Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 03, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CELANESE CORPORATION | ' | ' |
Entity Central Index Key | '0001306830 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 156,941,124 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $4,681,520,256 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Nov. 30, 2012 | 31-May-11 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | ' | ' | ' | $6,510 | $6,418 | $6,763 |
Cost of sales | ' | ' | ' | -5,145 | -5,237 | -5,346 |
Gross profit | ' | ' | ' | 1,365 | 1,181 | 1,417 |
Selling, general and administrative expenses | ' | ' | ' | -311 | -830 | -805 |
Amortization of intangible assets | ' | ' | ' | -32 | -51 | -62 |
Research and development expenses | ' | ' | ' | -85 | -104 | -98 |
Other (charges) gains, net | ' | ' | ' | -158 | -14 | -48 |
Foreign exchange gain (loss), net | ' | ' | ' | -6 | -4 | 0 |
Gain (loss) on disposition of businesses and assets, net | ' | ' | ' | 735 | -3 | -2 |
Operating profit (loss) | ' | ' | ' | 1,508 | 175 | 402 |
Equity in net earnings (loss) of affiliates | ' | ' | ' | 180 | 242 | 192 |
Interest expense | ' | ' | ' | -172 | -185 | -221 |
Refinancing expense | -3 | -3 | -1 | -1 | -3 | -3 |
Interest income | ' | ' | ' | 1 | 2 | 3 |
Dividend income - cost investments | ' | ' | ' | 93 | 85 | 80 |
Other income (expense), net | ' | ' | ' | 0 | 5 | 14 |
Earnings (loss) from continuing operations before tax | ' | ' | ' | 1,609 | 321 | 467 |
Income tax (provision) benefit | ' | ' | ' | -508 | 55 | -41 |
Earnings (loss) from continuing operations | ' | ' | ' | 1,101 | 376 | 426 |
Earnings (loss) from operation of discontinued operations | ' | ' | ' | 0 | -6 | 2 |
Gain (loss) on disposition of discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | ' | ' | ' | 0 | 2 | -1 |
Earnings (loss) from discontinued operations | ' | ' | ' | 0 | -4 | 1 |
Net earnings (loss) | ' | ' | ' | 1,101 | 372 | 427 |
Net (earnings) loss attributable to noncontrolling interests | ' | ' | ' | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | ' | ' | ' | 1,101 | 372 | 427 |
Amounts attributable to Celanese Corporation | ' | ' | ' | ' | ' | ' |
Earnings (loss) from continuing operations | ' | ' | ' | 1,101 | 376 | 426 |
Earnings (loss) from discontinued operations | ' | ' | ' | 0 | -4 | 1 |
Net earnings (loss) | ' | ' | ' | $1,101 | $372 | $427 |
Earnings (loss) per common share - basic | ' | ' | ' | ' | ' | ' |
Continuing operations | ' | ' | ' | $6.93 | $2.37 | $2.72 |
Discontinued operations | ' | ' | ' | $0 | ($0.02) | $0.01 |
Net earnings (loss) - basic | ' | ' | ' | $6.93 | $2.35 | $2.73 |
Earnings (loss) per common share - diluted | ' | ' | ' | ' | ' | ' |
Continuing operations | ' | ' | ' | $6.91 | $2.35 | $2.68 |
Discontinued operations | ' | ' | ' | $0 | ($0.02) | $0.01 |
Net earnings (loss) - diluted | ' | ' | ' | $6.91 | $2.33 | $2.69 |
Weighted average shares - basic | ' | ' | ' | 158,801,150 | 158,359,914 | 156,226,526 |
Weighted average shares - diluted | ' | ' | ' | 159,334,219 | 159,830,786 | 158,970,283 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net earnings (loss) | $1,101 | $372 | $427 |
Other comprehensive income (loss), net of tax | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 1 | 0 | 0 |
Foreign currency translation | 20 | 5 | -27 |
Gain (loss) on interest rate swaps | 6 | 7 | 27 |
Pension and postretirement benefits | 58 | -11 | 0 |
Total other comprehensive income (loss), net of tax | 85 | 1 | 0 |
Total comprehensive income (loss), net of tax | 1,186 | 373 | 427 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | $1,186 | $373 | $427 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $984 | $959 |
Trade receivables - third party and affiliates (net of allowance for doubtful accounts - 2013: $9; 2012: $9) | 867 | 827 |
Non-trade receivables, net | 343 | 209 |
Inventories | 804 | 711 |
Deferred income taxes | 115 | 49 |
Marketable securities, at fair value | 41 | 53 |
Other assets | 28 | 31 |
Total current assets | 3,182 | 2,839 |
Investments in affiliates | 841 | 800 |
Property, plant and equipment (net of accumulated depreciation - 2013: $1,672; 2012: $1,506) | 3,425 | 3,350 |
Deferred income taxes | 289 | 606 |
Other assets | 341 | 463 |
Goodwill | 798 | 777 |
Intangible assets, net | 142 | 165 |
Total assets | 9,018 | 9,000 |
Current Liabilities | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 177 | 168 |
Trade payables - third party and affiliates | 799 | 649 |
Other liabilities | 541 | 475 |
Deferred income taxes | 10 | 25 |
Income taxes payable | 18 | 38 |
Total current liabilities | 1,545 | 1,355 |
Long-term debt | 2,887 | 2,930 |
Deferred income taxes | 225 | 50 |
Uncertain tax positions | 200 | 181 |
Benefit obligations | 1,175 | 1,602 |
Other liabilities | 287 | 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: 8,928,137 shares; 2012: 23,986,836 shares) | -361 | -905 |
Additional paid-in capital | 53 | 731 |
Retained earnings | 3,011 | 1,993 |
Accumulated other comprehensive income (loss), net | -4 | -89 |
Total Celanese Corporation stockholders' equity | 2,699 | 1,730 |
Noncontrolling interests | 0 | 0 |
Total equity | 2,699 | 1,730 |
Total liabilities and equity | 9,018 | 9,000 |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2013: 165,867,965 issued and 156,939,828 outstanding; 2012: 183,629,237 issued and 159,642,401 outstanding) | ' | ' |
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) | ' | ' |
Stockholders' Equity | ' | ' |
Common stock | $0 | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Current Assets | ' | ' |
Allowance for doubtful accounts - trade receivables | $9 | $9 |
Accumulated depreciation | $1,672 | $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 | 8,928,137 | 23,986,836 |
Common stock, par value | $0.00 | ' |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2013: 165,867,965 issued and 156,939,828 outstanding; 2012: 183,629,237 issued and 159,642,401 outstanding) | ' | ' |
Stockholders' Equity | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 165,867,965 | 183,629,237 |
Common stock, shares outstanding | 156,939,828 | 159,642,401 |
Series B common stock, $0.0001 par value, 100,000,000 shares authorized (2013 and 2012: 0 issued and outstanding) | ' | ' |
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_Statements_of_Equ
Consolidated Statements of 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), Net [Member] | Noncontrolling Interests [Member] | |
In Millions, except Share data | |||||||||
Balance as of the beginning of the period at Dec. 31, 2010 | ' | ' | $0 | ($829) | $574 | $1,271 | ($90) | $0 | |
Balance as of the beginning of the period, shares at Dec. 31, 2010 | ' | ' | 155,759,293 | 22,269,278 | ' | ' | ' | ' | |
Stock option exercises, shares | ' | ' | 842,342 | ' | ' | ' | ' | ' | |
Stock option exercises, net of tax | 20 | ' | 0 | ' | 36 | ' | ' | ' | |
Purchases of treasury stock, shares | ' | ' | -652,016 | ' | ' | ' | ' | ' | |
Purchases of treasury stock | ' | ' | 0 | ' | ' | ' | ' | ' | |
Stock awards, shares | ' | ' | 514,192 | ' | ' | ' | ' | ' | |
Stock awards | ' | ' | 0 | ' | ' | ' | ' | ' | |
Purchases of treasury stock, shares | 652,016 | ' | ' | 652,016 | ' | ' | ' | ' | |
Purchases of treasury stock, including related fees | -31 | ' | ' | -31 | ' | ' | ' | ' | |
Retirement of treasury stock, shares | ' | ' | ' | 0 | ' | ' | ' | ' | |
Retirement of treasury stock | ' | ' | ' | 0 | 0 | ' | ' | ' | |
Stock-based compensation, net of tax | ' | ' | ' | ' | 17 | ' | ' | ' | |
Net earnings (loss) attributable to Celanese Corporation | 427 | ' | ' | ' | ' | 427 | ' | ' | |
Series A common stock dividends | ' | ' | ' | ' | ' | -34 | ' | ' | |
Other comprehensive income (loss), net of tax | 0 | ' | ' | ' | ' | ' | 0 | ' | |
Net earnings (loss) attributable to noncontrolling interests | 0 | ' | ' | ' | ' | ' | ' | 0 | |
Balance as of the end of the period at Dec. 31, 2011 | 1,341 | ' | 0 | -860 | 627 | 1,664 | -90 | 0 | |
Total Celanese Corporation stockholders' equity at Dec. 31, 2011 | ' | 1,341 | ' | ' | ' | ' | ' | ' | |
Balance as of the end of the period, shares at Dec. 31, 2011 | ' | ' | 156,463,811 | 22,921,294 | ' | ' | ' | ' | |
Stock option exercises, shares | ' | ' | 3,751,825 | ' | ' | ' | ' | ' | |
Stock option exercises, net of tax | 110 | ' | 0 | ' | 92 | ' | ' | ' | |
Purchases of treasury stock, shares | ' | ' | -1,065,542 | ' | ' | ' | ' | ' | |
Purchases of treasury stock | ' | ' | 0 | ' | ' | ' | ' | ' | |
Stock awards, shares | ' | ' | 492,307 | ' | ' | ' | ' | ' | |
Stock awards | ' | ' | 0 | ' | ' | ' | ' | ' | |
Purchases of treasury stock, shares | 1,059,719 | [1] | ' | ' | 1,065,542 | ' | ' | ' | ' |
Purchases of treasury stock, including related fees | -45 | ' | ' | -45 | ' | ' | ' | ' | |
Retirement of treasury stock, shares | ' | ' | ' | 0 | ' | ' | ' | ' | |
Retirement of treasury stock | ' | ' | ' | 0 | 0 | ' | ' | ' | |
Stock-based compensation, net of tax | ' | ' | ' | ' | 12 | ' | ' | ' | |
Net earnings (loss) attributable to Celanese Corporation | 372 | ' | ' | ' | ' | 372 | ' | ' | |
Series A common stock dividends | ' | ' | ' | ' | ' | -43 | ' | ' | |
Other comprehensive income (loss), net of tax | 1 | ' | ' | ' | ' | ' | 1 | ' | |
Net earnings (loss) attributable to noncontrolling interests | 0 | ' | ' | ' | ' | ' | ' | 0 | |
Balance as of the end of the period at Dec. 31, 2012 | 1,730 | ' | 0 | -905 | 731 | 1,993 | -89 | 0 | |
Total Celanese Corporation stockholders' equity at Dec. 31, 2012 | 1,730 | 1,730 | ' | ' | ' | ' | ' | ' | |
Balance as of the end of the period, shares at Dec. 31, 2012 | ' | ' | 159,642,401 | 23,986,836 | ' | ' | ' | ' | |
Stock option exercises, shares | 284,000 | ' | 283,682 | ' | ' | ' | ' | ' | |
Stock option exercises, net of tax | 6 | ' | 0 | ' | 11 | ' | ' | ' | |
Purchases of treasury stock, shares | ' | ' | -3,192,201 | ' | ' | ' | ' | ' | |
Purchases of treasury stock | ' | ' | 0 | ' | ' | ' | ' | ' | |
Stock awards, shares | ' | ' | 205,946 | ' | ' | ' | ' | ' | |
Stock awards | ' | ' | 0 | ' | ' | ' | ' | ' | |
Purchases of treasury stock, shares | 3,186,180 | [1] | ' | ' | 3,192,201 | ' | ' | ' | ' |
Purchases of treasury stock, including related fees | -164 | ' | ' | -164 | ' | ' | ' | ' | |
Retirement of treasury stock, shares | ' | ' | ' | -18,250,900 | ' | ' | ' | ' | |
Retirement of treasury stock | ' | ' | ' | 708 | -708 | ' | ' | ' | |
Stock-based compensation, net of tax | ' | ' | ' | ' | 19 | ' | ' | ' | |
Net earnings (loss) attributable to Celanese Corporation | 1,101 | ' | ' | ' | ' | 1,101 | ' | ' | |
Series A common stock dividends | ' | ' | ' | ' | ' | -83 | ' | ' | |
Other comprehensive income (loss), net of tax | 85 | ' | ' | ' | ' | ' | 85 | ' | |
Net earnings (loss) attributable to noncontrolling interests | 0 | ' | ' | ' | ' | ' | ' | 0 | |
Balance as of the end of the period at Dec. 31, 2013 | 2,699 | ' | 0 | -361 | 53 | 3,011 | -4 | 0 | |
Total Celanese Corporation stockholders' equity at Dec. 31, 2013 | $2,699 | $2,699 | ' | ' | ' | ' | ' | ' | |
Balance as of the end of the period, shares at Dec. 31, 2013 | ' | ' | 156,939,828 | 8,928,137 | ' | ' | ' | ' | |
[1] | The years ended DecemberB 31, 2013 and 2012 exclude 6,021 shares and 5,823 shares, respectively, withheld from an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock awards. Restricted stock awards are 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 $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net earnings (loss) | $1,101 | $372 | $427 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | ' | ' | ' |
Other charges (gains), net of amounts used | 122 | -12 | -6 |
Depreciation, amortization and accretion | 319 | 320 | 311 |
Pension and postretirement benefit expense | -35 | 9 | 30 |
Pension and postretirement contributions | -96 | -288 | -209 |
Actuarial (gain) loss on pension and postretirement plans | -104 | 389 | 306 |
Pension curtailments and settlements, net | -52 | 0 | 0 |
Deferred income taxes, net | 344 | -175 | -15 |
(Gain) loss on disposition of businesses and assets, net | -737 | 3 | 1 |
Refinancing expense | 1 | 3 | 3 |
Other, net | -3 | 53 | 56 |
Operating cash provided by (used in) discontinued operations | -4 | 2 | -9 |
Changes in operating assets and liabilities | ' | ' | ' |
Trade receivables - third party and affiliates, net | -23 | 50 | -83 |
Inventories | -81 | 6 | -112 |
Other assets | -110 | 9 | 17 |
Trade payables - third party and affiliates | 108 | 5 | 22 |
Other liabilities | 12 | -24 | -101 |
Net cash provided by (used in) operating activities | 762 | 722 | 638 |
Investing Activities | ' | ' | ' |
Capital expenditures on property, plant and equipment | -370 | -361 | -349 |
Acquisitions, net of cash acquired | 0 | -23 | -8 |
Proceeds from sale of businesses and assets, net | 13 | 1 | 6 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 159 |
Capital expenditures related to Kelsterbach plant relocation | -7 | -49 | -204 |
Other, net | -58 | -68 | -45 |
Net cash provided by (used in) investing activities | -422 | -500 | -441 |
Financing Activities | ' | ' | ' |
Short-term borrowings (repayments), net | -11 | 2 | -13 |
Proceeds from short-term borrowings | 177 | 71 | 70 |
Repayments of short-term borrowings | -123 | -71 | -73 |
Proceeds from long-term debt | 74 | 550 | 411 |
Repayments of long-term debt | -198 | -489 | -591 |
Refinancing costs | -2 | -9 | -8 |
Purchases of treasury stock, including related fees | -164 | -45 | -31 |
Stock option exercises | 9 | 62 | 20 |
Series A common stock dividends | -83 | -43 | -34 |
Other, net | -5 | 21 | -4 |
Net cash provided by (used in) financing activities | -326 | 49 | -253 |
Exchange rate effects on cash and cash equivalents | 11 | 6 | -2 |
Net increase (decrease) in cash and cash equivalents | 25 | 277 | -58 |
Cash and cash equivalents as of beginning of period | 959 | 682 | 740 |
Cash and cash equivalents as of end of period | $984 | $959 | $682 |
Description_of_the_Company_and
Description of the Company and Basis of Presentation | 12 Months Ended |
Dec. 31, 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 Annual Report on Form 10-K ("Annual 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 consolidated financial statements contained in this Annual Report were prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") for all periods presented. The consolidated financial statements and other financial information included in this Annual Report, unless otherwise specified, have been presented to separately show the effects of discontinued operations. | |
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 Annual 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. |
Summary_of_Accounting_Policies
Summary of Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of Accounting Policies | ' | ||||||||
Summary of Accounting Policies | |||||||||
• | Consolidation principles | ||||||||
The consolidated financial statements have been prepared in accordance with US GAAP for all periods presented and include the accounts of the Company and its majority owned subsidiaries over which the Company exercises control. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||
• | Estimates and assumptions | ||||||||
The preparation of 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 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 in operating results 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 continue to 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 all periods presented has been retrospectively adjusted (Note 25). | |||||||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of operations is as follows: | |||||||||
Year Ended December 31, 2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (5,223 | ) | 78 | (5,145 | ) | ||||
Gross profit | 1,287 | 78 | 1,365 | ||||||
Selling, general and administrative expenses | (514 | ) | 203 | (311 | ) | ||||
Research and development expenses | (95 | ) | 10 | (85 | ) | ||||
Operating profit (loss) | 1,217 | 291 | 1,508 | ||||||
Earnings (loss) from continuing operations before tax | 1,318 | 291 | 1,609 | ||||||
Income tax (provision) benefit | (406 | ) | (102 | ) | (508 | ) | |||
Earnings (loss) from continuing operations | 912 | 189 | 1,101 | ||||||
Net earnings (loss) | 912 | 189 | 1,101 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 912 | 189 | 1,101 | ||||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 5.74 | 1.19 | 6.93 | ||||||
Discontinued operations | — | — | — | ||||||
Net earnings (loss)Â - basic | 5.74 | 1.19 | 6.93 | ||||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 5.72 | 1.19 | 6.91 | ||||||
Discontinued operations | — | — | — | ||||||
Net earnings (loss)Â - diluted | 5.72 | 1.19 | 6.91 | ||||||
Year Ended December 31, 2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (5,226 | ) | (11 | ) | (5,237 | ) | |||
Gross profit | 1,192 | (11 | ) | 1,181 | |||||
Selling, general and administrative expenses | (507 | ) | (323 | ) | (830 | ) | |||
Research and development expenses | (102 | ) | (2 | ) | (104 | ) | |||
Operating profit (loss) | 511 | (336 | ) | 175 | |||||
Earnings (loss) from continuing operations before tax | 657 | (336 | ) | 321 | |||||
Income tax (provision) benefit | (48 | ) | 103 | 55 | |||||
Earnings (loss) from continuing operations | 609 | (233 | ) | 376 | |||||
Net earnings (loss) | 605 | (233 | ) | 372 | |||||
Net earnings (loss) attributable to Celanese Corporation | 605 | (233 | ) | 372 | |||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 3.84 | (1.47 | ) | 2.37 | |||||
Discontinued operations | (0.02 | ) | — | (0.02 | ) | ||||
Net earnings (loss)Â - basic | 3.82 | (1.47 | ) | 2.35 | |||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 3.81 | (1.46 | ) | 2.35 | |||||
Discontinued operations | (0.02 | ) | — | (0.02 | ) | ||||
Net earnings (loss)Â - diluted | 3.79 | (1.46 | ) | 2.33 | |||||
Year Ended December 31, 2011 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (5,329 | ) | (17 | ) | (5,346 | ) | |||
Gross profit | 1,434 | (17 | ) | 1,417 | |||||
Selling, general and administrative expenses | (536 | ) | (269 | ) | (805 | ) | |||
Research and development expenses | (96 | ) | (2 | ) | (98 | ) | |||
Operating profit (loss) | 690 | (288 | ) | 402 | |||||
Earnings (loss) from continuing operations before tax | 755 | (288 | ) | 467 | |||||
Income tax (provision) benefit | (149 | ) | 108 | (41 | ) | ||||
Earnings (loss) from continuing operations | 606 | (180 | ) | 426 | |||||
Net earnings (loss) | 607 | (180 | ) | 427 | |||||
Net earnings (loss) attributable to Celanese Corporation | 607 | (180 | ) | 427 | |||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 3.88 | (1.16 | ) | 2.72 | |||||
Discontinued operations | 0.01 | — | 0.01 | ||||||
Net earnings (loss)Â - basic | 3.89 | (1.16 | ) | 2.73 | |||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 3.81 | (1.13 | ) | 2.68 | |||||
Discontinued operations | 0.01 | — | 0.01 | ||||||
Net earnings (loss)Â - diluted | 3.82 | (1.13 | ) | 2.69 | |||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of comprehensive income (loss) is as follows: | |||||||||
Year Ended December 31, 2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 912 | 189 | 1,101 | ||||||
Pension and postretirement benefits | 247 | (189 | ) | 58 | |||||
Total other comprehensive income (loss), net of tax | 274 | (189 | ) | 85 | |||||
Year Ended December 31, 2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 605 | (233 | ) | 372 | |||||
Pension and postretirement benefits | (244 | ) | 233 | (11 | ) | ||||
Total other comprehensive income (loss), net of tax | (232 | ) | 233 | 1 | |||||
Year Ended December 31, 2011 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 607 | (180 | ) | 427 | |||||
Pension and postretirement benefits | (180 | ) | 180 | — | |||||
Total other comprehensive income (loss), net of tax | (180 | ) | 180 | — | |||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated balance sheets is as follows: | |||||||||
As of December 31, 2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Retained earnings | 3,815 | (804 | ) | 3,011 | |||||
Accumulated other comprehensive income (loss), net | (808 | ) | 804 | (4 | ) | ||||
As of December 31, 2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(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 the consolidated statements of equity is as follows: | |||||||||
2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Retained earnings as of the beginning of the period | 2,986 | (993 | ) | 1,993 | |||||
Net earnings (loss) attributable to Celanese Corporation | 912 | 189 | 1,101 | ||||||
Retained earnings as of the end of the period | 3,815 | (804 | ) | 3,011 | |||||
Accumulated other comprehensive income (loss), net as of the beginning of the period | (1,082 | ) | 993 | (89 | ) | ||||
Other comprehensive income (loss), net of tax | 274 | (189 | ) | 85 | |||||
Accumulated other comprehensive income (loss), net as of the end of the period | (808 | ) | 804 | (4 | ) | ||||
2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Retained earnings as of the beginning of the period | 2,424 | (760 | ) | 1,664 | |||||
Net earnings (loss) attributable to Celanese Corporation | 605 | (233 | ) | 372 | |||||
Retained earnings as of the end of the period | 2,986 | (993 | ) | 1,993 | |||||
Accumulated other comprehensive income (loss), net as of the beginning of the period | (850 | ) | 760 | (90 | ) | ||||
Other comprehensive income (loss), net of tax | (232 | ) | 233 | 1 | |||||
Accumulated other comprehensive income (loss), net as of the end of the period | (1,082 | ) | 993 | (89 | ) | ||||
2011 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Retained earnings as of the beginning of the period | 1,851 | (580 | ) | 1,271 | |||||
Net earnings (loss) attributable to Celanese Corporation | 607 | (180 | ) | 427 | |||||
Retained earnings as of the end of the period | 2,424 | (760 | ) | 1,664 | |||||
Accumulated other comprehensive income (loss), net as of the beginning of the period | (670 | ) | 580 | (90 | ) | ||||
Other comprehensive income (loss), net of tax | (180 | ) | 180 | — | |||||
Accumulated other comprehensive income (loss), net as of the end of the period | (850 | ) | 760 | (90 | ) | ||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of cash flows is as follows: | |||||||||
Year Ended December 31, 2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 912 | 189 | 1,101 | ||||||
Pension and postretirement benefit expense | — | (35 | ) | (35 | ) | ||||
Pension and postretirement contributions | — | (96 | ) | (96 | ) | ||||
Actuarial (gain) loss on pension and postretirement plans | — | (104 | ) | (104 | ) | ||||
Pension curtailments and settlements, net | — | (52 | ) | (52 | ) | ||||
Deferred income taxes, net | 242 | 102 | 344 | ||||||
Other liabilities | 16 | (4 | ) | 12 | |||||
Year Ended December 31, 2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 605 | (233 | ) | 372 | |||||
Pension and postretirement benefit expense | — | 9 | 9 | ||||||
Pension and postretirement contributions | — | (288 | ) | (288 | ) | ||||
Actuarial (gain) loss on pension and postretirement plans | — | 389 | 389 | ||||||
Deferred income taxes, net | (73 | ) | (102 | ) | (175 | ) | |||
Other liabilities | (249 | ) | 225 | (24 | ) | ||||
Year Ended December 31, 2011 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 607 | (180 | ) | 427 | |||||
Pension and postretirement benefit expense | — | 30 | 30 | ||||||
Pension and postretirement contributions | — | (209 | ) | (209 | ) | ||||
Actuarial (gain) loss on pension and postretirement plans | — | 306 | 306 | ||||||
Deferred income taxes, net | 93 | (108 | ) | (15 | ) | ||||
Other liabilities | (262 | ) | 161 | (101 | ) | ||||
• | Cash and cash equivalents | ||||||||
All highly liquid investments with original maturities of three months or less are considered cash equivalents. | |||||||||
• | Inventories | ||||||||
Inventories, including stores and supplies, are stated at the lower of cost or market. Cost for inventories is determined using the first-in, first-out ("FIFO") method. Cost includes raw materials, direct labor and manufacturing overhead. Cost for stores and supplies is primarily determined by the average cost method. | |||||||||
• | Investments in marketable securities | ||||||||
The Company classifies its investments in debt and equity securities as "available-for-sale" and reports those investments at their fair market values in the consolidated balance sheets as Marketable securities, at fair value. Unrealized gains or losses, net of the related tax effect on available-for-sale securities, are excluded from earnings and are reported as a component of Accumulated other comprehensive income (loss), net until realized. The cost of securities sold is determined by using the specific identification method. | |||||||||
A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in the carrying amount to fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year end and forecasted performance of the investee. | |||||||||
The Company reviews all investments for other-than-temporary impairment at least quarterly or as indicators of impairment exist. Indicators of impairment include the duration and severity of the decline in fair value below carrying value as well as the intent and ability to hold the investment to allow for a recovery in the market value of the investment. In addition, the Company considers qualitative factors that include, but are not limited to: (i) the financial condition and business plans of the investee including its future earnings potential, (ii) the investee’s credit rating, and (iii) the current and expected market and industry conditions in which the investee operates. If a decline in the fair value of an investment is deemed by management to be other-than-temporary, the Company writes down the carrying value of the investment to fair value, and the amount of the write-down is included in net earnings. Such a determination is dependent on the facts and circumstances relating to each investment. | |||||||||
• | Investments in affiliates | ||||||||
Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 323, Investments - Equity Method and Joint Ventures ("FASB ASC Topic 323"), stipulates that the equity method should be used to account for investments whereby an investor has "the ability to exercise significant influence over operating and financial policies of an investee", but does not exercise control. FASB ASC Topic 323 generally considers an investor to have the ability to exercise significant influence when it owns 20% or more of the voting stock of an investee. FASB ASC Topic 323 lists circumstances under which, despite 20% ownership, an investor may not be able to exercise significant influence. Certain investments where the Company owns greater than a 20% ownership interest are accounted for under the cost method of accounting because the Company cannot exercise significant influence or control. The Company determined that it cannot exercise significant influence over these entities due to local government investment in and influence over these entities, limitations on the Company's involvement in the day-to-day operations and the present inability of the entities to provide timely financial information prepared in accordance with US GAAP. | |||||||||
In certain instances, the financial information of the Company's equity investees is not available on a timely basis. Accordingly, the Company records its proportional share of the investee's earnings or losses on a consistent lag of no more than one quarter. | |||||||||
The Company assesses the recoverability of the carrying value of its investments whenever events or changes in circumstances indicate a loss in value that is other than a temporary decline. A loss in value of an equity method or cost method investment, which is other than a temporary decline, will be recognized as the difference between the carrying amount of the investment and its fair value. | |||||||||
The Company's estimates of fair value are determined based on a discounted cash flow model. The Company periodically engages third-party valuation consultants to assist with this process. | |||||||||
• | Property, plant and equipment, net | ||||||||
Land is recorded at historical cost. Buildings, machinery and equipment, including capitalized interest, and property under capital lease agreements, are recorded at cost less accumulated depreciation. The Company records depreciation and amortization in its consolidated statements of operations as either Cost of sales or Selling, general and administrative expenses consistent with the utilization of the underlying assets. Depreciation is calculated on a straight-line basis over the following estimated useful lives of depreciable assets: | |||||||||
Land improvements | 20Â years | ||||||||
Buildings and improvements | 30Â years | ||||||||
Machinery and equipment | 20Â years | ||||||||
Leasehold improvements are amortized over 10 years or the remaining life of the respective lease, whichever is shorter. | |||||||||
Accelerated depreciation is recorded when the estimated useful life is shortened. Ordinary repair and maintenance costs, including costs for planned maintenance turnarounds, that do not extend the useful life of the asset are charged to earnings as incurred. Fully depreciated assets are retained in property and depreciation accounts until sold or otherwise disposed. In the case of disposals, assets and related depreciation are removed from the accounts, and the net amounts, less proceeds from disposal, are included in earnings. | |||||||||
The Company also leases property, plant and equipment under operating and capital leases. Rent expense for operating leases, which may have escalating rentals or rent holidays over the term of the lease, is recorded on a straight-line basis over the lease term. Amortization of capital lease assets is included as a component of depreciation expense. | |||||||||
Assets acquired in business combinations are recorded at their fair values and depreciated over the assets' remaining useful lives or the Company's policy lives, whichever is shorter. | |||||||||
The Company assesses the recoverability of the carrying amount of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment loss would be assessed when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss is based on the excess of the carrying amount of the asset group over its fair value. Fair value is measured using discounted cash flows or independent appraisals, as appropriate. Impairment losses are recorded primarily to Other (charges) gains, net. | |||||||||
• | Goodwill and other intangible assets | ||||||||
Customer-related intangible assets and other intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, which range from four to 20 years. | |||||||||
The excess of the purchase price over fair value of net identifiable assets and liabilities of an acquired business ("goodwill"), trademarks and trade names and other indefinite-lived intangible assets are not amortized, but rather tested for impairment, at least annually. The Company assesses the recoverability of the carrying amount of its reporting unit goodwill and other indefinite-lived intangible assets 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 assets may not be fully recoverable. Impairment losses are recorded primarily to Other (charges) gains, net. | |||||||||
When assessing the recoverability of goodwill and other indefinite-lived intangible assets, the Company may first assess qualitative factors. If an initial qualitative assessment indicates that it is more likely than not the carrying amount exceeds fair value, a quantitative analysis may be required. The Company may also elect to skip the qualitative assessment and proceed directly to the quantitative analysis. | |||||||||
Recoverability of the carrying value of goodwill is measured at the reporting unit level based on the provisions of FASB ASC Topic 350, Intangibles - Goodwill and Other ("FASB ASC Topic 350"). In performing a quantitative analysis, the Company measures the recoverability of goodwill for each reporting unit using a discounted cash flow model incorporating discount rates commensurate with the risks involved, which is classified as a Level 3 measurement under FASB ASC Topic 820, Fair Value Measurement ("FASB ASC Topic 820"). The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, tax 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 may engage third-party valuation consultants to assist with this process. The valuation consultants assess fair value by equally weighting a combination of two market approaches (market multiple analysis and comparable transaction analysis) and the discounted cash flow approach. | |||||||||
If the calculated fair value is less than the current carrying amount, impairment of the reporting unit may exist. When the recoverability test indicates potential impairment, the Company, or in certain circumstances, a third-party valuation consultant engaged by the Company to assist with the process, will calculate an implied fair value of goodwill for the reporting unit. The implied fair value of goodwill is determined in a manner similar to how goodwill is calculated in a business combination. If the implied fair value of goodwill exceeds the carrying amount of goodwill assigned to the reporting unit, there is no impairment. If the carrying amount of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment loss is recorded to write down the carrying amount. An impairment loss cannot exceed the carrying amount of goodwill assigned to a reporting unit but may indicate certain long-lived and amortizable intangible assets associated with the reporting unit may require additional impairment testing. | |||||||||
In performing a quantitative analysis, recoverability is measured by a comparison of the carrying amount of the indefinite-lived intangible asset over its fair value. Any excess of the carrying amount of the indefinite-lived intangible asset over its fair value is recognized as an impairment loss. The Company periodically engages third-party valuation consultants to assist with this process. | |||||||||
Management tests indefinite-lived intangible assets utilizing the relief from royalty method to determine the estimated fair value for each indefinite-lived intangible asset, which is classified as a Level 3 measurement under 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, tax 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 ("WACC") 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 WACC and low long-term growth rates. | |||||||||
The Company assesses the recoverability of finite-lived intangible assets in the same manner as for property, plant and equipment as described above. Impairment losses are recorded primarily to Other (charges) gains, net. | |||||||||
• | Financial instruments | ||||||||
The Company manages its exposures to currency exchange rates, interest rates and commodity prices through a risk management program that includes the use of derivative financial instruments. The Company does not use derivative financial instruments for speculative trading purposes. The fair value of all derivative instruments is recorded as an asset or liability at the balance sheet date. Changes in the fair value of these instruments are reported in earnings or Accumulated other comprehensive income (loss), net, depending on the use of the derivative and whether it qualifies for hedge accounting treatment under the provisions of FASB ASC Topic 815, Derivatives and Hedging ("FASB ASC Topic 815"). | |||||||||
Gains and losses on derivative instruments qualifying as cash flow hedges are recorded in Accumulated other comprehensive income (loss), net, to the extent the hedges are effective, until the underlying transactions are recognized in earnings. The ineffective portions of cash flow hedges, if any, are recognized in earnings immediately. Derivative instruments not designated as hedges are marked to market at the end of each accounting period with the change in fair value recorded in earnings. | |||||||||
• | Concentrations of credit risk | ||||||||
The Company is exposed to credit risk in the event of nonpayment by customers and counterparties. The creditworthiness of customers and counterparties is subject to continuing review, including the use of master netting agreements, where the Company deems appropriate. The Company minimizes concentrations of credit risk through diverse customers across many different industries and geographies. In addition, credit risk arising from derivative instruments is not significant because the counterparties to these contracts are primarily major international financial institutions and, to a lesser extent, major chemical companies. Where appropriate, the Company has diversified its selection of counterparties. Generally, collateral is not required from customers and counterparties and allowances are provided for specific risks inherent in receivables. | |||||||||
• | Allowance for doubtful accounts | ||||||||
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company believes, based on historical results, the likelihood of actual write-offs having a material impact on financial results is low. The allowance for doubtful accounts is estimated using factors such as customer credit ratings, past collection history and general risk profile. Receivables are charged against the allowance for doubtful accounts when it is probable that the receivable will not be recovered. | |||||||||
• | Deferred financing costs | ||||||||
The Company capitalizes direct costs incurred to obtain debt financings and amortizes these costs using a method that approximates the effective interest rate method over the terms of the related debt. Upon the extinguishment of the related debt, any unamortized capitalized debt financing costs are immediately expensed. | |||||||||
• | Environmental liabilities | ||||||||
The Company manufactures and sells a diverse line of chemical products throughout the world. Accordingly, the Company's operations are subject to various hazards incidental to the production of industrial chemicals including the use, handling, processing, storage and transportation of hazardous materials. The Company recognizes losses and accrues liabilities relating to environmental matters if available information indicates that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Depending on the nature of the site, the Company accrues through 15 years, unless the Company has government orders or other agreements that extend beyond 15 years. If the event of loss is neither probable nor reasonably estimable, but is reasonably possible, the Company provides disclosure in the notes to the consolidated financial statements if the contingency is considered material. The Company estimates environmental liabilities on a case-by-case basis using the most current status of available facts, existing technology, presently enacted laws and regulations and prior experience in remediation of contaminated sites. Recoveries of environmental costs from other parties are recorded as assets when their receipt is deemed probable. | |||||||||
An environmental reserve related to cleanup of a contaminated site might include, for example, a provision for one or more of the following types of costs: site investigation and testing costs, cleanup costs, costs related to soil and water contamination resulting from tank ruptures and post-remediation monitoring costs. These reserves do not take into account any claims or recoveries from insurance. The measurement of environmental liabilities is based on the Company's periodic estimate of what it will cost to perform each of the elements of the remediation effort. The Company utilizes third parties to assist in the management and development of cost estimates for its sites. Changes to environmental regulations or other factors affecting environmental liabilities are reflected in the consolidated financial statements in the period in which they occur. | |||||||||
• | Revenue recognition | ||||||||
The Company recognizes revenue when title and risk of loss have been transferred to the customer, generally at the time of shipment of products, and provided that four basic criteria are met: (a)Â persuasive evidence of an arrangement exists; (b)Â delivery has occurred or services have been rendered; (c)Â the fee is fixed or determinable; and (d)Â collectibility is reasonably assured. Should changes in conditions cause the Company to determine revenue recognition criteria are not met for certain transactions, revenue recognition would be delayed until such time that the transactions become realizable and fully earned. Payments received in advance of meeting the above revenue recognition criteria are recorded as deferred revenue. Shipping and handling fees billed to customers in a sales transaction are recorded in Net sales and shipping and handling costs incurred are recorded in Cost of sales. | |||||||||
• | Research and development | ||||||||
The costs of research and development are charged as an expense in the period in which they are incurred. | |||||||||
• | Insurance loss reserves | ||||||||
The Company has two wholly-owned insurance companies (the "Captives") that are used as a form of self insurance for liability and workers compensation risks. The Captives enter into reinsurance arrangements to reduce their risk of loss. The reinsurance arrangements do not relieve the Captives from their obligations to policyholders. Failure of the reinsurers to honor their obligations could result in losses to the Captives. The Captives evaluate the financial condition of their reinsurers and monitor concentrations of credit risk to minimize their exposure to significant losses from reinsurer insolvencies and to establish allowances for amounts deemed non-collectible. | |||||||||
One of the Captives also insures certain third-party risks. The liabilities recorded by the Captives relate to the estimated risk of loss, which is based on management estimates and actuarial valuations, and unearned premiums, which represent the portion of the third-party premiums written applicable to the unexpired terms of the policies in-force. Liabilities are recognized for known claims when sufficient information has been developed to indicate involvement of a specific policy and the Company can reasonably estimate its liability. In addition, liabilities have been established to cover additional exposure on both known and unasserted claims. Estimates of the liabilities are reviewed and updated regularly. It is possible that actual results could differ significantly from the recorded liabilities. Premiums written are recognized as revenue as earned based on the terms of the policies. Capitalization of the Captives is determined by regulatory guidelines. | |||||||||
• | Income taxes | ||||||||
The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carryforwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date. | |||||||||
The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not (likelihood of greater than 50%) that some portion or all of the deferred tax assets will not be realized. | |||||||||
The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes. Tax positions are recognized only when it is more likely than not, based on technical merits, that the positions will be sustained upon examination. Tax positions that meet the more-likely-than-not threshold are measured using a probability weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a tax position is a matter of judgment based on the individual facts and circumstances of that position evaluated in light of all available evidence. | |||||||||
The Company recognizes interest and penalties related to uncertain tax positions in Income tax (provision) benefit in the consolidated statement of operations. | |||||||||
• | Functional and reporting currencies | ||||||||
For the Company's international operations where the functional currency is other than the US dollar, assets and liabilities are translated using period-end exchange rates, while the statement of operations amounts are translated using the average exchange rates for the respective period. Differences arising from the translation of assets and liabilities in comparison with the translation of the previous periods or from initial recognition during the period are included as a separate component of Accumulated other comprehensive income (loss), net. |
Accounting_Pronouncements
Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Accounting Pronouncements | ' |
Accounting Pronouncements | |
In July 2013, the 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 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. 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 | 12 Months Ended | ||||||||
Dec. 31, 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. In February 2011, the Company acquired a business primarily consisting of emulsions process technology from Crown Paints Limited. Both of the acquired operations are included in the Industrial Specialties segment. Pro forma financial information since the respective acquisition dates has not been provided as the acquisitions 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. 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 ("Mitsui"), 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 be operational in the second half of 2015. The Company has incurred pre-formation costs, including costs for long lead time materials, which are subject to reimbursement from Mitsui and are included in Non-trade receivables, net in the consolidated balance sheets (Note 6). | |||||||||
Plant Closures | |||||||||
• Roussillon, France | |||||||||
On November 4, 2013, the Company announced its intent to initiate an information and consultation process on the contemplated closure of its acetic anhydride facility in Roussillon, France. On December 10, 2013, the Company announced it had completed the consultation process pursuant to which the Company ceased all manufacturing operations in December 2013. The Roussillon, France operations are included in the Acetyl Intermediates segment. | |||||||||
The exit costs and plant shutdown costs related to the closure of the Roussillon facility (Note 17) are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | |||||||||
(In $ millions) | |||||||||
Employee termination benefits | (6 | ) | |||||||
Asset impairments | (3 | ) | |||||||
Contract termination costs | (3 | ) | |||||||
Total exit costs recorded to Other (charges) gains, net | (12 | ) | |||||||
Gain (loss) on disposition of assets, net | (1 | ) | |||||||
Other | (1 | ) | |||||||
Total plant shutdown costs | (2 | ) | |||||||
• Tarragona, Spain | |||||||||
On November 4, 2013, the Company announced its intent to initiate an information and consultation process on the contemplated closure of its vinyl acetate monomer ("VAM") facility in Tarragona, Spain. On December 10, 2013, the Company announced it had completed the consultation process pursuant to which the Company ceased all manufacturing operations in December 2013. The Tarragona, Spain VAM operations are included in the Acetyl Intermediates segment. | |||||||||
The exit costs and plant shutdown costs related to the closure of the Tarragona VAM facility (Note 17) are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | |||||||||
(In $ millions) | |||||||||
Employee termination benefits | (14 | ) | |||||||
Asset impairments | (31 | ) | |||||||
Contract termination costs | (30 | ) | |||||||
Total exit costs recorded to Other (charges) gains, net | (75 | ) | |||||||
Gain (loss) on disposition of assets, net | (1 | ) | |||||||
Other | (2 | ) | |||||||
Total plant shutdown costs | (3 | ) | |||||||
• Spondon, Derby, United Kingdom | |||||||||
In August 2010, the Company announced it would consolidate its global acetate manufacturing capabilities by closing its acetate flake and acetate tow manufacturing operations in Spondon, Derby, United Kingdom. In November 2012, the Company ceased manufacturing acetate flake and acetate tow at its Spondon, Derby, United Kingdom site. The Company now serves its cellulose derivatives customers by optimizing its global production network, which includes facilities in Lanaken, Belgium; Narrows, Virginia; and Ocotlan, Mexico, as well as the Company's cellulose derivatives ventures in China. The Spondon, Derby, United Kingdom operations are included in the Consumer Specialties segment. | |||||||||
The exit costs and plant shutdown costs related to the closure of the acetate flake and acetate tow manufacturing operations in Spondon, Derby, United Kingdom are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Employee termination benefits | — | (5 | ) | (4 | ) | ||||
Asset impairments | — | (8 | ) | — | |||||
Total exit costs recorded to Other (charges) gains, net | — | (13 | ) | (4 | ) | ||||
Accelerated depreciation | — | (6 | ) | (7 | ) | ||||
Other | (3 | ) | (5 | ) | (3 | ) | |||
Total plant shutdown costs | (3 | ) | (11 | ) | (10 | ) |
Marketable_Securities_at_Fair_
Marketable Securities, at Fair Value | 12 Months Ended | |||||
Dec. 31, 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 of the Company's nonqualified pension plans (Note 14). | ||||||
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 December 31, | ||||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Mutual Funds | ||||||
Amortized cost | 41 | 53 | ||||
Gross unrealized gain | — | — | ||||
Gross unrealized loss | — | — | ||||
Fair value | 41 | 53 | ||||
See Note 22 - Fair Value Measurements for additional information regarding the fair value of the Company's marketable securities. |
Receivables_Net
Receivables, Net | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Receivables [Abstract] | ' | |||||
Receivables, Net | ' | |||||
Receivables, Net | ||||||
As of December 31, | ||||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Trade receivables - third party and affiliates | 876 | 836 | ||||
Allowance for doubtful accounts - third party and affiliates | (9 | ) | (9 | ) | ||
Trade receivables - third party and affiliates, net | 867 | 827 | ||||
As of December 31, | ||||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Non-income taxes receivable | 133 | 80 | ||||
Reinsurance receivables | 25 | 22 | ||||
Income taxes receivable | 23 | 53 | ||||
Receivable from Mitsui venture (Note 4) | 70 | — | ||||
Other | 92 | 55 | ||||
Allowance for doubtful accounts - other | — | (1 | ) | |||
Non-trade receivables, net | 343 | 209 | ||||
Inventories
Inventories | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Inventory Disclosure [Abstract] | ' | |||||
Inventories | ' | |||||
Inventories | ||||||
As of December 31, | ||||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Finished goods | 571 | 514 | ||||
Work-in-process | 59 | 42 | ||||
Raw materials and supplies | 174 | 155 | ||||
Total | 804 | 711 | ||||
Investments_in_Affiliates
Investments in Affiliates | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | |||||||||||||||||||||||||||
Investments in Affiliates | ' | |||||||||||||||||||||||||||
Investments in Affiliates | ||||||||||||||||||||||||||||
The Company is a party to various transactions with affiliated companies. Entities in which the Company has an investment accounted for under the cost or equity method of accounting are considered affiliates; any transactions or balances with such companies are considered affiliate transactions. | ||||||||||||||||||||||||||||
Equity Method | ||||||||||||||||||||||||||||
Equity method investments and ownership interests by business segment are as follows: | ||||||||||||||||||||||||||||
Ownership | Carrying | Share of | Dividends and | |||||||||||||||||||||||||
as of | Value as of | Earnings (Loss) | Other Distributions | |||||||||||||||||||||||||
December 31, | December 31, | Year Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
(In percentages) | (In $ millions) | |||||||||||||||||||||||||||
Advanced Engineered Materials | ||||||||||||||||||||||||||||
Ibn Sina | 25 | 25 | 68 | 55 | 111 | 130 | 112 | (97 | ) | (126 | ) | (111 | ) | |||||||||||||||
Fortron Industries LLC | 50 | 50 | 95 | 92 | 8 | 9 | 7 | (5 | ) | (3 | ) | — | ||||||||||||||||
Korea Engineering Plastics Co., Ltd. | 50 | 50 | 154 | 153 | 15 | 19 | 23 | (19 | ) | (23 | ) | (22 | ) | |||||||||||||||
Polyplastics Co., Ltd.(3) | 45 | 45 | 151 | 138 | 14 | 32 | 19 | — | (81 | ) | (45 | ) | ||||||||||||||||
Una SA(1) | — | — | — | — | — | — | — | — | — | (3 | ) | |||||||||||||||||
Other Activities | ||||||||||||||||||||||||||||
InfraServ GmbHÂ & Co. Gendorf KG | 39 | 39 | 42 | 36 | 10 | 9 | 10 | (6 | ) | (7 | ) | (3 | ) | |||||||||||||||
InfraServ GmbHÂ & Co. Hoechst KG(4) | 32 | 32 | 159 | 143 | 17 | 38 | 16 | (9 | ) | (18 | ) | (16 | ) | |||||||||||||||
InfraServ GmbHÂ & Co. Knapsack KG | 27 | 27 | 22 | 22 | 4 | 5 | 5 | (5 | ) | (4 | ) | (5 | ) | |||||||||||||||
Consumer Specialties | ||||||||||||||||||||||||||||
Sherbrooke Capital Health and | 10 | 10 | 5 | 5 | 1 | — | — | — | — | — | ||||||||||||||||||
Wellness, L.P.(2) | ||||||||||||||||||||||||||||
Total | 696 | 644 | 180 | 242 | 192 | (141 | ) | (262 | ) | (205 | ) | |||||||||||||||||
______________________________ | ||||||||||||||||||||||||||||
(1)Â | The Company divested this investment in March 2011. | |||||||||||||||||||||||||||
(2)Â | The Company accounts for its ownership interest in Sherbrooke Capital Health and Wellness, L.P. under the equity method of accounting because the Company is able to exercise significant influence. | |||||||||||||||||||||||||||
