [1] |
Amortization of intangible assets | -6 | -12 | -26 | -38 | ||
Research and development expenses | -24 | -23 | [1] | -73 | -73 | [1] |
Other (charges) gains, net | -4 | 2 | -11 | -1 | ||
Foreign exchange gain (loss), net | -2 | -4 | -5 | -4 | ||
Gain (loss) on disposition of businesses and assets, net | -2 | -2 | -3 | -2 | ||
Operating profit (loss) | 211 | 176 | [1] | 564 | 465 | [1] |
Equity in net earnings (loss) of affiliates | 41 | 50 | 150 | 163 | ||
Interest expense | -43 | -44 | -130 | -134 | ||
Refinancing expense | -1 | 0 | -1 | 0 | ||
Interest income | 0 | 0 | 1 | 1 | ||
Dividend income - cost investments | 22 | 1 | 69 | 85 | ||
Other income (expense), net | -2 | 3 | 1 | 4 | ||
Earnings (loss) from continuing operations before tax | 228 | 186 | [1] | 654 | 584 | [1] |
Income tax (provision) benefit | -57 | -57 | [1] | -209 | -41 | [1] |
Earnings (loss) from continuing operations | 171 | 129 | [1] | 445 | 543 | [1] |
Earnings (loss) from operation of discontinued operations | 1 | -3 | 3 | -3 | ||
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 | ||
Income tax (provision) benefit from discontinued operations | 0 | 1 | -1 | 1 | ||
Earnings (loss) from discontinued operations | 1 | -2 | 2 | -2 | ||
Net earnings (loss) | 172 | 127 | [1] | 447 | 541 | [1] |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net earnings (loss) attributable to Celanese Corporation | 172 | 127 | [1] | 447 | 541 | [1] |
Amounts attributable to Celanese Corporation | ||||||
Earnings (loss) from continuing operations | 171 | 129 | [1] | 445 | 543 | [1] |
Earnings (loss) from discontinued operations | 1 | -2 | 2 | -2 | ||
Net earnings (loss) | $172 | $127 | [1] | $447 | $541 | [1] |
Earnings (loss) per common share - basic | ||||||
Continuing operations | $1.08 | $0.81 | [1] | $2.80 | $3.43 | [1] |
Discontinued operations | $0.01 | ($0.01) | [1] | $0.01 | ($0.01) | [1] |
Net earnings (loss) - basic | $1.09 | $0.80 | [1] | $2.81 | $3.42 | [1] |
Earnings (loss) per common share - diluted | ||||||
Continuing operations | $1.07 | $0.80 | [1] | $2.79 | $3.40 | [1] |
Discontinued operations | $0.01 | ($0.01) | [1] | $0.01 | ($0.01) | [1] |
Net earnings (loss) - diluted | $1.08 | $0.79 | [1] | $2.80 | $3.39 | [1] |
Weighted average shares - basic | 158,501,075 | 159,158,280 | 159,282,314 | 157,970,535 | ||
Weighted average shares - diluted | 159,095,531 | 160,129,376 | 159,846,593 | 159,678,638 | ||
[1] | As Adjusted (Note 1) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Net earnings (loss) | $172 | $127 | [1] | $447 | $541 | [1] |
Other comprehensive income (loss), net of tax | ||||||
Unrealized gain (loss) on marketable securities | 1 | 0 | 1 | 0 | ||
Foreign currency translation | 42 | 28 | 37 | 4 | ||
Gain (loss) on interest rate swaps | 1 | -2 | 4 | -1 | ||
Pension and postretirement benefits | 0 | 0 | [1] | 0 | -6 | [1] |
Total other comprehensive income (loss), net of tax | 44 | 26 | [1] | 42 | -3 | [1] |
Total comprehensive income (loss), net of tax | 216 | 153 | [1] | 489 | 538 | [1] |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to Celanese Corporation | $216 | $153 | [1] | $489 | $538 | [1] |
[1] | As Adjusted (Note 1) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Current Assets | |||
Cash and cash equivalents | $1,100 | $959 | |
Trade receivables - third party and affiliates (net of allowance for doubtful accounts - 2013: $11; 2012: $9) | 949 | 827 | |
Non-trade receivables, net | 293 | 209 | |
Inventories | 753 | 711 | |
Deferred income taxes | 50 | 49 | |
Marketable securities, at fair value | 44 | 53 | |
Other assets | 39 | 31 | |
Total current assets | 3,228 | 2,839 | |
Investments in affiliates | 857 | 800 | |
Property, plant and equipment (net of accumulated depreciation - 2013: $1,665; 2012: $1,506) | 3,391 | 3,350 | |
Deferred income taxes | 604 | 606 | |
Other assets | 498 | 463 | |
Goodwill | 787 | 777 | |
Intangible assets, net | 147 | 165 | |
Total assets | 9,512 | 9,000 | |
Current Liabilities | |||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 224 | 168 | |
Trade payables - third party and affiliates | 739 | 649 | |
Other liabilities | 457 | 475 | |
Deferred income taxes | 25 | 25 | |
Income taxes payable | 152 | 38 | |
Total current liabilities | 1,597 | 1,355 | |
Long-term debt | 2,870 | 2,930 | |
Deferred income taxes | 61 | 50 | |
Uncertain tax positions | 203 | 181 | |
Benefit obligations | 1,546 | 1,602 | |
Other liabilities | 1,151 | 1,152 | |
Commitments and contingencies | Â Â | Â Â | |
Stockholders' Equity | |||
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2013 and 2012: 0 issued and outstanding) | 0 | 0 | |
Treasury stock, at cost (2013: 26,089,177 shares; 2012: 23,986,836 shares) | -1,007 | -905 | |
Additional paid-in capital | 753 | 731 | |
Retained earnings | 2,385 | 1,993 | [1] |
Accumulated other comprehensive income (loss), net | -47 | -89 | [1] |
Total Celanese Corporation stockholders' equity | 2,084 | 1,730 | |
Noncontrolling interests | 0 | 0 | |
Total equity | 2,084 | 1,730 | |
Total liabilities and equity | 9,512 | 9,000 | |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2013: 183,781,497 issued and 157,692,320 outstanding; 2012: 183,629,237 issued and 159,642,401 outstanding) [Member] | |||
Stockholders' Equity | |||
Common stock | 0 | 0 | |
Series B common stock, $0.0001 par value, 100,000,000 shares authorized (2013 and 2012: 0 issued and outstanding) [Member] | |||
Stockholders' Equity | |||
Common stock | $0 | $0 | |
[1] | As Adjusted (Note 1) |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Current Assets | ||
Allowance for doubtful accounts - trade receivables | $11 | $9 |
Accumulated depreciation | $1,665 | $1,506 |
Stockholders' Equity | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 26,089,177 | 23,986,836 |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2013: 183,781,497 issued and 157,692,320 outstanding; 2012: 183,629,237 issued and 159,642,401 outstanding) [Member] | ||
Stockholders' Equity | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 183,781,497 | 183,629,237 |
Common stock, shares outstanding | 157,692,320 | 159,642,401 |
Series B common stock, $0.0001 par value, 100,000,000 shares authorized (2013 and 2012: 0 issued and outstanding) [Member] | ||
Stockholders' Equity | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Consolidated_Statement_Equity
Consolidated Statement Equity (USD $) | Total | Total Celanese Corporation Stockholders' Equity [Member] | Series A Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | |
In Millions, except Share data | |||||||||
Balance as of the beginning of the period at Dec. 31, 2012 | $1,730 | $0 | ($905) | $731 | $1,993 | ($89) | $0 | ||
Balance as of the beginning of the period, shares at Dec. 31, 2012 | 159,642,401 | 23,986,836 | |||||||
Stock option exercises, shares | 128,791 | ||||||||
Stock option exercises, net of tax | 0 | 3 | |||||||
Purchases of treasury stock, shares | -2,102,341 | ||||||||
Purchases of treasury stock, including related fees | 0 | ||||||||
Stock awards, shares | 23,469 | ||||||||
Stock awards | 0 | ||||||||
Purchases of treasury stock, shares | 2,096,320 | [1] | 2,102,341 | ||||||
Purchases of treasury stock, including related fees | -102 | -102 | |||||||
Stock-based compensation, net of tax | 19 | ||||||||
Net earnings (Loss) attributable to Celanese Corporation | 447 | 447 | |||||||
Series A common stock dividends | -55 | ||||||||
Other comprehensive income (loss), net of tax | 42 | 42 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | |||||||
Balance as of the end of the period at Sep. 30, 2013 | 2,084 | 0 | -1,007 | 753 | 2,385 | -47 | 0 | ||
Total Celanese Corporation stockholders' equity at Sep. 30, 2013 | $2,084 | $2,084 | |||||||
Balance as of the end of the period, shares at Sep. 30, 2013 | 157,692,320 | 26,089,177 | |||||||
[1] | Excludes 6,021 shares withheld from employee to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. Restricted stock is considered outstanding at the time of issuance and therefore, the shares withheld are treated as treasury shares. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | |
Operating activities | |||
Net earnings (loss) | $447 | $541 | [1] |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | |||
Other charges (gains), net of amounts used | -8 | -13 | |
Depreciation, amortization and accretion | 238 | 236 | |
Pension and postretirement benefit expense | -16 | 7 | [1] |
Pension and postretirement contributions | -49 | -151 | [1] |
Deferred income taxes, net | 7 | -87 | [1] |
(Gain) loss on disposition of businesses and assets, net | 2 | 2 | |
Debt Issuance cost | 1 | 0 | |
Other, net | -23 | 85 | |
Operating cash provided by (used in) discontinued operations | -5 | 0 | |
Changes in operating assets and liabilities | |||
Trade receivables - third party and affiliates, net | -113 | -62 | |
Inventories | -34 | 1 | |
Other assets | -82 | 15 | |
Trade payables - third party and affiliates | 100 | 58 | |
Other liabilities | 143 | 29 | [1] |
Net cash provided by (used in) operating activities | 608 | 661 | |
Investing activities | |||
Capital expenditures on property, plant and equipment | -259 | -270 | |
Acquisitions, net of cash acquired | 0 | -23 | |
Proceeds from sale of businesses and assets, net | 13 | 1 | |
Capital expenditures related to Kelsterbach plant relocation | -6 | -43 | |
Other, net | -38 | -62 | |
Net cash provided by (used in) investing activities | -290 | -397 | |
Financing activities | |||
Short-term borrowings (repayments), net | -12 | -7 | |
Proceeds from short-term debt | 154 | 50 | |
Repayments of short-term debt | -51 | -50 | |
Proceeds from long-term debt | 74 | 0 | |
Repayments of long-term debt | -192 | -32 | |
Refinancing costs | -2 | 0 | |
Purchases of treasury stock, including related fees | -102 | -37 | |
Stock option exercises | 3 | 58 | |
Series A common stock dividends | -55 | -31 | |
Other, net | 0 | 28 | |
Net cash provided by (used in) financing activities | -183 | -21 | |
Exchange rate effects on cash and cash equivalents | 6 | 3 | |
Net increase (decrease) in cash and cash equivalents | 141 | 246 | |
Cash and cash equivalents as of beginning of period | 959 | 682 | |
Cash and cash equivalents as of end of period | $1,100 | $928 | |
[1] | As Adjusted (Note 1) |
Description_of_the_Company_and
Description of the Company and Basis of Presentation | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Description of the Company and Basis of Presentation | Description of the Company and Basis of Presentation | ||||||||
Description of the Company | |||||||||
Celanese Corporation and its subsidiaries (collectively, the "Company") is a global technology and specialty materials company. The Company’s business involves processing chemical raw materials, such as methanol, carbon monoxide and ethylene, and natural products, including wood pulp, into value-added chemicals, thermoplastic polymers and other chemical-based products. | |||||||||
In conjunction with the Company's focus on the Celanese brand, the names of the Company's reporting units have changed to engineered materials (formerly Advanced Engineered Materials), cellulose derivatives (formerly Acetate Products), food ingredients (formerly Nutrinova), emulsion polymers (formerly Emulsions), EVA polymers (formerly EVA Performance Polymers) and intermediate chemistry (formerly Acetyl Intermediates). There has been no change to the names or composition of the Company's business segments. | |||||||||
Definitions | |||||||||
In this Quarterly Report on Form 10-Q ("Quarterly Report"), the term "Celanese" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The term "Celanese US" refers to the Company’s subsidiary, Celanese US Holdings LLC, a Delaware limited liability company, and not its subsidiaries. | |||||||||
Basis of Presentation | |||||||||
The unaudited interim consolidated financial statements for the three and nine months ended September 30, 2013 and 2012 contained in this Quarterly Report were prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") for all periods presented. The unaudited interim consolidated financial statements and other financial information included in this Quarterly Report, unless otherwise specified, have been presented to separately show the effects of discontinued operations. | |||||||||
In the opinion of management, the accompanying unaudited consolidated balance sheets and related unaudited interim consolidated statements of operations, comprehensive income (loss), cash flows and equity include all adjustments, consisting only of normal recurring items necessary for their fair presentation in conformity with US GAAP. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted in accordance with rules and regulations of the Securities and Exchange Commission ("SEC"). These unaudited interim consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements as of and for the year ended December 31, 2012, originally filed on February 8, 2013 with the SEC as part of the Company's Annual Report on Form 10-K and updated to incorporate the effect of changes in the Company's pension accounting policy, filed on April 26, 2013 with the SEC as Exhibit 99.3 to a Current Report on Form 8-K. | |||||||||
Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the entire year. | |||||||||
In the ordinary course of business, the Company enters into contracts and agreements relative to a number of topics, including acquisitions, dispositions, joint ventures, supply agreements, product sales and other arrangements. The Company endeavors to describe those contracts or agreements that are material to its business, results of operations or financial position. The Company may also describe some arrangements that are not material but in which the Company believes investors may have an interest or which may have been included in a Form 8-K filing. Investors should not assume the Company has described all contracts and agreements relative to the Company’s business in this Quarterly Report. | |||||||||
For those consolidated subsidiaries in which the Company's ownership is less than 100%, the outside stockholders' interests are shown as noncontrolling interests. | |||||||||
The Company has reclassified certain prior period amounts to conform to the current period’s presentation. | |||||||||
Estimates and Assumptions | |||||||||
The preparation of unaudited interim consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues, expenses and allocated charges during the reporting period. Significant estimates pertain to impairments of goodwill, intangible assets and other long-lived assets, purchase price allocations, restructuring costs and other (charges) gains, net, income taxes, pension and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates. | |||||||||
Change in accounting policy regarding pension and other postretirement benefits | |||||||||
Effective January 1, 2013, the Company elected to change its accounting policy for recognizing actuarial gains and losses and changes in the fair value of plan assets for its defined benefit pension plans and other postretirement benefit plans. Previously, the Company recognized the actuarial gains and losses as a component of Accumulated other comprehensive income (loss), net within the consolidated balance sheets on an annual basis and amortized the gains and losses into operating results over the average remaining service period to retirement date for active plan participants or, for retired participants, the average remaining life expectancy. For defined benefit pension plans, the unrecognized gains and losses were amortized when the net gains and losses exceeded 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. For other postretirement benefits, amortization occurred when the net gains and losses exceeded 10% of the accumulated postretirement benefit obligation at the beginning of the year. | |||||||||
Previously, differences between the actual rate of return on plan assets and the long-term expected rate of return on plan assets were not generally recognized in net periodic benefit cost in the year that the difference occurred. These differences were deferred and amortized into net periodic benefit cost over the average remaining future service period of employees. The asset gains and losses subject to amortization and the long-term expected return on plan assets were previously calculated using a five-year smoothing of asset gains and losses referred to as the market-related value to stabilize variability in the plan asset values. | |||||||||
The Company now applies the long-term expected rate of return to the fair value of plan assets and immediately recognizes the change in fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each fiscal year and whenever a plan is required to be remeasured. Events requiring a plan remeasurement will be recognized in the quarter in which such remeasurement event occurs. The remaining components of the Company's net periodic benefit cost are recorded on a quarterly basis. While the Company's historical policy of recognizing the change in fair value of plan assets and net actuarial gains and losses is considered acceptable under US GAAP, the Company believes the new policy is preferable as it eliminates the delay in recognizing gains and losses within operating results. This change improves transparency within the Company's operating results by immediately recognizing the effects of economic and interest rate trends on plan investments and assumptions in the year these gains and losses are actually incurred. The policy changes have no impact on future pension and postretirement benefit plan funding or pension and postretirement benefits paid to participants. Financial information for all periods presented has been retrospectively adjusted. | |||||||||
In connection with the changes in accounting policy for pension and other postretirement benefits and in an attempt to properly match the actual operational expenses each business segment is incurring, the Company changed its allocation of net periodic benefit cost. Previously, the Company allocated all components of net periodic benefit cost to each business segment on a ratable basis. The Company now allocates only the service cost and amortization of prior service cost components of its pension and postretirement plans to its business segments. All other components of net periodic benefit cost are recorded to Other Activities. The components of net periodic benefit cost that are no longer allocated to each business segment include interest cost, expected return on assets and net actuarial gains and losses as these components are considered financing activities managed at the corporate level. The Company believes the revised expense allocation more appropriately matches the cost incurred for active employees to the respective business segment. Business segment information for prior periods has been retrospectively adjusted (Note 18). | |||||||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statement of operations is as follows: | |||||||||
Three Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (1,285 | ) | 4 | (1,281 | ) | ||||
Gross profit | 324 | 4 | 328 | ||||||
Selling, general and administrative expenses | (121 | ) | 8 | (113 | ) | ||||
Research and development expenses | (24 | ) | 1 | (23 | ) | ||||
Operating profit (loss) | 163 | 13 | 176 | ||||||
Earnings (loss) from continuing operations before tax | 173 | 13 | 186 | ||||||
Income tax (provision) benefit | (54 | ) | (3 | ) | (57 | ) | |||
Earnings (loss) from continuing operations | 119 | 10 | 129 | ||||||
Net earnings (loss) | 117 | 10 | 127 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 117 | 10 | 127 | ||||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 0.75 | 0.06 | 0.81 | ||||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | ||||
Net earnings (loss)Â - basic | 0.74 | 0.06 | 0.8 | ||||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 0.74 | 0.06 | 0.8 | ||||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | ||||
Net earnings (loss)Â - diluted | 0.73 | 0.06 | 0.79 | ||||||
Nine Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (3,992 | ) | 12 | (3,980 | ) | ||||
Gross profit | 925 | 12 | 937 | ||||||
Selling, general and administrative expenses | (379 | ) | 25 | (354 | ) | ||||
Research and development expenses | (76 | ) | 3 | (73 | ) | ||||
Operating profit (loss) | 425 | 40 | 465 | ||||||
Earnings (loss) from continuing operations before tax | 544 | 40 | 584 | ||||||
Income tax (provision) benefit | (32 | ) | (9 | ) | (41 | ) | |||
Earnings (loss) from continuing operations | 512 | 31 | 543 | ||||||
Net earnings (loss) | 510 | 31 | 541 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 510 | 31 | 541 | ||||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 3.24 | 0.19 | 3.43 | ||||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | ||||
Net earnings (loss)Â - basic | 3.23 | 0.19 | 3.42 | ||||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 3.21 | 0.19 | 3.4 | ||||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | ||||
Net earnings (loss)Â - diluted | 3.2 | 0.19 | 3.39 | ||||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statement of comprehensive income (loss) is as follows: | |||||||||
Three Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 117 | 10 | 127 | ||||||
Pension and postretirement benefits | 10 | (10 | ) | — | |||||
Total other comprehensive income (loss), net of tax | 36 | (10 | ) | 26 | |||||
Total comprehensive income (loss), net of tax | 153 | — | 153 | ||||||
Comprehensive income (loss) attributable to Celanese Corporation | 153 | — | 153 | ||||||
Nine Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 510 | 31 | 541 | ||||||
Pension and postretirement benefits | 25 | (31 | ) | (6 | ) | ||||
Total other comprehensive income (loss), net of tax | 28 | (31 | ) | (3 | ) | ||||
Total comprehensive income (loss), net of tax | 538 | — | 538 | ||||||
Comprehensive income (loss) attributable to Celanese Corporation | 538 | — | 538 | ||||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated balance sheet is as follows: | |||||||||
As of December 31, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Retained earnings | 2,986 | (993 | ) | 1,993 | |||||
Accumulated other comprehensive income (loss), net | (1,082 | ) | 993 | (89 | ) | ||||
The cumulative effect of the change in accounting policy for pension and other postretirement benefits on Retained earnings as of December 31, 2011 was a decrease of $760 million, with an equivalent increase to Accumulated other comprehensive income. | |||||||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to operating activities in the consolidated statement of cash flows is as follows: | |||||||||
Nine Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 510 | 31 | 541 | ||||||
Pension and postretirement benefit expense | — | 7 | 7 | ||||||
Pension and postretirement contributions | — | (151 | ) | (151 | ) | ||||
Deferred income taxes, net | (96 | ) | 9 | (87 | ) | ||||
Other liabilities | (75 | ) | 104 | 29 | |||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the business segment financial information (Note 18) is as follows: | |||||||||
Three Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Operating Profit (Loss) | |||||||||
Advanced Engineered Materials | 43 | 1 | 44 | ||||||
Consumer Specialties | 70 | 2 | 72 | ||||||
Industrial Specialties | 23 | 2 | 25 | ||||||
Acetyl Intermediates | 62 | 1 | 63 | ||||||
Other Activities | (35 | ) | 7 | (28 | ) | ||||
Total | 163 | 13 | 176 | ||||||
Nine Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Operating Profit (Loss) | |||||||||
Advanced Engineered Materials | 85 | 6 | 91 | ||||||
Consumer Specialties | 184 | 5 | 189 | ||||||
Industrial Specialties | 76 | 4 | 80 | ||||||
Acetyl Intermediates | 199 | 4 | 203 | ||||||
Other Activities | (119 | ) | 21 | (98 | ) | ||||
Total | 425 | 40 | 465 | ||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, an amendment to FASB Accounting Standards Codification ("ASC") Topic 740, Income Taxes ("FASB ASC Topic 740"). This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the impact of adopting this ASU to be material to the Company's financial position or cash flows. | |
In July 2013, the FASB issued ASU 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes, an amendment to FASB ASC Topic 815, Derivatives and Hedging ("FASB ASC Topic 815"). The update permits the use of the Fed Funds Effective Swap Rate to be used as a US benchmark interest rate for hedge accounting purposes under FASB ASC Topic 815, in addition to the interest rates on direct Treasury obligations of the US government ("UST") and the London Interbank Offered Rate ("LIBOR"). The update also removes the restriction on using different benchmark rates for similar hedges. This ASU is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The Company does not expect the impact of adopting this ASU to be material to the Company's financial position, results of operations or cash flows. | |
In March 2013, the FASB issued ASU 2013-05, Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, an amendment to FASB ASC Topic 830, Foreign Currency Matters ("FASB ASC Topic 830"). The update clarifies that complete or substantially complete liquidation of a foreign entity is required to release the cumulative translation adjustment ("CTA") for transactions occurring within a foreign entity. However, transactions impacting investments in a foreign entity may result in a full or partial release of CTA even though complete or substantially complete liquidation of the foreign entity has not occurred. Furthermore, for transactions involving step acquisitions, the CTA associated with the previous equity-method investment will be fully released when control is obtained and consolidation occurs. This ASU is effective for fiscal years beginning after December 15, 2013. The Company will apply the guidance prospectively to derecognition events occurring after the effective date. | |
In February 2013, the FASB issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date, an amendment to FASB ASC Topic 405, Liabilities ("FASB ASC Topic 405"). The update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed as of the reporting date as the sum of the obligation the entity agreed to pay among its co-obligors and any additional amount the entity expects to pay on behalf of its co-obligors. This ASU is effective for annual and interim periods beginning after December 15, 2013 and is required to be applied retrospectively to all prior periods presented for those obligations that existed upon adoption of the ASU. The Company does not expect the impact of adopting this ASU to be material to the Company's financial position, results of operations or cash flows. |
Acquisitions_Dispositions_Vent
Acquisitions, Dispositions, Ventures and Plant Closures | 9 Months Ended |
Sep. 30, 2013 | |
Acquisitions, Dispositions, Ventures and Plant Closures [Abstract] | |
Acquisitions, Dispositions, Ventures and Plant Closures | Acquisitions, Dispositions, Ventures and Plant Closures |
Acquisitions | |
In January 2012, the Company completed the acquisition of certain assets from Ashland Inc., including two product lines, Vinac® and Flexbond®, to support the strategic growth of the Company's emulsion polymers business. The acquired operations are included in the Industrial Specialties segment. Pro forma financial information since the acquisition date has not been provided as the acquisition did not have a material impact on the Company’s financial information. | |
The Company allocated the purchase price of the acquisitions to identifiable intangible assets acquired based on their estimated fair values. The excess of purchase price over the aggregate fair values was recorded as goodwill. Intangible assets were valued using the relief from royalty and discounted cash flow methodologies which are considered Level 3 measurements under FASB ASC Topic 820, Fair Value Measurement ("FASB ASC Topic 820"). The relief from royalty method estimates the Company’s theoretical royalty savings from ownership of the intangible asset. Key assumptions used in this model include discount rates, royalty rates, growth rates, sales projections and terminal value rates, all of which require significant management judgment and, therefore, are susceptible to change. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, cash flow projections and terminal value rates. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. The Company, with the assistance of third-party valuation consultants, calculated the fair value of the intangible assets acquired to allocate the purchase price at the acquisition date. | |
Ventures | |
On May 15, 2013, the Company and Mitsui & Co., Ltd., of Tokyo, Japan, announced they had signed an agreement to establish a joint venture for the production of methanol at the Company's integrated chemical plant in Clear Lake, Texas. The planned methanol unit will utilize natural gas in the US Gulf Coast region as a feedstock and will benefit from the existing infrastructure at the Company's Clear Lake facility. The planned methanol facility will have an annual capacity of 1.3 million tons and is expected to begin operations in mid-2015. |
Marketable_Securities_at_Fair_
Marketable Securities, at Fair Value | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Investments, Debt and Equity Securities [Abstract] | ||||||
Marketable Securities, at Fair Value | Marketable Securities, at Fair Value | |||||
The Company’s nonqualified trusts hold available-for-sale securities for funding requirements. | ||||||
The amortized cost, gross unrealized gain, gross unrealized loss and fair values for available-for-sale securities by major security type are as follows: | ||||||
As of | As of | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Mutual Funds | ||||||
Amortized cost | 44 | 53 | ||||
Gross unrealized gain | — | — | ||||
Gross unrealized loss | — | — | ||||
Fair value | 44 | 53 | ||||
See Note 16, Fair Value Measurements, for additional information regarding the fair value of the Company's marketable securities. |
Inventories
Inventories | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Inventory Disclosure [Abstract] | ||||||
Inventories | Inventories | |||||
As of | As of | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Finished goods | 560 | 514 | ||||
Work-in-process | 51 | 42 | ||||
Raw materials and supplies | 142 | 155 | ||||
Total | 753 | 711 | ||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, Net | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net | |||||||||||||||
Goodwill | ||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Total | ||||||||||||
Engineered | Specialties | Specialties | Intermediates | |||||||||||||
Materials | ||||||||||||||||
(In $ millions) | ||||||||||||||||
As of December 31, 2012 | ||||||||||||||||
Goodwill | 297 | 249 | 42 | 189 | 777 | |||||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||||
Net book value | 297 | 249 | 42 | 189 | 777 | |||||||||||
Exchange rate changes | 3 | 2 | — | 5 | 10 | |||||||||||
As of September 30, 2013 | ||||||||||||||||
Goodwill | 300 | 251 | 42 | 194 | 787 | |||||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||||
Net book value | 300 | 251 | 42 | 194 | 787 | |||||||||||
The Company assesses the recoverability of the carrying value of its reporting unit goodwill either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. In connection with the Company's annual goodwill impairment assessment, the Company did not record an impairment loss to goodwill during the nine months ended September 30, 2013 as the estimated fair value for each of the Company's reporting units exceeded the carrying value of the underlying assets by a substantial margin. | ||||||||||||||||
Intangible Assets, Net | ||||||||||||||||
Finite-lived intangibles are as follows: | ||||||||||||||||
Licenses | Customer- | Developed | Covenants | Total | ||||||||||||
Related | Technology | Not to | ||||||||||||||
Intangible | Compete | |||||||||||||||
Assets | and Other | |||||||||||||||
(In $ millions) | ||||||||||||||||
Gross Asset Value | ||||||||||||||||
As of December 31, 2012 | 32 | 525 | 30 | 32 | 619 | |||||||||||
Acquisitions | — | — | — | 7 | 7 | (1) | ||||||||||
Exchange rate changes | 1 | 10 | — | — | 11 | |||||||||||
As of September 30, 2013 | 33 | 535 | 30 | 39 | 637 | |||||||||||
Accumulated Amortization | ||||||||||||||||
As of December 31, 2012 | (16 | ) | (480 | ) | (17 | ) | (23 | ) | (536 | ) | ||||||
Amortization | (3 | ) | (19 | ) | (2 | ) | (2 | ) | (26 | ) | ||||||
Exchange rate changes | — | (10 | ) | — | — | (10 | ) | |||||||||
As of September 30, 2013 | (19 | ) | (509 | ) | (19 | ) | (25 | ) | (572 | ) | ||||||
Net book value | 14 | 26 | 11 | 14 | 65 | |||||||||||
______________________________ | ||||||||||||||||
(1) Â | Weighted average amortization period is 29 years. | |||||||||||||||
Indefinite-lived intangibles are as follows: | ||||||||||||||||
Trademarks | ||||||||||||||||
and Trade Names | ||||||||||||||||
(In $ millions) | ||||||||||||||||
As of December 31, 2012 | 82 | |||||||||||||||
Acquisitions | — | |||||||||||||||
Accumulated impairment losses | (1 | ) | ||||||||||||||
Exchange rate changes | 1 | |||||||||||||||
As of September 30, 2013 | 82 | |||||||||||||||
The Company assesses the recoverability of the carrying value of its indefinite-lived intangible assets annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. | ||||||||||||||||
Management assesses indefinite-lived intangible assets for impairment either qualitatively or by utilizing the relief from royalty method under the income approach to determine the estimated fair value for each indefinite-lived intangible asset. The relief from royalty method estimates the Company’s theoretical royalty savings from ownership of the intangible asset. Key assumptions used in this model include discount rates, royalty rates, growth rates, sales projections and terminal value rates. Discount rates, royalty rates, growth rates and sales projections are the assumptions most sensitive and susceptible to change as they require significant management judgment. Discount rates used are similar to the rates estimated by the weighted average cost of capital considering any differences in Company-specific risk factors. Royalty rates are established by management and are periodically substantiated by third-party valuation consultants. Operational management, considering industry and Company-specific historical and projected data, develops growth rates and sales projections associated with each indefinite-lived intangible asset. Terminal value rate determination follows common methodology of capturing the present value of perpetual sales estimates beyond the last projected period assuming a constant discount rate and low long-term growth rates. | ||||||||||||||||
If the calculated fair value as described above is less than the current carrying value, impairment of the indefinite-lived intangible asset may exist. In connection with the Company’s annual indefinite-lived intangible assets impairment assessment, the Company recorded an impairment loss of $1 million in Other charges (gains), net (Note 13) to write-off the total net book value of a trademark included in the Industrial Specialties segment. Other than this trademark, the estimated fair value for each of the Company's other indefinite-lived intangible assets exceeded the carrying value of the underlying asset by a substantial margin. | ||||||||||||||||
Specific assumptions, including discount rates, royalty rates, sales projections and terminal value rates, were updated at the date of the assessment to consider current industry and Company-specific risk factors from the perspective of a market participant. The current business environment is subject to evolving market conditions and requires significant management judgment to interpret the potential impact to the Company’s assumptions. To the extent market changes result in adjusted assumptions, impairment losses may occur in future periods. | ||||||||||||||||
The Company's trademarks and trade names have an indefinite life. For the nine months ended September 30, 2013, the Company did not renew or extend any intangible assets. | ||||||||||||||||
Estimated amortization expense for the succeeding five fiscal years is as follows: | ||||||||||||||||
(In $ millions) | ||||||||||||||||
2014 | 20 | |||||||||||||||
2015 | 11 | |||||||||||||||
2016 | 8 | |||||||||||||||
2017 | 7 | |||||||||||||||
2018 | 4 | |||||||||||||||
Current_Other_Liabilities
Current Other Liabilities | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Other Liabilities, Current [Abstract] | ||||||