(3)Â | During the year ended December 31, 2012, the Company amended its existing joint venture and other related agreements with Polyplastics Co., Ltd. The amended agreements, among other items, modified certain dividend rights, resulting in a net cash dividend payment to the Company of $72 million during the three months ended March 31, 2012. | |||||||||||||||||||||||||||
(4)Â | InfraServ GmbH & Co. Hoechst KG is owned primarily by an entity included in the Company's Other Activities. The Company's Consumer Specialties segment and Acetyl Intermediates segment also each hold an ownership percentage. During the year ended December 31, 2012, a subsidiary of InfraServ GmbH & Co. Hoechst KG restructured its debt resulting in additional net earnings of affiliates of $22 million attributable to the Company. | |||||||||||||||||||||||||||
Cost Method | ||||||||||||||||||||||||||||
Cost method investments and ownership interests by business segment are as follows: | ||||||||||||||||||||||||||||
Ownership | Carrying | Dividend | ||||||||||||||||||||||||||
as of | Value | Income for the | ||||||||||||||||||||||||||
December 31, | as of | Year Ended | ||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In percentages) | (In $ millions) | |||||||||||||||||||||||||||
Consumer Specialties | ||||||||||||||||||||||||||||
Kunming Cellulose Fibers Co. Ltd. | 30 | 30 | 14 | 14 | 13 | 13 | 12 | |||||||||||||||||||||
Nantong Cellulose Fibers Co. Ltd. | 31 | 31 | 106 | 106 | 68 | 59 | 56 | |||||||||||||||||||||
Zhuhai Cellulose Fibers Co. Ltd. | 30 | 30 | 14 | 14 | 11 | 11 | 10 | |||||||||||||||||||||
Other Activities | ||||||||||||||||||||||||||||
InfraServ GmbHÂ & Co. Wiesbaden KG | 8 | 8 | 6 | 6 | 1 | 2 | 2 | |||||||||||||||||||||
Other(1) | 5 | 16 | — | — | — | |||||||||||||||||||||||
Total | 145 | 156 | 93 | 85 | 80 | |||||||||||||||||||||||
______________________________ | ||||||||||||||||||||||||||||
-1 | The Company's Hoechst Italia SpA investment of $9 million was liquidated during the three months ended June 30, 2013 resulting in a gain of $2 million included in Other income (expense), net in the consolidated statements of operations. The Company's Complejo Industrial Taqsa A.I.E. investment was impaired during the three months ended December 31, 2013 as a result of the closure of the Company's Tarragona, Spain VAM facility (Note 4). An impairment loss of $2 million is included in Other income (expense), net in the consolidated statements of operations. | |||||||||||||||||||||||||||
Transactions with Affiliates | ||||||||||||||||||||||||||||
Transactions with affiliates are as follows: | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||||||
Purchases | 264 | 208 | 238 | |||||||||||||||||||||||||
Sales | — | 1 | 10 | |||||||||||||||||||||||||
Interest income | — | — | 1 | |||||||||||||||||||||||||
Balances with affiliates are as follows: | ||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||||||
Non-trade receivables | 31 | 11 | ||||||||||||||||||||||||||
Total due from affiliates | 31 | 11 | ||||||||||||||||||||||||||
Short-term borrowings | 26 | 36 | ||||||||||||||||||||||||||
Trade payables | 24 | 9 | ||||||||||||||||||||||||||
Current Other liabilities | 6 | 6 | ||||||||||||||||||||||||||
Total due to affiliates | 56 | 51 | ||||||||||||||||||||||||||
The Company has agreements with certain affiliates, primarily real estate service companies ("InfraServ Entities") (Note 15), whereby excess affiliate cash is lent to and managed by the Company, at variable interest rates governed by those agreements. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment, Net [Abstract] | ' | ||||||||
Property, Plant and Equipment, Net | ' | ||||||||
Property, Plant and Equipment, Net | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In $ millions) | |||||||||
Land | 45 | 49 | |||||||
Land improvements | 44 | 45 | |||||||
Buildings and building improvements | 692 | 675 | |||||||
Machinery and equipment | 3,965 | 3,760 | |||||||
Construction in progress | 351 | 327 | |||||||
Gross asset value | 5,097 | 4,856 | |||||||
Accumulated depreciation | (1,672 | ) | (1,506 | ) | |||||
Net book value | 3,425 | 3,350 | |||||||
Assets under capital leases, net, included in the amounts above are as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In $ millions) | |||||||||
Buildings | 17 | 34 | |||||||
Machinery and equipment | 297 | 290 | |||||||
Accumulated depreciation | (110 | ) | (122 | ) | |||||
Net book value | 204 | 202 | |||||||
Capitalized interest costs and depreciation expense are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Capitalized interest | 9 | 7 | 4 | ||||||
Depreciation expense | 280 | 261 | 232 | ||||||
During 2013, 2012 and 2011, certain long-lived assets were impaired (Note 4 and Note 17). |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, Net | 12 Months Ended | |||||||||||||||
Dec. 31, 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, 2011 | ||||||||||||||||
Goodwill | 294 | 246 | 35 | 185 | 760 | |||||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||||
Net book value | 294 | 246 | 35 | 185 | 760 | |||||||||||
Acquisitions (Note 4) | — | — | 7 | — | 7 | |||||||||||
Exchange rate changes | 3 | 3 | — | 4 | 10 | |||||||||||
As of December 31, 2012 | ||||||||||||||||
Goodwill | 297 | 249 | 42 | 189 | 777 | |||||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||||
Net book value | 297 | 249 | 42 | 189 | 777 | |||||||||||
Acquisitions | — | — | — | — | — | |||||||||||
Exchange rate changes | 6 | 5 | 1 | 9 | 21 | |||||||||||
As of December 31, 2013 | ||||||||||||||||
Goodwill | 303 | 254 | 43 | 198 | 798 | |||||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||||
Net book value | 303 | 254 | 43 | 198 | 798 | |||||||||||
The Company assesses the recoverability of the carrying amount 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 amount of the underlying assets by a substantial margin. No events or changes in circumstances occurred during the three months ended December 31, 2013 that would indicate that the carrying amount of the assets may not be fully recoverable. Accordingly, no additional impairment analysis was performed during that period. | ||||||||||||||||
Intangible Assets, Net | ||||||||||||||||
Finite-lived intangible assets 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, 2011 | 32 | 513 | 27 | 24 | 596 | |||||||||||
Acquisitions (Note 4) | — | 4 | 3 | 8 | 15 | |||||||||||
Exchange rate changes | — | 8 | — | — | 8 | |||||||||||
As of December 31, 2012 | 32 | 525 | 30 | 32 | 619 | |||||||||||
Acquisitions | — | — | — | 7 | 7 | (1) | ||||||||||
Exchange rate changes | 1 | 19 | — | — | 20 | |||||||||||
As of December 31, 2013 | 33 | 544 | 30 | 39 | 646 | |||||||||||
Accumulated Amortization | ||||||||||||||||
As of December 31, 2011 | (13 | ) | (433 | ) | (14 | ) | (18 | ) | (478 | ) | ||||||
Amortization | (3 | ) | (40 | ) | (3 | ) | (5 | ) | (51 | ) | ||||||
Exchange rate changes | — | (7 | ) | — | — | (7 | ) | |||||||||
As of December 31, 2012 | (16 | ) | (480 | ) | (17 | ) | (23 | ) | (536 | ) | ||||||
Amortization | (3 | ) | (23 | ) | (4 | ) | (2 | ) | (32 | ) | ||||||
Exchange rate changes | (1 | ) | (18 | ) | — | — | (19 | ) | ||||||||
As of December 31, 2013 | (20 | ) | (521 | ) | (21 | ) | (25 | ) | (587 | ) | ||||||
Net book value | 13 | 23 | 9 | 14 | 59 | |||||||||||
______________________________ | ||||||||||||||||
(1)Â | Weighted average amortization period of intangible assets acquired was 29 years. | |||||||||||||||
Indefinite-lived intangible assets are as follows: | ||||||||||||||||
Trademarks | ||||||||||||||||
and Trade Names | ||||||||||||||||
(In $ millions) | ||||||||||||||||
Gross Asset Value | ||||||||||||||||
As of December 31, 2011 | 79 | |||||||||||||||
Acquisitions (Note 4) | 2 | |||||||||||||||
Accumulated impairment losses | — | |||||||||||||||
Exchange rate changes | 1 | |||||||||||||||
As of December 31, 2012 | 82 | |||||||||||||||
Acquisitions | — | |||||||||||||||
Accumulated impairment losses | (1 | ) | ||||||||||||||
Exchange rate changes | 2 | |||||||||||||||
As of December 31, 2013 | 83 | |||||||||||||||
The Company assesses the recoverability of the carrying amount 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 amount, 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 17) during the nine months ended September 30, 2013 to fully write-off the 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 amount 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. | ||||||||||||||||
No events or changes in circumstances occurred during the three months ended December 31, 2013 that would indicate that the carrying amount of the assets may not be fully recoverable. Accordingly, no additional impairment analysis was performed during that period. | ||||||||||||||||
The Company’s trademarks and trade names have an indefinite life. For the year ended December 31, 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 | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Other Liabilities, Current [Abstract] | ' | |||||
Current Other Liabilities | ' | |||||
Current Other Liabilities | ||||||
As of December 31, | ||||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Salaries and benefits | 96 | 74 | ||||
Environmental (Note 15) | 30 | 21 | ||||
Restructuring (Note 17) | 60 | 30 | ||||
Insurance | 14 | 15 | ||||
Asset retirement obligations | 29 | 38 | ||||
Derivatives (Note 21) | 12 | 23 | ||||
Current portion of benefit obligations (Note 14) | 78 | 47 | ||||
Interest | 24 | 23 | ||||
Sales and use tax/foreign withholding tax payable | 12 | 17 | ||||
Uncertain tax positions (Note 18) | 64 | 65 | ||||
Customer rebates | 48 | 44 | ||||
Other | 74 | 78 | ||||
Total | 541 | 475 | ||||
Noncurrent_Other_Liabilities
Noncurrent Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities, Noncurrent [Abstract] | ' | ||||||||
Noncurrent Other Liabilities | ' | ||||||||
Noncurrent Other Liabilities | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In $ millions) | |||||||||
Environmental (Note 15) | 67 | 78 | |||||||
Insurance | 50 | 58 | |||||||
Deferred revenue | 28 | 36 | |||||||
Deferred proceeds(1) | 53 | 909 | |||||||
Asset retirement obligations | 18 | 26 | |||||||
Derivatives (Note 21) | 3 | 8 | |||||||
Restructuring (Note 17) | 2 | — | |||||||
Income taxes payable | 20 | 2 | |||||||
Other | 46 | 35 | |||||||
Total | 287 | 1,152 | |||||||
______________________________ | |||||||||
-1 | 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, were recognized during the three months ended December 31, 2013 (Note 27). | ||||||||
Changes in asset retirement obligations are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Balance at beginning of year | 64 | 64 | 77 | ||||||
Additions(1) | 5 | 3 | — | ||||||
Accretion | 2 | 3 | 3 | ||||||
Payments | (23 | ) | (12 | ) | (10 | ) | |||
Revisions to cash flow estimates(2) | (2 | ) | 5 | (5 | ) | ||||
Exchange rate changes | 1 | 1 | (1 | ) | |||||
Balance at end of year | 47 | 64 | 64 | ||||||
______________________________ | |||||||||
(1)Â | Primarily relates to sites which management no longer considers to have an indeterminate life. | ||||||||
(2)Â | Primarily relates to revisions to the estimated cost and timing of future obligations. | ||||||||
Included in the asset retirement obligations for the years ended December 31, 2013 and 2012 is $10 million and $10 million, respectively, related to indemnifications received for a business acquired in 2005. The Company has a corresponding receivable of $5 million in Non-trade receivables, net and $5 million included in noncurrent Other assets in the consolidated balance sheet as of December 31, 2013. | |||||||||
Periodically, the Company will conclude a site no longer has an indeterminate life based on long-lived asset impairment triggering events and decisions made by the Company. Accordingly, the Company will record asset retirement obligations associated with such sites. To measure the fair value of the asset retirement obligations, the Company will use the expected present value technique, which is classified as a Level 3 measurement under FASB ASC Topic 820. The expected present value technique uses a set of cash flows that represent the probability-weighted average of all possible cash flows based on the Company's judgment. The Company uses the following inputs to determine the fair value of the asset retirement obligations based on the Company's experience with fulfilling obligations of this type and the Company's knowledge of market conditions: a) labor costs; b) allocation of overhead costs; c) profit on labor and overhead costs; d) effect of inflation on estimated costs and profits; e) risk premium for bearing the uncertainty inherent in cash flows, other than inflation; f) time value of money represented by the risk-free interest rate commensurate with the timing of the associated cash flows; and g) nonperformance risk relating to the liability, which includes the Company's own credit risk. | |||||||||
The Company has identified but not recognized asset retirement obligations related to certain of its existing operating facilities. Examples of these types of obligations include demolition, decommissioning, disposal and restoration activities. Legal obligations exist in connection with the retirement of these assets upon closure of the facilities or abandonment of the existing operations. However, the Company currently plans on continuing operations at these facilities indefinitely and therefore, a reasonable estimate of fair value cannot be determined at this time. In the event the Company considers plans to abandon or cease operations at these sites, an asset retirement obligation will be reassessed at that time. If certain operating facilities were to close, the related asset retirement obligations could significantly affect the Company's results of operations and cash flows. |
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
As of 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 | 24 | 60 | |||||||
Short-term borrowings, including amounts due to affiliates | 103 | 108 | |||||||
Accounts receivable securitization facility | 50 | — | |||||||
Total | 177 | 168 | |||||||
The Company's weighted average interest rate on short-term borrowings, including amounts due to affiliates and borrowings under the accounts receivable securitization facility, was 3.2% as of December 31, 2013 compared to 4.0% as of December 31, 2012. The weighted average interest rate on the accounts receivable securitization facility was 0.7% as of December 31, 2013. | |||||||||
As of 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 | 978 | — | |||||||
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 1.8% | — | 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 | 264 | 244 | |||||||
Other bank obligations | — | 37 | |||||||
Subtotal | 2,911 | 2,990 | |||||||
Current installments of long-term debt | (24 | ) | (60 | ) | |||||
Total | 2,887 | 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 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. | |||||||||
As a result of the Term B loan payoff by the issuance of the 5.875% Notes, the Company accelerated amortization of deferred financing costs of $3 million, which is recorded as Refinancing expense in the consolidated statements of operations. In addition, the Company recorded deferred financing costs of $8 million, which are being amortized over the term of the 5.875% Notes. | |||||||||
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. | |||||||||
As a result of the Term C loan paydown using proceeds from the issuance of the 4.625% Notes, $3 million has been recorded as Refinancing expense in the 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 $8 million, which are being amortized over the term of the 4.625% Notes. | |||||||||
In anticipation of the Company's change in pension accounting policy, 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 on April 2, 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 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. | |||||||||
In December 2013, Celanese US reduced the Total Credit Linked Commitment (as defined in the Amended Credit Agreement) for the credit-linked revolving facility terminating on April 2, 2014 to $23 million. | |||||||||
Amortization of deferred financing costs is as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Interest expense | 5 | 4 | 4 | ||||||
Net deferred financing costs are as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In $ millions) | |||||||||
Noncurrent Other assets | 27 | 30 | |||||||
As of December 31, 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 December 31, 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 December 31, 2013 | |||||||||
Estimated Total Net | Estimated | ||||||||
Leverage Ratio | Margin | ||||||||
Credit-linked revolving facility | 1.54 | 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 April 2, 2007. | |||||||||
As a condition to borrowing funds or requesting letters of credit be issued under the revolving credit 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 December 31, 2013 | |||||||||
Maximum | Estimate | Estimate, if Fully Drawn | |||||||
3.9 | 0.88 | 1.38 | |||||||
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; as well as a covenant requiring maintenance of a maximum first lien senior secured leverage ratio. | |||||||||
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 December 31, 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 December 31, 2013, the borrowing base was $129 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 consolidated balance sheet as Trade receivables - third party and affiliates. Borrowings under this facility are classified as short-term borrowings in the 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. | |||||||||
During the three months ended December 31, 2013, Celanese US prepaid $50 million of borrowings outstanding under the accounts receivable securitization facility set to mature on August 28, 2016 using cash on hand. | |||||||||
As of December 31, 2013, the outstanding amount of accounts receivable transferred by the Originators to the Transferor was $199 million. | |||||||||
The Company's balances available for borrowing are as follows: | |||||||||
As of | |||||||||
December 31, | |||||||||
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 | 23 | ||||||||
Available for borrowing | — | ||||||||
Accounts Receivable Securitization Facility | |||||||||
Borrowings outstanding | 50 | ||||||||
Letters of credit issued | 61 | ||||||||
Available for borrowing | 18 | ||||||||
Principal payments scheduled to be made on the Company's debt, including short-term borrowings, are as follows: | |||||||||
(In $ millions) | |||||||||
2014 | 177 | ||||||||
2015 | 25 | ||||||||
2016 | 976 | ||||||||
2017 | 20 | ||||||||
2018 | 622 | ||||||||
Thereafter | 1,244 | ||||||||
Total | 3,064 | ||||||||
Benefit_Obligations
Benefit Obligations | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||
Benefit Obligations | ' | |||||||||||||||||
Benefit Obligations | ||||||||||||||||||
Pension obligations. Pension obligations are established for benefits payable in the form of retirement, disability and surviving dependent pensions. The commitments result from participation in defined contribution and defined benefit plans, primarily in the US. Benefits are dependent on years of service and the employee's compensation. Supplemental retirement benefits provided to certain employees are nonqualified for US tax purposes. Separate nonqualified trusts have been established for US nonqualified plans. Pension costs under the Company's retirement plans are actuarially determined. | ||||||||||||||||||
The Company sponsors defined benefit pension plans in North America, Europe and Asia. Independent trusts or insurance companies administer the majority of these plans. | ||||||||||||||||||
During the three months ended December 31, 2013, the Company settled certain of its defined benefit pension plan obligations in the United Kingdom and Canada, which resulted in the recognition of settlement losses of $9 million in the consolidated statement of operations. Additionally, effective December 31, 2013, benefits offered to all US non-union eligible employees in the Company's US qualified defined benefit pension plan have been frozen and the US qualified defined benefit pension plan was closed to new participants. Accumulated benefits earned and service rendered through December 31, 2013 under the US qualified defined benefit pension plan provisions will continue to be considered for purposes of determining retirement benefits and eligibility for early retirement. These actions resulted in the recognition of a curtailment gain of $61 million in the consolidated statements of operations for the three months ended December 31, 2013. | ||||||||||||||||||
The Company sponsors various defined contribution plans in North America, Europe and Asia covering certain employees. Employees may contribute to these plans and the Company will match these contributions in varying amounts. The Company's matching contribution to the defined contribution plans are based on specified percentages of employee contributions. | ||||||||||||||||||
The Company participates in a multiemployer defined benefit plan and a multiemployer defined contribution plan in Germany covering certain employees. The Company's contributions to the multiemployer defined benefit plan are based on specified percentages of employee contributions as outlined in a works council agreement, covering all German entity employees hired prior to January 1, 2012. As of January 1, 2012, the multiemployer defined benefit pension plan described above was closed to new employees. Qualifying employees hired in Germany after December 31, 2011 are covered by a multiemployer defined contribution plan. The Company's contributions to the multiemployer defined contribution plan are based on specified percentages of employee contributions, similar to the multiemployer defined benefit plan, but at a lower rate. | ||||||||||||||||||
Statutory regulations and the works council agreement require the contributions to fully fund the multiemployer plans. The risks of participating in the multiemployer plans are different from single-employer plans in the following aspects: | ||||||||||||||||||
• | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | |||||||||||||||||
• | If a participating employer stops contributing to the plan, any underfunding may be borne by the remaining participants, especially since regulations strictly enforce funding requirements. | |||||||||||||||||
• | If the Company chooses to stop participating in the multiemployer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as the withdrawal liability. | |||||||||||||||||
Based on the 2013 unaudited and 2012 audited multiemployer defined benefit plan's financial statements, the plan is 100% funded in 2013, 2012 and 2011. The number of employees covered by the Company's multiemployer defined benefit plan remained relatively stable year over year from 2011 to 2013, resulting in minimal changes to employer contributions. The Company's participation in the German multiemployer defined benefit plan is not considered individually significant to that plan as the Company's contributions were less than 5% in both 2013 and 2012. No other factors would indicate the Company's participation in the German multiemployer defined benefit plan is individually significant. | ||||||||||||||||||
Contributions to the Company's defined contribution plans and multiemployer plans are as follows: | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Defined contribution plans | 19 | 17 | 15 | |||||||||||||||
Multiemployer pension plan | 8 | 6 | 6 | |||||||||||||||
Other postretirement obligations. Certain retired employees receive postretirement health care and life insurance benefits under plans sponsored by the Company, which has the right to modify or terminate these plans at any time. The cost for coverage is shared between the Company and the retiree. The cost of providing retiree health care and life insurance benefits is actuarially determined and accrued over the service period of the active employee group. The Company's policy is to fund benefits as claims and premiums are paid. The US plan was closed to new participants effective January 1, 2006. | ||||||||||||||||||
On November 5, 2013, the Company announced it would amend its US postretirement health care plan to (a) eliminate eligibility for all US non-union individuals not eligible to participate prior to November 5, 2013; (b) terminate its US postretirement health care plan on December 31, 2014 for all US non-union participants eligible to participate prior to November 5, 2013; and (c) offer certain eligible US non-union individuals a lump-sum buyout payment if they irrevocably waive all future benefits under the US postretirement health care plan and end their participation before December 31, 2014. These actions generated a prior service credit of $92 million, which was recorded to Accumulated other comprehensive income, net in the consolidated balance sheets and will be amortized ratably into the consolidated statements of operations beginning November 1, 2013 through December 31, 2014. As of December 31, 2013, the Company had made $23 million in lump-sum buyout payments to US non-union individuals. | ||||||||||||||||||
Summarized information on the Company's pension and postretirement benefit plans is as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In $ millions) | ||||||||||||||||||
Change in Projected Benefit Obligation | ||||||||||||||||||
Projected benefit obligation as of beginning of period | 4,199 | 3,761 | 292 | 281 | ||||||||||||||
Service cost | 34 | 28 | 2 | 1 | ||||||||||||||
Interest cost | 154 | 170 | 9 | 11 | ||||||||||||||
Participant contributions | — | — | 23 | 22 | ||||||||||||||
Plan amendments | (1 | ) | — | (92 | ) | 4 | ||||||||||||
Net actuarial (gain) loss(1) | (119 | ) | 466 | (37 | ) | 12 | ||||||||||||
Settlements | (172 | ) | — | (23 | ) | — | ||||||||||||
Benefits paid | (244 | ) | (242 | ) | (43 | ) | (46 | ) | ||||||||||
Federal subsidy on Medicare Part D | — | — | 6 | 6 | ||||||||||||||
Curtailments | (67 | ) | — | — | — | |||||||||||||
Exchange rate changes | 6 | 16 | (1 | ) | 1 | |||||||||||||
Other | 9 | — | — | — | ||||||||||||||
Projected benefit obligation as of end of period | 3,799 | 4,199 | 136 | 292 | ||||||||||||||
Change in Plan Assets | ||||||||||||||||||
Fair value of plan assets as of beginning of period | 2,896 | 2,562 | — | — | ||||||||||||||
Actual return on plan assets | 171 | 294 | — | — | ||||||||||||||
Employer contributions | 59 | 270 | 43 | 24 | ||||||||||||||
Participant contributions | — | — | 23 | 22 | ||||||||||||||
Settlements | (173 | ) | — | (23 | ) | — | ||||||||||||
Benefits paid(4) | (244 | ) | (242 | ) | (43 | ) | (46 | ) | ||||||||||
Exchange rate changes | — | 12 | — | — | ||||||||||||||
Fair value of plan assets as of end of period | 2,709 | 2,896 | — | — | ||||||||||||||
Funded status as of end of period | (1,090 | ) | (1,303 | ) | (136 | ) | (292 | ) | ||||||||||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||||||||||||||||
Noncurrent Other assets | 11 | 26 | — | — | ||||||||||||||
Current Other liabilities | (23 | ) | (23 | ) | (55 | ) | (24 | ) | ||||||||||
Benefit obligations | (1,078 | ) | (1,306 | ) | (81 | ) | (268 | ) | ||||||||||
Net amount recognized | (1,090 | ) | (1,303 | ) | (136 | ) | (292 | ) | ||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ||||||||||||||||||
Net actuarial (gain) loss(2) | 9 | 9 | — | — | ||||||||||||||
Prior service (benefit) cost(3) | (3 | ) | 6 | (75 | ) | 4 | ||||||||||||
Net amount recognized | 6 | 15 | (75 | ) | 4 | |||||||||||||
______________________________ | ||||||||||||||||||
(1)Â | Primarily relates to change in discount rates. | |||||||||||||||||
(2) | Amount includes accumulated other comprehensive losses of $9 million and $9 million as of December 31, 2013 and 2012, respectively, related to the pension plans of the Company's equity method investments. | |||||||||||||||||
(3) | Amount shown net of an income tax expense of $26 million and income tax benefit of $4 million as of December 31, 2013 and 2012, respectively, in the consolidated statements of equity (Note 16). | |||||||||||||||||
(4) | Includes benefit payments to nonqualified pension plans of $22 million and $22 million as of December 31, 2013 and 2012, respectively. | |||||||||||||||||
The percentage of US and international projected benefit obligation at the end of the period is as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In percentages) | ||||||||||||||||||
US plans | 86 | 84 | 75 | 88 | ||||||||||||||
International plans | 14 | 16 | 25 | 12 | ||||||||||||||
 Total | 100 | 100 | 100 | 100 | ||||||||||||||
The percentage of US and international fair value of plan assets at the end of the period is as follows: | ||||||||||||||||||
Pension Benefits | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In percentages) | ||||||||||||||||||
US plans | 88 | 83 | ||||||||||||||||
International plans | 12 | 17 | ||||||||||||||||
Total | 100 | 100 | ||||||||||||||||
Pension plans with projected benefit obligations in excess of plan assets are as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Projected benefit obligation | 3,749 | 3,986 | ||||||||||||||||
Fair value of plan assets | 2,648 | 2,657 | ||||||||||||||||
Included in the above table are pension plans with accumulated benefit obligations in excess of plan assets as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Accumulated benefit obligation | 3,715 | 3,881 | ||||||||||||||||
Fair value of plan assets | 2,633 | 2,654 | ||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans is as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Accumulated benefit obligation | 3,778 | 4,096 | ||||||||||||||||
The components of net periodic benefit costs are as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||
(In $ millions) | ||||||||||||||||||
Service cost | 34 | 28 | 28 | 2 | 1 | 1 | ||||||||||||
Interest cost | 154 | 170 | 182 | 9 | 11 | 13 | ||||||||||||
Expected return on plan assets | (223 | ) | (204 | ) | (195 | ) | — | — | — | |||||||||
Amortization of prior service cost | 1 | 2 | 1 | (12 | ) | 1 | — | |||||||||||
Recognized actuarial (gain) loss | (67 | ) | 377 | 293 | (37 | ) | 12 | 13 | ||||||||||
Curtailment (gain) loss | (61 | ) | — | — | — | — | — | |||||||||||
Settlement (gain) loss | 9 | — | — | — | — | — | ||||||||||||
Special termination benefits | — | — | — | — | — | — | ||||||||||||
Total | (153 | ) | 373 | 309 | (38 | ) | 25 | 27 | ||||||||||
Amortization of Accumulated other comprehensive income (loss), net into net periodic benefit cost in 2014 is expected to be as follows: | ||||||||||||||||||
Pension | Postretirement | |||||||||||||||||
Benefits | Benefits | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Prior service cost | — | (78 | ) | |||||||||||||||
The Company maintains nonqualified pension plans funded with nonqualified trusts for certain US employees as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Nonqualified Trust Assets | ||||||||||||||||||
Marketable securities, at fair value | 41 | 53 | ||||||||||||||||
Noncurrent Other assets, consisting of insurance contracts | 62 | 66 | ||||||||||||||||
Nonqualified Pension Obligations | ||||||||||||||||||
Current Other liabilities | 22 | 22 | ||||||||||||||||
Benefit obligations | 247 | 264 | ||||||||||||||||
Expense relating to the nonqualified pension plans included in net periodic benefit cost, excluding returns on the assets held by the nonqualified trusts, is as follows: | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Total | 6 | 17 | 18 | |||||||||||||||
Valuation | ||||||||||||||||||
The Company 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. The policy changes have no impact on future pension and postretirement benefit plan funding or pension and postretirement benefits paid to participants. | ||||||||||||||||||
The principal weighted average assumptions used to determine benefit obligation are as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In percentages) | ||||||||||||||||||
Discount Rate Obligations | ||||||||||||||||||
US plans | 4.7 | 3.8 | 4.3 | 3.4 | ||||||||||||||
International plans | 3.7 | 3.6 | 4.5 | 3.8 | ||||||||||||||
Combined | 4.6 | 3.8 | 4.4 | 3.5 | ||||||||||||||
Rate of Compensation Increase | ||||||||||||||||||
US plans | 3 | 4 | ||||||||||||||||
International plans | 2.8 | 2.9 | ||||||||||||||||
Combined | 3 | 3.8 | ||||||||||||||||
The principal weighted average assumptions used to determine benefit cost are as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||
(In percentages) | ||||||||||||||||||
Discount Rate Obligations | ||||||||||||||||||
US plans | 3.8 | 4.6 | 5.3 | 3.4 | 4.3 | 4.9 | ||||||||||||
International plans | 3.6 | 4.7 | 5.1 | 3.8 | 4 | 5 | ||||||||||||
Combined | 3.8 | 4.6 | 5.3 | 3.5 | 4.3 | 4.9 | ||||||||||||
Expected Return on Plan Assets | ||||||||||||||||||
US plans | 8.5 | 8.5 | 8.5 | |||||||||||||||
International plans | 5.8 | 6 | 6 | |||||||||||||||
Combined | 8 | 8.1 | 8.1 | |||||||||||||||
Rate of Compensation Increase | ||||||||||||||||||
US plans | 4 | 4 | 4 | |||||||||||||||
International plans | 2.9 | 2.9 | 2.7 | |||||||||||||||
Combined | 3.8 | 3.8 | 3.6 | |||||||||||||||
The expected rate of return is assessed annually and is based on long-term relationships among major asset classes and the level of incremental returns that can be earned by the successful implementation of different active investment management strategies. Equity returns are based on estimates of long-term inflation rate, real rate of return, 10-year Treasury bond premium over cash and equity risk premium. Fixed income returns are based on maturity, long-term inflation, real rate of return and credit spreads. The US qualified defined benefit plans' actual return on assets for the year ended December 31, 2013 was 7.9% versus an expected long-term rate of asset return assumption of 8.5%. | ||||||||||||||||||
In the US, the rate used to discount pension and other postretirement benefit plan liabilities was based on a yield curve developed from market data of over 300 Aa-grade non-callable bonds at December 31, 2013. This yield curve has discount rates that vary based on the duration of the obligations. The estimated future cash flows for the pension and other benefit obligations were matched to the corresponding rates on the yield curve to derive a weighted average discount rate. | ||||||||||||||||||
The Company determines its discount rates in the Euro zone using the iBoxx Euro Corporate AA Bond indices with appropriate adjustments for the duration of the plan obligations. In other international locations, the Company determines its discount rates based on the yields of high quality government bonds with a duration appropriate to the duration of the plan obligations. | ||||||||||||||||||
On January 1, 2013, the Company's health care cost trend assumption for US postretirement medical plan's net periodic benefit cost was 7.5% for the first year, declining 0.5% per year to an ultimate rate of 5%. On January 1, 2012, the Company's health care cost trend assumption for US postretirement medical plan's net periodic benefit cost was 7.5% for the first year, declining 0.5% per year to an ultimate rate of 5%. On January 1, 2011, the Company's health care cost trend assumption for US postretirement medical plan's net periodic benefit cost was 8% for the first four years declining 0.5% per year to an ultimate rate of 5%. | ||||||||||||||||||
Assumed health care cost trend rates for US postretirement medical plans have a significant effect on the amounts reported for the health care plans. | ||||||||||||||||||
The impact of a one percentage point change in the assumed health care cost trend is as follows: | ||||||||||||||||||
Trend Rate Change | ||||||||||||||||||
Decreases 1% | Increases 1% | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Postretirement obligations | 7 | 8 | ||||||||||||||||
Service and interest cost | — | 1 | ||||||||||||||||
Plan Assets | ||||||||||||||||||
The investment objectives for the Company's pension plans are to earn, over a moving twenty-year period, a long-term expected rate of return, net of investment fees and transaction costs, sufficient to satisfy the benefit obligations of the plan, while at the same time maintaining adequate liquidity to pay benefit obligations and proper expenses, and meet any other cash needs, in the short- to medium-term. | ||||||||||||||||||
The weighted average target asset allocations for the Company's pension plans in 2014 are as follows: | ||||||||||||||||||
US | International | |||||||||||||||||
Plans | Plans | |||||||||||||||||
(In percentages) | ||||||||||||||||||
Bonds - domestic to plans | 53 | 71 | ||||||||||||||||
Equities - domestic to plans | 26 | 20 | ||||||||||||||||
Equities - international to plans | 20 | 3 | ||||||||||||||||
Other | 1 | 6 | ||||||||||||||||
Total | 100 | 100 | ||||||||||||||||
The equity and debt securities objectives are to provide diversified exposure across the US and global equity markets and to manage the risks and returns of the plans through the use of multiple managers and strategies. The fixed income strategy is designed to reduce liability-related interest rate risk by investing in bonds that match the duration and credit quality of the plan liabilities. Derivatives based strategies may be used to improve the effectiveness of the hedges. | ||||||||||||||||||
FASB ASC Topic 820 establishes a 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 levels of inputs used to measure fair value are 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 defined benefit plan assets are measured at fair value on a recurring basis and include the following items: | ||||||||||||||||||
Cash and Cash Equivalents:Â Foreign and domestic currencies as well as short term securities are valued at cost plus accrued interest, which approximates fair value. | ||||||||||||||||||
Equity securities, treasuries and corporate debt:Â Valued at the closing price reported on the active market in which the individual securities are traded. Automated quotes are provided by multiple pricing services and validated by the plan custodian. These securities are traded on exchanges as well as in the over the counter market. | ||||||||||||||||||
Registered Investment Companies:Â Composed of various mutual funds and other investment companies whose diversified portfolio is comprised of foreign and domestic equities, fixed income securities, and short term investments. Investments are valued at the net asset value of units held by the plan at year-end. | ||||||||||||||||||
Common/Collective Trusts:Â Composed of various funds whose diversified portfolio is comprised of foreign and domestic equities, fixed income securities, and short term investments. Investments are valued at the net asset value of units held by the plan at year-end. | ||||||||||||||||||
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, foreign currency forwards and swaps, and options are observable in the active markets and are classified as Level 2 in the hierarchy. | ||||||||||||||||||
Collateralized mortgage obligations and mortgage backed securities:Â Fair value is estimated based on valuations obtained from third-party pricing services for identical or comparable assets. Mortgage Backed Securities are traded in the over the counter broker/dealer market. | ||||||||||||||||||
Insurance contracts:Â Valued at contributions made, plus earnings, less participant withdrawals and administrative expenses, which approximates fair value. | ||||||||||||||||||
Short-term investment funds: Foreign and domestic currencies as well as short-term securities are valued at cost plus accrued interest, which approximates fair value. | ||||||||||||||||||
Other: Composed of real estate investment trust common stock valued at closing price as reported on the active market in which the individual securities are traded. | ||||||||||||||||||
The fair values of pension plan assets are as follows: | ||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||
Quoted Prices in | Significant | Total | ||||||||||||||||
Active Markets | Other | |||||||||||||||||
for Identical | Observable | |||||||||||||||||
Assets | Inputs | |||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||
As of December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||
(In $ millions) | ||||||||||||||||||
Assets | ||||||||||||||||||
Cash and cash equivalents | 8 | 15 | — | — | 8 | 15 | ||||||||||||
Common/collective trusts | ||||||||||||||||||
Loans | — | — | 51 | 55 | 51 | 55 | ||||||||||||
Equities | — | — | 179 | 176 | 179 | 176 | ||||||||||||
Derivatives | ||||||||||||||||||
Swaps | — | — | 49 | 10 | 49 | 10 | ||||||||||||
Other | — | — | — | 1 | — | 1 | ||||||||||||
Equity securities | ||||||||||||||||||
US companies | 462 | 359 | — | — | 462 | 359 | ||||||||||||
International companies | 426 | 450 | — | — | 426 | 450 | ||||||||||||
Fixed income | ||||||||||||||||||
Collateralized mortgage obligations | — | — | 1 | 2 | 1 | 2 | ||||||||||||
Corporate debt | — | — | 855 | 822 | 855 | 822 | ||||||||||||
Treasuries, other debt | 4 | 102 | 390 | 349 | 394 | 451 | ||||||||||||
Mortgage backed securities | — | — | 26 | 31 | 26 | 31 | ||||||||||||
Registered investment companies | — | — | 124 | 278 | 124 | 278 | ||||||||||||
Securities lending collateral | 6 | 10 | — | — | 6 | 10 | ||||||||||||
Short-term investments | — | — | 131 | 229 | 131 | 229 | ||||||||||||
Insurance contracts | — | — | 34 | 31 | 34 | 31 | ||||||||||||
Other | 15 | 22 | 8 | 8 | 23 | 30 | ||||||||||||
Total investments, at fair value | 921 | 958 | 1,848 | 1,992 | 2,769 | 2,950 | ||||||||||||
Liabilities | ||||||||||||||||||
Derivatives | ||||||||||||||||||
Swaps | — | — | 48 | 10 | 48 | 10 | ||||||||||||
Other | — | — | 1 | — | 1 | — | ||||||||||||
Obligations under securities lending | 6 | 10 | — | — | 6 | 10 | ||||||||||||
Total liabilities | 6 | 10 | 49 | 10 | 55 | 20 | ||||||||||||
Total net assets (1) | 915 | 948 | 1,799 | 1,982 | 2,714 | 2,930 | ||||||||||||
______________________________ | ||||||||||||||||||
(1) | Total net assets excludes non-financial plan receivables and payables of $26 million and $31 million, respectively, as of December 31, 2013 and $29 million and $63 million, respectively, as of December 31, 2012. Non-financial items include due to/from broker, interest receivables and accrued expenses. | |||||||||||||||||
The financial objectives of the qualified pension plans are established in conjunction with a comprehensive review of each plan's liability structure. The Company's asset allocation policy is based on detailed asset/liability analysis. In developing investment policy and financial goals, consideration is given to each plan's demographics, the returns and risks associated with current and alternative investment strategies and the current and projected cash, expense and funding ratios of each plan. Investment policies must also comply with local statutory requirements as determined by each country. A formal asset/liability study of each plan is undertaken every three to five years or whenever there has been a material change in plan demographics, benefit structure or funding status and investment market. The Company has adopted a long-term investment horizon such that the risk and duration of investment losses are weighed against the long-term potential for appreciation of assets. Although there cannot be complete assurance that these objectives will be realized, it is believed that the likelihood for their realization is reasonably high, based upon the asset allocation chosen and the historical and expected performance of the asset classes utilized by the plans. The intent is for investments to be broadly diversified across asset classes, investment styles, market sectors, investment managers, developed and emerging markets and securities in order to moderate portfolio volatility and risk. Investments may be in separate accounts, commingled trusts, mutual funds and other pooled asset portfolios provided they all conform to fiduciary standards. | ||||||||||||||||||
External investment managers are hired to manage pension assets. Investment consultants assist with the screening process for each new manager hired. Over the long-term, the investment portfolio is expected to earn returns that exceed a composite of market indices that are weighted to match each plan's target asset allocation. The portfolio return should also (over the long-term) meet or exceed the return used for actuarial calculations in order to meet the future needs of each plan. | ||||||||||||||||||
Employer contributions for pension benefits and postretirement benefits are estimated to be $69 million and $54 million, respectively, in 2014. Employer contributions to and benefit payments from nonqualified trusts related to nonqualified pension plans are estimated to be $22 million in 2014. | ||||||||||||||||||
Pension benefits and postretirement benefit cost expected to be paid are as follows: | ||||||||||||||||||
Postretirement Benefit | ||||||||||||||||||
Pension | Company | Expected | ||||||||||||||||
Benefit | Portion of | Federal | ||||||||||||||||
Payments(1) | Benefit Cost(2) | Subsidy | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
2014 | 231 | 68 | (3)Â | 2 | ||||||||||||||
2015 | 232 | 5 | — | |||||||||||||||
2016 | 232 | 5 | — | |||||||||||||||
2017 | 234 | 6 | — | |||||||||||||||
2018 | 236 | 6 | — | |||||||||||||||
2019-2023 | 1,212 | 27 | — | |||||||||||||||
______________________________ | ||||||||||||||||||
(1)Â | Payments are expected to be made primarily from plan assets. | |||||||||||||||||
(2)Â | Payments are expected to be made primarily from Company assets. | |||||||||||||||||
(3)Â | Includes $49 million of expected lump-sum buyout payments to US non-union individuals in connection with the elimination of US postretirement health care benefits. | |||||||||||||||||
Other Obligations | ||||||||||||||||||
Additional benefit obligations are as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Long-term disability | 10 | 22 | ||||||||||||||||
Other | 6 | 6 | ||||||||||||||||
Environmental
Environmental | 12 Months Ended | ||||||||
Dec. 31, 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. | |||||||||
Environmental expenditures for preventative and remediation efforts are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Capital expenditures | 90 | 40 | 30 | ||||||
Other expenditures (1) | 49 | 45 | 41 | ||||||
______________________________ | |||||||||
(1) | Includes expenditures for US Superfund sites of $2 million, $2 million and $2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
The components of environmental remediation reserves are as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In $ millions) | |||||||||
Demerger obligations (Note 23) | 27 | 31 | |||||||
Divestiture obligations (Note 23) | 21 | 21 | |||||||
Active sites | 32 | 28 | |||||||
US Superfund sites | 13 | 15 | |||||||
Other environmental remediation reserves | 4 | 4 | |||||||
Total | 97 | 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, demerger, 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 23). 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. | |||||||||
Remediation expense is recorded as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Cost of sales | 9 | 10 | 2 | ||||||
Selling, general and administrative expenses | 1 | 3 | 6 | ||||||
The Company did not record any insurance recoveries during 2013 or have any receivables for insurance recoveries related to these matters as of December 31, 2013. As of December 31, 2013 and 2012, there were receivables of $4 million and $6 million, respectively, from the former owner of the Company's Spondon, Derby, United Kingdom acetate flake, tow and film business, which was acquired in 2007. | |||||||||
German InfraServ Entities | |||||||||
On January 1, 1997, coinciding with a reorganization of the Hoechst businesses in Germany, real estate service companies ("InfraServ Entities") were created to own directly the land and property and to provide various technical and administrative services at each of the manufacturing locations. The Company owns manufacturing facilities at the InfraServ location in Frankfurt am Main-Hoechst, Germany and holds equity interests in the companies, which own and operate the former Hoechst sites in Frankfurt am Main-Hoechst, Gendorf and Knapsack, all of which are located in Germany. | |||||||||
InfraServ Entities are liable for any residual contamination and other pollution because they own the real estate on which the individual facilities operate. In addition, Hoechst, and its legal successors, as the responsible party under German public law, is liable to third parties for all environmental damage that occurred while it was still the owner of the plants and real estate (Note 23). The contribution agreements entered into in 1997 between Hoechst and the respective operating companies, as part of the divestiture of these companies, provide that the operating companies will indemnify Hoechst, and its legal successors, against environmental liabilities resulting from the transferred businesses. Additionally, the InfraServ Entities have agreed to indemnify Hoechst, and its legal successors, against any environmental liability arising out of or in connection with environmental pollution of any site. | |||||||||
The InfraServ partnership agreements provide that, as between the partners, each partner is responsible for any contamination caused predominantly by such partner. Any liability, which cannot be attributed to an InfraServ partner and for which no third party is responsible, is required to be borne by the InfraServ partnership. Also, under lease agreements entered into by an InfraServ partner as landlord, the tenants agreed to pay certain remediation costs on a pro rata basis. | |||||||||
If an InfraServ partner defaults on its respective indemnification obligations to eliminate residual contamination, the owners of the remaining participation in the InfraServ companies have agreed to fund such liabilities, subject to a number of limitations. To the extent that any liabilities are not satisfied by either the InfraServ Entities or their owners, these liabilities are to be borne by the Company in accordance with the demerger agreement. However, Hoechst, and its legal successors, will reimburse the Company for two-thirds of any such costs. Likewise, in certain circumstances the Company could be responsible for the elimination of residual contamination on several sites that were not transferred to InfraServ companies, in which case Hoechst, and its legal successors, must also reimburse the Company for two-thirds of any costs so incurred. The German InfraServ Entities are owned partially by the Company (Note 8), as noted below, and the remaining ownership is held by various other companies. The Company's ownership interest and environmental liability participation percentages for such liabilities, which cannot be attributed to an InfraServ partner are as follows: | |||||||||
As of December 31, 2013 | |||||||||
Ownership | Liability | Reserves (1) | |||||||
(In percentages) | (In $ millions) | ||||||||
InfraServ GmbHÂ & Co. Gendorf KG | 39 | 10 | 17 | ||||||
InfraServ GmbHÂ & Co. Knapsack KG | 27 | 22 | 1 | ||||||
InfraServ GmbHÂ & Co. Hoechst KG | 32 | 40 | 79 | ||||||
______________________________ | |||||||||
(1)Â | Gross reserves maintained by the respective InfraServ entity. | ||||||||
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 was 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 sought recovery of costs arising from alleged discharges into the Lower Passaic River and was resolved as to the Company in December 2013. | |||||||||
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 2014. 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 EPA Region 5 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, it does 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 | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 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 terms of the Company’s Amended Credit Agreement and the Senior Notes. | |||||||||||||||||||||||||||
The Company announced that its Board of Directors approved increases in the Company's Common Stock cash dividend rates as follows: | |||||||||||||||||||||||||||
Increase | Quarterly Common | Annual Common | Effective Date | ||||||||||||||||||||||||
Stock Cash Dividend | Stock Cash Dividend | ||||||||||||||||||||||||||
(In percentages) | (In $ per share) | ||||||||||||||||||||||||||
Apr-11 | 20 | 0.06 | 0.24 | Aug-11 | |||||||||||||||||||||||
Apr-12 | 25 | 0.075 | 0.3 | Aug-12 | |||||||||||||||||||||||
Apr-13 | 20 | 0.09 | 0.36 | May-13 | |||||||||||||||||||||||
Jul-13 | 100 | 0.18 | 0.72 | Aug-13 | |||||||||||||||||||||||
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 December 31, 2013 | 893 | ||||||||||||||||||||||||||
These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program does not have an expiration date. | |||||||||||||||||||||||||||
The share repurchase activity pursuant to this authorization is as follows: | |||||||||||||||||||||||||||
Year Ended December 31, | Total From | ||||||||||||||||||||||||||
Feb-08 | |||||||||||||||||||||||||||
Through | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 31-Dec-13 | ||||||||||||||||||||||||
Shares repurchased | 3,186,180 | (1)Â | 1,059,719 | (1)Â | 652,016 | 16,328,707 | (2)Â | ||||||||||||||||||||
Average purchase price per share | $ | 51.38 | $ | 42.44 | $ | 46.99 | $ | 40.72 | |||||||||||||||||||
Amount spent on repurchased shares (in millions) | $ | 164 | $ | 45 | $ | 31 | $ | 665 | |||||||||||||||||||