Current Other Liabilities | Current Other Liabilities | |||||
As of | As of | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Salaries and benefits | 97 | 74 | ||||
Environmental (Note 11) | 24 | 21 | ||||
Restructuring (Note 13) | 19 | 30 | ||||
Insurance | 13 | 15 | ||||
Asset retirement obligations | 23 | 38 | ||||
Derivatives (Note 15) | 15 | 23 | ||||
Current portion of benefit obligations | 47 | 47 | ||||
Interest | 32 | 23 | ||||
Sales and use tax/foreign withholding tax payable | 17 | 17 | ||||
Uncertain tax positions | 63 | 65 | ||||
Customer rebates | 37 | 44 | ||||
Other | 70 | 78 | ||||
Total | 457 | 475 | ||||
Noncurrent_Other_Liabilities
Noncurrent Other Liabilities | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Other Liabilities, Noncurrent [Abstract] | ||||||
Noncurrent Other Liabilities | Noncurrent Other Liabilities | |||||
As of | As of | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Environmental (Note 11) | 67 | 78 | ||||
Insurance | 53 | 58 | ||||
Deferred revenue | 30 | 36 | ||||
Deferred proceeds(1) | 930 | 909 | ||||
Asset retirement obligations | 22 | 26 | ||||
Derivatives (Note 15) | 3 | 8 | ||||
Income taxes payable | 2 | 2 | ||||
Other | 44 | 35 | ||||
Total | 1,151 | 1,152 | ||||
______________________________ | ||||||
(1) | Primarily relates to proceeds received from the Frankfurt, Germany Airport as part of a settlement for the Company to cease operations and sell its Kelsterbach, Germany manufacturing site, included in the Advanced Engineered Materials segment. Such proceeds will be deferred until the land and buildings transfer to the Frankfurt, Germany Airport (Note 20). |
Debt
Debt | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Debt Disclosure [Abstract] | ||||||
Debt | Debt | |||||
As of | As of | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||||||
Current installments of long-term debt | 23 | 60 | ||||
Short-term borrowings, including amounts due to affiliates | 101 | 108 | ||||
Accounts receivable securitization facility | 100 | — | ||||
Total | 224 | 168 | ||||
The Company's weighted average interest rate on short-term borrowings, including amounts due to affiliates, was 4.4% as of September 30, 2013 compared to 4.0% as of December 31, 2012. The weighted average interest rate on the accounts receivable securitization facility was 0.9% as of September 30, 2013. | ||||||
As of | As of | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Long-Term Debt | ||||||
Senior credit facilities - Term C loan due 2016 | — | 977 | ||||
Senior credit facilities - Term C-2 loan due 2016 | 976 | — | ||||
Senior unsecured notes due 2018, interest rate of 6.625% | 600 | 600 | ||||
Senior unsecured notes due 2021, interest rate of 5.875% | 400 | 400 | ||||
Senior unsecured notes due 2022, interest rate of 4.625% | 500 | 500 | ||||
Credit-linked revolving facility due 2014, interest rate of 1.7% | — | 50 | ||||
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 5.7% to 6.7% | 169 | 182 | ||||
Obligations under capital leases due at various dates through 2054 | 248 | 244 | ||||
Other bank obligations | — | 37 | ||||
Subtotal | 2,893 | 2,990 | ||||
Current installments of long-term debt | (23 | ) | (60 | ) | ||
Total | 2,870 | 2,930 | ||||
Senior Notes | ||||||
In November 2012, Celanese US completed an offering of $500 million in aggregate principal amount of 4.625%Â senior unsecured notes due 2022 (the "4.625% Notes") in a public offering registered under the Securities Act of 1933, as amended (the "Securities Act"). The 4.625% Notes are guaranteed on a senior unsecured basis by Celanese and each of the domestic subsidiaries of Celanese US that guarantee its obligations under its senior secured credit facilities (the "Subsidiary Guarantors"). | ||||||
The 4.625% Notes were issued under an indenture, dated May 6, 2011, as amended by a second supplemental indenture, dated November 13, 2012 (the "Second Supplemental Indenture"), among Celanese US, Celanese, the Subsidiary Guarantors and Wells Fargo Bank, National Association, as trustee. Celanese US will pay interest on the 4.625% Notes on March 15 and September 15 of each year which commenced on March 15, 2013. Prior to November 15, 2022, Celanese US may redeem some or all of the 4.625% Notes at a redemption price of 100% of the principal amount, plus a "make-whole" premium as specified in the Second Supplemental Indenture, plus accrued and unpaid interest, if any, to the redemption date. The 4.625% Notes are senior unsecured obligations of Celanese US and rank equally in right of payment with all other unsubordinated indebtedness of Celanese US. | ||||||
In May 2011, Celanese US completed an offering of $400 million in aggregate principal amount of 5.875%Â senior unsecured notes due 2021 (the "5.875% Notes") in a public offering registered under the Securities Act. The 5.875% Notes are guaranteed on a senior unsecured basis by Celanese and the Subsidiary Guarantors. | ||||||
The 5.875% Notes were issued under an indenture and a first supplemental indenture, each dated May 6, 2011 (the "First Supplemental Indenture"), among Celanese US, Celanese, the Subsidiary Guarantors and Wells Fargo Bank, National Association, as trustee. Celanese US pays interest on the 5.875% Notes on June 15 and December 15 of each year which commenced on December 15, 2011. Prior to June 15, 2021, Celanese US may redeem some or all of the 5.875% Notes at a redemption price of 100% of the principal amount, plus a "make-whole" premium as specified in the First Supplemental Indenture, plus accrued and unpaid interest, if any, to the redemption date. The 5.875% Notes are senior unsecured obligations of Celanese US and rank equally in right of payment with all other unsubordinated indebtedness of Celanese US. | ||||||
In September 2010, Celanese US completed the private placement of $600 million in aggregate principal amount of 6.625% senior unsecured notes due 2018 (the "6.625% Notes" and, together with the 4.625% Notes and the 5.875% Notes, collectively the "Senior Notes") under an indenture dated September 24, 2010 (the "Indenture") among Celanese US, Celanese, the Subsidiary Guarantors and Wells Fargo Bank, National Association, as trustee. In April 2011, Celanese US registered the 6.625% Notes under the Securities Act. Celanese US pays interest on the 6.625% Notes on April 15 and October 15 of each year which commenced on April 15, 2011. The 6.625% Notes are redeemable, in whole or in part, at any time on or after October 15, 2014 at the redemption prices specified in the Indenture. Prior to October 15, 2014, Celanese US may redeem some or all of the 6.625% Notes at a redemption price of 100% of the principal amount, plus a "make-whole" premium as specified in the Indenture, plus accrued and unpaid interest, if any, to the redemption date. The 6.625% Notes are senior unsecured obligations of Celanese US and rank equally in right of payment with all other unsubordinated indebtedness of Celanese US. The 6.625% Notes are guaranteed on a senior unsecured basis by Celanese and the Subsidiary Guarantors. | ||||||
The Indenture, the First Supplemental Indenture and the Second Supplemental Indenture contain covenants, including, but not limited to, restrictions on the Company’s ability to incur indebtedness; grant liens on assets; merge, consolidate, or sell assets; pay dividends or make other restricted payments; engage in transactions with affiliates; or engage in other businesses. | ||||||
Senior Credit Facilities | ||||||
In September 2010, Celanese US, Celanese, and certain of the domestic subsidiaries of Celanese US entered into an amendment agreement with the lenders under Celanese US’s existing senior secured credit facilities in order to amend and restate the corresponding Credit Agreement, dated as of April 2, 2007 (as previously amended, the "Existing Credit Agreement", and as amended and restated by the 2010 amendment agreement, the "2010 Amended Credit Agreement"). The 2010 Amended Credit Agreement consisted of the Term C loan facility due 2016, the Term B loan facility due 2014, a $600 million revolving credit facility terminating in 2015 and a $228 million credit-linked revolving facility terminating in 2014. | ||||||
In May 2011, Celanese US prepaid its outstanding Term B loan facility under the 2010 Amended Credit Agreement set to mature in 2014 with an aggregate principal amount of $516 million using proceeds from the 5.875% Notes and cash on hand. | ||||||
In November 2012, Celanese US prepaid $400 million of its outstanding Term C loan facility under the 2010 Amended Credit Agreement set to mature in 2016 using proceeds from the 4.625% Notes. | ||||||
In anticipation of the Company's change in pension accounting policy (Note 1), in January 2013, the Company entered into a non-material amendment to the 2010 Amended Credit Agreement with the effect that certain computations for covenant compliance purposes will be evaluated as if the change in pension accounting policy had not occurred. The amendment also modified the 2010 Amended Credit Agreement in other, non-material respects. | ||||||
On April 25, 2013, Celanese US reduced the Total Credit Linked Commitment (as defined in the 2010 Amended Credit Agreement) for the credit-linked revolving facility terminating in 2014 to $200 million, and on September 10, 2013 to $81 million. | ||||||
On August 14, 2013, the Company entered into a non-material amendment to the 2010 Amended Credit Agreement to facilitate certain of the transactions contemplated by the Company's intentions to establish a joint venture for methanol production in Clear Lake, Texas and to make other non-material amendments. | ||||||
On September 16, 2013, Celanese US, Celanese, and certain of the domestic subsidiaries of Celanese US entered into an amendment agreement with the lenders under Celanese US’s existing senior secured credit facilities in order to amend and restate the corresponding 2010 Amended Credit Agreement (as amended and restated by the 2013 amendment agreement, the "Amended Credit Agreement"). The Amended Credit Agreement provides for a reduction in the interest rates payable in connection with certain borrowings and consists of the Term C-2 loan facility due 2016, the $600 million revolving credit facility terminating in 2015 and the $81 million credit-linked revolving facility terminating in 2014. | ||||||
As a result of the Amended Credit Agreement, $1 million has been recorded as Refinancing expense in the unaudited interim consolidated statements of operations, which includes accelerated amortization of deferred financing costs and other refinancing expenses. In addition, the Company recorded deferred financing costs of $2 million, which are being amortized over the term of the Term C-2 loan facility. As of September 30, 2013, deferred financing costs of $28 million are included in noncurrent Other assets on the unaudited consolidated balance sheet. | ||||||
As of September 30, 2013, the margin for borrowings under the Term C-2 loan facility was 2.0% above LIBOR (for US dollars) and 2.0% above the Euro Interbank Offered Rate ("EURIBOR") (for Euros), as applicable. As of September 30, 2013, the margin for borrowings under the revolving credit facility was 2.5% above LIBOR. The margin for borrowings under the revolving credit facility is subject to increase or decrease in certain circumstances based on changes in the Company’s corporate credit ratings. Borrowings under the credit-linked revolving facility bear interest at a variable interest rate based on LIBOR, plus a margin which varies based on the Company's net leverage ratio. | ||||||
The estimated net leverage ratio and margin are as follows: | ||||||
As of September 30, 2013 | ||||||
Estimated Total Net | Estimated | |||||
Leverage Ratio | Margin | |||||
Credit-linked revolving facility | 1.58 | 1.5 | % | |||
The margin on the credit-linked revolving facility may increase or decrease 0.25% based on the following: | ||||||
Total Net Leverage Ratio | Margin over LIBOR or EURIBOR | |||||
< =.25 | 1.50% | |||||
> 2.25 | 1.75% | |||||
Term loan borrowings under the Amended Credit Agreement are subject to amortization at 1% of the initial principal amount per annum, payable quarterly. In addition, the Company pays quarterly commitment fees on the unused portions of the revolving credit facility and credit-linked revolving facility of 0.25% and 1.50% per annum, respectively. | ||||||
The Amended Credit Agreement is guaranteed by Celanese and certain domestic subsidiaries of Celanese US and is secured by a lien on substantially all assets of Celanese US and such guarantors, subject to certain agreed exceptions (including for certain real property and certain shares of foreign subsidiaries), pursuant to the Guarantee and Collateral Agreement, dated as of April 2, 2007. | ||||||
As a condition to borrowing funds or requesting letters of credit be issued under the revolving facility, the Company’s first lien senior secured leverage ratio (as calculated as of the last day of the most recent fiscal quarter for which financial statements have been delivered under the revolving facility) cannot exceed the threshold as specified below. Further, the Company’s first lien senior secured leverage ratio must be maintained at or below that threshold while any amounts are outstanding under the revolving credit facility. | ||||||
The Company’s first lien senior secured leverage ratios under the revolving credit facility are as follows: | ||||||
As of September 30, 2013 | ||||||
Maximum | Estimate | Estimate, if Fully Drawn | ||||
3.9 | 0.99 | 1.53 | ||||
The Amended Credit Agreement contains covenants including, but not limited to, restrictions on the Company’s ability to incur indebtedness; grant liens on assets; merge, consolidate, or sell assets; pay dividends or make other restricted payments; make investments; prepay or modify certain indebtedness; engage in transactions with affiliates; enter into sale-leaseback transactions or hedge transactions; or engage in other businesses. | ||||||
The Amended Credit Agreement also maintains a number of events of default, including a cross default to other debt of Celanese, Celanese US, or their subsidiaries, including the Senior Notes, in an aggregate amount equal to more than $40Â million and the occurrence of a change of control. Failure to comply with these covenants, or the occurrence of any other event of default, could result in acceleration of the borrowings and other financial obligations under the Amended Credit Agreement. | ||||||
The Company is in compliance with all of the covenants related to its debt agreements as of September 30, 2013. | ||||||
Accounts Receivable Securitization Facility | ||||||
On August 28, 2013, the Company entered into a $135 million US accounts receivable securitization facility pursuant to (i) a Purchase and Sale Agreement (the "Sale Agreement") among certain US subsidiaries of the Company (each an "Originator"), Celanese International Corporation ("CIC") and CE Receivables LLC, a newly formed, wholly-owned, "bankruptcy remote" special purpose subsidiary of an Originator (the "Transferor") and (ii) a Receivables Purchase Agreement (the "Purchase Agreement"), among CIC, as servicer, the Transferor, various third-party purchasers (collectively, the "Purchasers") and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrator (the "Administrator"). | ||||||
Under the Sale Agreement, each Originator will sell or contribute, on an ongoing basis, substantially all of its accounts receivable to the Transferor. Under the Purchase Agreement, the Transferor may obtain up to $135 million (in the form of cash and/or letters of credit for the benefit of the Company and its subsidiaries) from the Purchasers through the sale of undivided interests in certain US accounts receivable. The borrowing base of the accounts receivable securitization facility is subject to downward adjustment based on the evaluation of eligible accounts receivables pursuant to the Purchase Agreement. As of September 30, 2013, the borrowing base was $131 million. | ||||||
The Purchase Agreement expires in 2016, but may be extended for successive one year terms by agreement of the parties. The Company accounts for the securitization facility as secured borrowings, and the accounts receivables sold pursuant to the facility are included in the unaudited consolidated balance sheet as Trade receivables - third party and affiliates. Borrowings under this facility are classified as short-term borrowings in the unaudited consolidated balance sheet. Once sold to the Transferor, the accounts receivable are legally separate and distinct from the other assets of the Company and are not available to the Company's creditors should the Company become insolvent. All of the Transferor's assets have been pledged to the Administrator in support of its obligations under the Purchase Agreement. | ||||||
On September 10, 2013, Celanese US prepaid $100 million of borrowings outstanding under the credit-linked revolving facility set to mature in 2014 using funds drawn under the accounts receivable securitization facility. As of September 30, 2013, the outstanding amount of accounts receivable transferred by the Originators to the Transferor was $193 million. | ||||||
The Company's balances available for borrowing are as follows: | ||||||
As of | ||||||
September 30, | ||||||
2013 | ||||||
(In $ millions) | ||||||
Revolving Credit Facility | ||||||
Borrowings outstanding | — | |||||
Letters of credit issued | — | |||||
Available for borrowing | 600 | |||||
Credit-Linked Revolving Facility | ||||||
Borrowings outstanding | — | |||||
Letters of credit issued | 80 | |||||
Available for borrowing | 1 | |||||
Accounts Receivable Securitization Facility | ||||||
Borrowings outstanding | 100 | |||||
Letters of credit issued | — | |||||
Available for borrowing | 31 | |||||
Benefit_Obligations
Benefit Obligations | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Benefit Obligations | Benefit Obligations | |||||||||||||||||||||||
As discussed in Note 1, effective January 1, 2013, the Company elected to change its policy for recognizing actuarial gains and losses and changes in the fair value of plan assets for its defined benefit pension plans and other postretirement benefit plans. This accounting change has been applied retrospectively to all periods presented. | ||||||||||||||||||||||||
The components of net periodic benefit costs are as follows: | ||||||||||||||||||||||||
Pension Benefits | Postretirement | Pension Benefits | Postretirement | |||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
As | As | As | As | |||||||||||||||||||||
Adjusted | Adjusted | Adjusted | Adjusted | |||||||||||||||||||||
(Note 1) | (Note 1) | (Note 1) | (Note 1) | |||||||||||||||||||||
(In $ millions) | (In $ millions) | |||||||||||||||||||||||
Service cost | 9 | 7 | — | — | 26 | 21 | 2 | 1 | ||||||||||||||||
Interest cost | 39 | 42 | 3 | 3 | 116 | 127 | 8 | 9 | ||||||||||||||||
Expected return on plan assets | (57 | ) | (51 | ) | — | — | (169 | ) | (153 | ) | — | — | ||||||||||||
Amortization of prior service cost (credit) | — | 1 | — | — | 1 | 2 | — | — | ||||||||||||||||
Total | (9 | ) | (1 | ) | 3 | 3 | (26 | ) | (3 | ) | 10 | 10 | ||||||||||||
Commitments to fund benefit obligations during 2013 are as follows: | ||||||||||||||||||||||||
As of | Total | |||||||||||||||||||||||
September 30, | Expected | |||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||
Cash contributions to defined benefit pension plans | 22 | 30 | ||||||||||||||||||||||
Benefit payments to nonqualified pension plans | 16 | 22 | ||||||||||||||||||||||
Benefit payments to other postretirement benefit plans | 11 | 24 | ||||||||||||||||||||||
The Company’s estimates of its US defined benefit pension plan contributions reflect the provisions of the Pension Protection Act of 2006. | ||||||||||||||||||||||||
The Company participates in a multiemployer defined benefit plan in Germany covering certain employees. The Company’s contributions to the multiemployer defined benefit plan are based on specified percentages of employee contributions and totaled $5 million for the nine months ended September 30, 2013. |
Environmental
Environmental | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Environmental Remediation Obligations [Abstract] | ||||||
Environmental | Environmental | |||||
General | ||||||
The Company is subject to environmental laws and regulations worldwide that impose limitations on the discharge of pollutants into the air and water and establish standards for the treatment, storage and disposal of solid and hazardous wastes. The Company believes that it is in substantial compliance with all applicable environmental laws and regulations. The Company is also subject to retained environmental obligations specified in various contractual agreements arising from the divestiture of certain businesses by the Company or one of its predecessor companies. | ||||||
The components of environmental remediation reserves are as follows: | ||||||
As of | As of | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Demerger obligations (Note 17) | 27 | 31 | ||||
Divestiture obligations (Note 17) | 22 | 21 | ||||
Active sites | 24 | 28 | ||||
US Superfund sites | 13 | 15 | ||||
Other environmental remediation reserves | 5 | 4 | ||||
Total | 91 | 99 | ||||
Remediation | ||||||
Due to its industrial history and through retained contractual and legal obligations, the Company has the obligation to remediate specific areas on its own sites as well as on divested, orphan or US Superfund sites (as defined below). In addition, as part of the demerger agreement between the Company and Hoechst AG ("Hoechst"), a specified portion of the responsibility for environmental liabilities from a number of Hoechst divestitures was transferred to the Company (Note 17). The Company provides for such obligations when the event of loss is probable and reasonably estimable. The Company believes that environmental remediation costs will not have a material adverse effect on the financial position of the Company, but may have a material adverse effect on the results of operations or cash flows in any given period. | ||||||
US Superfund Sites | ||||||
In the US, the Company may be subject to substantial claims brought by US federal or state regulatory agencies or private individuals pursuant to statutory authority or common law. In particular, the Company has a potential liability under the US Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, and related state laws (collectively referred to as "Superfund") for investigation and cleanup costs at certain sites. At most of these sites, numerous companies, including the Company, or one of its predecessor companies, have been notified that the Environmental Protection Agency, state governing bodies or private individuals consider such companies to be potentially responsible parties ("PRP") under Superfund or related laws. The proceedings relating to these sites are in various stages. The cleanup process has not been completed at most sites and the status of the insurance coverage for some of these proceedings is uncertain. Consequently, the Company cannot accurately determine its ultimate liability for investigation or cleanup costs at these sites. | ||||||
As events progress at each site for which it has been named a PRP, the Company accrues, as appropriate, a liability for site cleanup. Such liabilities include all costs that are probable and can be reasonably estimated. In establishing these liabilities, the Company considers its shipment of waste to a site, its percentage of total waste shipped to the site, the types of wastes involved, the conclusions of any studies, the magnitude of any remedial actions that may be necessary and the number and viability of other PRPs. Often the Company joins with other PRPs to sign joint defense agreements that settle, among PRPs, each party’s percentage allocation of costs at the site. Although the ultimate liability may differ from the estimate, the Company routinely reviews the liabilities and revises the estimate, as appropriate, based on the most current information available. | ||||||
One such site is the Lower Passaic River Study Area. The Company and 70 other companies are parties to a May 2007 Administrative Order on Consent with the US Environmental Protection Agency ("EPA") to perform a Remedial Investigation/Feasibility Study ("RI/FS") of the contaminants in the lower 17-mile stretch known as the Lower Passaic River Study Area. The RI/FS is ongoing and may take several more years to complete. The Company is among a group of settling parties to a June 2012 Administrative Order on Consent with the EPA to perform a removal action on a small section of the river. The Company has also been named as a third-party defendant along with more than 200 other entities in an action initially brought by the New Jersey Department of Environmental Protection ("NJDEP") in the Supreme Court of New Jersey against Occidental Chemical Corporation and several other companies. This suit by the NJDEP seeks recovery of past and future clean-up costs, as well as unspecified economic damages, punitive damages, penalties and a variety of other forms of relief arising from alleged discharges into the Lower Passaic River. | ||||||
In 2007, the EPA issued a draft study that evaluated alternatives for early remedial action of a portion of the Passaic River at an estimated cost of $900 million to $2.3 billion. Several parties commented on the draft study, and the EPA has announced its intention to issue a proposed plan in 2013. Although the Company's assessment that the contamination allegedly released by the Company is likely an insignificant aspect of the final remedy, because the RI/FS is still ongoing, and the EPA has not finalized its study or the scope of requested cleanup the Company cannot reliably estimate its portion of the final remedial costs for this matter at this time. However, the Company currently believes that its portion of the costs would be less than approximately 1% to 2%. The Company is vigorously defending these and all related matters. | ||||||
Environmental Proceedings | ||||||
On January 7, 2013, following self-disclosures by the Company, the Company's Meredosia, Illinois site received a Notice of Violation/Finding of Violation from the US Environmental Protection Agency Region 5 ("EPA") alleging Clean Air Act violations. The Company is working with the EPA and with the state agency to reach a resolution of this matter. Based on currently available information and the Company's past experience, we do not believe that resolution of this matter will have a significant impact on the Company, even though the Company cannot conclude that a penalty will be less than $100,000. The Meredosia, Illinois site is included in the Industrial Specialties segment. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity | |||||||||||||||||
Common Stock | ||||||||||||||||||
The Company’s Board of Directors follows a policy of declaring, subject to legally available funds, a quarterly cash dividend on each share of the Company’s Series A Common Stock, par value $0.0001 per share ("Common Stock"), unless the Company’s Board of Directors, in its sole discretion, determines otherwise. The amount available to pay cash dividends is restricted by the Company’s Amended Credit Agreement and the Senior Notes. | ||||||||||||||||||
On April 25, 2013, the Company announced that its Board of Directors approved a 20% increase in the Company's quarterly Common Stock cash dividend. The Board of Directors increased the quarterly dividend rate from $0.075 to $0.09 per share of Common Stock on a quarterly basis and $0.30 to $0.36 per share of Common Stock on an annual basis beginning in May 2013. | ||||||||||||||||||
On July 25, 2013, the Company announced that its Board of Directors approved a 100% increase in the Company's quarterly Common Stock cash dividend. The Board of Directors increased the quarterly dividend rate from $0.09 to $0.18 per share of Common Stock on a quarterly basis and $0.36 to $0.72 per share of Common Stock on an annual basis beginning in August 2013. | ||||||||||||||||||
Treasury Stock | ||||||||||||||||||
The Company’s Board of Directors authorized the repurchase of Common Stock as follows: | ||||||||||||||||||
Authorized Amount | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Feb-08 | 400 | |||||||||||||||||
Oct-08 | 100 | |||||||||||||||||
Apr-11 | 129 | |||||||||||||||||
Oct-12 | 264 | |||||||||||||||||
As of September 30, 2013 | 893 | |||||||||||||||||
The authorization gives management discretion in determining the timing and conditions under which shares may be repurchased. The repurchase program does not have an expiration date. | ||||||||||||||||||
The share repurchase activity pursuant to this authorization is as follows: | ||||||||||||||||||
Nine Months Ended | Total From | |||||||||||||||||
September 30, | Feb-08 | |||||||||||||||||
Through | ||||||||||||||||||
2013 | 2012 | 30-Sep-13 | ||||||||||||||||
Shares repurchased | 2,096,320 | (1)Â | 853,388 | 15,238,847 | (2)Â | |||||||||||||
Average purchase price per share | $ | 48.58 | $ | 43.19 | $ | 39.58 | ||||||||||||
Amount spent on repurchased shares (in millions) | $ | 102 | $ | 37 | $ | 603 | ||||||||||||
______________________________ | ||||||||||||||||||
(1)Â | Excludes 6,021 shares withheld from employee to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. Restricted stock is considered outstanding at the time of issuance and therefore, the shares withheld are treated as treasury shares. | |||||||||||||||||
(2)Â | Excludes 11,844 shares withheld from employee to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. Restricted stock is considered outstanding at the time of issuance and therefore, the shares withheld are treated as treasury shares. | |||||||||||||||||
The purchase of treasury stock reduces the number of shares outstanding and the repurchased shares may be used by the Company for compensation programs utilizing the Company’s stock and other corporate purposes. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders’ equity. | ||||||||||||||||||
Other Comprehensive Income (Loss), Net | ||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Gross | Income | Net | Gross | Income | Net | |||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||
(Provision) | (Provision) | |||||||||||||||||
Benefit | Benefit | |||||||||||||||||
As Adjusted (Note 1) | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | (1) | — | 1 | — | — | — | |||||||||||
Foreign currency translation | 44 | (2 | ) | 42 | 28 | — | 28 | |||||||||||
Gain (loss) on interest rate swaps | 2 | (2) | (1 | ) | 1 | (2 | ) | — | (2 | ) | ||||||||
Pension and postretirement benefits | — | — | — | 1 | (1 | ) | — | |||||||||||
Total | 47 | (3 | ) | 44 | 27 | (1 | ) | 26 | ||||||||||
______________________________ | ||||||||||||||||||
(1)Â | Amount includes $1 million of unrealized gains related to the Company's equity method investments' marketable securities. | |||||||||||||||||
(2)Â | Amount includes $1 million of gains associated with the Company's equity method investments' derivative activity. | |||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Gross | Income | Net | Gross | Income | Net | |||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||
(Provision) | (Provision) | |||||||||||||||||
Benefit | Benefit | |||||||||||||||||
As Adjusted (Note 1) | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | (1) | — | 1 | — | — | — | |||||||||||
Foreign currency translation | 41 | (4 | ) | 37 | 4 | — | 4 | |||||||||||
Gain (loss) on interest rate swaps | 7 | (3 | ) | 4 | (1 | ) | — | (1 | ) | |||||||||
Pension and postretirement benefits | — | (2) | — | — | — | (3) | (6 | ) | (6 | ) | ||||||||
Total | 49 | (7 | ) | 42 | 3 | (6 | ) | (3 | ) | |||||||||
______________________________ | ||||||||||||||||||
(1)Â | Amount includes $1 million of unrealized gains related to the Company's equity method investments' marketable securities. | |||||||||||||||||
(2)Â | Amount includes amortization of actuarial losses of $1 million related to the Company's equity method investments' pension plans. | |||||||||||||||||
(3)Â | Amount includes amortization of actuarial losses of $2 million related to the Company's equity method investments' pension plans. | |||||||||||||||||
Adjustments to Accumulated other comprehensive income (loss) are as follows: | ||||||||||||||||||
Unrealized | Foreign | Gain (Loss) | Pension | Accumulated | ||||||||||||||
Gain (Loss) | Currency | on Interest | and | Other | ||||||||||||||
on | Translation | Rate Swaps | Postretire- | Comprehensive | ||||||||||||||
Marketable | (Note 15) | ment | Income | |||||||||||||||
Securities | Benefits | (Loss), Net | ||||||||||||||||
(Note 4) | (Note 10) | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
As of December 31, 2012 - As Adjusted (Note 1) | (1 | ) | (23 | ) | (50 | ) | (15 | ) | (89 | ) | ||||||||
Other comprehensive income before reclassifications | 1 | 41 | (1 | ) | — | 41 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 8 | — | 8 | |||||||||||||
Income tax (provision) benefit | — | (4 | ) | (3 | ) | — | (7 | ) | ||||||||||
As of September 30, 2013 | — | 14 | (46 | ) | (15 | ) | (47 | ) | ||||||||||
Other_Charges_Gains_Net
Other (Charges) Gains, Net | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||
Other (Charges) Gains, Net | Other (Charges) Gains, Net | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee termination benefits | — | (1 | ) | (3 | ) | (2 | ) | |||||||||||
Kelsterbach plant relocation (Note 20) | (2 | ) | (3 | ) | (6 | ) | (5 | ) | ||||||||||
Plumbing actions | — | 4 | — | 4 | ||||||||||||||
Asset impairments | (2 | ) | — | (2 | ) | — | ||||||||||||
Commercial disputes | — | 2 | — | 2 | ||||||||||||||
Total | (4 | ) | 2 | (11 | ) | (1 | ) | |||||||||||
During the nine months ended September 30, 2013, the Company recorded $3 million of employee termination benefits related to a business optimization project which are included in the Industrial Specialties and Acetyl Intermediates segments. | ||||||||||||||||||
The changes in the restructuring reserves by business segment are as follows: | ||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Total | |||||||||||||
Engineered | Specialties | Specialties | Intermediates | |||||||||||||||
Materials | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee Termination Benefits | ||||||||||||||||||
As of December 31, 2012 | 6 | 13 | — | 3 | 7 | 29 | ||||||||||||
Additions | — | — | 2 | 1 | — | 3 | ||||||||||||
Cash payments | (2 | ) | (7 | ) | — | (2 | ) | (2 | ) | (13 | ) | |||||||
Other changes | — | — | — | — | (1 | ) | (1 | ) | ||||||||||
Exchange rate changes | 1 | — | — | — | — | 1 | ||||||||||||
As of September 30, 2013 | 5 | 6 | 2 | 2 | 4 | 19 | ||||||||||||
Plant/Office Closures | ||||||||||||||||||
As of December 31, 2012 | — | — | — | 1 | — | 1 | ||||||||||||
Additions | — | — | — | — | — | — | ||||||||||||
Cash payments | — | — | — | — | — | — | ||||||||||||
Other changes | — | — | — | — | — | — | ||||||||||||
Exchange rate changes | — | — | — | (1 | ) | — | (1 | ) | ||||||||||
As of September 30, 2013 | — | — | — | — | — | — | ||||||||||||
Total | 5 | 6 | 2 | 2 | 4 | 19 | ||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
As Adjusted | As Adjusted | |||||||||||
(Note 1) | (Note 1) | |||||||||||
Effective income tax rate | 25 | % | 31 | % | 32 | % | 7 | % | ||||
During the three months ended March 31, 2012, the Company amended certain prior year income tax returns to recognize the benefit of available foreign tax credit carryforwards. As a result, the Company recognized a tax benefit of $142 million. The available foreign tax credits are subject to a ten year carryforward period and begin to expire in 2014. The Company expects to fully utilize the credits within the prescribed carryforward period. | ||||||||||||
On February 15, 2012, the Company amended its existing joint venture and other related agreements with its venture partner in Polyplastics Co., Ltd. ("Polyplastics"). The amended agreements ("Agreements"), among other items, modified certain dividend rights, resulting in a cash dividend payment to the Company of $72 million during the three months ended March 31, 2012. In addition, as a result of the Agreements, Polyplastics is required to pay certain annual dividends to the venture partners. Consequently, Polyplastics' undistributed earnings will no longer be invested indefinitely. Accordingly, the Company recognized a deferred tax liability of $38 million that was recorded to Income tax provision (benefit) in the unaudited interim consolidated statement of operations during the three months ended March 31, 2012, related to the taxable outside basis difference of its investment in Polyplastics. | ||||||||||||
The effective income tax rate for the nine months ended September 30, 2012 would have been 25% excluding the recognition of the above items. As compared to the nine months ended September 30, 2012, absent the effect of these events, the increase in the effective income tax rate for the nine months ended September 30, 2013 was primarily due to increased earnings in high income tax jurisdictions, losses in jurisdictions without income tax benefit and reassessment of the recoverability of deferred tax assets in certain jurisdictions. The rate for three months ended September 30, 2013 was favorably impacted by Mexico income tax refunds. | ||||||||||||
Liabilities for uncertain tax positions and related interest and penalties are recorded in Uncertain tax positions and current Other liabilities in the unaudited consolidated balance sheets. For the nine months ended September 30, 2013, the Company's uncertain tax positions increased $15 million due to interest and changes in uncertain tax positions in certain jurisdictions, and increased $6 million due to exchange rate changes. | ||||||||||||
The Company's US tax returns for the years 2009 through 2011 are currently under audit by the US Internal Revenue Service and certain of the Company's subsidiaries are under audit in jurisdictions outside of the US. In addition, certain statutes of limitations are scheduled to expire in the near future. It is reasonably possible that a further change in the unrecognized tax benefits may occur within the next twelve months related to the settlement of one or more of these audits or the lapse of applicable statutes of limitations. Such amounts have been reflected in the current portion of uncertain tax positions (Note 7). |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | ||||||||||||
Interest Rate Risk Management | |||||||||||||
To reduce the interest rate risk inherent in the Company’s variable rate debt, the Company utilizes interest rate swap agreements to convert a portion of its variable rate borrowings into a fixed rate obligation. These interest rate swap agreements are designated as cash flow hedges and fix the LIBOR portion of the Company’s US-dollar denominated variable rate borrowings (Note 9). If an interest rate swap agreement is terminated prior to its maturity, the amount previously recorded in Accumulated other comprehensive income (loss), net is recognized into earnings over the period that the hedged transaction impacts earnings. If the hedging relationship is discontinued because it is probable that the forecasted transaction will not occur according to the original strategy, any related amounts previously recorded in Accumulated other comprehensive income (loss), net are recognized into earnings immediately. | |||||||||||||
US-dollar interest rate swap derivative arrangements are as follows: | |||||||||||||
As of September 30, 2013 | |||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate (1) | ||||||||||
(In $ millions) | |||||||||||||
1,100 | January 2, 2012 | January 2, 2014 | 1.71 | % | |||||||||
500 | January 2, 2014 | January 2, 2016 | 1.02 | % | |||||||||
______________________________ | |||||||||||||
(1)Â | Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (Note 9). | ||||||||||||
As of December 31, 2012 | |||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate (1) | ||||||||||
(In $ millions) | |||||||||||||
1,100 | January 2, 2012 | January 2, 2014 | 1.71 | % | |||||||||
500 | January 2, 2014 | January 2, 2016 | 1.02 | % | |||||||||
______________________________ | |||||||||||||
(1)Â | Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (Note 9). | ||||||||||||
Foreign Exchange Risk Management | |||||||||||||
Certain subsidiaries have assets and liabilities denominated in currencies other than their respective functional currencies, which creates foreign exchange risk. The Company also enters into foreign currency forwards and swaps to minimize its exposure to foreign currency fluctuations. Through these instruments, the Company mitigates its foreign currency exposure on transactions with third party entities as well as intercompany transactions. The foreign currency forwards and swaps are not designated as hedges under FASB ASC Topic 815, Derivatives and Hedging ("FASB ASC Topic 815"). Gains and losses on foreign currency forwards and swaps entered into to offset foreign exchange impacts on intercompany balances are classified as Other income (expense), net, in the unaudited interim consolidated statements of operations. Gains and losses on foreign currency forwards and swaps entered into to offset foreign exchange impacts on all other assets and liabilities are classified as Foreign exchange gain (loss), net, in the unaudited interim consolidated statements of operations. | |||||||||||||
Gross notional values of the foreign currency forwards and swaps are as follows: | |||||||||||||
As of | As of | ||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(In $ millions) | |||||||||||||
Total | 841 | 902 | |||||||||||
Commodity Risk Management | |||||||||||||
The Company has exposure to the prices of commodities in its procurement of certain raw materials. The Company manages its exposure to commodity risk primarily through the use of long-term supply agreements, multi-year purchasing and sales agreements and forward purchase contracts. The Company regularly assesses its practice of using forward purchase contracts and other raw material hedging instruments in accordance with changes in economic conditions. Forward purchases and swap contracts for raw materials are principally settled through physical delivery of the commodity. For qualifying contracts, the Company has elected to apply the normal purchases and normal sales exception of FASB ASC Topic 815 based on the probability at the inception and throughout the term of the contract that the Company would not settle net and the transaction would result in the physical delivery of the commodity. As such, realized gains and losses on these contracts are included in the cost of the commodity upon the settlement of the contract. | |||||||||||||
In addition, the Company occasionally enters into financial derivatives to hedge a component of a raw material or energy source. Typically, these types of transactions do not qualify for hedge accounting. These instruments are marked to market at each reporting period and gains (losses) are included in Cost of sales in the unaudited interim consolidated statements of operations. During the nine months ended September 30, 2013 and 2012, the Company did not have any open financial derivative contracts for commodities. | |||||||||||||
Information regarding changes in the fair value of the Company’s derivative arrangements is as follows: | |||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Recognized in | Recognized in | Recognized in | Recognized in | ||||||||||
Other | Earnings | Other | Earnings | ||||||||||
Comprehensive | (Loss) | Comprehensive | (Loss) | ||||||||||
Income (Loss) | Income (Loss) | ||||||||||||
(In $ millions) | |||||||||||||
Derivatives Designated as Cash Flow Hedges | |||||||||||||
Interest rate swaps | (2 | ) | (1)Â | (3 | ) | (2)Â | (6 | ) | (4 | ) | (2)Â | ||
Derivatives Not Designated as Hedges | |||||||||||||
Interest rate swaps | — | — | (3) | — | — | (3) | |||||||
Foreign currency forwards and swaps | — | (10 | ) | (4) | — | (13 | ) | (4) | |||||
Total | (2 | ) | (13 | ) | (6 | ) | (17 | ) | |||||
______________________________ | |||||||||||||
(1)Â | Amount excludes $1 million of gains associated with the Company's equity method investments' derivative activity and $1 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
(2)Â | Amount represents reclassification from Accumulated other comprehensive income (loss), net and is included in Interest expense in the unaudited interim consolidated statements of operations. | ||||||||||||
(3)Â | Included in Interest expense in the unaudited interim consolidated statements of operations. | ||||||||||||
(4)Â | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the unaudited interim consolidated statements of operations. | ||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Recognized in | Recognized in | Recognized in | Recognized in | ||||||||||
Other | Earnings | Other | Earnings | ||||||||||
Comprehensive | (Loss) | Comprehensive | (Loss) | ||||||||||
Income (Loss) | Income (Loss) | ||||||||||||
(In $ millions) | |||||||||||||
Derivatives Designated as Cash Flow Hedges | Â Â | ||||||||||||
Interest rate swaps | (1 | ) | (1)Â | (8 | ) | (2)Â | (12 | ) | (11 | ) | (2)Â | ||
Derivatives Not Designated as Hedges | |||||||||||||
Interest rate swaps | — | — | (3) | — | — | (3) | |||||||
Foreign currency forwards and swaps | — | (14 | ) | (4) | — | — | (4) | ||||||
Total | (1 | ) | (22 | ) | (12 | ) | (11 | ) | |||||
______________________________ | |||||||||||||
-1 | Amount excludes $3 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
(2)Â | Amount represents reclassification from Accumulated other comprehensive income (loss), net and is included in Interest expense in the unaudited interim consolidated statements of operations. | ||||||||||||
(3)Â | Included in Interest expense in the unaudited interim consolidated statements of operations. | ||||||||||||
(4)Â | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the unaudited interim consolidated statements of operations. | ||||||||||||
See Note 16, Fair Value Measurements, for additional information regarding the fair value of the Company’s derivative arrangements. | |||||||||||||
Certain of the Company's foreign currency forwards and swaps and interest rate swap arrangements permit the Company to net settle all contracts with the counterparty through a single payment in an agreed upon currency in the event of default or early termination of the contract, similar to a master netting arrangement. The Company's interest rate swap agreements are subject to cross collateralization under the Guarantee and Collateral Agreement entered into in conjunction with the Term loan borrowings (Note 9). | |||||||||||||
As of | As of | ||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(In $ millions) | |||||||||||||
Derivative Assets | |||||||||||||
Gross amount recognized | 2 | 2 | |||||||||||
Gross amount offset in the consolidated balance sheets | — | — | |||||||||||
Net amount presented in the consolidated balance sheets | 2 | 2 | |||||||||||
Gross amount not offset in the consolidated balance sheets | 2 | 2 | |||||||||||
Net amount | — | — | |||||||||||
As of | As of | ||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(In $ millions) | |||||||||||||
Derivative Liabilities | |||||||||||||
Gross amount recognized | 19 | 32 | |||||||||||
Gross amount offset in the consolidated balance sheets | 1 | 1 | |||||||||||
Net amount presented in the consolidated balance sheets | 18 | 31 | |||||||||||
Gross amount not offset in the consolidated balance sheets | 2 | 2 | |||||||||||
Net amount | 16 | 29 | |||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||
The Company follows the provisions of FASB ASC Topic 820 for financial assets and liabilities. FASB ASC Topic 820 establishes a three-tiered fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. Valuations for fund investments such as common/collective trusts and registered investment companies, which do not have readily determinable fair values, are typically estimated using a net asset value provided by a third party as a practical expedient. | ||||||||||||
The three levels of inputs are defined as follows: | ||||||||||||
Level 1 - unadjusted quoted prices for identical assets or liabilities in active markets accessible by the Company | ||||||||||||
Level 2 - inputs that are observable in the marketplace other than those inputs classified as Level 1 | ||||||||||||
Level 3 - inputs that are unobservable in the marketplace and significant to the valuation | ||||||||||||
The Company’s financial assets and liabilities are measured at fair value on a recurring basis and include securities available for sale and derivative financial instruments. Securities available for sale include mutual funds. Derivative financial instruments include interest rate swaps and foreign currency forwards and swaps. | ||||||||||||
Marketable Securities. Where possible, the Company utilizes quoted prices in active markets to measure debt and equity securities; such items are classified as Level 1 in the hierarchy and include equity securities. When quoted market prices for identical assets are unavailable, varying valuation techniques are used. Common inputs in valuing these assets include, among others, benchmark yields, issuer spreads and recently reported trades. Such assets are classified as Level 2 in the hierarchy and typically include corporate bonds. Mutual funds are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date. | ||||||||||||
Derivatives. Derivative financial instruments are valued in the market using discounted cash flow techniques. These techniques incorporate Level 1 and Level 2 inputs such as interest rates and foreign currency exchange rates. These market inputs are utilized in the discounted cash flow calculation considering the instrument’s term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation for interest rate swaps and foreign currency forwards and swaps are observable in the active markets and are classified as Level 2 in the hierarchy. | ||||||||||||
Assets and liabilities measured at fair value on a recurring basis are as follows: | ||||||||||||
Fair Value Measurement | ||||||||||||
Balance Sheet Classification | Quoted Prices | Significant | Total | |||||||||
in Active | Other | |||||||||||
Markets for | Observable | |||||||||||
Identical | Inputs | |||||||||||
Assets | (Level 2) | |||||||||||
(Level 1) | ||||||||||||
(In $ millions) | ||||||||||||
Mutual funds | Marketable securities, at fair value | 44 | — | 44 | ||||||||
Derivatives Not Designated as Hedges | ||||||||||||
Foreign currency forwards and swaps | Current Other assets | — | 2 | 2 | ||||||||
Total assets as of September 30, 2013 | 44 | 2 | 46 | |||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (7 | ) | (7 | ) | ||||||
Interest rate swaps | Noncurrent Other liabilities | — | (3 | ) | (3 | ) | ||||||
Derivatives Not Designated as Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (3 | ) | (3 | ) | ||||||
Foreign currency forwards and swaps | Current Other liabilities | — | (5 | ) | (5 | ) | ||||||
Total liabilities as of September 30, 2013 | — | (18 | ) | (18 | ) | |||||||
Mutual funds | Marketable securities, at fair value | 53 | — | 53 | ||||||||
Derivatives Not Designated as Hedges | ||||||||||||
Foreign currency forwards and swaps | Current Other assets | — | 2 | 2 | ||||||||
Total assets as of December 31, 2012 | 53 | 2 | 55 | |||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (10 | ) | (10 | ) | ||||||
Interest rate swaps | Noncurrent Other liabilities | — | (7 | ) | (7 | ) | ||||||
Derivatives Not Designated as Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (5 | ) | (5 | ) | ||||||
Interest rate swaps | Noncurrent Other liabilities | — | (1 | ) | (1 | ) | ||||||
Foreign currency forwards and swaps | Current Other liabilities | — | (8 | ) | (8 | ) | ||||||
Total liabilities as of December 31, 2012 | — | (31 | ) | (31 | ) | |||||||
Carrying values and fair values of financial instruments that are not carried at fair value are as follows: | ||||||||||||
Fair Value Measurement | ||||||||||||
Carrying | Significant Other | Unobservable | Total | |||||||||
Amount | Observable | Inputs | ||||||||||
Inputs | (Level 3) | |||||||||||
(Level 2) | ||||||||||||
(In $ millions) | ||||||||||||
As of September 30, 2013 | ||||||||||||
Cost investments | 147 | — | — | — | ||||||||
Insurance contracts in nonqualified trusts | 62 | 62 | — | 62 | ||||||||
Long-term debt, including current installments of long-term debt | 2,893 | 2,706 | 248 | 2,954 | ||||||||
As of December 31, 2012 | ||||||||||||
Cost investments | 156 | — | — | — | ||||||||
Insurance contracts in nonqualified trusts | 66 | 66 | — | 66 | ||||||||
Long-term debt, including current installments of long-term debt | 2,990 | 2,886 | 244 | 3,130 | ||||||||
In general, the cost investments included in the table above are not publicly traded and their fair values are not readily determinable; however, the Company believes the carrying values approximate or are less than the fair values. Insurance contracts in nonqualified trusts consist of long-term fixed income securities, which are valued using independent vendor pricing models with observable inputs in the active market and therefore represent a Level 2 measurement. The fair value of long-term debt is based on valuations from third-party banks and market quotations and is classified as Level 2 in the hierarchy. The fair value of obligations under capital leases is based on lease payments and discount rates, which are not observable in the market and therefore represents a Level 3 measurement. | ||||||||||||
As of September 30, 2013 and December 31, 2012, the fair values of cash and cash equivalents, receivables, trade payables, short-term borrowings and the current installments of long-term debt approximate carrying values due to the short-term nature of these instruments. These items have been excluded from the table with the exception of the current installments of long-term debt. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Commitments and Contingencies | |||
The Company is involved in legal and regulatory proceedings, lawsuits, claims and investigations incidental to the normal conduct of business, relating to such matters as product liability, land disputes, commercial contracts, employment, antitrust, intellectual property, workers' compensation, chemical exposure, asbestos exposure, prior acquisitions and divestitures, past waste disposal practices and release of chemicals into the environment. The Company is actively defending those matters where the Company is named as a defendant. Due to the inherent subjectivity of assessments and unpredictability of outcomes of legal proceedings, the Company's litigation accruals and estimates of possible loss or range of possible loss ("Possible Loss") may not represent the ultimate loss to the Company from legal proceedings. For reasonably possible loss contingencies that may be material, the Company estimates its Possible Loss when determinable, considering that the Company could incur no loss in certain matters. Thus, the Company's exposure and ultimate losses may be higher or lower, and possibly materially so, than the Company's litigation accruals and estimates of Possible Loss. For some matters, the Company is unable, at this time, to estimate its Possible Loss that is reasonably possible of occurring. Generally, the less progress that has been made in the proceedings or the broader the range of potential results, the more difficult for the Company to estimate the Possible Loss that it is reasonably possible the Company could incur. The Company may disclose certain information related to a plaintiff's claim against the Company alleged in the plaintiff's pleadings or otherwise publicly available. While information of this type may provide insight into the potential magnitude of a matter, it does not necessarily represent the Company's estimate of reasonably possible or probable loss. Some of the Company's exposure in legal matters may be offset by applicable insurance coverage. The Company does not consider the possible availability of insurance coverage in determining the amounts of any accruals or any estimates of Possible Loss. | ||||
Polyester Staple Antitrust Litigation | ||||
CNA Holdings LLC ("CNA Holdings"), the successor in interest to Hoechst Celanese Corporation ("HCC"), Celanese Americas Corporation and Celanese GmbH (collectively, the "Celanese Entities") and Hoechst, the former parent of HCC, were named as defendants for alleged antitrust violations in a consolidated proceeding by a Multi-District Litigation Panel in the US District Court for the Western District of North Carolina styled In re Polyester Staple Antitrust Litigation, MDL 1516. In June 2008, the court dismissed these actions with prejudice against all Celanese Entities in consideration of a payment by the Company. | ||||
Prior to December 31, 2008, the Company had entered into tolling arrangements with four other alleged US purchasers of polyester staple fibers manufactured and sold by the Celanese Entities. These purchasers were not included in the settlement and one such company filed suit against the Company in December 2008 (Milliken & Company v. CNA Holdings, Inc., Celanese Americas Corporation and Hoechst AG (No. 8-SV-00578 W.D.N.C.)). In September 2011, that case was dismissed with prejudice based on a stipulation and proposed order of voluntary dismissal. One of the alleged US purchasers made a demand to the Company in February 2013 but has not filed a formal claim. The Company is evaluating its options, but does not believe a Possible Loss for this matter would be material. | ||||
Commercial Actions | ||||
In June 2012, Linde Gas Singapore Pte. Ltd. ("Linde Gas"), a raw materials supplier based in Singapore, initiated arbitration proceedings in New York against the Company's subsidiary, Celanese Singapore Pte. Ltd. ("Singapore Ltd."), alleging that Singapore Ltd. had breached a certain requirements contract for carbon monoxide by temporarily idling Singapore Ltd.'s acetic acid facility in Jurong Island, Singapore. The Company filed its answer in August 2012. Linde Gas is seeking damages in the amount of $38 million for the period ended December 31, 2012, in addition to other unspecified damages. The Company believes that Linde Gas' claims lack merit and that the Company has complied with the contract terms and is vigorously defending the matter. Based on the Company's evaluation of currently available information, the Company does not believe the Possible Loss is material. The arbitral panel has bifurcated the case into a liability and damages phase. The hearing for all liability issues took place in June 2013 and a ruling from the arbitral panel is expected during the three months ending December 31, 2013, with a hearing for damages issues thereafter, if necessary. | ||||
Award Proceedings in Relation to Domination Agreement and Squeeze-Out | ||||
The Company's subsidiary, BCP Holdings GmbH ("BCP Holdings"), a German limited liability company, is a defendant in two special award proceedings initiated by minority stockholders of Celanese GmbH seeking the court's review of the amounts (i) of the fair cash compensation and of the guaranteed dividend offered in the purchaser offer under the 2004 Domination Agreement (the "Domination Agreement") and (ii) the fair cash compensation paid for the 2006 squeeze-out ("Squeeze-Out") of all remaining stockholders of Celanese GmbH. | ||||
Pursuant to a settlement agreement between BCP Holdings and certain former Celanese GmbH stockholders, if the court sets a higher value for the fair cash compensation or the guaranteed payment under the Domination Agreement or the Squeeze-Out compensation, former Celanese GmbH stockholders who ceased to be stockholders of Celanese GmbH due to the Squeeze-Out will be entitled to claim for their shares the higher of the compensation amounts determined by the court in these different proceedings related to the Domination Agreement and the Squeeze-Out. If the fair cash compensation determined by the court is higher than the Squeeze-Out compensation of €66.99, then 1,069,465 shares will be entitled to an adjustment. If the court determines the value of the fair cash compensation under the Domination Agreement to be lower than the original Squeeze-Out compensation, but determines a higher value for the Squeeze-Out compensation, 924,078 shares would be entitled to an adjustment. Payments already received by these stockholders as compensation for their shares will be offset so that persons who ceased to be stockholders of Celanese GmbH due to the Squeeze-Out are not entitled to more than the higher of the amount set in the two court proceedings. | ||||
In September 2011, the share valuation expert appointed by the court rendered an opinion. The expert opined that the fair cash compensation for these stockholders (145,387 shares) should be increased from €41.92 to €51.86. This non-binding opinion recommends a total increase in share value of €2 million for those claims under the Domination Agreement. The opinion has no effect on the Squeeze-Out proceeding because the share price recommended is lower than the price those stockholders already received in the Squeeze-Out. However, the opinion also advocates that the guaranteed dividend should be increased from €2.89 to €3.79, aggregating an increase in total guaranteed dividends of €1 million to the Squeeze-Out claimants. The Company and plaintiffs submitted written responses arguing for alternative valuations during the three months ended December 31, 2011. In March 2013, the expert issued his supplementary opinion affirming his previous views and calculations. The Company has submitted written objections regarding the calculations and the court has set a hearing for January 28, 2014. Separately, no expert has yet been appointed in the Squeeze-Out proceedings. | ||||
For those claims brought under the Domination Agreement, based on the Company's evaluation of currently available information, including the non-binding expert opinions, and the fact that the court has not yet determined the applicable valuation method, which could increase or decrease the Company's potential exposure, the Company does not believe that the Possible Loss is material. | ||||
For those remaining claims brought by the Squeeze-Out claimants, based on the Company's evaluation of currently available information, including that damages sought are unspecified, unsupported or uncertain, the matter presents meaningful legal uncertainties (including novel issues of law and the applicable valuation method), there are significant facts in dispute and the court has not yet appointed an expert, the Company cannot estimate the Possible Loss, if any, at this time. | ||||
Guarantees | ||||
The Company has agreed to guarantee or indemnify third parties for environmental and other liabilities pursuant to a variety of agreements, including asset and business divestiture agreements, leases, settlement agreements and various agreements with affiliated companies. Although many of these obligations contain monetary and/or time limitations, others do not provide such limitations. | ||||
As indemnification obligations often depend on the occurrence of unpredictable future events, the future costs associated with them cannot be determined at this time. | ||||
The Company has accrued for all probable and reasonably estimable losses associated with all known matters or claims that have been brought to its attention. These known obligations include the following: | ||||
• | Demerger Obligations | |||
In connection with the Hoechst demerger, the Company agreed to indemnify Hoechst, and its legal successors, for various liabilities under the demerger agreement, including for environmental liabilities associated with contamination arising either from environmental damage in general ("Category A") or under 19 divestiture agreements entered into by Hoechst prior to the demerger ("Category B") (Note 11). | ||||
The Company's obligation to indemnify Hoechst, and its legal successors, is capped under Category B at €250 million. If and to the extent the environmental damage should exceed €750 million in aggregate, the Company's obligation to indemnify Hoechst and its legal successors applies, but is then limited to 33.33% of the remediation cost without further limitations. Cumulative payments under the divestiture agreements as of September 30, 2013 are $63 million. Most of the divestiture agreements have become time barred and/or any notified environmental damage claims have been partially settled. | ||||
The Company has also undertaken in the demerger agreement to indemnify Hoechst and its legal successors for (i)Â 33.33% of any and all Category A liabilities that result from Hoechst being held as the responsible party pursuant to public law or current or future environmental law or by third parties pursuant to private or public law related to contamination and (ii)Â liabilities that Hoechst is required to discharge, including tax liabilities, which are associated with businesses that were included in the demerger but were not demerged due to legal restrictions on the transfers of such items. These indemnities do not provide for any monetary or time limitations. The Company has not been requested by Hoechst to make any payments in connection with this indemnification. Accordingly, the Company has not made any payments to Hoechst and its legal successors. | ||||
Based on the Company's evaluation of currently available information, including the lack of requests for indemnification, the Company cannot estimate the Possible Loss for the remaining demerger obligations, if any, in excess of amounts accrued. | ||||
• | Divestiture Obligations | |||
The Company and its predecessor companies agreed to indemnify third-party purchasers of former businesses and assets for various pre-closing conditions, as well as for breaches of representations, warranties and covenants. Such liabilities also include environmental liability, product liability, antitrust and other liabilities. These indemnifications and guarantees represent standard contractual terms associated with typical divestiture agreements and, other than environmental liabilities, the Company does not believe that they expose the Company to any significant risk (Note 11). | ||||
The Company has divested numerous businesses, investments and facilities through agreements containing indemnifications or guarantees to the purchasers. Many of the obligations contain monetary and/or time limitations, ranging from one year to thirty years. The aggregate amount of outstanding indemnifications and guarantees provided for under these agreements is $133 million as of September 30, 2013. Other agreements do not provide for any monetary or time limitations. | ||||
Based on the Company's evaluation of currently available information, including the number of requests for indemnification or other payment received by the Company, the Company cannot estimate the Possible Loss for the remaining divestiture obligations, if any, in excess of amounts accrued. | ||||
Purchase Obligations | ||||
In the normal course of business, the Company enters into various purchase commitments for goods and services. The Company maintains a number of "take-or-pay" contracts for purchases of raw materials, utilities and other services. Certain of the contracts contain a contract termination buy-out provision that allows for the Company to exit the contracts for amounts less than the remaining take-or-pay obligations. The Company does not expect to incur any material losses under take-or-pay contractual arrangements. Additionally, the Company has other outstanding commitments representing maintenance and service agreements, energy and utility agreements, consulting contracts and software agreements. As of September 30, 2013, the Company had unconditional purchase obligations of $3.7 billion which extend through 2034. | ||||
The Company holds variable interests in entities that supply certain raw materials and services to the Company. The variable interests primarily relate to cost-plus contractual arrangements with the suppliers and recovery of capital expenditures for certain plant assets plus a rate of return on such assets. Liabilities for such supplier recoveries of capital expenditures have been recorded as capital lease obligations. The entities are not consolidated because the Company is not the primary beneficiary of the entities as it does not have the power to direct the activities of the entities that most significantly impact the entities' economic performance. The Company's maximum exposure to loss as a result of its involvement with these variable interest entities ("VIEs") as of September 30, 2013 relates primarily to early contract termination fees. | ||||
The Company's carrying value of assets and liabilities associated with its obligations to VIEs, as well as the maximum exposure to loss relating to these VIEs are as follows: | ||||
As of | As of | |||
September 30, | December 31, | |||
2013 | 2012 | |||
(In $ millions) | ||||
Property, plant and equipment, net | 113 | 118 | ||
Trade payables | 50 | 41 | ||
Current installments of long-term debt | 8 | 7 | ||
Long-term debt | 137 | 140 | ||
Total | 195 | 188 | ||
Maximum exposure to loss | 315 | 273 | ||
The difference between the total obligations to VIEs and the maximum exposure to loss primarily represents take-or-pay obligations for services included in the unconditional purchase obligations discussed above. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||
Segment Information | Segment Information | |||||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Eliminations | Consolidated | ||||||||||||||||
Engineered | Specialties | Specialties | Intermediates | Activities | ||||||||||||||||||
Materials | ||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Net sales | 346 | 310 | (1) | 299 | 795 | (1) | — | (114 | ) | 1,636 | ||||||||||||
Other (charges) gains, net | (2 | ) | — | (1 | ) | (1 | ) | — | — | (4 | ) | |||||||||||
Operating profit (loss) | 48 | 85 |   | 24 | 67 | (13 | ) | — | 211 | |||||||||||||
Equity in net earnings (loss) of affiliates | 30 | — |   | — | 3 | 8 | — | 41 | ||||||||||||||
Depreciation and amortization | 27 | 10 |   | 13 | 22 | 4 | — | 76 | ||||||||||||||
Capital expenditures | 14 | 33 |   | 8 | 45 | 2 | — | 102 | (2) | |||||||||||||
Three Months Ended September 30, 2012 - As Adjusted (Note 1) | ||||||||||||||||||||||
Net sales | 322 | 314 | (1) | 297 | 785 | (1) | — | (109 | ) | 1,609 |   | |||||||||||
Other (charges) gains, net | 1 | (1 | ) | — | 1 | 1 | — | 2 | ||||||||||||||
Operating profit (loss) | 44 | 72 | 25 | 63 |   | (28 | ) | — | 176 | |||||||||||||
Equity in net earnings (loss) of affiliates | 45 | — |   | — | — |   | 5 | — | 50 | |||||||||||||
Depreciation and amortization | 29 | 13 |   | 13 | 20 | 3 | — | 78 | ||||||||||||||
Capital expenditures | 11 | 14 |   | 9 | 47 |   | 2 | — | 83 | (2) | ||||||||||||
______________________________ | ||||||||||||||||||||||
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $114 million and $0 million, respectively, for the three months ended September 30, 2013 and $109 million and $0 million, respectively, for the three months ended September 30, 2012. | |||||||||||||||||||||
(2) | Excludes expenditures related to the relocation of the Company’s polyacetal ("POM") operations in Germany (Note 20) and includes a decrease in accrued capital expenditures of $8 million and $4 million for the three months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Eliminations | Consolidated | ||||||||||||||||
Engineered | Specialties | Specialties | Intermediates | Activities | ||||||||||||||||||
Materials | ||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Net sales | 1,027 | 919 | (1) | 882 | 2,412 | (1) | — | (346 | ) | 4,894 | ||||||||||||
Other (charges) gains, net | (6 | ) | — | (3 | ) | (2 | ) | — | — | (11 | ) | |||||||||||
Operating profit (loss) | 123 | 246 |   | 57 | 197 | (59 | ) | — | 564 | |||||||||||||
Equity in net earnings (loss) of affiliates | 115 | 3 |   | — | 7 | 25 | — | 150 | ||||||||||||||
Depreciation and amortization | 83 | 30 |   | 37 | 65 | 12 | — | 227 | ||||||||||||||
Capital expenditures | 35 | 76 |   | 19 | 116 | 6 | — | 252 | (2) | |||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||
Goodwill and intangibles, net | 366 | 276 | 60 | 232 | — | — | 934 | |||||||||||||||
Total assets | 2,794 | 1,409 | 1,032 | 2,350 | 1,927 | — | 9,512 | |||||||||||||||
Nine Months Ended September 30, 2012 - As Adjusted (Note 1) | ||||||||||||||||||||||
Net sales | 962 | 905 | (1) | 933 | 2,458 | (1) | — | (341 | ) | 4,917 |   | |||||||||||
Other (charges) gains, net | (1 | ) | 2 | — | 2 | (4 | ) | — | (1 | ) | ||||||||||||
Operating profit (loss) | 91 | 189 | 80 | 203 |   | (98 | ) | — | 465 | |||||||||||||
Equity in net earnings (loss) of affiliates | 143 | 2 |   | — | 3 |   | 15 | — | 163 | |||||||||||||
Depreciation and amortization | 84 | 33 |   | 41 | 59 | 10 | — | 227 | ||||||||||||||