______________________________ | |||||||||||||||||||||||||||
(1) | The years ended December 31, 2013 and 2012 exclude 6,021 shares and 5,823 shares, respectively, withheld from an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock awards. Restricted stock awards are 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 an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock awards. | ||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||
On October 23, 2013, the Company’s Board of Directors approved the retirement of 18,250,900 shares of treasury stock. The retired shares are now included in the Company’s pool of authorized but unissued shares. | |||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net | |||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Gross | Income | Net | Gross | Income | Net | Gross | Income | Net | |||||||||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||||||||
(Provision) | (Provision) | (Provision) | |||||||||||||||||||||||||
Benefit | Benefit | Benefit | |||||||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | (1) | — | 1 | — | — | — | — | — | — | |||||||||||||||||
Foreign currency translation | 55 | (35 | ) | 20 | 13 | (8 | ) | 5 | (29 | ) | 2 | (27 | ) | ||||||||||||||
Gain (loss) on interest rate swaps | 9 | (3 | ) | 6 | 10 | (2)Â | (3 | ) | 7 | 37 | (3)Â | (10 | ) | 27 | |||||||||||||
Pension and postretirement benefits | 88 | (30 | ) | 58 | (12 | ) | (4) | 1 | (11 | ) | (2 | ) | 2 | — | |||||||||||||
Total | 153 | (68 | ) | 85 | 11 | (10 | ) | 1 | 6 | (6 | ) | — | |||||||||||||||
______________________________ | |||||||||||||||||||||||||||
(1)Â | Amount includes $1 million of unrealized gains associated with the Company's equity method investments' marketable securities. | ||||||||||||||||||||||||||
(2)Â | Amount includes $2 million of gains associated with the Company's equity method investments' derivative activity. | ||||||||||||||||||||||||||
(3)Â | Amount includes $2 million of gains associated with the Company's equity method investments' derivative activity. | ||||||||||||||||||||||||||
(4)Â | Amount includes amortization of actuarial losses of $10 million related to the Company's equity method investments' pension plans. | ||||||||||||||||||||||||||
Adjustments to Accumulated other comprehensive income (loss), net, are as follows: | |||||||||||||||||||||||||||
Unrealized | Foreign | Gain (Loss) | Pension | Accumulated | |||||||||||||||||||||||
Gain (Loss) on | Currency | on Interest | and | Other | |||||||||||||||||||||||
Marketable | Translation | Rate Swaps | Postretirement | Comprehensive | |||||||||||||||||||||||
Securities | (Note 21) | Benefits | Income | ||||||||||||||||||||||||
(Note 5) | (Note 14) | (Loss), Net | |||||||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||||||
As of December 31, 2010 | (1 | ) | (1 | ) | (84 | ) | (4 | ) | (90 | ) | |||||||||||||||||
Current period change | — | (29 | ) | 37 | (2 | ) | 6 | ||||||||||||||||||||
Income tax (provision) benefit | — | 2 | (10 | ) | 2 | (6 | ) | ||||||||||||||||||||
As of December 31, 2011 | (1 | ) | (28 | ) | (57 | ) | (4 | ) | (90 | ) | |||||||||||||||||
Current period change | — | 13 | 10 | (12 | ) | 11 | |||||||||||||||||||||
Income tax (provision) benefit | — | (8 | ) | (3 | ) | 1 | (10 | ) | |||||||||||||||||||
As of December 31, 2012 | (1 | ) | (23 | ) | (50 | ) | (15 | ) | (89 | ) | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | 1 | 55 | (2 | ) | 99 | 153 | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 11 | (11 | ) | — | |||||||||||||||||||||
Income tax (provision) benefit | — | (35 | ) | (3 | ) | (30 | ) | (68 | ) | ||||||||||||||||||
As of December 31, 2013 | — | (3 | ) | (44 | ) | 43 | (4 | ) | |||||||||||||||||||
Other_Charges_Gains_Net
Other (Charges) Gains, Net | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||
Other (Charges) Gains, Net | ' | |||||||||||||||||
Other (Charges) Gains, Net | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee termination benefits | (23 | ) | (6 | ) | (22 | ) | ||||||||||||
Kelsterbach plant relocation (Note 27) | (13 | ) | (7 | ) | (47 | ) | ||||||||||||
Plumbing actions | — | 5 | 6 | |||||||||||||||
Asset impairments | (81 | ) | (8 | ) | (1 | ) | ||||||||||||
Plant/office closures | (33 | ) | — | — | ||||||||||||||
Commercial disputes | (8 | ) | 2 | 15 | ||||||||||||||
Other | — | — | 1 | |||||||||||||||
Total | (158 | ) | (14 | ) | (48 | ) | ||||||||||||
2013 | ||||||||||||||||||
During the three months ended December 31, 2013, the Company recorded $6 million of employee termination benefits, $3 million of contract termination costs and $3 million of long-lived asset impairment losses related to the December 2013 closure of its acetic anhydride facility in Roussillon, France. In addition, the Company recorded $14 million of employee termination benefits, $30 million of contract termination costs and $31 million of long-lived asset impairment losses as a result of the December 2013 closure of its VAM facility in Tarragona, Spain. The long-lived asset impairment losses related to both the Company's Roussillon acetic anhydride facility and Tarragona VAM facility were measured at the dates of impairment to fully write-off the related property, plant and equipment at both facilities (Note 4). | ||||||||||||||||||
During the three months ended December 31, 2013, the Company determined its Singapore acetic acid production unit should be assessed for impairment based on local market conditions affecting demand for acetic acid and downstream products, the cost to operate the unit, contractual obligations and an interim arbitration ruling (Note 23). As a result, the Company concluded that the long-lived assets at its Singapore acetic acid production unit were fully impaired. Accordingly, the Company recorded long-lived asset impairment losses, measured at the date of impairment, of $46 million to fully write-off the related property, plant and equipment. The Singapore acetic acid operations are included in the Acetyl Intermediates segment. | ||||||||||||||||||
The Company calculated the respective fair values of the long-lived assets of the Roussillon, France acetic anhydride facility, the Tarragona, Spain VAM facility and the Singapore acetic acid unit using a discounted cash flow model incorporating discount rates commensurate with the risks involved for each of the reporting units. This fair value measurement of long-lived assets is classified as Level 3 measurements under FASB ASC Topic 820. The key assumptions used in the discounted cash flow valuation models included discount rates, growth rates, cash flow projections and terminal value rates. Discount rates, growth rates and cash flow projections involve significant judgment and are based on management's estimate of current and forecasted market conditions and cost structure. | ||||||||||||||||||
2012 | ||||||||||||||||||
During the year ended December 31, 2012, the Company recorded $5 million of employee termination benefits, related to the closure of the Company's acetate flake and acetate tow manufacturing operations at its Spondon, Derby, United Kingdom site (Note 4). Also during the year ended December 31, 2012, the Company concluded that certain long-lived assets were partially impaired at its acetate flake and acetate tow manufacturing operations in Spondon, Derby, United Kingdom. Accordingly, the Company wrote down the related property, plant and equipment to its fair value of $3 million, measured at the date of impairment, resulting in long-lived asset impairment losses of $8 million for the year ended December 31, 2012. The Company calculated the fair value using a discounted cash flow model incorporating discount rates commensurate with the risks involved for the reporting unit. This fair value measurement of long-lived assets is classified as a Level 3 measurement under FASB ASC Topic 820. 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 involve significant judgment and are based on management's estimate of current and forecasted market conditions and cost structure. | ||||||||||||||||||
2011 | ||||||||||||||||||
As a result of the Company’s Pardies, France "Project of Closure" and the closure of the Company’s acetate flake and acetate tow manufacturing operations at its Spondon, Derby, United Kingdom site, the Company recorded $4 million and $4 million, respectively, of employee termination benefits during the year ended December 31, 2011. Additionally, during the year ended December 31, 2011, the Company recorded $8 million of employee termination benefits related to the relocation of the Company's polyacetal ("POM") operations located in Kelsterbach, Germany to Frankfurt Hoechst Industrial Park, Germany (Note 27) and $6 million of employee termination benefits related to a business optimization project, which is included in the Other Activities segment. | ||||||||||||||||||
During the year ended December 31, 2011, the Company received consideration of $17 million in connection with the settlement of a claim against a bankrupt supplier (Note 23). The resolution of this commercial dispute is included in the Acetyl Intermediates segment. | ||||||||||||||||||
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, 2011 | 8 | 18 | — | 5 | 11 | 42 | ||||||||||||
Additions | — | 5 | — | 2 | 1 | 8 | ||||||||||||
Cash payments | (2 | ) | (11 | ) | — | (3 | ) | (3 | ) | (19 | ) | |||||||
Other changes | — | — | — | (1 | ) | (2 | ) | (3 | ) | |||||||||
Exchange rate changes | — | 1 | — | — | — | 1 | ||||||||||||
As of December 31, 2012 | 6 | 13 | — | 3 | 7 | 29 | ||||||||||||
Additions | — | — | 3 | 20 | — | 23 | ||||||||||||
Cash payments | (2 | ) | (10 | ) | (1 | ) | (8 | ) | (2 | ) | (23 | ) | ||||||
Other changes | — | — | — | — | (1 | ) | (1 | ) | ||||||||||
Exchange rate changes | — | — | — | 1 | — | 1 | ||||||||||||
As of December 31, 2013 | 4 | 3 | 2 | 16 | 4 | 29 | ||||||||||||
Plant/Office Closures | ||||||||||||||||||
As of December 31, 2011 | — | — | — | 1 | 1 | 2 | ||||||||||||
Additions | — | — | — | — | — | — | ||||||||||||
Cash payments | — | — | — | — | — | — | ||||||||||||
Other changes | — | — | — | — | (1 | ) | (1 | ) | ||||||||||
Exchange rate changes | — | — | — | — | — | — | ||||||||||||
As of December 31, 2012 | — | — | — | 1 | — | 1 | ||||||||||||
Additions | — | — | — | 33 | — | 33 | ||||||||||||
Cash payments | — | — | — | (1 | ) | — | (1 | ) | ||||||||||
Other changes | — | — | — | — | — | — | ||||||||||||
Exchange rate changes | — | — | — | — | — | — | ||||||||||||
As of December 31, 2013 | — | — | — | 33 | — | 33 | ||||||||||||
Total | 4 | 3 | 2 | 49 | 4 | 62 | ||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
Income Tax Provision | |||||||||
Earnings (loss) from continuing operations before tax by jurisdiction are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
US | 806 | 195 | 60 | ||||||
International (1) | 803 | 126 | 407 | ||||||
Total | 1,609 | 321 | 467 | ||||||
______________________________ | |||||||||
(1) | Includes aggregate earnings generated by operations in Bermuda, Luxembourg, the Netherlands and Hong Kong of $275 million, $320 million and $317 million for the years ended December 31, 2013, 2012 and 2011, respectively, which have an aggregate effective income tax rate of 4.0%, 5.6% and 4.0% for each year, respectively. | ||||||||
The income tax provision (benefit) consists of the following: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Current | |||||||||
US | 78 | 41 | 24 | ||||||
International | 83 | 76 | 32 | ||||||
Total | 161 | 117 | 56 | ||||||
Deferred | |||||||||
US | 194 | (66 | ) | (11 | ) | ||||
International | 153 | (106 | ) | (4 | ) | ||||
Total | 347 | (172 | ) | (15 | ) | ||||
Total | 508 | (55 | ) | 41 | |||||
A reconciliation of the significant differences between the US federal statutory tax rate of 35% and the effective income tax rate on income from continuing operations is as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions, except percentages) | |||||||||
Income tax provision computed at US federal statutory tax rate | 563 | 112 | 163 | ||||||
Change in valuation allowance | 89 | 29 | 7 | ||||||
Equity income and dividends | (44 | ) | (31 | ) | (25 | ) | |||
(Income) expense not resulting in tax impact, net | (33 | ) | (39 | ) | (16 | ) | |||
US tax effect of foreign earnings and dividends | 35 | 42 | 48 | ||||||
Foreign tax credits | (38 | ) | (187 | ) | (66 | ) | |||
Other foreign tax rate differentials | (55 | ) | (2 | ) | (58 | ) | |||
Legislative changes | (19 | ) | — | — | |||||
Tax-deductible interest on foreign equity investments and other related items | 11 | 11 | (3 | ) | |||||
State income taxes, net of federal benefit | 11 | 4 | 4 | ||||||
Other, net | (12 | ) | 6 | (13 | ) | ||||
Income tax provision (benefit) | 508 | (55 | ) | 41 | |||||
Effective income tax rate | 32 | % | -17 | Â % | 9 | % | |||
Federal and state income taxes have not been provided on accumulated but undistributed earnings of $3.2 billion as of December 31, 2013 as such earnings have been permanently reinvested in the business. The determination of the amount of the unrecognized deferred tax liability related to the undistributed earnings is not practicable. | |||||||||
The effective tax rate for continuing operations for the year ended December 31, 2013 was 32% compared to 17% for the year ended December 31, 2012. The effective tax rate for 2012 was favorably impacted by recognition of significant benefits from foreign tax credits. | |||||||||
During 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 an income 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. | |||||||||
In February 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 net 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, which was charged to Income tax provision (benefit) in the consolidated statement of operations, related to the taxable outside basis difference of its investment in Polyplastics. | |||||||||
Deferred Income Taxes | |||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the consolidated deferred tax assets and liabilities are as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In $ millions) | |||||||||
Deferred Tax Assets | |||||||||
Pension and postretirement obligations | 374 | 579 | |||||||
Accrued expenses | 139 | 58 | |||||||
Inventory | 10 | — | |||||||
Net operating loss | 563 | 398 | |||||||
Tax credit carryforwards | 94 | 206 | |||||||
Other | 165 | 370 | |||||||
Subtotal | 1,345 | 1,611 | |||||||
Valuation allowance (1) | (461 | ) | (399 | ) | |||||
Total | 884 | 1,212 | |||||||
Deferred Tax Liabilities | |||||||||
Depreciation and amortization | 479 | 479 | |||||||
Investments in affiliates | 142 | 83 | |||||||
Other | 94 | 70 | |||||||
Total | 715 | 632 | |||||||
Net deferred tax assets (liabilities) | 169 | 580 | |||||||
______________________________ | |||||||||
(1)Â | Includes deferred tax asset valuation allowances primarily for the Company's deferred tax assets in the US, Luxembourg, France, Spain, China, Singapore, the United Kingdom and Germany, as well as other foreign jurisdictions. These valuation allowances relate primarily to net operating loss carryforward benefits and other net deferred tax assets, all of which may not be realizable. | ||||||||
For the year ended December 31, 2013, the valuation allowance increased by $62 million primarily due to $89 million of losses generated with no currently realizable income tax benefit as well as $8 million related to exchange rate changes partially offset by net operating loss expirations of $33 million. | |||||||||
Legislative Changes | |||||||||
On October 31, 2013, the Mexican National Congress passed new tax legislation. Among other things, the new legislation maintains a corporate tax rate of 30%, eliminates the tax consolidation rules and repeals the business flat tax ("IETU") for years beginning after December 31, 2013. The Company was subject to the IETU in 2013 and for prior periods and is now required to record deferred income taxes on an income tax basis. As a result, the Company realized a deferred income tax benefit of $46 million for the year ended December 31, 2013. | |||||||||
The Company has historically filed consolidated income tax returns in Mexico. Under the new tax legislation, the Company was required to recapture previously deferred income taxes related to income tax loss carryforwards, intercompany dividends and differences between consolidated and individual company taxable earnings. The Company recorded additional tax expense of $27 million related to these new rules for the year ended December 31, 2013, resulting in a net income tax benefit of $19 million. | |||||||||
Net Operating Loss Carryforwards | |||||||||
As of December 31, 2013, the Company has US federal net operating loss carryforwards of $31 million that are subject to limitation. These net operating loss carryforwards begin to expire in 2021. At December 31, 2013, the Company also had state net operating loss carryforwards, net of federal tax impact, of $43 million, $42 million of which are offset by a valuation allowance due to uncertain recoverability. A portion of these net operating loss carryforwards expired in 2013. | |||||||||
The Company also has foreign net operating loss carryforwards as of December 31, 2013 of $1.8 billion primarily for Luxembourg, France, Spain, Canada, China, Singapore, the United Kingdom and Germany with various expiration dates. Net operating losses in China have various carryforward periods and began to expire in 2011. Net operating losses in most other foreign jurisdictions do not have an expiration date. | |||||||||
Uncertain Tax Positions | |||||||||
Activity related to uncertain tax positions is as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
As of the beginning of the year | 207 | 211 | 244 | ||||||
Increases in tax positions for the current year | 17 | 6 | — | ||||||
Increases in tax positions for prior years | 57 | 42 | 37 | ||||||
Decreases in tax positions for prior years | (32 | ) | (19 | ) | (54 | ) | |||
Decreases due to settlements | (2 | ) | (33 | ) | (16 | ) | |||
As of the end of the year | 247 | 207 | 211 | ||||||
Total uncertain tax positions that if recognized would impact the effective tax rate | 258 | 237 | 230 | ||||||
Total amount of interest expense (benefit) and penalties recognized in the consolidated statements of operations | 4 | 6 | (1 | ) | |||||
Total amount of interest expense and penalties recognized in the consolidated balance sheets | 65 | 61 | 55 | ||||||
The Company primarily operates in the US, Germany, Canada, China, Mexico and Singapore. Examinations are ongoing in a number of these jurisdictions including Germany for the years 2001 to 2004 and 2005 to 2007, France for the years 2008 to 2010 and the US for the years 2009 and 2010. The Company's US federal income tax returns for 2003 and forward are open for examination under statute. The Company's German corporate tax returns for 2001 and forward are open for examination under statute. A further change in uncertain tax positions may occur within the next twelve months related to the settlement of one or more tax examinations or the lapse of applicable statutes of limitations. Such amounts have been reflected as the current portion of uncertain tax positions (Note 11). | |||||||||
On December 23, 2013, the French Tax Authority ("FTA") issued audit assessment claims against the Company that could result in incremental tax expense of €81 million, including interest and penalties. The assessment suggests that for the years 2008 to 2010, the Company transferred value from its otherwise profitable facility in Pardies, France to subsidize other global manufacturing operations outside of France. If the FTA were to prevail on any of its claims, any amounts due would first be offset against net operating loss carryforwards of €33 million, which were generated as a result of losses incurred. The Company believes the FTA assessment lacks merit and plans to defend the matter. Based on the Company's analysis of the technical merits of the issue, no significant amounts have been accrued for this tax uncertainty. |
Management_Compensation_Plans
Management Compensation Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Management Compensation Plans | ' | ||||||||||||
Management Compensation Plans | |||||||||||||
General Plan Description | |||||||||||||
In April 2009, the Company and its stockholders approved a global incentive plan, which replaced the Company’s 2004 Stock Incentive Plan ("2004 SIP"). The 2009 Global Incentive Plan ("2009 GIP") enables the compensation committee of the Board of Directors to award incentive and nonqualified stock options, stock appreciation rights, shares of Common Stock, restricted stock awards, restricted stock units ("RSUs") and incentive bonuses (which may be paid in cash or stock or a combination thereof), any of which may be performance-based, with vesting and other award provisions that provide effective incentive to Company employees (including officers), non-management directors and other service providers. Under the 2009 GIP, the Company may not grant RSUs with the right to participate in dividends or dividend equivalents. | |||||||||||||
In April 2012, the 2009 GIP was amended to, among other things, increase the maximum number of shares that may be issued under the 2009 GIP by 8,000,000 shares to 13,350,000Â shares plus (a)Â any shares of Common Stock that remain available for issuance under the 2004 Stock Incentive Plan (not including any shares of Common Stock that are subject to outstanding awards under the 2004 SIP or any shares of Common Stock that were issued pursuant to awards under the 2004 SIP) and (b)Â any awards under the 2004 stock incentive plan that remain outstanding that cease for any reason to be subject to such awards (other than by reason of exercise or settlement of the award to the extent that such award is exercised for or settled in vested and non-forfeitable shares). | |||||||||||||
Total shares available for awards and total shares subject to outstanding awards are as follows: | |||||||||||||
As of December 31, 2013 | |||||||||||||
Shares | Shares | ||||||||||||
Available for | Subject to | ||||||||||||
Awards | Outstanding | ||||||||||||
Awards | |||||||||||||
2009 GIP | 9,862,977 | 2,115,194 | |||||||||||
2004 SIP | — | 212,373 | (1) | ||||||||||
______________________________ | |||||||||||||
(1)Â | No RSUs remaining outstanding under the 2004 SIP. | ||||||||||||
Upon the termination of a participant’s employment with the Company by reason of death or disability, retirement or by the Company without cause (as defined in the respective award agreements), an award in amount equal to (a) the value of the award granted multiplied by (b) a fraction, (x) the numerator of which is the number of full months between grant date and the date of such termination, and (y) the denominator of which is the term of the award, such product to be rounded up to the nearest whole number, and reduced by (c) the value of any award that previously vested, and generally vest on the original vesting date. Upon the termination of a Participant’s employment with the Company for any other reason, any unvested portion of the award shall be forfeited and canceled without consideration. | |||||||||||||
The Company realized income tax benefits from stock option exercises and RSU vestings as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In $ millions) | |||||||||||||
Income tax benefit realized | 2 | 31 | 25 | ||||||||||
Amount reversed in current year related to prior year | — | 1 | 9 | ||||||||||
Stock Options | |||||||||||||
It is the Company’s policy to grant stock options with an exercise price equal to the average of the high and low price of the Company’s Common Stock on the grant date. Options issued under the 2009 GIP have a term of seven years and vest on a graded basis over either three or four years. The estimated value of the Company’s stock-based awards less expected forfeitures is recognized over the awards’ respective vesting period on a straight-line basis. | |||||||||||||
Generally, vested stock options are exercised through a broker-assisted cashless exercise program. A broker-assisted cashless exercise is the simultaneous exercise of a stock option by an employee and a sale of the shares through a broker. Authorized shares of the Company’s Common Stock are used to settle stock options. | |||||||||||||
Beginning in October 2010 through April 2012, the Company granted awards of stock options to certain executive officers of the Company that require a holding period of one year subsequent to exercising a stock option award for net profit shares acquired upon exercise. Net profit shares is the aggregate number of shares as determined by the Company’s human resources department representing the total number of shares remaining after taking into account the following costs related to exercise: (a) the aggregate option price with respect to the exercise; (b) the amount of all applicable taxes with respect to the exercise, assuming the participant’s maximum applicable federal, state and local tax rates (and applicable employment taxes); and (c) any transaction costs. | |||||||||||||
The fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing method. The weighted average assumptions used in the model are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | 0.68 | % | 0.78 | % | 0.81 | % | |||||||
Estimated life in years | 4.5 | 4.59 | 4.75 | ||||||||||
Dividend yield | 0.64 | % | 0.7 | % | 0.6 | % | |||||||
Volatility | 49.5 | % | 50.31 | % | 45 | % | |||||||
The computation of the expected volatility assumption used in the Black-Scholes calculations for new grants is based on the Company’s historical volatilities. When establishing the expected life assumptions, the Company reviews annual historical employee exercise behavior of option grants with similar vesting periods. | |||||||||||||
The summary of changes in stock options outstanding is as follows: | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Options | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(In thousands) | (In $) | (In years) | (In $ millions) | ||||||||||
As of December 31, 2012 | 823 | 29.93 | 4.4 | 12 | |||||||||
Granted | 8 | 46.87 | |||||||||||
Exercised | (284 | ) | 30.77 | ||||||||||
Forfeited | — | — | |||||||||||
Expired | — | — | |||||||||||
As of December 31, 2013 | 547 | 29.75 | 3.6 | 14 | |||||||||
Options exercisable at end of year | 415 | 27.44 | 3.2 | 12 | |||||||||
The weighted average grant date fair values of stock options granted is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In $) | |||||||||||||
Total | 18.5 | 16.21 | 11.38 | ||||||||||
The total intrinsic value of stock options exercised is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In $ millions) | |||||||||||||
Intrinsic value | 6 | 110 | 20 | ||||||||||
As of December 31, 2013, the Company had $1 million of total unrecognized compensation expense related to stock options, excluding actual forfeitures, which is expected to be recognized over the weighted average period of two years. | |||||||||||||
Restricted Stock Units | |||||||||||||
The Company’s RSUs are net settled by withholding shares of the Company’s Common Stock to cover minimum statutory income taxes and remitting the remaining shares of the Company’s Common Stock to an individual brokerage account. Authorized shares of the Company’s Common Stock are used to settle RSUs. | |||||||||||||
Performance-based RSUs. The Company generally grants performance-based RSUs to the Company’s executive officers and certain employees once per year. The Company may also grant performance-based RSUs to certain new employees or to employees who assume positions of increasing responsibility at the time those events occur. The number of performance-based RSUs that ultimately vest is dependent on one or both of the following according to the terms of the specific award agreement: the achievement of (a) internal profitability targets (performance condition) and (b) market performance targets measured by the comparison of the Company’s stock performance versus a defined peer group (market condition). | |||||||||||||
Outstanding performance-based RSUs granted prior to 2013 generally cliff-vest during the Company’s quarter-end September 30 black-out period three years from the date of grant. Outstanding performance-based RSUs granted in 2013 generally vest in two tranches with the final tranche vesting three years from the date of grant. | |||||||||||||
The ultimate number of shares of the Company’s Common Stock issued will range from zero to stretch, with stretch defined individually under each award, net of shares used to cover minimum statutory personal income taxes withheld. A market condition is factored into the estimated fair value per unit and a performance condition is factored into the compensation expense for each award based on the probability of achieving internal profitability measures, as applicable. Compensation expense is recognized on a straight-line basis over the term of the respective grant, less estimated forfeitures. Performance-based RSUs are canceled to the extent actual results of internal profitability measures are less than target, as defined individually under each award. | |||||||||||||
A summary of changes in nonvested performance-based RSUs outstanding is as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Units | Average | ||||||||||||
Fair Value | |||||||||||||
(In thousands) | (In $) | ||||||||||||
As of December 31, 2012 | 429 | 42.22 | |||||||||||
Granted | 540 | 47.3 | |||||||||||
Vested | (189 | ) | 41.16 | ||||||||||
Canceled | (28 | ) | 41.16 | ||||||||||
Forfeited | (19 | ) | 46.29 | ||||||||||
As of December 31, 2013 | 733 | 46.18 | |||||||||||
The fair value of shares vested for performance-based RSUs is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In $ millions) | |||||||||||||
Total | 10 | 12 | 14 | ||||||||||
The fair value of the Company’s performance-based RSUs with a market condition granted during 2012 and 2011 was estimated at the grant date using a Monte Carlo simulation approach less the present value of the expected dividends not received during the performance period. Monte Carlo simulation was utilized to randomly generate future stock returns for the Company and each company in the defined peer group for each grant based on company-specific dividend yields, volatilities and stock return correlations. These returns were used to calculate future performance-based RSU vesting percentages and the simulated values of the vested performance-based RSUs were then discounted to present value using a risk-free rate, yielding the expected value of these performance-based RSUs. | |||||||||||||
The range of assumptions used in the Monte Carlo simulation approach is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | N/A | 0.38 | % | 0.38 | % | ||||||||
Dividend yield | N/A | 0.00 - 4.37 % | 0.00 - 4.37 % | ||||||||||
Volatility | N/A | 25 - 90 % | 25 - 90 % | ||||||||||
The fair value of the Company's performance-based RSUs with a performance condition granted in 2013 is equal to the average of the high and low price of the Company’s Common Stock on the grant date less the present value of the expected dividends not received during the vesting period. | |||||||||||||
Time-based RSUs. The Company grants non-employee Directors time-based RSUs annually that generally vest one year after grant. The Company also grants time-based RSUs to the Company’s executives and certain employees that vest ratably over intervals ranging from three to four years. The fair value of the time-based RSUs is equal to the average of the high and low price of the Company’s Common Stock on the grant date less the present value of the expected dividends not received during the vesting period. | |||||||||||||
A summary of changes in nonvested time-based RSUs outstanding is as follows: | |||||||||||||
Employee Time-Based RSUs | Director Time-Based RSUs | ||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||
Units | Average | Units | Average | ||||||||||
Fair Value | Fair Value | ||||||||||||
(In thousands) | (In $) | (In thousands) | (In $) | ||||||||||
As of December 31, 2012 | 431 | 34.41 | 16 | 47.48 | |||||||||
Granted | 25 | 49.56 | 16 | 48.51 | |||||||||
Vested | (211 | ) | 33.79 | (16 | ) | 47.48 | |||||||
Forfeited | (20 | ) | 30.39 | — | — | ||||||||
As of December 31, 2013 | 225 | (1)Â | 37.02 | 16 | 48.51 | ||||||||
______________________________ | |||||||||||||
(1)Â | Includes 66,108 of restricted stock awards granted to the Company's Chief Executive Officer on April 5, 2012, of which 22,013 and 22,013 vested on October 1, 2012 and April 5, 2013, respectively. | ||||||||||||
The fair value of shares vested for time-based RSUs is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In $ millions) | |||||||||||||
Total | 12 | 13 | 7 | ||||||||||
Beginning in October 2010 through April 2012, the Company granted both time-based RSUs and performance-based RSUs to executive officers and certain employees of the Company that require a holding period of seven years from the grant date of the awards for 0% to 75% of the shares vested, depending on salary level, as specified in each individual agreement. The fair value of the RSUs with holding periods were discounted due to the lack of transferability of these RSUs during the holding period as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In percentages) | |||||||||||||
Holding period discount | N/A | 30 | 30 | ||||||||||
The holding period discount was determined using the weighted average results as calculated under the Chaffe and Finnerty models. | |||||||||||||
As of December 31, 2013, there was $41 million of unrecognized compensation cost related to RSUs, excluding actual forfeitures, which is expected to be recognized over a weighted average period of two years. |
Leases
Leases | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Leases | ' | ||||||||
Leases | |||||||||
Rent expense recorded under all operating leases is as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Total | 160 | 165 | 173 | ||||||
Future minimum lease payments under non-cancelable rental and lease agreements, which have initial or remaining terms in excess of one year are as follows: | |||||||||
As of December 31, 2013 | |||||||||
Capital Leases | |||||||||
(In $ millions) | |||||||||
2014 | 46 | ||||||||
2015 | 46 | ||||||||
2016 | 48 | ||||||||
2017 | 48 | ||||||||
2018 | 48 | ||||||||
Later years | 294 | ||||||||
Sublease income | — | ||||||||
Minimum lease commitments | 530 | ||||||||
Less amounts representing interest | (266 | ) | |||||||
Present value of net minimum lease obligations | 264 | ||||||||
As of December 31, 2013 | |||||||||
Operating Leases | |||||||||
(In $ millions) | |||||||||
2014 | 63 | ||||||||
2015 | 55 | ||||||||
2016 | 48 | ||||||||
2017 | 29 | ||||||||
2018 | 26 | ||||||||
Later years | 189 | ||||||||
Sublease income | (12 | ) | |||||||
Minimum lease commitments | 398 | ||||||||
The Company expects that, in the normal course of business, leases that expire will be renewed or replaced by other leases. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 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 13). 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 agreements are as follows: | |||||||||||||||||||
As of December 31, 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) | Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (Note 13). | ||||||||||||||||||
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 13). | ||||||||||||||||||
Interest rate swap activity is as follows: | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(In $ millions) | |||||||||||||||||||
Hedging activities - Interest expense | (11 | ) | (14 | ) | (55 | ) | |||||||||||||
Ineffective portion - Other income (expense), net | — | — | — | ||||||||||||||||
Upon issuance of the 4.625% Notes and $400 million paydown of the Term C loan facility on November 13, 2012 (Note 13), the Company dedesignated as cash flow hedges a notional value of $395 million of the $1.1 billion notional value US-dollar interest rate swap agreements expiring January 2, 2014, and a loss of $6 million was reclassified out of Accumulated other comprehensive income (loss), net, into Interest expense in the consolidated statements of operations during the three months ended December 31, 2012. Future mark-to-market adjustments on these dedesignated interest rate swap agreements were recorded in Interest expense in the consolidated statement of operations through their expiration on January 2, 2014. | |||||||||||||||||||
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. 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 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 consolidated statements of operations. | |||||||||||||||||||
The following table indicates the total US dollar equivalents of net foreign exchange exposure related to (short) long foreign exchange forward contracts outstanding by currency. All of the contracts included in the table below will have approximately offsetting effects from actual underlying payables, receivables, intercompany loans or other assets or liabilities subject to foreign exchange remeasurement. | |||||||||||||||||||
2014 Maturity | |||||||||||||||||||
(In $ millions) | |||||||||||||||||||
Currency | |||||||||||||||||||
Brazilian real | (12 | ) | |||||||||||||||||
British pound sterling | (60 | ) | |||||||||||||||||
Canadian dollar | 46 | ||||||||||||||||||
Chinese renminbi | (106 | ) | |||||||||||||||||
Euro | (228 | ) | |||||||||||||||||
Hungarian forint | 9 | ||||||||||||||||||
Japanese yen | (3 | ) | |||||||||||||||||
Mexican peso | 2 | ||||||||||||||||||
Singapore dollar | 43 | ||||||||||||||||||
Swedish krona | (6 | ) | |||||||||||||||||
Other | — | ||||||||||||||||||
Total | (315 | ) | |||||||||||||||||
Gross notional values of the foreign currency forwards and swaps are as follows: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In $ millions) | |||||||||||||||||||
Total | 869 | 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. | |||||||||||||||||||
Information regarding changes in the fair value of the Company’s derivative agreements is as follows: | |||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||||||
Recognized in | Recognized | Recognized in | Recognized | Recognized in | Recognized | ||||||||||||||
Other | in Earnings | Other | in Earnings | Other | in Earnings | ||||||||||||||
Comprehensive | (Loss) | Comprehensive | (Loss) | Comprehensive | (Loss) | ||||||||||||||
Income (Loss) | Income (Loss) | Income (Loss) | |||||||||||||||||
(In $ millions) | |||||||||||||||||||
Designated as Cash Flow Hedges | |||||||||||||||||||
Interest rate swaps | (2 | ) | (1)Â | (11 | ) | (2)Â | (12 | ) | (3)Â | (14 | ) | (2)Â | (24 | ) | (4)Â | (55 | ) | (2)Â | |
Not Designated as Hedges | |||||||||||||||||||
Interest rate swaps | — | — | — | (6 | ) | (5) | — | (4 | ) | (5) | |||||||||
Foreign currency forwards and swaps | — | (23 | ) | (6) | — | (6 | ) | (6) | — | 16 | (6) | ||||||||
Total | (2 | ) | (34 | ) | (12 | ) | (26 | ) | (24 | ) | (43 | ) | |||||||
______________________________ | |||||||||||||||||||
(1)Â | 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 consolidated statements of operations. | ||||||||||||||||||
(3) | Amount excludes $2 million of gains associated with the Company’s equity method investments’ derivative activity and $3 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||||||||
(4) | Amount excludes $2 million of gains associated with the Company’s equity method investments’ derivative activity and $10 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||||||||
(5)Â | Included in Interest expense in the consolidated statements of operations. | ||||||||||||||||||
(6)Â | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the consolidated statements of operations. | ||||||||||||||||||
See Note 22 - Fair Value Measurements for additional information regarding the fair value of the Company's derivative agreements. | |||||||||||||||||||
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 13). | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In $ millions) | |||||||||||||||||||
Derivative Assets | |||||||||||||||||||
Gross amount recognized | 1 | 2 | |||||||||||||||||
Gross amount offset in the consolidated balance sheets | — | — | |||||||||||||||||
Net amount presented in the consolidated balance sheets | 1 | 2 | |||||||||||||||||
Gross amount not offset in the consolidated balance sheets | 1 | 2 | |||||||||||||||||
Net amount | — | — | |||||||||||||||||
As of December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In $ millions) | |||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||
Gross amount recognized | 16 | 32 | |||||||||||||||||
Gross amount offset in the consolidated balance sheets | 1 | 1 | |||||||||||||||||
Net amount presented in the consolidated balance sheets | 15 | 31 | |||||||||||||||||
Gross amount not offset in the consolidated balance sheets | 1 | 2 | |||||||||||||||||
Net amount | 14 | 29 | |||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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 | ||||||||||||||||||||||||
Quoted Prices | Significant | Total | ||||||||||||||||||||||
in Active | Other | |||||||||||||||||||||||
Markets for | Observable | |||||||||||||||||||||||
Identical | Inputs | |||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||
Balance Sheet Classification | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||
Mutual funds | Marketable securities, at fair value | 41 | 53 | — | — | 41 | 53 | |||||||||||||||||
Derivatives Not Designated as Hedges | ||||||||||||||||||||||||
Foreign currency forwards and swaps | Current Other assets | — | — | 1 | 2 | 1 | 2 | |||||||||||||||||
Total assets | 41 | 53 | 1 | 2 | 42 | 55 | ||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||||||||||||||
Interest rate swaps | Current Other liabilities | — | — | (5 | ) | (10 | ) | (5 | ) | (10 | ) | |||||||||||||
Interest rate swaps | Noncurrent Other liabilities | — | — | (3 | ) | (7 | ) | (3 | ) | (7 | ) | |||||||||||||
Derivatives Not Designated as Hedges | ||||||||||||||||||||||||
Interest rate swaps | Current Other liabilities | — | — | (2 | ) | (5 | ) | (2 | ) | (5 | ) | |||||||||||||
Interest rate swaps | Noncurrent Other liabilities | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||
Foreign currency forwards and swaps | Current Other liabilities | — | — | (5 | ) | (8 | ) | (5 | ) | (8 | ) | |||||||||||||
Total liabilities | — | — | (15 | ) | (31 | ) | (15 | ) | (31 | ) | ||||||||||||||
Carrying values and fair values of financial instruments that are not carried at fair value are as follows: | ||||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||||
Carrying | Significant | Unobservable | Total | |||||||||||||||||||||
Amount | Other | Inputs | ||||||||||||||||||||||
Observable | (Level 3) | |||||||||||||||||||||||
Inputs | ||||||||||||||||||||||||
(Level 2) | ||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||
Cost investments | 145 | 156 | — | — | — | — | — | — | ||||||||||||||||
Insurance contracts in nonqualified trusts | 62 | 66 | 62 | 66 | — | — | 62 | 66 | ||||||||||||||||
Long-term debt, including current installments of long-term debt | 2,911 | 2,990 | 2,747 | 2,886 | 264 | 244 | 3,011 | 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 December 31, 2013 and 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 | 12 Months Ended | ||||
Dec. 31, 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, trade compliance, 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 arbitral panel bifurcated the case into a liability and damages phase. In December 2013, the arbitral panel ruled that Singapore Ltd. was not required to purchase minimum quantities under the express terms of the contract but, under the circumstances in 2012, had breached its implied duty of good faith. A hearing on damages will likely be held in the first half of 2014. Based on the Company's evaluation of currently available information, the Company does not believe any Possible Loss, including any Possible Loss in excess of reserves, would have a significant adverse effect on the financial position of the Company, but could have a significant adverse effect on the results of operations or cash flows in any given period. The Company continues to vigorously defend the matter. | |||||
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 (including interest) 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. The court held a hearing on January 28, 2014. On February 4, 2014, the court issued a preliminary determination adopting the expert's valuation methodology. The parties have 14 days to appeal after being served with the final decision. The plaintiffs may appeal. Separately, no expert has yet been appointed in the Squeeze-Out proceedings. | |||||
For those claims brought under the Domination Agreement, based on the court's preliminary determination, 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 the amount of the fair cash compensation sought is unspecified, unsupported or uncertain, 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 15). | |||||
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 December 31, 2013 are $64 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 15). | |||||
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 December 31, 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 December 31, 2013, the Company had unconditional purchase obligations of $3.7 billion, which extend through 2036. | |||||
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 December 31, 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 December 31, | |||||
2013 | 2012 | ||||
(In $ millions) | |||||
Property, plant and equipment, net | 111 | 118 | |||
Trade payables | 49 | 41 | |||
Current installments of long-term debt | 8 | 7 | |||
Long-term debt | 136 | 140 | |||
Total | 193 | 188 | |||
Maximum exposure to loss | 311 | 273 | |||
The difference between the total liabilities associated with 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. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
Supplemental Cash Flow Information | |||||||||
Supplemental cash flow information for cash and non-cash activities is as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Taxes paid, net of refunds | 129 | 64 | 94 | ||||||
Interest paid, net of amounts capitalized | 166 | 189 | 226 | ||||||
Noncash Investing and Financing Activities | |||||||||
Capital lease obligations | 28 | 7 | 38 | ||||||
Accrued capital expenditures | 38 | (22 | ) | 15 | |||||
Asset retirement obligations | 9 | 8 | (2 | ) | |||||
Accrued Kelsterbach capital expenditures | (2 | ) | (14 | ) | (33 | ) | |||
Accrued acquisition of intangible assets | — | (2 | ) | — | |||||
Lease incentives | 3 | 6 | 3 | ||||||
Capital expenditure reimbursement | (70 | ) | — | — | |||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||
Segment Information | ||||||||||||||||||||||
Business Segments | ||||||||||||||||||||||
The Company operates through the following business segments according to the nature and economic characteristics of its products as well as the manner in which the information is used internally by the Company's key decision maker, who is the Company's Chief Executive Officer. | ||||||||||||||||||||||
• | Advanced Engineered Materials | |||||||||||||||||||||
The Company’s Advanced Engineered Materials segment includes the engineered materials business, which develops, produces and supplies a broad portfolio of high performance specialty polymers for application in automotive, medical and electronics products, as well as other consumer and industrial applications. Together with its strategic affiliates, the Company's engineered materials business is a leading participant in the global specialty polymers industry. The primary products of Advanced Engineered Materials are used in a broad range of end-use products including automotive components, medical devices, electronics, appliances, industrial applications, battery separators, conveyor belts, filtration equipment, coatings, electrical applications and products. | ||||||||||||||||||||||
• | Consumer Specialties | |||||||||||||||||||||
The Company’s Consumer Specialties segment includes the cellulose derivatives and food ingredients businesses, which serve consumer-driven applications. These businesses are aggregated by the Company into one reportable segment based on similar economic characteristics and similar production processes, classes of customers and selling and distribution practices. The Company's cellulose derivatives business is a leading global producer and supplier of acetate flake, acetate film and acetate tow, primarily used in filter products applications. The Company’s food ingredients business is a leading global supplier of premium quality ingredients for the food and beverage and pharmaceuticals industries and is one of world's largest producers of food protection ingredients, such as potassium sorbates and sorbic acid. The Company's food ingredients business produces and sells the Qorus™ sweetener system and Sunett® high intensity sweeteners. | ||||||||||||||||||||||
• | Industrial Specialties | |||||||||||||||||||||
The Company’s Industrial Specialties segment includes the emulsion polymers and EVA polymers businesses, which are operating segments aggregated by the Company into one reportable segment based on similar products, production processes, classes of customers and selling and distribution practices as well as economic similarities over a normal business cycle. The Company’s emulsion polymers business is a leading global producer of vinyl acetate-based emulsions and develops products and application technologies to improve performance, create value and drive innovation in applications such as paints and coatings, adhesives, construction, glass fiber, textiles and paper. The Company's EVA polymers business is a leading North American manufacturer of a full range of specialty ethylene vinyl acetate resins and compounds as well as select grades of low-density polyethylene. The Company's EVA polymers' products are used in many applications including flexible packaging films, lamination film products, hot melt adhesives, medical products, automotive, carpeting and photovoltaic cells. | ||||||||||||||||||||||
• | Acetyl Intermediates | |||||||||||||||||||||
The Company’s Acetyl Intermediates segment includes the intermediate chemistry business, which produces and supplies acetyl products, including acetic acid, vinyl acetate monomer, acetic anhydride and acetate esters. These products are generally used as starting materials for colorants, paints, adhesives, coatings and medicines. The Acetyl Intermediates segment also produces organic solvents and intermediates for pharmaceutical, agricultural and chemical products. | ||||||||||||||||||||||
Building on the Company's acetic acid platform, Celanese TCX® ethanol process technology was developed to supply current and prospective customers with ethanol for industrial purposes and for other potential uses. This innovative process combines the Company's proprietary and leading acetyl platform with highly advanced manufacturing technology to produce ethanol from hydrocarbon-sourced feedstocks. | ||||||||||||||||||||||
• | Other Activities | |||||||||||||||||||||
Other Activities primarily consists of corporate center costs, including financing and administrative activities such as legal, accounting and treasury functions, interest income and expense associated with financing activities and results of the Company's captive insurance companies. Other Activities also includes the components of net periodic benefit cost (interest cost, expected return on assets and net actuarial gains and losses) for the Company's defined benefit pension plans and other post retirement plans not allocated to the Company's business segments. | ||||||||||||||||||||||
The business segment management reporting and controlling systems are based on the same accounting policies as those described in the summary of significant accounting policies in Note 2. | ||||||||||||||||||||||
Sales and revenues related to transactions between business segments are generally recorded at values that approximate third-party selling prices. | ||||||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Eliminations | Consolidated | ||||||||||||||||
Engineered | Specialties | Specialties | Intermediates | Activities | ||||||||||||||||||
Materials | ||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Net sales | 1,352 |   | 1,214 | (1) | 1,155 | 3,241 | (1) | — | (452 | ) | 6,510 | |||||||||||
Other (charges) gains, net | (13 | ) | — | (4 | ) | (141 | ) | — | — | (158 | ) | |||||||||||
Operating profit (loss) | 904 | 346 | 64 | 153 | 41 | — | 1,508 | |||||||||||||||
Equity in net earnings (loss) of affiliates | 148 |   | 3 |   | — | 5 | 24 | — | 180 | |||||||||||||
Depreciation and amortization | 110 |   | 41 |   | 52 | 86 | 16 | — | 305 | |||||||||||||
Capital expenditures | 67 |   | 116 |   | 33 | 184 | 8 | — | 408 | (3) | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Goodwill and intangible assets, net | 368 | 278 | 60 | 234 | — | — | 940 | |||||||||||||||
Total assets | 2,643 | 1,478 | 1,002 | 2,333 | 1,562 | — | 9,018 | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Net sales | 1,261 | 1,186 | (1) | 1,184 | 3,231 | (1) | — | (444 | ) | 6,418 |   | |||||||||||
Other (charges) gains, net | (2 | ) | (4 | ) | (2) | — | — | (8 | ) | (2) | — | (14 | ) | |||||||||
Operating profit (loss) | 95 | 251 | 86 | 269 | (526 | ) | — | 175 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 190 | 6 |   | — | 11 |   | 35 | — | 242 | |||||||||||||