Capital expenditures | 28 | 48 |   | 25 | 122 |   | 13 | — | 236 | (2) | ||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||
Goodwill and intangibles, net | 372 | 276 | 65 | 229 | — | — | 942 | |||||||||||||||
Total assets | 2,703 | 1,296 | 963 | 2,238 | 1,800 | — | 9,000 | |||||||||||||||
______________________________ | ||||||||||||||||||||||
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $342 million and $4 million, respectively, for the nine months ended September 30, 2013 and $338 million and $3 million, respectively, for the nine months ended September 30, 2012. | |||||||||||||||||||||
(2) | Excludes expenditures related to the relocation of the Company’s POM operations in Germany (Note 20) and includes a decrease in accrued capital expenditures of $7 million and $34 million for the nine months ended September 30, 2013 and 2012, respectively. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
As Adjusted | As Adjusted | |||||||||||
(Note 1) | (Note 1) | |||||||||||
(In $ millions, except share and per share data) | ||||||||||||
Amounts Attributable to Celanese Corporation | ||||||||||||
Earnings (loss) from continuing operations | 171 | 129 | 445 | 543 | ||||||||
Earnings (loss) from discontinued operations | 1 | (2 | ) | 2 | (2 | ) | ||||||
Net earnings (loss) | 172 | 127 | 447 | 541 | ||||||||
Weighted average shares - basic | 158,501,075 | 159,158,280 | 159,282,314 | 157,970,535 | ||||||||
Dilutive stock options | 230,110 | 292,661 | 229,920 | 1,054,012 | ||||||||
Dilutive restricted stock units | 364,346 | 678,435 | 334,359 | 654,091 | ||||||||
Weighted average shares - diluted | 159,095,531 | 160,129,376 | 159,846,593 | 159,678,638 | ||||||||
Securities not included in the computation of diluted net earnings per share as their effect would have been antidilutive are as follows: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Stock options | 38,140 | 30,032 | 94,631 | 15,016 | ||||||||
Restricted stock units | — | 92 | — | 5,328 | ||||||||
Total | 38,140 | 30,124 | 94,631 | 20,344 | ||||||||
Plant_Relocation
Plant Relocation | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Plant Relocation [Abstract] | |||||||||
Plant Relocation | Plant Relocation | ||||||||
In November 2006, the Company finalized a settlement agreement with the Frankfurt, Germany Airport ("Fraport") that required the Company to cease operations at its Kelsterbach, Germany POM site and sell the site, including land and buildings, to Fraport, resolving several years of legal disputes related to the planned Fraport expansion. Under the original agreement, Fraport agreed to pay the Company a total of €670 million. Title to the land and buildings will transfer to Fraport upon completion of certain activities as specified in the settlement agreement. Completion of those required activities is expected to occur no later than December 31, 2013. The agreement did not require the proceeds from the settlement be used to build or relocate the existing POM operations; however, based on a number of factors, the Company built a new expanded production facility in the Frankfurt Hoechst Industrial Park in the Rhine Main area in Germany. | |||||||||
The Company received its final payment from Fraport of €110 million during the three months ended June 30, 2011 and ceased POM operations at the Kelsterbach, Germany site prior to July 31, 2011. In September 2011, the Company announced the opening of its new POM production facility in Frankfurt Hoechst Industrial Park, Germany. | |||||||||
A summary of the financial statement impact associated with the Kelsterbach plant relocation is as follows: | |||||||||
Nine Months Ended | Total From | ||||||||
September 30, | Inception | ||||||||
Through | |||||||||
2013 | 2012 | 30-Sep-13 | |||||||
(In $ millions) | |||||||||
Deferred proceeds (1) | — | — | 907 | ||||||
Costs expensed | 6 | 5 | 119 | ||||||
Costs capitalized (2) | 4 | 30 | 1,131 | ||||||
Lease buyout | — | — | 22 | ||||||
Employee termination benefits | — | — | 8 | ||||||
_____________________________ | |||||||||
(1) | Included in noncurrent Other liabilities in the consolidated balance sheets. Amounts reflect the US dollar equivalent at the time of receipt. Upon transfer of the land and buildings to Fraport, the deferred proceeds will be recognized in the consolidated statements of operations. Such proceeds will be reduced by assets of €6 million included in Property, plant and equipment, net and €103 million included in noncurrent Other assets in the consolidated balance sheets, to be transferred to Fraport or otherwise disposed. | ||||||||
(2) | Includes a decrease in accrued capital expenditures of $2 million and $13 million for the nine months ended September 30, 2013 and 2012, respectively. |
Consolidating_Guarantor_Financ
Consolidating Guarantor Financial Information | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Consolidating Guarantor Financial Information [Abstract] | ||||||||||||||||||
Consolidating Guarantor Financial Information | Consolidating Guarantor Financial Information | |||||||||||||||||
The Senior Notes were issued by Celanese US (the "Issuer") and are guaranteed by Celanese Corporation (the "Parent Guarantor") and the Subsidiary Guarantors (Note 9). The Issuer and Subsidiary Guarantors are 100% owned subsidiaries of the Parent Guarantor. The Parent Guarantor and Subsidiary Guarantors have guaranteed the Notes fully and unconditionally and jointly and severally. | ||||||||||||||||||
For cash management purposes, the Company transfers cash between Parent Guarantor, Issuer, Subsidiary Guarantors and non-guarantors through intercompany financing arrangements, contributions or declaration of dividends between the respective parent and its subsidiaries. The transfer of cash under these activities facilitates the ability of the recipient to make specified third-party payments for principal and interest on the Company's outstanding debt, Common Stock dividends and Common Stock repurchases. The consolidating statements of cash flow for the nine months ended September 30, 2013 and 2012 present such intercompany financing activities, contributions and dividends consistent with how such activity would be presented in a stand-alone statement of cash flows. Previously, the Company presented such activity within the category where the ultimate use of cash to third parties was presented in the consolidated statements of cash flow. Prior amounts have been revised to conform to the current presentation. | ||||||||||||||||||
The Company has not presented separate financial information and other disclosures for each of its Subsidiary Guarantors because it believes such financial information and other disclosures would not provide investors with any additional information that would be material in evaluating the sufficiency of the guarantees. | ||||||||||||||||||
The unaudited interim consolidating financial statements for the Parent Guarantor, the Issuer, the Subsidiary Guarantors and the non-guarantors are as follows: | ||||||||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 709 | 1,250 | (323 | ) | 1,636 | |||||||||||
Cost of sales | — | — | (477 | ) | (1,136 | ) | 323 | (1,290 | ) | |||||||||
Gross profit | — | — | 232 | 114 | — | 346 | ||||||||||||
Selling, general and administrative expenses | — | — | (18 | ) | (79 | ) | — | (97 | ) | |||||||||
Amortization of intangible assets | — | — | (2 | ) | (4 | ) | — | (6 | ) | |||||||||
Research and development expenses | — | — | (17 | ) | (7 | ) | — | (24 | ) | |||||||||
Other (charges) gains, net | — | — | (1 | ) | (3 | ) | — | (4 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Operating profit (loss) | — | — | 194 | 17 | — | 211 | ||||||||||||
Equity in net earnings (loss) of affiliates | 172 | 200 | 35 | 30 | (396 | ) | 41 | |||||||||||
Interest expense | — | (48 | ) | (8 | ) | (19 | ) | 32 | (43 | ) | ||||||||
Refinancing expense | — | (1 | ) | — | — | — | (1 | ) | ||||||||||
Interest income | — | 14 | 17 | 1 | (32 | ) | — | |||||||||||
Dividend income - cost investments | — | — | — | 22 | — | 22 | ||||||||||||
Other income (expense), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Earnings (loss) from continuing operations before tax | 172 | 165 | 238 | 49 | (396 | ) | 228 | |||||||||||
Income tax (provision) benefit | — | 7 | (63 | ) | (1 | ) | — | (57 | ) | |||||||||
Earnings (loss) from continuing operations | 172 | 172 | 175 | 48 | (396 | ) | 171 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | — | — | — | — | ||||||||||||
Earnings (loss) from discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Net earnings (loss) | 172 | 172 | 176 | 48 | (396 | ) | 172 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 172 | 172 | 176 | 48 | (396 | ) | 172 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
As Adjusted (Note 1) | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 670 | 1,196 | (257 | ) | 1,609 | |||||||||||
Cost of sales | — | — | (467 | ) | (1,079 | ) | 265 | (1,281 | ) | |||||||||
Gross profit | — | — | 203 | 117 | 8 | 328 | ||||||||||||
Selling, general and administrative expenses | — | — | (34 | ) | (79 | ) | — | (113 | ) | |||||||||
Amortization of intangible assets | — | — | (4 | ) | (8 | ) | — | (12 | ) | |||||||||
Research and development expenses | — | — | (16 | ) | (7 | ) | — | (23 | ) | |||||||||
Other (charges) gains, net | — | — | 6 | (4 | ) | — | 2 | |||||||||||
Foreign exchange gain (loss), net | — | — | — | (4 | ) | — | (4 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (1 | ) | (1 | ) | — | (2 | ) | |||||||||
Operating profit (loss) | — | — | 154 | 14 | 8 | 176 | ||||||||||||
Equity in net earnings (loss) of affiliates | 126 | 151 | 44 | 37 | (308 | ) | 50 | |||||||||||
Interest expense | — | (48 | ) | (10 | ) | (18 | ) | 32 | (44 | ) | ||||||||
Refinancing expense | — | — | — | — | — | — | ||||||||||||
Interest income | — | 14 | 16 | 2 | (32 | ) | — | |||||||||||
Dividend income - cost investments | — | — | — | 1 | — | 1 | ||||||||||||
Other income (expense), net | — | (1 | ) | — | 4 | — | 3 | |||||||||||
Earnings (loss) from continuing operations before tax | 126 | 116 | 204 | 40 | (300 | ) | 186 | |||||||||||
Income tax (provision) benefit | 1 | 10 | (58 | ) | (8 | ) | (2 | ) | (57 | ) | ||||||||
Earnings (loss) from continuing operations | 127 | 126 | 146 | 32 | (302 | ) | 129 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (2 | ) | (1 | ) | — | (3 | ) | |||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | (1 | ) | (1 | ) | — | (2 | ) | |||||||||
Net earnings (loss) | 127 | 126 | 145 | 31 | (302 | ) | 127 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 127 | 126 | 145 | 31 | (302 | ) | 127 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,121 | 3,699 | (926 | ) | 4,894 | |||||||||||
Cost of sales | — | — | (1,455 | ) | (3,369 | ) | 928 | (3,896 | ) | |||||||||
Gross profit | — | — | 666 | 330 | 2 | 998 | ||||||||||||
Selling, general and administrative expenses | — | — | (65 | ) | (251 | ) | — | (316 | ) | |||||||||
Amortization of intangible assets | — | — | (9 | ) | (17 | ) | — | (26 | ) | |||||||||
Research and development expenses | — | — | (48 | ) | (25 | ) | — | (73 | ) | |||||||||
Other (charges) gains, net | — | — | 3 | (10 | ) | (4 | ) | (11 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (5 | ) | — | (5 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | — | (3 | ) | — | (3 | ) | ||||||||||
Operating profit (loss) | — | — | 547 | 19 | (2 | ) | 564 | |||||||||||
Equity in net earnings (loss) of affiliates | 443 | 528 | 117 | 124 | (1,062 | ) | 150 | |||||||||||
Interest expense | — | (144 | ) | (27 | ) | (51 | ) | 92 | (130 | ) | ||||||||
Refinancing expense | — | (1 | ) | — | — | — | (1 | ) | ||||||||||
Interest income | — | 41 | 48 | 4 | (92 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 69 | — | 69 | ||||||||||||
Other income (expense), net | — | — | — | 1 | — | 1 | ||||||||||||
Earnings (loss) from continuing operations before tax | 443 | 424 | 685 | 166 | (1,064 | ) | 654 | |||||||||||
Income tax (provision) benefit | 4 | 19 | (176 | ) | (56 | ) | — | (209 | ) | |||||||||
Earnings (loss) from continuing operations | 447 | 443 | 509 | 110 | (1,064 | ) | 445 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 3 | — | — | 3 | ||||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | (1 | ) | — | — | (1 | ) | ||||||||||
Earnings (loss) from discontinued operations | — | — | 2 | — | — | 2 | ||||||||||||
Net earnings (loss) | 447 | 443 | 511 | 110 | (1,064 | ) | 447 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 447 | 443 | 511 | 110 | (1,064 | ) | 447 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
As Adjusted (Note 1) | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,044 | 3,684 | (811 | ) | 4,917 | |||||||||||
Cost of sales | — | — | (1,462 | ) | (3,339 | ) | 821 | (3,980 | ) | |||||||||
Gross profit | — | — | 582 | 345 | 10 | 937 | ||||||||||||
Selling, general and administrative expenses | — | — | (112 | ) | (242 | ) | — | (354 | ) | |||||||||
Amortization of intangible assets | — | — | (13 | ) | (25 | ) | — | (38 | ) | |||||||||
Research and development expenses | — | — | (48 | ) | (25 | ) | — | (73 | ) | |||||||||
Other (charges) gains, net | — | — | 13 | (8 | ) | (6 | ) | (1 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (4 | ) | — | (4 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (1 | ) | (1 | ) | — | (2 | ) | |||||||||
Operating profit (loss) | — | — | 421 | 40 | 4 | 465 | ||||||||||||
Equity in net earnings (loss) of affiliates | 539 | 608 | 134 | 128 | (1,246 | ) | 163 | |||||||||||
Interest expense | — | (144 | ) | (31 | ) | (55 | ) | 96 | (134 | ) | ||||||||
Refinancing expense | — | — | — | — | — | — | ||||||||||||
Interest income | — | 44 | 48 | 5 | (96 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 85 | — | 85 | ||||||||||||
Other income (expense), net | — | — | — | 4 | — | 4 | ||||||||||||
Earnings (loss) from continuing operations before tax | 539 | 508 | 572 | 207 | (1,242 | ) | 584 | |||||||||||
Income tax (provision) benefit | 2 | 31 | (42 | ) | (31 | ) | (1 | ) | (41 | ) | ||||||||
Earnings (loss) from continuing operations | 541 | 539 | 530 | 176 | (1,243 | ) | 543 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (2 | ) | (1 | ) | — | (3 | ) | |||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | (1 | ) | (1 | ) | — | (2 | ) | |||||||||
Net earnings (loss) | 541 | 539 | 529 | 175 | (1,243 | ) | 541 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 541 | 539 | 529 | 175 | (1,243 | ) | 541 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 172 | 172 | 176 | 48 | (396 | ) | 172 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Foreign currency translation | 42 | 42 | 1 | (4 | ) | (39 | ) | 42 | ||||||||||
Gain (loss) on interest rate swaps | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Pension and postretirement benefits | — | — | — | — | — | — | ||||||||||||
Total other comprehensive income (loss), net of tax | 44 | 44 | 3 | (4 | ) | (43 | ) | 44 | ||||||||||
Total comprehensive income (loss), net of tax | 216 | 216 | 179 | 44 | (439 | ) | 216 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 216 | 216 | 179 | 44 | (439 | ) | 216 | |||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
As Adjusted (Note 1) | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 127 | 126 | 145 | 31 | (302 | ) | 127 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | 28 | 28 | (5 | ) | (1 | ) | (22 | ) | 28 | |||||||||
Gain (loss) on interest rate swaps | (2 | ) | (2 | ) | — | — | 2 | (2 | ) | |||||||||
Pension and postretirement benefits | — | — | — | — | — | — | ||||||||||||
Total other comprehensive income (loss), net of tax | 26 | 26 | (5 | ) | (1 | ) | (20 | ) | 26 | |||||||||
Total comprehensive income (loss), net of tax | 153 | 152 | 140 | 30 | (322 | ) | 153 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 153 | 152 | 140 | 30 | (322 | ) | 153 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 447 | 443 | 511 | 110 | (1,064 | ) | 447 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Foreign currency translation | 37 | 37 | 4 | (2 | ) | (39 | ) | 37 | ||||||||||
Gain (loss) on interest rate swaps | 4 | 4 | — | — | (4 | ) | 4 | |||||||||||
Pension and postretirement benefits | — | — | — | — | — | — | ||||||||||||
Total other comprehensive income (loss), net of tax | 42 | 42 | 5 | (2 | ) | (45 | ) | 42 | ||||||||||
Total comprehensive income (loss), net of tax | 489 | 485 | 516 | 108 | (1,109 | ) | 489 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 489 | 485 | 516 | 108 | (1,109 | ) | 489 | |||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
As Adjusted (Note 1) | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 541 | 539 | 529 | 175 | (1,243 | ) | 541 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | 4 | 4 | 1 | 4 | (9 | ) | 4 | |||||||||||
Gain (loss) on interest rate swaps | (1 | ) | (1 | ) | — | — | 1 | (1 | ) | |||||||||
Pension and postretirement benefits | (6 | ) | (6 | ) | (6 | ) | (3 | ) | 15 | (6 | ) | |||||||
Total other comprehensive income (loss), net of tax | (3 | ) | (3 | ) | (5 | ) | 1 | 7 | (3 | ) | ||||||||
Total comprehensive income (loss), net of tax | 538 | 536 | 524 | 176 | (1,236 | ) | 538 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 538 | 536 | 524 | 176 | (1,236 | ) | 538 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | — | — | 398 | 702 | — | 1,100 | ||||||||||||
Trade receivables - third party and affiliates | — | — | 158 | 962 | (171 | ) | 949 | |||||||||||
Non-trade receivables, net | 32 | 455 | 2,032 | 550 | (2,776 | ) | 293 | |||||||||||
Inventories, net | — | — | 217 | 608 | (72 | ) | 753 | |||||||||||
Deferred income taxes | — | — | 64 | 7 | (21 | ) | 50 | |||||||||||
Marketable securities, at fair value | — | — | 44 | — | — | 44 | ||||||||||||
Other assets | — | 7 | 19 | 35 | (22 | ) | 39 | |||||||||||
Total current assets | 32 | 462 | 2,932 | 2,864 | (3,062 | ) | 3,228 | |||||||||||
Investments in affiliates | 2,052 | 3,846 | 1,728 | 588 | (7,357 | ) | 857 | |||||||||||
Property, plant and equipment, net | — | — | 890 | 2,501 | — | 3,391 | ||||||||||||
Deferred income taxes | — | 3 | 508 | 93 | — | 604 | ||||||||||||
Other assets | — | 1,938 | 132 | 452 | (2,024 | ) | 498 | |||||||||||
Goodwill | — | — | 305 | 482 | — | 787 | ||||||||||||
Intangible assets, net | — | — | 66 | 81 | — | 147 | ||||||||||||
Total assets | 2,084 | 6,249 | 6,561 | 7,061 | (12,443 | ) | 9,512 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 1,636 | 125 | 402 | (1,939 | ) | 224 | |||||||||||
Trade payables - third party and affiliates | — | — | 297 | 613 | (171 | ) | 739 | |||||||||||
Other liabilities | — | 65 | 377 | 417 | (402 | ) | 457 | |||||||||||
Deferred income taxes | — | 21 | — | 25 | (21 | ) | 25 | |||||||||||
Income taxes payable | — | — | 541 | 87 | (476 | ) | 152 | |||||||||||
Total current liabilities | — | 1,722 | 1,340 | 1,544 | (3,009 | ) | 1,597 | |||||||||||
Noncurrent Liabilities | ||||||||||||||||||
Long-term debt | — | 2,466 | 812 | 1,614 | (2,022 | ) | 2,870 | |||||||||||
Deferred income taxes | — | — | 13 | 48 | — | 61 | ||||||||||||
Uncertain tax positions | — | 6 | 26 | 171 | — | 203 | ||||||||||||
Benefit obligations | — | — | 1,311 | 235 | — | 1,546 | ||||||||||||
Other liabilities | — | 3 | 93 | 1,065 | (10 | ) | 1,151 | |||||||||||
Total noncurrent liabilities | — | 2,475 | 2,255 | 3,133 | (2,032 | ) | 5,831 | |||||||||||
Total Celanese Corporation stockholders’ equity | 2,084 | 2,052 | 2,966 | 2,384 | (7,402 | ) | 2,084 | |||||||||||
Noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Total equity | 2,084 | 2,052 | 2,966 | 2,384 | (7,402 | ) | 2,084 | |||||||||||
Total liabilities and equity | 2,084 | 6,249 | 6,561 | 7,061 | (12,443 | ) | 9,512 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | 10 | — | 275 | 674 | — | 959 | ||||||||||||
Trade receivables - third party and affiliates | — | — | 340 | 653 | (166 | ) | 827 | |||||||||||
Non-trade receivables, net | 31 | 444 | 1,754 | 484 | (2,504 | ) | 209 | |||||||||||
Inventories, net | — | — | 196 | 589 | (74 | ) | 711 | |||||||||||
Deferred income taxes | — | — | 62 | 8 | (21 | ) | 49 | |||||||||||
Marketable securities, at fair value | — | — | 52 | 1 | — | 53 | ||||||||||||
Other assets | — | 5 | 15 | 27 | (16 | ) | 31 | |||||||||||
Total current assets | 41 | 449 | 2,694 | 2,436 | (2,781 | ) | 2,839 | |||||||||||
Investments in affiliates | 1,692 | 3,437 | 1,579 | 570 | (6,478 | ) | 800 | |||||||||||
Property, plant and equipment, net | — | — | 813 | 2,537 | — | 3,350 | ||||||||||||
Deferred income taxes | — | 5 | 509 | 92 | — | 606 | ||||||||||||
Other assets | — | 1,927 | 132 | 414 | (2,010 | ) | 463 | |||||||||||
Goodwill | — | — | 305 | 472 | — | 777 | ||||||||||||
Intangible assets, net | — | — | 69 | 96 | — | 165 | ||||||||||||
Total assets | 1,733 | 5,818 | 6,101 | 6,617 | (11,269 | ) | 9,000 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 1,584 | 208 | 159 | (1,783 | ) | 168 | |||||||||||
Trade payables - third party and affiliates | — | — | 269 | 546 | (166 | ) | 649 | |||||||||||
Other liabilities | — | 40 | 267 | 475 | (307 | ) | 475 | |||||||||||
Deferred income taxes | — | 21 | — | 25 | (21 | ) | 25 | |||||||||||
Income taxes payable | — | — | 419 | 73 | (454 | ) | 38 | |||||||||||
Total current liabilities | — | 1,645 | 1,163 | 1,278 | (2,731 | ) | 1,355 | |||||||||||
Noncurrent Liabilities | ||||||||||||||||||
Long-term debt | — | 2,467 | 872 | 1,597 | (2,006 | ) | 2,930 | |||||||||||
Deferred income taxes | — | — | — | 50 | — | 50 | ||||||||||||
Uncertain tax positions | 3 | 6 | 23 | 149 | — | 181 | ||||||||||||
Benefit obligations | — | — | 1,362 | 240 | — | 1,602 | ||||||||||||
Other liabilities | — | 8 | 101 | 1,055 | (12 | ) | 1,152 | |||||||||||
Total noncurrent liabilities | 3 | 2,481 | 2,358 | 3,091 | (2,018 | ) | 5,915 | |||||||||||
Total Celanese Corporation stockholders’ equity | 1,730 | 1,692 | 2,580 | 2,248 | (6,520 | ) | 1,730 | |||||||||||
Noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Total equity | 1,730 | 1,692 | 2,580 | 2,248 | (6,520 | ) | 1,730 | |||||||||||
Total liabilities and equity | 1,733 | 5,818 | 6,101 | 6,617 | (11,269 | ) | 9,000 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 144 | 58 | 650 | 44 | (288 | ) | 608 | |||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (172 | ) | (87 | ) | — | (259 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | — | — | — | — | ||||||||||||
Proceeds from sale of businesses and assets, net | — | — | — | 13 | — | 13 | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (6 | ) | — | (6 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | (20 | ) | — | 20 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 4 | (92 | ) | — | 88 | — | |||||||||||
Other, net | — | — | (26 | ) | (12 | ) | — | (38 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 4 | (310 | ) | (92 | ) | 108 | (290 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 92 | (4 | ) | (8 | ) | (92 | ) | (12 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 154 | — | 154 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (51 | ) | — | (51 | ) | ||||||||||
Proceeds from long-term debt | — | 24 | 50 | — | — | 74 | ||||||||||||
Repayments of long-term debt | — | (32 | ) | (119 | ) | (45 | ) | 4 | (192 | ) | ||||||||
Refinancing costs | — | (2 | ) | — | — | — | (2 | ) | ||||||||||
Purchases of treasury stock, including related fees | (102 | ) | — | — | — | — | (102 | ) | ||||||||||
Dividends to parent | — | (144 | ) | (144 | ) | — | 288 | — | ||||||||||
Contributions from parent | — | — | — | 20 | (20 | ) | — | |||||||||||
Stock option exercises | 3 | — | — | — | — | 3 | ||||||||||||
Series A common stock dividends | (55 | ) | — | — | — | — | (55 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Other, net | — | — | — | — | — | — | ||||||||||||
Net cash provided by (used in) financing activities | (154 | ) | (62 | ) | (217 | ) | 70 | 180 | (183 | ) | ||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 6 | — | 6 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (10 | ) | — | 123 | 28 | — | 141 | |||||||||||
Cash and cash equivalents as of beginning of period | 10 | — | 275 | 674 | — | 959 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 398 | 702 | — | 1,100 | ||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 7 | (54 | ) | 396 | 382 | (70 | ) | 661 | ||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (132 | ) | (138 | ) | — | (270 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | (23 | ) | — | — | (23 | ) | ||||||||||
Proceeds from sale of businesses and assets, net | — | — | 1 | — | — | 1 | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (43 | ) | — | (43 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | (3 | ) | — | 3 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 4 | (96 | ) | — | 92 | — | |||||||||||
Other, net | — | — | (9 | ) | (53 | ) | — | (62 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 4 | (262 | ) | (234 | ) | 95 | (397 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 96 | (2 | ) | (9 | ) | (92 | ) | (7 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 50 | — | 50 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (50 | ) | — | (50 | ) | ||||||||||
Proceeds from long-term debt | — | — | — | — | — | — | ||||||||||||
Repayments of long-term debt | — | (11 | ) | (5 | ) | (16 | ) | — | (32 | ) | ||||||||
Refinancing costs | — | — | — | — | — | — | ||||||||||||
Purchases of treasury stock, including related fees | (37 | ) | — | — | — | — | (37 | ) | ||||||||||
Dividends to parent | — | (35 | ) | (35 | ) | — | 70 | — | ||||||||||
Contributions from parent | — | — | — | 3 | (3 | ) | — | |||||||||||
Stock option exercises | 58 | — | — | — | — | 58 | ||||||||||||
Series A common stock dividends | (31 | ) | — | — | — | — | (31 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Other, net | 29 | — | — | (1 | ) | — | 28 | |||||||||||
Net cash provided by (used in) financing activities | 19 | 50 | (42 | ) | (23 | ) | (25 | ) | (21 | ) | ||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 3 | — | 3 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 26 | — | 92 | 128 | — | 246 | ||||||||||||
Cash and cash equivalents as of beginning of period | — | — | 133 | 549 | — | 682 | ||||||||||||
Cash and cash equivalents as of end of period | 26 | — | 225 | 677 | — | 928 | ||||||||||||
Description_of_the_Company_and1
Description of the Company and Basis of Presentation (Policies) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Estimates and Assumptions | Estimates and Assumptions | ||||||||
The preparation of unaudited interim consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues, expenses and allocated charges during the reporting period. Significant estimates pertain to impairments of goodwill, intangible assets and other long-lived assets, purchase price allocations, restructuring costs and other (charges) gains, net, income taxes, pension and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates. | |||||||||
Changes in accounting policy regarding pension and other postretirement benefits | Change in accounting policy regarding pension and other postretirement benefits | ||||||||
Effective January 1, 2013, the Company elected to change its accounting policy for recognizing actuarial gains and losses and changes in the fair value of plan assets for its defined benefit pension plans and other postretirement benefit plans. Previously, the Company recognized the actuarial gains and losses as a component of Accumulated other comprehensive income (loss), net within the consolidated balance sheets on an annual basis and amortized the gains and losses into operating results over the average remaining service period to retirement date for active plan participants or, for retired participants, the average remaining life expectancy. For defined benefit pension plans, the unrecognized gains and losses were amortized when the net gains and losses exceeded 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. For other postretirement benefits, amortization occurred when the net gains and losses exceeded 10% of the accumulated postretirement benefit obligation at the beginning of the year. | |||||||||
Previously, differences between the actual rate of return on plan assets and the long-term expected rate of return on plan assets were not generally recognized in net periodic benefit cost in the year that the difference occurred. These differences were deferred and amortized into net periodic benefit cost over the average remaining future service period of employees. The asset gains and losses subject to amortization and the long-term expected return on plan assets were previously calculated using a five-year smoothing of asset gains and losses referred to as the market-related value to stabilize variability in the plan asset values. | |||||||||
The Company now applies the long-term expected rate of return to the fair value of plan assets and immediately recognizes the change in fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each fiscal year and whenever a plan is required to be remeasured. Events requiring a plan remeasurement will be recognized in the quarter in which such remeasurement event occurs. The remaining components of the Company's net periodic benefit cost are recorded on a quarterly basis. While the Company's historical policy of recognizing the change in fair value of plan assets and net actuarial gains and losses is considered acceptable under US GAAP, the Company believes the new policy is preferable as it eliminates the delay in recognizing gains and losses within operating results. This change improves transparency within the Company's operating results by immediately recognizing the effects of economic and interest rate trends on plan investments and assumptions in the year these gains and losses are actually incurred. The policy changes have no impact on future pension and postretirement benefit plan funding or pension and postretirement benefits paid to participants. Financial information for all periods presented has been retrospectively adjusted. | |||||||||
In connection with the changes in accounting policy for pension and other postretirement benefits and in an attempt to properly match the actual operational expenses each business segment is incurring, the Company changed its allocation of net periodic benefit cost. Previously, the Company allocated all components of net periodic benefit cost to each business segment on a ratable basis. The Company now allocates only the service cost and amortization of prior service cost components of its pension and postretirement plans to its business segments. All other components of net periodic benefit cost are recorded to Other Activities. The components of net periodic benefit cost that are no longer allocated to each business segment include interest cost, expected return on assets and net actuarial gains and losses as these components are considered financing activities managed at the corporate level. The Company believes the revised expense allocation more appropriately matches the cost incurred for active employees to the respective business segment. Business segment information for prior periods has been retrospectively adjusted (Note 18). | |||||||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statement of operations is as follows: | |||||||||
Three Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (1,285 | ) | 4 | (1,281 | ) | ||||
Gross profit | 324 | 4 | 328 | ||||||
Selling, general and administrative expenses | (121 | ) | 8 | (113 | ) | ||||
Research and development expenses | (24 | ) | 1 | (23 | ) | ||||
Operating profit (loss) | 163 | 13 | 176 | ||||||
Earnings (loss) from continuing operations before tax | 173 | 13 | 186 | ||||||
Income tax (provision) benefit | (54 | ) | (3 | ) | (57 | ) | |||
Earnings (loss) from continuing operations | 119 | 10 | 129 | ||||||
Net earnings (loss) | 117 | 10 | 127 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 117 | 10 | 127 | ||||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 0.75 | 0.06 | 0.81 | ||||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | ||||
Net earnings (loss)Â - basic | 0.74 | 0.06 | 0.8 | ||||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 0.74 | 0.06 | 0.8 | ||||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | ||||
Net earnings (loss)Â - diluted | 0.73 | 0.06 | 0.79 | ||||||
Nine Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (3,992 | ) | 12 | (3,980 | ) | ||||
Gross profit | 925 | 12 | 937 | ||||||
Selling, general and administrative expenses | (379 | ) | 25 | (354 | ) | ||||
Research and development expenses | (76 | ) | 3 | (73 | ) | ||||
Operating profit (loss) | 425 | 40 | 465 | ||||||
Earnings (loss) from continuing operations before tax | 544 | 40 | 584 | ||||||
Income tax (provision) benefit | (32 | ) | (9 | ) | (41 | ) | |||
Earnings (loss) from continuing operations | 512 | 31 | 543 | ||||||
Net earnings (loss) | 510 | 31 | 541 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 510 | 31 | 541 | ||||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 3.24 | 0.19 | 3.43 | ||||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | ||||
Net earnings (loss)Â - basic | 3.23 | 0.19 | 3.42 | ||||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 3.21 | 0.19 | 3.4 | ||||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | ||||
Net earnings (loss)Â - diluted | 3.2 | 0.19 | 3.39 | ||||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statement of comprehensive income (loss) is as follows: | |||||||||
Three Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 117 | 10 | 127 | ||||||
Pension and postretirement benefits | 10 | (10 | ) | — | |||||
Total other comprehensive income (loss), net of tax | 36 | (10 | ) | 26 | |||||
Total comprehensive income (loss), net of tax | 153 | — | 153 | ||||||
Comprehensive income (loss) attributable to Celanese Corporation | 153 | — | 153 | ||||||
Nine Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 510 | 31 | 541 | ||||||
Pension and postretirement benefits | 25 | (31 | ) | (6 | ) | ||||
Total other comprehensive income (loss), net of tax | 28 | (31 | ) | (3 | ) | ||||
Total comprehensive income (loss), net of tax | 538 | — | 538 | ||||||
Comprehensive income (loss) attributable to Celanese Corporation | 538 | — | 538 | ||||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated balance sheet is as follows: | |||||||||
As of December 31, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Retained earnings | 2,986 | (993 | ) | 1,993 | |||||
Accumulated other comprehensive income (loss), net | (1,082 | ) | 993 | (89 | ) | ||||
The cumulative effect of the change in accounting policy for pension and other postretirement benefits on Retained earnings as of December 31, 2011 was a decrease of $760 million, with an equivalent increase to Accumulated other comprehensive income. | |||||||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to operating activities in the consolidated statement of cash flows is as follows: | |||||||||
Nine Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 510 | 31 | 541 | ||||||
Pension and postretirement benefit expense | — | 7 | 7 | ||||||
Pension and postretirement contributions | — | (151 | ) | (151 | ) | ||||
Deferred income taxes, net | (96 | ) | 9 | (87 | ) | ||||
Other liabilities | (75 | ) | 104 | 29 | |||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the business segment financial information (Note 18) is as follows: | |||||||||
Three Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Operating Profit (Loss) | |||||||||
Advanced Engineered Materials | 43 | 1 | 44 | ||||||
Consumer Specialties | 70 | 2 | 72 | ||||||
Industrial Specialties | 23 | 2 | 25 | ||||||
Acetyl Intermediates | 62 | 1 | 63 | ||||||
Other Activities | (35 | ) | 7 | (28 | ) | ||||
Total | 163 | 13 | 176 | ||||||
Nine Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Operating Profit (Loss) | |||||||||
Advanced Engineered Materials | 85 | 6 | 91 | ||||||
Consumer Specialties | 184 | 5 | 189 | ||||||
Industrial Specialties | 76 | 4 | 80 | ||||||
Acetyl Intermediates | 199 | 4 | 203 | ||||||
Other Activities | (119 | ) | 21 | (98 | ) | ||||
Total | 425 | 40 | 465 | ||||||
Description_of_the_Company_and2
Description of the Company and Basis of Presentation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Schedule of Changes in Accounting Policy Regarding Pension and Other Postretirement Benefits | The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statement of operations is as follows: | ||||||||
Three Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (1,285 | ) | 4 | (1,281 | ) | ||||
Gross profit | 324 | 4 | 328 | ||||||
Selling, general and administrative expenses | (121 | ) | 8 | (113 | ) | ||||
Research and development expenses | (24 | ) | 1 | (23 | ) | ||||
Operating profit (loss) | 163 | 13 | 176 | ||||||
Earnings (loss) from continuing operations before tax | 173 | 13 | 186 | ||||||
Income tax (provision) benefit | (54 | ) | (3 | ) | (57 | ) | |||
Earnings (loss) from continuing operations | 119 | 10 | 129 | ||||||
Net earnings (loss) | 117 | 10 | 127 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 117 | 10 | 127 | ||||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 0.75 | 0.06 | 0.81 | ||||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | ||||
Net earnings (loss)Â - basic | 0.74 | 0.06 | 0.8 | ||||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 0.74 | 0.06 | 0.8 | ||||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | ||||
Net earnings (loss)Â - diluted | 0.73 | 0.06 | 0.79 | ||||||
Nine Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (3,992 | ) | 12 | (3,980 | ) | ||||
Gross profit | 925 | 12 | 937 | ||||||
Selling, general and administrative expenses | (379 | ) | 25 | (354 | ) | ||||
Research and development expenses | (76 | ) | 3 | (73 | ) | ||||
Operating profit (loss) | 425 | 40 | 465 | ||||||
Earnings (loss) from continuing operations before tax | 544 | 40 | 584 | ||||||
Income tax (provision) benefit | (32 | ) | (9 | ) | (41 | ) | |||
Earnings (loss) from continuing operations | 512 | 31 | 543 | ||||||
Net earnings (loss) | 510 | 31 | 541 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 510 | 31 | 541 | ||||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 3.24 | 0.19 | 3.43 | ||||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | ||||
Net earnings (loss)Â - basic | 3.23 | 0.19 | 3.42 | ||||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 3.21 | 0.19 | 3.4 | ||||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | ||||
Net earnings (loss)Â - diluted | 3.2 | 0.19 | 3.39 | ||||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statement of comprehensive income (loss) is as follows: | |||||||||
Three Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 117 | 10 | 127 | ||||||
Pension and postretirement benefits | 10 | (10 | ) | — | |||||
Total other comprehensive income (loss), net of tax | 36 | (10 | ) | 26 | |||||
Total comprehensive income (loss), net of tax | 153 | — | 153 | ||||||
Comprehensive income (loss) attributable to Celanese Corporation | 153 | — | 153 | ||||||
Nine Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 510 | 31 | 541 | ||||||
Pension and postretirement benefits | 25 | (31 | ) | (6 | ) | ||||
Total other comprehensive income (loss), net of tax | 28 | (31 | ) | (3 | ) | ||||
Total comprehensive income (loss), net of tax | 538 | — | 538 | ||||||
Comprehensive income (loss) attributable to Celanese Corporation | 538 | — | 538 | ||||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated balance sheet is as follows: | |||||||||
As of December 31, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Retained earnings | 2,986 | (993 | ) | 1,993 | |||||
Accumulated other comprehensive income (loss), net | (1,082 | ) | 993 | (89 | ) | ||||
The cumulative effect of the change in accounting policy for pension and other postretirement benefits on Retained earnings as of December 31, 2011 was a decrease of $760 million, with an equivalent increase to Accumulated other comprehensive income. | |||||||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to operating activities in the consolidated statement of cash flows is as follows: | |||||||||
Nine Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 510 | 31 | 541 | ||||||
Pension and postretirement benefit expense | — | 7 | 7 | ||||||
Pension and postretirement contributions | — | (151 | ) | (151 | ) | ||||
Deferred income taxes, net | (96 | ) | 9 | (87 | ) | ||||
Other liabilities | (75 | ) | 104 | 29 | |||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the business segment financial information (Note 18) is as follows: | |||||||||
Three Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Operating Profit (Loss) | |||||||||
Advanced Engineered Materials | 43 | 1 | 44 | ||||||
Consumer Specialties | 70 | 2 | 72 | ||||||
Industrial Specialties | 23 | 2 | 25 | ||||||
Acetyl Intermediates | 62 | 1 | 63 | ||||||
Other Activities | (35 | ) | 7 | (28 | ) | ||||
Total | 163 | 13 | 176 | ||||||
Nine Months Ended September 30, 2012 | |||||||||
As Previously | Effect of | As Adjusted | |||||||
Reported | Change | ||||||||
(In $ millions) | |||||||||
Operating Profit (Loss) | |||||||||
Advanced Engineered Materials | 85 | 6 | 91 | ||||||
Consumer Specialties | 184 | 5 | 189 | ||||||
Industrial Specialties | 76 | 4 | 80 | ||||||
Acetyl Intermediates | 199 | 4 | 203 | ||||||
Other Activities | (119 | ) | 21 | (98 | ) | ||||
Total | 425 | 40 | 465 | ||||||
Marketable_Securities_at_Fair_1
Marketable Securities, at Fair Value (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Investments, Debt and Equity Securities [Abstract] | ||||||
Schedule of Available-for-sale Securities | The amortized cost, gross unrealized gain, gross unrealized loss and fair values for available-for-sale securities by major security type are as follows: | |||||
As of | As of | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Mutual Funds | ||||||
Amortized cost | 44 | 53 | ||||
Gross unrealized gain | — | — | ||||
Gross unrealized loss | — | — | ||||
Fair value | 44 | 53 | ||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Inventory Disclosure [Abstract] | ||||||
Schedule of Inventories | ||||||
As of | As of | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Finished goods | 560 | 514 | ||||
Work-in-process | 51 | 42 | ||||
Raw materials and supplies | 142 | 155 | ||||
Total | 753 | 711 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Schedule of Goodwill | Goodwill | |||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Total | ||||||||||||
Engineered | Specialties | Specialties | Intermediates | |||||||||||||
Materials | ||||||||||||||||
(In $ millions) | ||||||||||||||||
As of December 31, 2012 | ||||||||||||||||
Goodwill | 297 | 249 | 42 | 189 | 777 | |||||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||||
Net book value | 297 | 249 | 42 | 189 | 777 | |||||||||||
Exchange rate changes | 3 | 2 | — | 5 | 10 | |||||||||||
As of September 30, 2013 | ||||||||||||||||
Goodwill | 300 | 251 | 42 | 194 | 787 | |||||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||||
Net book value | 300 | 251 | 42 | 194 | 787 | |||||||||||
The Company assesses the recoverability of the carrying value of its reporting unit goodwill either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. In connection with the Company's annual goodwill impairment assessment, the Company did not record an impairment loss to goodwill during the nine months ended September 30, 2013 as the estimated fair value for each of the Company's reporting units exceeded the carrying value of the underlying assets by a substantial margin. | ||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Net | Finite-lived intangibles are as follows: | |||||||||||||||
Licenses | Customer- | Developed | Covenants | Total | ||||||||||||
Related | Technology | Not to | ||||||||||||||
Intangible | Compete | |||||||||||||||
Assets | and Other | |||||||||||||||
(In $ millions) | ||||||||||||||||
Gross Asset Value | ||||||||||||||||
As of December 31, 2012 | 32 | 525 | 30 | 32 | 619 | |||||||||||
Acquisitions | — | — | — | 7 | 7 | (1) | ||||||||||
Exchange rate changes | 1 | 10 | — | — | 11 | |||||||||||
As of September 30, 2013 | 33 | 535 | 30 | 39 | 637 | |||||||||||
Accumulated Amortization | ||||||||||||||||
As of December 31, 2012 | (16 | ) | (480 | ) | (17 | ) | (23 | ) | (536 | ) | ||||||
Amortization | (3 | ) | (19 | ) | (2 | ) | (2 | ) | (26 | ) | ||||||
Exchange rate changes | — | (10 | ) | — | — | (10 | ) | |||||||||
As of September 30, 2013 | (19 | ) | (509 | ) | (19 | ) | (25 | ) | (572 | ) | ||||||
Net book value | 14 | 26 | 11 | 14 | 65 | |||||||||||
______________________________ | ||||||||||||||||
(1) Â | Weighted average amortization period is 29 years. | |||||||||||||||
Schedule of Indefinite-Lived Intangible Assets, Net | Indefinite-lived intangibles are as follows: | |||||||||||||||
Trademarks | ||||||||||||||||
and Trade Names | ||||||||||||||||
(In $ millions) | ||||||||||||||||
As of December 31, 2012 | 82 | |||||||||||||||
Acquisitions | — | |||||||||||||||
Accumulated impairment losses | (1 | ) | ||||||||||||||
Exchange rate changes | 1 | |||||||||||||||
As of September 30, 2013 | 82 | |||||||||||||||
Schedule of Estimated Amortization Expense | Estimated amortization expense for the succeeding five fiscal years is as follows: | |||||||||||||||
(In $ millions) | ||||||||||||||||
2014 | 20 | |||||||||||||||
2015 | 11 | |||||||||||||||
2016 | 8 | |||||||||||||||
2017 | 7 | |||||||||||||||
2018 | 4 | |||||||||||||||
Current_Other_Liabilities_Tabl
Current Other Liabilities (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Other Liabilities, Current [Abstract] | ||||||
Schedule of Current Other Liabilities | ||||||
As of | As of | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Salaries and benefits | 97 | 74 | ||||
Environmental (Note 11) | 24 | 21 | ||||
Restructuring (Note 13) | 19 | 30 | ||||
Insurance | 13 | 15 | ||||
Asset retirement obligations | 23 | 38 | ||||
Derivatives (Note 15) | 15 | 23 | ||||
Current portion of benefit obligations | 47 | 47 | ||||
Interest | 32 | 23 | ||||
Sales and use tax/foreign withholding tax payable | 17 | 17 | ||||
Uncertain tax positions | 63 | 65 | ||||
Customer rebates | 37 | 44 | ||||
Other | 70 | 78 | ||||
Total | 457 | 475 | ||||
Noncurrent_Other_Liabilities_T
Noncurrent Other Liabilities (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Other Liabilities, Noncurrent [Abstract] | ||||||
Schedule of Noncurrent Other Liabilities | ||||||
As of | As of | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Environmental (Note 11) | 67 | 78 | ||||
Insurance | 53 | 58 | ||||
Deferred revenue | 30 | 36 | ||||
Deferred proceeds(1) | 930 | 909 | ||||
Asset retirement obligations | 22 | 26 | ||||
Derivatives (Note 15) | 3 | 8 | ||||
Income taxes payable | 2 | 2 | ||||
Other | 44 | 35 | ||||
Total | 1,151 | 1,152 | ||||
______________________________ | ||||||
(1) | Primarily relates to proceeds received from the Frankfurt, Germany Airport as part of a settlement for the Company to cease operations and sell its Kelsterbach, Germany manufacturing site, included in the Advanced Engineered Materials segment. Such proceeds will be deferred until the land and buildings transfer to the Frankfurt, Germany Airport (Note 20). |
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Debt Disclosure [Abstract] | ||||||
Schedule of Short-term Debt | ||||||
As of | As of | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||||||
Current installments of long-term debt | 23 | 60 | ||||
Short-term borrowings, including amounts due to affiliates | 101 | 108 | ||||
Accounts receivable securitization facility | 100 | — | ||||
Total | 224 | 168 | ||||
The Company's weighted average interest rate on short-term borrowings, including amounts due to affiliates, was 4.4% as of September 30, 2013 compared to 4.0% as of December 31, 2012. The weighted average interest rate on the accounts receivable securitization facility was 0.9% as of September 30, 2013. | ||||||
Schedule of Long-term Debt | ||||||
As of | As of | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Long-Term Debt | ||||||
Senior credit facilities - Term C loan due 2016 | — | 977 | ||||
Senior credit facilities - Term C-2 loan due 2016 | 976 | — | ||||
Senior unsecured notes due 2018, interest rate of 6.625% | 600 | 600 | ||||
Senior unsecured notes due 2021, interest rate of 5.875% | 400 | 400 | ||||
Senior unsecured notes due 2022, interest rate of 4.625% | 500 | 500 | ||||
Credit-linked revolving facility due 2014, interest rate of 1.7% | — | 50 | ||||
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 5.7% to 6.7% | 169 | 182 | ||||
Obligations under capital leases due at various dates through 2054 | 248 | 244 | ||||
Other bank obligations | — | 37 | ||||
Subtotal | 2,893 | 2,990 | ||||
Current installments of long-term debt | (23 | ) | (60 | ) | ||
Total | 2,870 | 2,930 | ||||
Schedule of Estimated Net Leverage Ratio and Estimated Margin | As of September 30, 2013, the margin for borrowings under the Term C-2 loan facility was 2.0% above LIBOR (for US dollars) and 2.0% above the Euro Interbank Offered Rate ("EURIBOR") (for Euros), as applicable. As of September 30, 2013, the margin for borrowings under the revolving credit facility was 2.5% above LIBOR. The margin for borrowings under the revolving credit facility is subject to increase or decrease in certain circumstances based on changes in the Company’s corporate credit ratings. Borrowings under the credit-linked revolving facility bear interest at a variable interest rate based on LIBOR, plus a margin which varies based on the Company's net leverage ratio. | |||||
The estimated net leverage ratio and margin are as follows: | ||||||
As of September 30, 2013 | ||||||
Estimated Total Net | Estimated | |||||
Leverage Ratio | Margin | |||||
Credit-linked revolving facility | 1.58 | 1.5 | % | |||
The margin on the credit-linked revolving facility may increase or decrease 0.25% based on the following: | ||||||
Total Net Leverage Ratio | Margin over LIBOR or EURIBOR | |||||
< =.25 | 1.50% | |||||
> 2.25 | 1.75% | |||||
Term loan borrowings under the Amended Credit Agreement are subject to amortization at 1% of the initial principal amount per annum, payable quarterly. In addition, the Company pays quarterly commitment fees on the unused portions of the revolving credit facility and credit-linked revolving facility of 0.25% and 1.50% per annum, respectively. | ||||||
Schedule of First Lien Senior Secured Leverage Ratios and Borrowing Capacity | The Company’s first lien senior secured leverage ratios under the revolving credit facility are as follows: | |||||
As of September 30, 2013 | ||||||
Maximum | Estimate | Estimate, if Fully Drawn | ||||
3.9 | 0.99 | 1.53 | ||||
Schedule of Balances Available for Borrowing | The Company's balances available for borrowing are as follows: | |||||
As of | ||||||
September 30, | ||||||
2013 | ||||||
(In $ millions) | ||||||
Revolving Credit Facility | ||||||
Borrowings outstanding | — | |||||
Letters of credit issued | — | |||||
Available for borrowing | 600 | |||||
Credit-Linked Revolving Facility | ||||||
Borrowings outstanding | — | |||||
Letters of credit issued | 80 | |||||
Available for borrowing | 1 | |||||
Accounts Receivable Securitization Facility | ||||||
Borrowings outstanding | 100 | |||||
Letters of credit issued | — | |||||
Available for borrowing | 31 | |||||
Benefit_Obligations_Tables
Benefit Obligations (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Net Periodic Benefit Costs Recognized | The components of net periodic benefit costs are as follows: | |||||||||||||||||||||||
Pension Benefits | Postretirement | Pension Benefits | Postretirement | |||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
As | As | As | As | |||||||||||||||||||||
Adjusted | Adjusted | Adjusted | Adjusted | |||||||||||||||||||||
(Note 1) | (Note 1) | (Note 1) | (Note 1) | |||||||||||||||||||||
(In $ millions) | (In $ millions) | |||||||||||||||||||||||
Service cost | 9 | 7 | — | — | 26 | 21 | 2 | 1 | ||||||||||||||||
Interest cost | 39 | 42 | 3 | 3 | 116 | 127 | 8 | 9 | ||||||||||||||||
Expected return on plan assets | (57 | ) | (51 | ) | — | — | (169 | ) | (153 | ) | — | — | ||||||||||||
Amortization of prior service cost (credit) | — | 1 | — | — | 1 | 2 | — | — | ||||||||||||||||
Total | (9 | ) | (1 | ) | 3 | 3 | (26 | ) | (3 | ) | 10 | 10 | ||||||||||||
Schedule of Company Commitments to Fund Benefit Obligations | Commitments to fund benefit obligations during 2013 are as follows: | |||||||||||||||||||||||
As of | Total | |||||||||||||||||||||||
September 30, | Expected | |||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||
Cash contributions to defined benefit pension plans | 22 | 30 | ||||||||||||||||||||||
Benefit payments to nonqualified pension plans | 16 | 22 | ||||||||||||||||||||||
Benefit payments to other postretirement benefit plans | 11 | 24 | ||||||||||||||||||||||
Environmental_Tables
Environmental (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Environmental Remediation Obligations [Abstract] | ||||||
Schedule of Environmental Remediation Reserves | The components of environmental remediation reserves are as follows: | |||||
As of | As of | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Demerger obligations (Note 17) | 27 | 31 | ||||
Divestiture obligations (Note 17) | 22 | 21 | ||||
Active sites | 24 | 28 | ||||
US Superfund sites | 13 | 15 | ||||
Other environmental remediation reserves | 5 | 4 | ||||
Total | 91 | 99 | ||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||
Schedule of Treasury Stock | Treasury Stock | |||||||||||||||||
The Company’s Board of Directors authorized the repurchase of Common Stock as follows: | ||||||||||||||||||
Authorized Amount | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Feb-08 | 400 | |||||||||||||||||
Oct-08 | 100 | |||||||||||||||||
Apr-11 | 129 | |||||||||||||||||
Oct-12 | 264 | |||||||||||||||||
As of September 30, 2013 | 893 | |||||||||||||||||
The authorization gives management discretion in determining the timing and conditions under which shares may be repurchased. The repurchase program does not have an expiration date. | ||||||||||||||||||
The share repurchase activity pursuant to this authorization is as follows: | ||||||||||||||||||
Nine Months Ended | Total From | |||||||||||||||||
September 30, | Feb-08 | |||||||||||||||||
Through | ||||||||||||||||||
2013 | 2012 | 30-Sep-13 | ||||||||||||||||
Shares repurchased | 2,096,320 | (1)Â | 853,388 | 15,238,847 | (2)Â | |||||||||||||
Average purchase price per share | $ | 48.58 | $ | 43.19 | $ | 39.58 | ||||||||||||
Amount spent on repurchased shares (in millions) | $ | 102 | $ | 37 | $ | 603 | ||||||||||||
______________________________ | ||||||||||||||||||
(1)Â | Excludes 6,021 shares withheld from employee to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. Restricted stock is considered outstanding at the time of issuance and therefore, the shares withheld are treated as treasury shares. | |||||||||||||||||
(2)Â | Excludes 11,844 shares withheld from employee to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. Restricted stock is considered outstanding at the time of issuance and therefore, the shares withheld are treated as treasury shares. | |||||||||||||||||
Schedule of Components of Other Comprehensive Income (Loss), Net | Other Comprehensive Income (Loss), Net | |||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Gross | Income | Net | Gross | Income | Net | |||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||
(Provision) | (Provision) | |||||||||||||||||
Benefit | Benefit | |||||||||||||||||
As Adjusted (Note 1) | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | (1) | — | 1 | — | — | — | |||||||||||
Foreign currency translation | 44 | (2 | ) | 42 | 28 | — | 28 | |||||||||||
Gain (loss) on interest rate swaps | 2 | (2) | (1 | ) | 1 | (2 | ) | — | (2 | ) | ||||||||
Pension and postretirement benefits | — | — | — | 1 | (1 | ) | — | |||||||||||
Total | 47 | (3 | ) | 44 | 27 | (1 | ) | 26 | ||||||||||
______________________________ | ||||||||||||||||||
(1)Â | Amount includes $1 million of unrealized gains related to the Company's equity method investments' marketable securities. | |||||||||||||||||
(2)Â | Amount includes $1 million of gains associated with the Company's equity method investments' derivative activity. | |||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Gross | Income | Net | Gross | Income | Net | |||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||
(Provision) | (Provision) | |||||||||||||||||
Benefit | Benefit | |||||||||||||||||
As Adjusted (Note 1) | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | (1) | — | 1 | — | — | — | |||||||||||
Foreign currency translation | 41 | (4 | ) | 37 | 4 | — | 4 | |||||||||||
Gain (loss) on interest rate swaps | 7 | (3 | ) | 4 | (1 | ) | — | (1 | ) | |||||||||
Pension and postretirement benefits | — | (2) | — | — | — | (3) | (6 | ) | (6 | ) | ||||||||
Total | 49 | (7 | ) | 42 | 3 | (6 | ) | (3 | ) | |||||||||
______________________________ | ||||||||||||||||||
(1)Â | Amount includes $1 million of unrealized gains related to the Company's equity method investments' marketable securities. | |||||||||||||||||
(2)Â | Amount includes amortization of actuarial losses of $1 million related to the Company's equity method investments' pension plans. | |||||||||||||||||
(3)Â | Amount includes amortization of actuarial losses of $2 million related to the Company's equity method investments' pension plans | |||||||||||||||||
Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net | ||||||||||||||||||
Unrealized | Foreign | Gain (Loss) | Pension | Accumulated | ||||||||||||||
Gain (Loss) | Currency | on Interest | and | Other | ||||||||||||||
on | Translation | Rate Swaps | Postretire- | Comprehensive | ||||||||||||||
Marketable | (Note 15) | ment | Income | |||||||||||||||
Securities | Benefits | (Loss), Net | ||||||||||||||||
(Note 4) | (Note 10) | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
As of December 31, 2012 - As Adjusted (Note 1) | (1 | ) | (23 | ) | (50 | ) | (15 | ) | (89 | ) | ||||||||
Other comprehensive income before reclassifications | 1 | 41 | (1 | ) | — | 41 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 8 | — | 8 | |||||||||||||
Income tax (provision) benefit | — | (4 | ) | (3 | ) | — | (7 | ) | ||||||||||
As of September 30, 2013 | — | 14 | (46 | ) | (15 | ) | (47 | ) | ||||||||||
Other_Charges_Gains_Net_Tables
Other (Charges) Gains, Net (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||
Schedule of Other (Charges) Gains, Net | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee termination benefits | — | (1 | ) | (3 | ) | (2 | ) | |||||||||||
Kelsterbach plant relocation (Note 20) | (2 | ) | (3 | ) | (6 | ) | (5 | ) | ||||||||||
Plumbing actions | — | 4 | — | 4 | ||||||||||||||
Asset impairments | (2 | ) | — | (2 | ) | — | ||||||||||||
Commercial disputes | — | 2 | — | 2 | ||||||||||||||
Total | (4 | ) | 2 | (11 | ) | (1 | ) | |||||||||||
Schedule of Restructuring Reserves | The changes in the restructuring reserves by business segment are as follows: | |||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Total | |||||||||||||
Engineered | Specialties | Specialties | Intermediates | |||||||||||||||
Materials | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee Termination Benefits | ||||||||||||||||||
As of December 31, 2012 | 6 | 13 | — | 3 | 7 | 29 | ||||||||||||
Additions | — | — | 2 | 1 | — | 3 | ||||||||||||
Cash payments | (2 | ) | (7 | ) | — | (2 | ) | (2 | ) | (13 | ) | |||||||
Other changes | — | — | — | — | (1 | ) | (1 | ) | ||||||||||
Exchange rate changes | 1 | — | — | — | — | 1 | ||||||||||||
As of September 30, 2013 | 5 | 6 | 2 | 2 | 4 | 19 | ||||||||||||
Plant/Office Closures | ||||||||||||||||||
As of December 31, 2012 | — | — | — | 1 | — | 1 | ||||||||||||
Additions | — | — | — | — | — | — | ||||||||||||
Cash payments | — | — | — | — | — | — | ||||||||||||
Other changes | — | — | — | — | — | — | ||||||||||||
Exchange rate changes | — | — | — | (1 | ) | — | (1 | ) | ||||||||||
As of September 30, 2013 | — | — | — | — | — | — | ||||||||||||
Total | 5 | 6 | 2 | 2 | 4 | 19 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Effective Tax Rate | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
As Adjusted | As Adjusted | |||||||||||
(Note 1) | (Note 1) | |||||||||||
Effective income tax rate | 25 | % | 31 | % | 32 | % | 7 | % |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Schedule of Interest Rate Swap Derivatives | US-dollar interest rate swap derivative arrangements are as follows: | ||||||||||||
As of September 30, 2013 | |||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate (1) | ||||||||||
(In $ millions) | |||||||||||||
1,100 | January 2, 2012 | January 2, 2014 | 1.71 | % | |||||||||
500 | January 2, 2014 | January 2, 2016 | 1.02 | % | |||||||||
______________________________ | |||||||||||||
(1)Â | Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (Note 9). | ||||||||||||
As of December 31, 2012 | |||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate (1) | ||||||||||
(In $ millions) | |||||||||||||
1,100 | January 2, 2012 | January 2, 2014 | 1.71 | % | |||||||||
500 | January 2, 2014 | January 2, 2016 | 1.02 | % | |||||||||
______________________________ | |||||||||||||
(1)Â | Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (Note 9). | ||||||||||||
Schedule of Notional Amounts of Foreign Currency Derivatives | Gross notional values of the foreign currency forwards and swaps are as follows: | ||||||||||||
As of | As of | ||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(In $ millions) | |||||||||||||
Total | 841 | 902 | |||||||||||
Schedule of Changes in Fair Value of Derivatives | Information regarding changes in the fair value of the Company’s derivative arrangements is as follows: | ||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Recognized in | Recognized in | Recognized in | Recognized in | ||||||||||
Other | Earnings | Other | Earnings | ||||||||||
Comprehensive | (Loss) | Comprehensive | (Loss) | ||||||||||
Income (Loss) | Income (Loss) | ||||||||||||
(In $ millions) | |||||||||||||
Derivatives Designated as Cash Flow Hedges | |||||||||||||
Interest rate swaps | (2 | ) | (1)Â | (3 | ) | (2)Â | (6 | ) | (4 | ) | (2)Â | ||
Derivatives Not Designated as Hedges | |||||||||||||
Interest rate swaps | — | — | (3) | — | — | (3) | |||||||
Foreign currency forwards and swaps | — | (10 | ) | (4) | — | (13 | ) | (4) | |||||
Total | (2 | ) | (13 | ) | (6 | ) | (17 | ) | |||||
______________________________ | |||||||||||||
(1)Â | Amount excludes $1 million of gains associated with the Company's equity method investments' derivative activity and $1 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
(2)Â | Amount represents reclassification from Accumulated other comprehensive income (loss), net and is included in Interest expense in the unaudited interim consolidated statements of operations. | ||||||||||||
(3)Â | Included in Interest expense in the unaudited interim consolidated statements of operations. | ||||||||||||
(4)Â | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the unaudited interim consolidated statements of operations. | ||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Recognized in | Recognized in | Recognized in | Recognized in | ||||||||||
Other | Earnings | Other | Earnings | ||||||||||
Comprehensive | (Loss) | Comprehensive | (Loss) | ||||||||||
Income (Loss) | Income (Loss) | ||||||||||||
(In $ millions) | |||||||||||||
Derivatives Designated as Cash Flow Hedges | Â Â | ||||||||||||
Interest rate swaps | (1 | ) | (1)Â | (8 | ) | (2)Â | (12 | ) | (11 | ) | (2)Â | ||
Derivatives Not Designated as Hedges | |||||||||||||
Interest rate swaps | — | — | (3) | — | — | (3) | |||||||
Foreign currency forwards and swaps | — | (14 | ) | (4) | — | — | (4) | ||||||
Total | (1 | ) | (22 | ) | (12 | ) | (11 | ) | |||||
______________________________ | |||||||||||||
-1 | Amount excludes $3 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
(2)Â | Amount represents reclassification from Accumulated other comprehensive income (loss), net and is included in Interest expense in the unaudited interim consolidated statements of operations. | ||||||||||||
(3)Â | Included in Interest expense in the unaudited interim consolidated statements of operations. | ||||||||||||
(4)Â | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the unaudited interim consolidated statements of operations. | ||||||||||||
Offsetting Assets | Certain of the Company's foreign currency forwards and swaps and interest rate swap arrangements permit the Company to net settle all contracts with the counterparty through a single payment in an agreed upon currency in the event of default or early termination of the contract, similar to a master netting arrangement. The Company's interest rate swap agreements are subject to cross collateralization under the Guarantee and Collateral Agreement entered into in conjunction with the Term loan borrowings (Note 9). | ||||||||||||
As of | As of | ||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(In $ millions) | |||||||||||||
Derivative Assets | |||||||||||||
Gross amount recognized | 2 | 2 | |||||||||||
Gross amount offset in the consolidated balance sheets | — | — | |||||||||||
Net amount presented in the consolidated balance sheets | 2 | 2 | |||||||||||
Gross amount not offset in the consolidated balance sheets | 2 | 2 | |||||||||||
Net amount | — | — | |||||||||||
Offsetting Liabilities | |||||||||||||
As of | As of | ||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(In $ millions) | |||||||||||||
Derivative Liabilities | |||||||||||||
Gross amount recognized | 19 | 32 | |||||||||||
Gross amount offset in the consolidated balance sheets | 1 | 1 | |||||||||||
Net amount presented in the consolidated balance sheets | 18 | 31 | |||||||||||
Gross amount not offset in the consolidated balance sheets | 2 | 2 | |||||||||||
Net amount | 16 | 29 | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are as follows: | |||||||||||
Fair Value Measurement | ||||||||||||
Balance Sheet Classification | Quoted Prices | Significant | Total | |||||||||
in Active | Other | |||||||||||
Markets for | Observable | |||||||||||
Identical | Inputs | |||||||||||
Assets | (Level 2) | |||||||||||
(Level 1) | ||||||||||||
(In $ millions) | ||||||||||||
Mutual funds | Marketable securities, at fair value | 44 | — | 44 | ||||||||
Derivatives Not Designated as Hedges | ||||||||||||
Foreign currency forwards and swaps | Current Other assets | — | 2 | 2 | ||||||||
Total assets as of September 30, 2013 | 44 | 2 | 46 | |||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (7 | ) | (7 | ) | ||||||
Interest rate swaps | Noncurrent Other liabilities | — | (3 | ) | (3 | ) | ||||||
Derivatives Not Designated as Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (3 | ) | (3 | ) | ||||||
Foreign currency forwards and swaps | Current Other liabilities | — | (5 | ) | (5 | ) | ||||||
Total liabilities as of September 30, 2013 | — | (18 | ) | (18 | ) | |||||||
Mutual funds | Marketable securities, at fair value | 53 | — | 53 | ||||||||
Derivatives Not Designated as Hedges | ||||||||||||
Foreign currency forwards and swaps | Current Other assets | — | 2 | 2 | ||||||||
Total assets as of December 31, 2012 | 53 | 2 | 55 | |||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (10 | ) | (10 | ) | ||||||
Interest rate swaps | Noncurrent Other liabilities | — | (7 | ) | (7 | ) | ||||||
Derivatives Not Designated as Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (5 | ) | (5 | ) | ||||||
Interest rate swaps | Noncurrent Other liabilities | — | (1 | ) | (1 | ) | ||||||
Foreign currency forwards and swaps | Current Other liabilities | — | (8 | ) | (8 | ) | ||||||
Total liabilities as of December 31, 2012 | — | (31 | ) | (31 | ) | |||||||
Schedule of Carrying Values and Fair Values of Financial Instruments | Carrying values and fair values of financial instruments that are not carried at fair value are as follows: | |||||||||||
Fair Value Measurement | ||||||||||||
Carrying | Significant Other | Unobservable | Total | |||||||||
Amount | Observable | Inputs | ||||||||||
Inputs | (Level 3) | |||||||||||
(Level 2) | ||||||||||||
(In $ millions) | ||||||||||||
As of September 30, 2013 | ||||||||||||
Cost investments | 147 | — | — | — | ||||||||
Insurance contracts in nonqualified trusts | 62 | 62 | — | 62 | ||||||||
Long-term debt, including current installments of long-term debt | 2,893 | 2,706 | 248 | 2,954 | ||||||||
As of December 31, 2012 | ||||||||||||
Cost investments | 156 | — | — | — | ||||||||
Insurance contracts in nonqualified trusts | 66 | 66 | — | 66 | ||||||||
Long-term debt, including current installments of long-term debt | 2,990 | 2,886 | 244 | 3,130 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of Variable Interest Entities | ||||
As of | As of | |||
September 30, | December 31, | |||
2013 | 2012 | |||
(In $ millions) | ||||
Property, plant and equipment, net | 113 | 118 | ||
Trade payables | 50 | 41 | ||
Current installments of long-term debt | 8 | 7 | ||
Long-term debt | 137 | 140 | ||
Total | 195 | 188 | ||
Maximum exposure to loss | 315 | 273 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||
Schedule of Business Segments | ||||||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Eliminations | Consolidated | ||||||||||||||||
Engineered | Specialties | Specialties | Intermediates | Activities | ||||||||||||||||||
Materials | ||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Net sales | 346 | 310 | (1) | 299 | 795 | (1) | — | (114 | ) | 1,636 | ||||||||||||
Other (charges) gains, net | (2 | ) | — | (1 | ) | (1 | ) | — | — | (4 | ) | |||||||||||
Operating profit (loss) | 48 | 85 |   | 24 | 67 | (13 | ) | — | 211 | |||||||||||||
Equity in net earnings (loss) of affiliates | 30 | — |   | — | 3 | 8 | — | 41 | ||||||||||||||
Depreciation and amortization | 27 | 10 |   | 13 | 22 | 4 | — | 76 | ||||||||||||||
Capital expenditures | 14 | 33 |   | 8 | 45 | 2 | — | 102 | (2) | |||||||||||||
Three Months Ended September 30, 2012 - As Adjusted (Note 1) | ||||||||||||||||||||||
Net sales | 322 | 314 | (1) | 297 | 785 | (1) | — | (109 | ) | 1,609 |   | |||||||||||
Other (charges) gains, net | 1 | (1 | ) | — | 1 | 1 | — | 2 | ||||||||||||||
Operating profit (loss) | 44 | 72 | 25 | 63 |   | (28 | ) | — | 176 | |||||||||||||
Equity in net earnings (loss) of affiliates | 45 | — |   | — | — |   | 5 | — | 50 | |||||||||||||
Depreciation and amortization | 29 | 13 |   | 13 | 20 | 3 | — | 78 | ||||||||||||||
Capital expenditures | 11 | 14 |   | 9 | 47 |   | 2 | — | 83 | (2) | ||||||||||||
______________________________ | ||||||||||||||||||||||
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $114 million and $0 million, respectively, for the three months ended September 30, 2013 and $109 million and $0 million, respectively, for the three months ended September 30, 2012. | |||||||||||||||||||||
(2) | Excludes expenditures related to the relocation of the Company’s polyacetal ("POM") operations in Germany (Note 20) and includes a decrease in accrued capital expenditures of $8 million and $4 million for the three months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Eliminations | Consolidated | ||||||||||||||||
Engineered | Specialties | Specialties | Intermediates | Activities | ||||||||||||||||||
Materials | ||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Net sales | 1,027 | 919 | (1) | 882 | 2,412 | (1) | — | (346 | ) | 4,894 | ||||||||||||
Other (charges) gains, net | (6 | ) | — | (3 | ) | (2 | ) | — | — | (11 | ) | |||||||||||
Operating profit (loss) | 123 | 246 |   | 57 | 197 | (59 | ) | — | 564 | |||||||||||||
Equity in net earnings (loss) of affiliates | 115 | 3 |   | — | 7 | 25 | — | 150 | ||||||||||||||
Depreciation and amortization | 83 | 30 |   | 37 | 65 | 12 | — | 227 | ||||||||||||||
Capital expenditures | 35 | 76 |   | 19 | 116 | 6 | — | 252 | (2) | |||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||
Goodwill and intangibles, net | 366 | 276 | 60 | 232 | — | — | 934 | |||||||||||||||
Total assets | 2,794 | 1,409 | 1,032 | 2,350 | 1,927 | — | 9,512 | |||||||||||||||
Nine Months Ended September 30, 2012 - As Adjusted (Note 1) | ||||||||||||||||||||||
Net sales | 962 | 905 | (1) | 933 | 2,458 | (1) | — | (341 | ) | 4,917 |   | |||||||||||
Other (charges) gains, net | (1 | ) | 2 | — | 2 | (4 | ) | — | (1 | ) | ||||||||||||
Operating profit (loss) | 91 | 189 | 80 | 203 |   | (98 | ) | — | 465 | |||||||||||||
Equity in net earnings (loss) of affiliates | 143 | 2 |   | — | 3 |   | 15 | — | 163 | |||||||||||||
Depreciation and amortization | 84 | 33 |   | 41 | 59 | 10 | — | 227 | ||||||||||||||
Capital expenditures | 28 | 48 |   | 25 | 122 |   | 13 | — | 236 | (2) | ||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||
Goodwill and intangibles, net | 372 | 276 | 65 | 229 | — | — | 942 | |||||||||||||||
Total assets | 2,703 | 1,296 | 963 | 2,238 | 1,800 | — | 9,000 | |||||||||||||||
______________________________ | ||||||||||||||||||||||
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $342 million and $4 million, respectively, for the nine months ended September 30, 2013 and $338 million and $3 million, respectively, for the nine months ended September 30, 2012. | |||||||||||||||||||||