Depreciation and amortization | 113 | 45 |   | 55 | 80 | 15 | — | 308 | ||||||||||||||
Capital expenditures | 51 | 65 |   | 38 | 169 |   | 16 | — | 339 | (3) | ||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||
Goodwill and intangible assets, net | 372 | 276 | 65 | 229 | — | — | 942 | |||||||||||||||
Total assets | 2,703 | 1,296 | 963 | 2,238 | 1,800 | — | 9,000 | |||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||
Net sales | 1,298 | 1,161 | (1)Â | 1,223 | 3,551 | (1)Â | 1 | (471 | ) | 6,763 | ||||||||||||
Other (charges) gains, net | (49 | ) | (3 | ) | — | 14 | (10 | ) | — | (48 | ) | |||||||||||
Operating profit (loss) | 79 | 229 | 102 | 458 | (466 | ) | — | 402 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 161 | 2 | — | 5 | 24 | — | 192 | |||||||||||||||
Depreciation and amortization | 100 | 44 | 45 | 96 | 13 | — | 298 | |||||||||||||||
Capital expenditures | 64 | 92 | 71 | 122 | 15 | — | 364 | (3) | ||||||||||||||
______________________________ | ||||||||||||||||||||||
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $448 million and $4 million, respectively, for the year ended December 31, 2013; $440 million and $4 million, respectively, for the year ended December 31, 2012; and $468 million and $3 million, respectively, for the year ended December 31, 2011. | |||||||||||||||||||||
(2)Â | Includes $9 million of insurance recoveries received from the Company's captive insurance companies related to the Narrows, Virginia facility that eliminates in consolidation. | |||||||||||||||||||||
(3) | Excludes expenditures related to the relocation of the Company’s POM operations in Germany (Note 27) and includes an increase in accrued capital expenditures of $38 million for the year ended December 31, 2013, a decrease of $22 million for the year ended December 31, 2012 and an increase of $15 million for the year ended December 31, 2011. | |||||||||||||||||||||
Geographical Area Information | ||||||||||||||||||||||
Revenues and noncurrent assets are presented based on the location of the business. The net sales based on the geographic location of the Company’s facilities are as follows: | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Belgium | 525 | 504 | 461 | |||||||||||||||||||
Canada | 249 | 284 | 323 | |||||||||||||||||||
China | 863 | 733 | 667 | |||||||||||||||||||
Germany | 2,049 | 2,082 | 2,328 | |||||||||||||||||||
Mexico | 256 | 257 | 241 | |||||||||||||||||||
Singapore | 578 | 561 | 722 | |||||||||||||||||||
US | 1,808 | 1,811 | 1,772 | |||||||||||||||||||
Other | 182 | 186 | 249 | |||||||||||||||||||
Total | 6,510 | 6,418 | 6,763 | |||||||||||||||||||
Property, plant and equipment, net based on the geographic location of the Company’s facilities is as follows: | ||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Belgium | 64 | 60 | ||||||||||||||||||||
Canada | 141 | 148 | ||||||||||||||||||||
China | 653 | 642 | ||||||||||||||||||||
Germany | 1,301 | 1,328 | ||||||||||||||||||||
Mexico | 145 | 128 | ||||||||||||||||||||
Singapore | 53 | 109 | ||||||||||||||||||||
US | 969 | 813 | ||||||||||||||||||||
Other | 99 | 122 | ||||||||||||||||||||
Total | 3,425 | 3,350 | ||||||||||||||||||||
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings (Loss) Per Share | ' | ||||||||
Earnings (Loss) Per Share | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions, except share data) | |||||||||
Amounts attributable to Celanese Corporation | |||||||||
Earnings (loss) from continuing operations | 1,101 | 376 | 426 | ||||||
Earnings (loss) from discontinued operations | — | (4 | ) | 1 | |||||
Net earnings (loss) | 1,101 | 372 | 427 | ||||||
Weighted average shares - basic | 158,801,150 | 158,359,914 | 156,226,526 | ||||||
Dilutive stock options | 227,624 | 848,439 | 1,930,072 | ||||||
Dilutive RSUs | 305,445 | 622,433 | 813,685 | ||||||
Weighted average shares - diluted | 159,334,219 | 159,830,786 | 158,970,283 | ||||||
Securities not included in the computation of diluted net earnings per share as their effect would have been antidilutive are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Stock options | 37,696 | 25,906 | 69,395 | ||||||
RSUs | 2,610 | 3,996 | 735 | ||||||
Total | 40,306 | 29,902 | 70,130 | ||||||
Plant_Relocation
Plant Relocation | 12 Months Ended | |||||||||||
Dec. 31, 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. Subsequent revisions to the original agreement discounted the total proceeds to €652 million in consideration for accelerating certain payments to the Company. | ||||||||||||
Title to the land and buildings transferred to Fraport during the three months ended December 31, 2013 upon completion of certain activities as specified in the settlement agreement. The settlement 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 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: | ||||||||||||
Year Ended December 31, | Total From | |||||||||||
Inception Through | ||||||||||||
2013 | 2012 | 2011 | 31-Dec-13 | |||||||||
(In $ millions) | ||||||||||||
Deferred proceeds (1) | — | — | 158 | 907 | ||||||||
Costs expensed | 13 | 7 | 47 | 126 | ||||||||
Costs capitalized (2) | 5 | 35 | 171 | 1,132 | ||||||||
Lease buyout | — | — | — | 22 | ||||||||
Employee termination benefits | — | — | 8 | 8 | ||||||||
Gain on disposition(3) | 742 | — | — | 742 | ||||||||
______________________________ | ||||||||||||
(1)Â | Included in noncurrent Other liabilities in the consolidated balance sheets. Amounts reflect the US dollar equivalent at the time of receipt. | |||||||||||
(2) | Includes a decrease in accrued capital expenditures of $2 million, $14 million and $33 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||
(3) | Upon transfer of title to the land and buildings to Fraport during the three months ended December 31, 2013, deferred proceeds of €651 million were recognized in Gain (loss) on disposition of businesses and assets, net in the consolidated statements of operations. Such proceeds were reduced by assets of €6 million included in Property, plant and equipment, net and €104 million included in noncurrent Other assets in the consolidated balance sheets. |
Consolidating_Guarantor_Financ
Consolidating Guarantor Financial Information | 12 Months Ended | |||||||||||||||||
Dec. 31, 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 13). 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 years ended December 31, 2013, 2012 and 2011 present such intercompany financing activities, contributions and dividends consistent with how such activity would be presented in a stand-alone statement of cash flows. | ||||||||||||||||||
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 consolidating financial information for the Parent Guarantor, the Issuer, the Subsidiary Guarantors and the non-guarantors are as follows: | ||||||||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,799 | 4,911 | (1,200 | ) | 6,510 | |||||||||||
Cost of sales | — | — | (1,827 | ) | (4,531 | ) | 1,213 | (5,145 | ) | |||||||||
Gross profit | — | — | 972 | 380 | 13 | 1,365 | ||||||||||||
Selling, general and administrative expenses | — | — | 53 | (364 | ) | — | (311 | ) | ||||||||||
Amortization of intangible assets | — | — | (11 | ) | (21 | ) | — | (32 | ) | |||||||||
Research and development expenses | — | — | (53 | ) | (32 | ) | — | (85 | ) | |||||||||
Other (charges) gains, net | — | — | 2 | (156 | ) | (4 | ) | (158 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (6 | ) | — | (6 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (2 | ) | 737 | — | 735 | |||||||||||
Operating profit (loss) | — | — | 961 | 538 | 9 | 1,508 | ||||||||||||
Equity in net earnings (loss) of affiliates | 1,096 | 1,180 | 116 | 158 | (2,370 | ) | 180 | |||||||||||
Interest expense | — | (192 | ) | (34 | ) | (70 | ) | 124 | (172 | ) | ||||||||
Refinancing expense | — | (1 | ) | — | — | — | (1 | ) | ||||||||||
Interest income | — | 55 | 65 | 5 | (124 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 93 | — | 93 | ||||||||||||
Other income (expense), net | — | — | (52 | ) | 52 | — | — | |||||||||||
Earnings (loss) from continuing operations before tax | 1,096 | 1,042 | 1,056 | 776 | (2,361 | ) | 1,609 | |||||||||||
Income tax (provision) benefit | 5 | 54 | (326 | ) | (229 | ) | (12 | ) | (508 | ) | ||||||||
Earnings (loss) from continuing operations | 1,101 | 1,096 | 730 | 547 | (2,373 | ) | 1,101 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 2 | (2 | ) | — | — | |||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | (1 | ) | 1 | — | — | |||||||||||
Earnings (loss) from discontinued operations | — | — | 1 | (1 | ) | — | — | |||||||||||
Net earnings (loss) | 1,101 | 1,096 | 731 | 546 | (2,373 | ) | 1,101 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 1,101 | 1,096 | 731 | 546 | (2,373 | ) | 1,101 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,692 | 4,829 | (1,103 | ) | 6,418 | |||||||||||
Cost of sales | — | — | (1,906 | ) | (4,423 | ) | 1,092 | (5,237 | ) | |||||||||
Gross profit | — | — | 786 | 406 | (11 | ) | 1,181 | |||||||||||
Selling, general and administrative expenses | — | — | (440 | ) | (390 | ) | — | (830 | ) | |||||||||
Amortization of intangible assets | — | — | (18 | ) | (33 | ) | — | (51 | ) | |||||||||
Research and development expenses | — | — | (74 | ) | (30 | ) | — | (104 | ) | |||||||||
Other (charges) gains, net | — | — | 17 | (22 | ) | (9 | ) | (14 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (4 | ) | — | (4 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (1 | ) | (2 | ) | — | (3 | ) | |||||||||
Operating profit (loss) | — | — | 270 | (75 | ) | (20 | ) | 175 | ||||||||||
Equity in net earnings (loss) of affiliates | 369 | 473 | 199 | 201 | (1,000 | ) | 242 | |||||||||||
Interest expense | — | (198 | ) | (42 | ) | (73 | ) | 128 | (185 | ) | ||||||||
Refinancing expense | — | (3 | ) | — | — | — | (3 | ) | ||||||||||
Interest income | — | 59 | 65 | 6 | (128 | ) | 2 | |||||||||||
Dividend income - cost investments | — | — | — | 85 | — | 85 | ||||||||||||
Other income (expense), net | — | — | (10 | ) | 15 | — | 5 | |||||||||||
Earnings (loss) from continuing operations before tax | 369 | 331 | 482 | 159 | (1,020 | ) | 321 | |||||||||||
Income tax (provision) benefit | 3 | 38 | (16 | ) | 15 | 15 | 55 | |||||||||||
Earnings (loss) from continuing operations | 372 | 369 | 466 | 174 | (1,005 | ) | 376 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (5 | ) | (1 | ) | — | (6 | ) | |||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 2 | — | — | 2 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | (3 | ) | (1 | ) | — | (4 | ) | |||||||||
Net earnings (loss) | 372 | 369 | 463 | 173 | (1,005 | ) | 372 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 372 | 369 | 463 | 173 | (1,005 | ) | 372 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,572 | 5,240 | (1,049 | ) | 6,763 | |||||||||||
Cost of sales | — | — | (1,861 | ) | (4,510 | ) | 1,025 | (5,346 | ) | |||||||||
Gross profit | — | — | 711 | 730 | (24 | ) | 1,417 | |||||||||||
Selling, general and administrative expenses | — | — | (402 | ) | (403 | ) | — | (805 | ) | |||||||||
Amortization of intangible assets | — | — | (17 | ) | (45 | ) | — | (62 | ) | |||||||||
Research and development expenses | — | — | (67 | ) | (31 | ) | — | (98 | ) | |||||||||
Other (charges) gains, net | — | — | 23 | (71 | ) | — | (48 | ) | ||||||||||
Foreign exchange gain (loss), net | — | — | — | — | — | — | ||||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (1 | ) | — | (1 | ) | (2 | ) | |||||||||
Operating profit (loss) | — | — | 247 | 180 | (25 | ) | 402 | |||||||||||
Equity in net earnings (loss) of affiliates | 425 | 590 | 165 | 166 | (1,154 | ) | 192 | |||||||||||
Interest expense | — | (217 | ) | (41 | ) | (41 | ) | 78 | (221 | ) | ||||||||
Refinancing expense | — | (3 | ) | — | — | — | (3 | ) | ||||||||||
Interest income | — | 23 | 48 | 10 | (78 | ) | 3 | |||||||||||
Dividend income - cost investments | — | — | — | 80 | — | 80 | ||||||||||||
Other income (expense), net | — | — | (39 | ) | 53 | — | 14 | |||||||||||
Earnings (loss) from continuing operations before tax | 425 | 393 | 380 | 448 | (1,179 | ) | 467 | |||||||||||
Income tax (provision) benefit | 2 | 32 | (49 | ) | (35 | ) | 9 | (41 | ) | |||||||||
Earnings (loss) from continuing operations | 427 | 425 | 331 | 413 | (1,170 | ) | 426 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 3 | (1 | ) | — | 2 | |||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | (1 | ) | — | — | (1 | ) | ||||||||||
Earnings (loss) from discontinued operations | — | — | 2 | (1 | ) | — | 1 | |||||||||||
Net earnings (loss) | 427 | 425 | 333 | 412 | (1,170 | ) | 427 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 427 | 425 | 333 | 412 | (1,170 | ) | 427 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 1,101 | 1,096 | 731 | 546 | (2,373 | ) | 1,101 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Foreign currency translation | 20 | 20 | (10 | ) | (8 | ) | (2 | ) | 20 | |||||||||
Gain (loss) on interest rate swaps | 6 | 6 | — | — | (6 | ) | 6 | |||||||||||
Pension and postretirement benefits | 58 | 58 | 56 | 2 | (116 | ) | 58 | |||||||||||
Total other comprehensive income (loss), net of tax | 85 | 85 | 47 | (6 | ) | (126 | ) | 85 | ||||||||||
Total comprehensive income (loss), net of tax | 1,186 | 1,181 | 778 | 540 | (2,499 | ) | 1,186 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 1,186 | 1,181 | 778 | 540 | (2,499 | ) | 1,186 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 372 | 369 | 463 | 173 | (1,005 | ) | 372 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | 5 | 5 | (12 | ) | 1 | 6 | 5 | |||||||||||
Gain (loss) on interest rate swaps | 7 | 7 | (1 | ) | 3 | (9 | ) | 7 | ||||||||||
Pension and postretirement benefits | (11 | ) | (11 | ) | (2 | ) | (11 | ) | 24 | (11 | ) | |||||||
Total other comprehensive income (loss), net of tax | 1 | 1 | (15 | ) | (7 | ) | 21 | 1 | ||||||||||
Total comprehensive income (loss), net of tax | 373 | 370 | 448 | 166 | (984 | ) | 373 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 373 | 370 | 448 | 166 | (984 | ) | 373 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 427 | 425 | 333 | 412 | (1,170 | ) | 427 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (27 | ) | (27 | ) | (6 | ) | 6 | 27 | (27 | ) | ||||||||
Gain (loss) on interest rate swaps | 27 | 27 | 1 | 1 | (29 | ) | 27 | |||||||||||
Pension and postretirement benefits | — | — | (2 | ) | 2 | — | — | |||||||||||
Total other comprehensive income (loss), net of tax | — | — | (7 | ) | 9 | (2 | ) | — | ||||||||||
Total comprehensive income (loss), net of tax | 427 | 425 | 326 | 421 | (1,172 | ) | 427 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 427 | 425 | 326 | 421 | (1,172 | ) | 427 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | — | — | 284 | 700 | — | 984 | ||||||||||||
Trade receivables - third party and affiliates | — | — | 131 | 877 | (141 | ) | 867 | |||||||||||
Non-trade receivables, net | 33 | 482 | 2,166 | 586 | (2,924 | ) | 343 | |||||||||||
Inventories, net | — | — | 243 | 622 | (61 | ) | 804 | |||||||||||
Deferred income taxes | — | — | 74 | 58 | (17 | ) | 115 | |||||||||||
Marketable securities, at fair value | — | — | 41 | — | — | 41 | ||||||||||||
Other assets | — | 5 | 15 | 24 | (16 | ) | 28 | |||||||||||
Total current assets | 33 | 487 | 2,954 | 2,867 | (3,159 | ) | 3,182 | |||||||||||
Investments in affiliates | 2,667 | 4,458 | 1,677 | 594 | (8,555 | ) | 841 | |||||||||||
Property, plant and equipment, net | — | — | 969 | 2,456 | — | 3,425 | ||||||||||||
Deferred income taxes | — | — | 248 | 49 | (8 | ) | 289 | |||||||||||
Other assets | — | 1,965 | 144 | 285 | (2,053 | ) | 341 | |||||||||||
Goodwill | — | — | 305 | 493 | — | 798 | ||||||||||||
Intangible assets, net | — | — | 64 | 78 | — | 142 | ||||||||||||
Total assets | 2,700 | 6,910 | 6,361 | 6,822 | (13,775 | ) | 9,018 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 1,713 | 122 | 373 | (2,031 | ) | 177 | |||||||||||
Trade payables - third party and affiliates | — | — | 312 | 628 | (141 | ) | 799 | |||||||||||
Other liabilities | 1 | 28 | 441 | 513 | (442 | ) | 541 | |||||||||||
Deferred income taxes | — | 17 | — | 10 | (17 | ) | 10 | |||||||||||
Income taxes payable | — | — | 460 | 32 | (474 | ) | 18 | |||||||||||
Total current liabilities | 1 | 1,758 | 1,335 | 1,556 | (3,105 | ) | 1,545 | |||||||||||
Noncurrent Liabilities | ||||||||||||||||||
Long-term debt | — | 2,468 | 825 | 1,646 | (2,052 | ) | 2,887 | |||||||||||
Deferred income taxes | — | 8 | — | 225 | (8 | ) | 225 | |||||||||||
Uncertain tax positions | — | 6 | 16 | 178 | — | 200 | ||||||||||||
Benefit obligations | — | — | 943 | 232 | — | 1,175 | ||||||||||||
Other liabilities | — | 3 | 91 | 202 | (9 | ) | 287 | |||||||||||
Total noncurrent liabilities | — | 2,485 | 1,875 | 2,483 | (2,069 | ) | 4,774 | |||||||||||
Total Celanese Corporation stockholders’ equity | 2,699 | 2,667 | 3,151 | 2,783 | (8,601 | ) | 2,699 | |||||||||||
Noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Total equity | 2,699 | 2,667 | 3,151 | 2,783 | (8,601 | ) | 2,699 | |||||||||||
Total liabilities and equity | 2,700 | 6,910 | 6,361 | 6,822 | (13,775 | ) | 9,018 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
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 | ||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 228 | 105 | 766 | 154 | (491 | ) | 762 | |||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (249 | ) | (121 | ) | — | (370 | ) | |||||||||
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 | — | — | — | (7 | ) | — | (7 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | (20 | ) | — | 20 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 5 | (131 | ) | — | 126 | — | |||||||||||
Other, net | — | — | (45 | ) | (13 | ) | — | (58 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 5 | (445 | ) | (128 | ) | 146 | (422 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 131 | (8 | ) | (3 | ) | (131 | ) | (11 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 177 | — | 177 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (123 | ) | — | (123 | ) | ||||||||||
Proceeds from long-term debt | — | 24 | 50 | — | — | 74 | ||||||||||||
Repayments of long-term debt | — | (34 | ) | (121 | ) | (48 | ) | 5 | (198 | ) | ||||||||
Refinancing costs | — | (2 | ) | — | — | — | (2 | ) | ||||||||||
Purchases of treasury stock, including related fees | (164 | ) | — | — | — | — | (164 | ) | ||||||||||
Dividends to parent | — | (229 | ) | (229 | ) | (33 | ) | 491 | — | |||||||||
Contributions from parent | — | — | — | 20 | (20 | ) | — | |||||||||||
Stock option exercises | 9 | — | — | — | — | 9 | ||||||||||||
Series A common stock dividends | (83 | ) | — | — | — | — | (83 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Other, net | — | — | (4 | ) | (1 | ) | — | (5 | ) | |||||||||
Net cash provided by (used in) financing activities | (238 | ) | (110 | ) | (312 | ) | (11 | ) | 345 | (326 | ) | |||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 11 | — | 11 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (10 | ) | — | 9 | 26 | — | 25 | |||||||||||
Cash and cash equivalents as of beginning of period | 10 | — | 275 | 674 | — | 959 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 284 | 700 | — | 984 | ||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 7 | (100 | ) | 396 | 489 | (70 | ) | 722 | ||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (170 | ) | (191 | ) | — | (361 | ) | |||||||||
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 | — | — | — | (49 | ) | — | (49 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | (3 | ) | — | 3 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 5 | (53 | ) | — | 48 | — | |||||||||||
Other, net | — | — | (9 | ) | (59 | ) | — | (68 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 5 | (257 | ) | (299 | ) | 51 | (500 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 53 | 5 | (3 | ) | (53 | ) | 2 | ||||||||||
Proceeds from short-term borrowings | — | — | — | 71 | — | 71 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (71 | ) | — | (71 | ) | ||||||||||
Proceeds from long-term debt | — | 500 | 50 | — | — | 550 | ||||||||||||
Repayments of long-term debt | — | (414 | ) | (10 | ) | (70 | ) | 5 | (489 | ) | ||||||||
Refinancing costs | — | (9 | ) | — | — | — | (9 | ) | ||||||||||
Purchases of treasury stock, including related fees | (45 | ) | — | — | — | — | (45 | ) | ||||||||||
Dividends to parent | — | (35 | ) | (35 | ) | — | 70 | — | ||||||||||
Contributions from parent | — | — | — | 3 | (3 | ) | — | |||||||||||
Stock option exercises | 62 | — | — | — | — | 62 | ||||||||||||
Series A common stock dividends | (43 | ) | — | — | — | — | (43 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Other, net | 29 | — | (7 | ) | (1 | ) | — | 21 | ||||||||||
Net cash provided by (used in) financing activities | 3 | 95 | 3 | (71 | ) | 19 | 49 | |||||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 6 | — | 6 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 10 | — | 142 | 125 | — | 277 | ||||||||||||
Cash and cash equivalents as of beginning of period | — | — | 133 | 549 | — | 682 | ||||||||||||
Cash and cash equivalents as of end of period | 10 | — | 275 | 674 | — | 959 | ||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 41 | (127 | ) | 446 | 368 | (90 | ) | 638 | ||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (145 | ) | (204 | ) | — | (349 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | (8 | ) | — | — | (8 | ) | ||||||||||
Proceeds from sale of businesses and assets, net | — | — | 1 | 5 | — | 6 | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | 159 | — | 159 | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (204 | ) | — | (204 | ) | ||||||||||
Return of capital from subsidiary | — | 100 | — | — | (100 | ) | — | |||||||||||
Contributions to subsidiary | — | (100 | ) | — | — | 100 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 5 | (307 | ) | — | 302 | — | |||||||||||
Other, net | — | — | (15 | ) | (30 | ) | — | (45 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 5 | (474 | ) | (274 | ) | 302 | (441 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 307 | (5 | ) | (8 | ) | (307 | ) | (13 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 70 | — | 70 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (73 | ) | — | (73 | ) | ||||||||||
Proceeds from long-term debt | — | 400 | — | 11 | — | 411 | ||||||||||||
Repayments of long-term debt | — | (532 | ) | (9 | ) | (55 | ) | 5 | (591 | ) | ||||||||
Refinancing costs | — | (8 | ) | — | — | — | (8 | ) | ||||||||||
Purchases of treasury stock, including related fees | (31 | ) | — | — | — | — | (31 | ) | ||||||||||
Dividends to parent | — | (45 | ) | (45 | ) | — | 90 | — | ||||||||||
Contributions from parent | — | — | 100 | — | (100 | ) | — | |||||||||||
Stock option exercises | 20 | — | — | — | — | 20 | ||||||||||||
Series A common stock dividends | (34 | ) | — | — | — | — | (34 | ) | ||||||||||
Return of capital to parent | — | — | — | (100 | ) | 100 | — | |||||||||||
Other, net | 4 | — | (8 | ) | — | — | (4 | ) | ||||||||||
Net cash provided by (used in) financing activities | (41 | ) | 122 | 33 | (155 | ) | (212 | ) | (253 | ) | ||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 5 | (63 | ) | — | (58 | ) | ||||||||||
Cash and cash equivalents as of beginning of period | — | — | 128 | 612 | — | 740 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 133 | 549 | — | 682 | ||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On February 6, 2014, the Company declared a quarterly cash dividend of $0.18 per share on its Common Stock amounting to $28 million. The cash dividend is for the period from November 1, 2013 to January 31, 2014 and will be paid on February 28, 2014 to holders of record as of February 17, 2014. | |
On February 6, 2014, the Company's Board of Directors approved an increase in its share repurchase authorization of its Common Stock to $400 million. As of December 31, 2013, the Company had $228 million remaining under previous authorizations. | |
On February 4, 2014, the Company entered into a joint venture agreement with Mitsui to form Fairway Methanol LLC (Note 4). The venture has a term of 20 years, subject to a 10 year renewal. The Company holds a variable interest in Fairway Methanol LLC as the primary beneficiary. Accordingly, the Company will consolidate Fairway Methanol LLC and will report a noncontrolling interest for the share of the venture owned by Mitsui. Upon formation, the Company contributed construction in progress and was reimbursed for pre-formation costs paid by the Company through the date of formation (Note 6). |
Summary_of_Accounting_Policies1
Summary of Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Consolidation principles | ' | ||||||||
Consolidation principles | |||||||||
The consolidated financial statements have been prepared in accordance with US GAAP for all periods presented and include the accounts of the Company and its majority owned subsidiaries over which the Company exercises control. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||
Estimates and assumptions | ' | ||||||||
Estimates and assumptions | |||||||||
The preparation of 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 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 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 in operating results 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 continue to 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 all periods presented has been retrospectively adjusted (Note 25). | |||||||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of operations is as follows: | |||||||||
Year Ended December 31, 2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (5,223 | ) | 78 | (5,145 | ) | ||||
Gross profit | 1,287 | 78 | 1,365 | ||||||
Selling, general and administrative expenses | (514 | ) | 203 | (311 | ) | ||||
Research and development expenses | (95 | ) | 10 | (85 | ) | ||||
Operating profit (loss) | 1,217 | 291 | 1,508 | ||||||
Earnings (loss) from continuing operations before tax | 1,318 | 291 | 1,609 | ||||||
Income tax (provision) benefit | (406 | ) | (102 | ) | (508 | ) | |||
Earnings (loss) from continuing operations | 912 | 189 | 1,101 | ||||||
Net earnings (loss) | 912 | 189 | 1,101 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 912 | 189 | 1,101 | ||||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 5.74 | 1.19 | 6.93 | ||||||
Discontinued operations | — | — | — | ||||||
Net earnings (loss)Â - basic | 5.74 | 1.19 | 6.93 | ||||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 5.72 | 1.19 | 6.91 | ||||||
Discontinued operations | — | — | — | ||||||
Net earnings (loss)Â - diluted | 5.72 | 1.19 | 6.91 | ||||||
Year Ended December 31, 2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (5,226 | ) | (11 | ) | (5,237 | ) | |||
Gross profit | 1,192 | (11 | ) | 1,181 | |||||
Selling, general and administrative expenses | (507 | ) | (323 | ) | (830 | ) | |||
Research and development expenses | (102 | ) | (2 | ) | (104 | ) | |||
Operating profit (loss) | 511 | (336 | ) | 175 | |||||
Earnings (loss) from continuing operations before tax | 657 | (336 | ) | 321 | |||||
Income tax (provision) benefit | (48 | ) | 103 | 55 | |||||
Earnings (loss) from continuing operations | 609 | (233 | ) | 376 | |||||
Net earnings (loss) | 605 | (233 | ) | 372 | |||||
Net earnings (loss) attributable to Celanese Corporation | 605 | (233 | ) | 372 | |||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 3.84 | (1.47 | ) | 2.37 | |||||
Discontinued operations | (0.02 | ) | — | (0.02 | ) | ||||
Net earnings (loss)Â - basic | 3.82 | (1.47 | ) | 2.35 | |||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 3.81 | (1.46 | ) | 2.35 | |||||
Discontinued operations | (0.02 | ) | — | (0.02 | ) | ||||
Net earnings (loss)Â - diluted | 3.79 | (1.46 | ) | 2.33 | |||||
Year Ended December 31, 2011 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (5,329 | ) | (17 | ) | (5,346 | ) | |||
Gross profit | 1,434 | (17 | ) | 1,417 | |||||
Selling, general and administrative expenses | (536 | ) | (269 | ) | (805 | ) | |||
Research and development expenses | (96 | ) | (2 | ) | (98 | ) | |||
Operating profit (loss) | 690 | (288 | ) | 402 | |||||
Earnings (loss) from continuing operations before tax | 755 | (288 | ) | 467 | |||||
Income tax (provision) benefit | (149 | ) | 108 | (41 | ) | ||||
Earnings (loss) from continuing operations | 606 | (180 | ) | 426 | |||||
Net earnings (loss) | 607 | (180 | ) | 427 | |||||
Net earnings (loss) attributable to Celanese Corporation | 607 | (180 | ) | 427 | |||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 3.88 | (1.16 | ) | 2.72 | |||||
Discontinued operations | 0.01 | — | 0.01 | ||||||
Net earnings (loss)Â - basic | 3.89 | (1.16 | ) | 2.73 | |||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 3.81 | (1.13 | ) | 2.68 | |||||
Discontinued operations | 0.01 | — | 0.01 | ||||||
Net earnings (loss)Â - diluted | 3.82 | (1.13 | ) | 2.69 | |||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of comprehensive income (loss) is as follows: | |||||||||
Year Ended December 31, 2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 912 | 189 | 1,101 | ||||||
Pension and postretirement benefits | 247 | (189 | ) | 58 | |||||
Total other comprehensive income (loss), net of tax | 274 | (189 | ) | 85 | |||||
Year Ended December 31, 2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 605 | (233 | ) | 372 | |||||
Pension and postretirement benefits | (244 | ) | 233 | (11 | ) | ||||
Total other comprehensive income (loss), net of tax | (232 | ) | 233 | 1 | |||||
Year Ended December 31, 2011 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 607 | (180 | ) | 427 | |||||
Pension and postretirement benefits | (180 | ) | 180 | — | |||||
Total other comprehensive income (loss), net of tax | (180 | ) | 180 | — | |||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated balance sheets is as follows: | |||||||||
As of December 31, 2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Retained earnings | 3,815 | (804 | ) | 3,011 | |||||
Accumulated other comprehensive income (loss), net | (808 | ) | 804 | (4 | ) | ||||
As of December 31, 2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(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 the consolidated statements of equity is as follows: | |||||||||
2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Retained earnings as of the beginning of the period | 2,986 | (993 | ) | 1,993 | |||||
Net earnings (loss) attributable to Celanese Corporation | 912 | 189 | 1,101 | ||||||
Retained earnings as of the end of the period | 3,815 | (804 | ) | 3,011 | |||||
Accumulated other comprehensive income (loss), net as of the beginning of the period | (1,082 | ) | 993 | (89 | ) | ||||
Other comprehensive income (loss), net of tax | 274 | (189 | ) | 85 | |||||
Accumulated other comprehensive income (loss), net as of the end of the period | (808 | ) | 804 | (4 | ) | ||||
2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Retained earnings as of the beginning of the period | 2,424 | (760 | ) | 1,664 | |||||
Net earnings (loss) attributable to Celanese Corporation | 605 | (233 | ) | 372 | |||||
Retained earnings as of the end of the period | 2,986 | (993 | ) | 1,993 | |||||
Accumulated other comprehensive income (loss), net as of the beginning of the period | (850 | ) | 760 | (90 | ) | ||||
Other comprehensive income (loss), net of tax | (232 | ) | 233 | 1 | |||||
Accumulated other comprehensive income (loss), net as of the end of the period | (1,082 | ) | 993 | (89 | ) | ||||
2011 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Retained earnings as of the beginning of the period | 1,851 | (580 | ) | 1,271 | |||||
Net earnings (loss) attributable to Celanese Corporation | 607 | (180 | ) | 427 | |||||
Retained earnings as of the end of the period | 2,424 | (760 | ) | 1,664 | |||||
Accumulated other comprehensive income (loss), net as of the beginning of the period | (670 | ) | 580 | (90 | ) | ||||
Other comprehensive income (loss), net of tax | (180 | ) | 180 | — | |||||
Accumulated other comprehensive income (loss), net as of the end of the period | (850 | ) | 760 | (90 | ) | ||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of cash flows is as follows: | |||||||||
Year Ended December 31, 2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 912 | 189 | 1,101 | ||||||
Pension and postretirement benefit expense | — | (35 | ) | (35 | ) | ||||
Pension and postretirement contributions | — | (96 | ) | (96 | ) | ||||
Actuarial (gain) loss on pension and postretirement plans | — | (104 | ) | (104 | ) | ||||
Pension curtailments and settlements, net | — | (52 | ) | (52 | ) | ||||
Deferred income taxes, net | 242 | 102 | 344 | ||||||
Other liabilities | 16 | (4 | ) | 12 | |||||
Year Ended December 31, 2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 605 | (233 | ) | 372 | |||||
Pension and postretirement benefit expense | — | 9 | 9 | ||||||
Pension and postretirement contributions | — | (288 | ) | (288 | ) | ||||
Actuarial (gain) loss on pension and postretirement plans | — | 389 | 389 | ||||||
Deferred income taxes, net | (73 | ) | (102 | ) | (175 | ) | |||
Other liabilities | (249 | ) | 225 | (24 | ) | ||||
Year Ended December 31, 2011 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 607 | (180 | ) | 427 | |||||
Pension and postretirement benefit expense | — | 30 | 30 | ||||||
Pension and postretirement contributions | — | (209 | ) | (209 | ) | ||||
Actuarial (gain) loss on pension and postretirement plans | — | 306 | 306 | ||||||
Deferred income taxes, net | 93 | (108 | ) | (15 | ) | ||||
Other liabilities | (262 | ) | 161 | (101 | ) | ||||
Cash and cash equivalents | ' | ||||||||
Cash and cash equivalents | |||||||||
All highly liquid investments with original maturities of three months or less are considered cash equivalents. | |||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories, including stores and supplies, are stated at the lower of cost or market. Cost for inventories is determined using the first-in, first-out ("FIFO") method. Cost includes raw materials, direct labor and manufacturing overhead. Cost for stores and supplies is primarily determined by the average cost method. | |||||||||
Investments in marketable securities | ' | ||||||||
Investments in marketable securities | |||||||||
The Company classifies its investments in debt and equity securities as "available-for-sale" and reports those investments at their fair market values in the consolidated balance sheets as Marketable securities, at fair value. Unrealized gains or losses, net of the related tax effect on available-for-sale securities, are excluded from earnings and are reported as a component of Accumulated other comprehensive income (loss), net until realized. The cost of securities sold is determined by using the specific identification method. | |||||||||
A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in the carrying amount to fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year end and forecasted performance of the investee. | |||||||||
The Company reviews all investments for other-than-temporary impairment at least quarterly or as indicators of impairment exist. Indicators of impairment include the duration and severity of the decline in fair value below carrying value as well as the intent and ability to hold the investment to allow for a recovery in the market value of the investment. In addition, the Company considers qualitative factors that include, but are not limited to: (i) the financial condition and business plans of the investee including its future earnings potential, (ii) the investee’s credit rating, and (iii) the current and expected market and industry conditions in which the investee operates. If a decline in the fair value of an investment is deemed by management to be other-than-temporary, the Company writes down the carrying value of the investment to fair value, and the amount of the write-down is included in net earnings. Such a determination is dependent on the facts and circumstances relating to each investment. | |||||||||
Investments in affiliates | ' | ||||||||
Investments in affiliates | |||||||||
Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 323, Investments - Equity Method and Joint Ventures ("FASB ASC Topic 323"), stipulates that the equity method should be used to account for investments whereby an investor has "the ability to exercise significant influence over operating and financial policies of an investee", but does not exercise control. FASB ASC Topic 323 generally considers an investor to have the ability to exercise significant influence when it owns 20% or more of the voting stock of an investee. FASB ASC Topic 323 lists circumstances under which, despite 20% ownership, an investor may not be able to exercise significant influence. Certain investments where the Company owns greater than a 20% ownership interest are accounted for under the cost method of accounting because the Company cannot exercise significant influence or control. The Company determined that it cannot exercise significant influence over these entities due to local government investment in and influence over these entities, limitations on the Company's involvement in the day-to-day operations and the present inability of the entities to provide timely financial information prepared in accordance with US GAAP. | |||||||||
In certain instances, the financial information of the Company's equity investees is not available on a timely basis. Accordingly, the Company records its proportional share of the investee's earnings or losses on a consistent lag of no more than one quarter. | |||||||||
The Company assesses the recoverability of the carrying value of its investments whenever events or changes in circumstances indicate a loss in value that is other than a temporary decline. A loss in value of an equity method or cost method investment, which is other than a temporary decline, will be recognized as the difference between the carrying amount of the investment and its fair value. | |||||||||
The Company's estimates of fair value are determined based on a discounted cash flow model. The Company periodically engages third-party valuation consultants to assist with this process. | |||||||||
Property, plant and equipment, net | ' | ||||||||
Property, plant and equipment, net | |||||||||
Land is recorded at historical cost. Buildings, machinery and equipment, including capitalized interest, and property under capital lease agreements, are recorded at cost less accumulated depreciation. The Company records depreciation and amortization in its consolidated statements of operations as either Cost of sales or Selling, general and administrative expenses consistent with the utilization of the underlying assets. Depreciation is calculated on a straight-line basis over the following estimated useful lives of depreciable assets: | |||||||||
Land improvements | 20Â years | ||||||||
Buildings and improvements | 30Â years | ||||||||
Machinery and equipment | 20Â years | ||||||||
Leasehold improvements are amortized over 10 years or the remaining life of the respective lease, whichever is shorter. | |||||||||
Accelerated depreciation is recorded when the estimated useful life is shortened. Ordinary repair and maintenance costs, including costs for planned maintenance turnarounds, that do not extend the useful life of the asset are charged to earnings as incurred. Fully depreciated assets are retained in property and depreciation accounts until sold or otherwise disposed. In the case of disposals, assets and related depreciation are removed from the accounts, and the net amounts, less proceeds from disposal, are included in earnings. | |||||||||
The Company also leases property, plant and equipment under operating and capital leases. Rent expense for operating leases, which may have escalating rentals or rent holidays over the term of the lease, is recorded on a straight-line basis over the lease term. Amortization of capital lease assets is included as a component of depreciation expense. | |||||||||
Assets acquired in business combinations are recorded at their fair values and depreciated over the assets' remaining useful lives or the Company's policy lives, whichever is shorter. | |||||||||
The Company assesses the recoverability of the carrying amount of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment loss would be assessed when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss is based on the excess of the carrying amount of the asset group over its fair value. Fair value is measured using discounted cash flows or independent appraisals, as appropriate. Impairment losses are recorded primarily to Other (charges) gains, net. | |||||||||
Goodwill and other intangible assets | ' | ||||||||
Goodwill and other intangible assets | |||||||||
Customer-related intangible assets and other intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, which range from four to 20 years. | |||||||||
The excess of the purchase price over fair value of net identifiable assets and liabilities of an acquired business ("goodwill"), trademarks and trade names and other indefinite-lived intangible assets are not amortized, but rather tested for impairment, at least annually. The Company assesses the recoverability of the carrying amount of its reporting unit goodwill and other indefinite-lived intangible assets 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 assets may not be fully recoverable. Impairment losses are recorded primarily to Other (charges) gains, net. | |||||||||
When assessing the recoverability of goodwill and other indefinite-lived intangible assets, the Company may first assess qualitative factors. If an initial qualitative assessment indicates that it is more likely than not the carrying amount exceeds fair value, a quantitative analysis may be required. The Company may also elect to skip the qualitative assessment and proceed directly to the quantitative analysis. | |||||||||
Recoverability of the carrying value of goodwill is measured at the reporting unit level based on the provisions of FASB ASC Topic 350, Intangibles - Goodwill and Other ("FASB ASC Topic 350"). In performing a quantitative analysis, the Company measures the recoverability of goodwill for each reporting unit using a discounted cash flow model incorporating discount rates commensurate with the risks involved, which is classified as a Level 3 measurement under FASB ASC Topic 820, Fair Value Measurement ("FASB ASC Topic 820"). The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, tax 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 may engage third-party valuation consultants to assist with this process. The valuation consultants assess fair value by equally weighting a combination of two market approaches (market multiple analysis and comparable transaction analysis) and the discounted cash flow approach. | |||||||||
If the calculated fair value is less than the current carrying amount, impairment of the reporting unit may exist. When the recoverability test indicates potential impairment, the Company, or in certain circumstances, a third-party valuation consultant engaged by the Company to assist with the process, will calculate an implied fair value of goodwill for the reporting unit. The implied fair value of goodwill is determined in a manner similar to how goodwill is calculated in a business combination. If the implied fair value of goodwill exceeds the carrying amount of goodwill assigned to the reporting unit, there is no impairment. If the carrying amount of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment loss is recorded to write down the carrying amount. An impairment loss cannot exceed the carrying amount of goodwill assigned to a reporting unit but may indicate certain long-lived and amortizable intangible assets associated with the reporting unit may require additional impairment testing. | |||||||||
In performing a quantitative analysis, recoverability is measured by a comparison of the carrying amount of the indefinite-lived intangible asset over its fair value. Any excess of the carrying amount of the indefinite-lived intangible asset over its fair value is recognized as an impairment loss. The Company periodically engages third-party valuation consultants to assist with this process. | |||||||||
Management tests indefinite-lived intangible assets utilizing the relief from royalty method to determine the estimated fair value for each indefinite-lived intangible asset, which is classified as a Level 3 measurement under 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, tax 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 ("WACC") 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 WACC and low long-term growth rates. | |||||||||
The Company assesses the recoverability of finite-lived intangible assets in the same manner as for property, plant and equipment as described above. Impairment losses are recorded primarily to Other (charges) gains, net. | |||||||||
Financial instruments | ' | ||||||||
Financial instruments | |||||||||
The Company manages its exposures to currency exchange rates, interest rates and commodity prices through a risk management program that includes the use of derivative financial instruments. The Company does not use derivative financial instruments for speculative trading purposes. The fair value of all derivative instruments is recorded as an asset or liability at the balance sheet date. Changes in the fair value of these instruments are reported in earnings or Accumulated other comprehensive income (loss), net, depending on the use of the derivative and whether it qualifies for hedge accounting treatment under the provisions of FASB ASC Topic 815, Derivatives and Hedging ("FASB ASC Topic 815"). | |||||||||
Gains and losses on derivative instruments qualifying as cash flow hedges are recorded in Accumulated other comprehensive income (loss), net, to the extent the hedges are effective, until the underlying transactions are recognized in earnings. The ineffective portions of cash flow hedges, if any, are recognized in earnings immediately. Derivative instruments not designated as hedges are marked to market at the end of each accounting period with the change in fair value recorded in earnings. | |||||||||
Concentrations of credit risk | ' | ||||||||
Concentrations of credit risk | |||||||||
The Company is exposed to credit risk in the event of nonpayment by customers and counterparties. The creditworthiness of customers and counterparties is subject to continuing review, including the use of master netting agreements, where the Company deems appropriate. The Company minimizes concentrations of credit risk through diverse customers across many different industries and geographies. In addition, credit risk arising from derivative instruments is not significant because the counterparties to these contracts are primarily major international financial institutions and, to a lesser extent, major chemical companies. Where appropriate, the Company has diversified its selection of counterparties. Generally, collateral is not required from customers and counterparties and allowances are provided for specific risks inherent in receivables. | |||||||||
Allowance for doubtful accounts | ' | ||||||||
Allowance for doubtful accounts | |||||||||
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company believes, based on historical results, the likelihood of actual write-offs having a material impact on financial results is low. The allowance for doubtful accounts is estimated using factors such as customer credit ratings, past collection history and general risk profile. Receivables are charged against the allowance for doubtful accounts when it is probable that the receivable will not be recovered. | |||||||||
Deferred financing costs | ' | ||||||||
Deferred financing costs | |||||||||
The Company capitalizes direct costs incurred to obtain debt financings and amortizes these costs using a method that approximates the effective interest rate method over the terms of the related debt. Upon the extinguishment of the related debt, any unamortized capitalized debt financing costs are immediately expensed. | |||||||||
Environmental liabilities | ' | ||||||||
Environmental liabilities | |||||||||
The Company manufactures and sells a diverse line of chemical products throughout the world. Accordingly, the Company's operations are subject to various hazards incidental to the production of industrial chemicals including the use, handling, processing, storage and transportation of hazardous materials. The Company recognizes losses and accrues liabilities relating to environmental matters if available information indicates that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Depending on the nature of the site, the Company accrues through 15 years, unless the Company has government orders or other agreements that extend beyond 15 years. If the event of loss is neither probable nor reasonably estimable, but is reasonably possible, the Company provides disclosure in the notes to the consolidated financial statements if the contingency is considered material. The Company estimates environmental liabilities on a case-by-case basis using the most current status of available facts, existing technology, presently enacted laws and regulations and prior experience in remediation of contaminated sites. Recoveries of environmental costs from other parties are recorded as assets when their receipt is deemed probable. | |||||||||
An environmental reserve related to cleanup of a contaminated site might include, for example, a provision for one or more of the following types of costs: site investigation and testing costs, cleanup costs, costs related to soil and water contamination resulting from tank ruptures and post-remediation monitoring costs. These reserves do not take into account any claims or recoveries from insurance. The measurement of environmental liabilities is based on the Company's periodic estimate of what it will cost to perform each of the elements of the remediation effort. The Company utilizes third parties to assist in the management and development of cost estimates for its sites. Changes to environmental regulations or other factors affecting environmental liabilities are reflected in the consolidated financial statements in the period in which they occur. | |||||||||
Revenue recognition | ' | ||||||||
Revenue recognition | |||||||||
The Company recognizes revenue when title and risk of loss have been transferred to the customer, generally at the time of shipment of products, and provided that four basic criteria are met: (a)Â persuasive evidence of an arrangement exists; (b)Â delivery has occurred or services have been rendered; (c)Â the fee is fixed or determinable; and (d)Â collectibility is reasonably assured. Should changes in conditions cause the Company to determine revenue recognition criteria are not met for certain transactions, revenue recognition would be delayed until such time that the transactions become realizable and fully earned. Payments received in advance of meeting the above revenue recognition criteria are recorded as deferred revenue. Shipping and handling fees billed to customers in a sales transaction are recorded in Net sales and shipping and handling costs incurred are recorded in Cost of sales. | |||||||||
Research and development | ' | ||||||||
Research and development | |||||||||
The costs of research and development are charged as an expense in the period in which they are incurred. | |||||||||
Insurance loss reserves | ' | ||||||||
Insurance loss reserves | |||||||||
The Company has two wholly-owned insurance companies (the "Captives") that are used as a form of self insurance for liability and workers compensation risks. The Captives enter into reinsurance arrangements to reduce their risk of loss. The reinsurance arrangements do not relieve the Captives from their obligations to policyholders. Failure of the reinsurers to honor their obligations could result in losses to the Captives. The Captives evaluate the financial condition of their reinsurers and monitor concentrations of credit risk to minimize their exposure to significant losses from reinsurer insolvencies and to establish allowances for amounts deemed non-collectible. | |||||||||
One of the Captives also insures certain third-party risks. The liabilities recorded by the Captives relate to the estimated risk of loss, which is based on management estimates and actuarial valuations, and unearned premiums, which represent the portion of the third-party premiums written applicable to the unexpired terms of the policies in-force. Liabilities are recognized for known claims when sufficient information has been developed to indicate involvement of a specific policy and the Company can reasonably estimate its liability. In addition, liabilities have been established to cover additional exposure on both known and unasserted claims. Estimates of the liabilities are reviewed and updated regularly. It is possible that actual results could differ significantly from the recorded liabilities. Premiums written are recognized as revenue as earned based on the terms of the policies. Capitalization of the Captives is determined by regulatory guidelines. | |||||||||
Income taxes | ' | ||||||||
Income taxes | |||||||||
The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carryforwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date. | |||||||||
The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not (likelihood of greater than 50%) that some portion or all of the deferred tax assets will not be realized. | |||||||||
The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes. Tax positions are recognized only when it is more likely than not, based on technical merits, that the positions will be sustained upon examination. Tax positions that meet the more-likely-than-not threshold are measured using a probability weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a tax position is a matter of judgment based on the individual facts and circumstances of that position evaluated in light of all available evidence. | |||||||||
The Company recognizes interest and penalties related to uncertain tax positions in Income tax (provision) benefit in the consolidated statement of operations. | |||||||||
Functional and reporting currencies | ' | ||||||||
Functional and reporting currencies | |||||||||
For the Company's international operations where the functional currency is other than the US dollar, assets and liabilities are translated using period-end exchange rates, while the statement of operations amounts are translated using the average exchange rates for the respective period. Differences arising from the translation of assets and liabilities in comparison with the translation of the previous periods or from initial recognition during the period are included as a separate component of Accumulated other comprehensive income (loss), net. |
Summary_of_Accounting_Policies2
Summary of Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Change in Accounting Policy for Pension and Other Postretirement Benefits | ' | ||||||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of operations is as follows: | |||||||||
Year Ended December 31, 2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (5,223 | ) | 78 | (5,145 | ) | ||||
Gross profit | 1,287 | 78 | 1,365 | ||||||
Selling, general and administrative expenses | (514 | ) | 203 | (311 | ) | ||||
Research and development expenses | (95 | ) | 10 | (85 | ) | ||||
Operating profit (loss) | 1,217 | 291 | 1,508 | ||||||
Earnings (loss) from continuing operations before tax | 1,318 | 291 | 1,609 | ||||||
Income tax (provision) benefit | (406 | ) | (102 | ) | (508 | ) | |||
Earnings (loss) from continuing operations | 912 | 189 | 1,101 | ||||||
Net earnings (loss) | 912 | 189 | 1,101 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 912 | 189 | 1,101 | ||||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 5.74 | 1.19 | 6.93 | ||||||
Discontinued operations | — | — | — | ||||||
Net earnings (loss)Â - basic | 5.74 | 1.19 | 6.93 | ||||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 5.72 | 1.19 | 6.91 | ||||||
Discontinued operations | — | — | — | ||||||
Net earnings (loss)Â - diluted | 5.72 | 1.19 | 6.91 | ||||||
Year Ended December 31, 2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (5,226 | ) | (11 | ) | (5,237 | ) | |||
Gross profit | 1,192 | (11 | ) | 1,181 | |||||
Selling, general and administrative expenses | (507 | ) | (323 | ) | (830 | ) | |||
Research and development expenses | (102 | ) | (2 | ) | (104 | ) | |||
Operating profit (loss) | 511 | (336 | ) | 175 | |||||
Earnings (loss) from continuing operations before tax | 657 | (336 | ) | 321 | |||||
Income tax (provision) benefit | (48 | ) | 103 | 55 | |||||
Earnings (loss) from continuing operations | 609 | (233 | ) | 376 | |||||
Net earnings (loss) | 605 | (233 | ) | 372 | |||||
Net earnings (loss) attributable to Celanese Corporation | 605 | (233 | ) | 372 | |||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 3.84 | (1.47 | ) | 2.37 | |||||
Discontinued operations | (0.02 | ) | — | (0.02 | ) | ||||
Net earnings (loss)Â - basic | 3.82 | (1.47 | ) | 2.35 | |||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 3.81 | (1.46 | ) | 2.35 | |||||
Discontinued operations | (0.02 | ) | — | (0.02 | ) | ||||
Net earnings (loss)Â - diluted | 3.79 | (1.46 | ) | 2.33 | |||||
Year Ended December 31, 2011 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions, except per share data) | |||||||||
Cost of sales | (5,329 | ) | (17 | ) | (5,346 | ) | |||
Gross profit | 1,434 | (17 | ) | 1,417 | |||||
Selling, general and administrative expenses | (536 | ) | (269 | ) | (805 | ) | |||
Research and development expenses | (96 | ) | (2 | ) | (98 | ) | |||
Operating profit (loss) | 690 | (288 | ) | 402 | |||||
Earnings (loss) from continuing operations before tax | 755 | (288 | ) | 467 | |||||
Income tax (provision) benefit | (149 | ) | 108 | (41 | ) | ||||
Earnings (loss) from continuing operations | 606 | (180 | ) | 426 | |||||
Net earnings (loss) | 607 | (180 | ) | 427 | |||||
Net earnings (loss) attributable to Celanese Corporation | 607 | (180 | ) | 427 | |||||
Earnings (loss) per common share - basic | |||||||||
Continuing operations | 3.88 | (1.16 | ) | 2.72 | |||||
Discontinued operations | 0.01 | — | 0.01 | ||||||
Net earnings (loss)Â - basic | 3.89 | (1.16 | ) | 2.73 | |||||
Earnings (loss) per common share - diluted | |||||||||
Continuing operations | 3.81 | (1.13 | ) | 2.68 | |||||
Discontinued operations | 0.01 | — | 0.01 | ||||||
Net earnings (loss)Â - diluted | 3.82 | (1.13 | ) | 2.69 | |||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of comprehensive income (loss) is as follows: | |||||||||
Year Ended December 31, 2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 912 | 189 | 1,101 | ||||||
Pension and postretirement benefits | 247 | (189 | ) | 58 | |||||
Total other comprehensive income (loss), net of tax | 274 | (189 | ) | 85 | |||||
Year Ended December 31, 2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 605 | (233 | ) | 372 | |||||
Pension and postretirement benefits | (244 | ) | 233 | (11 | ) | ||||
Total other comprehensive income (loss), net of tax | (232 | ) | 233 | 1 | |||||
Year Ended December 31, 2011 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 607 | (180 | ) | 427 | |||||
Pension and postretirement benefits | (180 | ) | 180 | — | |||||
Total other comprehensive income (loss), net of tax | (180 | ) | 180 | — | |||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated balance sheets is as follows: | |||||||||
As of December 31, 2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Retained earnings | 3,815 | (804 | ) | 3,011 | |||||
Accumulated other comprehensive income (loss), net | (808 | ) | 804 | (4 | ) | ||||
As of December 31, 2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(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 the consolidated statements of equity is as follows: | |||||||||
2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Retained earnings as of the beginning of the period | 2,986 | (993 | ) | 1,993 | |||||
Net earnings (loss) attributable to Celanese Corporation | 912 | 189 | 1,101 | ||||||
Retained earnings as of the end of the period | 3,815 | (804 | ) | 3,011 | |||||
Accumulated other comprehensive income (loss), net as of the beginning of the period | (1,082 | ) | 993 | (89 | ) | ||||
Other comprehensive income (loss), net of tax | 274 | (189 | ) | 85 | |||||
Accumulated other comprehensive income (loss), net as of the end of the period | (808 | ) | 804 | (4 | ) | ||||
2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Retained earnings as of the beginning of the period | 2,424 | (760 | ) | 1,664 | |||||
Net earnings (loss) attributable to Celanese Corporation | 605 | (233 | ) | 372 | |||||
Retained earnings as of the end of the period | 2,986 | (993 | ) | 1,993 | |||||
Accumulated other comprehensive income (loss), net as of the beginning of the period | (850 | ) | 760 | (90 | ) | ||||
Other comprehensive income (loss), net of tax | (232 | ) | 233 | 1 | |||||
Accumulated other comprehensive income (loss), net as of the end of the period | (1,082 | ) | 993 | (89 | ) | ||||
2011 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Retained earnings as of the beginning of the period | 1,851 | (580 | ) | 1,271 | |||||
Net earnings (loss) attributable to Celanese Corporation | 607 | (180 | ) | 427 | |||||
Retained earnings as of the end of the period | 2,424 | (760 | ) | 1,664 | |||||
Accumulated other comprehensive income (loss), net as of the beginning of the period | (670 | ) | 580 | (90 | ) | ||||
Other comprehensive income (loss), net of tax | (180 | ) | 180 | — | |||||
Accumulated other comprehensive income (loss), net as of the end of the period | (850 | ) | 760 | (90 | ) | ||||
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of cash flows is as follows: | |||||||||
Year Ended December 31, 2013 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 912 | 189 | 1,101 | ||||||
Pension and postretirement benefit expense | — | (35 | ) | (35 | ) | ||||
Pension and postretirement contributions | — | (96 | ) | (96 | ) | ||||
Actuarial (gain) loss on pension and postretirement plans | — | (104 | ) | (104 | ) | ||||
Pension curtailments and settlements, net | — | (52 | ) | (52 | ) | ||||
Deferred income taxes, net | 242 | 102 | 344 | ||||||
Other liabilities | 16 | (4 | ) | 12 | |||||
Year Ended December 31, 2012 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 605 | (233 | ) | 372 | |||||
Pension and postretirement benefit expense | — | 9 | 9 | ||||||
Pension and postretirement contributions | — | (288 | ) | (288 | ) | ||||
Actuarial (gain) loss on pension and postretirement plans | — | 389 | 389 | ||||||
Deferred income taxes, net | (73 | ) | (102 | ) | (175 | ) | |||
Other liabilities | (249 | ) | 225 | (24 | ) | ||||
Year Ended December 31, 2011 | |||||||||
Previous | Effect of | As Reported | |||||||
Accounting | Change | ||||||||
Method | |||||||||
(In $ millions) | |||||||||
Net earnings (loss) | 607 | (180 | ) | 427 | |||||
Pension and postretirement benefit expense | — | 30 | 30 | ||||||
Pension and postretirement contributions | — | (209 | ) | (209 | ) | ||||
Actuarial (gain) loss on pension and postretirement plans | — | 306 | 306 | ||||||
Deferred income taxes, net | 93 | (108 | ) | (15 | ) | ||||
Other liabilities | (262 | ) | 161 | (101 | ) | ||||
Schedule of Estimated Useful Lives of Depreciable Assets | ' | ||||||||
Depreciation is calculated on a straight-line basis over the following estimated useful lives of depreciable assets: | |||||||||
Land improvements | 20Â years | ||||||||
Buildings and improvements | 30Â years | ||||||||
Machinery and equipment | 20Â years | ||||||||
Leasehold improvements are amortized over 10 years or the remaining life of the respective lease, whichever is shorter. |
Acquisitions_Dispositions_Vent1
Acquisitions, Dispositions, Ventures and Plant Closures (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Consumer Specialties [Member] | Spondon, Derby, UK [Member] | ' | ||||||||
Acquisitions, Dispositions, Ventures and Plant Closures [Line Items] | ' | ||||||||
Schedule of Restructuring and Related Costs | ' | ||||||||
The exit costs and plant shutdown costs related to the closure of the acetate flake and acetate tow manufacturing operations in Spondon, Derby, United Kingdom are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Employee termination benefits | — | (5 | ) | (4 | ) | ||||
Asset impairments | — | (8 | ) | — | |||||
Total exit costs recorded to Other (charges) gains, net | — | (13 | ) | (4 | ) | ||||
Accelerated depreciation | — | (6 | ) | (7 | ) | ||||
Other | (3 | ) | (5 | ) | (3 | ) | |||
Total plant shutdown costs | (3 | ) | (11 | ) | (10 | ) | |||
Acetyl Intermediates [Member] | Roussillon, France [Member] | ' | ||||||||
Acquisitions, Dispositions, Ventures and Plant Closures [Line Items] | ' | ||||||||
Schedule of Restructuring and Related Costs | ' | ||||||||
The exit costs and plant shutdown costs related to the closure of the Roussillon facility (Note 17) are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | |||||||||
(In $ millions) | |||||||||
Employee termination benefits | (6 | ) | |||||||
Asset impairments | (3 | ) | |||||||
Contract termination costs | (3 | ) | |||||||
Total exit costs recorded to Other (charges) gains, net | (12 | ) | |||||||
Gain (loss) on disposition of assets, net | (1 | ) | |||||||
Other | (1 | ) | |||||||
Total plant shutdown costs | (2 | ) | |||||||
Acetyl Intermediates [Member] | Tarragona, Spain [Member] | ' | ||||||||
Acquisitions, Dispositions, Ventures and Plant Closures [Line Items] | ' | ||||||||
Schedule of Restructuring and Related Costs | ' | ||||||||
The exit costs and plant shutdown costs related to the closure of the Tarragona VAM facility (Note 17) are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | |||||||||
(In $ millions) | |||||||||
Employee termination benefits | (14 | ) | |||||||
Asset impairments | (31 | ) | |||||||
Contract termination costs | (30 | ) | |||||||
Total exit costs recorded to Other (charges) gains, net | (75 | ) | |||||||
Gain (loss) on disposition of assets, net | (1 | ) | |||||||
Other | (2 | ) | |||||||
Total plant shutdown costs | (3 | ) |
Marketable_Securities_at_Fair_1
Marketable Securities, at Fair Value (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||
Schedule of Available-for-sale Securities Reconciliation | ' | |||||
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 December 31, | ||||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Mutual Funds | ||||||
Amortized cost | 41 | 53 | ||||
Gross unrealized gain | — | — | ||||
Gross unrealized loss | — | — | ||||
Fair value | 41 | 53 | ||||
Receivables_Net_Receivables_Ne
Receivables, Net Receivables, Net (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Receivables [Abstract] | ' | |||||
Schedule of Trade Receivables - Third Party and Affiliates, Net | ' | |||||
As of December 31, | ||||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Trade receivables - third party and affiliates | 876 | 836 | ||||
Allowance for doubtful accounts - third party and affiliates | (9 | ) | (9 | ) | ||
Trade receivables - third party and affiliates, net | 867 | 827 | ||||
Schedule of Non-trade Receivables, Net | ' | |||||
As of December 31, | ||||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Non-income taxes receivable | 133 | 80 | ||||
Reinsurance receivables | 25 | 22 | ||||
Income taxes receivable | 23 | 53 | ||||
Receivable from Mitsui venture (Note 4) | 70 | — | ||||
Other | 92 | 55 | ||||
Allowance for doubtful accounts - other | — | (1 | ) | |||
Non-trade receivables, net | 343 | 209 | ||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Inventory Disclosure [Abstract] | ' | |||||
Schedule of Inventories | ' | |||||
As of December 31, | ||||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Finished goods | 571 | 514 | ||||
Work-in-process | 59 | 42 | ||||
Raw materials and supplies | 174 | 155 | ||||
Total | 804 | 711 | ||||
Investments_in_Affiliates_Tabl
Investments in Affiliates (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Equity Method Investments | ' | |||||||||||||||||||||||||||
Equity method investments and ownership interests by business segment are as follows: | ||||||||||||||||||||||||||||
Ownership | Carrying | Share of | Dividends and | |||||||||||||||||||||||||
as of | Value as of | Earnings (Loss) | Other Distributions | |||||||||||||||||||||||||
December 31, | December 31, | Year Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
(In percentages) | (In $ millions) | |||||||||||||||||||||||||||
Advanced Engineered Materials | ||||||||||||||||||||||||||||
Ibn Sina | 25 | 25 | 68 | 55 | 111 | 130 | 112 | (97 | ) | (126 | ) | (111 | ) | |||||||||||||||
Fortron Industries LLC | 50 | 50 | 95 | 92 | 8 | 9 | 7 | (5 | ) | (3 | ) | — | ||||||||||||||||
Korea Engineering Plastics Co., Ltd. | 50 | 50 | 154 | 153 | 15 | 19 | 23 | (19 | ) | (23 | ) | (22 | ) | |||||||||||||||
Polyplastics Co., Ltd.(3) | 45 | 45 | 151 | 138 | 14 | 32 | 19 | — | (81 | ) | (45 | ) | ||||||||||||||||
Una SA(1) | — | — | — | — | — | — | — | — | — | (3 | ) | |||||||||||||||||
Other Activities | ||||||||||||||||||||||||||||
InfraServ GmbHÂ & Co. Gendorf KG | 39 | 39 | 42 | 36 | 10 | 9 | 10 | (6 | ) | (7 | ) | (3 | ) | |||||||||||||||
InfraServ GmbHÂ & Co. Hoechst KG(4) | 32 | 32 | 159 | 143 | 17 | 38 | 16 | (9 | ) | (18 | ) | (16 | ) | |||||||||||||||
InfraServ GmbHÂ & Co. Knapsack KG | 27 | 27 | 22 | 22 | 4 | 5 | 5 | (5 | ) | (4 | ) | (5 | ) | |||||||||||||||
Consumer Specialties | ||||||||||||||||||||||||||||
Sherbrooke Capital Health and | 10 | 10 | 5 | 5 | 1 | — | — | — | — | — | ||||||||||||||||||
Wellness, L.P.(2) | ||||||||||||||||||||||||||||
Total | 696 | 644 | 180 | 242 | 192 | (141 | ) | (262 | ) | (205 | ) | |||||||||||||||||
______________________________ | ||||||||||||||||||||||||||||
(1)Â | The Company divested this investment in March 2011. | |||||||||||||||||||||||||||
(2)Â | The Company accounts for its ownership interest in Sherbrooke Capital Health and Wellness, L.P. under the equity method of accounting because the Company is able to exercise significant influence. | |||||||||||||||||||||||||||
(3)Â | During the year ended December 31, 2012, the Company amended its existing joint venture and other related agreements with Polyplastics Co., Ltd. The amended agreements, among other items, modified certain dividend rights, resulting in a net cash dividend payment to the Company of $72 million during the three months ended March 31, 2012. | |||||||||||||||||||||||||||
(4)Â | InfraServ GmbH & Co. Hoechst KG is owned primarily by an entity included in the Company's Other Activities. The Company's Consumer Specialties segment and Acetyl Intermediates segment also each hold an ownership percentage. During the year ended December 31, 2012, a subsidiary of InfraServ GmbH & Co. Hoechst KG restructured its debt resulting in additional net earnings of affiliates of $22 million attributable to the Company. | |||||||||||||||||||||||||||
Schedule of Cost Method Investments | ' | |||||||||||||||||||||||||||
Cost method investments and ownership interests by business segment are as follows: | ||||||||||||||||||||||||||||
Ownership | Carrying | Dividend | ||||||||||||||||||||||||||
as of | Value | Income for the | ||||||||||||||||||||||||||
December 31, | as of | Year Ended | ||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In percentages) | (In $ millions) | |||||||||||||||||||||||||||
Consumer Specialties | ||||||||||||||||||||||||||||
Kunming Cellulose Fibers Co. Ltd. | 30 | 30 | 14 | 14 | 13 | 13 | 12 | |||||||||||||||||||||
Nantong Cellulose Fibers Co. Ltd. | 31 | 31 | 106 | 106 | 68 | 59 | 56 | |||||||||||||||||||||
Zhuhai Cellulose Fibers Co. Ltd. | 30 | 30 | 14 | 14 | 11 | 11 | 10 | |||||||||||||||||||||
Other Activities | ||||||||||||||||||||||||||||
InfraServ GmbHÂ & Co. Wiesbaden KG | 8 | 8 | 6 | 6 | 1 | 2 | 2 | |||||||||||||||||||||
Other(1) | 5 | 16 | — | — | — | |||||||||||||||||||||||
Total | 145 | 156 | 93 | 85 | 80 | |||||||||||||||||||||||
Schedule of Transactions with Affiliates | ' | |||||||||||||||||||||||||||
Transactions with affiliates are as follows: | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||||||
Purchases | 264 | 208 | 238 | |||||||||||||||||||||||||
Sales | — | 1 | 10 | |||||||||||||||||||||||||
Interest income | — | — | 1 | |||||||||||||||||||||||||
Schedule of Balances with Affiliates | ' | |||||||||||||||||||||||||||
Balances with affiliates are as follows: | ||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||||||
Non-trade receivables | 31 | 11 | ||||||||||||||||||||||||||
Total due from affiliates | 31 | 11 | ||||||||||||||||||||||||||
Short-term borrowings | 26 | 36 | ||||||||||||||||||||||||||
Trade payables | 24 | 9 | ||||||||||||||||||||||||||
Current Other liabilities | 6 | 6 | ||||||||||||||||||||||||||
Total due to affiliates | 56 | 51 | ||||||||||||||||||||||||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment, Net [Abstract] | ' | ||||||||
Schedule of Property, Plant and Equipment, Net | ' | ||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In $ millions) | |||||||||
Land | 45 | 49 | |||||||
Land improvements | 44 | 45 | |||||||
Buildings and building improvements | 692 | 675 | |||||||
Machinery and equipment | 3,965 | 3,760 | |||||||
Construction in progress | 351 | 327 | |||||||
Gross asset value | 5,097 | 4,856 | |||||||
Accumulated depreciation | (1,672 | ) | (1,506 | ) | |||||
Net book value | 3,425 | 3,350 | |||||||
Schedule of Assets Under Capital Leases | ' | ||||||||
Assets under capital leases, net, included in the amounts above are as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In $ millions) | |||||||||
Buildings | 17 | 34 | |||||||
Machinery and equipment | 297 | 290 | |||||||
Accumulated depreciation | (110 | ) | (122 | ) | |||||
Net book value | 204 | 202 | |||||||
Schedule of Capitalized Interest and Depreciation Expense | ' | ||||||||
Capitalized interest costs and depreciation expense are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Capitalized interest | 9 | 7 | 4 | ||||||
Depreciation expense | 280 | 261 | 232 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 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, 2011 | ||||||||||||||||
Goodwill | 294 | 246 | 35 | 185 | 760 | |||||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||||
Net book value | 294 | 246 | 35 | 185 | 760 | |||||||||||
Acquisitions (Note 4) | — | — | 7 | — | 7 | |||||||||||
Exchange rate changes | 3 | 3 | — | 4 | 10 | |||||||||||
As of December 31, 2012 | ||||||||||||||||
Goodwill | 297 | 249 | 42 | 189 | 777 | |||||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||||
Net book value | 297 | 249 | 42 | 189 | 777 | |||||||||||
Acquisitions | — | — | — | — | — | |||||||||||
Exchange rate changes | 6 | 5 | 1 | 9 | 21 | |||||||||||
As of December 31, 2013 | ||||||||||||||||
Goodwill | 303 | 254 | 43 | 198 | 798 | |||||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||||
Net book value | 303 | 254 | 43 | 198 | 798 | |||||||||||
Schedule of Finite-Lived Intangible Assets, Net | ' | |||||||||||||||
Finite-lived intangible assets 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, 2011 | 32 | 513 | 27 | 24 | 596 | |||||||||||
Acquisitions (Note 4) | — | 4 | 3 | 8 | 15 | |||||||||||
Exchange rate changes | — | 8 | — | — | 8 | |||||||||||
As of December 31, 2012 | 32 | 525 | 30 | 32 | 619 | |||||||||||
Acquisitions | — | — | — | 7 | 7 | (1) | ||||||||||
Exchange rate changes | 1 | 19 | — | — | 20 | |||||||||||
As of December 31, 2013 | 33 | 544 | 30 | 39 | 646 | |||||||||||
Accumulated Amortization | ||||||||||||||||
As of December 31, 2011 | (13 | ) | (433 | ) | (14 | ) | (18 | ) | (478 | ) | ||||||
Amortization | (3 | ) | (40 | ) | (3 | ) | (5 | ) | (51 | ) | ||||||
Exchange rate changes | — | (7 | ) | — | — | (7 | ) | |||||||||
As of December 31, 2012 | (16 | ) | (480 | ) | (17 | ) | (23 | ) | (536 | ) | ||||||
Amortization | (3 | ) | (23 | ) | (4 | ) | (2 | ) | (32 | ) | ||||||
Exchange rate changes | (1 | ) | (18 | ) | — | — | (19 | ) | ||||||||
As of December 31, 2013 | (20 | ) | (521 | ) | (21 | ) | (25 | ) | (587 | ) | ||||||
Net book value | 13 | 23 | 9 | 14 | 59 | |||||||||||
______________________________ | ||||||||||||||||
(1)Â | Weighted average amortization period of intangible assets acquired was 29 years. | |||||||||||||||
Schedule of Indefinite-Lived Intangible Assets, Net | ' | |||||||||||||||
Indefinite-lived intangible assets are as follows: | ||||||||||||||||
Trademarks | ||||||||||||||||
and Trade Names | ||||||||||||||||
(In $ millions) | ||||||||||||||||
Gross Asset Value | ||||||||||||||||
As of December 31, 2011 | 79 | |||||||||||||||
Acquisitions (Note 4) | 2 | |||||||||||||||
Accumulated impairment losses | — | |||||||||||||||
Exchange rate changes | 1 | |||||||||||||||
As of December 31, 2012 | 82 | |||||||||||||||
Acquisitions | — | |||||||||||||||
Accumulated impairment losses | (1 | ) | ||||||||||||||
Exchange rate changes | 2 | |||||||||||||||
As of December 31, 2013 | 83 | |||||||||||||||
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) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Other Liabilities, Current [Abstract] | ' | |||||
Schedule of Current Other Liabilities | ' | |||||
As of December 31, | ||||||
2013 | 2012 | |||||
(In $ millions) | ||||||
Salaries and benefits | 96 | 74 | ||||
Environmental (Note 15) | 30 | 21 | ||||
Restructuring (Note 17) | 60 | 30 | ||||
Insurance | 14 | 15 | ||||
Asset retirement obligations | 29 | 38 | ||||
Derivatives (Note 21) | 12 | 23 | ||||
Current portion of benefit obligations (Note 14) | 78 | 47 | ||||
Interest | 24 | 23 | ||||
Sales and use tax/foreign withholding tax payable | 12 | 17 | ||||
Uncertain tax positions (Note 18) | 64 | 65 | ||||
Customer rebates | 48 | 44 | ||||
Other | 74 | 78 | ||||
Total | 541 | 475 | ||||
Noncurrent_Other_Liabilities_T
Noncurrent Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities, Noncurrent [Abstract] | ' | ||||||||
Schedule of Noncurrent Other Liabilities | ' | ||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In $ millions) | |||||||||
Environmental (Note 15) | 67 | 78 | |||||||
Insurance | 50 | 58 | |||||||
Deferred revenue | 28 | 36 | |||||||
Deferred proceeds(1) | 53 | 909 | |||||||
Asset retirement obligations | 18 | 26 | |||||||
Derivatives (Note 21) | 3 | 8 | |||||||
Restructuring (Note 17) | 2 | — | |||||||
Income taxes payable | 20 | 2 | |||||||
Other | 46 | 35 | |||||||
Total | 287 | 1,152 | |||||||
______________________________ | |||||||||
-1 | 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, were recognized during the three months ended December 31, 2013 (Note 27). | ||||||||
Schedule of Changes in Asset Retirement Obligations | ' | ||||||||
Changes in asset retirement obligations are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Balance at beginning of year | 64 | 64 | 77 | ||||||
Additions(1) | 5 | 3 | — | ||||||
Accretion | 2 | 3 | 3 | ||||||
Payments | (23 | ) | (12 | ) | (10 | ) | |||
Revisions to cash flow estimates(2) | (2 | ) | 5 | (5 | ) | ||||
Exchange rate changes | 1 | 1 | (1 | ) | |||||
Balance at end of year | 47 | 64 | 64 | ||||||
______________________________ | |||||||||
(1)Â | Primarily relates to sites which management no longer considers to have an indeterminate life. | ||||||||
(2)Â | Primarily relates to revisions to the estimated cost and timing of future obligations. |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Short-term Debt | ' | ||||||||
As of 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 | 24 | 60 | |||||||
Short-term borrowings, including amounts due to affiliates | 103 | 108 | |||||||
Accounts receivable securitization facility | 50 | — | |||||||
Total | 177 | 168 | |||||||
The Company's weighted average interest rate on short-term borrowings, including amounts due to affiliates and borrowings under the accounts receivable securitization facility, was 3.2% as of December 31, 2013 compared to 4.0% as of December 31, 2012. The weighted average interest rate on the accounts receivable securitization facility was 0.7% as of December 31, 2013. | |||||||||
Schedule of Long-term Debt | ' | ||||||||
As of 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 | 978 | — | |||||||
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 1.8% | — | 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 | 264 | 244 | |||||||
Other bank obligations | — | 37 | |||||||
Subtotal | 2,911 | 2,990 | |||||||
Current installments of long-term debt | (24 | ) | (60 | ) | |||||
Total | 2,887 | 2,930 | |||||||
Schedule of Amortization of Deferred Financing Costs | ' | ||||||||
Amortization of deferred financing costs is as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Interest expense | 5 | 4 | 4 | ||||||
Schedule of Net Deferred Financing Costs | ' | ||||||||
Net deferred financing costs are as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In $ millions) | |||||||||
Noncurrent Other assets | 27 | 30 | |||||||
Schedule of Estimated Net Leverage Ratio and Estimated Margin | ' | ||||||||
As of December 31, 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 December 31, 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 December 31, 2013 | |||||||||
Estimated Total Net | Estimated | ||||||||
Leverage Ratio | Margin | ||||||||
Credit-linked revolving facility | 1.54 | 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 | ' | ||||||||
The Company’s first lien senior secured leverage ratios under the revolving credit facility are as follows: | |||||||||
As of December 31, 2013 | |||||||||
Maximum | Estimate | Estimate, if Fully Drawn | |||||||
3.9 | 0.88 | 1.38 | |||||||
Schedule of Balances Available for Borrowing | ' | ||||||||
The Company's balances available for borrowing are as follows: | |||||||||
As of | |||||||||
December 31, | |||||||||
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 | 23 | ||||||||
Available for borrowing | — | ||||||||
Accounts Receivable Securitization Facility | |||||||||
Borrowings outstanding | 50 | ||||||||
Letters of credit issued | 61 | ||||||||
Available for borrowing | 18 | ||||||||
Schedule of Principle Payments | ' | ||||||||
Principal payments scheduled to be made on the Company's debt, including short-term borrowings, are as follows: | |||||||||
(In $ millions) | |||||||||
2014 | 177 | ||||||||
2015 | 25 | ||||||||
2016 | 976 | ||||||||
2017 | 20 | ||||||||
2018 | 622 | ||||||||
Thereafter | 1,244 | ||||||||
Total | 3,064 | ||||||||
Benefit_Obligations_Tables
Benefit Obligations (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Contributions to Defined Contribution Plans and Multiemployer Defined Benefit Pension Plans | ' | |||||||||||||||||
Contributions to the Company's defined contribution plans and multiemployer plans are as follows: | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Defined contribution plans | 19 | 17 | 15 | |||||||||||||||
Multiemployer pension plan | 8 | 6 | 6 | |||||||||||||||
Schedule of Company's Pension and Post Retirement Benefit Plans | ' | |||||||||||||||||
Summarized information on the Company's pension and postretirement benefit plans is as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In $ millions) | ||||||||||||||||||
Change in Projected Benefit Obligation | ||||||||||||||||||
Projected benefit obligation as of beginning of period | 4,199 | 3,761 | 292 | 281 | ||||||||||||||
Service cost | 34 | 28 | 2 | 1 | ||||||||||||||
Interest cost | 154 | 170 | 9 | 11 | ||||||||||||||
Participant contributions | — | — | 23 | 22 | ||||||||||||||
Plan amendments | (1 | ) | — | (92 | ) | 4 | ||||||||||||
Net actuarial (gain) loss(1) | (119 | ) | 466 | (37 | ) | 12 | ||||||||||||
Settlements | (172 | ) | — | (23 | ) | — | ||||||||||||
Benefits paid | (244 | ) | (242 | ) | (43 | ) | (46 | ) | ||||||||||
Federal subsidy on Medicare Part D | — | — | 6 | 6 | ||||||||||||||
Curtailments | (67 | ) | — | — | — | |||||||||||||
Exchange rate changes | 6 | 16 | (1 | ) | 1 | |||||||||||||
Other | 9 | — | — | — | ||||||||||||||
Projected benefit obligation as of end of period | 3,799 | 4,199 | 136 | 292 | ||||||||||||||
Change in Plan Assets | ||||||||||||||||||
Fair value of plan assets as of beginning of period | 2,896 | 2,562 | — | — | ||||||||||||||
Actual return on plan assets | 171 | 294 | — | — | ||||||||||||||
Employer contributions | 59 | 270 | 43 | 24 | ||||||||||||||
Participant contributions | — | — | 23 | 22 | ||||||||||||||
Settlements | (173 | ) | — | (23 | ) | — | ||||||||||||
Benefits paid(4) | (244 | ) | (242 | ) | (43 | ) | (46 | ) | ||||||||||
Exchange rate changes | — | 12 | — | — | ||||||||||||||
Fair value of plan assets as of end of period | 2,709 | 2,896 | — | — | ||||||||||||||
Funded status as of end of period | (1,090 | ) | (1,303 | ) | (136 | ) | (292 | ) | ||||||||||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||||||||||||||||
Noncurrent Other assets | 11 | 26 | — | — | ||||||||||||||
Current Other liabilities | (23 | ) | (23 | ) | (55 | ) | (24 | ) | ||||||||||
Benefit obligations | (1,078 | ) | (1,306 | ) | (81 | ) | (268 | ) | ||||||||||
Net amount recognized | (1,090 | ) | (1,303 | ) | (136 | ) | (292 | ) | ||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ||||||||||||||||||
Net actuarial (gain) loss(2) | 9 | 9 | — | — | ||||||||||||||
Prior service (benefit) cost(3) | (3 | ) | 6 | (75 | ) | 4 | ||||||||||||
Net amount recognized | 6 | 15 | (75 | ) | 4 | |||||||||||||
______________________________ | ||||||||||||||||||
(1)Â | Primarily relates to change in discount rates. | |||||||||||||||||
(2) | Amount includes accumulated other comprehensive losses of $9 million and $9 million as of December 31, 2013 and 2012, respectively, related to the pension plans of the Company's equity method investments. | |||||||||||||||||
(3) | Amount shown net of an income tax expense of $26 million and income tax benefit of $4 million as of December 31, 2013 and 2012, respectively, in the consolidated statements of equity (Note 16). | |||||||||||||||||
(4) | Includes benefit payments to nonqualified pension plans of $22 million and $22 million as of December 31, 2013 and 2012, respectively. | |||||||||||||||||
Schedule of Percentage of US and International Projected Benefit Obligation | ' | |||||||||||||||||
The percentage of US and international projected benefit obligation at the end of the period is as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In percentages) | ||||||||||||||||||
US plans | 86 | 84 | 75 | 88 | ||||||||||||||
International plans | 14 | 16 | 25 | 12 | ||||||||||||||
 Total | 100 | 100 | 100 | 100 | ||||||||||||||
Schedule of Percentage of US and International Fair Value of Plan Assets | ' | |||||||||||||||||
The percentage of US and international fair value of plan assets at the end of the period is as follows: | ||||||||||||||||||
Pension Benefits | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In percentages) | ||||||||||||||||||
US plans | 88 | 83 | ||||||||||||||||
International plans | 12 | 17 | ||||||||||||||||
Total | 100 | 100 | ||||||||||||||||
Schedule of Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | ' | |||||||||||||||||
Pension plans with projected benefit obligations in excess of plan assets are as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Projected benefit obligation | 3,749 | 3,986 | ||||||||||||||||
Fair value of plan assets | 2,648 | 2,657 | ||||||||||||||||
Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ' | |||||||||||||||||
Included in the above table are pension plans with accumulated benefit obligations in excess of plan assets as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Accumulated benefit obligation | 3,715 | 3,881 | ||||||||||||||||
Fair value of plan assets | 2,633 | 2,654 | ||||||||||||||||
Schedule of Accumulated Benefit Obligation for All Defined Benefit Pension Plans | ' | |||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans is as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Accumulated benefit obligation | 3,778 | 4,096 | ||||||||||||||||
Schedule of Net Periodic Benefit Costs | ' | |||||||||||||||||
The components of net periodic benefit costs are as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||
(In $ millions) | ||||||||||||||||||
Service cost | 34 | 28 | 28 | 2 | 1 | 1 | ||||||||||||
Interest cost | 154 | 170 | 182 | 9 | 11 | 13 | ||||||||||||
Expected return on plan assets | (223 | ) | (204 | ) | (195 | ) | — | — | — | |||||||||
Amortization of prior service cost | 1 | 2 | 1 | (12 | ) | 1 | — | |||||||||||
Recognized actuarial (gain) loss | (67 | ) | 377 | 293 | (37 | ) | 12 | 13 | ||||||||||
Curtailment (gain) loss | (61 | ) | — | — | — | — | — | |||||||||||
Settlement (gain) loss | 9 | — | — | — | — | — | ||||||||||||
Special termination benefits | — | — | — | — | — | — | ||||||||||||
Total | (153 | ) | 373 | 309 | (38 | ) | 25 | 27 | ||||||||||
Schedule of Amortization of Accumulated Other Comprehensive Income (Loss), Net Into Net Periodic Benefit Cost | ' | |||||||||||||||||
Amortization of Accumulated other comprehensive income (loss), net into net periodic benefit cost in 2014 is expected to be as follows: | ||||||||||||||||||
Pension | Postretirement | |||||||||||||||||
Benefits | Benefits | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Prior service cost | — | (78 | ) | |||||||||||||||
Schedule of Nonqualified Pension Plans Funded with Nonqualified Trusts | ' | |||||||||||||||||
The Company maintains nonqualified pension plans funded with nonqualified trusts for certain US employees as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Nonqualified Trust Assets | ||||||||||||||||||
Marketable securities, at fair value | 41 | 53 | ||||||||||||||||
Noncurrent Other assets, consisting of insurance contracts | 62 | 66 | ||||||||||||||||
Nonqualified Pension Obligations | ||||||||||||||||||
Current Other liabilities | 22 | 22 | ||||||||||||||||
Benefit obligations | 247 | 264 | ||||||||||||||||
Schedule of Expense Related to Nonqualified Pension Plans Included in Net Periodic Benefit Cost, Excluding Returns on Assets | ' | |||||||||||||||||
Expense relating to the nonqualified pension plans included in net periodic benefit cost, excluding returns on the assets held by the nonqualified trusts, is as follows: | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Total | 6 | 17 | 18 | |||||||||||||||
Schedule of Principle Weighted Average Assumptions Used to Determine Benefit Obligations and Benefit Cost | ' | |||||||||||||||||
The principal weighted average assumptions used to determine benefit obligation are as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In percentages) | ||||||||||||||||||
Discount Rate Obligations | ||||||||||||||||||
US plans | 4.7 | 3.8 | 4.3 | 3.4 | ||||||||||||||
International plans | 3.7 | 3.6 | 4.5 | 3.8 | ||||||||||||||
Combined | 4.6 | 3.8 | 4.4 | 3.5 | ||||||||||||||
Rate of Compensation Increase | ||||||||||||||||||
US plans | 3 | 4 | ||||||||||||||||
International plans | 2.8 | 2.9 | ||||||||||||||||
Combined | 3 | 3.8 | ||||||||||||||||
The principal weighted average assumptions used to determine benefit cost are as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||
(In percentages) | ||||||||||||||||||
Discount Rate Obligations | ||||||||||||||||||
US plans | 3.8 | 4.6 | 5.3 | 3.4 | 4.3 | 4.9 | ||||||||||||
International plans | 3.6 | 4.7 | 5.1 | 3.8 | 4 | 5 | ||||||||||||
Combined | 3.8 | 4.6 | 5.3 | 3.5 | 4.3 | 4.9 | ||||||||||||
Expected Return on Plan Assets | ||||||||||||||||||
US plans | 8.5 | 8.5 | 8.5 | |||||||||||||||
International plans | 5.8 | 6 | 6 | |||||||||||||||
Combined | 8 | 8.1 | 8.1 | |||||||||||||||
Rate of Compensation Increase | ||||||||||||||||||
US plans | 4 | 4 | 4 | |||||||||||||||
International plans | 2.9 | 2.9 | 2.7 | |||||||||||||||
Combined | 3.8 | 3.8 | 3.6 | |||||||||||||||
Schedule of Impact of One-Percentage-Point Change in Assumed Health Care Cost Trend | ' | |||||||||||||||||
The impact of a one percentage point change in the assumed health care cost trend is as follows: | ||||||||||||||||||
Trend Rate Change | ||||||||||||||||||
Decreases 1% | Increases 1% | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Postretirement obligations | 7 | 8 | ||||||||||||||||
Service and interest cost | — | 1 | ||||||||||||||||
Schedule of Weighted Average Target Asset Allocations | ' | |||||||||||||||||
The weighted average target asset allocations for the Company's pension plans in 2014 are as follows: | ||||||||||||||||||
US | International | |||||||||||||||||
Plans | Plans | |||||||||||||||||
(In percentages) | ||||||||||||||||||
Bonds - domestic to plans | 53 | 71 | ||||||||||||||||
Equities - domestic to plans | 26 | 20 | ||||||||||||||||
Equities - international to plans | 20 | 3 | ||||||||||||||||
Other | 1 | 6 | ||||||||||||||||
Total | 100 | 100 | ||||||||||||||||
Schedule of Fair Values of Pension Plan Assets | ' | |||||||||||||||||
The fair values of pension plan assets are as follows: | ||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||
Quoted Prices in | Significant | Total | ||||||||||||||||
Active Markets | Other | |||||||||||||||||
for Identical | Observable | |||||||||||||||||
Assets | Inputs | |||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||
As of December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||
(In $ millions) | ||||||||||||||||||
Assets | ||||||||||||||||||
Cash and cash equivalents | 8 | 15 | — | — | 8 | 15 | ||||||||||||
Common/collective trusts | ||||||||||||||||||
Loans | — | — | 51 | 55 | 51 | 55 | ||||||||||||
Equities | — | — | 179 | 176 | 179 | 176 | ||||||||||||
Derivatives | ||||||||||||||||||
Swaps | — | — | 49 | 10 | 49 | 10 | ||||||||||||
Other | — | — | — | 1 | — | 1 | ||||||||||||
Equity securities | ||||||||||||||||||
US companies | 462 | 359 | — | — | 462 | 359 | ||||||||||||
International companies | 426 | 450 | — | — | 426 | 450 | ||||||||||||
Fixed income | ||||||||||||||||||
Collateralized mortgage obligations | — | — | 1 | 2 | 1 | 2 | ||||||||||||
Corporate debt | — | — | 855 | 822 | 855 | 822 | ||||||||||||
Treasuries, other debt | 4 | 102 | 390 | 349 | 394 | 451 | ||||||||||||
Mortgage backed securities | — | — | 26 | 31 | 26 | 31 | ||||||||||||
Registered investment companies | — | — | 124 | 278 | 124 | 278 | ||||||||||||
Securities lending collateral | 6 | 10 | — | — | 6 | 10 | ||||||||||||
Short-term investments | — | — | 131 | 229 | 131 | 229 | ||||||||||||
Insurance contracts | — | — | 34 | 31 | 34 | 31 | ||||||||||||
Other | 15 | 22 | 8 | 8 | 23 | 30 | ||||||||||||
Total investments, at fair value | 921 | 958 | 1,848 | 1,992 | 2,769 | 2,950 | ||||||||||||
Liabilities | ||||||||||||||||||
Derivatives | ||||||||||||||||||
Swaps | — | — | 48 | 10 | 48 | 10 | ||||||||||||
Other | — | — | 1 | — | 1 | — | ||||||||||||
Obligations under securities lending | 6 | 10 | — | — | 6 | 10 | ||||||||||||
Total liabilities | 6 | 10 | 49 | 10 | 55 | 20 | ||||||||||||
Total net assets (1) | 915 | 948 | 1,799 | 1,982 | 2,714 | 2,930 | ||||||||||||
______________________________ | ||||||||||||||||||
(1) | Total net assets excludes non-financial plan receivables and payables of $26 million and $31 million, respectively, as of December 31, 2013 and $29 million and $63 million, respectively, as of December 31, 2012. Non-financial items include due to/from broker, interest receivables and accrued expenses. | |||||||||||||||||
Schedule of Pension Benefits Expected to be Paid from the Plans or From the Company's Assets | ' | |||||||||||||||||
Pension benefits and postretirement benefit cost expected to be paid are as follows: | ||||||||||||||||||
Postretirement Benefit | ||||||||||||||||||
Pension | Company | Expected | ||||||||||||||||
Benefit | Portion of | Federal | ||||||||||||||||
Payments(1) | Benefit Cost(2) | Subsidy | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
2014 | 231 | 68 | (3)Â | 2 | ||||||||||||||
2015 | 232 | 5 | — | |||||||||||||||
2016 | 232 | 5 | — | |||||||||||||||
2017 | 234 | 6 | — | |||||||||||||||
2018 | 236 | 6 | — | |||||||||||||||
2019-2023 | 1,212 | 27 | — | |||||||||||||||
______________________________ | ||||||||||||||||||
(1)Â | Payments are expected to be made primarily from plan assets. | |||||||||||||||||
(2)Â | Payments are expected to be made primarily from Company assets. | |||||||||||||||||
(3)Â | Includes $49 million of expected lump-sum buyout payments to US non-union individuals in connection with the elimination of US postretirement health care benefits. | |||||||||||||||||
Schedule of Other Obligations | ' | |||||||||||||||||
Additional benefit obligations are as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Long-term disability | 10 | 22 | ||||||||||||||||
Other | 6 | 6 | ||||||||||||||||
Environmental_Tables
Environmental (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Environmental Remediation Obligations [Abstract] | ' | ||||||||
Schedule of Environmental Expenditures | ' | ||||||||
Environmental expenditures for preventative and remediation efforts are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Capital expenditures | 90 | 40 | 30 | ||||||
Other expenditures (1) | 49 | 45 | 41 | ||||||
______________________________ | |||||||||
(1) | Includes expenditures for US Superfund sites of $2 million, $2 million and $2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Schedule of Environmental Remediation Reserves | ' | ||||||||
The components of environmental remediation reserves are as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In $ millions) | |||||||||
Demerger obligations (Note 23) | 27 | 31 | |||||||
Divestiture obligations (Note 23) | 21 | 21 | |||||||
Active sites | 32 | 28 | |||||||
US Superfund sites | 13 | 15 | |||||||
Other environmental remediation reserves | 4 | 4 | |||||||
Total | 97 | 99 | |||||||
Schedule of Environmental Remediation Efforts | ' | ||||||||
Remediation expense is recorded as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Cost of sales | 9 | 10 | 2 | ||||||
Selling, general and administrative expenses | 1 | 3 | 6 | ||||||
Schedule of Environmental Ownership and Liability Percentages | ' | ||||||||
The Company's ownership interest and environmental liability participation percentages for such liabilities, which cannot be attributed to an InfraServ partner are as follows: | |||||||||
As of December 31, 2013 | |||||||||
Ownership | Liability | Reserves (1) | |||||||
(In percentages) | (In $ millions) | ||||||||
InfraServ GmbHÂ & Co. Gendorf KG | 39 | 10 | 17 | ||||||
InfraServ GmbHÂ & Co. Knapsack KG | 27 | 22 | 1 | ||||||
InfraServ GmbHÂ & Co. Hoechst KG | 32 | 40 | 79 | ||||||
______________________________ | |||||||||
(1)Â | Gross reserves maintained by the respective InfraServ entity. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of Dividend Increases | ' | ||||||||||||||||||||||||||
The Company announced that its Board of Directors approved increases in the Company's Common Stock cash dividend rates as follows: | |||||||||||||||||||||||||||
Increase | Quarterly Common | Annual Common | Effective Date | ||||||||||||||||||||||||
Stock Cash Dividend | Stock Cash Dividend | ||||||||||||||||||||||||||
(In percentages) | (In $ per share) | ||||||||||||||||||||||||||
Apr-11 | 20 | 0.06 | 0.24 | Aug-11 | |||||||||||||||||||||||
Apr-12 | 25 | 0.075 | 0.3 | Aug-12 | |||||||||||||||||||||||
Apr-13 | 20 | 0.09 | 0.36 | May-13 | |||||||||||||||||||||||
Jul-13 | 100 | 0.18 | 0.72 | Aug-13 | |||||||||||||||||||||||
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 December 31, 2013 | 893 | ||||||||||||||||||||||||||
These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program does not have an expiration date. | |||||||||||||||||||||||||||
The share repurchase activity pursuant to this authorization is as follows: | |||||||||||||||||||||||||||
Year Ended December 31, | Total From | ||||||||||||||||||||||||||
Feb-08 | |||||||||||||||||||||||||||
Through | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 31-Dec-13 | ||||||||||||||||||||||||
Shares repurchased | 3,186,180 | (1)Â | 1,059,719 | (1)Â | 652,016 | 16,328,707 | (2)Â | ||||||||||||||||||||
Average purchase price per share | $ | 51.38 | $ | 42.44 | $ | 46.99 | $ | 40.72 | |||||||||||||||||||
Amount spent on repurchased shares (in millions) | $ | 164 | $ | 45 | $ | 31 | $ | 665 | |||||||||||||||||||
______________________________ | |||||||||||||||||||||||||||
(1) | The years ended December 31, 2013 and 2012 exclude 6,021 shares and 5,823 shares, respectively, withheld from an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock awards. Restricted stock awards are 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 an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock awards. | ||||||||||||||||||||||||||
Schedule of Components of Other Comprehensive Income (Loss), Net | ' | ||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net | |||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Gross | Income | Net | Gross | Income | Net | Gross | Income | Net | |||||||||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||||||||
(Provision) | (Provision) | (Provision) | |||||||||||||||||||||||||
Benefit | Benefit | Benefit | |||||||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | (1) | — | 1 | — | — | — | — | — | — | |||||||||||||||||
Foreign currency translation | 55 | (35 | ) | 20 | 13 | (8 | ) | 5 | (29 | ) | 2 | (27 | ) | ||||||||||||||
Gain (loss) on interest rate swaps | 9 | (3 | ) | 6 | 10 | (2)Â | (3 | ) | 7 | 37 | (3)Â | (10 | ) | 27 | |||||||||||||
Pension and postretirement benefits | 88 | (30 | ) | 58 | (12 | ) | (4) | 1 | (11 | ) | (2 | ) | 2 | — | |||||||||||||
Total | 153 | (68 | ) | 85 | 11 | (10 | ) | 1 | 6 | (6 | ) | — | |||||||||||||||
______________________________ | |||||||||||||||||||||||||||
(1)Â | Amount includes $1 million of unrealized gains associated with the Company's equity method investments' marketable securities. | ||||||||||||||||||||||||||
(2)Â | Amount includes $2 million of gains associated with the Company's equity method investments' derivative activity. | ||||||||||||||||||||||||||
(3)Â | Amount includes $2 million of gains associated with the Company's equity method investments' derivative activity. | ||||||||||||||||||||||||||
(4)Â | Amount includes amortization of actuarial losses of $10 million related to the Company's equity method investments' pension plans. | ||||||||||||||||||||||||||
Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net | ' | ||||||||||||||||||||||||||
Adjustments to Accumulated other comprehensive income (loss), net, are as follows: | |||||||||||||||||||||||||||
Unrealized | Foreign | Gain (Loss) | Pension | Accumulated | |||||||||||||||||||||||
Gain (Loss) on | Currency | on Interest | and | Other | |||||||||||||||||||||||
Marketable | Translation | Rate Swaps | Postretirement | Comprehensive | |||||||||||||||||||||||
Securities | (Note 21) | Benefits | Income | ||||||||||||||||||||||||
(Note 5) | (Note 14) | (Loss), Net | |||||||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||||||
As of December 31, 2010 | (1 | ) | (1 | ) | (84 | ) | (4 | ) | (90 | ) | |||||||||||||||||
Current period change | — | (29 | ) | 37 | (2 | ) | 6 | ||||||||||||||||||||
Income tax (provision) benefit | — | 2 | (10 | ) | 2 | (6 | ) | ||||||||||||||||||||
As of December 31, 2011 | (1 | ) | (28 | ) | (57 | ) | (4 | ) | (90 | ) | |||||||||||||||||
Current period change | — | 13 | 10 | (12 | ) | 11 | |||||||||||||||||||||
Income tax (provision) benefit | — | (8 | ) | (3 | ) | 1 | (10 | ) | |||||||||||||||||||
As of December 31, 2012 | (1 | ) | (23 | ) | (50 | ) | (15 | ) | (89 | ) | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | 1 | 55 | (2 | ) | 99 | 153 | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 11 | (11 | ) | — | |||||||||||||||||||||
Income tax (provision) benefit | — | (35 | ) | (3 | ) | (30 | ) | (68 | ) | ||||||||||||||||||
As of December 31, 2013 | — | (3 | ) | (44 | ) | 43 | (4 | ) | |||||||||||||||||||
Other_Charges_Gains_Net_Tables
Other (Charges) Gains, Net (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||
Schedule of Other (Charges) Gains, Net | ' | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee termination benefits | (23 | ) | (6 | ) | (22 | ) | ||||||||||||
Kelsterbach plant relocation (Note 27) | (13 | ) | (7 | ) | (47 | ) | ||||||||||||
Plumbing actions | — | 5 | 6 | |||||||||||||||
Asset impairments | (81 | ) | (8 | ) | (1 | ) | ||||||||||||
Plant/office closures | (33 | ) | — | — | ||||||||||||||
Commercial disputes | (8 | ) | 2 | 15 | ||||||||||||||
Other | — | — | 1 | |||||||||||||||
Total | (158 | ) | (14 | ) | (48 | ) | ||||||||||||
Schedule of Restructuring Reserve | ' | |||||||||||||||||
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, 2011 | 8 | 18 | — | 5 | 11 | 42 | ||||||||||||
Additions | — | 5 | — | 2 | 1 | 8 | ||||||||||||
Cash payments | (2 | ) | (11 | ) | — | (3 | ) | (3 | ) | (19 | ) | |||||||
Other changes | — | — | — | (1 | ) | (2 | ) | (3 | ) | |||||||||
Exchange rate changes | — | 1 | — | — | — | 1 | ||||||||||||
As of December 31, 2012 | 6 | 13 | — | 3 | 7 | 29 | ||||||||||||
Additions | — | — | 3 | 20 | — | 23 | ||||||||||||
Cash payments | (2 | ) | (10 | ) | (1 | ) | (8 | ) | (2 | ) | (23 | ) | ||||||
Other changes | — | — | — | — | (1 | ) | (1 | ) | ||||||||||
Exchange rate changes | — | — | — | 1 | — | 1 | ||||||||||||
As of December 31, 2013 | 4 | 3 | 2 | 16 | 4 | 29 | ||||||||||||
Plant/Office Closures | ||||||||||||||||||
As of December 31, 2011 | — | — | — | 1 | 1 | 2 | ||||||||||||
Additions | — | — | — | — | — | — | ||||||||||||
Cash payments | — | — | — | — | — | — | ||||||||||||
Other changes | — | — | — | — | (1 | ) | (1 | ) | ||||||||||
Exchange rate changes | — | — | — | — | — | — | ||||||||||||
As of December 31, 2012 | — | — | — | 1 | — | 1 | ||||||||||||
Additions | — | — | — | 33 | — | 33 | ||||||||||||
Cash payments | — | — | — | (1 | ) | — | (1 | ) | ||||||||||
Other changes | — | — | — | — | — | — | ||||||||||||
Exchange rate changes | — | — | — | — | — | — | ||||||||||||
As of December 31, 2013 | — | — | — | 33 | — | 33 | ||||||||||||
Total | 4 | 3 | 2 | 49 | 4 | 62 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Earnings (Loss) from Continuing Operations Before Tax by Jurisdiction | ' | ||||||||
Earnings (loss) from continuing operations before tax by jurisdiction are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
US | 806 | 195 | 60 | ||||||
International (1) | 803 | 126 | 407 | ||||||
Total | 1,609 | 321 | 467 | ||||||
______________________________ | |||||||||
(1) | Includes aggregate earnings generated by operations in Bermuda, Luxembourg, the Netherlands and Hong Kong of $275 million, $320 million and $317 million for the years ended December 31, 2013, 2012 and 2011, respectively, which have an aggregate effective income tax rate of 4.0%, 5.6% and 4.0% for each year, respectively. | ||||||||
Schedule of Income Tax Provision (Benefit) | ' | ||||||||
The income tax provision (benefit) consists of the following: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Current | |||||||||
US | 78 | 41 | 24 | ||||||
International | 83 | 76 | 32 | ||||||
Total | 161 | 117 | 56 | ||||||
Deferred | |||||||||
US | 194 | (66 | ) | (11 | ) | ||||