(2) | Excludes expenditures related to the relocation of the Company’s POM operations in Germany (Note 20) and includes a decrease in accrued capital expenditures of $7 million and $34 million for the nine months ended September 30, 2013 and 2012, respectively. |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of Earnings (Loss) Per Share | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
As Adjusted | As Adjusted | |||||||||||
(Note 1) | (Note 1) | |||||||||||
(In $ millions, except share and per share data) | ||||||||||||
Amounts Attributable to Celanese Corporation | ||||||||||||
Earnings (loss) from continuing operations | 171 | 129 | 445 | 543 | ||||||||
Earnings (loss) from discontinued operations | 1 | (2 | ) | 2 | (2 | ) | ||||||
Net earnings (loss) | 172 | 127 | 447 | 541 | ||||||||
Weighted average shares - basic | 158,501,075 | 159,158,280 | 159,282,314 | 157,970,535 | ||||||||
Dilutive stock options | 230,110 | 292,661 | 229,920 | 1,054,012 | ||||||||
Dilutive restricted stock units | 364,346 | 678,435 | 334,359 | 654,091 | ||||||||
Weighted average shares - diluted | 159,095,531 | 160,129,376 | 159,846,593 | 159,678,638 | ||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Securities not included in the computation of diluted net earnings per share as their effect would have been antidilutive are as follows: | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Stock options | 38,140 | 30,032 | 94,631 | 15,016 | ||||||||
Restricted stock units | — | 92 | — | 5,328 | ||||||||
Total | 38,140 | 30,124 | 94,631 | 20,344 | ||||||||
Plant_Relocation_Tables
Plant Relocation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Plant Relocation [Abstract] | |||||||||
Schedule of Plant Relocation Financial Statement Impact | A summary of the financial statement impact associated with the Kelsterbach plant relocation is as follows: | ||||||||
Nine Months Ended | Total From | ||||||||
September 30, | Inception | ||||||||
Through | |||||||||
2013 | 2012 | 30-Sep-13 | |||||||
(In $ millions) | |||||||||
Deferred proceeds (1) | — | — | 907 | ||||||
Costs expensed | 6 | 5 | 119 | ||||||
Costs capitalized (2) | 4 | 30 | 1,131 | ||||||
Lease buyout | — | — | 22 | ||||||
Employee termination benefits | — | — | 8 | ||||||
_____________________________ | |||||||||
(1) | Included in noncurrent Other liabilities in the consolidated balance sheets. Amounts reflect the US dollar equivalent at the time of receipt. Upon transfer of the land and buildings to Fraport, the deferred proceeds will be recognized in the consolidated statements of operations. Such proceeds will be reduced by assets of €6 million included in Property, plant and equipment, net and €103 million included in noncurrent Other assets in the consolidated balance sheets, to be transferred to Fraport or otherwise disposed. | ||||||||
(2) | Includes a decrease in accrued capital expenditures of $2 million and $13 million for the nine months ended September 30, 2013 and 2012, respectively. |
Consolidating_Guarantor_Financ1
Consolidating Guarantor Financial Information (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Consolidating Guarantor Financial Information [Abstract] | ||||||||||||||||||
Schedule of Consolidating Statement of Operations | CELANESE CORPORATION AND SUBSIDIARIES | |||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 709 | 1,250 | (323 | ) | 1,636 | |||||||||||
Cost of sales | — | — | (477 | ) | (1,136 | ) | 323 | (1,290 | ) | |||||||||
Gross profit | — | — | 232 | 114 | — | 346 | ||||||||||||
Selling, general and administrative expenses | — | — | (18 | ) | (79 | ) | — | (97 | ) | |||||||||
Amortization of intangible assets | — | — | (2 | ) | (4 | ) | — | (6 | ) | |||||||||
Research and development expenses | — | — | (17 | ) | (7 | ) | — | (24 | ) | |||||||||
Other (charges) gains, net | — | — | (1 | ) | (3 | ) | — | (4 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Operating profit (loss) | — | — | 194 | 17 | — | 211 | ||||||||||||
Equity in net earnings (loss) of affiliates | 172 | 200 | 35 | 30 | (396 | ) | 41 | |||||||||||
Interest expense | — | (48 | ) | (8 | ) | (19 | ) | 32 | (43 | ) | ||||||||
Refinancing expense | — | (1 | ) | — | — | — | (1 | ) | ||||||||||
Interest income | — | 14 | 17 | 1 | (32 | ) | — | |||||||||||
Dividend income - cost investments | — | — | — | 22 | — | 22 | ||||||||||||
Other income (expense), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Earnings (loss) from continuing operations before tax | 172 | 165 | 238 | 49 | (396 | ) | 228 | |||||||||||
Income tax (provision) benefit | — | 7 | (63 | ) | (1 | ) | — | (57 | ) | |||||||||
Earnings (loss) from continuing operations | 172 | 172 | 175 | 48 | (396 | ) | 171 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | — | — | — | — | ||||||||||||
Earnings (loss) from discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Net earnings (loss) | 172 | 172 | 176 | 48 | (396 | ) | 172 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 172 | 172 | 176 | 48 | (396 | ) | 172 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
As Adjusted (Note 1) | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 670 | 1,196 | (257 | ) | 1,609 | |||||||||||
Cost of sales | — | — | (467 | ) | (1,079 | ) | 265 | (1,281 | ) | |||||||||
Gross profit | — | — | 203 | 117 | 8 | 328 | ||||||||||||
Selling, general and administrative expenses | — | — | (34 | ) | (79 | ) | — | (113 | ) | |||||||||
Amortization of intangible assets | — | — | (4 | ) | (8 | ) | — | (12 | ) | |||||||||
Research and development expenses | — | — | (16 | ) | (7 | ) | — | (23 | ) | |||||||||
Other (charges) gains, net | — | — | 6 | (4 | ) | — | 2 | |||||||||||
Foreign exchange gain (loss), net | — | — | — | (4 | ) | — | (4 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (1 | ) | (1 | ) | — | (2 | ) | |||||||||
Operating profit (loss) | — | — | 154 | 14 | 8 | 176 | ||||||||||||
Equity in net earnings (loss) of affiliates | 126 | 151 | 44 | 37 | (308 | ) | 50 | |||||||||||
Interest expense | — | (48 | ) | (10 | ) | (18 | ) | 32 | (44 | ) | ||||||||
Refinancing expense | — | — | — | — | — | — | ||||||||||||
Interest income | — | 14 | 16 | 2 | (32 | ) | — | |||||||||||
Dividend income - cost investments | — | — | — | 1 | — | 1 | ||||||||||||
Other income (expense), net | — | (1 | ) | — | 4 | — | 3 | |||||||||||
Earnings (loss) from continuing operations before tax | 126 | 116 | 204 | 40 | (300 | ) | 186 | |||||||||||
Income tax (provision) benefit | 1 | 10 | (58 | ) | (8 | ) | (2 | ) | (57 | ) | ||||||||
Earnings (loss) from continuing operations | 127 | 126 | 146 | 32 | (302 | ) | 129 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (2 | ) | (1 | ) | — | (3 | ) | |||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | (1 | ) | (1 | ) | — | (2 | ) | |||||||||
Net earnings (loss) | 127 | 126 | 145 | 31 | (302 | ) | 127 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 127 | 126 | 145 | 31 | (302 | ) | 127 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,121 | 3,699 | (926 | ) | 4,894 | |||||||||||
Cost of sales | — | — | (1,455 | ) | (3,369 | ) | 928 | (3,896 | ) | |||||||||
Gross profit | — | — | 666 | 330 | 2 | 998 | ||||||||||||
Selling, general and administrative expenses | — | — | (65 | ) | (251 | ) | — | (316 | ) | |||||||||
Amortization of intangible assets | — | — | (9 | ) | (17 | ) | — | (26 | ) | |||||||||
Research and development expenses | — | — | (48 | ) | (25 | ) | — | (73 | ) | |||||||||
Other (charges) gains, net | — | — | 3 | (10 | ) | (4 | ) | (11 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (5 | ) | — | (5 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | — | (3 | ) | — | (3 | ) | ||||||||||
Operating profit (loss) | — | — | 547 | 19 | (2 | ) | 564 | |||||||||||
Equity in net earnings (loss) of affiliates | 443 | 528 | 117 | 124 | (1,062 | ) | 150 | |||||||||||
Interest expense | — | (144 | ) | (27 | ) | (51 | ) | 92 | (130 | ) | ||||||||
Refinancing expense | — | (1 | ) | — | — | — | (1 | ) | ||||||||||
Interest income | — | 41 | 48 | 4 | (92 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 69 | — | 69 | ||||||||||||
Other income (expense), net | — | — | — | 1 | — | 1 | ||||||||||||
Earnings (loss) from continuing operations before tax | 443 | 424 | 685 | 166 | (1,064 | ) | 654 | |||||||||||
Income tax (provision) benefit | 4 | 19 | (176 | ) | (56 | ) | — | (209 | ) | |||||||||
Earnings (loss) from continuing operations | 447 | 443 | 509 | 110 | (1,064 | ) | 445 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 3 | — | — | 3 | ||||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | (1 | ) | — | — | (1 | ) | ||||||||||
Earnings (loss) from discontinued operations | — | — | 2 | — | — | 2 | ||||||||||||
Net earnings (loss) | 447 | 443 | 511 | 110 | (1,064 | ) | 447 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 447 | 443 | 511 | 110 | (1,064 | ) | 447 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
As Adjusted (Note 1) | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,044 | 3,684 | (811 | ) | 4,917 | |||||||||||
Cost of sales | — | — | (1,462 | ) | (3,339 | ) | 821 | (3,980 | ) | |||||||||
Gross profit | — | — | 582 | 345 | 10 | 937 | ||||||||||||
Selling, general and administrative expenses | — | — | (112 | ) | (242 | ) | — | (354 | ) | |||||||||
Amortization of intangible assets | — | — | (13 | ) | (25 | ) | — | (38 | ) | |||||||||
Research and development expenses | — | — | (48 | ) | (25 | ) | — | (73 | ) | |||||||||
Other (charges) gains, net | — | — | 13 | (8 | ) | (6 | ) | (1 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (4 | ) | — | (4 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (1 | ) | (1 | ) | — | (2 | ) | |||||||||
Operating profit (loss) | — | — | 421 | 40 | 4 | 465 | ||||||||||||
Equity in net earnings (loss) of affiliates | 539 | 608 | 134 | 128 | (1,246 | ) | 163 | |||||||||||
Interest expense | — | (144 | ) | (31 | ) | (55 | ) | 96 | (134 | ) | ||||||||
Refinancing expense | — | — | — | — | — | — | ||||||||||||
Interest income | — | 44 | 48 | 5 | (96 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 85 | — | 85 | ||||||||||||
Other income (expense), net | — | — | — | 4 | — | 4 | ||||||||||||
Earnings (loss) from continuing operations before tax | 539 | 508 | 572 | 207 | (1,242 | ) | 584 | |||||||||||
Income tax (provision) benefit | 2 | 31 | (42 | ) | (31 | ) | (1 | ) | (41 | ) | ||||||||
Earnings (loss) from continuing operations | 541 | 539 | 530 | 176 | (1,243 | ) | 543 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (2 | ) | (1 | ) | — | (3 | ) | |||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | (1 | ) | (1 | ) | — | (2 | ) | |||||||||
Net earnings (loss) | 541 | 539 | 529 | 175 | (1,243 | ) | 541 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 541 | 539 | 529 | 175 | (1,243 | ) | 541 | |||||||||||
Schedule of Consolidating Statements of Comprehensive Income (Loss) | CELANESE CORPORATION AND SUBSIDIARIES | |||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 172 | 172 | 176 | 48 | (396 | ) | 172 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Foreign currency translation | 42 | 42 | 1 | (4 | ) | (39 | ) | 42 | ||||||||||
Gain (loss) on interest rate swaps | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Pension and postretirement benefits | — | — | — | — | — | — | ||||||||||||
Total other comprehensive income (loss), net of tax | 44 | 44 | 3 | (4 | ) | (43 | ) | 44 | ||||||||||
Total comprehensive income (loss), net of tax | 216 | 216 | 179 | 44 | (439 | ) | 216 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 216 | 216 | 179 | 44 | (439 | ) | 216 | |||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
As Adjusted (Note 1) | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 127 | 126 | 145 | 31 | (302 | ) | 127 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | 28 | 28 | (5 | ) | (1 | ) | (22 | ) | 28 | |||||||||
Gain (loss) on interest rate swaps | (2 | ) | (2 | ) | — | — | 2 | (2 | ) | |||||||||
Pension and postretirement benefits | — | — | — | — | — | — | ||||||||||||
Total other comprehensive income (loss), net of tax | 26 | 26 | (5 | ) | (1 | ) | (20 | ) | 26 | |||||||||
Total comprehensive income (loss), net of tax | 153 | 152 | 140 | 30 | (322 | ) | 153 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 153 | 152 | 140 | 30 | (322 | ) | 153 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 447 | 443 | 511 | 110 | (1,064 | ) | 447 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Foreign currency translation | 37 | 37 | 4 | (2 | ) | (39 | ) | 37 | ||||||||||
Gain (loss) on interest rate swaps | 4 | 4 | — | — | (4 | ) | 4 | |||||||||||
Pension and postretirement benefits | — | — | — | — | — | — | ||||||||||||
Total other comprehensive income (loss), net of tax | 42 | 42 | 5 | (2 | ) | (45 | ) | 42 | ||||||||||
Total comprehensive income (loss), net of tax | 489 | 485 | 516 | 108 | (1,109 | ) | 489 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 489 | 485 | 516 | 108 | (1,109 | ) | 489 | |||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
As Adjusted (Note 1) | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 541 | 539 | 529 | 175 | (1,243 | ) | 541 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | 4 | 4 | 1 | 4 | (9 | ) | 4 | |||||||||||
Gain (loss) on interest rate swaps | (1 | ) | (1 | ) | — | — | 1 | (1 | ) | |||||||||
Pension and postretirement benefits | (6 | ) | (6 | ) | (6 | ) | (3 | ) | 15 | (6 | ) | |||||||
Total other comprehensive income (loss), net of tax | (3 | ) | (3 | ) | (5 | ) | 1 | 7 | (3 | ) | ||||||||
Total comprehensive income (loss), net of tax | 538 | 536 | 524 | 176 | (1,236 | ) | 538 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 538 | 536 | 524 | 176 | (1,236 | ) | 538 | |||||||||||
Schedule of Consolidating Balance Sheet | CELANESE CORPORATION AND SUBSIDIARIES | |||||||||||||||||
UNAUDITED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | — | — | 398 | 702 | — | 1,100 | ||||||||||||
Trade receivables - third party and affiliates | — | — | 158 | 962 | (171 | ) | 949 | |||||||||||
Non-trade receivables, net | 32 | 455 | 2,032 | 550 | (2,776 | ) | 293 | |||||||||||
Inventories, net | — | — | 217 | 608 | (72 | ) | 753 | |||||||||||
Deferred income taxes | — | — | 64 | 7 | (21 | ) | 50 | |||||||||||
Marketable securities, at fair value | — | — | 44 | — | — | 44 | ||||||||||||
Other assets | — | 7 | 19 | 35 | (22 | ) | 39 | |||||||||||
Total current assets | 32 | 462 | 2,932 | 2,864 | (3,062 | ) | 3,228 | |||||||||||
Investments in affiliates | 2,052 | 3,846 | 1,728 | 588 | (7,357 | ) | 857 | |||||||||||
Property, plant and equipment, net | — | — | 890 | 2,501 | — | 3,391 | ||||||||||||
Deferred income taxes | — | 3 | 508 | 93 | — | 604 | ||||||||||||
Other assets | — | 1,938 | 132 | 452 | (2,024 | ) | 498 | |||||||||||
Goodwill | — | — | 305 | 482 | — | 787 | ||||||||||||
Intangible assets, net | — | — | 66 | 81 | — | 147 | ||||||||||||
Total assets | 2,084 | 6,249 | 6,561 | 7,061 | (12,443 | ) | 9,512 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 1,636 | 125 | 402 | (1,939 | ) | 224 | |||||||||||
Trade payables - third party and affiliates | — | — | 297 | 613 | (171 | ) | 739 | |||||||||||
Other liabilities | — | 65 | 377 | 417 | (402 | ) | 457 | |||||||||||
Deferred income taxes | — | 21 | — | 25 | (21 | ) | 25 | |||||||||||
Income taxes payable | — | — | 541 | 87 | (476 | ) | 152 | |||||||||||
Total current liabilities | — | 1,722 | 1,340 | 1,544 | (3,009 | ) | 1,597 | |||||||||||
Noncurrent Liabilities | ||||||||||||||||||
Long-term debt | — | 2,466 | 812 | 1,614 | (2,022 | ) | 2,870 | |||||||||||
Deferred income taxes | — | — | 13 | 48 | — | 61 | ||||||||||||
Uncertain tax positions | — | 6 | 26 | 171 | — | 203 | ||||||||||||
Benefit obligations | — | — | 1,311 | 235 | — | 1,546 | ||||||||||||
Other liabilities | — | 3 | 93 | 1,065 | (10 | ) | 1,151 | |||||||||||
Total noncurrent liabilities | — | 2,475 | 2,255 | 3,133 | (2,032 | ) | 5,831 | |||||||||||
Total Celanese Corporation stockholders’ equity | 2,084 | 2,052 | 2,966 | 2,384 | (7,402 | ) | 2,084 | |||||||||||
Noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Total equity | 2,084 | 2,052 | 2,966 | 2,384 | (7,402 | ) | 2,084 | |||||||||||
Total liabilities and equity | 2,084 | 6,249 | 6,561 | 7,061 | (12,443 | ) | 9,512 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | 10 | — | 275 | 674 | — | 959 | ||||||||||||
Trade receivables - third party and affiliates | — | — | 340 | 653 | (166 | ) | 827 | |||||||||||
Non-trade receivables, net | 31 | 444 | 1,754 | 484 | (2,504 | ) | 209 | |||||||||||
Inventories, net | — | — | 196 | 589 | (74 | ) | 711 | |||||||||||
Deferred income taxes | — | — | 62 | 8 | (21 | ) | 49 | |||||||||||
Marketable securities, at fair value | — | — | 52 | 1 | — | 53 | ||||||||||||
Other assets | — | 5 | 15 | 27 | (16 | ) | 31 | |||||||||||
Total current assets | 41 | 449 | 2,694 | 2,436 | (2,781 | ) | 2,839 | |||||||||||
Investments in affiliates | 1,692 | 3,437 | 1,579 | 570 | (6,478 | ) | 800 | |||||||||||
Property, plant and equipment, net | — | — | 813 | 2,537 | — | 3,350 | ||||||||||||
Deferred income taxes | — | 5 | 509 | 92 | — | 606 | ||||||||||||
Other assets | — | 1,927 | 132 | 414 | (2,010 | ) | 463 | |||||||||||
Goodwill | — | — | 305 | 472 | — | 777 | ||||||||||||
Intangible assets, net | — | — | 69 | 96 | — | 165 | ||||||||||||
Total assets | 1,733 | 5,818 | 6,101 | 6,617 | (11,269 | ) | 9,000 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 1,584 | 208 | 159 | (1,783 | ) | 168 | |||||||||||
Trade payables - third party and affiliates | — | — | 269 | 546 | (166 | ) | 649 | |||||||||||
Other liabilities | — | 40 | 267 | 475 | (307 | ) | 475 | |||||||||||
Deferred income taxes | — | 21 | — | 25 | (21 | ) | 25 | |||||||||||
Income taxes payable | — | — | 419 | 73 | (454 | ) | 38 | |||||||||||
Total current liabilities | — | 1,645 | 1,163 | 1,278 | (2,731 | ) | 1,355 | |||||||||||
Noncurrent Liabilities | ||||||||||||||||||
Long-term debt | — | 2,467 | 872 | 1,597 | (2,006 | ) | 2,930 | |||||||||||
Deferred income taxes | — | — | — | 50 | — | 50 | ||||||||||||
Uncertain tax positions | 3 | 6 | 23 | 149 | — | 181 | ||||||||||||
Benefit obligations | — | — | 1,362 | 240 | — | 1,602 | ||||||||||||
Other liabilities | — | 8 | 101 | 1,055 | (12 | ) | 1,152 | |||||||||||
Total noncurrent liabilities | 3 | 2,481 | 2,358 | 3,091 | (2,018 | ) | 5,915 | |||||||||||
Total Celanese Corporation stockholders’ equity | 1,730 | 1,692 | 2,580 | 2,248 | (6,520 | ) | 1,730 | |||||||||||
Noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Total equity | 1,730 | 1,692 | 2,580 | 2,248 | (6,520 | ) | 1,730 | |||||||||||
Total liabilities and equity | 1,733 | 5,818 | 6,101 | 6,617 | (11,269 | ) | 9,000 | |||||||||||
Schedule of Consolidating Statement of Cash Flows | CELANESE CORPORATION AND SUBSIDIARIES | |||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 144 | 58 | 650 | 44 | (288 | ) | 608 | |||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (172 | ) | (87 | ) | — | (259 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | — | — | — | — | ||||||||||||
Proceeds from sale of businesses and assets, net | — | — | — | 13 | — | 13 | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (6 | ) | — | (6 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | (20 | ) | — | 20 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 4 | (92 | ) | — | 88 | — | |||||||||||
Other, net | — | — | (26 | ) | (12 | ) | — | (38 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 4 | (310 | ) | (92 | ) | 108 | (290 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 92 | (4 | ) | (8 | ) | (92 | ) | (12 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 154 | — | 154 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (51 | ) | — | (51 | ) | ||||||||||
Proceeds from long-term debt | — | 24 | 50 | — | — | 74 | ||||||||||||
Repayments of long-term debt | — | (32 | ) | (119 | ) | (45 | ) | 4 | (192 | ) | ||||||||
Refinancing costs | — | (2 | ) | — | — | — | (2 | ) | ||||||||||
Purchases of treasury stock, including related fees | (102 | ) | — | — | — | — | (102 | ) | ||||||||||
Dividends to parent | — | (144 | ) | (144 | ) | — | 288 | — | ||||||||||
Contributions from parent | — | — | — | 20 | (20 | ) | — | |||||||||||
Stock option exercises | 3 | — | — | — | — | 3 | ||||||||||||
Series A common stock dividends | (55 | ) | — | — | — | — | (55 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Other, net | — | — | — | — | — | — | ||||||||||||
Net cash provided by (used in) financing activities | (154 | ) | (62 | ) | (217 | ) | 70 | 180 | (183 | ) | ||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 6 | — | 6 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (10 | ) | — | 123 | 28 | — | 141 | |||||||||||
Cash and cash equivalents as of beginning of period | 10 | — | 275 | 674 | — | 959 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 398 | 702 | — | 1,100 | ||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 7 | (54 | ) | 396 | 382 | (70 | ) | 661 | ||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (132 | ) | (138 | ) | — | (270 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | (23 | ) | — | — | (23 | ) | ||||||||||
Proceeds from sale of businesses and assets, net | — | — | 1 | — | — | 1 | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (43 | ) | — | (43 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | (3 | ) | — | 3 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 4 | (96 | ) | — | 92 | — | |||||||||||
Other, net | — | — | (9 | ) | (53 | ) | — | (62 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 4 | (262 | ) | (234 | ) | 95 | (397 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 96 | (2 | ) | (9 | ) | (92 | ) | (7 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 50 | — | 50 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (50 | ) | — | (50 | ) | ||||||||||
Proceeds from long-term debt | — | — | — | — | — | — | ||||||||||||
Repayments of long-term debt | — | (11 | ) | (5 | ) | (16 | ) | — | (32 | ) | ||||||||
Refinancing costs | — | — | — | — | — | — | ||||||||||||
Purchases of treasury stock, including related fees | (37 | ) | — | — | — | — | (37 | ) | ||||||||||
Dividends to parent | — | (35 | ) | (35 | ) | — | 70 | — | ||||||||||
Contributions from parent | — | — | — | 3 | (3 | ) | — | |||||||||||
Stock option exercises | 58 | — | — | — | — | 58 | ||||||||||||
Series A common stock dividends | (31 | ) | — | — | — | — | (31 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Other, net | 29 | — | — | (1 | ) | — | 28 | |||||||||||
Net cash provided by (used in) financing activities | 19 | 50 | (42 | ) | (23 | ) | (25 | ) | (21 | ) | ||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 3 | — | 3 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 26 | — | 92 | 128 | — | 246 | ||||||||||||
Cash and cash equivalents as of beginning of period | — | — | 133 | 549 | — | 682 | ||||||||||||
Cash and cash equivalents as of end of period | 26 | — | 225 | 677 | — | 928 | ||||||||||||
Description_of_the_Company_and3
Description of the Company and Basis of Presentation (Schedule of Changes in Accounting Policy Regarding Pension and Other Postretirement Benefits - Consolidated Statements of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cost of sales | ($1,290) | ($1,281) | [1] | ($3,896) | ($3,980) | [1] |
Gross profit | 346 | 328 | [1] | 998 | 937 | [1] |
Selling, general and administrative expenses | -97 | -113 | [1] | -316 | -354 | [1] |
Research and development expenses | -24 | -23 | [1] | -73 | -73 | [1] |
Operating profit (loss) | 211 | 176 | [1] | 564 | 465 | [1] |
Earnings (loss) from continuing operations before tax | 228 | 186 | [1] | 654 | 584 | [1] |
Income tax (provision) benefit | -57 | -57 | [1] | -209 | -41 | [1] |
Earnings (loss) from continuing operations | 171 | 129 | [1] | 445 | 543 | [1] |
Net earnings (loss) | 172 | 127 | [1] | 447 | 541 | [1] |
Net earnings (loss) attributable to Celanese Corporation | 172 | 127 | [1] | 447 | 541 | [1] |
Earnings (loss) per common share - basic | ||||||
Continuing operations | $1.08 | $0.81 | [1] | $2.80 | $3.43 | [1] |
Discontinued operations | $0.01 | ($0.01) | [1] | $0.01 | ($0.01) | [1] |
Net earnings (loss) - basic | $1.09 | $0.80 | [1] | $2.81 | $3.42 | [1] |
Earnings (loss) per common share - diluted | ||||||
Continuing operations | $1.07 | $0.80 | [1] | $2.79 | $3.40 | [1] |
Discontinued operations | $0.01 | ($0.01) | [1] | $0.01 | ($0.01) | [1] |
Net earnings (loss) - diluted | $1.08 | $0.79 | [1] | $2.80 | $3.39 | [1] |
As Previously Reported [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cost of sales | -1,285 | -3,992 | ||||
Gross profit | 324 | 925 | ||||
Selling, general and administrative expenses | -121 | -379 | ||||
Research and development expenses | -24 | -76 | ||||
Operating profit (loss) | 163 | 425 | ||||
Earnings (loss) from continuing operations before tax | 173 | 544 | ||||
Income tax (provision) benefit | -54 | -32 | ||||
Earnings (loss) from continuing operations | 119 | 512 | ||||
Net earnings (loss) | 117 | 510 | ||||
Net earnings (loss) attributable to Celanese Corporation | 117 | 510 | ||||
Earnings (loss) per common share - basic | ||||||
Continuing operations | $0.75 | $3.24 | ||||
Discontinued operations | ($0.01) | ($0.01) | ||||
Net earnings (loss) - basic | $0.74 | $3.23 | ||||
Earnings (loss) per common share - diluted | ||||||
Continuing operations | $0.74 | $3.21 | ||||
Discontinued operations | ($0.01) | ($0.01) | ||||
Net earnings (loss) - diluted | $0.73 | $3.20 | ||||
Effect of Change [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cost of sales | 4 | 12 | ||||
Gross profit | 4 | 12 | ||||
Selling, general and administrative expenses | 8 | 25 | ||||
Research and development expenses | 1 | 3 | ||||
Operating profit (loss) | 13 | 40 | ||||
Earnings (loss) from continuing operations before tax | 13 | 40 | ||||
Income tax (provision) benefit | -3 | -9 | ||||
Earnings (loss) from continuing operations | 10 | 31 | ||||
Net earnings (loss) | 10 | 31 | ||||
Net earnings (loss) attributable to Celanese Corporation | $10 | $31 | ||||
Earnings (loss) per common share - basic | ||||||
Continuing operations | $0.06 | $0.19 | ||||
Discontinued operations | $0 | $0 | ||||
Net earnings (loss) - basic | $0.06 | $0.19 | ||||
Earnings (loss) per common share - diluted | ||||||
Continuing operations | $0.06 | $0.19 | ||||
Discontinued operations | $0 | $0 | ||||
Net earnings (loss) - diluted | $0.06 | $0.19 | ||||
[1] | As Adjusted (Note 1) |
Description_of_the_Company_and4
Description of the Company and Basis of Presentation (Schedule of Changes in Accounting Policy Regarding Pension and Other Postretirement Benefits - Consolidated Statements of Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net earnings (loss) | $172 | $127 | [1] | $447 | $541 | [1] |
Pension and postretirement benefits | 0 | 0 | [1] | 0 | -6 | [1] |
Total other comprehensive income (loss), net of tax | 44 | 26 | [1] | 42 | -3 | [1] |
Total comprehensive income (loss), net of tax | 216 | 153 | [1] | 489 | 538 | [1] |
Comprehensive income (loss) attributable to Celanese Corporation | 216 | 153 | [1] | 489 | 538 | [1] |
As Previously Reported [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net earnings (loss) | 117 | 510 | ||||
Pension and postretirement benefits | 10 | 25 | ||||
Total other comprehensive income (loss), net of tax | 36 | 28 | ||||
Total comprehensive income (loss), net of tax | 153 | 538 | ||||
Comprehensive income (loss) attributable to Celanese Corporation | 153 | 538 | ||||
Effect of Change [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net earnings (loss) | 10 | 31 | ||||
Pension and postretirement benefits | -10 | -31 | ||||
Total other comprehensive income (loss), net of tax | -10 | -31 | ||||
Total comprehensive income (loss), net of tax | 0 | 0 | ||||
Comprehensive income (loss) attributable to Celanese Corporation | $0 | $0 | ||||
[1] | As Adjusted (Note 1) |
Description_of_the_Company_and5
Description of the Company and Basis of Presentation (Schedule of Changes in Accounting Policy Regarding Pension and Other Postretirement Benefits - Consolidated Balance Sheets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
In Millions, unless otherwise specified | As Previously Reported [Member] | Effect of Change [Member] | Effect of Change [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Retained earnings | $2,385 | $1,993 | [1] | $2,986 | ($993) | $760 |
Accumulated other comprehensive income (loss), net | ($47) | ($89) | [1] | ($1,082) | $993 | |
[1] | As Adjusted (Note 1) |
Description_of_the_Company_and6
Description of the Company and Basis of Presentation (Schedule of Changes in Accounting Policy Regarding Pension and Other Postretirement Benefits - Consolidated Statements of Cash Flows) (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net earnings (loss) | $447 | $541 | [1] |
Pension and postretirement benefit expense | -16 | 7 | [1] |
Pension and postretirement contributions | -49 | -151 | [1] |
Deferred income taxes, net | 7 | -87 | [1] |
Other liabilities | 143 | 29 | [1] |
As Previously Reported [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net earnings (loss) | 510 | ||
Pension and postretirement benefit expense | 0 | ||
Pension and postretirement contributions | 0 | ||
Deferred income taxes, net | -96 | ||
Other liabilities | -75 | ||
Effect of Change [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net earnings (loss) | 31 | ||
Pension and postretirement benefit expense | 7 | ||
Pension and postretirement contributions | -151 | ||
Deferred income taxes, net | 9 | ||
Other liabilities | $104 | ||
[1] | As Adjusted (Note 1) |
Description_of_the_Company_and7
Description of the Company and Basis of Presentation (Schedule of Changes in Accounting Policy Regarding Pension and Other Postretirement Benefits - Segment Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating profit (loss) | $211 | $176 | [1] | $564 | $465 | [1] |
As Previously Reported [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating profit (loss) | 163 | 425 | ||||
As Previously Reported [Member] | Advanced Engineered Materials [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating profit (loss) | 43 | 85 | ||||
As Previously Reported [Member] | Consumer Specialties [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating profit (loss) | 70 | 184 | ||||
As Previously Reported [Member] | Industrial Specialties [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating profit (loss) | 23 | 76 | ||||
As Previously Reported [Member] | Acetyl Intermediates [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating profit (loss) | 62 | 199 | ||||
As Previously Reported [Member] | Other Activities [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating profit (loss) | -35 | -119 | ||||
Effect of Change [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating profit (loss) | 13 | 40 | ||||
Effect of Change [Member] | Advanced Engineered Materials [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating profit (loss) | 1 | 6 | ||||
Effect of Change [Member] | Consumer Specialties [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating profit (loss) | 2 | 5 | ||||
Effect of Change [Member] | Industrial Specialties [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating profit (loss) | 2 | 4 | ||||
Effect of Change [Member] | Acetyl Intermediates [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating profit (loss) | 1 | 4 | ||||
Effect of Change [Member] | Other Activities [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating profit (loss) | $7 | $21 | ||||
[1] | As Adjusted (Note 1) |
Description_of_the_Company_and8
Description of the Company and Basis of Presentation (Narrative) (Details) | Sep. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated subsidiaries ownership percentage | 100.00% |
Acquisitions_Dispositions_Vent1
Acquisitions, Dispositions, Ventures and Plant Closures (Ventures Narrative) (Details) (Acetyl Intermediates [Member], Mitsui & Co. Ltd. [Member]) | 3 Months Ended |
Sep. 30, 2013 | |
T | |
Acetyl Intermediates [Member] | Mitsui & Co. Ltd. [Member] | |
Acquisitions, Dispositions, Ventures and Plant Closures [Line Items] | |
Expected Production Capacity Per Year | 1,300,000 |
Marketable_Securities_at_Fair_2
Marketable Securities, at Fair Value (Schedule of Available-for-sale Securities) (Details) (Mutual Funds [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $44 | $53 |
Gross unrealized gain | 0 | 0 |
Gross unrealized loss | 0 | 0 |
Fair value | $44 | $53 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished goods | $560 | $514 |
Work-in-process | 51 | 42 |
Raw materials and supplies | 142 | 155 |
Total | $753 | $711 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Net (Schedule of Goodwill) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Goodwill | ||
Exchange rate changes | $10 | |
Goodwill | 787 | 777 |
Accumulated impairment losses | 0 | 0 |
Net book value | 787 | 777 |
Advanced Engineered Materials [Member] | ||
Goodwill | ||
Exchange rate changes | 3 | |
Goodwill | 300 | 297 |
Accumulated impairment losses | 0 | 0 |
Net book value | 300 | 297 |
Consumer Specialties [Member] | ||
Goodwill | ||
Exchange rate changes | 2 | |
Goodwill | 251 | 249 |
Accumulated impairment losses | 0 | 0 |
Net book value | 251 | 249 |
Industrial Specialties [Member] | ||
Goodwill | ||
Exchange rate changes | 0 | |
Goodwill | 42 | 42 |
Accumulated impairment losses | 0 | 0 |
Net book value | 42 | 42 |
Acetyl Intermediates [Member] | ||
Goodwill | ||
Exchange rate changes | 5 | |
Goodwill | 194 | 189 |
Accumulated impairment losses | 0 | 0 |
Net book value | $194 | $189 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Net) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Gross Asset Value | ||||||
Acquisitions (Note 3) | $7 | [1] | ||||
Exchange rate changes | 11 | |||||
Gross asset value | 637 | 637 | 619 | |||
Accumulated Amortization | ||||||
Amortization | -6 | -12 | -26 | -38 | ||
Exchange rate changes | -10 | |||||
Accumulated amortization | -572 | -572 | -536 | |||
Net book value | 65 | 65 | ||||
Weighted average life of intangible assets acquired | 29 years | |||||
Licenses [Member] | ||||||
Gross Asset Value | ||||||
Acquisitions (Note 3) | 0 | |||||
Exchange rate changes | 1 | |||||
Gross asset value | 33 | 33 | 32 | |||
Accumulated Amortization | ||||||
Amortization | -3 | |||||
Exchange rate changes | 0 | |||||
Accumulated amortization | -19 | -19 | -16 | |||
Net book value | 14 | 14 | ||||
Customer-Related Intangible Assets [Member] | ||||||
Gross Asset Value | ||||||
Acquisitions (Note 3) | 0 | |||||
Exchange rate changes | 10 | |||||
Gross asset value | 535 | 535 | 525 | |||
Accumulated Amortization | ||||||
Amortization | -19 | |||||
Exchange rate changes | -10 | |||||
Accumulated amortization | -509 | -509 | -480 | |||
Net book value | 26 | 26 | ||||
Developed Technology [Member] | ||||||
Gross Asset Value | ||||||
Acquisitions (Note 3) | 0 | |||||
Exchange rate changes | 0 | |||||
Gross asset value | 30 | 30 | 30 | |||
Accumulated Amortization | ||||||
Amortization | -2 | |||||
Exchange rate changes | 0 | |||||
Accumulated amortization | -19 | -19 | -17 | |||
Net book value | 11 | 11 | ||||
Covenants Not to Compete and Other [Member] | ||||||
Gross Asset Value | ||||||
Acquisitions (Note 3) | 7 | |||||
Exchange rate changes | 0 | |||||
Gross asset value | 39 | 39 | 32 | |||
Accumulated Amortization | ||||||
Amortization | -2 | |||||
Exchange rate changes | 0 | |||||
Accumulated amortization | -25 | -25 | -23 | |||
Net book value | $14 | $14 | ||||
[1] | Weighted average amortization period is 29 years. |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Net (Schedule of Indefinite-Lived Intangible Assets, Net) (Details) (USD $) | 9 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Trademarks and Trade Names [Member] | Industrial Specialties [Member] | ||
Trademarks and Trade Names [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
As of December 31, 2012 | $82 | ||
Acquisitions (Note 3) | 0 | ||
Accumulated impairment losses | -1 | -1 | |
Exchange rate changes | 11 | 1 | |
As of September 30, 2013 | $82 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets, Net (Schedule of Estimated Amortization Expense) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2014 | $20 |
2015 | 11 |
2016 | 8 |
2017 | 7 |
2018 | $4 |
Current_Other_Liabilities_Deta
Current Other Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ||
Salaries and benefits | $97 | $74 |
Environmental (Note 11) | 24 | 21 |
Restructuring (Note 13) | 19 | 30 |
Insurance | 13 | 15 |
Asset retirement obligations | 23 | 38 |
Derivatives (Note 15) | 15 | 23 |
Current portion of benefit obligations | 47 | 47 |
Interest | 32 | 23 |
Sales and use tax/foreign withholding tax payable | 17 | 17 |
Uncertain tax positions | 63 | 65 |
Customer rebates | 37 | 44 |
Other | 70 | 78 |
Total | $457 | $475 |
Noncurrent_Other_Liabilities_D
Noncurrent Other Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Other Liabilities, Noncurrent [Abstract] | ||||
Environmental (Note 11) | $67 | $78 | ||
Insurance | 53 | 58 | ||
Deferred revenue | 30 | 36 | ||
Deferred proceeds | 930 | [1] | 909 | [1] |
Asset retirement obligations | 22 | 26 | ||
Derivatives (Note 15) | 3 | 8 | ||
Income taxes payable | 2 | 2 | ||
Other | 44 | 35 | ||
Total | $1,151 | $1,152 | ||
[1] | Primarily relates to proceeds received from the Frankfurt, Germany Airport as part of a settlement for the Company to cease operations and sell its Kelsterbach, Germany manufacturing site, included in the Advanced Engineered Materials segment. Such proceeds will be deferred until the land and buildings transfer to the Frankfurt, Germany Airport (NoteB 20). |
Debt_Schedule_of_Shortterm_Deb
Debt (Schedule of Short-term Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||
Current installments of long-term debt | $23 | $60 |
Short-term borrowings, including amounts due to affiliates | 101 | 108 |
Total | 224 | 168 |
Weighted average interest rate | 4.40% | 4.00% |
Accounts Receivable Securitization Facility [Member] | ||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||
Current portion of accounts receivable securitization facility | $100 | $0 |
Credit facility, interest rate | 0.93% |
Debt_Schedule_of_Longterm_Debt
Debt (Schedule of Long-term Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Sep. 30, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | 31-May-11 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Term C Loan Facility [Member] | Term C Loan Facility [Member] | Term C Loan Facility [Member] | Term C Loan Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Credit-Linked Revolving Facility [Member] | Credit-Linked Revolving Facility [Member] | Credit-Linked Revolving Facility [Member] | Credit-Linked Revolving Facility [Member] | Credit-Linked Revolving Facility [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility [Member] | Pollution Control and Industrial Revenue Bonds [Member] | Pollution Control and Industrial Revenue Bonds [Member] | Obligations Under Capital Leases [Member] | Obligations Under Capital Leases [Member] | Other Bank Obligations [Member] | Other Bank Obligations [Member] | ||
Long-Term Debt | |||||||||||||||||||||||||||||||
Credit facility | $0 | $977 | $976 | $976 | $0 | $0 | $0 | $50 | $100 | ||||||||||||||||||||||
Senior unsecured notes | 600 | 600 | 400 | 400 | 500 | 500 | |||||||||||||||||||||||||
Year of maturity | 15-Oct-18 | 15-Oct-18 | 15-Oct-18 | 15-Jun-21 | 15-Jun-21 | 15-Jun-21 | 15-Nov-22 | 15-Nov-22 | 15-Nov-22 | ||||||||||||||||||||||
Interest rate, stated percentage | 6.63% | 6.63% | 6.63% | 5.88% | 5.88% | 5.88% | 4.63% | 4.63% | 4.63% | ||||||||||||||||||||||
Credit facility, expiration date | 31-Oct-16 | 31-Oct-16 | 31-Oct-16 | 31-Oct-16 | 31-Oct-16 | 31-Oct-16 | 2-Apr-14 | 2-Apr-14 | 2-Apr-14 | 2-Apr-14 | 28-Aug-16 | ||||||||||||||||||||
Credit facility, interest rate | 1.70% | 1.70% | 0.93% | ||||||||||||||||||||||||||||
Other long-term debt | 169 | 182 | |||||||||||||||||||||||||||||
Interest rate, stated percentage range, minimum | 5.70% | ||||||||||||||||||||||||||||||
Interest rate, stated percentage range, maximum | 6.70% | ||||||||||||||||||||||||||||||
Year of maturity, range end | 1-Nov-30 | 31-Mar-54 | |||||||||||||||||||||||||||||
Capital lease obligations | 248 | 244 | |||||||||||||||||||||||||||||
Other loans payable | 0 | 37 | |||||||||||||||||||||||||||||
Subtotal | 2,893 | 2,990 | |||||||||||||||||||||||||||||
Current installments of long-term debt | -23 | -60 | |||||||||||||||||||||||||||||
Total | $2,870 | $2,930 |
Debt_Schedule_of_Estimated_Net
Debt (Schedule of Estimated Net Leverage Ratio and Estimated Margin) (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Debt Instrument [Line Items] | ||
Margin increase or decrease percentage | 0.25% | |
Amortization rate of initial principal amount per annum payable quarterly | 1.00% | |
Credit-Linked Revolving Facility [Member] | ||
Debt Instrument [Line Items] | ||
Estimated margin | 1.50% | 1.50% |
Net leverage ratio parameters | < =.25 | |
Estimated total net leverage ratio | 1.58 | 1.58 |
Line of credit facility, unused capacity, commitment fee percentage | 1.50% | |
Credit-Linked Revolving Facility [Member] | Increases Margin by Zero Point Twenty Five Percent [Member] | ||
Debt Instrument [Line Items] | ||
Estimated margin | 1.75% | 1.75% |
Net leverage ratio parameters | > 2.25 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% |
Debt_Schedule_of_First_Lien_Se
Debt (Schedule of First Lien Senior Secured Leverage Ratios) (Details) (Revolving Credit Facility [Member], USD $) | Sep. 16, 2013 | Sep. 30, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Ratio Maximum [Member] | Ratio Estimate [Member] | Ratio Estimate If Fully Drawn [Member] | ||
Debt Instrument [Line Items] | |||||
First lien secured leverage ratio | 3.9 | 0.99 | 1.53 | ||
Borrowing capacity | $600 | $600 |
Debt_Schedule_of_Balances_Avai
Debt (Schedule of Balances Available for Borrowings)(Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings outstanding | $0 | |
Letters of credit issued | 0 | |
Available for borrowing | 600 | |
Credit-Linked Revolving Facility [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings outstanding | 0 | 50 |
Letters of credit issued | 80 | |
Available for borrowing | 1 | |
Accounts Receivable Securitization Facility [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings outstanding | 100 | |
Letters of credit issued | 0 | |
Available for borrowing | $31 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 16, 2013 | 31-May-11 | Sep. 30, 2010 | Nov. 30, 2012 | Sep. 30, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | 31-May-11 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2010 | Sep. 16, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2010 | Sep. 30, 2013 | Sep. 16, 2013 | Sep. 10, 2013 | Apr. 25, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | Aug. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Term B Loan Facility [Member] | Term B Loan Facility [Member] | Term C Loan Facility [Member] | Term C Loan Facility [Member] | Term C Loan Facility [Member] | Term C Loan Facility [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2018 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Credit-Linked Revolving Facility [Member] | Credit-Linked Revolving Facility [Member] | Credit-Linked Revolving Facility [Member] | Credit-Linked Revolving Facility [Member] | Credit-Linked Revolving Facility [Member] | Credit-Linked Revolving Facility [Member] | Credit-Linked Revolving Facility [Member] | Credit-Linked Revolving Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Amended Credit Agreement [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | European Interbank Offered Rate (EURIBOR) [Member] | ||||||
Credit-Linked Revolving Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Senior notes | $500,000,000 | $400,000,000 | $600,000,000 | ||||||||||||||||||||||||||||||||||||||
Interest rate, stated percentage | 4.63% | 4.63% | 4.63% | 5.88% | 5.88% | 5.88% | 6.63% | 6.63% | 6.63% | ||||||||||||||||||||||||||||||||
Line of credit facility, prepayment | 400,000,000 | 100,000,000 | |||||||||||||||||||||||||||||||||||||||
Year of maturity | 15-Nov-22 | 15-Nov-22 | 15-Nov-22 | 15-Jun-21 | 15-Jun-21 | 15-Jun-21 | 15-Oct-18 | 15-Oct-18 | 15-Oct-18 | ||||||||||||||||||||||||||||||||
Notes redemption price | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||||||||
Credit facility | 516,000,000 | 0 | 977,000,000 | 0 | 0 | 0 | 50,000,000 | 976,000,000 | 976,000,000 | 0 | 100,000,000 | ||||||||||||||||||||||||||||||
Borrowing capacity | 600,000,000 | 600,000,000 | 228,000,000 | 81,000,000 | 81,000,000 | 200,000,000 | 135,000,000 | ||||||||||||||||||||||||||||||||||
Current borrowing capacity | 131,000,000 | ||||||||||||||||||||||||||||||||||||||||
Credit facility, expiration date | 2-Apr-14 | 2-Apr-14 | 31-Oct-16 | 31-Oct-16 | 31-Oct-16 | 31-Oct-16 | 31-Oct-15 | 31-Oct-15 | 2-Apr-14 | 2-Apr-14 | 2-Apr-14 | 2-Apr-14 | 31-Oct-16 | 31-Oct-16 | 28-Aug-16 | ||||||||||||||||||||||||||
Debt Issuance cost | 1,000,000 | 0 | 1,000,000 | 0 | |||||||||||||||||||||||||||||||||||||
Deferred Finance Costs, Gross | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||
Deferred Finance Costs, Noncurrent, Net | 28,000,000 | 28,000,000 | |||||||||||||||||||||||||||||||||||||||
Cross default covenant to other debt | 40,000,000 | ||||||||||||||||||||||||||||||||||||||||
Estimated margin | 1.50% | 1.50% | 2.50% | 2.00% | 2.00% | ||||||||||||||||||||||||||||||||||||
Accounts receivable from securitization, amount outstanding | $193,000,000 | $193,000,000 |
Benefit_Obligations_Schedule_o
Benefit Obligations (Schedule of Net Periodic Benefit Costs Recognized) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Pension Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | $9 | $7 | $26 | $21 | ||
Interest cost | 39 | 42 | 116 | 127 | ||
Expected return on plan assets | -57 | -51 | [1] | -169 | -153 | [1] |
Prior service credit | 0 | 1 | [1] | 1 | 2 | |
Total | -9 | -1 | [1] | -26 | -3 | [1] |
Postretirement Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 0 | 0 | 2 | 1 | ||
Interest cost | 3 | 3 | 8 | 9 | ||
Expected return on plan assets | 0 | 0 | 0 | 0 | ||
Prior service credit | 0 | 0 | 0 | 0 | ||
Total | $3 | $3 | [1] | $10 | $10 | [1] |
[1] | As Adjusted (Note 1) |
Benefit_Obligations_Schedule_o1
Benefit Obligations (Schedule of Company Commitments to Fund Benefit Obligations) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Cash Contributions to Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Commitments to fund benefit obligations | $22 |
Commitments to fund benefit obligations, expected | 30 |
Benefit Payments to Nonqualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Commitments to fund benefit obligations | 16 |
Commitments to fund benefit obligations, expected | 22 |
Benefit Payments to Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Commitments to fund benefit obligations | 11 |
Commitments to fund benefit obligations, expected | $24 |
Benefit_Obligations_Narrative_
Benefit Obligations (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | |
Contributions to multiemployer defined benefit plan | $5 |
Environmental_Schedule_of_Envi
Environmental (Schedule of Environmental Remediation Reserves) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Environmental Remediation Obligations [Abstract] | ||
Demerger obligations (Note 17) | $27 | $31 |
Divestiture obligations (Note 17) | 22 | 21 |
Active Sites | 24 | 28 |
US Superfund sites | 13 | 15 |
Other environmental remediation reserves | 5 | 4 |
Total | $91 | $99 |
Environmental_US_Superfund_Sit
Environmental (US Superfund Sites Narrative) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Jun. 08, 2007 | |
Environmental Remediation Obligations [Abstract] | ||
Number of parties included in USEPA order | 70 | |
Number of other entities included in NJDEP Action, greater than | 200 | |
US Superfund, Passaic River, NJDEP suit, EPA study remedial costs estimate, low | $900,000,000 | |
US Superfund, Passaic River, NJDEP suit, EPA study remedial costs estimate, high | $2,300,000,000 | |
US Superfund, Passaic River, Company ultimate contribution, percentage estimate | less than approximately 1% to 2% |
Environmental_Environmental_Pr
Environmental (Environmental Proceedings Narrative) (Details) (Meredosia, Illinios [Member], Industrial Specialties [Member], USD $) | 1 Months Ended |
Jan. 31, 2013 | |
Meredosia, Illinios [Member] | Industrial Specialties [Member] | |
Site Contingency [Line Items] | |
Environmental proceedings resolution, penalty, best estimate | $100,000 |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Treasury Stock) (Details) (USD $) | 1 Months Ended | 9 Months Ended | 68 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Oct. 31, 2012 | Apr. 30, 2011 | Oct. 31, 2008 | Feb. 29, 2008 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | ||
Class of Stock [Line Items] | |||||||||
Share repurchase plan, authorized repurchase amount | $264 | $129 | $100 | $400 | $893 | ||||
Shares repurchased | 2,096,320 | [1] | 853,388 | 15,238,847 | [2] | ||||
Average purchase price per share | $48.58 | $43.19 | $39.58 | ||||||
Amount spent on repurchased shares | $102 | $37 | $603 | ||||||
Restricted Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Shares withheld, tax withholding | 6,021 | 11,844 | |||||||
[1] | Excludes 6,021 shares withheld from employee to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. Restricted stock is considered outstanding at the time of issuance and therefore, the shares withheld are treated as treasury shares. | ||||||||
[2] | Excludes 11,844 shares withheld from employee to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. Restricted stock is considered outstanding at the time of issuance and therefore, the shares withheld are treated as treasury shares. |
Stockholders_Equity_Schedule_o1
Stockholders' Equity (Schedule of Components of Other Comprehensive Income (Loss), Net) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Stockholders' Equity Note [Abstract] | ||||||||
Unrealized gain (loss) on marketable securities, gross amount | $1 | [1] | $0 | $1 | [2] | $0 | ||
Unrealized gain (loss) on marketable securities, income tax (provision) benefit | 0 | 0 | 0 | 0 | ||||
Unrealized gain (loss) on marketable securities, net amount | 1 | 0 | 1 | 0 | ||||
Foreign currency translation, gross amount | 44 | 28 | 41 | 4 | ||||
Foreign currency translation, income tax (provision) benefit | -2 | 0 | -4 | 0 | ||||
Foreign currency translation, net amount | 42 | 28 | 37 | 4 | ||||
Gain (loss) on interest rate swaps, gross amount | 2 | [3] | -2 | 7 | -1 | |||
Gain (loss) on interest rate swaps, income tax (provision) benefit | -1 | 0 | -3 | 0 | ||||
Gain (loss) on interest rate swaps, net amount | 1 | -2 | 4 | -1 | ||||
Pension and postretirement benefits, gross amount | 0 | 1 | [4] | 0 | 0 | [4],[5] | ||
Pension and postretirement benefits, income tax (provision) benefit | 0 | -1 | [4] | 0 | -6 | [4] | ||
Pension and postretirement benefits, net amount | 0 | 0 | [4] | 0 | -6 | [4] | ||
Total other comprehensive income (loss), gross amount | 47 | 27 | [4] | 49 | 3 | [4] | ||
Total other comprehensive income (loss), income tax (provision) benefit | -3 | -1 | [4] | -7 | -6 | [4] | ||
Total other comprehensive income (loss), net of tax | 44 | 26 | [4] | 42 | -3 | [4] | ||
Other Comprehensive Income (Loss) on Marketable Securities, Net of Tax Portion Attributable To Equity Method Investee | 1 | 1 | ||||||
Other Comprehensive Income (Loss), Net of Tax Portion Attributable To Equity Method Investee | ($1) | ($2) | ||||||
[1] | Amount includes $1 million of unrealized gains related to the Company's equity method investments' marketable securities. | |||||||
[2] | Amount includes $1 million of unrealized gains related to the Company's equity method investments' marketable securities | |||||||
[3] | Amount includes $1 million of gains associated with the Company's equity method investments' derivative activity | |||||||
[4] | As Adjusted (Note 1) | |||||||
[5] | Amount includes amortization of actuarial losses of $2 million related to the Company's equity method investments' pension plans |
Stockholders_Equity_Schedule_o2
Stockholders' Equity (Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
As of December 31, 2012 | ($89) | [1] | |||||
Other comprehensive income, before reclassifications | 41 | ||||||
Amounts reclassified from accumulated other comprehensive income | 8 | ||||||
Income tax (provision) benefit | -3 | -1 | [1] | -7 | -6 | [1] | |
As of September 30, 2013 | -47 | -47 | |||||
Other Comprehensive Income (Loss) on Marketable Securities, Net of Tax Portion Attributable To Equity Method Investee | 1 | 1 | |||||
Other Comprehensive Income (Loss), Net of Tax Portion Attributable To Equity Method Investee | -1 | -2 | |||||
Unrealized Gain (Loss) on Marketable Securities [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
As of December 31, 2012 | -1 | ||||||
Other comprehensive income, before reclassifications | 1 | ||||||
Amounts reclassified from accumulated other comprehensive income | 0 | ||||||
Income tax (provision) benefit | 0 | ||||||
As of September 30, 2013 | 0 | 0 | |||||
Foreign Currency Translation [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
As of December 31, 2012 | -23 | ||||||
Other comprehensive income, before reclassifications | 41 | ||||||
Amounts reclassified from accumulated other comprehensive income | 0 | ||||||
Income tax (provision) benefit | -4 | ||||||
As of September 30, 2013 | 14 | 14 | |||||
Gain (Loss) on Interest Rate Swaps [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
As of December 31, 2012 | -50 | ||||||
Other comprehensive income, before reclassifications | -1 | ||||||
Amounts reclassified from accumulated other comprehensive income | 8 | ||||||
Income tax (provision) benefit | -3 | ||||||
As of September 30, 2013 | -46 | -46 | |||||
Pension and Postretirement Benefits [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
As of December 31, 2012 | 15 | [1] | |||||
Other comprehensive income, before reclassifications | 0 | ||||||
Amounts reclassified from accumulated other comprehensive income | 0 | ||||||
Income tax (provision) benefit | 0 | ||||||
As of September 30, 2013 | $15 | $15 | |||||
[1] | As Adjusted (Note 1) |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||
In Millions, except Per Share data, unless otherwise specified | Jul. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jul. 30, 2013 | Apr. 30, 2013 | Mar. 31, 2013 | Jul. 30, 2013 | Apr. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 |
Series A Common Stock [Member] | Quarterly [Member] | Quarterly [Member] | Quarterly [Member] | Annual [Member] | Annual [Member] | Annual [Member] | Equity Method Investments' Derivative [Member] | |||||||
Class of Stock [Line Items] | ||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | ($13) | ($17) | ($22) | ($11) | $1 | |||||||||
Common Stock, Dividends, Per Share, Declared | $0.18 | $0.09 | $0.08 | $0.72 | $0.36 | $0.30 | ||||||||
Common stock, par value | $0.00 | |||||||||||||
Common Stock, Dividends, Rate Increase, Percent | 100.00% | 20.00% |
Other_Charges_Gains_Net_Schedu
Other (Charges) Gains, Net (Schedule of Other (Charges) Gains, Net) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring and Related Activities [Abstract] | ||||
Employee termination benefits | $0 | ($1) | ($3) | ($2) |
Kelsterbach plant relocation (Note 20) | -2 | -3 | -6 | -5 |
Plumbing actions | 0 | 4 | 0 | 4 |
Asset impairments | -2 | 0 | -2 | 0 |
Commercial disputes | 0 | 2 | 0 | 2 |
Total | ($4) | $2 | ($11) | ($1) |
Other_Charges_Gains_Net_Schedu1
Other (Charges) Gains, Net (Schedule of Restructuring Reserves) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Employee Termination Benefits [Member] | Plant/Office Closures [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | Industrial Specialties [Member] | Industrial Specialties [Member] | Industrial Specialties [Member] | Acetyl Intermediates [Member] | Acetyl Intermediates [Member] | Acetyl Intermediates [Member] | Other [Member] | Other [Member] | Other [Member] | ||
Employee Termination Benefits [Member] | Plant/Office Closures [Member] | Employee Termination Benefits [Member] | Plant/Office Closures [Member] | Employee Termination Benefits [Member] | Plant/Office Closures [Member] | Employee Termination Benefits [Member] | Plant/Office Closures [Member] | Employee Termination Benefits [Member] | Plant/Office Closures [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||
As of December 31, 2012 | $19 | $30 | $29 | $1 | $5 | $6 | $0 | $6 | $13 | $0 | $2 | $0 | $0 | $2 | $3 | $1 | $4 | $7 | $0 |
Additions | 3 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 1 | 0 | 0 | 0 | |||||||
Cash payments | -13 | 0 | -2 | 0 | -7 | 0 | 0 | 0 | -2 | 0 | -2 | 0 | |||||||
Other changes | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | |||||||
Exchange rate changes | 1 | -1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 | |||||||
As of September 30, 2013 | 19 | 30 | 19 | 0 | 5 | 5 | 0 | 6 | 6 | 0 | 2 | 2 | 0 | 2 | 2 | 0 | 4 | 4 | 0 |
Total | $19 | $30 | $19 | $0 | $5 | $5 | $0 | $6 | $6 | $0 | $2 | $2 | $0 | $2 | $2 | $0 | $4 | $4 | $0 |
Other_Charges_Gains_Net_Narrat
Other (Charges) Gains, Net (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other (Charges) Gains, Net [Line Items] | ||||
Employee termination benefits | $0 | ($1) | ($3) | ($2) |
Business Optimization [Member] | ||||
Other (Charges) Gains, Net [Line Items] | ||||
Employee termination benefits | ($3) |
Income_Taxes_Schedule_of_Effec
Income Taxes (Schedule of Effective Tax Rate) (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Income Tax Disclosure [Abstract] | ||||||
Effective income tax rate | 25.00% | 31.00% | [1] | 32.00% | 7.00% | [1] |
[1] | As Adjusted (Note 1) |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Line Items] | |||
Effective income tax rate, excluding foreign tax credit carryforwards and reinvestment of foreign earnings | 25.00% | ||
Foreign tax credit carryforwards | $142 | ||
Foreign tax credit carryforward period | ten year carryforward period | ||
Foreign tax credit carryforward expiration | 31-Dec-14 | ||
Increases in tax positions for the current year | 15 | ||
Decreases in tax positions due to exchange rate changes | 6 | ||
Advanced Engineered Materials [Member] | Polyplastics Co., Ltd. [Member] | |||
Income Taxes [Line Items] | |||
Cash dividend payment | 72 | ||
Deferred tax liability | $38 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Schedule of Interest Rate Swap Derivatives) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Swap Derivative 1 Point 71 Percent Maturing January 2, 2014 [Member] | ||||
Derivative [Line Items] | ||||
Effective date | 2-Jan-12 | 2-Jan-12 | ||
Expiration date | 2-Jan-14 | 2-Jan-14 | ||
Fixed rate | 1.71% | [1] | 1.71% | [1] |
Derivative, Notional Amount | $1,100 | $1,100 | ||
Swap Derivative 1 Point 02 Percent Maturing January 2, 2016 [Member] | ||||
Derivative [Line Items] | ||||
Effective date | 2-Jan-14 | 2-Jan-14 | ||
Expiration date | 2-Jan-16 | 2-Jan-16 | ||
Fixed rate | 1.02% | [1] | 1.02% | [1] |
Derivative, Notional Amount | $500 | $500 | ||
[1] | Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (Note 9). |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule of Notional Amounts of Foreign Currency Derivatives) (Details) (Foreign Exchange Contract [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $841 | $902 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative [Line Items] | ||||||||
Other Comprehensive Income (Loss), Net of Tax Portion Attributable To Equity Method Investee | ($1) | ($2) | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 2 | [1] | -2 | 7 | -1 | |||
Derivative, Gain (Loss) on Derivative, Net | -13 | -17 | -22 | -11 | ||||
Gain (loss) recognized in Other comprehensive income (loss) | -2 | -6 | -1 | -12 | ||||
Tax expense recognized in Other comprehensive income (loss) | 3 | 1 | [2] | 7 | 6 | [2] | ||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Derivative [Line Items] | ||||||||
Gain (loss) recognized in Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Tax expense recognized in Other comprehensive income (loss) | 1 | 3 | ||||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||||||
Derivative [Line Items] | ||||||||
Gain (loss) recognized in Other comprehensive income (loss) | -2 | [3] | -6 | -1 | [4] | -12 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Derivative [Line Items] | ||||||||
Gain (loss) recognized in Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Interest Expense [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | -3 | [5] | -4 | [5] | -8 | [5] | -11 | [5] |
Interest Expense [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] |
Foreign Currency Gain (Loss) [Member] | Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | ($10) | [7] | ($13) | [7] | ($14) | [8] | $0 | [8] |
[1] | Amount includes $1 million of gains associated with the Company's equity method investments' derivative activity | |||||||
[2] | As Adjusted (Note 1) | |||||||
[3] | Amount excludes $1 million of gains associated with the Company's equity method investments' derivative activity and $1 million of tax expense recognized in Other comprehensive income (loss). | |||||||
[4] | Amount excludes $3 million of tax expense recognized in Other comprehensive income (loss). | |||||||
[5] | Amount represents reclassification from Accumulated other comprehensive income (loss), net and is included in Interest expense in the unaudited interim consolidated statements of operations. | |||||||
[6] | Included in Interest expense in the unaudited interim consolidated statements of operations. | |||||||
[7] | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the unaudited interim consolidated statements of operations. | |||||||
[8] | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the unaudited interim consolidated statements of operations |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Schedule of Offsetting Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative Assets [Abstract] | ||
Gross amount recognized | $2 | $2 |
Gross amount offset in the consolidated balance sheets | 0 | 0 |
Net amount presented in the consolidated balance sheets | 2 | 2 |
Gross amount not offset in the consolidated balance sheets | 2 | 2 |
Net amount | $0 | $0 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative Liabilities [Abstract] | ||
Gross amount recognized | $19 | $32 |
Gross amount offset in the consolidated balance sheets | 1 | 1 |
Net amount presented in the consolidated balance sheets | 18 | 31 |
Gross amount not offset in the consolidated balance sheets | 2 | 2 |
Net amount | $16 | $29 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | ($15) | ($23) |
Interest rate swaps | -3 | -8 |
Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, at fair value | 44 | 53 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 46 | 55 |
Total liabilities | -18 | -31 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 44 | 53 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 2 | 2 |
Total liabilities | -18 | -31 |
Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, at fair value | 44 | 53 |
Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, at fair value | 44 | 53 |
Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | -7 | -10 |
Interest rate swaps | -3 | -7 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | 0 |
Interest rate swaps | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | -7 | -10 |
Interest rate swaps | -3 | -7 |
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | -3 | -5 |
Interest rate swaps | -1 | |
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | 0 |
Interest rate swaps | 0 | |
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | -3 | -5 |
Interest rate swaps | -1 | |
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 2 | 2 |
Foreign currency forwards and swaps | -5 | -8 |
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 0 | 0 |
Foreign currency forwards and swaps | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 2 | 2 |
Foreign currency forwards and swaps | ($5) | ($8) |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule of Carrying Values and Fair Values of Financial Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost investments, carrying amount | $147 | $156 |
Cost investments, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, carrying amount | 62 | 66 |
Insurance contracts in nonqualified trusts, fair value | 62 | 66 |
Long-term debt, including current installments of long-term debt, carrying amount | 2,893 | 2,990 |
Long-term debt, including current installments of long-term debt, fair value | 2,954 | 3,130 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost investments, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, fair value | 62 | 66 |
Long-term debt, including current installments of long-term debt, fair value | 2,706 | 2,886 |
Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost investments, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, fair value | 0 | 0 |
Long-term debt, including current installments of long-term debt, fair value | $248 | $244 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Polyester Staple Antitrust Litigation Narrative) (Details) | Sep. 30, 2013 | Feb. 28, 2013 | Dec. 31, 2008 |
Domination Agreement and Squeeze-Out [Member] | Polyester Staple Antitrust Litigation [Member] | Polyester Staple Antitrust Litigation [Member] | |
Loss Contingencies [Line Items] | |||
Number of legal actions | 2 | ||
Number of tolling arrangements | 4 | ||
Number of legal actions participants | 1 | ||
Number of tolling arrangement participants making demand but no claim | 1 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Commercial Actions Narrative) (Details) (Commercial Actions [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Commercial Actions [Member] | |
Loss Contingencies [Line Items] | |
Damages sought, amount | $38 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Award Proceedings in Relation to Domination Agreement and Squeeze-Out Narrative) (Details) (Domination Agreement and Squeeze-Out [Member], EUR €) | Sep. 30, 2013 |
In Millions, except Share data, unless otherwise specified | |
Loss Contingencies [Line Items] | |
Number of legal actions | 2 |
Squeeze-out compensation, per share | € 66.99 |
Domination agreement compensation, shares | 145,387 |
Domination agreement compensation, value | € 2 |
Guaranteed dividends, value | € 1 |
Previous [Member] | |
Loss Contingencies [Line Items] | |
Domination agreement compensation, per share | € 41.92 |
Guaranteed dividends, per share | € 2.89 |
Subsequent [Member] | |
Loss Contingencies [Line Items] | |
Domination agreement compensation, per share | € 51.86 |
Guaranteed dividends, per share | € 3.79 |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Shares subject to adjustment | 1,069,465 |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Shares subject to adjustment | 924,078 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Guarantees - Demerger and Divesture Obligations Narrative) (Details) | 167 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Indemnification Agreements Hoechst [Member] | Indemnification Agreements Hoechst [Member] | Divestiture Agreements [Member] | |
USD ($) | EUR (€) | USD ($) | |
Loss Contingencies [Line Items] | |||
Number of divestiture agreements | 19 | ||
Indemnification floor amount | € 250 | ||
Indemnification ceiling amount | 750 | ||
Indemnification percentage exceeding ceiling amount | 33.33% | ||
Loss contingency accrual, carrying value, payments | 63 | ||
Indemnification percentage, other | 33.33% | ||
Divestiture obligations range, years | one year to thirty years | ||
Guarantor obligations, maximum exposure | $133 |
Commitments_and_Contingencies_5
Commitments and Contingencies (Schedule of Variable Interest Entities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ||
Property, plant and equipment, net | $3,391 | $3,350 |
Trade payables | 739 | 649 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Property, plant and equipment, net | 113 | 118 |
Trade payables | 50 | 41 |
Current installments of long-term debt | 8 | 7 |
Long-term debt | 137 | 140 |
Total | 195 | 188 |
Maximum exposure to loss | $315 | $273 |
Commitments_and_Contingencies_6
Commitments and Contingencies Commitments and Contingencies (Purchase Obligations Narrative) (Details) (USD $) | 9 Months Ended |
In Billions, unless otherwise specified | Sep. 30, 2013 |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded unconditional purchase obligations | $3.70 |
Term of unrecorded unconditional purchase obligations | 2034 |
Segment_Information_Schedule_o
Segment Information (Schedule of Business Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | $1,636 | $1,609 | $4,894 | $4,917 | |||||
Other (charges) gains, net | -4 | 2 | -11 | -1 | |||||
Operating profit (loss) | 211 | 176 | [1] | 564 | 465 | [1] | |||
Equity in net earnings (loss) of affiliates | 41 | 50 | 150 | 163 | |||||
Depreciation and amortization | 76 | 78 | 227 | 227 | |||||
Capital expenditures | 102 | [2] | 83 | [2] | 252 | [3] | 236 | [3] | |
Goodwill and intangible assets, net | 934 | 934 | 942 | ||||||
Total assets | 9,512 | 9,512 | 9,000 | ||||||
Increase (decrease) in accrued capital expenditures | -8 | -4 | -7 | -34 | |||||
Operating Segments [Member] | Advanced Engineered Materials [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 346 | 322 | 1,027 | 962 | |||||
Other (charges) gains, net | -2 | 1 | -6 | -1 | |||||
Operating profit (loss) | 48 | 44 | [1] | 123 | 91 | [1] | |||
Equity in net earnings (loss) of affiliates | 30 | 45 | 115 | 143 | |||||
Depreciation and amortization | 27 | 29 | 83 | 84 | |||||
Capital expenditures | 14 | 11 | 35 | 28 | |||||
Goodwill and intangible assets, net | 366 | 366 | 372 | ||||||
Total assets | 2,794 | 2,794 | 2,703 | ||||||
Operating Segments [Member] | Consumer Specialties [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 310 | [4] | 314 | [4] | 919 | [5] | 905 | [5] | |
Other (charges) gains, net | 0 | -1 | 0 | 2 | |||||
Operating profit (loss) | 85 | 72 | [1] | 246 | 189 | [1] | |||
Equity in net earnings (loss) of affiliates | 0 | 0 | 3 | 2 | |||||
Depreciation and amortization | 10 | 13 | 30 | 33 | |||||
Capital expenditures | 33 | 14 | 76 | 48 | |||||
Goodwill and intangible assets, net | 276 | 276 | 276 | ||||||
Total assets | 1,409 | 1,409 | 1,296 | ||||||
Operating Segments [Member] | Industrial Specialties [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 299 | 297 | 882 | 933 | |||||
Other (charges) gains, net | -1 | 0 | -3 | 0 | |||||
Operating profit (loss) | 24 | 25 | [1] | 57 | 80 | [1] | |||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization | 13 | 13 | 37 | 41 | |||||
Capital expenditures | 8 | 9 | 19 | 25 | |||||
Goodwill and intangible assets, net | 60 | 60 | 65 | ||||||
Total assets | 1,032 | 1,032 | 963 | ||||||
Operating Segments [Member] | Acetyl Intermediates [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 795 | [4] | 785 | [4] | 2,412 | [5] | 2,458 | [5] | |
Other (charges) gains, net | -1 | 1 | -2 | 2 | |||||
Operating profit (loss) | 67 | 63 | [1] | 197 | 203 | [1] | |||
Equity in net earnings (loss) of affiliates | 3 | 0 | 7 | 3 | |||||
Depreciation and amortization | 22 | 20 | 65 | 59 | |||||
Capital expenditures | 45 | 47 | 116 | 122 | |||||
Goodwill and intangible assets, net | 232 | 232 | 229 | ||||||
Total assets | 2,350 | 2,350 | 2,238 | ||||||
Corporate, Non-Segment [Member] | Other Activities [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 0 | 0 | 0 | 0 | |||||
Other (charges) gains, net | 0 | 1 | 0 | -4 | |||||
Operating profit (loss) | -13 | -28 | [1] | -59 | -98 | [1] | |||
Equity in net earnings (loss) of affiliates | 8 | 5 | 25 | 15 | |||||
Depreciation and amortization | 4 | 3 | 12 | 10 | |||||
Capital expenditures | 2 | 2 | 6 | 13 | |||||
Goodwill and intangible assets, net | 0 | 0 | 0 | ||||||
Total assets | 1,927 | 1,927 | 1,800 | ||||||
Eliminations [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | -114 | -109 | -346 | -341 | |||||
Other (charges) gains, net | 0 | 0 | 0 | 0 | |||||
Operating profit (loss) | 0 | 0 | [1] | 0 | 0 | [1] | |||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||||
Capital expenditures | 0 | 0 | 0 | 0 | |||||
Goodwill and intangible assets, net | 0 | 0 | 0 | ||||||
Total assets | 0 | 0 | 0 | ||||||
Eliminations [Member] | Consumer Specialties [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 0 | 0 | 4 | 3 | |||||
Eliminations [Member] | Acetyl Intermediates [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | $114 | $109 | $342 | $338 | |||||
[1] | As Adjusted (Note 1) | ||||||||
[2] | Excludes expenditures related to the relocation of the Companybs polyacetal ("POM") operations in Germany (NoteB 20)B and includes a decrease in accrued capital expenditures of $8 million and $4 million for the three months ended SeptemberB 30, 2013 and 2012, respectively. | ||||||||
[3] | Excludes expenditures related to the relocation of the Companybs POM operations in Germany (NoteB 20)B and includes a decrease in accrued capital expenditures of $7 million and $34 million for the nine months ended SeptemberB 30, 2013 and 2012, respectively. | ||||||||