International | 153 | (106 | ) | (4 | ) | ||||
Total | 347 | (172 | ) | (15 | ) | ||||
Total | 508 | (55 | ) | 41 | |||||
Schedule of Effective Tax Rate Reconciliation | ' | ||||||||
A reconciliation of the significant differences between the US federal statutory tax rate of 35% and the effective income tax rate on income from continuing operations is as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions, except percentages) | |||||||||
Income tax provision computed at US federal statutory tax rate | 563 | 112 | 163 | ||||||
Change in valuation allowance | 89 | 29 | 7 | ||||||
Equity income and dividends | (44 | ) | (31 | ) | (25 | ) | |||
(Income) expense not resulting in tax impact, net | (33 | ) | (39 | ) | (16 | ) | |||
US tax effect of foreign earnings and dividends | 35 | 42 | 48 | ||||||
Foreign tax credits | (38 | ) | (187 | ) | (66 | ) | |||
Other foreign tax rate differentials | (55 | ) | (2 | ) | (58 | ) | |||
Legislative changes | (19 | ) | — | — | |||||
Tax-deductible interest on foreign equity investments and other related items | 11 | 11 | (3 | ) | |||||
State income taxes, net of federal benefit | 11 | 4 | 4 | ||||||
Other, net | (12 | ) | 6 | (13 | ) | ||||
Income tax provision (benefit) | 508 | (55 | ) | 41 | |||||
Effective income tax rate | 32 | % | -17 | Â % | 9 | % | |||
Schedule of Consolidated Deferred Tax Assets and Liabilities | ' | ||||||||
Significant components of the consolidated deferred tax assets and liabilities are as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In $ millions) | |||||||||
Deferred Tax Assets | |||||||||
Pension and postretirement obligations | 374 | 579 | |||||||
Accrued expenses | 139 | 58 | |||||||
Inventory | 10 | — | |||||||
Net operating loss | 563 | 398 | |||||||
Tax credit carryforwards | 94 | 206 | |||||||
Other | 165 | 370 | |||||||
Subtotal | 1,345 | 1,611 | |||||||
Valuation allowance (1) | (461 | ) | (399 | ) | |||||
Total | 884 | 1,212 | |||||||
Deferred Tax Liabilities | |||||||||
Depreciation and amortization | 479 | 479 | |||||||
Investments in affiliates | 142 | 83 | |||||||
Other | 94 | 70 | |||||||
Total | 715 | 632 | |||||||
Net deferred tax assets (liabilities) | 169 | 580 | |||||||
______________________________ | |||||||||
(1)Â | Includes deferred tax asset valuation allowances primarily for the Company's deferred tax assets in the US, Luxembourg, France, Spain, China, Singapore, the United Kingdom and Germany, as well as other foreign jurisdictions. These valuation allowances relate primarily to net operating loss carryforward benefits and other net deferred tax assets, all of which may not be realizable. | ||||||||
Schedule of Activity Related to Uncertain Tax Positions | ' | ||||||||
Activity related to uncertain tax positions is as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
As of the beginning of the year | 207 | 211 | 244 | ||||||
Increases in tax positions for the current year | 17 | 6 | — | ||||||
Increases in tax positions for prior years | 57 | 42 | 37 | ||||||
Decreases in tax positions for prior years | (32 | ) | (19 | ) | (54 | ) | |||
Decreases due to settlements | (2 | ) | (33 | ) | (16 | ) | |||
As of the end of the year | 247 | 207 | 211 | ||||||
Total uncertain tax positions that if recognized would impact the effective tax rate | 258 | 237 | 230 | ||||||
Total amount of interest expense (benefit) and penalties recognized in the consolidated statements of operations | 4 | 6 | (1 | ) | |||||
Total amount of interest expense and penalties recognized in the consolidated balance sheets | 65 | 61 | 55 | ||||||
Management_Compensation_Plans_
Management Compensation Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Total Shares Available for and Subject to Awards | ' | ||||||||||||
Total shares available for awards and total shares subject to outstanding awards are as follows: | |||||||||||||
As of December 31, 2013 | |||||||||||||
Shares | Shares | ||||||||||||
Available for | Subject to | ||||||||||||
Awards | Outstanding | ||||||||||||
Awards | |||||||||||||
2009 GIP | 9,862,977 | 2,115,194 | |||||||||||
2004 SIP | — | 212,373 | (1) | ||||||||||
______________________________ | |||||||||||||
(1)Â | No RSUs remaining outstanding under the 2004 SIP. | ||||||||||||
Schedule of Realized Income Tax Benefits from Stock Option Exercises and RSU Vestings | ' | ||||||||||||
The Company realized income tax benefits from stock option exercises and RSU vestings as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In $ millions) | |||||||||||||
Income tax benefit realized | 2 | 31 | 25 | ||||||||||
Amount reversed in current year related to prior year | — | 1 | 9 | ||||||||||
Schedule of Black-Scholes Option Pricing Method Assumptions | ' | ||||||||||||
The fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing method. The weighted average assumptions used in the model are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | 0.68 | % | 0.78 | % | 0.81 | % | |||||||
Estimated life in years | 4.5 | 4.59 | 4.75 | ||||||||||
Dividend yield | 0.64 | % | 0.7 | % | 0.6 | % | |||||||
Volatility | 49.5 | % | 50.31 | % | 45 | % | |||||||
Schedule of Summary of Changes in Stock Options Outstanding | ' | ||||||||||||
The summary of changes in stock options outstanding is as follows: | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Options | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(In thousands) | (In $) | (In years) | (In $ millions) | ||||||||||
As of December 31, 2012 | 823 | 29.93 | 4.4 | 12 | |||||||||
Granted | 8 | 46.87 | |||||||||||
Exercised | (284 | ) | 30.77 | ||||||||||
Forfeited | — | — | |||||||||||
Expired | — | — | |||||||||||
As of December 31, 2013 | 547 | 29.75 | 3.6 | 14 | |||||||||
Options exercisable at end of year | 415 | 27.44 | 3.2 | 12 | |||||||||
Schedule of Intrinsic Value of Stock Options Exercises | ' | ||||||||||||
The total intrinsic value of stock options exercised is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In $ millions) | |||||||||||||
Intrinsic value | 6 | 110 | 20 | ||||||||||
Schedule of Summary of Changes in Performance-based RSUs Outstanding | ' | ||||||||||||
A summary of changes in nonvested performance-based RSUs outstanding is as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Units | Average | ||||||||||||
Fair Value | |||||||||||||
(In thousands) | (In $) | ||||||||||||
As of December 31, 2012 | 429 | 42.22 | |||||||||||
Granted | 540 | 47.3 | |||||||||||
Vested | (189 | ) | 41.16 | ||||||||||
Canceled | (28 | ) | 41.16 | ||||||||||
Forfeited | (19 | ) | 46.29 | ||||||||||
As of December 31, 2013 | 733 | 46.18 | |||||||||||
Schedule of Performance-based RSUs Monte Carlo Simulation Valuation Assumptions | ' | ||||||||||||
The range of assumptions used in the Monte Carlo simulation approach is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | N/A | 0.38 | % | 0.38 | % | ||||||||
Dividend yield | N/A | 0.00 - 4.37 % | 0.00 - 4.37 % | ||||||||||
Volatility | N/A | 25 - 90 % | 25 - 90 % | ||||||||||
Schedule of Summary of Changes in Time-based RSUs Outstanding | ' | ||||||||||||
A summary of changes in nonvested time-based RSUs outstanding is as follows: | |||||||||||||
Employee Time-Based RSUs | Director Time-Based RSUs | ||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||
Units | Average | Units | Average | ||||||||||
Fair Value | Fair Value | ||||||||||||
(In thousands) | (In $) | (In thousands) | (In $) | ||||||||||
As of December 31, 2012 | 431 | 34.41 | 16 | 47.48 | |||||||||
Granted | 25 | 49.56 | 16 | 48.51 | |||||||||
Vested | (211 | ) | 33.79 | (16 | ) | 47.48 | |||||||
Forfeited | (20 | ) | 30.39 | — | — | ||||||||
As of December 31, 2013 | 225 | (1)Â | 37.02 | 16 | 48.51 | ||||||||
______________________________ | |||||||||||||
(1)Â | Includes 66,108 of restricted stock awards granted to the Company's Chief Executive Officer on April 5, 2012, of which 22,013 and 22,013 vested on October 1, 2012 and April 5, 2013, respectively. | ||||||||||||
Schedule of Weighted Average Discount Rate for RSUs | ' | ||||||||||||
The fair value of the RSUs with holding periods were discounted due to the lack of transferability of these RSUs during the holding period as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In percentages) | |||||||||||||
Holding period discount | N/A | 30 | 30 | ||||||||||
Employee Stock Option [Member] | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Weighted Average Grant Date Fair Values of Stock Options | ' | ||||||||||||
The weighted average grant date fair values of stock options granted is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In $) | |||||||||||||
Total | 18.5 | 16.21 | 11.38 | ||||||||||
Performance Restricted Stock Units (PRSUs) [Member] | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Fair Value of Shares Vested | ' | ||||||||||||
The fair value of shares vested for performance-based RSUs is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In $ millions) | |||||||||||||
Total | 10 | 12 | 14 | ||||||||||
Time Restricted Stock Units (RSUs) [Member] | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Fair Value of Shares Vested | ' | ||||||||||||
The fair value of shares vested for time-based RSUs is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In $ millions) | |||||||||||||
Total | 12 | 13 | 7 | ||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Schedule of Rent Expense | ' | ||||||||
Rent expense recorded under all operating leases is as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Total | 160 | 165 | 173 | ||||||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | ||||||||
As of December 31, 2013 | |||||||||
Capital Leases | |||||||||
(In $ millions) | |||||||||
2014 | 46 | ||||||||
2015 | 46 | ||||||||
2016 | 48 | ||||||||
2017 | 48 | ||||||||
2018 | 48 | ||||||||
Later years | 294 | ||||||||
Sublease income | — | ||||||||
Minimum lease commitments | 530 | ||||||||
Less amounts representing interest | (266 | ) | |||||||
Present value of net minimum lease obligations | 264 | ||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||||||
As of December 31, 2013 | |||||||||
Operating Leases | |||||||||
(In $ millions) | |||||||||
2014 | 63 | ||||||||
2015 | 55 | ||||||||
2016 | 48 | ||||||||
2017 | 29 | ||||||||
2018 | 26 | ||||||||
Later years | 189 | ||||||||
Sublease income | (12 | ) | |||||||
Minimum lease commitments | 398 | ||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Interest Rate Swap Derivatives | ' | ||||||||||||||||||
US-dollar interest rate swap derivative agreements are as follows: | |||||||||||||||||||
As of December 31, 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) | Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (Note 13). | ||||||||||||||||||
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 13). | ||||||||||||||||||
Schedule of Interest Rate Swap Activity Recorded in the Consolidated Financial Statements | ' | ||||||||||||||||||
Interest rate swap activity is as follows: | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(In $ millions) | |||||||||||||||||||
Hedging activities - Interest expense | (11 | ) | (14 | ) | (55 | ) | |||||||||||||
Ineffective portion - Other income (expense), net | — | — | — | ||||||||||||||||
Schedule of Notional Amounts of Net Foreign Exchange Exposure by Currency | ' | ||||||||||||||||||
2014 Maturity | |||||||||||||||||||
(In $ millions) | |||||||||||||||||||
Currency | |||||||||||||||||||
Brazilian real | (12 | ) | |||||||||||||||||
British pound sterling | (60 | ) | |||||||||||||||||
Canadian dollar | 46 | ||||||||||||||||||
Chinese renminbi | (106 | ) | |||||||||||||||||
Euro | (228 | ) | |||||||||||||||||
Hungarian forint | 9 | ||||||||||||||||||
Japanese yen | (3 | ) | |||||||||||||||||
Mexican peso | 2 | ||||||||||||||||||
Singapore dollar | 43 | ||||||||||||||||||
Swedish krona | (6 | ) | |||||||||||||||||
Other | — | ||||||||||||||||||
Total | (315 | ) | |||||||||||||||||
Schedule of Notional Amounts of Foreign Currency Derivatives | ' | ||||||||||||||||||
Gross notional values of the foreign currency forwards and swaps are as follows: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In $ millions) | |||||||||||||||||||
Total | 869 | 902 | |||||||||||||||||
Schedule of Changes in Fair Value of Derivatives | ' | ||||||||||||||||||
Information regarding changes in the fair value of the Company’s derivative agreements is as follows: | |||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||||||
Recognized in | Recognized | Recognized in | Recognized | Recognized in | Recognized | ||||||||||||||
Other | in Earnings | Other | in Earnings | Other | in Earnings | ||||||||||||||
Comprehensive | (Loss) | Comprehensive | (Loss) | Comprehensive | (Loss) | ||||||||||||||
Income (Loss) | Income (Loss) | Income (Loss) | |||||||||||||||||
(In $ millions) | |||||||||||||||||||
Designated as Cash Flow Hedges | |||||||||||||||||||
Interest rate swaps | (2 | ) | (1)Â | (11 | ) | (2)Â | (12 | ) | (3)Â | (14 | ) | (2)Â | (24 | ) | (4)Â | (55 | ) | (2)Â | |
Not Designated as Hedges | |||||||||||||||||||
Interest rate swaps | — | — | — | (6 | ) | (5) | — | (4 | ) | (5) | |||||||||
Foreign currency forwards and swaps | — | (23 | ) | (6) | — | (6 | ) | (6) | — | 16 | (6) | ||||||||
Total | (2 | ) | (34 | ) | (12 | ) | (26 | ) | (24 | ) | (43 | ) | |||||||
______________________________ | |||||||||||||||||||
(1)Â | 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 consolidated statements of operations. | ||||||||||||||||||
(3) | Amount excludes $2 million of gains associated with the Company’s equity method investments’ derivative activity and $3 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||||||||
(4) | Amount excludes $2 million of gains associated with the Company’s equity method investments’ derivative activity and $10 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||||||||
(5)Â | Included in Interest expense in the consolidated statements of operations. | ||||||||||||||||||
(6)Â | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the consolidated statements of operations. | ||||||||||||||||||
Offsetting Assets | ' | ||||||||||||||||||
As of December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In $ millions) | |||||||||||||||||||
Derivative Assets | |||||||||||||||||||
Gross amount recognized | 1 | 2 | |||||||||||||||||
Gross amount offset in the consolidated balance sheets | — | — | |||||||||||||||||
Net amount presented in the consolidated balance sheets | 1 | 2 | |||||||||||||||||
Gross amount not offset in the consolidated balance sheets | 1 | 2 | |||||||||||||||||
Net amount | — | — | |||||||||||||||||
Offsetting Liabilities | ' | ||||||||||||||||||
As of December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In $ millions) | |||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||
Gross amount recognized | 16 | 32 | |||||||||||||||||
Gross amount offset in the consolidated balance sheets | 1 | 1 | |||||||||||||||||
Net amount presented in the consolidated balance sheets | 15 | 31 | |||||||||||||||||
Gross amount not offset in the consolidated balance sheets | 1 | 2 | |||||||||||||||||
Net amount | 14 | 29 | |||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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 | ||||||||||||||||||||||||
Quoted Prices | Significant | Total | ||||||||||||||||||||||
in Active | Other | |||||||||||||||||||||||
Markets for | Observable | |||||||||||||||||||||||
Identical | Inputs | |||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||
Balance Sheet Classification | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||
Mutual funds | Marketable securities, at fair value | 41 | 53 | — | — | 41 | 53 | |||||||||||||||||
Derivatives Not Designated as Hedges | ||||||||||||||||||||||||
Foreign currency forwards and swaps | Current Other assets | — | — | 1 | 2 | 1 | 2 | |||||||||||||||||
Total assets | 41 | 53 | 1 | 2 | 42 | 55 | ||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||||||||||||||
Interest rate swaps | Current Other liabilities | — | — | (5 | ) | (10 | ) | (5 | ) | (10 | ) | |||||||||||||
Interest rate swaps | Noncurrent Other liabilities | — | — | (3 | ) | (7 | ) | (3 | ) | (7 | ) | |||||||||||||
Derivatives Not Designated as Hedges | ||||||||||||||||||||||||
Interest rate swaps | Current Other liabilities | — | — | (2 | ) | (5 | ) | (2 | ) | (5 | ) | |||||||||||||
Interest rate swaps | Noncurrent Other liabilities | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||
Foreign currency forwards and swaps | Current Other liabilities | — | — | (5 | ) | (8 | ) | (5 | ) | (8 | ) | |||||||||||||
Total liabilities | — | — | (15 | ) | (31 | ) | (15 | ) | (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 | Unobservable | Total | |||||||||||||||||||||
Amount | Other | Inputs | ||||||||||||||||||||||
Observable | (Level 3) | |||||||||||||||||||||||
Inputs | ||||||||||||||||||||||||
(Level 2) | ||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||
Cost investments | 145 | 156 | — | — | — | — | — | — | ||||||||||||||||
Insurance contracts in nonqualified trusts | 62 | 66 | 62 | 66 | — | — | 62 | 66 | ||||||||||||||||
Long-term debt, including current installments of long-term debt | 2,911 | 2,990 | 2,747 | 2,886 | 264 | 244 | 3,011 | 3,130 | ||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Variable Interest Entities | ' | ||||
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 December 31, | |||||
2013 | 2012 | ||||
(In $ millions) | |||||
Property, plant and equipment, net | 111 | 118 | |||
Trade payables | 49 | 41 | |||
Current installments of long-term debt | 8 | 7 | |||
Long-term debt | 136 | 140 | |||
Total | 193 | 188 | |||
Maximum exposure to loss | 311 | 273 | |||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Schedule of Supplemental Cash Flow Information | ' | ||||||||
Supplemental cash flow information for cash and non-cash activities is as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions) | |||||||||
Taxes paid, net of refunds | 129 | 64 | 94 | ||||||
Interest paid, net of amounts capitalized | 166 | 189 | 226 | ||||||
Noncash Investing and Financing Activities | |||||||||
Capital lease obligations | 28 | 7 | 38 | ||||||
Accrued capital expenditures | 38 | (22 | ) | 15 | |||||
Asset retirement obligations | 9 | 8 | (2 | ) | |||||
Accrued Kelsterbach capital expenditures | (2 | ) | (14 | ) | (33 | ) | |||
Accrued acquisition of intangible assets | — | (2 | ) | — | |||||
Lease incentives | 3 | 6 | 3 | ||||||
Capital expenditure reimbursement | (70 | ) | — | — | |||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||
Schedule of Business Segments | ' | |||||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Eliminations | Consolidated | ||||||||||||||||
Engineered | Specialties | Specialties | Intermediates | Activities | ||||||||||||||||||
Materials | ||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Net sales | 1,352 |   | 1,214 | (1) | 1,155 | 3,241 | (1) | — | (452 | ) | 6,510 | |||||||||||
Other (charges) gains, net | (13 | ) | — | (4 | ) | (141 | ) | — | — | (158 | ) | |||||||||||
Operating profit (loss) | 904 | 346 | 64 | 153 | 41 | — | 1,508 | |||||||||||||||
Equity in net earnings (loss) of affiliates | 148 |   | 3 |   | — | 5 | 24 | — | 180 | |||||||||||||
Depreciation and amortization | 110 |   | 41 |   | 52 | 86 | 16 | — | 305 | |||||||||||||
Capital expenditures | 67 |   | 116 |   | 33 | 184 | 8 | — | 408 | (3) | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Goodwill and intangible assets, net | 368 | 278 | 60 | 234 | — | — | 940 | |||||||||||||||
Total assets | 2,643 | 1,478 | 1,002 | 2,333 | 1,562 | — | 9,018 | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Net sales | 1,261 | 1,186 | (1) | 1,184 | 3,231 | (1) | — | (444 | ) | 6,418 |   | |||||||||||
Other (charges) gains, net | (2 | ) | (4 | ) | (2) | — | — | (8 | ) | (2) | — | (14 | ) | |||||||||
Operating profit (loss) | 95 | 251 | 86 | 269 | (526 | ) | — | 175 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 190 | 6 |   | — | 11 |   | 35 | — | 242 | |||||||||||||
Depreciation and amortization | 113 | 45 |   | 55 | 80 | 15 | — | 308 | ||||||||||||||
Capital expenditures | 51 | 65 |   | 38 | 169 |   | 16 | — | 339 | (3) | ||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||
Goodwill and intangible assets, net | 372 | 276 | 65 | 229 | — | — | 942 | |||||||||||||||
Total assets | 2,703 | 1,296 | 963 | 2,238 | 1,800 | — | 9,000 | |||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||
Net sales | 1,298 | 1,161 | (1)Â | 1,223 | 3,551 | (1)Â | 1 | (471 | ) | 6,763 | ||||||||||||
Other (charges) gains, net | (49 | ) | (3 | ) | — | 14 | (10 | ) | — | (48 | ) | |||||||||||
Operating profit (loss) | 79 | 229 | 102 | 458 | (466 | ) | — | 402 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 161 | 2 | — | 5 | 24 | — | 192 | |||||||||||||||
Depreciation and amortization | 100 | 44 | 45 | 96 | 13 | — | 298 | |||||||||||||||
Capital expenditures | 64 | 92 | 71 | 122 | 15 | — | 364 | (3) | ||||||||||||||
______________________________ | ||||||||||||||||||||||
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $448 million and $4 million, respectively, for the year ended December 31, 2013; $440 million and $4 million, respectively, for the year ended December 31, 2012; and $468 million and $3 million, respectively, for the year ended December 31, 2011. | |||||||||||||||||||||
(2)Â | Includes $9 million of insurance recoveries received from the Company's captive insurance companies related to the Narrows, Virginia facility that eliminates in consolidation. | |||||||||||||||||||||
(3) | Excludes expenditures related to the relocation of the Company’s POM operations in Germany (Note 27) and includes an increase in accrued capital expenditures of $38 million for the year ended December 31, 2013, a decrease of $22 million for the year ended December 31, 2012 and an increase of $15 million for the year ended December 31, 2011. | |||||||||||||||||||||
Schedule of Geographical Segments | ' | |||||||||||||||||||||
Revenues and noncurrent assets are presented based on the location of the business. The net sales based on the geographic location of the Company’s facilities are as follows: | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Belgium | 525 | 504 | 461 | |||||||||||||||||||
Canada | 249 | 284 | 323 | |||||||||||||||||||
China | 863 | 733 | 667 | |||||||||||||||||||
Germany | 2,049 | 2,082 | 2,328 | |||||||||||||||||||
Mexico | 256 | 257 | 241 | |||||||||||||||||||
Singapore | 578 | 561 | 722 | |||||||||||||||||||
US | 1,808 | 1,811 | 1,772 | |||||||||||||||||||
Other | 182 | 186 | 249 | |||||||||||||||||||
Total | 6,510 | 6,418 | 6,763 | |||||||||||||||||||
Property, plant and equipment, net based on the geographic location of the Company’s facilities is as follows: | ||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Belgium | 64 | 60 | ||||||||||||||||||||
Canada | 141 | 148 | ||||||||||||||||||||
China | 653 | 642 | ||||||||||||||||||||
Germany | 1,301 | 1,328 | ||||||||||||||||||||
Mexico | 145 | 128 | ||||||||||||||||||||
Singapore | 53 | 109 | ||||||||||||||||||||
US | 969 | 813 | ||||||||||||||||||||
Other | 99 | 122 | ||||||||||||||||||||
Total | 3,425 | 3,350 | ||||||||||||||||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings (Loss) Per Share | ' | ||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In $ millions, except share data) | |||||||||
Amounts attributable to Celanese Corporation | |||||||||
Earnings (loss) from continuing operations | 1,101 | 376 | 426 | ||||||
Earnings (loss) from discontinued operations | — | (4 | ) | 1 | |||||
Net earnings (loss) | 1,101 | 372 | 427 | ||||||
Weighted average shares - basic | 158,801,150 | 158,359,914 | 156,226,526 | ||||||
Dilutive stock options | 227,624 | 848,439 | 1,930,072 | ||||||
Dilutive RSUs | 305,445 | 622,433 | 813,685 | ||||||
Weighted average shares - diluted | 159,334,219 | 159,830,786 | 158,970,283 | ||||||
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: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Stock options | 37,696 | 25,906 | 69,395 | ||||||
RSUs | 2,610 | 3,996 | 735 | ||||||
Total | 40,306 | 29,902 | 70,130 | ||||||
Plant_Relocation_Tables
Plant Relocation (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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: | ||||||||||||
Year Ended December 31, | Total From | |||||||||||
Inception Through | ||||||||||||
2013 | 2012 | 2011 | 31-Dec-13 | |||||||||
(In $ millions) | ||||||||||||
Deferred proceeds (1) | — | — | 158 | 907 | ||||||||
Costs expensed | 13 | 7 | 47 | 126 | ||||||||
Costs capitalized (2) | 5 | 35 | 171 | 1,132 | ||||||||
Lease buyout | — | — | — | 22 | ||||||||
Employee termination benefits | — | — | 8 | 8 | ||||||||
Gain on disposition(3) | 742 | — | — | 742 | ||||||||
______________________________ | ||||||||||||
(1)Â | Included in noncurrent Other liabilities in the consolidated balance sheets. Amounts reflect the US dollar equivalent at the time of receipt. | |||||||||||
(2) | Includes a decrease in accrued capital expenditures of $2 million, $14 million and $33 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||
(3) | Upon transfer of title to the land and buildings to Fraport during the three months ended December 31, 2013, deferred proceeds of €651 million were recognized in Gain (loss) on disposition of businesses and assets, net in the consolidated statements of operations. Such proceeds were reduced by assets of €6 million included in Property, plant and equipment, net and €104 million included in noncurrent Other assets in the consolidated balance sheets. |
Consolidating_Guarantor_Financ1
Consolidating Guarantor Financial Information (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Consolidating Guarantor Financial Information [Abstract] | ' | |||||||||||||||||
Schedule of Consolidating Statements of Operations | ' | |||||||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,799 | 4,911 | (1,200 | ) | 6,510 | |||||||||||
Cost of sales | — | — | (1,827 | ) | (4,531 | ) | 1,213 | (5,145 | ) | |||||||||
Gross profit | — | — | 972 | 380 | 13 | 1,365 | ||||||||||||
Selling, general and administrative expenses | — | — | 53 | (364 | ) | — | (311 | ) | ||||||||||
Amortization of intangible assets | — | — | (11 | ) | (21 | ) | — | (32 | ) | |||||||||
Research and development expenses | — | — | (53 | ) | (32 | ) | — | (85 | ) | |||||||||
Other (charges) gains, net | — | — | 2 | (156 | ) | (4 | ) | (158 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (6 | ) | — | (6 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (2 | ) | 737 | — | 735 | |||||||||||
Operating profit (loss) | — | — | 961 | 538 | 9 | 1,508 | ||||||||||||
Equity in net earnings (loss) of affiliates | 1,096 | 1,180 | 116 | 158 | (2,370 | ) | 180 | |||||||||||
Interest expense | — | (192 | ) | (34 | ) | (70 | ) | 124 | (172 | ) | ||||||||
Refinancing expense | — | (1 | ) | — | — | — | (1 | ) | ||||||||||
Interest income | — | 55 | 65 | 5 | (124 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 93 | — | 93 | ||||||||||||
Other income (expense), net | — | — | (52 | ) | 52 | — | — | |||||||||||
Earnings (loss) from continuing operations before tax | 1,096 | 1,042 | 1,056 | 776 | (2,361 | ) | 1,609 | |||||||||||
Income tax (provision) benefit | 5 | 54 | (326 | ) | (229 | ) | (12 | ) | (508 | ) | ||||||||
Earnings (loss) from continuing operations | 1,101 | 1,096 | 730 | 547 | (2,373 | ) | 1,101 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 2 | (2 | ) | — | — | |||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | (1 | ) | 1 | — | — | |||||||||||
Earnings (loss) from discontinued operations | — | — | 1 | (1 | ) | — | — | |||||||||||
Net earnings (loss) | 1,101 | 1,096 | 731 | 546 | (2,373 | ) | 1,101 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 1,101 | 1,096 | 731 | 546 | (2,373 | ) | 1,101 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,692 | 4,829 | (1,103 | ) | 6,418 | |||||||||||
Cost of sales | — | — | (1,906 | ) | (4,423 | ) | 1,092 | (5,237 | ) | |||||||||
Gross profit | — | — | 786 | 406 | (11 | ) | 1,181 | |||||||||||
Selling, general and administrative expenses | — | — | (440 | ) | (390 | ) | — | (830 | ) | |||||||||
Amortization of intangible assets | — | — | (18 | ) | (33 | ) | — | (51 | ) | |||||||||
Research and development expenses | — | — | (74 | ) | (30 | ) | — | (104 | ) | |||||||||
Other (charges) gains, net | — | — | 17 | (22 | ) | (9 | ) | (14 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (4 | ) | — | (4 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (1 | ) | (2 | ) | — | (3 | ) | |||||||||
Operating profit (loss) | — | — | 270 | (75 | ) | (20 | ) | 175 | ||||||||||
Equity in net earnings (loss) of affiliates | 369 | 473 | 199 | 201 | (1,000 | ) | 242 | |||||||||||
Interest expense | — | (198 | ) | (42 | ) | (73 | ) | 128 | (185 | ) | ||||||||
Refinancing expense | — | (3 | ) | — | — | — | (3 | ) | ||||||||||
Interest income | — | 59 | 65 | 6 | (128 | ) | 2 | |||||||||||
Dividend income - cost investments | — | — | — | 85 | — | 85 | ||||||||||||
Other income (expense), net | — | — | (10 | ) | 15 | — | 5 | |||||||||||
Earnings (loss) from continuing operations before tax | 369 | 331 | 482 | 159 | (1,020 | ) | 321 | |||||||||||
Income tax (provision) benefit | 3 | 38 | (16 | ) | 15 | 15 | 55 | |||||||||||
Earnings (loss) from continuing operations | 372 | 369 | 466 | 174 | (1,005 | ) | 376 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (5 | ) | (1 | ) | — | (6 | ) | |||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 2 | — | — | 2 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | (3 | ) | (1 | ) | — | (4 | ) | |||||||||
Net earnings (loss) | 372 | 369 | 463 | 173 | (1,005 | ) | 372 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 372 | 369 | 463 | 173 | (1,005 | ) | 372 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,572 | 5,240 | (1,049 | ) | 6,763 | |||||||||||
Cost of sales | — | — | (1,861 | ) | (4,510 | ) | 1,025 | (5,346 | ) | |||||||||
Gross profit | — | — | 711 | 730 | (24 | ) | 1,417 | |||||||||||
Selling, general and administrative expenses | — | — | (402 | ) | (403 | ) | — | (805 | ) | |||||||||
Amortization of intangible assets | — | — | (17 | ) | (45 | ) | — | (62 | ) | |||||||||
Research and development expenses | — | — | (67 | ) | (31 | ) | — | (98 | ) | |||||||||
Other (charges) gains, net | — | — | 23 | (71 | ) | — | (48 | ) | ||||||||||
Foreign exchange gain (loss), net | — | — | — | — | — | — | ||||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (1 | ) | — | (1 | ) | (2 | ) | |||||||||
Operating profit (loss) | — | — | 247 | 180 | (25 | ) | 402 | |||||||||||
Equity in net earnings (loss) of affiliates | 425 | 590 | 165 | 166 | (1,154 | ) | 192 | |||||||||||
Interest expense | — | (217 | ) | (41 | ) | (41 | ) | 78 | (221 | ) | ||||||||
Refinancing expense | — | (3 | ) | — | — | — | (3 | ) | ||||||||||
Interest income | — | 23 | 48 | 10 | (78 | ) | 3 | |||||||||||
Dividend income - cost investments | — | — | — | 80 | — | 80 | ||||||||||||
Other income (expense), net | — | — | (39 | ) | 53 | — | 14 | |||||||||||
Earnings (loss) from continuing operations before tax | 425 | 393 | 380 | 448 | (1,179 | ) | 467 | |||||||||||
Income tax (provision) benefit | 2 | 32 | (49 | ) | (35 | ) | 9 | (41 | ) | |||||||||
Earnings (loss) from continuing operations | 427 | 425 | 331 | 413 | (1,170 | ) | 426 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 3 | (1 | ) | — | 2 | |||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | (1 | ) | — | — | (1 | ) | ||||||||||
Earnings (loss) from discontinued operations | — | — | 2 | (1 | ) | — | 1 | |||||||||||
Net earnings (loss) | 427 | 425 | 333 | 412 | (1,170 | ) | 427 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 427 | 425 | 333 | 412 | (1,170 | ) | 427 | |||||||||||
Schedule of Consolidating Statements of Comprehensive Income (Loss) | ' | |||||||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 1,101 | 1,096 | 731 | 546 | (2,373 | ) | 1,101 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Foreign currency translation | 20 | 20 | (10 | ) | (8 | ) | (2 | ) | 20 | |||||||||
Gain (loss) on interest rate swaps | 6 | 6 | — | — | (6 | ) | 6 | |||||||||||
Pension and postretirement benefits | 58 | 58 | 56 | 2 | (116 | ) | 58 | |||||||||||
Total other comprehensive income (loss), net of tax | 85 | 85 | 47 | (6 | ) | (126 | ) | 85 | ||||||||||
Total comprehensive income (loss), net of tax | 1,186 | 1,181 | 778 | 540 | (2,499 | ) | 1,186 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 1,186 | 1,181 | 778 | 540 | (2,499 | ) | 1,186 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 372 | 369 | 463 | 173 | (1,005 | ) | 372 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | 5 | 5 | (12 | ) | 1 | 6 | 5 | |||||||||||
Gain (loss) on interest rate swaps | 7 | 7 | (1 | ) | 3 | (9 | ) | 7 | ||||||||||
Pension and postretirement benefits | (11 | ) | (11 | ) | (2 | ) | (11 | ) | 24 | (11 | ) | |||||||
Total other comprehensive income (loss), net of tax | 1 | 1 | (15 | ) | (7 | ) | 21 | 1 | ||||||||||
Total comprehensive income (loss), net of tax | 373 | 370 | 448 | 166 | (984 | ) | 373 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 373 | 370 | 448 | 166 | (984 | ) | 373 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 427 | 425 | 333 | 412 | (1,170 | ) | 427 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (27 | ) | (27 | ) | (6 | ) | 6 | 27 | (27 | ) | ||||||||
Gain (loss) on interest rate swaps | 27 | 27 | 1 | 1 | (29 | ) | 27 | |||||||||||
Pension and postretirement benefits | — | — | (2 | ) | 2 | — | — | |||||||||||
Total other comprehensive income (loss), net of tax | — | — | (7 | ) | 9 | (2 | ) | — | ||||||||||
Total comprehensive income (loss), net of tax | 427 | 425 | 326 | 421 | (1,172 | ) | 427 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 427 | 425 | 326 | 421 | (1,172 | ) | 427 | |||||||||||
Schedule of Consolidating Balance Sheets | ' | |||||||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | — | — | 284 | 700 | — | 984 | ||||||||||||
Trade receivables - third party and affiliates | — | — | 131 | 877 | (141 | ) | 867 | |||||||||||
Non-trade receivables, net | 33 | 482 | 2,166 | 586 | (2,924 | ) | 343 | |||||||||||
Inventories, net | — | — | 243 | 622 | (61 | ) | 804 | |||||||||||
Deferred income taxes | — | — | 74 | 58 | (17 | ) | 115 | |||||||||||
Marketable securities, at fair value | — | — | 41 | — | — | 41 | ||||||||||||
Other assets | — | 5 | 15 | 24 | (16 | ) | 28 | |||||||||||
Total current assets | 33 | 487 | 2,954 | 2,867 | (3,159 | ) | 3,182 | |||||||||||
Investments in affiliates | 2,667 | 4,458 | 1,677 | 594 | (8,555 | ) | 841 | |||||||||||
Property, plant and equipment, net | — | — | 969 | 2,456 | — | 3,425 | ||||||||||||
Deferred income taxes | — | — | 248 | 49 | (8 | ) | 289 | |||||||||||
Other assets | — | 1,965 | 144 | 285 | (2,053 | ) | 341 | |||||||||||
Goodwill | — | — | 305 | 493 | — | 798 | ||||||||||||
Intangible assets, net | — | — | 64 | 78 | — | 142 | ||||||||||||
Total assets | 2,700 | 6,910 | 6,361 | 6,822 | (13,775 | ) | 9,018 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 1,713 | 122 | 373 | (2,031 | ) | 177 | |||||||||||
Trade payables - third party and affiliates | — | — | 312 | 628 | (141 | ) | 799 | |||||||||||
Other liabilities | 1 | 28 | 441 | 513 | (442 | ) | 541 | |||||||||||
Deferred income taxes | — | 17 | — | 10 | (17 | ) | 10 | |||||||||||
Income taxes payable | — | — | 460 | 32 | (474 | ) | 18 | |||||||||||
Total current liabilities | 1 | 1,758 | 1,335 | 1,556 | (3,105 | ) | 1,545 | |||||||||||
Noncurrent Liabilities | ||||||||||||||||||
Long-term debt | — | 2,468 | 825 | 1,646 | (2,052 | ) | 2,887 | |||||||||||
Deferred income taxes | — | 8 | — | 225 | (8 | ) | 225 | |||||||||||
Uncertain tax positions | — | 6 | 16 | 178 | — | 200 | ||||||||||||
Benefit obligations | — | — | 943 | 232 | — | 1,175 | ||||||||||||
Other liabilities | — | 3 | 91 | 202 | (9 | ) | 287 | |||||||||||
Total noncurrent liabilities | — | 2,485 | 1,875 | 2,483 | (2,069 | ) | 4,774 | |||||||||||
Total Celanese Corporation stockholders’ equity | 2,699 | 2,667 | 3,151 | 2,783 | (8,601 | ) | 2,699 | |||||||||||
Noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Total equity | 2,699 | 2,667 | 3,151 | 2,783 | (8,601 | ) | 2,699 | |||||||||||
Total liabilities and equity | 2,700 | 6,910 | 6,361 | 6,822 | (13,775 | ) | 9,018 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
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 Cash Flow Statements | ' | |||||||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 228 | 105 | 766 | 154 | (491 | ) | 762 | |||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (249 | ) | (121 | ) | — | (370 | ) | |||||||||
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 | — | — | — | (7 | ) | — | (7 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | (20 | ) | — | 20 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 5 | (131 | ) | — | 126 | — | |||||||||||
Other, net | — | — | (45 | ) | (13 | ) | — | (58 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 5 | (445 | ) | (128 | ) | 146 | (422 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 131 | (8 | ) | (3 | ) | (131 | ) | (11 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 177 | — | 177 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (123 | ) | — | (123 | ) | ||||||||||
Proceeds from long-term debt | — | 24 | 50 | — | — | 74 | ||||||||||||
Repayments of long-term debt | — | (34 | ) | (121 | ) | (48 | ) | 5 | (198 | ) | ||||||||
Refinancing costs | — | (2 | ) | — | — | — | (2 | ) | ||||||||||
Purchases of treasury stock, including related fees | (164 | ) | — | — | — | — | (164 | ) | ||||||||||
Dividends to parent | — | (229 | ) | (229 | ) | (33 | ) | 491 | — | |||||||||
Contributions from parent | — | — | — | 20 | (20 | ) | — | |||||||||||
Stock option exercises | 9 | — | — | — | — | 9 | ||||||||||||
Series A common stock dividends | (83 | ) | — | — | — | — | (83 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Other, net | — | — | (4 | ) | (1 | ) | — | (5 | ) | |||||||||
Net cash provided by (used in) financing activities | (238 | ) | (110 | ) | (312 | ) | (11 | ) | 345 | (326 | ) | |||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 11 | — | 11 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (10 | ) | — | 9 | 26 | — | 25 | |||||||||||
Cash and cash equivalents as of beginning of period | 10 | — | 275 | 674 | — | 959 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 284 | 700 | — | 984 | ||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 7 | (100 | ) | 396 | 489 | (70 | ) | 722 | ||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (170 | ) | (191 | ) | — | (361 | ) | |||||||||
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 | — | — | — | (49 | ) | — | (49 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | (3 | ) | — | 3 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 5 | (53 | ) | — | 48 | — | |||||||||||
Other, net | — | — | (9 | ) | (59 | ) | — | (68 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 5 | (257 | ) | (299 | ) | 51 | (500 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 53 | 5 | (3 | ) | (53 | ) | 2 | ||||||||||
Proceeds from short-term borrowings | — | — | — | 71 | — | 71 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (71 | ) | — | (71 | ) | ||||||||||
Proceeds from long-term debt | — | 500 | 50 | — | — | 550 | ||||||||||||
Repayments of long-term debt | — | (414 | ) | (10 | ) | (70 | ) | 5 | (489 | ) | ||||||||
Refinancing costs | — | (9 | ) | — | — | — | (9 | ) | ||||||||||
Purchases of treasury stock, including related fees | (45 | ) | — | — | — | — | (45 | ) | ||||||||||
Dividends to parent | — | (35 | ) | (35 | ) | — | 70 | — | ||||||||||
Contributions from parent | — | — | — | 3 | (3 | ) | — | |||||||||||
Stock option exercises | 62 | — | — | — | — | 62 | ||||||||||||
Series A common stock dividends | (43 | ) | — | — | — | — | (43 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Other, net | 29 | — | (7 | ) | (1 | ) | — | 21 | ||||||||||
Net cash provided by (used in) financing activities | 3 | 95 | 3 | (71 | ) | 19 | 49 | |||||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 6 | — | 6 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 10 | — | 142 | 125 | — | 277 | ||||||||||||
Cash and cash equivalents as of beginning of period | — | — | 133 | 549 | — | 682 | ||||||||||||
Cash and cash equivalents as of end of period | 10 | — | 275 | 674 | — | 959 | ||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 41 | (127 | ) | 446 | 368 | (90 | ) | 638 | ||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (145 | ) | (204 | ) | — | (349 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | (8 | ) | — | — | (8 | ) | ||||||||||
Proceeds from sale of businesses and assets, net | — | — | 1 | 5 | — | 6 | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | 159 | — | 159 | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (204 | ) | — | (204 | ) | ||||||||||
Return of capital from subsidiary | — | 100 | — | — | (100 | ) | — | |||||||||||
Contributions to subsidiary | — | (100 | ) | — | — | 100 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 5 | (307 | ) | — | 302 | — | |||||||||||
Other, net | — | — | (15 | ) | (30 | ) | — | (45 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 5 | (474 | ) | (274 | ) | 302 | (441 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 307 | (5 | ) | (8 | ) | (307 | ) | (13 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 70 | — | 70 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (73 | ) | — | (73 | ) | ||||||||||
Proceeds from long-term debt | — | 400 | — | 11 | — | 411 | ||||||||||||
Repayments of long-term debt | — | (532 | ) | (9 | ) | (55 | ) | 5 | (591 | ) | ||||||||
Refinancing costs | — | (8 | ) | — | — | — | (8 | ) | ||||||||||
Purchases of treasury stock, including related fees | (31 | ) | — | — | — | — | (31 | ) | ||||||||||
Dividends to parent | — | (45 | ) | (45 | ) | — | 90 | — | ||||||||||
Contributions from parent | — | — | 100 | — | (100 | ) | — | |||||||||||
Stock option exercises | 20 | — | — | — | — | 20 | ||||||||||||
Series A common stock dividends | (34 | ) | — | — | — | — | (34 | ) | ||||||||||
Return of capital to parent | — | — | — | (100 | ) | 100 | — | |||||||||||
Other, net | 4 | — | (8 | ) | — | — | (4 | ) | ||||||||||
Net cash provided by (used in) financing activities | (41 | ) | 122 | 33 | (155 | ) | (212 | ) | (253 | ) | ||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 5 | (63 | ) | — | (58 | ) | ||||||||||
Cash and cash equivalents as of beginning of period | — | — | 128 | 612 | — | 740 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 133 | 549 | — | 682 | ||||||||||||
Description_of_the_Company_and1
Description of the Company and Basis of Presentation (Narrative) (Details) | Dec. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Consolidated subsidiaries ownership percentage | 100.00% |
Summary_of_Accounting_Policies3
Summary of Accounting Policies (Schedule of Change in Accounting Policy For Pension and Other Postretirement Benefits - Consolidated Statements of Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Cost of sales | ($5,145) | ($5,237) | ($5,346) |
Gross profit | 1,365 | 1,181 | 1,417 |
Selling, general and administrative expenses | -311 | -830 | -805 |
Research and development expenses | -85 | -104 | -98 |
Operating profit (loss) | 1,508 | 175 | 402 |
Earnings (loss) from continuing operations before tax | 1,609 | 321 | 467 |
Income tax (provision) benefit | -508 | 55 | -41 |
Earnings (loss) from continuing operations | 1,101 | 376 | 426 |
Net earnings (loss) | 1,101 | 372 | 427 |
Net earnings (loss) attributable to Celanese Corporation | 1,101 | 372 | 427 |
Earnings (loss) per common share - basic | ' | ' | ' |
Continuing operations | $6.93 | $2.37 | $2.72 |
Discontinued operations | $0 | ($0.02) | $0.01 |
Net earnings (loss) - basic | $6.93 | $2.35 | $2.73 |
Earnings (loss) per common share - diluted | ' | ' | ' |
Continuing operations | $6.91 | $2.35 | $2.68 |
Discontinued operations | $0 | ($0.02) | $0.01 |
Net earnings (loss) - diluted | $6.91 | $2.33 | $2.69 |
Previous Accounting Method [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Cost of sales | -5,223 | -5,226 | -5,329 |
Gross profit | 1,287 | 1,192 | 1,434 |
Selling, general and administrative expenses | -514 | -507 | -536 |
Research and development expenses | -95 | -102 | -96 |
Operating profit (loss) | 1,217 | 511 | 690 |
Earnings (loss) from continuing operations before tax | 1,318 | 657 | 755 |
Income tax (provision) benefit | -406 | -48 | -149 |
Earnings (loss) from continuing operations | 912 | 609 | 606 |
Net earnings (loss) | 912 | 605 | 607 |
Net earnings (loss) attributable to Celanese Corporation | 912 | 605 | 607 |
Earnings (loss) per common share - basic | ' | ' | ' |
Continuing operations | $5.74 | $3.84 | $3.88 |
Discontinued operations | $0 | ($0.02) | $0.01 |
Net earnings (loss) - basic | $5.74 | $3.82 | $3.89 |
Earnings (loss) per common share - diluted | ' | ' | ' |
Continuing operations | $5.72 | $3.81 | $3.81 |
Discontinued operations | $0 | ($0.02) | $0.01 |
Net earnings (loss) - diluted | $5.72 | $3.79 | $3.82 |
Effect of Change [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Cost of sales | 78 | -11 | -17 |
Gross profit | 78 | -11 | -17 |
Selling, general and administrative expenses | 203 | -323 | -269 |
Research and development expenses | 10 | -2 | -2 |
Operating profit (loss) | 291 | -336 | -288 |
Earnings (loss) from continuing operations before tax | 291 | -336 | -288 |
Income tax (provision) benefit | -102 | 103 | 108 |
Earnings (loss) from continuing operations | 189 | -233 | -180 |
Net earnings (loss) | 189 | -233 | -180 |
Net earnings (loss) attributable to Celanese Corporation | $189 | ($233) | ($180) |
Earnings (loss) per common share - basic | ' | ' | ' |
Continuing operations | $1.19 | ($1.47) | ($1.16) |
Discontinued operations | $0 | $0 | $0 |
Net earnings (loss) - basic | $1.19 | ($1.47) | ($1.16) |
Earnings (loss) per common share - diluted | ' | ' | ' |
Continuing operations | $1.19 | ($1.46) | ($1.13) |
Discontinued operations | $0 | $0 | $0 |
Net earnings (loss) - diluted | $1.19 | ($1.46) | ($1.13) |
Summary_of_Accounting_Policies4
Summary of Accounting Policies (Schedule of Change in Accounting Policy For Pension and Other Postretirement Benefits - Consolidated Statements of Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Net earnings (loss) | $1,101 | $372 | $427 |
Pension and postretirement benefits | 58 | -11 | 0 |
Total other comprehensive income (loss), net of tax | 85 | 1 | 0 |
Previous Accounting Method [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Net earnings (loss) | 912 | 605 | 607 |
Pension and postretirement benefits | 247 | -244 | -180 |
Total other comprehensive income (loss), net of tax | 274 | -232 | -180 |
Effect of Change [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Net earnings (loss) | 189 | -233 | -180 |
Pension and postretirement benefits | -189 | 233 | 180 |
Total other comprehensive income (loss), net of tax | ($189) | $233 | $180 |
Summary_of_Accounting_Policies5
Summary of Accounting Policies (Schedule of Change in Accounting Policy For Pension and Other Postretirement Benefits - Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' |
Retained earnings | $3,011 | $1,993 | ' | ' |
Accumulated other comprehensive income (loss), net | -4 | -89 | -90 | -90 |
Previous Accounting Method [Member] | ' | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' |
Retained earnings | 3,815 | 2,986 | ' | ' |
Accumulated other comprehensive income (loss), net | -808 | -1,082 | ' | ' |
Effect of Change [Member] | ' | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' |
Retained earnings | -804 | -993 | -760 | ' |
Accumulated other comprehensive income (loss), net | $804 | $993 | ' | ' |
Summary_of_Accounting_Policies6
Summary of Accounting Policies (Schedule of Change in Accounting Policy For Pension and Other Postretirement Benefits - Consolidated Statements of Equity) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Balance as of the beginning of the period | $1,730 | $1,341 | ' |
Net earnings (loss) attributable to Celanese Corporation | 1,101 | 372 | 427 |
Other comprehensive income (loss), net of tax | 85 | 1 | 0 |
Balance as of the end of the period | 2,699 | 1,730 | 1,341 |
Retained Earnings [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Balance as of the beginning of the period | 1,993 | 1,664 | 1,271 |
Net earnings (loss) attributable to Celanese Corporation | 1,101 | 372 | 427 |
Balance as of the end of the period | 3,011 | 1,993 | 1,664 |
Accumulated Other Comprehensive Income (Loss), Net [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Balance as of the beginning of the period | -89 | -90 | -90 |
Other comprehensive income (loss), net of tax | 85 | 1 | 0 |
Balance as of the end of the period | -4 | -89 | -90 |
Previous Accounting Method [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Net earnings (loss) attributable to Celanese Corporation | 912 | 605 | 607 |
Other comprehensive income (loss), net of tax | 274 | -232 | -180 |
Previous Accounting Method [Member] | Retained Earnings [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Balance as of the beginning of the period | 2,986 | 2,424 | 1,851 |
Net earnings (loss) attributable to Celanese Corporation | 912 | 605 | 607 |
Balance as of the end of the period | 3,815 | 2,986 | 2,424 |
Previous Accounting Method [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Balance as of the beginning of the period | -1,082 | -850 | -670 |
Other comprehensive income (loss), net of tax | 274 | -232 | -180 |
Balance as of the end of the period | -808 | -1,082 | -850 |
Effect of Change [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Net earnings (loss) attributable to Celanese Corporation | 189 | -233 | -180 |
Other comprehensive income (loss), net of tax | -189 | 233 | 180 |
Effect of Change [Member] | Retained Earnings [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Balance as of the beginning of the period | -993 | -760 | -580 |
Net earnings (loss) attributable to Celanese Corporation | 189 | -233 | -180 |
Balance as of the end of the period | -804 | -993 | -760 |
Effect of Change [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Balance as of the beginning of the period | 993 | 760 | 580 |
Other comprehensive income (loss), net of tax | -189 | 233 | 180 |
Balance as of the end of the period | $804 | $993 | $760 |
Summary_of_Accounting_Policies7
Summary of Accounting Policies (Schedule of Change in Accounting Policy For Pension and Other Postretirement Benefits - Consolidated Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Net earnings (loss) | $1,101 | $372 | $427 |
Pension and postretirement benefit expense | -35 | 9 | 30 |
Pension and postretirement contributions | -96 | -288 | -209 |
Actuarial (gain) loss on pension and postretirement plans | -104 | 389 | 306 |
Pension curtailments and settlements, net | -52 | 0 | 0 |
Deferred income taxes, net | 344 | -175 | -15 |
Other liabilities | 12 | -24 | -101 |
Previous Accounting Method [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Net earnings (loss) | 912 | 605 | 607 |
Pension and postretirement benefit expense | 0 | 0 | 0 |
Pension and postretirement contributions | 0 | 0 | 0 |
Actuarial (gain) loss on pension and postretirement plans | 0 | 0 | 0 |
Pension curtailments and settlements, net | 0 | ' | ' |
Deferred income taxes, net | 242 | -73 | 93 |
Other liabilities | 16 | -249 | -262 |
Effect of Change [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Net earnings (loss) | 189 | -233 | -180 |
Pension and postretirement benefit expense | -35 | 9 | 30 |
Pension and postretirement contributions | -96 | -288 | -209 |
Actuarial (gain) loss on pension and postretirement plans | -104 | 389 | 306 |
Pension curtailments and settlements, net | -52 | ' | ' |
Deferred income taxes, net | 102 | -102 | -108 |
Other liabilities | ($4) | $225 | $161 |
Summary_of_Accounting_Policies8
Summary of Accounting Policies (Cash and Cash Equivalents Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Maturity range of cash and cash equivalents, number of months or less | '0 years 3 months |
Summary_of_Accounting_Policies9
Summary of Accounting Policies (Investments in Affiliates Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Certain investments, ownership percentage greater than, accounted for as cost investment | 20.00% |
Subsidiary reporting period lag | 'one quarter |
Recovered_Sheet1
Summary of Accounting Policies (Schedule of Estimated Useful Lives of Depreciable Assets) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Land Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful lives | '20B years |
Buildings and Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful lives | '30B years |
Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful lives | '20B years |
Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful lives | '10 years |
Recovered_Sheet2
Summary of Accounting Policies (Goodwill and Other Intangible Assets Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible assets, estimated useful lives | '4 years |
Maximum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible assets, estimated useful lives | '20 years |
Recovered_Sheet3
Summary of Accounting Policies (Environmental Liabilities Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Environmental liabilities accrual period | '15 years |
Recovered_Sheet4
Summary of Accounting Policies (Insurance Loss Reserves Narrative) (Details) | Dec. 31, 2013 |
Accounting Policies [Abstract] | ' |
Number of wholly-owned insurance companies | 2 |
Recovered_Sheet5