[4] | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $114 million and $0 million, respectively, for the three months ended SeptemberB 30, 2013 and $109 million and $0 million, respectively, for the three months ended SeptemberB 30, 2012. | ||||||||
[5] | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $342 million and $4 million, respectively, for the nine months ended SeptemberB 30, 2013 and $338 million and $3 million, respectively, for the nine months ended SeptemberB 30, 2012. |
Earnings_Loss_Per_Share_Schedu
Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Amounts attributable to Celanese Corporation | ||||||
Earnings (loss) from continuing operations | $171 | $129 | [1] | $445 | $543 | [1] |
Earnings (loss) from discontinued operations | 1 | -2 | 2 | -2 | ||
Net earnings (loss) | $172 | $127 | [1] | $447 | $541 | [1] |
Weighted average shares - basic | 158,501,075 | 159,158,280 | 159,282,314 | 157,970,535 | ||
Dilutive stock options | 230,110 | 292,661 | 229,920 | 1,054,012 | ||
Dilutive restricted stock units | 364,346 | 678,435 | 334,359 | 654,091 | ||
Weighted average shares - diluted | 159,095,531 | 160,129,376 | 159,846,593 | 159,678,638 | ||
[1] | As Adjusted (Note 1) |
Earnings_Loss_Per_Share_Schedu1
Earnings (Loss) Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of diluted earnings per share, amount | 38,140 | 30,124 | 94,631 | 20,344 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of diluted earnings per share, amount | 38,140 | 30,032 | 94,631 | 15,016 |
Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of diluted earnings per share, amount | 0 | 92 | 0 | 5,328 |
Plant_Relocation_Schedule_of_P
Plant Relocation (Schedule of Plant Relocation Financial Statement Impact) (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 83 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | ||||
Kelsterbach, Germany [Member] | Kelsterbach, Germany [Member] | Kelsterbach, Germany [Member] | Kelsterbach, Germany [Member] | Kelsterbach, Germany [Member] | |||||||||
EUR (€) | USD ($) | USD ($) | USD ($) | EUR (€) | |||||||||
Plant Relocation [Line Items] | |||||||||||||
Deferred proceeds | $0 | $0 | € 110 | $0 | [1] | $0 | [1] | $907 | [1] | ||||
Costs expensed | 2 | 3 | 6 | 5 | 6 | 5 | 119 | ||||||
Costs capitalized | 4 | [2] | 30 | [2] | 1,131 | [2] | |||||||
Lease buyout | 0 | 0 | 22 | ||||||||||
OneTimeTerminationBenefits | 0 | 1 | 3 | 2 | 0 | 0 | 8 | ||||||
Property, plant and equipment, net | 3,391 | 3,391 | 3,350 | 6 | |||||||||
Other assets, noncurrent | 498 | 498 | 463 | 103 | |||||||||
Increase (decrease) in accrued capital expenditures, plant relocation | ($2) | ($13) | |||||||||||
[1] | Included in noncurrent Other liabilities in the consolidated balance sheets. Amounts reflect the US dollar equivalent at the time of receipt. Upon transfer of the land and buildings to Fraport, the deferred proceeds will be recognized in the consolidated statements of operations. Such proceeds will be reduced by assets of €6 million included in Property, plant and equipment, net and €103 million included in noncurrent Other assets in the consolidated balance sheets, to be transferred to Fraport or otherwise disposed. | ||||||||||||
[2] | Includes a decrease in accrued capital expenditures of $2 million and $13 million for the nine months ended SeptemberB 30, 2013 and 2012, respectively. |
Plant_Relocation_Narrative_Det
Plant Relocation (Narrative) (Details) | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 83 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Nov. 30, 2006 | Jun. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |||
USD ($) | USD ($) | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | ||||
Kelsterbach, Germany [Member] | Kelsterbach, Germany [Member] | Kelsterbach, Germany [Member] | Kelsterbach, Germany [Member] | Kelsterbach, Germany [Member] | ||||||
EUR (€) | EUR (€) | USD ($) | USD ($) | USD ($) | ||||||
Plant Relocation [Line Items] | ||||||||||
Proceeds originally expected under plant relocation agreement | € 670 | |||||||||
Deferred proceeds from Kelsterbach plant relocation | $0 | $0 | € 110 | $0 | [1] | $0 | [1] | $907 | [1] | |
[1] | Included in noncurrent Other liabilities in the consolidated balance sheets. Amounts reflect the US dollar equivalent at the time of receipt. Upon transfer of the land and buildings to Fraport, the deferred proceeds will be recognized in the consolidated statements of operations. Such proceeds will be reduced by assets of €6 million included in Property, plant and equipment, net and €103 million included in noncurrent Other assets in the consolidated balance sheets, to be transferred to Fraport or otherwise disposed. |
Consolidating_Guarantor_Financ2
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net sales | $1,636 | $1,609 | $4,894 | $4,917 | ||
Cost of sales | -1,290 | -1,281 | [1] | -3,896 | -3,980 | [1] |
Gross profit | 346 | 328 | [1] | 998 | 937 | [1] |
Selling, general and administrative expenses | -97 | -113 | [1] | -316 | -354 | [1] |
Amortization of intangible assets | -6 | -12 | -26 | -38 | ||
Research and development expenses | -24 | -23 | [1] | -73 | -73 | [1] |
Other (charges) gains, net | -4 | 2 | -11 | -1 | ||
Foreign exchange gain (loss), net | -2 | -4 | -5 | -4 | ||
Gain (loss) on disposition of businesses and assets, net | -2 | -2 | -3 | -2 | ||
Operating profit (loss) | 211 | 176 | [1] | 564 | 465 | [1] |
Equity in net earnings (loss) of affiliates | 41 | 50 | 150 | 163 | ||
Interest expense | -43 | -44 | -130 | -134 | ||
Refinancing expense | -1 | 0 | -1 | 0 | ||
Interest income | 0 | 0 | 1 | 1 | ||
Dividend income - cost investments | 22 | 1 | 69 | 85 | ||
Other income (expense), net | -2 | 3 | 1 | 4 | ||
Earnings (loss) from continuing operations before tax | 228 | 186 | [1] | 654 | 584 | [1] |
Income tax (provision) benefit | -57 | -57 | [1] | -209 | -41 | [1] |
Earnings (loss) from continuing operations | 171 | 129 | [1] | 445 | 543 | [1] |
Earnings (loss) from operation of discontinued operations | 1 | -3 | 3 | -3 | ||
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 | ||
Income tax (provision) benefit from discontinued operations | 0 | 1 | -1 | 1 | ||
Earnings (loss) from discontinued operations | 1 | -2 | 2 | -2 | ||
Net earnings (loss) | 172 | 127 | [1] | 447 | 541 | [1] |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net earnings (loss) attributable to Celanese Corporation | 172 | 127 | [1] | 447 | 541 | [1] |
Parent Guarantor [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net sales | 0 | 0 | 0 | 0 | ||
Cost of sales | 0 | 0 | 0 | 0 | ||
Gross profit | 0 | 0 | 0 | 0 | ||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ||
Amortization of intangible assets | 0 | 0 | 0 | 0 | ||
Research and development expenses | 0 | 0 | 0 | 0 | ||
Other (charges) gains, net | 0 | 0 | 0 | 0 | ||
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 | ||
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 | 0 | ||
Operating profit (loss) | 0 | 0 | 0 | 0 | ||
Equity in net earnings (loss) of affiliates | 172 | 126 | [1] | 443 | 539 | [1] |
Interest expense | 0 | 0 | 0 | 0 | ||
Refinancing expense | 0 | 0 | 0 | 0 | ||
Interest income | 0 | 0 | 0 | 0 | ||
Dividend income - cost investments | 0 | 0 | 0 | 0 | ||
Other income (expense), net | 0 | 0 | 0 | 0 | ||
Earnings (loss) from continuing operations before tax | 172 | 126 | [1] | 443 | 539 | [1] |
Income tax (provision) benefit | 0 | 1 | 4 | 2 | ||
Earnings (loss) from continuing operations | 172 | 127 | [1] | 447 | 541 | [1] |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 | 0 | ||
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 | ||
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 | ||
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||
Net earnings (loss) | 172 | 127 | [1] | 447 | 541 | [1] |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net earnings (loss) attributable to Celanese Corporation | 172 | 127 | [1] | 447 | 541 | [1] |
Issuer [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net sales | 0 | 0 | 0 | 0 | ||
Cost of sales | 0 | 0 | 0 | 0 | ||
Gross profit | 0 | 0 | 0 | 0 | ||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ||
Amortization of intangible assets | 0 | 0 | 0 | 0 | ||
Research and development expenses | 0 | 0 | 0 | 0 | ||
Other (charges) gains, net | 0 | 0 | 0 | 0 | ||
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 | ||
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 | 0 | ||
Operating profit (loss) | 0 | 0 | 0 | 0 | ||
Equity in net earnings (loss) of affiliates | 200 | 151 | [1] | 528 | 608 | [1] |
Interest expense | -48 | -48 | -144 | -144 | ||
Refinancing expense | -1 | 0 | -1 | 0 | ||
Interest income | 14 | 14 | 41 | 44 | ||
Dividend income - cost investments | 0 | 0 | 0 | 0 | ||
Other income (expense), net | 0 | -1 | 0 | 0 | ||
Earnings (loss) from continuing operations before tax | 165 | 116 | [1] | 424 | 508 | [1] |
Income tax (provision) benefit | 7 | 10 | 19 | 31 | ||
Earnings (loss) from continuing operations | 172 | 126 | [1] | 443 | 539 | [1] |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 | 0 | ||
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 | ||
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 | ||
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||
Net earnings (loss) | 172 | 126 | [1] | 443 | 539 | [1] |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net earnings (loss) attributable to Celanese Corporation | 172 | 126 | [1] | 443 | 539 | [1] |
Subsidiary Guarantors [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net sales | 709 | 670 | 2,121 | 2,044 | ||
Cost of sales | -477 | -467 | [1] | -1,455 | -1,462 | [1] |
Gross profit | 232 | 203 | [1] | 666 | 582 | [1] |
Selling, general and administrative expenses | -18 | -34 | [1] | -65 | -112 | [1] |
Amortization of intangible assets | -2 | -4 | -9 | -13 | ||
Research and development expenses | -17 | -16 | [1] | -48 | -48 | [1] |
Other (charges) gains, net | -1 | 6 | 3 | 13 | ||
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 | ||
Gain (loss) on disposition of businesses and assets, net | 0 | -1 | 0 | -1 | ||
Operating profit (loss) | 194 | 154 | [1] | 547 | 421 | [1] |
Equity in net earnings (loss) of affiliates | 35 | 44 | 117 | 134 | ||
Interest expense | -8 | -10 | -27 | -31 | ||
Refinancing expense | 0 | 0 | 0 | 0 | ||
Interest income | 17 | 16 | 48 | 48 | ||
Dividend income - cost investments | 0 | 0 | 0 | 0 | ||
Other income (expense), net | 0 | 0 | 0 | 0 | ||
Earnings (loss) from continuing operations before tax | 238 | 204 | [1] | 685 | 572 | [1] |
Income tax (provision) benefit | -63 | -58 | [1] | -176 | -42 | [1] |
Earnings (loss) from continuing operations | 175 | 146 | [1] | 509 | 530 | [1] |
Earnings (loss) from operation of discontinued operations | 1 | -2 | 3 | -2 | ||
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 | ||
Income tax (provision) benefit from discontinued operations | 0 | 1 | -1 | 1 | ||
Earnings (loss) from discontinued operations | 1 | -1 | 2 | -1 | ||
Net earnings (loss) | 176 | 145 | [1] | 511 | 529 | [1] |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net earnings (loss) attributable to Celanese Corporation | 176 | 145 | [1] | 511 | 529 | [1] |
Non-Guarantors [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net sales | 1,250 | 1,196 | 3,699 | 3,684 | ||
Cost of sales | -1,136 | -1,079 | [1] | -3,369 | -3,339 | [1] |
Gross profit | 114 | 117 | [1] | 330 | 345 | [1] |
Selling, general and administrative expenses | -79 | -79 | -251 | -242 | [1] | |
Amortization of intangible assets | -4 | -8 | -17 | -25 | ||
Research and development expenses | -7 | -7 | -25 | -25 | ||
Other (charges) gains, net | -3 | -4 | -10 | -8 | ||
Foreign exchange gain (loss), net | -2 | -4 | -5 | -4 | ||
Gain (loss) on disposition of businesses and assets, net | -2 | -1 | -3 | -1 | ||
Operating profit (loss) | 17 | 14 | [1] | 19 | 40 | [1] |
Equity in net earnings (loss) of affiliates | 30 | 37 | 124 | 128 | ||
Interest expense | -19 | -18 | -51 | -55 | ||
Refinancing expense | 0 | 0 | 0 | 0 | ||
Interest income | 1 | 2 | 4 | 5 | ||
Dividend income - cost investments | 22 | 1 | 69 | 85 | ||
Other income (expense), net | -2 | 4 | 1 | 4 | ||
Earnings (loss) from continuing operations before tax | 49 | 40 | [1] | 166 | 207 | [1] |
Income tax (provision) benefit | -1 | -8 | -56 | -31 | ||
Earnings (loss) from continuing operations | 48 | 32 | [1] | 110 | 176 | [1] |
Earnings (loss) from operation of discontinued operations | 0 | -1 | 0 | -1 | ||
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 | ||
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 | ||
Earnings (loss) from discontinued operations | 0 | -1 | 0 | -1 | ||
Net earnings (loss) | 48 | 31 | [1] | 110 | 175 | [1] |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net earnings (loss) attributable to Celanese Corporation | 48 | 31 | [1] | 110 | 175 | [1] |
Eliminations [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net sales | -323 | -257 | -926 | -811 | ||
Cost of sales | 323 | 265 | 928 | 821 | ||
Gross profit | 0 | 8 | 2 | 10 | ||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ||
Amortization of intangible assets | 0 | 0 | 0 | 0 | ||
Research and development expenses | 0 | 0 | 0 | 0 | ||
Other (charges) gains, net | 0 | 0 | -4 | -6 | ||
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 | ||
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 | 0 | ||
Operating profit (loss) | 0 | 8 | -2 | 4 | ||
Equity in net earnings (loss) of affiliates | -396 | -308 | [1] | -1,062 | -1,246 | [1] |
Interest expense | 32 | 32 | 92 | 96 | ||
Refinancing expense | 0 | 0 | 0 | 0 | ||
Interest income | -32 | -32 | -92 | -96 | ||
Dividend income - cost investments | 0 | 0 | 0 | 0 | ||
Other income (expense), net | 0 | 0 | 0 | 0 | ||
Earnings (loss) from continuing operations before tax | -396 | -300 | [1] | -1,064 | -1,242 | [1] |
Income tax (provision) benefit | 0 | -2 | 0 | -1 | ||
Earnings (loss) from continuing operations | -396 | -302 | [1] | -1,064 | -1,243 | [1] |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 | 0 | ||
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 | ||
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 | ||
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||
Net earnings (loss) | -396 | -302 | [1] | -1,064 | -1,243 | [1] |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net earnings (loss) attributable to Celanese Corporation | ($396) | ($302) | [1] | ($1,064) | ($1,243) | [1] |
[1] | As Adjusted (Note 1) |
Consolidating_Guarantor_Financ3
Consolidating Guarantor Financial Information (Schedule of Consolidating Statements of Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net earnings (loss) | $172 | $127 | [1] | $447 | $541 | [1] |
Other comprehensive income (loss), net of tax | ||||||
Unrealized gain (loss) on marketable securities | 1 | 0 | 1 | 0 | ||
Foreign currency translation | 42 | 28 | 37 | 4 | ||
Gain (loss) on interest rate swaps | 1 | -2 | 4 | -1 | ||
Pension and postretirement benefits | 0 | 0 | [1] | 0 | -6 | [1] |
Total other comprehensive income (loss), net of tax | 44 | 26 | [1] | 42 | -3 | [1] |
Total comprehensive income (loss), net of tax | 216 | 153 | [1] | 489 | 538 | [1] |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to Celanese Corporation | 216 | 153 | [1] | 489 | 538 | [1] |
Parent Guarantor [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net earnings (loss) | 172 | 127 | [1] | 447 | 541 | [1] |
Other comprehensive income (loss), net of tax | ||||||
Unrealized gain (loss) on marketable securities | 1 | 0 | 1 | 0 | ||
Foreign currency translation | 42 | 28 | 37 | 4 | ||
Gain (loss) on interest rate swaps | 1 | -2 | 4 | -1 | ||
Pension and postretirement benefits | 0 | 0 | [1] | 0 | -6 | [1] |
Total other comprehensive income (loss), net of tax | 44 | 26 | [1] | 42 | -3 | [1] |
Total comprehensive income (loss), net of tax | 216 | 153 | 489 | 538 | ||
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to Celanese Corporation | 216 | 153 | 489 | 538 | ||
Issuer [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net earnings (loss) | 172 | 126 | [1] | 443 | 539 | [1] |
Other comprehensive income (loss), net of tax | ||||||
Unrealized gain (loss) on marketable securities | 1 | 0 | 1 | 0 | ||
Foreign currency translation | 42 | 28 | 37 | 4 | ||
Gain (loss) on interest rate swaps | 1 | -2 | 4 | -1 | ||
Pension and postretirement benefits | 0 | 0 | [1] | 0 | -6 | [1] |
Total other comprehensive income (loss), net of tax | 44 | 26 | [1] | 42 | -3 | [1] |
Total comprehensive income (loss), net of tax | 216 | 152 | 485 | 536 | ||
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to Celanese Corporation | 216 | 152 | 485 | 536 | ||
Subsidiary Guarantors [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net earnings (loss) | 176 | 145 | [1] | 511 | 529 | [1] |
Other comprehensive income (loss), net of tax | ||||||
Unrealized gain (loss) on marketable securities | 1 | 0 | 1 | 0 | ||
Foreign currency translation | 1 | -5 | 4 | 1 | ||
Gain (loss) on interest rate swaps | 1 | 0 | 0 | 0 | ||
Pension and postretirement benefits | 0 | 0 | [1] | 0 | -6 | [1] |
Total other comprehensive income (loss), net of tax | 3 | -5 | [1] | 5 | -5 | [1] |
Total comprehensive income (loss), net of tax | 179 | 140 | 516 | 524 | ||
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to Celanese Corporation | 179 | 140 | 516 | 524 | ||
Non-Guarantors [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net earnings (loss) | 48 | 31 | [1] | 110 | 175 | [1] |
Other comprehensive income (loss), net of tax | ||||||
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 | 0 | ||
Foreign currency translation | -4 | -1 | -2 | 4 | ||
Gain (loss) on interest rate swaps | 0 | 0 | 0 | 0 | ||
Pension and postretirement benefits | 0 | 0 | [1] | 0 | -3 | [1] |
Total other comprehensive income (loss), net of tax | -4 | -1 | [1] | -2 | 1 | [1] |
Total comprehensive income (loss), net of tax | 44 | 30 | 108 | 176 | ||
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to Celanese Corporation | 44 | 30 | 108 | 176 | ||
Eliminations [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net earnings (loss) | -396 | -302 | [1] | -1,064 | -1,243 | [1] |
Other comprehensive income (loss), net of tax | ||||||
Unrealized gain (loss) on marketable securities | -2 | 0 | -2 | 0 | ||
Foreign currency translation | -39 | -22 | -39 | -9 | ||
Gain (loss) on interest rate swaps | -2 | 2 | -4 | 1 | ||
Pension and postretirement benefits | 0 | 0 | [1] | 0 | 15 | [1] |
Total other comprehensive income (loss), net of tax | -43 | -20 | [1] | -45 | 7 | [1] |
Total comprehensive income (loss), net of tax | -439 | -322 | -1,109 | -1,236 | ||
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to Celanese Corporation | ($439) | ($322) | ($1,109) | ($1,236) | ||
[1] | As Adjusted (Note 1) |
Consolidating_Guarantor_Financ4
Consolidating Guarantor Financial Information (Schedule of Consolidating Balance Sheet) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Current Assets | ||||
Cash and cash equivalents | $1,100 | $959 | $928 | $682 |
Trade receivables - third party and affiliates | 949 | 827 | ||
Non-trade receivables, net | 293 | 209 | ||
Inventories, net | 753 | 711 | ||
Deferred income taxes | 50 | 49 | ||
Marketable securities, at fair value | 44 | 53 | ||
Other assets | 39 | 31 | ||
Total current assets | 3,228 | 2,839 | ||
Investments in affiliates | 857 | 800 | ||
Property, plant and equipment, net | 3,391 | 3,350 | ||
Deferred income taxes | 604 | 606 | ||
Other assets | 498 | 463 | ||
Goodwill | 787 | 777 | ||
Intangible assets, net | 147 | 165 | ||
Total assets | 9,512 | 9,000 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 224 | 168 | ||
Trade payables - third party and affiliates | 739 | 649 | ||
Other liabilities | 457 | 475 | ||
Deferred income taxes | 25 | 25 | ||
Income taxes payable | 152 | 38 | ||
Total current liabilities | 1,597 | 1,355 | ||
Noncurrent Liabilities | ||||
Long-term debt | 2,870 | 2,930 | ||
Deferred income taxes | 61 | 50 | ||
Uncertain tax positions | 203 | 181 | ||
Benefit obligations | 1,546 | 1,602 | ||
Other liabilities | 1,151 | 1,152 | ||
Total noncurrent liabilities | 5,831 | 5,915 | ||
Total Celanese Corporation stockholders' equity | 2,084 | 1,730 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 2,084 | 1,730 | ||
Total liabilities and equity | 9,512 | 9,000 | ||
Parent Guarantor [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 10 | 26 | 0 |
Trade receivables - third party and affiliates | 0 | 0 | ||
Non-trade receivables, net | 32 | 31 | ||
Inventories, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Marketable securities, at fair value | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total current assets | 32 | 41 | ||
Investments in affiliates | 2,052 | 1,692 | ||
Property, plant and equipment, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Total assets | 2,084 | 1,733 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 0 | 0 | ||
Trade payables - third party and affiliates | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Noncurrent Liabilities | ||||
Long-term debt | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Uncertain tax positions | 0 | 3 | ||
Benefit obligations | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total noncurrent liabilities | 0 | 3 | ||
Total Celanese Corporation stockholders' equity | 2,084 | 1,730 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 2,084 | 1,730 | ||
Total liabilities and equity | 2,084 | 1,733 | ||
Issuer [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade receivables - third party and affiliates | 0 | 0 | ||
Non-trade receivables, net | 455 | 444 | ||
Inventories, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Marketable securities, at fair value | 0 | 0 | ||
Other assets | 7 | 5 | ||
Total current assets | 462 | 449 | ||
Investments in affiliates | 3,846 | 3,437 | ||
Property, plant and equipment, net | 0 | 0 | ||
Deferred income taxes | 3 | 5 | ||
Other assets | 1,938 | 1,927 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Total assets | 6,249 | 5,818 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 1,636 | 1,584 | ||
Trade payables - third party and affiliates | 0 | 0 | ||
Other liabilities | 65 | 40 | ||
Deferred income taxes | 21 | 21 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 1,722 | 1,645 | ||
Noncurrent Liabilities | ||||
Long-term debt | 2,466 | 2,467 | ||
Deferred income taxes | 0 | 0 | ||
Uncertain tax positions | 6 | 6 | ||
Benefit obligations | 0 | 0 | ||
Other liabilities | 3 | 8 | ||
Total noncurrent liabilities | 2,475 | 2,481 | ||
Total Celanese Corporation stockholders' equity | 2,052 | 1,692 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 2,052 | 1,692 | ||
Total liabilities and equity | 6,249 | 5,818 | ||
Subsidiary Guarantors [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 398 | 275 | 225 | 133 |
Trade receivables - third party and affiliates | 158 | 340 | ||
Non-trade receivables, net | 2,032 | 1,754 | ||
Inventories, net | 217 | 196 | ||
Deferred income taxes | 64 | 62 | ||
Marketable securities, at fair value | 44 | 52 | ||
Other assets | 19 | 15 | ||
Total current assets | 2,932 | 2,694 | ||
Investments in affiliates | 1,728 | 1,579 | ||
Property, plant and equipment, net | 890 | 813 | ||
Deferred income taxes | 508 | 509 | ||
Other assets | 132 | 132 | ||
Goodwill | 305 | 305 | ||
Intangible assets, net | 66 | 69 | ||
Total assets | 6,561 | 6,101 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 125 | 208 | ||
Trade payables - third party and affiliates | 297 | 269 | ||
Other liabilities | 377 | 267 | ||
Deferred income taxes | 0 | 0 | ||
Income taxes payable | 541 | 419 | ||
Total current liabilities | 1,340 | 1,163 | ||
Noncurrent Liabilities | ||||
Long-term debt | 812 | 872 | ||
Deferred income taxes | 13 | 0 | ||
Uncertain tax positions | 26 | 23 | ||
Benefit obligations | 1,311 | 1,362 | ||
Other liabilities | 93 | 101 | ||
Total noncurrent liabilities | 2,255 | 2,358 | ||
Total Celanese Corporation stockholders' equity | 2,966 | 2,580 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 2,966 | 2,580 | ||
Total liabilities and equity | 6,561 | 6,101 | ||
Non-Guarantors [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 702 | 674 | 677 | 549 |
Trade receivables - third party and affiliates | 962 | 653 | ||
Non-trade receivables, net | 550 | 484 | ||
Inventories, net | 608 | 589 | ||
Deferred income taxes | 7 | 8 | ||
Marketable securities, at fair value | 0 | 1 | ||
Other assets | 35 | 27 | ||
Total current assets | 2,864 | 2,436 | ||
Investments in affiliates | 588 | 570 | ||
Property, plant and equipment, net | 2,501 | 2,537 | ||
Deferred income taxes | 93 | 92 | ||
Other assets | 452 | 414 | ||
Goodwill | 482 | 472 | ||
Intangible assets, net | 81 | 96 | ||
Total assets | 7,061 | 6,617 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 402 | 159 | ||
Trade payables - third party and affiliates | 613 | 546 | ||
Other liabilities | 417 | 475 | ||
Deferred income taxes | 25 | 25 | ||
Income taxes payable | 87 | 73 | ||
Total current liabilities | 1,544 | 1,278 | ||
Noncurrent Liabilities | ||||
Long-term debt | 1,614 | 1,597 | ||
Deferred income taxes | 48 | 50 | ||
Uncertain tax positions | 171 | 149 | ||
Benefit obligations | 235 | 240 | ||
Other liabilities | 1,065 | 1,055 | ||
Total noncurrent liabilities | 3,133 | 3,091 | ||
Total Celanese Corporation stockholders' equity | 2,384 | 2,248 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 2,384 | 2,248 | ||
Total liabilities and equity | 7,061 | 6,617 | ||
Eliminations [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade receivables - third party and affiliates | -171 | -166 | ||
Non-trade receivables, net | -2,776 | -2,504 | ||
Inventories, net | -72 | -74 | ||
Deferred income taxes | -21 | -21 | ||
Marketable securities, at fair value | 0 | 0 | ||
Other assets | -22 | -16 | ||
Total current assets | -3,062 | -2,781 | ||
Investments in affiliates | -7,357 | -6,478 | ||
Property, plant and equipment, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other assets | -2,024 | -2,010 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Total assets | -12,443 | -11,269 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | -1,939 | -1,783 | ||
Trade payables - third party and affiliates | -171 | -166 | ||
Other liabilities | -402 | -307 | ||
Deferred income taxes | -21 | -21 | ||
Income taxes payable | -476 | -454 | ||
Total current liabilities | -3,009 | -2,731 | ||
Noncurrent Liabilities | ||||
Long-term debt | -2,022 | -2,006 | ||
Deferred income taxes | 0 | 0 | ||
Uncertain tax positions | 0 | 0 | ||
Benefit obligations | 0 | 0 | ||
Other liabilities | -10 | -12 | ||
Total noncurrent liabilities | -2,032 | -2,018 | ||
Total Celanese Corporation stockholders' equity | -7,402 | -6,520 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | -7,402 | -6,520 | ||
Total liabilities and equity | ($12,443) | ($11,269) |
Consolidating_Guarantor_Financ5
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Cash Flows) (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (loss) | $447 | $541 | [1] |
Net cash provided by (used in) operating activities | 608 | 661 | |
Investing activities | |||
Capital expenditures on property, plant and equipment | -259 | -270 | |
Acquisitions, net of cash acquired | 0 | -23 | |
Proceeds from sale of businesses and assets, net | 13 | 1 | |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | |
Capital expenditures related to Kelsterbach plant relocation | -6 | -43 | |
Return of capital from subsidiary | 0 | 0 | |
Contributions to subsidiary | 0 | 0 | |
Intercompany loan receipts (disbursements) | 0 | 0 | |
Other, net | -38 | -62 | |
Net cash provided by (used in) investing activities | -290 | -397 | |
Financing activities | |||
Short-term borrowings (repayments), net | -12 | -7 | |
Proceeds from short-term borrowings | 154 | 50 | |
Repayments of short-term borrowings | -51 | -50 | |
Proceeds from long-term debt | 74 | 0 | |
Repayments of long-term debt | -192 | -32 | |
Refinancing costs | -2 | 0 | |
Purchases of treasury stock, including related fees | -102 | -37 | |
Dividends to parent | 0 | 0 | |
Contributions from parent | 0 | 0 | |
Stock option exercises | 3 | 58 | |
Series A common stock dividends | -55 | -31 | |
Return of capital to parent | 0 | 0 | |
Other, net | 0 | 28 | |
Net cash provided by (used in) financing activities | -183 | -21 | |
Exchange rate effects on cash and cash equivalents | 6 | 3 | |
Net increase (decrease) in cash and cash equivalents | 141 | 246 | |
Cash and cash equivalents as of beginning of period | 959 | 682 | |
Cash and cash equivalents as of end of period | 1,100 | 928 | |
Parent Guarantor [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (loss) | 447 | 541 | [1] |
Net cash provided by (used in) operating activities | 144 | 7 | |
Investing activities | |||
Capital expenditures on property, plant and equipment | 0 | 0 | |
Acquisitions, net of cash acquired | 0 | 0 | |
Proceeds from sale of businesses and assets, net | 0 | 0 | |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | |
Return of capital from subsidiary | 0 | 0 | |
Contributions to subsidiary | 0 | 0 | |
Intercompany loan receipts (disbursements) | 0 | 0 | |
Other, net | 0 | 0 | |
Net cash provided by (used in) investing activities | 0 | 0 | |
Financing activities | |||
Short-term borrowings (repayments), net | 0 | 0 | |
Proceeds from short-term borrowings | 0 | 0 | |
Repayments of short-term borrowings | 0 | 0 | |
Proceeds from long-term debt | 0 | 0 | |
Repayments of long-term debt | 0 | 0 | |
Refinancing costs | 0 | 0 | |
Purchases of treasury stock, including related fees | -102 | -37 | |
Dividends to parent | 0 | 0 | |
Contributions from parent | 0 | 0 | |
Stock option exercises | 3 | 58 | |
Series A common stock dividends | -55 | -31 | |
Return of capital to parent | 0 | 0 | |
Other, net | 0 | 29 | |
Net cash provided by (used in) financing activities | -154 | 19 | |
Exchange rate effects on cash and cash equivalents | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | -10 | 26 | |
Cash and cash equivalents as of beginning of period | 10 | 0 | |
Cash and cash equivalents as of end of period | 0 | 26 | |
Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (loss) | 443 | 539 | [1] |
Net cash provided by (used in) operating activities | 58 | -54 | |
Investing activities | |||
Capital expenditures on property, plant and equipment | 0 | 0 | |
Acquisitions, net of cash acquired | 0 | 0 | |
Proceeds from sale of businesses and assets, net | 0 | 0 | |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | |
Return of capital from subsidiary | 0 | 0 | |
Contributions to subsidiary | 0 | 0 | |
Intercompany loan receipts (disbursements) | 4 | 4 | |
Other, net | 0 | 0 | |
Net cash provided by (used in) investing activities | 4 | 4 | |
Financing activities | |||
Short-term borrowings (repayments), net | 92 | 96 | |
Proceeds from short-term borrowings | 0 | 0 | |
Repayments of short-term borrowings | 0 | 0 | |
Proceeds from long-term debt | 24 | 0 | |
Repayments of long-term debt | -32 | -11 | |
Refinancing costs | -2 | 0 | |
Purchases of treasury stock, including related fees | 0 | 0 | |
Dividends to parent | -144 | -35 | |
Contributions from parent | 0 | 0 | |
Stock option exercises | 0 | 0 | |
Series A common stock dividends | 0 | 0 | |
Return of capital to parent | 0 | 0 | |
Other, net | 0 | 0 | |
Net cash provided by (used in) financing activities | -62 | 50 | |
Exchange rate effects on cash and cash equivalents | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents as of beginning of period | 0 | 0 | |
Cash and cash equivalents as of end of period | 0 | 0 | |
Subsidiary Guarantors [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (loss) | 511 | 529 | [1] |
Net cash provided by (used in) operating activities | 650 | 396 | |
Investing activities | |||
Capital expenditures on property, plant and equipment | -172 | -132 | |
Acquisitions, net of cash acquired | 0 | -23 | |
Proceeds from sale of businesses and assets, net | 0 | 1 | |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | |
Return of capital from subsidiary | 0 | 0 | |
Contributions to subsidiary | -20 | -3 | |
Intercompany loan receipts (disbursements) | -92 | -96 | |
Other, net | -26 | -9 | |
Net cash provided by (used in) investing activities | -310 | -262 | |
Financing activities | |||
Short-term borrowings (repayments), net | -4 | -2 | |
Proceeds from short-term borrowings | 0 | 0 | |
Repayments of short-term borrowings | 0 | 0 | |
Proceeds from long-term debt | 50 | 0 | |
Repayments of long-term debt | -119 | -5 | |
Refinancing costs | 0 | 0 | |
Purchases of treasury stock, including related fees | 0 | 0 | |
Dividends to parent | -144 | -35 | |
Contributions from parent | 0 | 0 | |
Stock option exercises | 0 | 0 | |
Series A common stock dividends | 0 | 0 | |
Return of capital to parent | 0 | 0 | |
Other, net | 0 | 0 | |
Net cash provided by (used in) financing activities | -217 | -42 | |
Exchange rate effects on cash and cash equivalents | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | 123 | 92 | |
Cash and cash equivalents as of beginning of period | 275 | 133 | |
Cash and cash equivalents as of end of period | 398 | 225 | |
Non-Guarantors [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (loss) | 110 | 175 | [1] |
Net cash provided by (used in) operating activities | 44 | 382 | |
Investing activities | |||
Capital expenditures on property, plant and equipment | -87 | -138 | |
Acquisitions, net of cash acquired | 0 | 0 | |
Proceeds from sale of businesses and assets, net | 13 | 0 | |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | |
Capital expenditures related to Kelsterbach plant relocation | -6 | -43 | |
Return of capital from subsidiary | 0 | 0 | |
Contributions to subsidiary | 0 | 0 | |
Intercompany loan receipts (disbursements) | 0 | 0 | |
Other, net | -12 | -53 | |
Net cash provided by (used in) investing activities | -92 | -234 | |
Financing activities | |||
Short-term borrowings (repayments), net | -8 | -9 | |
Proceeds from short-term borrowings | 154 | 50 | |
Repayments of short-term borrowings | -51 | -50 | |
Proceeds from long-term debt | 0 | 0 | |
Repayments of long-term debt | -45 | -16 | |
Refinancing costs | 0 | 0 | |
Purchases of treasury stock, including related fees | 0 | 0 | |
Dividends to parent | 0 | 0 | |
Contributions from parent | 20 | 3 | |
Stock option exercises | 0 | 0 | |
Series A common stock dividends | 0 | 0 | |
Return of capital to parent | 0 | 0 | |
Other, net | 0 | -1 | |
Net cash provided by (used in) financing activities | 70 | -23 | |
Exchange rate effects on cash and cash equivalents | 6 | 3 | |
Net increase (decrease) in cash and cash equivalents | 28 | 128 | |
Cash and cash equivalents as of beginning of period | 674 | 549 | |
Cash and cash equivalents as of end of period | 702 | 677 | |
Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (loss) | -1,064 | -1,243 | [1] |
Net cash provided by (used in) operating activities | -288 | -70 | |
Investing activities | |||
Capital expenditures on property, plant and equipment | 0 | 0 | |
Acquisitions, net of cash acquired | 0 | 0 | |
Proceeds from sale of businesses and assets, net | 0 | 0 | |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | |
Return of capital from subsidiary | 0 | 0 | |
Contributions to subsidiary | 20 | 3 | |
Intercompany loan receipts (disbursements) | 88 | 92 | |
Other, net | 0 | 0 | |
Net cash provided by (used in) investing activities | 108 | 95 | |
Financing activities | |||
Short-term borrowings (repayments), net | -92 | -92 | |
Proceeds from short-term borrowings | 0 | 0 | |
Repayments of short-term borrowings | 0 | 0 | |
Proceeds from long-term debt | 0 | 0 | |
Repayments of long-term debt | 4 | 0 | |
Refinancing costs | 0 | 0 | |
Purchases of treasury stock, including related fees | 0 | 0 | |
Dividends to parent | 288 | 70 | |
Contributions from parent | -20 | -3 | |
Stock option exercises | 0 | 0 | |
Series A common stock dividends | 0 | 0 | |
Return of capital to parent | 0 | 0 | |
Other, net | 0 | 0 | |
Net cash provided by (used in) financing activities | 180 | -25 | |
Exchange rate effects on cash and cash equivalents | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents as of beginning of period | 0 | 0 | |
Cash and cash equivalents as of end of period | $0 | $0 | |
[1] | As Adjusted (Note 1) |
Consolidating_Guarantor_Financ6
Consolidating Guarantor Financial Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Consolidating Guarantor Financial Information [Abstract] | |
Issuer and subsidiary guarantors, ownership percentage | 100.00% |