Summary of Accounting Policies (Income Taxes Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Deferred tax assets recoverability, valuation allowance | 'A valuation allowance is provided when it is more likely than not (likelihood of greater than 50%) that some portion or all of the deferred tax assets will not be realized. Tax positions that meet the more-likely-than-not threshold are measured using a probability weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. |
Deferred tax assets recoverability, valuation allowance threshold percentage | 50.00% |
Acquisitions_Dispositions_Vent2
Acquisitions, Dispositions, Ventures and Plant Closures (Ventures Narrative) (Details) (Mitsui & Co. Ltd. [Member], Acetyl Intermediates [Member]) | 3 Months Ended |
Dec. 31, 2013 | |
T | |
Mitsui & Co. Ltd. [Member] | Acetyl Intermediates [Member] | ' |
Acquisitions, Dispositions, Ventures and Plant Closures [Line Items] | ' |
Expected production capacity per year | 1,300,000 |
Acquisitions_Dispositions_Vent3
Acquisitions, Dispositions, Ventures and Plant Closures (Schedule of Restructuring and Related Costs) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Acetyl Intermediates [Member] | Acetyl Intermediates [Member] | Acetyl Intermediates [Member] | Acetyl Intermediates [Member] | Acetyl Intermediates [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | ||||
Roussillon, France [Member] | Roussillon, France [Member] | Tarragona, Spain [Member] | Tarragona, Spain [Member] | Spondon, Derby, UK [Member] | Spondon, Derby, UK [Member] | Spondon, Derby, UK [Member] | |||||
Acquisitions, Dispositions, Ventures and Plant Closures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee termination benefits | ($23) | ($6) | ($22) | ' | ($6) | ($6) | ($14) | ($14) | $0 | ($5) | ($4) |
Asset impairments | ' | ' | ' | -46 | -3 | -3 | -31 | -31 | 0 | -8 | 0 |
Contract termination costs | ' | ' | ' | ' | -3 | -3 | -30 | -30 | ' | ' | ' |
Total exit costs recorded to Other (charges) gains, net | ' | ' | ' | ' | ' | -12 | ' | -75 | 0 | -13 | -4 |
Gain (loss) on disposition of assets, net | 735 | -3 | -2 | ' | ' | -1 | ' | -1 | ' | ' | ' |
Accelerated depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -6 | -7 |
Other | ' | ' | ' | ' | ' | -1 | ' | -2 | -3 | -5 | -3 |
Total plant shutdown costs | ' | ' | ' | ' | ' | ($2) | ' | ($3) | ($3) | ($11) | ($10) |
Marketable_Securities_at_Fair_2
Marketable Securities, at Fair Value (Schedule of Available-for-sale Securities) (Details) (Mutual Funds [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Mutual Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $41 | $53 |
Gross unrealized gain | 0 | 0 |
Gross unrealized loss | 0 | 0 |
Fair value | $41 | $53 |
Receivables_Net_Receivables_Ne1
Receivables, Net Receivables, Net (Schedule of Trade Receivables - Third Party and Affiliates, Net) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Trade receivables - third party and affiliates | $876 | $836 |
Allowance for doubtful accounts - third party and affiliates | -9 | -9 |
Trade receivables - third party and affiliates, net | $867 | $827 |
Receivables_Net_Receivables_Ne2
Receivables, Net Receivables, Net (Schedule of Non-trade Receivables, Net) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Non-income taxes receivable | $133 | $80 |
Reinsurance receivables | 25 | 22 |
Income taxes receivable | 23 | 53 |
Receivable from Mitsui venture (Note 4) | 70 | 0 |
Other | 92 | 55 |
Allowance for doubtful accounts - other | 0 | -1 |
Non-trade receivables, net | $343 | $209 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $571 | $514 |
Work-in-process | 59 | 42 |
Raw materials and supplies | 174 | 155 |
Total | $804 | $711 |
Investments_in_Affiliates_Sche
Investments in Affiliates (Schedule of Equity Method Investments) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||||
National Methonal Company (Ibn Sina) [Member] | National Methonal Company (Ibn Sina) [Member] | National Methonal Company (Ibn Sina) [Member] | Fortron Industries LLC [Member] | Fortron Industries LLC [Member] | Fortron Industries LLC [Member] | Korea Engineering Plastics Co., Ltd. [Member] | Korea Engineering Plastics Co., Ltd. [Member] | Korea Engineering Plastics Co., Ltd. [Member] | Polyplastics Co., Ltd. [Member] | Polyplastics Co., Ltd. [Member] | Polyplastics Co., Ltd. [Member] | Polyplastics Co., Ltd. [Member] | Una SA [Member] | Una SA [Member] | Una SA [Member] | InfraServ GmbH & Co. Gendorf KG [Member] | InfraServ GmbH & Co. Gendorf KG [Member] | InfraServ GmbH & Co. Gendorf KG [Member] | InfraServ GmbH & Co. Gendorf KG [Member] | InfraServ GmbH & Co. Hoechst KG [Member] | InfraServ GmbH & Co. Hoechst KG [Member] | InfraServ GmbH & Co. Hoechst KG [Member] | InfraServ GmbH & Co. Hoechst KG [Member] | InfraServ GmbH & Co. Hoechst KG [Member] | InfraServ GmbH & Co. Knapsack KG [Member] | InfraServ GmbH & Co. Knapsack KG [Member] | InfraServ GmbH & Co. Knapsack KG [Member] | InfraServ GmbH & Co. Knapsack KG [Member] | Sherbrooke Capital Health and Wellness, L.P. [Member] | Sherbrooke Capital Health and Wellness, L.P. [Member] | Sherbrooke Capital Health and Wellness, L.P. [Member] | |||||||||||||||||
Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Other Activities [Member] | Other Activities [Member] | Other Activities [Member] | Other Activities [Member] | Other Activities [Member] | Other Activities [Member] | Other Activities [Member] | Other Activities [Member] | Other Activities [Member] | Other Activities [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Ownership percentage | ' | ' | ' | 25.00% | 25.00% | ' | 50.00% | 50.00% | ' | 50.00% | 50.00% | ' | ' | 45.00% | [1] | 45.00% | [1] | ' | 0.00% | [2] | 0.00% | [2] | ' | 39.00% | 39.00% | 39.00% | ' | 32.00% | 32.00% | [3] | 32.00% | [3] | 32.00% | [3] | ' | 27.00% | 27.00% | 27.00% | ' | 10.00% | [4] | 10.00% | [4] | ' | ||||
Carrying value | $696 | $644 | ' | $68 | $55 | ' | $95 | $92 | ' | $154 | $153 | ' | ' | $151 | [1] | $138 | [1] | ' | $0 | [2] | $0 | [2] | ' | ' | $42 | $36 | ' | ' | $143 | [3] | $159 | [3] | $143 | [3] | ' | ' | $22 | $22 | ' | $5 | [4] | $5 | [4] | ' | ||||
Share of earnings (loss) | 180 | 242 | 192 | 111 | 130 | 112 | 8 | 9 | 7 | 15 | 19 | 23 | ' | 14 | [1] | 32 | [1] | 19 | [1] | 0 | [2] | 0 | [2] | 0 | [2] | ' | 10 | 9 | 10 | ' | 22 | 17 | [3] | 38 | [3] | 16 | [3] | ' | 4 | 5 | 5 | 1 | [4] | 0 | [4] | 0 | [4] | |
Share of earnings (loss), additional information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'InfraServ GmbH & Co. Hoechst KG is owned primarily by an entity included in the Company's Other Activities. The Company's Consumer Specialties segment and Acetyl Intermediates segment also each hold an ownership percentage. During the year ended December 31, 2012, a subsidiary of InfraServ GmbH & Co. Hoechst KG restructured its debt resulting in additional net earnings of affiliates of $22 million attributable to the Company. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Dividends and other distributions | ($141) | ($262) | ($205) | ($97) | ($126) | ($111) | ($5) | ($3) | $0 | ($19) | ($23) | ($22) | ($72) | $0 | [1] | ($81) | [1] | ($45) | [1] | $0 | [2] | $0 | [2] | ($3) | [2] | ' | ($6) | ($7) | ($3) | ' | ' | ($9) | [3] | ($18) | [3] | ($16) | [3] | ' | ($5) | ($4) | ($5) | $0 | [4] | $0 | [4] | $0 | [4] | |
[1] | During the year ended December 31, 2012, the Company amended its existing joint venture and other related agreements with Polyplastics Co., Ltd. The amended agreements, among other items, modified certain dividend rights, resulting in a net cash dividend payment to the Company of $72 million during the three months ended March 31, 2012. | |||||||||||||||||||||||||||||||||||||||||||||||
[2] | The Company divested this investment in March 2011. | |||||||||||||||||||||||||||||||||||||||||||||||
[3] | InfraServ GmbH & Co. Hoechst KG is owned primarily by an entity included in the Company's Other Activities. The Company's Consumer Specialties segment and Acetyl Intermediates segment also each hold an ownership percentage. During the year ended December 31, 2012, a subsidiary of InfraServ GmbH & Co. Hoechst KG restructured its debt resulting in additional net earnings of affiliates of $22 million attributable to the Company. | |||||||||||||||||||||||||||||||||||||||||||||||
[4] | The Company accounts for its ownership interest in Sherbrooke Capital Health and Wellness, L.P. under the equity method of accounting because the Company is able to exercise significant influence. |
Investments_in_Affiliates_Sche1
Investments in Affiliates (Schedule of Cost Method Investments) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | |||
Kunming Cellulose Fibers Co. Ltd. [Member] | Kunming Cellulose Fibers Co. Ltd. [Member] | Kunming Cellulose Fibers Co. Ltd. [Member] | Nantong Cellulose Fibers Co. Ltd. [Member] | Nantong Cellulose Fibers Co. Ltd. [Member] | Nantong Cellulose Fibers Co. Ltd. [Member] | Zhuhai Cellulose Fibers Co. Ltd. [Member] | Zhuhai Cellulose Fibers Co. Ltd. [Member] | Zhuhai Cellulose Fibers Co. Ltd. [Member] | InfraServ GmbH & Co. Wiesbaden KG [Member] | InfraServ GmbH & Co. Wiesbaden KG [Member] | InfraServ GmbH & Co. Wiesbaden KG [Member] | Other Cost Method Investee [Member] | Other Cost Method Investee [Member] | Other Cost Method Investee [Member] | Hoechst Italia SpA [Member] | Hoechst Italia SpA [Member] | Complejo Industrial Taqsa A.I.E. [Member] | |||||||
Consumer Specialties [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | Other Activities [Member] | Other Activities [Member] | Other Activities [Member] | |||||||||||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Ownership percentage | ' | ' | ' | 30.00% | 30.00% | ' | 31.00% | 31.00% | ' | 30.00% | 30.00% | ' | 8.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' | |||
Carrrying value | $145 | $156 | ' | $14 | $14 | ' | $106 | $106 | ' | $14 | $14 | ' | $6 | $6 | ' | $5 | [1] | $16 | [1] | ' | ' | $9 | ' | |
Dividend income | 93 | 85 | 80 | 13 | 13 | 12 | 68 | 59 | 56 | 11 | 11 | 10 | 1 | 2 | 2 | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' |
Gain (loss) on liquidation of investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | |||
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | |||
[1] | The Company's Hoechst Italia SpA investment of $9 million was liquidated during the three months ended June 30, 2013 resulting in a gain of $2 million included in Other income (expense), net in the consolidated statements of operations. The Company's Complejo Industrial Taqsa A.I.E. investment was impaired during the three months ended DecemberB 31, 2013 as a result of the closure of the Company's Tarragona, Spain VAM facility (Note 4). An impairment loss of $2 million is included in Other income (expense), net in the consolidated statements of operations. |
Investments_in_Affiliates_Sche2
Investments in Affiliates (Schedule of Transactions with Affiliates) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | ' | ' |
Purchases | $264 | $208 | $238 |
Sales | 0 | 1 | 10 |
Interest income | $0 | $0 | $1 |
Investments_in_Affiliates_Sche3
Investments in Affiliates (Schedule of Balances with Affiliates) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | ' |
Non-trade receivables | $31 | $11 |
Total due from affiliates | 31 | 11 |
Short-term borrowings | 26 | 36 |
Trade payables | 24 | 9 |
Current Other liabilities | 6 | 6 |
Total due to affiliates | $56 | $51 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Schedule of Property, Plant and Equipment, Net) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Gross asset value | $5,097 | $4,856 |
Accumulated depreciation | -1,672 | -1,506 |
Net book value | 3,425 | 3,350 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross asset value | 45 | 49 |
Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross asset value | 44 | 45 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross asset value | 692 | 675 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross asset value | 3,965 | 3,760 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross asset value | $351 | $327 |
Property_Plant_and_Equipment_N3
Property, Plant and Equipment, Net (Schedule of Assets Under Capital Leases) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Capital Leased Assets [Line Items] | ' | ' |
Accumulated depreciation | ($110) | ($122) |
Net book value | 204 | 202 |
Buildings [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Gross capital leased asset value | 17 | 34 |
Machinery and Equipment [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Gross capital leased asset value | $297 | $290 |
Property_Plant_and_Equipment_N4
Property, Plant and Equipment, Net (Schedule of Capitalized Interest and Depreciation Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment, Net [Abstract] | ' | ' | ' |
Capitalized interest | $9 | $7 | $4 |
Depreciation expense | $280 | $261 | $232 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Net (Schedule of Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill | ' | ' | ' |
Acquisitions (Note 4) | $0 | $7 | ' |
Exchange rate changes | 21 | 10 | ' |
Goodwill | 798 | 777 | 760 |
Accumulated impairment losses | 0 | 0 | 0 |
Net book value | 798 | 777 | 760 |
Advanced Engineered Materials [Member] | ' | ' | ' |
Goodwill | ' | ' | ' |
Acquisitions (Note 4) | 0 | 0 | ' |
Exchange rate changes | 6 | 3 | ' |
Goodwill | 303 | 297 | 294 |
Accumulated impairment losses | 0 | 0 | 0 |
Net book value | 303 | 297 | 294 |
Consumer Specialties [Member] | ' | ' | ' |
Goodwill | ' | ' | ' |
Acquisitions (Note 4) | 0 | 0 | ' |
Exchange rate changes | 5 | 3 | ' |
Goodwill | 254 | 249 | 246 |
Accumulated impairment losses | 0 | 0 | 0 |
Net book value | 254 | 249 | 246 |
Industrial Specialties [Member] | ' | ' | ' |
Goodwill | ' | ' | ' |
Acquisitions (Note 4) | 0 | 7 | ' |
Exchange rate changes | 1 | 0 | ' |
Goodwill | 43 | 42 | 35 |
Accumulated impairment losses | 0 | 0 | 0 |
Net book value | 43 | 42 | 35 |
Acetyl Intermediates [Member] | ' | ' | ' |
Goodwill | ' | ' | ' |
Acquisitions (Note 4) | 0 | 0 | ' |
Exchange rate changes | 9 | 4 | ' |
Goodwill | 198 | 189 | 185 |
Accumulated impairment losses | 0 | 0 | 0 |
Net book value | $198 | $189 | $185 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Net) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Gross Asset Value | ' | ' | ' | |
Acquisitions (Note 4) | $7 | [1] | $15 | ' |
Exchange rate changes | 20 | 8 | ' | |
Gross asset value | 646 | 619 | 596 | |
Accumulated Amortization | ' | ' | ' | |
Amortization | -32 | -51 | -62 | |
Exchange rate changes | -19 | -7 | ' | |
Accumulated amortization | -587 | -536 | -478 | |
Net book value | 59 | ' | ' | |
Weighted average life of intangible assets acquired | '29 years | ' | ' | |
Licenses [Member] | ' | ' | ' | |
Gross Asset Value | ' | ' | ' | |
Acquisitions (Note 4) | 0 | 0 | ' | |
Exchange rate changes | 1 | 0 | ' | |
Gross asset value | 33 | 32 | 32 | |
Accumulated Amortization | ' | ' | ' | |
Amortization | -3 | -3 | ' | |
Exchange rate changes | -1 | 0 | ' | |
Accumulated amortization | -20 | -16 | -13 | |
Net book value | 13 | ' | ' | |
Customer-Related Intangible Assets [Member] | ' | ' | ' | |
Gross Asset Value | ' | ' | ' | |
Acquisitions (Note 4) | 0 | 4 | ' | |
Exchange rate changes | 19 | 8 | ' | |
Gross asset value | 544 | 525 | 513 | |
Accumulated Amortization | ' | ' | ' | |
Amortization | -23 | -40 | ' | |
Exchange rate changes | -18 | -7 | ' | |
Accumulated amortization | -521 | -480 | -433 | |
Net book value | 23 | ' | ' | |
Developed Technology [Member] | ' | ' | ' | |
Gross Asset Value | ' | ' | ' | |
Acquisitions (Note 4) | 0 | 3 | ' | |
Exchange rate changes | 0 | 0 | ' | |
Gross asset value | 30 | 30 | 27 | |
Accumulated Amortization | ' | ' | ' | |
Amortization | -4 | -3 | ' | |
Exchange rate changes | 0 | 0 | ' | |
Accumulated amortization | -21 | -17 | -14 | |
Net book value | 9 | ' | ' | |
Covenants Not to Compete and Other [Member] | ' | ' | ' | |
Gross Asset Value | ' | ' | ' | |
Acquisitions (Note 4) | 7 | 8 | ' | |
Exchange rate changes | 0 | 0 | ' | |
Gross asset value | 39 | 32 | 24 | |
Accumulated Amortization | ' | ' | ' | |
Amortization | -2 | -5 | ' | |
Exchange rate changes | 0 | 0 | ' | |
Accumulated amortization | -25 | -23 | -18 | |
Net book value | $14 | ' | ' | |
[1] | Weighted average amortization period of intangible assets acquired was 29 years. |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Net (Schedule of Indefinite-Lived Intangible Assets, Net) (Details) (Trademarks and Trade Names [Member], USD $) | 12 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 |
Industrial Specialties [Member] | ||||
Gross Asset Value | ' | ' | ' | ' |
Acquisitions (Note 4) | $0 | $2 | ' | ' |
Accumulated impairment losses | -1 | 0 | ' | -1 |
Exchange rate changes | 2 | 1 | ' | ' |
Gross asset value | $83 | $82 | $79 | ' |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets, Net (Schedule of Estimated Amortization Expense) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $20 |
2015 | 11 |
2016 | 8 |
2017 | 7 |
2018 | $4 |
Goodwill_and_Intangible_Assets6
Goodwill and Intangible Assets, Net (Intangible Assets, Net Narrative) (Details) (Trademarks and Trade Names [Member], USD $) | 12 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Industrial Specialties [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Accumulated impairment losses | $1 | $0 | $1 |
Current_Other_Liabilities_Deta
Current Other Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ' | ' |
Salaries and benefits | $96 | $74 |
Environmental (Note 15) | 30 | 21 |
Restructuring (Note 17) | 60 | 30 |
Insurance | 14 | 15 |
Asset retirement obligations | 29 | 38 |
Derivatives (Note 21) | 12 | 23 |
Current portion of benefit obligations (Note 14) | 78 | 47 |
Interest | 24 | 23 |
Sales and use tax/foreign withholding tax payable | 12 | 17 |
Uncertain tax positions (Note 18) | 64 | 65 |
Customer rebates | 48 | 44 |
Other | 74 | 78 |
Total | $541 | $475 |
Noncurrent_Other_Liabilities_S
Noncurrent Other Liabilities (Schedule of Noncurrent Other Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Other Liabilities, Noncurrent [Abstract] | ' | ' | ||
Environmental (Note 15) | $67 | $78 | ||
Insurance | 50 | 58 | ||
Deferred revenue | 28 | 36 | ||
Deferred proceeds | 53 | [1] | 909 | [1] |
Asset retirement obligations | 18 | 26 | ||
Derivatives (Note 21) | 3 | 8 | ||
Restructuring (Note 17) | 2 | 0 | ||
Income taxes payable | 20 | 2 | ||
Other | 46 | 35 | ||
Total | $287 | $1,152 | ||
[1] | 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, were recognized during the three months ended DecemberB 31, 2013 (NoteB 27). |
Noncurrent_Other_Liabilities_S1
Noncurrent Other Liabilities (Schedule of Changes in Asset Retirement Obligations) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Other Liabilities, Noncurrent [Abstract] | ' | ' | ' | |||
Balance at beginning of year | $64 | $64 | $77 | |||
Additions | 5 | [1] | 3 | [1] | 0 | [1] |
Accretion | 2 | 3 | 3 | |||
Payments | -23 | -12 | -10 | |||
Revisions to cash flow estimates | -2 | [2] | 5 | [2] | -5 | [2] |
Exchange rate changes | 1 | 1 | -1 | |||
Balance at end of year | $47 | $64 | $64 | |||
[1] | Primarily relates to sites which management no longer considers to have an indeterminate life. | |||||
[2] | Primarily relates to revisions to the estimated cost and timing of future obligations. |
Noncurrent_Other_Liabilities_S2
Noncurrent Other Liabilities (Schedule of Changes in Asset Retirement Obligations Narrative) (Details) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Liabilities, Noncurrent [Abstract] | ' | ' |
Asset retirement obligation, liability for assets or businesses acquired | $10 | $10 |
Asset retirement obligation, recoveries receivable non-trade | 5 | ' |
Asset retirement obligation, recoveries receivable | $5 | ' |
Debt_Schedule_of_Shortterm_Deb
Debt (Schedule of Short-term Debt) (Details) (USD $) | Dec. 31, 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 | $24 | $60 |
Short-term borrowings, including amounts due to affiliates | 103 | 108 |
Total | 177 | 168 |
Weighted average interest rate, short-term borrowings | 3.20% | 4.00% |
Accounts Receivable Securitization Facility [Member] | ' | ' |
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ' | ' |
Accounts receivable securitization facility | $50 | $0 |
Weighted average interest rate, credit facility | 0.70% | ' |
Debt_Schedule_of_Longterm_Debt
Debt (Schedule of Long-term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Sep. 30, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 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] | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior credit facilities | ' | ' | ' | ' | $977 | $0 | ' | $978 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $50 | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2-Apr-14 | 2-Apr-14 | 2-Apr-14 | 2-Apr-14 | ' | ' | ' | ' | ' | ' |
Weighted average interest rate, credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 264 | 244 | ' | ' |
Other loans payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 37 |
Subtotal | 2,911 | 2,990 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current installments of long-term debt | -24 | -60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $2,887 | $2,930 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Schedule_of_Amortization_
Debt (Schedule of Amortization of Deferred Financing Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Interest expense | $5 | $4 | $4 |
Debt_Schedule_of_Net_Deferred_
Debt (Schedule of Net Deferred Financing Costs) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Noncurrent Other assets | $27 | $30 |
Debt_Schedule_of_Estimated_Net
Debt (Schedule of Estimated Net Leverage Ratio and Estimated Margin) (Details) | 12 Months Ended |
Dec. 31, 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% |
Total net leverage ratio | '< =.25 |
Estimated total net leverage ratio | 1.54 |
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% |
Total net leverage ratio | '> 2.25 |
Revolving Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Line of credit facility, unused capacity, commitment fee percentage | 0.25% |
European Interbank Offered Rate (EURIBOR) [Member] | Term C-2 Loan Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Estimated margin | 2.00% |
London Interbank Offered Rate (LIBOR) [Member] | Credit-linked Revolving Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Estimated margin | 2.50% |
London Interbank Offered Rate (LIBOR) [Member] | Term C-2 Loan Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Estimated margin | 2.00% |
Debt_Schedule_of_First_Lien_Se
Debt (Schedule of First Lien Senior Secured Leverage Ratios) (Details) (Revolving Credit Facility [Member]) | Dec. 31, 2013 |
Ratio Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
First lien secured leverage ratio | 3.9 |
Ratio Estimate [Member] | ' |
Debt Instrument [Line Items] | ' |
First lien secured leverage ratio | 0.88 |
Ratio Estimate If Fully Drawn [Member] | ' |
Debt Instrument [Line Items] | ' |
First lien secured leverage ratio | 1.38 |
Debt_Schedule_of_Balances_Avai
Debt (Schedule of Balances Available for Borrowing) (Details) (USD $) | Dec. 31, 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 | 23 | ' |
Available for borrowing | 0 | ' |
Accounts Receivable Securitization Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings outstanding | 50 | ' |
Letters of credit issued | 61 | ' |
Available for borrowing | $18 | ' |
Debt_Schedule_of_Principle_Pay
Debt (Schedule of Principle Payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $177 |
2015 | 25 |
2016 | 976 |
2017 | 20 |
2018 | 622 |
Thereafter | 1,244 |
Total | $3,064 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Nov. 30, 2012 | 31-May-11 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 16, 2013 | 31-May-11 | Sep. 30, 2010 | Nov. 30, 2012 | Sep. 30, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2010 | Dec. 31, 2013 | Sep. 16, 2013 | Sep. 30, 2013 | Sep. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 16, 2013 | Sep. 10, 2013 | Apr. 25, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 28, 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] | 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] | 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] | ||||||||
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption price, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, prepayment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' |
Year of maturity | ' | ' | ' | ' | ' | ' | ' | 2-Apr-14 | ' | ' | ' | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accelerated amortization of deferred financing costs | 3,000,000 | 3,000,000 | 1,000,000 | 1,000,000 | 3,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, gross | 8,000,000 | 8,000,000 | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior credit facilities | ' | ' | ' | ' | ' | ' | ' | 516,000,000 | ' | ' | ' | 977,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | 50,000,000 | ' | ' | ' | ' | 978,000,000 | 0 | ' | 50,000,000 | 50,000,000 | ' |
Revolving credit facility, borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | 600,000,000 | ' | 228,000,000 | 23,000,000 | ' | 81,000,000 | 81,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | 135,000,000 |
Line of credit facility, current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,000,000 | 129,000,000 | ' |
Credit facility, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | 2-Apr-14 | 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 | ' |
Cross default covenant to other debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' |
Accounts receivable transferred for securitization | ' | ' | ' | $199,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit_Obligations_Schedule_o
Benefit Obligations (Schedule of Contributions to Defined Contribution Plans and Multiemployer Defined Benefit Pension Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined contribution plans | $19 | $17 | $15 |
Multiemployer pension plan | $8 | $6 | $6 |
Benefit_Obligations_Benefit_Ob
Benefit Obligations Benefit Obligations (Schedule of Company's Pension and Post Retirement Benefit Plans) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ' | ' | ' | ||
Net amount recognized | ($58) | $11 | $0 | ||
Accumulated other comprehensive income (loss), related to equity method investee | ' | -10 | ' | ||
Other comprehensive (income) loss, tax effect | 26 | 4 | ' | ||
Pension Benefits [Member] | ' | ' | ' | ||
Change in Projected Benefit Obligation | ' | ' | ' | ||
Projected benefit obligation as of beginning of period | 4,199 | 3,761 | ' | ||
Service cost | 34 | 28 | 28 | ||
Interest cost | 154 | 170 | 182 | ||
Participant contributions | 0 | 0 | ' | ||
Plan amendments | -1 | 0 | ' | ||
Net actuarial (gain) loss | -119 | [1] | 466 | [1] | ' |
Settlements | -172 | 0 | ' | ||
Benefits paid | -244 | [2] | -242 | [2] | ' |
Federal subsidy on Medicare Part D | 0 | 0 | ' | ||
Curtailments | -67 | 0 | ' | ||
Exchange rate changes | 6 | 16 | ' | ||
Other | 9 | 0 | ' | ||
Projected benefit obligation as of end of period | 3,799 | 4,199 | 3,761 | ||
Change in Plan Assets | ' | ' | ' | ||
Fair value of plan assets as of beginning of period | 2,896 | 2,562 | ' | ||
Actual return on plan assets | 171 | 294 | ' | ||
Employer contributions | 59 | 270 | ' | ||
Participant contributions | 0 | 0 | ' | ||
Settlements | -173 | 0 | ' | ||
Benefits paid | -244 | [2] | -242 | [2] | ' |
Exchange rate changes | 0 | 12 | ' | ||
Fair value of plan assets as of end of period | 2,709 | 2,896 | 2,562 | ||
Funded status, as of end of period | -1,090 | -1,303 | ' | ||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ' | ' | ' | ||
Noncurrent Other assets | 11 | 26 | ' | ||
Current Other liabilities | -23 | -23 | ' | ||
Benefit obligations | -1,078 | -1,306 | ' | ||
Net amount recognized | -1,090 | -1,303 | ' | ||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ' | ' | ' | ||
Net actuarial (gain) loss | 9 | [3] | 9 | [3] | ' |
Prior service (benefit) cost | -3 | [4] | 6 | [4] | ' |
Net amount recognized | 6 | 15 | ' | ||
Benefits paid | -244 | [2] | -242 | [2] | ' |
Postretirement Benefits [Member] | ' | ' | ' | ||
Change in Projected Benefit Obligation | ' | ' | ' | ||
Projected benefit obligation as of beginning of period | 292 | 281 | ' | ||
Service cost | 2 | 1 | 1 | ||
Interest cost | 9 | 11 | 13 | ||
Participant contributions | 23 | 22 | ' | ||
Plan amendments | -92 | 4 | ' | ||
Net actuarial (gain) loss | -37 | [1] | 12 | [1] | ' |
Settlements | -23 | 0 | ' | ||
Benefits paid | -43 | -46 | ' | ||
Federal subsidy on Medicare Part D | 6 | 6 | ' | ||
Curtailments | 0 | 0 | ' | ||
Exchange rate changes | -1 | 1 | ' | ||
Other | 0 | 0 | ' | ||
Projected benefit obligation as of end of period | 136 | 292 | 281 | ||
Change in Plan Assets | ' | ' | ' | ||
Fair value of plan assets as of beginning of period | 0 | 0 | ' | ||
Actual return on plan assets | 0 | 0 | ' | ||
Employer contributions | 43 | 24 | ' | ||
Participant contributions | 23 | 22 | ' | ||
Settlements | -23 | 0 | ' | ||
Benefits paid | -43 | -46 | ' | ||
Exchange rate changes | 0 | 0 | ' | ||
Fair value of plan assets as of end of period | 0 | 0 | 0 | ||
Funded status, as of end of period | -136 | -292 | ' | ||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ' | ' | ' | ||
Noncurrent Other assets | 0 | 0 | ' | ||
Current Other liabilities | -55 | -24 | ' | ||
Benefit obligations | -81 | -268 | ' | ||
Net amount recognized | -136 | -292 | ' | ||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ' | ' | ' | ||
Net actuarial (gain) loss | 0 | 0 | ' | ||
Prior service (benefit) cost | -75 | [4] | 4 | [4] | ' |
Net amount recognized | -75 | 4 | ' | ||
Benefits paid | -43 | -46 | ' | ||
Nonqualified Pension Benefits [Member] | ' | ' | ' | ||
Change in Projected Benefit Obligation | ' | ' | ' | ||
Benefits paid | -22 | -22 | ' | ||
Change in Plan Assets | ' | ' | ' | ||
Benefits paid | -22 | -22 | ' | ||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ' | ' | ' | ||
Benefits paid | -22 | -22 | ' | ||
Equity Method Investee Pension Plans and Postretirement Benefit Plans [Member] | ' | ' | ' | ||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ' | ' | ' | ||
Accumulated other comprehensive income (loss), related to equity method investee | $9 | $9 | ' | ||
[1] | Primarily relates to change in discount rates. | ||||
[2] | Includes benefit payments to nonqualified pension plans of $22 million and $22 million as of DecemberB 31, 2013 and 2012, respectively. | ||||
[3] | Amount includes accumulated other comprehensive losses of $9 million and $9 million as of DecemberB 31, 2013 and 2012, respectively, related to the pension plans of the Company's equity method investments. | ||||
[4] | Amount shown net of an income tax expense of $26 million and income tax benefit of $4 million as of DecemberB 31, 2013 and 2012, respectively, in the consolidated statements of equity (NoteB 16). |
Benefit_Obligations_Schedule_o1
Benefit Obligations (Schedule of Percentage of US and International Projected Benefit Obligation) (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of US and international projected benefit obligation | 100.00% | 100.00% |
United States Pension Plan of US Entity, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of US and international projected benefit obligation | 86.00% | 84.00% |
Foreign Pension Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of US and international projected benefit obligation | 14.00% | 16.00% |
Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of US and international projected benefit obligation | 100.00% | 100.00% |
United States Postretirement Benefit Plan of US Entity, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of US and international projected benefit obligation | 75.00% | 88.00% |
Foreign Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of US and international projected benefit obligation | 25.00% | 12.00% |
Benefit_Obligations_Schedule_o2
Benefit Obligations (Schedule of Percentage of US and International Fair Value of Plan Assets) (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of US and international fair value of plan assets | 100.00% | 100.00% |
United States Pension Plan of US Entity, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of US and international fair value of plan assets | 88.00% | 83.00% |
Foreign Pension Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of US and international fair value of plan assets | 12.00% | 17.00% |
Benefit_Obligations_Schedule_o3
Benefit Obligations (Schedule of Pension Plans with Projected Benefit Obligations in Excess of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Projected benefit obligation | $3,749 | $3,986 |
Fair value of plan assets | $2,648 | $2,657 |
Benefit_Obligations_Schedule_o4
Benefit Obligations (Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Accumulated benefit obligation | $3,715 | $3,881 |
Fair value of plan assets | $2,633 | $2,654 |
Benefit_Obligations_Schedule_o5
Benefit Obligations (Schedule of Accumulated Benefit Obligation for All Defined Benefit Pension Plans) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Accumulated benefit obligation | $3,778 | $4,096 |
Benefit_Obligations_Schedule_o6
Benefit Obligations (Schedule of Net Periodic Benefit Costs Recognized) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Recognized actuarial (gain) loss | ' | ($104) | $389 | $306 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | ' | 34 | 28 | 28 |
Interest cost | ' | 154 | 170 | 182 |
Expected return on plan assets | ' | -223 | -204 | -195 |
Amortization of prior service cost | ' | 1 | 2 | 1 |
Recognized actuarial (gain) loss | ' | -67 | 377 | 293 |
Curtailment (gain) loss | -61 | -61 | 0 | 0 |
Settlement (gain) loss | ' | 9 | 0 | 0 |
Special termination benefits | ' | 0 | 0 | 0 |
Total | ' | -153 | 373 | 309 |
Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | ' | 2 | 1 | 1 |
Interest cost | ' | 9 | 11 | 13 |
Expected return on plan assets | ' | 0 | 0 | 0 |
Amortization of prior service cost | ' | -12 | 1 | 0 |
Recognized actuarial (gain) loss | ' | -37 | 12 | 13 |
Curtailment (gain) loss | ' | 0 | 0 | 0 |
Settlement (gain) loss | ' | 0 | 0 | 0 |
Special termination benefits | ' | 0 | 0 | 0 |
Total | ' | ($38) | $25 | $27 |
Benefit_Obligations_Schedule_o7
Benefit Obligations (Schedule of Amortization of Accumulated Other Comprehensive Income (Loss), Net Into Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost | $0 |
Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost | ($78) |
Benefit_Obligations_Schedule_o8
Benefit Obligations (Schedule of Nonqualified Pension Plans Funded with Nonqualified Trusts) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Noncurrent Other assets, consisting of insurance contracts | $62 | $66 |
Current Other liabilities | 541 | 475 |
Benefit obligations | 1,175 | 1,602 |
Nonqualified Trust Assets [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Marketable securities, at fair value | 41 | 53 |
Nonqualified Pension Obligations [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Noncurrent Other assets, consisting of insurance contracts | 62 | 66 |
Current Other liabilities | 22 | 22 |
Benefit obligations | 247 | 264 |
Nonqualified Pension Obligations [Member] | Nonqualified Trust Assets [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Marketable securities, at fair value | $41 | $53 |
Benefit_Obligations_Schedule_o9
Benefit Obligations (Schedule of Expense Related to Nonqualified Pension Plans Included in Net Periodic Benefit Cost, Excluding Returns on Assets) (Details) (Nonqualified Pension Benefits [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Nonqualified Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total | $6 | $17 | $18 |
Benefit_Obligations_Pension_an
Benefit Obligations (Pension and Other Postretirement Obligations Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 05, 2013 |
UNITED STATES | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Postretirement Benefits [Member] | Postretirement Benefits [Member] | Postretirement Benefits [Member] | Postretirement Benefits [Member] | ||||
UNITED KINGDOM | UNITED STATES | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement loss | ' | ' | ' | ' | ' | $9 | $0 | $0 | $9 | $0 | $0 | $0 | ' |
Curtailment (gain) | ' | ' | ' | ' | -61 | -61 | 0 | 0 | ' | 0 | 0 | 0 | ' |
Multiemployer plans, funded status | 'At least 80 percent | 'At least 80 percent | 'At least 80 percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multiemployer plans, period contributions, significance of contributions | 'false | 'false | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service cost credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92 |
Lump-sum buyout payments | ' | ' | ' | $23 | ' | $173 | $0 | ' | ' | $23 | $0 | ' | ' |
Recovered_Sheet6
Benefit Obligations (Schedule of Principle Weighted Average Assumptions Used to Determine Benefit Obligations and Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate obligations | 4.60% | 3.80% | ' |
Rate of compensation increase | 3.00% | 3.80% | ' |
Discount rate obligations | 3.80% | 4.60% | 5.30% |
Expected return on plan assets | 8.00% | 8.10% | 8.10% |
Rate of compensation increase | 3.80% | 3.80% | 3.60% |
United States Pension Plan of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate obligations | 4.70% | 3.80% | ' |
Rate of compensation increase | 3.00% | 4.00% | ' |
Discount rate obligations | 3.80% | 4.60% | 5.30% |
Expected return on plan assets | 8.50% | 8.50% | 8.50% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Foreign Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate obligations | 3.70% | 3.60% | ' |
Rate of compensation increase | 2.80% | 2.90% | ' |
Discount rate obligations | 3.60% | 4.70% | 5.10% |
Expected return on plan assets | 5.80% | 6.00% | 6.00% |
Rate of compensation increase | 2.90% | 0.00% | 2.70% |
Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate obligations | 4.40% | 3.50% | ' |
Discount rate obligations | 3.50% | 4.30% | 4.90% |
United States Postretirement Benefit Plan of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate obligations | 4.30% | 3.40% | ' |
Discount rate obligations | 3.40% | 4.30% | 4.90% |
Foreign Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate obligations | 4.50% | 3.80% | ' |
Discount rate obligations | 3.80% | 4.00% | 5.00% |
Recovered_Sheet7
Benefit Obligations (Schedule of Impact of One-Percentage-Point Change in Assumed Health Care Cost Trend) (Details) (United States Postretirement Benefit Plan of US Entity, Defined Benefit [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
United States Postretirement Benefit Plan of US Entity, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Postretirement obligations, impact of 1% decrease | $7 |
Postretirement obligations, impact of 1% increase | 8 |
Service and interest cost, impact of 1% decrease | 0 |
Service and interest cost, impact of 1% increase | $1 |
Benefit_Obligations_Valuation_
Benefit Obligations (Valuation Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Equity return basis, Treasury bond premium, description | '10-year | ' | ' |
Number of Aa-grade non-callable bonds | 300 | ' | ' |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected return on plan assets | 8.00% | 8.10% | 8.10% |
United States Pension Plan of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual return on plan assets | 7.90% | ' | ' |
Expected return on plan assets | 8.50% | 8.50% | 8.50% |
United States Postretirement Benefit Plan of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Health care cost trend assumption | 7.50% | 7.50% | 8.00% |
Declining rate | 'declining 0.5% per year | 'declining 0.5% per year | 'declining 0.5% per year |
Ultimate rate | 5.00% | 5.00% | 5.00% |
Recovered_Sheet8
Benefit Obligations (Schedule of Weighted Average Target Asset Allocations) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
United States Pension Plan of US Entity, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Weighted-average target asset allocations | 100.00% |
United States Pension Plan of US Entity, Defined Benefit [Member] | Bonds - Domestic to Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Weighted-average target asset allocations | 53.00% |
United States Pension Plan of US Entity, Defined Benefit [Member] | Equities - Domestic to Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Weighted-average target asset allocations | 26.00% |
United States Pension Plan of US Entity, Defined Benefit [Member] | Equities - International to Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Weighted-average target asset allocations | 20.00% |
United States Pension Plan of US Entity, Defined Benefit [Member] | Other [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Weighted-average target asset allocations | 1.00% |
Foreign Pension Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Weighted-average target asset allocations | 100.00% |
Foreign Pension Plan, Defined Benefit [Member] | Bonds - Domestic to Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Weighted-average target asset allocations | 71.00% |
Foreign Pension Plan, Defined Benefit [Member] | Equities - Domestic to Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Weighted-average target asset allocations | 20.00% |
Foreign Pension Plan, Defined Benefit [Member] | Equities - International to Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Weighted-average target asset allocations | 3.00% |
Foreign Pension Plan, Defined Benefit [Member] | Other [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Weighted-average target asset allocations | 6.00% |
Recovered_Sheet9
Benefit Obligations (Schedule of Fair Values of Pension Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Pension plan assets, fair value non-financial receivables | $26 | $29 | ||
Pension plan assets, fair value non-financial payables | 31 | 63 | ||
Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 2,714 | [1] | 2,930 | [1] |
Total liabilities [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 55 | 20 | ||
Swaps [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 48 | 10 | ||
Other [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 1 | 0 | ||
Obligations Under Securities Lending [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 6 | 10 | ||
Total assets [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 2,769 | 2,950 | ||
Cash and Cash quivalents [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 8 | 15 | ||
Loans [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 51 | 55 | ||
Equities [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 179 | 176 | ||
Swaps [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 49 | 10 | ||
Other [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 1 | ||
US Companies [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 462 | 359 | ||
International Companies [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 426 | 450 | ||
Collateralized Mortgage Obligations [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 1 | 2 | ||
Corporate Debt [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 855 | 822 | ||
Treasuries, Other Debt [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 394 | 451 | ||
Mortgage Backed Securities [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 26 | 31 | ||
Registered Investment Companies [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 124 | 278 | ||
Securities Lending Collateral [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 6 | 10 | ||
Short-term Investments [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 131 | 229 | ||
Insurance Contracts [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 34 | 31 | ||
Other [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 23 | 30 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 915 | 948 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Total liabilities [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 6 | 10 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Swaps [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Obligations Under Securities Lending [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 6 | 10 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Total assets [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 921 | 958 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash quivalents [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 8 | 15 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Loans [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equities [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Swaps [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | US Companies [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 462 | 359 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | International Companies [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 426 | 450 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Collateralized Mortgage Obligations [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Debt [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Treasuries, Other Debt [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 4 | 102 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Backed Securities [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Registered Investment Companies [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Securities Lending Collateral [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 6 | 10 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short-term Investments [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Insurance Contracts [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 15 | 22 | ||
Significant Other Observable Inputs (Level 2) [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 1,799 | 1,982 | ||
Significant Other Observable Inputs (Level 2) [Member] | Total liabilities [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 49 | 10 | ||
Significant Other Observable Inputs (Level 2) [Member] | Swaps [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 48 | 10 | ||
Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 1 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Obligations Under Securities Lending [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Total assets [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 1,848 | 1,992 | ||
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash quivalents [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Loans [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 51 | 55 | ||
Significant Other Observable Inputs (Level 2) [Member] | Equities [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 179 | 176 | ||
Significant Other Observable Inputs (Level 2) [Member] | Swaps [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 49 | 10 | ||
Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 1 | ||
Significant Other Observable Inputs (Level 2) [Member] | US Companies [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | International Companies [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Mortgage Obligations [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 1 | 2 | ||
Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 855 | 822 | ||
Significant Other Observable Inputs (Level 2) [Member] | Treasuries, Other Debt [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 390 | 349 | ||
Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 26 | 31 | ||
Significant Other Observable Inputs (Level 2) [Member] | Registered Investment Companies [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 124 | 278 | ||
Significant Other Observable Inputs (Level 2) [Member] | Securities Lending Collateral [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 131 | 229 | ||
Significant Other Observable Inputs (Level 2) [Member] | Insurance Contracts [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | 34 | 31 | ||
Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total net assets | $8 | $8 | ||
[1] | Total net assets excludes non-financial plan receivables and payables of $26 million and $31 million, respectively, as of DecemberB 31, 2013 and $29 million and $63 million, respectively, as of DecemberB 31, 2012. Non-financial items include due to/from broker, interest receivables and accrued expenses. |
Recovered_Sheet10
Benefit Obligations (Schedule of Pension Benefits Expected to be Paid from the Plans or From the Company's Assets) (Details) (USD $) | Dec. 31, 2013 | |
In Millions, unless otherwise specified | ||
Pension Benefits [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
2014 | $231 | [1] |
2015 | 232 | [1] |
2016 | 232 | [1] |
2017 | 234 | [1] |
2018 | 236 | [1] |
2019-2023 | 1,212 | [1] |
Postretirement Benefits [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
2014 | 68 | [2],[3] |
2015 | 5 | [2] |
2016 | 5 | [2] |
2017 | 6 | [2] |
2018 | 6 | [2] |
2019-2023 | 27 | [2] |
2014 | 2 | |
2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019-2023 | 0 | |
UNITED STATES | Postretirement Benefits [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
2014 | $49 | |
[1] | Payments are expected to be made primarily from plan assets. | |
[2] | Payments are expected to be made primarily from Company assets. | |
[3] | Includes $49 million of expected lump-sum buyout payments to US non-union individuals in connection with the elimination of US postretirement health care benefits. |
Benefit_Obligations_Plan_Asset
Benefit Obligations (Plan Assets Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Investment objective | 'The investment objectives for the Company's pension plans are to earn, over a moving twenty-year period, a long-term expected rate of return, net of investment fees and transaction costs, sufficient to satisfy the benefit obligations of the plan, while at the same time maintaining adequate liquidity to pay benefit obligations and proper expenses, and meet any other cash needs, in the short- to medium-term. |
Asset/liability study | 'A formal asset/liability study of each plan is undertaken every three to fiveB years or whenever there has been a material change in plan demographics, benefit structure or funding status and investment market. |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Estimated employer contributions for pension benefits and postretirement benefits | 69 |
Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Estimated employer contributions for pension benefits and postretirement benefits | 54 |
Nonqualified Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Estimated employer contributions for pension benefits and postretirement benefits | 22 |
Recovered_Sheet11
Benefit Obligations (Schedule of Other Obligations) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Long-term disability | $10 | $22 |
Other | $6 | $6 |
Environmental_Schedule_of_Envi
Environmental (Schedule of Environmental Expenditures) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Environmental Remediation Obligations [Abstract] | ' | ' | ' | |||
Capital expenditures | $90 | $40 | $30 | |||
Other expenditures | 49 | [1] | 45 | [1] | 41 | [1] |
Expenditures for Superfund | $2 | $2 | $2 | |||
[1] | Includes expenditures for US Superfund sites of $2 million, $2 million and $2 million for the years ended DecemberB 31, 2013, 2012 and 2011, respectively. |
Environmental_Schedule_of_Envi1
Environmental (Schedule of Environmental Remediation Reserves) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Environmental Remediation Obligations [Abstract] | ' | ' |
Demerger obligations (Note 23) | $27 | $31 |
Divestiture obligations (Note 23) | 21 | 21 |
Active sites | 32 | 28 |
US Superfund sites | 13 | 15 |
Other environmental remediation reserves | 4 | 4 |
Total | $97 | $99 |
Environmental_Schedule_of_Envi2
Environmental (Schedule of Environmental Remediation Efforts) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Environmental Disclosure [Line Items] | ' | ' | ' | |||
Remediation expense | $49 | [1] | $45 | [1] | $41 | [1] |
Cost of Sales [Member] | ' | ' | ' | |||
Environmental Disclosure [Line Items] | ' | ' | ' | |||
Remediation expense | 9 | 10 | 2 | |||
Selling, General and Administrative Expenses [Member] | ' | ' | ' | |||
Environmental Disclosure [Line Items] | ' | ' | ' | |||
Remediation expense | $1 | $3 | $6 | |||
[1] | Includes expenditures for US Superfund sites of $2 million, $2 million and $2 million for the years ended DecemberB 31, 2013, 2012 and 2011, respectively. |
Environmental_Remediation_Narr
Environmental (Remediation Narrative) (Details) (Spondon, UK, Former Owner [Member], Consumer Specialties [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Spondon, UK, Former Owner [Member] | Consumer Specialties [Member] | ' | ' |
Environmental Disclosure [Line Items] | ' | ' |
Environmental insurance recoveries receivable | $4 | $6 |
Environmental_Schedule_of_Envi3
Environmental (Schedule of Environmental Ownership and Liability Percentages) (Details) (USD $) | Dec. 31, 2013 | |
In Millions, unless otherwise specified | ||
InfraServ GmbH & Co. Gendorf KG [Member] | ' | |
Environmental Disclosure [Line Items] | ' | |
Ownership percentage | 39.00% | |
Liability | 10.00% | |
Reserves | $17 | [1] |
InfraServ GmbH & Co. Knapsack KG [Member] | ' | |
Environmental Disclosure [Line Items] | ' | |
Ownership percentage | 27.00% | |
Liability | 22.00% | |
Reserves | 1 | [1] |
InfraServ GmbH & Co. Hoechst KG [Member] | ' | |
Environmental Disclosure [Line Items] | ' | |
Ownership percentage | 32.00% | |
Liability | 40.00% | |
Reserves | $79 | [1] |
[1] | Gross reserves maintained by the respective InfraServ entity. |
Environmental_German_Infraserv
Environmental (German Infraservs Narrative) (Details) | Dec. 31, 2013 |
Environmental Remediation Obligations [Abstract] | ' |
Demerger obligations indemnification percentage | 66.66% |
Other demerger obligations indemnification percentage | 66.66% |
Environmental_Environmental_US
Environmental Environmental (US Superfund Sites Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 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 sites, NJDEP suit, EPA study, remedial costs estimate, low | ' | $900,000,000 |
US Superfund sites, 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 $) | 12 Months Ended |
Dec. 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 Dividend Increases) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||
Jul. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2011 | Jul. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2012 | Mar. 31, 2011 | Jul. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2011 | |
Quarterly [Member] | Quarterly [Member] | Quarterly [Member] | Quarterly [Member] | Annual [Member] | Annual [Member] | Annual [Member] | Annual [Member] | |||||
Schedule of Dividend Increases [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, dividends, rate increase, percent | 100.00% | 20.00% | 25.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, dividends, per share, declared | ' | ' | ' | ' | $0.18 | $0.09 | $0.08 | $0.06 | $0.72 | $0.36 | $0.30 | $0.24 |
Stockholders_Equity_Schedule_o1
Stockholders' Equity (Schedule of Treasury Stock) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 71 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Oct. 31, 2012 | Apr. 30, 2011 | Oct. 31, 2008 | Feb. 29, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share repurchase plan, authorized repurchase amount | $264 | $129 | $100 | $400 | $893 | ' | ' | ' | |||
Shares repurchased | ' | ' | ' | ' | 3,186,180 | [1] | 1,059,719 | [1] | 652,016 | 16,328,707 | [2] |
Average purchase price per share | ' | ' | ' | ' | $51.38 | $42.44 | $46.99 | $40.72 | |||
Amount spent on repurchased shares | ' | ' | ' | ' | $164 | $45 | $31 | $665 | |||
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Shares withheld, tax withholding | ' | ' | ' | ' | 6,021 | 5,823 | ' | 11,844 | |||
[1] | The years ended DecemberB 31, 2013 and 2012 exclude 6,021 shares and 5,823 shares, respectively, withheld from an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock awards. Restricted stock awards are considered outstanding at the time of issuance and therefore, the shares withheld are treated as treasury shares. | ||||||||||
[2] | Excludes 11,844 shares withheld from an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock awards. |
Stockholders_Equity_Schedule_o2
Stockholders' Equity (Schedule of Components of Other Comprehensive Income (Loss), Net) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Unrealized gain (loss) on marketable securities, gross amount | $1 | [1] | $0 | $0 | ||
Unrealized gain (loss) on marketable securities, income tax (provision) benefit | 0 | 0 | 0 | |||
Unrealized gain (loss) on marketable securities, net amount | 1 | 0 | 0 | |||
Foreign currency translation, gross amount | 55 | 13 | -29 | |||
Foreign currency translation, income tax (provision) benefit | -35 | -8 | 2 | |||
Foreign currency translation, net amount | 20 | 5 | -27 | |||
Gain (loss) on interest rate swaps, gross amount | 9 | 10 | [2] | 37 | [3] | |
Gain (loss) on interest rate swaps, income tax (provision) benefit | -3 | -3 | -10 | |||
Gain (loss) on interest rate swaps, net amount | 6 | 7 | 27 | |||
Pension and postretirement benefits, gross amount | 88 | -12 | [4] | -2 | ||
Pension and postretirement benefits, income tax (provision) benefit | -30 | 1 | 2 | |||
Pension and postretirement benefits, net amount | 58 | -11 | 0 | |||
Total other comprehensive income (loss), gross amount | 153 | 11 | 6 | |||
Total other comprehensive income (loss), income tax (provision) benefit | -68 | -10 | -6 | |||
Total other comprehensive income (loss), net of tax | 85 | 1 | 0 | |||
Gain (loss) associated with equity method investee marketable securities | 1 | ' | ' | |||
Gain (loss) recognized in Earnings (loss) | -34 | -26 | -43 | |||
Actuarial gain (loss) from equity method investee | ' | -10 | ' | |||
Equity Method Investments' Derivative [Member] | ' | ' | ' | |||
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Gain (loss) recognized in Earnings (loss) | ' | $2 | $2 | |||
[1] | Amount includes $1 million of unrealized gains associated with the Company's equity method investments' marketable securities. | |||||
[2] | includes $2 million of gains associated with the Company's equity method investments' derivative activity. | |||||
[3] | Amount includes $2 million of gains associated with the Company's equity method investments' derivative activity. | |||||
[4] | Amount includes amortization of actuarial losses of $10 million related to the Company's equity method investments' pension plans.Adjustment |
Stockholders_Equity_Schedule_o3
Stockholders' Equity (Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Balance as of the beginning of the period | ($89) | ($90) | ($90) |
Current period change | 153 | 11 | 6 |
Other comprehensive income (loss) before reclassifications | 153 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ' | ' |
Income tax (provision) benefit | -68 | -10 | -6 |
Balance as of the end of the period | -4 | -89 | -90 |
Unrealized Gain (Loss) on Marketable Securities [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Balance as of the beginning of the period | -1 | -1 | -1 |
Current period change | ' | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 1 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ' | ' |
Income tax (provision) benefit | 0 | 0 | 0 |
Balance as of the end of the period | 0 | -1 | -1 |
Foreign Currency Translation [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Balance as of the beginning of the period | -23 | -28 | -1 |
Current period change | ' | 13 | -29 |
Other comprehensive income (loss) before reclassifications | 55 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ' | ' |
Income tax (provision) benefit | -35 | -8 | 2 |
Balance as of the end of the period | -3 | -23 | -28 |
Gain (Loss) on Interest Rate Swaps [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Balance as of the beginning of the period | -50 | -57 | -84 |
Current period change | ' | 10 | 37 |
Other comprehensive income (loss) before reclassifications | -2 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 11 | ' | ' |
Income tax (provision) benefit | -3 | -3 | -10 |
Balance as of the end of the period | -44 | -50 | -57 |
Pension and Postretirement Benefits [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Balance as of the beginning of the period | -15 | -4 | -4 |
Current period change | ' | -12 | -2 |
Other comprehensive income (loss) before reclassifications | 99 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | -11 | ' | ' |
Income tax (provision) benefit | -30 | 1 | 2 |
Balance as of the end of the period | $43 | ($15) | ($4) |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Common stock, par value | 0.0001 | ' | ' |
Treasury Stock [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Retirement of treasury stock, shares | 18,250,900 | 0 | 0 |
Other_Charges_Gains_Net_Schedu
Other (Charges) Gains, Net (Schedule of Other (Charges) Gains, Net) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring and Related Activities [Abstract] | ' | ' | ' |
Employee termination benefits | ($23) | ($6) | ($22) |
Kelsterbach plant relocation (Note 27) | -13 | -7 | -47 |
Plumbing actions | 0 | 5 | 6 |
Asset impairments | -81 | -8 | -1 |
Plant/office closures | -33 | 0 | 0 |
Commercial disputes | -8 | 2 | 15 |
Other | 0 | 0 | 1 |
Total | ($158) | ($14) | ($48) |
Other_Charges_Gains_Net_Schedu1
Other (Charges) Gains, Net (Schedule of Restructuring Reserves) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the end of the period | $62 | ' |
Total | 62 | ' |
Employee Termination Benefits [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the beginning of the period | 29 | 42 |
Additions | 23 | 8 |
Cash payments | -23 | -19 |
Other changes | -1 | -3 |
Exchange rate changes | 1 | 1 |
Reserve as of the end of the period | 29 | 29 |
Total | 29 | 29 |
Plant/Office Closures [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the beginning of the period | 1 | 2 |
Additions | 33 | 0 |
Cash payments | -1 | 0 |
Other changes | 0 | -1 |
Exchange rate changes | 0 | 0 |
Reserve as of the end of the period | 33 | 1 |
Total | 33 | 1 |
Advanced Engineered Materials [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the end of the period | 4 | ' |
Total | 4 | ' |
Advanced Engineered Materials [Member] | Employee Termination Benefits [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the beginning of the period | 6 | 8 |
Additions | 0 | 0 |
Cash payments | -2 | -2 |
Other changes | 0 | 0 |
Exchange rate changes | 0 | 0 |
Reserve as of the end of the period | 4 | 6 |
Total | 4 | 6 |
Advanced Engineered Materials [Member] | Plant/Office Closures [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the beginning of the period | 0 | 0 |
Additions | 0 | 0 |
Cash payments | 0 | 0 |
Other changes | 0 | 0 |
Exchange rate changes | 0 | 0 |
Reserve as of the end of the period | 0 | 0 |
Total | 0 | 0 |
Consumer Specialties [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the end of the period | 3 | ' |
Total | 3 | ' |
Consumer Specialties [Member] | Employee Termination Benefits [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the beginning of the period | 13 | 18 |
Additions | 0 | 5 |
Cash payments | -10 | -11 |
Other changes | 0 | 0 |
Exchange rate changes | 0 | 1 |
Reserve as of the end of the period | 3 | 13 |
Total | 3 | 13 |
Consumer Specialties [Member] | Plant/Office Closures [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the beginning of the period | 0 | 0 |
Additions | 0 | 0 |
Cash payments | 0 | 0 |
Other changes | 0 | 0 |
Exchange rate changes | 0 | 0 |
Reserve as of the end of the period | 0 | 0 |
Total | 0 | 0 |
Industrial Specialties [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the end of the period | 2 | ' |
Total | 2 | ' |
Industrial Specialties [Member] | Employee Termination Benefits [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the beginning of the period | 0 | 0 |
Additions | 3 | 0 |
Cash payments | -1 | 0 |
Other changes | 0 | 0 |
Exchange rate changes | 0 | 0 |
Reserve as of the end of the period | 2 | 0 |
Total | 2 | 0 |
Industrial Specialties [Member] | Plant/Office Closures [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the beginning of the period | 0 | 0 |
Additions | 0 | 0 |
Cash payments | 0 | 0 |
Other changes | 0 | 0 |
Exchange rate changes | 0 | 0 |
Reserve as of the end of the period | 0 | 0 |
Total | 0 | 0 |
Acetyl Intermediates [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the end of the period | 49 | ' |
Total | 49 | ' |
Acetyl Intermediates [Member] | Employee Termination Benefits [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the beginning of the period | 3 | 5 |
Additions | 20 | 2 |
Cash payments | -8 | -3 |
Other changes | 0 | -1 |
Exchange rate changes | 1 | 0 |
Reserve as of the end of the period | 16 | 3 |
Total | 16 | 3 |
Acetyl Intermediates [Member] | Plant/Office Closures [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the beginning of the period | 1 | 1 |
Additions | 33 | 0 |
Cash payments | -1 | 0 |
Other changes | 0 | 0 |
Exchange rate changes | 0 | 0 |
Reserve as of the end of the period | 33 | 1 |
Total | 33 | 1 |
Other [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the end of the period | 4 | ' |
Total | 4 | ' |
Other [Member] | Employee Termination Benefits [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the beginning of the period | 7 | 11 |
Additions | 0 | 1 |
Cash payments | -2 | -3 |
Other changes | -1 | -2 |
Exchange rate changes | 0 | 0 |
Reserve as of the end of the period | 4 | 7 |
Total | 4 | 7 |
Other [Member] | Plant/Office Closures [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Reserve as of the beginning of the period | 0 | 1 |
Additions | 0 | 0 |
Cash payments | 0 | 0 |
Other changes | 0 | -1 |
Exchange rate changes | 0 | 0 |
Reserve as of the end of the period | 0 | 0 |
Total | $0 | $0 |
Other_Charges_Gains_Net_Narrat
Other (Charges) Gains, Net (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 86 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Acetyl Intermediates [Member] | Acetyl Intermediates [Member] | Other Activities [Member] | Roussillon, France [Member] | Roussillon, France [Member] | Tarragona, Spain [Member] | Tarragona, Spain [Member] | Kelsterbach, Germany [Member] | Kelsterbach, Germany [Member] | Kelsterbach, Germany [Member] | Kelsterbach, Germany [Member] | Pardies, France [Member] | Spondon, Derby, UK [Member] | Spondon, Derby, UK [Member] | Spondon, Derby, UK [Member] | ||||
Business Optimization [Member] | Acetyl Intermediates [Member] | Acetyl Intermediates [Member] | Acetyl Intermediates [Member] | Acetyl Intermediates [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Advanced Engineered Materials [Member] | Acetyl Intermediates [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | Consumer Specialties [Member] | ||||||
Other (Charges) Gains, Net [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee termination benefits | $23 | $6 | $22 | ' | ' | $6 | $6 | $6 | $14 | $14 | $0 | $0 | $8 | $8 | $4 | $0 | $5 | $4 |
Contract termination costs | ' | ' | ' | ' | ' | ' | 3 | 3 | 30 | 30 | ' | ' | ' | ' | ' | ' | ' | ' |
Resolution of commercial disputes | -8 | 2 | 15 | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Asset impairments | ' | ' | ' | $46 | ' | ' | $3 | $3 | $31 | $31 | ' | ' | ' | ' | ' | $0 | $8 | $0 |
Income_Taxes_Schedule_of_Earni
Income Taxes (Schedule of Earnings (Loss) from Continuing Operations Before Tax by Jurisdiction) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Taxes [Line Items] | ' | ' | ' | |||
US | $806 | $195 | $60 | |||
International | 803 | [1] | 126 | [1] | 407 | [1] |
Earnings (loss) from continuing operations before tax | 1,609 | 321 | 467 | |||
Effective income tax rate | 32.00% | -17.00% | 9.00% | |||
Aggregated Geographical [Member] | ' | ' | ' | |||
Income Taxes [Line Items] | ' | ' | ' | |||
International | $275 | $320 | $317 | |||
Effective income tax rate | 4.00% | 5.60% | 4.00% | |||
[1] | Includes aggregate earnings generated by operations in Bermuda, Luxembourg, the Netherlands and Hong Kong of $275B million, $320 million and $317 million for the years ended DecemberB 31, 2013, 2012 and 2011, respectively, which have an aggregate effective income tax rate of 4.0%, 5.6% and 4.0% for each year, respectively. |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income Tax Provision (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
US | $78 | $41 | $24 |
International | 83 | 76 | 32 |
Total | 161 | 117 | 56 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
US | 194 | -66 | -11 |
International | 153 | -106 | -4 |
Total | 347 | -172 | -15 |
Income tax provision (benefit) | $508 | ($55) | $41 |
Income_Taxes_Income_Taxes_Sche
Income Taxes Income Taxes (Schedule of Effective Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Income tax provision computed at US federal statutory tax rate | $563 | $112 | $163 |
Change in valuation allowance | 89 | 29 | 7 |
Equity income and dividends | -44 | -31 | -25 |
(Income) expense not resulting in tax impact, net | -33 | -39 | -16 |
US tax effect of foreign earnings and dividends | 35 | 42 | 48 |
Foreign tax credits | -38 | -187 | -66 |
Other foreign tax rate differentials | -55 | -2 | -58 |
Legislative changes | -19 | 0 | 0 |
Tax-deductible interest on foreign equity investments and other related items | 11 | 11 | -3 |
State income taxes, net of federal benefit | 11 | 4 | 4 |
Other, net | -12 | 6 | -13 |
Income tax provision (benefit) | $508 | ($55) | $41 |
Effective income tax rate | 32.00% | -17.00% | 9.00% |
UNITED STATES | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
US federal statutory tax rate | 35.00% | ' | ' |
Income_Taxes_Income_Tax_Provis
Income Taxes (Income Tax Provision Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Accumulated but undistributed earnings permanently reinvested in business | $3,200,000,000 | ' | ' |
Effective income tax rate | 32.00% | -17.00% | 9.00% |
Foreign tax credit carryforwards | ' | $142,000,000 | ' |
Foreign tax credit carryforward period | 'ten year carryforward period | ' | ' |
Foreign tax credit carryforward expiration | 31-Dec-14 | ' | ' |
Income_Taxes_Income_Tax_Provis1
Income Taxes (Income Tax Provision - Venture Partner Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Taxes [Line Items] | ' | ' | ' | ' | |||
Net cash dividend | ' | $141 | $262 | $205 | |||
Deferred tax liability | ' | 715 | 632 | ' | |||
Advanced Engineered Materials [Member] | Polyplastics Co., Ltd. [Member] | ' | ' | ' | ' | |||
Income Taxes [Line Items] | ' | ' | ' | ' | |||
Net cash dividend | 72 | 0 | [1] | 81 | [1] | 45 | [1] |
Deferred tax liability | $38 | ' | ' | ' | |||
[1] | During the year ended December 31, 2012, the Company amended its existing joint venture and other related agreements with Polyplastics Co., Ltd. The amended agreements, among other items, modified certain dividend rights, resulting in a net cash dividend payment to the Company of $72 million during the three months ended March 31, 2012. |
Income_Taxes_Schedule_of_Conso
Income Taxes (Schedule of Consolidated Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Deferred Tax Assets | ' | ' | ||
Pension and postretirement obligations | $374 | $579 | ||
Accrued expenses | 139 | 58 | ||
Inventory | 10 | 0 | ||
Net operating loss | 563 | 398 | ||
Tax credit carryforwards | 94 | 206 | ||
Other | 165 | 370 | ||
Subtotal | 1,345 | 1,611 | ||
Valuation allowance | -461 | [1] | -399 | [1] |
Total | 884 | 1,212 | ||
Deferred Tax Liabilities | ' | ' | ||
Depreciation and amortization | 479 | 479 | ||
Investments in affiliates | 142 | 83 | ||
Other | 94 | 70 | ||
Total | 715 | 632 | ||
Net deferred tax assets (liabilities) | $169 | $580 | ||
[1] | Includes deferred tax asset valuation allowances primarily for the Company's deferred tax assets in the US, Luxembourg, France, Spain, China, Singapore, the United Kingdom and Germany, as well as other foreign jurisdictions. These valuation allowances relate primarily to net operating loss carryforward benefits and other net deferred tax assets, all of which may not be realizable. |
Income_Taxes_Deferred_Income_T
Income Taxes (Deferred Income Taxes Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' |
Valuation allowance change | $62 |
Valuation allowance, deferred tax asset, change in amount, income tax expense | 89 |
Valuation allowance, deferred tax asset, change in amount, foreign currency translation adjustment | 8 |
Net operating loss expirations | $33 |
Income_Taxes_Legislative_Chang
Income Taxes (Legislative Changes Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2013 | Dec. 31, 2013 |
MEXICO | MEXICO | ||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Mexico federal statutory tax rate | ' | ' | ' | 30.00% | ' |
Deferred foreign tax benefit | $153 | ($106) | ($4) | ' | ($46) |
Current foreign tax expense | 83 | 76 | 32 | ' | 27 |
Foreign tax benefit, net | ' | ' | ' | ' | ($19) |
Income_Taxes_Net_Operating_Los
Income Taxes (Net Operating Loss Carryforwards Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
US Federal [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating loss carryforwards | $31 |
Net operating loss carryforward expiration | 31-Dec-21 |
State [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating loss carryforwards | 43 |
Net operating loss carryforward expiration | 31-Dec-13 |
Valuation allowance offset for State net operating loss carryforwards due to uncertain recoverability | 42 |
Foreign Tax Authority [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating loss carryforwards | $1,800 |
CHINA | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating loss carryforward expiration | 31-Dec-11 |
Income_Taxes_Schedule_of_Recon
Income Taxes (Schedule of Reconciliation of Unrecognized Tax Benefits Included in Uncertain Tax Positions) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
As of the beginning of the year | $207 | $211 | $244 |
Increases in tax positions for the current year | 17 | 6 | 0 |
Increases in tax positions for prior years | 57 | 42 | 37 |
Decreases in tax positions for prior years | -32 | -19 | -54 |
Decreases due to settlements | -2 | -33 | -16 |
As of the end of the year | 247 | 207 | 211 |
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate | 258 | 237 | 230 |
Total amount of interest and penalties recognized in the consolidated statements of operations | 4 | 6 | -1 |
Total amount of interest and penalties recognized in the consolidated balance sheets | $65 | $61 | $55 |
Income_Taxes_Uncertain_Tax_Pos
Income Taxes (Uncertain Tax Positions Narrative) (Details) (FRANCE, EUR €) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
FRANCE | ' |
Income Tax Examination [Line Items] | ' |
Estimate of incremental tax expense | € 81 |
Net operating loss carryforwards | € 33 |
Management_Compensation_Plans_1
Management Compensation Plans (Schedule of Total Shares Available for and Subject to Awards) (Details) | Dec. 31, 2013 | |
Global Incentive Plan 2009 [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Shares available for awards | 9,862,977 | |
Shares subject to outstanding awards | 2,115,194 | |
Stock Incentive Plan 2004 [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Shares available for awards | 0 | |
Shares subject to outstanding awards | 212,373 | [1] |
[1] | No RSUs remaining outstanding under the 2004 SIP. |
Management_Compensation_Plans_2
Management Compensation Plans (Schedule of Realized Income Tax Benefits from Stock Option Exercises and RSU Vestings) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Income tax benefit realized | $2 | $31 | $25 |
Amount reversed in current year related to prior year | $0 | $1 | $9 |
Management_Compensation_Plans_3
Management Compensation Plans (General Plan Description Narrative) (Details) (Global Incentive Plan 2009 [Member]) | 1 Months Ended | |
Apr. 30, 2012 | Dec. 31, 2013 | |
Global Incentive Plan 2009 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Additional number of shares issued under 2009 GIP | 8,000,000 | ' |
Maximum number of shares issued under 2009 GIP | ' | 13,350,000 |
Management_Compensation_Plans_4
Management Compensation Plans (Schedule of Black-Scholes Option Pricing Method Assumptions) (Details) (Stock Options [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 0.68% | 0.78% | 0.81% |
Estimated life in years | '4 years 6 months 0 days | '4 years 7 months 3 days | '4 years 9 months |
Dividend yield | 0.64% | 0.70% | 0.60% |
Volatility | 49.50% | 50.31% | 45.00% |
Management_Compensation_Plans_5
Management Compensation Plans (Schedule of Summary of Changes in Stock Options Outstanding) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
As of beginning of period, number of options | 823 | ' |
Granted, number of options | 8 | ' |
Exercised, number of options | -284 | ' |
Forfeited, number of options | 0 | ' |
Expired, number of options | 0 | ' |
As of end of period, number of options | 547 | 823 |
Options exercisable at end of year, number of options | 415 | ' |
As of beginning of period, weighted average exercise price | $29.93 | ' |
Granted, weighted average exercise price | $46.87 | ' |
Exercised, weighted average exercise price | $30.77 | ' |
Forfeited, weighted average exercise price | $0 | ' |
Expired, weighted average exercise price | $0 | ' |
As of end of period, weighted average exercise price | $29.75 | $29.93 |
Options exercisable at end of year, weighted average exercise price | $27.44 | ' |
As of beginning of period, weighted average remaining contractual term | '3 years 7 months 21 days | '4 years 4 months 25 days |
As of end of period, weighted average remaining contractual term | '3 years 7 months 21 days | '4 years 4 months 25 days |
Options exercisable at end of year, weighted average remaining contractual term | '3 years 2 months 12 days | ' |
As of beginning of period, aggregate intrinsic value | $12 | ' |
As of end of period, aggregate intrinsic value | 14 | 12 |
Options exercisable at end of year, aggregate intrinsic value | $12 | ' |
Management_Compensation_Plans_6
Management Compensation Plans (Schedule of Weighted Average Grant Date Fair Values of Stock Options) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Total | $18.50 | $16.21 | $11.38 |
Management_Compensation_Plans_7
Management Compensation Plans (Schedule of Intrinsic Value of Stock Option Exercises) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Intrinsic value | $6 | $110 | $20 |
Management_Compensation_Plans_8
Management Compensation Plans (Stock Options Narrative) (Details) (Employee Stock Option [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock option term | 'seven years |
Holding period | '1 year |
Unrecognized compensation expense | $1 |
Weighted average term to recognize compensation expense | '2 years |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period | '3 years |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period | '4 years |
Management_Compensation_Plans_9
Management Compensation Plans (Schedule of Summary of Changes in Performance-based RSUs Outstanding) (Details) (Performance Restricted Stock Units (PRSUs) [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Performance Restricted Stock Units (PRSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
As of beginning of period, number of units | 429,000 |
Granted, number of units | 540,000 |
Vested, number of units | -189,000 |
Canceled, number of units | -28,000 |
Forfeited, number of units | -19,000 |
As of end of period, number of units | 733,000 |
As of beginning of period, weighted average fair value | $42.22 |
Granted, weighted average fair value | $47.30 |
Vested, weighted average fair value | $41.16 |
Canceled, weighted average fair value | $41.16 |
Forfeited, weighted average fair value | $46.29 |
As of end of period, weighted average fair value | $46.18 |
Recovered_Sheet12
Management Compensation Plans (Schedule of Fair Value of Shares Vested for Performance-based RSUs) (Details) (Performance Restricted Stock Units (PRSUs) [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Performance Restricted Stock Units (PRSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total | $10 | $12 | $14 |
Recovered_Sheet13
Management Compensation Plans (Schedule of Performance-based RSUs Monte Carlo Simulation Valuation Assumptions) (Details) (Performance Restricted Stock Units (PRSUs) [Member]) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Performance Restricted Stock Units (PRSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Risk-free interest rate | 0.38% | 0.38% |
Dividend yield | '0.00 - 4.37 % | '0.00 - 4.37 % |
Volatility | '25 - 90 % | '25 - 90 % |
Recovered_Sheet14
Management Compensation Plans (Schedule of Summary of Changes in Time-based RSUs Outstanding) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | ||
Employee [Member] | Time Restricted Stock Units (RSUs) [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
As of beginning of period, number of units | ' | 431,000 | |
Granted, number of units | ' | 25,000 | |
Vested, number of units | ' | -211,000 | |
Forfeited, number of units | ' | -20,000 | |
As of end of period, number of units | ' | 225,000 | [1] |
As of beginning of period, weighted average fair value | ' | 34.41 | |
Granted, weighted average fair value | ' | 49.56 | |
Vested, weighted average fair value | ' | 33.79 | |
Forfeited, weighted average fair value | ' | 30.39 | |
As of end of period, weighted average fair value | ' | 37.02 | |
Director [Member] | Time Restricted Stock Units (RSUs) [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
As of beginning of period, number of units | ' | 16,000 | |
Granted, number of units | ' | 16,000 | |
Vested, number of units | ' | -16,000 | |
Forfeited, number of units | ' | 0 | |
As of end of period, number of units | ' | 16,000 | |
As of beginning of period, weighted average fair value | ' | 47.48 | |
Granted, weighted average fair value | ' | 48.51 | |
Vested, weighted average fair value | ' | 47.48 | |
Forfeited, weighted average fair value | ' | 0 | |
As of end of period, weighted average fair value | ' | 48.51 | |
Chief Executive Officer [Member] | Restricted Stock [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Granted, number of units | ' | 66,108 | |
Vested, number of units | -22,013 | -22,013 | |
[1] | Includes 66,108 of restricted stock awards granted to the Company's Chief Executive Officer on April 5, 2012, of which 22,013 and 22,013 vested on October 1, 2012 and April 5, 2013, respectively. |
Recovered_Sheet15
Management Compensation Plans (Schedule of Fair Value of Shares Vested for Time-based RSUs) (Details) (Time Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Time Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total | $12 | $13 | $7 |
Recovered_Sheet16
Management Compensation Plans Management Compensation Plans (Schedule of Weighted Average Discount Rate for RSUs) (Details) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Holding period discount | 30.00% | 30.00% |
Recovered_Sheet17
Management Compensation Plans (Restricted Stock Units Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Performance Restricted and Time Restricted Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Holding period | '7 years | ' |
Holding requirement range | '0% to 75% | ' |
Unrecognized compensation expense | 41 | ' |
Weighted average term to recognize compensation expense | '2 years | ' |
Performance Restricted Stock Units (PRSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period | '3 years | '3 years |
Range of number of shares that will vest | 'zero to stretch | ' |
Director [Member] | Time Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period | '1 year | ' |
Employee [Member] | Time Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period | '3 years | ' |
Employee [Member] | Time Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period | '4 years | ' |
Leases_Schedule_of_Rent_Expens
Leases (Schedule of Rent Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Total | $160 | $165 | $173 |
Leases_Schedule_of_Future_Mini
Leases (Schedule of Future Minimum Lease Payments for Capital Leases) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $46 |
2015 | 46 |
2016 | 48 |
2017 | 48 |
2018 | 48 |
Later years | 294 |
Sublease income | 0 |
Minimum lease commitments | 530 |
Less amounts representing interest | -266 |
Present value of net minimum lease obligations | $264 |
Leases_Schedule_of_Future_Mini1
Leases (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Leases [Abstract] | ' |
2014 | $63 |
2015 | 55 |
2016 | 48 |
2017 | 29 |
2018 | 26 |
Later years | 189 |
Sublease income | -12 |
Minimum lease commitments | $398 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Schedule of Interest Rate Swap Derivatives) (Details) (USD $) | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
In Millions, unless otherwise specified | Swap Derivative 1 Point 71 Percent Maturing January 2, 2014 [Member] | Swap Derivative 1 Point 71 Percent Maturing January 2, 2014 [Member] | Swap Derivative 1 Point 02 Percent Maturing January 2, 2016 [Member] | Swap Derivative 1 Point 02 Percent Maturing January 2, 2016 [Member] | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ||||
Notional value | $395 | $1,100 | $1,100 | $500 | $500 | ||||
Effective date | ' | 2-Jan-12 | 2-Jan-12 | 2-Jan-14 | 2-Jan-14 | ||||
Expiration date | ' | 2-Jan-14 | 2-Jan-14 | 2-Jan-16 | 2-Jan-16 | ||||
Fixed rate | ' | 1.71% | [1] | 1.71% | [2] | 1.02% | [1] | 1.02% | [2] |
[1] | Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (NoteB 13). | ||||||||
[2] | Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (Note 13). |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule of Interest Rate Swap Activity Recorded in the Consolidated Financial Statements) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Hedging activities - Interest expense | ($172) | ($185) | ($221) |
Ineffective portion - Other income (expense), net | 0 | 5 | 14 |
Interest Rate Swaps [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Hedging activities - Interest expense | -11 | -14 | -55 |
Ineffective portion - Other income (expense), net | $0 | $0 | $0 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule of Notional Amounts of Net Foreign Exchange Exposure by Currency) (Details) (Foreign Exchange Contract [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Derivative [Line Items] | ' |
Total | ($315) |
Brazilian Real [Member] | ' |
Derivative [Line Items] | ' |
Total | -12 |
British Pound Sterling [Member] | ' |
Derivative [Line Items] | ' |
Total | -60 |
Canadian Dollar [Member] | ' |
Derivative [Line Items] | ' |
Total | 46 |
Chinese Renminbi [Member] | ' |
Derivative [Line Items] | ' |
Total | -106 |
Euro [Member] | ' |
Derivative [Line Items] | ' |
Total | -228 |
Hungarian Forint [Member] | ' |
Derivative [Line Items] | ' |
Total | 9 |
Japanese Yen [Member] | ' |
Derivative [Line Items] | ' |
Total | -3 |
Mexican Peso [Member] | ' |
Derivative [Line Items] | ' |
Total | 2 |
Singapore Dollar [Member] | ' |
Derivative [Line Items] | ' |
Total | 43 |
Swedish Krona [Member] | ' |
Derivative [Line Items] | ' |
Total | -6 |
Other [Member] | ' |
Derivative [Line Items] | ' |
Total | $0 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Schedule of Notional Amounts of Foreign Currency Derivatives) (Details) (USD $) | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | |
Derivative [Line Items] | ' | ' | ' |
Total | $395 | $869 | $902 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Derivative [Line Items] | ' | ' | ' | |||
Gain (loss) recognized in Other comprehensive income (loss) | ($2) | ($12) | ($24) | |||
Gain (loss) recognized in Earnings (loss) | -34 | -26 | -43 | |||
Tax expense recognized in Other comprehensive income (loss) | 68 | 10 | 6 | |||
Foreign Currency Forwards and Swaps [Member] | Derivatives Not Designated as Hedges [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Gain (loss) recognized in Other comprehensive income (loss) | 0 | 0 | 0 | |||
Equity Method Investments' Derivative [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Gain (loss) recognized in Earnings (loss) | ' | 2 | 2 | |||
Interest Rate Swaps [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Tax expense recognized in Other comprehensive income (loss) | 3 | 3 | 10 | |||
Interest Rate Swaps [Member] | Derivatives Designated as Cash Flow Hedges [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Gain (loss) recognized in Other comprehensive income (loss) | -2 | [1] | -12 | [2] | -24 | [3] |
Interest Rate Swaps [Member] | Derivatives Not Designated as Hedges [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Gain (loss) recognized in Other comprehensive income (loss) | 0 | 0 | 0 | |||
Gain (loss) recognized in Earnings (loss) | 0 | -6 | [4] | -4 | [4] | |
Interest Expense [Member] | Interest Rate Swaps [Member] | Derivatives Designated as Cash Flow Hedges [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Gain (loss) recognized in Earnings (loss) | -11 | [5] | -14 | [5] | -55 | [5] |
Foreign Currency Gain (Loss) [Member] | Foreign Currency Forwards and Swaps [Member] | Derivatives Not Designated as Hedges [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Gain (loss) recognized in Earnings (loss) | ($23) | [6] | ($6) | [6] | $16 | [6] |
[1] | Amount excludes $3 million of tax expense recognized in Other comprehensive income (loss). | |||||
[2] | Amount excludes $2 million of gains associated with the Companybs equity method investmentsb derivative activity and $3B million of tax expense recognized in Other comprehensive income (loss). | |||||
[3] | Amount excludes $2 million of gains associated with the Companybs equity method investmentsb derivative activity and $10 million of tax expense recognized in Other comprehensive income (loss). | |||||
[4] | Included in Interest expense in the consolidated statements of operations. | |||||
[5] | Amount represents reclassification from Accumulated other comprehensive income (loss), net and is included in Interest expense in the consolidated statements of operations. | |||||
[6] | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the consolidated statements of operations. |
Derivative_Financial_Instrumen7
Derivative Financial Instruments (Schedule of Offsetting Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative Asset [Abstract] | ' | ' |
Gross amount recognized | $1 | $2 |
Gross amount offset in the consolidated balance sheets | 0 | 0 |
Net amount presented in the consolidated balance sheets | 1 | 2 |
Gross amount not offset in the consolidated balance sheets | 1 | 2 |
Net amount | $0 | $0 |
Derivative_Financial_Instrumen8
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative Liability [Abstract] | ' | ' |
Gross amount recognized | $16 | $32 |
Gross amount offset in the consolidated balance sheets | 1 | 1 |
Net amount presented in the consolidated balance sheets | 15 | 31 |
Gross amount not offset in the consolidated balance sheets | 1 | 2 |
Net amount | $14 | $29 |
Derivative_Financial_Instrumen9
Derivative Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Nov. 30, 2012 |
Swap Derivative 1 Point 71 Percent Maturing January 2, 2014 [Member] | Swap Derivative 1 Point 71 Percent Maturing January 2, 2014 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Term C Loan Facility [Member] | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, stated percentage | ' | ' | ' | ' | 4.63% | 4.63% | 4.63% | ' |
Line of credit facility, prepayment | ' | ' | ' | ' | ' | ' | ' | $400 |
Notional value | ' | 395 | 1,100 | 1,100 | ' | ' | ' | ' |
Derivative interest expense | $6 | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 31, 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 | ($12) | ($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 | 41 | 53 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 42 | 55 |
Total liabilities | -15 | -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 | 41 | 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 | 1 | 2 |
Total liabilities | -15 | -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 | 41 | 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 | 41 | 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] | Derivatives Designated as Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swaps | -5 | -10 |
Interest rate swaps | -3 | -7 |
Fair Value, Measurements, Recurring [Member] | Derivatives Designated as Cash Flow Hedges [Member] | Interest Rate Swaps [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] | Derivatives Designated as Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swaps | -5 | -10 |
Interest rate swaps | -3 | -7 |
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedges [Member] | Interest Rate Swaps [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swaps | -2 | -5 |
Interest rate swaps | 0 | -1 |
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedges [Member] | Interest Rate Swaps [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] | Derivatives Not Designated as Hedges [Member] | Interest Rate Swaps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swaps | -2 | -5 |
Interest rate swaps | 0 | -1 |
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedges [Member] | Foreign Currency Forwards and Swaps [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign currency forwards and swaps | 1 | 2 |
Foreign currency forwards and swaps | -5 | -8 |
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedges [Member] | Foreign Currency Forwards and Swaps [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] | Derivatives Not Designated as Hedges [Member] | Foreign Currency Forwards and Swaps [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 | 1 | 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 $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cost investments, carrying amount | $145 | $156 |
Cost investments, fair value | 0 | 0 |
Insurance contracts in nonqualified pension trusts, carrying amount | 62 | 66 |
Insurance contracts in nonqualified pension trusts, fair value | 62 | 66 |
Long-term debt, including current installments of long-term debt, carrying amount | 2,911 | 2,990 |
Long-term debt, including current installments of long-term debt, fair value | 3,011 | 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 pension trusts, fair value | 62 | 66 |
Long-term debt, including current installments of long-term debt, fair value | 2,747 | 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 pension trusts, fair value | 0 | 0 |
Long-term debt, including current installments of long-term debt, fair value | $264 | $244 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Polyester Staple Antitrust Litigation Narrative) (Details) (Polyester Staple Antitrust Litigation [Member]) | Feb. 28, 2013 | Dec. 31, 2008 |
Polyester Staple Antitrust Litigation [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
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) (Other Commercial Actions [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Other Commercial Actions [Member] | ' |
Loss Contingencies [Line Items] | ' |
Damages sought, amount | $38 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Award Proceedings in Relation to Domination Agreement and Squeeze-Out Narrative) (Details) (Domination Agreement and Squeeze-Out [Member], EUR €) | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | |
Loss Contingencies [Line Items] | ' |
Number of legal actions | 2 |
Squeeze-out compensation, per share | € 66.99 |
Domination agreement compensation, shares | 145,387 |
Domination agreement compensation, value | € 2 |
Guaranteed dividends, value | € 1 |
Previous [Member] | ' |
Loss Contingencies [Line Items] | ' |
Domination agreement compensation, per share | € 41.92 |
Guaranteed dividends, per share | € 2.89 |
Subsequent [Member] | ' |
Loss Contingencies [Line Items] | ' |
Domination agreement compensation, per share | € 51.86 |
Guaranteed dividends, per share | € 3.79 |
Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Shares subject to adjustment | 1,069,465 |
Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Shares subject to adjustment | 924,078 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Guarantees - Demerger and Divesture Obligations Narrative) (Details) | 170 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Indemnification Agreements Hoechst [Member] | Indemnification Agreements Hoechst [Member] | Divestiture Agreements [Member] | |
USD ($) | 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 | 64 | ' | ' |
Indemnification percentage, other | ' | 33.33% | ' |
Divestiture obligations range, years | ' | ' | 'one year to thirty years |
Guarantee obligations, maximum exposure | ' | ' | $133 |
Commitments_and_Contingencies_5
Commitments and Contingencies (Schedule of Variable Interest Entities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Property, plant and equipment, net | $3,425 | $3,350 |
Trade payables | 799 | 649 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Property, plant and equipment, net | 111 | 118 |
Trade payables | 49 | 41 |
Current installments of long-term debt | 8 | 7 |
Long-term debt | 136 | 140 |
Total | 193 | 188 |
Maximum exposure to loss | $311 | $273 |
Commitments_and_Contingencies_6
Commitments and Contingencies (Purchase Obligations Narrative) (Details) (USD $) | 12 Months Ended |
In Billions, unless otherwise specified | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Term of unrecorded unconditional purchase obligations | '2036 |
Unrecorded unconditional purchase obligations | $3.70 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Taxes paid, net of refunds | $129 | $64 | $94 |
Interest paid, net of amounts capitalized | 166 | 189 | 226 |
Noncash Investing and Financing Activities | ' | ' | ' |
Capital lease obligations | 28 | 7 | 38 |
Accrued capital expenditures | 38 | -22 | 15 |
Asset retirement obligations | 9 | 8 | -2 |
Accrued Kelsterbach capital expenditures | -2 | -14 | -33 |
Accrued acquisition of intangibles | 0 | -2 | 0 |
Lease incentives | 3 | 6 | 3 |
Capital expenditure reimbursement | ($70) | $0 | $0 |
Segment_Information_Schedule_o
Segment Information (Schedule of Business Segments) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net sales | $6,510 | $6,418 | $6,763 | |||
Other (charges) gains, net | -158 | -14 | -48 | |||
Operating profit (loss) | 1,508 | 175 | 402 | |||
Equity in net earnings (loss) of affiliates | 180 | 242 | 192 | |||
Depreciation and amortization | 305 | 308 | 298 | |||
Capital expenditures | 408 | [1] | 339 | [1] | 364 | [1] |
Goodwill and intangible assets, net | 940 | 942 | ' | |||
Total assets | 9,018 | 9,000 | ' | |||
Increase (decrease) in accrued capital expenditures | 38 | -22 | 15 | |||
Narrows, Virginia [Member] | Consumer Specialties [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Insurance recoveries | ' | 9 | ' | |||
Operating Segments [Member] | Advanced Engineered Materials [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net sales | 1,352 | 1,261 | 1,298 | |||
Other (charges) gains, net | -13 | -2 | -49 | |||
Operating profit (loss) | 904 | 95 | 79 | |||
Equity in net earnings (loss) of affiliates | 148 | 190 | 161 | |||
Depreciation and amortization | 110 | 113 | 100 | |||
Capital expenditures | 67 | 51 | 64 | |||
Goodwill and intangible assets, net | 368 | 372 | ' | |||
Total assets | 2,643 | 2,703 | ' | |||
Operating Segments [Member] | Consumer Specialties [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net sales | 1,214 | [2] | 1,186 | [2] | 1,161 | [2] |
Other (charges) gains, net | 0 | -4 | [3] | -3 | ||
Operating profit (loss) | 346 | 251 | 229 | |||
Equity in net earnings (loss) of affiliates | 3 | 6 | 2 | |||
Depreciation and amortization | 41 | 45 | 44 | |||
Capital expenditures | 116 | 65 | 92 | |||
Goodwill and intangible assets, net | 278 | 276 | ' | |||
Total assets | 1,478 | 1,296 | ' | |||
Operating Segments [Member] | Industrial Specialties [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net sales | 1,155 | 1,184 | 1,223 | |||
Other (charges) gains, net | -4 | 0 | 0 | |||
Operating profit (loss) | 64 | 86 | 102 | |||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | |||
Depreciation and amortization | 52 | 55 | 45 | |||
Capital expenditures | 33 | 38 | 71 | |||
Goodwill and intangible assets, net | 60 | 65 | ' | |||
Total assets | 1,002 | 963 | ' | |||
Operating Segments [Member] | Acetyl Intermediates [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net sales | 3,241 | [2] | 3,231 | [2] | 3,551 | [2] |
Other (charges) gains, net | -141 | 0 | 14 | |||
Operating profit (loss) | 153 | 269 | 458 | |||
Equity in net earnings (loss) of affiliates | 5 | 11 | 5 | |||
Depreciation and amortization | 86 | 80 | 96 | |||
Capital expenditures | 184 | 169 | 122 | |||
Goodwill and intangible assets, net | 234 | 229 | ' | |||
Total assets | 2,333 | 2,238 | ' | |||
Corporate, Non-Segment [Member] | Other Activities [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net sales | 0 | 0 | 1 | |||
Other (charges) gains, net | 0 | -8 | [3] | -10 | ||
Operating profit (loss) | 41 | -526 | -466 | |||
Equity in net earnings (loss) of affiliates | 24 | 35 | 24 | |||
Depreciation and amortization | 16 | 15 | 13 | |||
Capital expenditures | 8 | 16 | 15 | |||
Goodwill and intangible assets, net | 0 | 0 | ' | |||
Total assets | 1,562 | 1,800 | ' | |||
Intersegment [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net sales | -452 | -444 | -471 | |||
Other (charges) gains, net | 0 | 0 | 0 | |||
Operating profit (loss) | 0 | 0 | 0 | |||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | |||
Depreciation and amortization | 0 | 0 | 0 | |||
Capital expenditures | 0 | 0 | 0 | |||
Goodwill and intangible assets, net | 0 | 0 | ' | |||
Total assets | 0 | 0 | ' | |||
Intersegment [Member] | Consumer Specialties [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net sales | 4 | 4 | 3 | |||
Intersegment [Member] | Acetyl Intermediates [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net sales | $448 | $440 | $468 | |||
[1] | Excludes expenditures related to the relocation of the Companybs POM operations in Germany (NoteB 27)B and includes an increase in accrued capital expenditures of $38 million for the year ended DecemberB 31, 2013, a decrease of $22B million for the year ended DecemberB 31, 2012 and an increase of $15 million for the year ended DecemberB 31, 2011. | |||||
[2] | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $448 million and $4B million, respectively, for the year ended DecemberB 31, 2013; $440 million and $4 million, respectively, for the year ended DecemberB 31, 2012; and $468 million and $3 million, respectively, for the year ended DecemberB 31, 2011. | |||||
[3] | Includes $9 million of insurance recoveries received from the Company's captive insurance companies related to the Narrows, Virginia facility that eliminates in consolidation. |
Segment_Information_Schedule_o1
Segment Information (Schedule of Geographical Segments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | $6,510 | $6,418 | $6,763 |
Property, plant and equipment, net | 3,425 | 3,350 | ' |
BELGIUM | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 525 | 504 | 461 |
Property, plant and equipment, net | 64 | 60 | ' |
CANADA | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 249 | 284 | 323 |
Property, plant and equipment, net | 141 | 148 | ' |
CHINA | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 863 | 733 | 667 |
Property, plant and equipment, net | 653 | 642 | ' |
GERMANY | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 2,049 | 2,082 | 2,328 |
Property, plant and equipment, net | 1,301 | 1,328 | ' |
MEXICO | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 256 | 257 | 241 |
Property, plant and equipment, net | 145 | 128 | ' |
SINGAPORE | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 578 | 561 | 722 |
Property, plant and equipment, net | 53 | 109 | ' |
UNITED STATES | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 1,808 | 1,811 | 1,772 |
Property, plant and equipment, net | 969 | 813 | ' |
OTHER | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 182 | 186 | 249 |
Property, plant and equipment, net | $99 | $122 | ' |
Earnings_Loss_Per_Share_Schedu
Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amounts attributable to Celanese Corporation | ' | ' | ' |
Earnings (loss) from continuing operations | $1,101 | $376 | $426 |
Earnings (loss) from discontinued operations | 0 | -4 | 1 |
Net earnings (loss) | $1,101 | $372 | $427 |
Weighted average shares - basic | 158,801,150 | 158,359,914 | 156,226,526 |
Dilutive stock options | 227,624 | 848,439 | 1,930,072 |
Dilutive RSUs | 305,445 | 622,433 | 813,685 |
Weighted average shares - diluted | 159,334,219 | 159,830,786 | 158,970,283 |
Earnings_Loss_Per_Share_Schedu1
Earnings (Loss) Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Securities excluded from computation of diluted earnings per share, amount | 40,306 | 29,902 | 70,130 |
Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Securities excluded from computation of diluted earnings per share, amount | 37,696 | 25,906 | 69,395 |
RSUs [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Securities excluded from computation of diluted earnings per share, amount | 2,610 | 3,996 | 735 |
Plant_Relocation_Schedule_of_P
Plant Relocation (Schedule of Plant Relocation Financial Statement Impact) (Details) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 86 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | ||||
USD ($) | 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 ($) | USD ($) | ||||||||
Plant Relocation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Deferred proceeds | $0 | $0 | $159 | ' | $0 | [1] | $0 | [1] | $158 | [1] | $907 | [1] |
Costs expensed | 13 | 7 | 47 | ' | 13 | 7 | 47 | 126 | ||||
Costs capitalized | ' | ' | ' | ' | 5 | [2] | 35 | [2] | 171 | [2] | 1,132 | [2] |
Lease buyout | ' | ' | ' | ' | 0 | 0 | 0 | 22 | ||||
Employee termination benefits | 23 | 6 | 22 | ' | 0 | 0 | 8 | 8 | ||||
Gain (loss) on disposition | 735 | -3 | -2 | ' | 742 | [3] | 0 | [3] | 0 | [3] | 742 | [3] |
Increase (decrease) in accrued capital expenditures, plant relocation | -2 | -14 | -33 | ' | ' | ' | ' | ' | ||||
Deferred proceeds recognized | ' | ' | ' | 651 | ' | ' | ' | ' | ||||
Property, plant and equipment, net | 3,425 | 3,350 | ' | 6 | ' | ' | ' | ' | ||||
Other assets, noncurrent | $341 | $463 | ' | € 104 | ' | ' | ' | ' | ||||
[1] | Included in noncurrent Other liabilities in the consolidated balance sheets. Amounts reflect the US dollar equivalent at the time of receipt. | |||||||||||
[2] | Includes a decrease in accrued capital expenditures of $2 million, $14 million and $33 million for the years ended DecemberB 31, 2013, 2012 and 2011, respectively. | |||||||||||
[3] | Upon transfer of title to the land and buildings to Fraport during the three months ended DecemberB 31, 2013, deferred proceeds of €651B million were recognized in Gain (loss) on disposition of businesses and assets, net in the consolidated statements of operations. Such proceeds were reduced by assets of €6B million included in Property, plant and equipment, net and €104 million included in noncurrent Other assets in the consolidated balance sheets. |
Plant_Relocation_Narrative_Det
Plant Relocation (Narrative) (Details) (Advanced Engineered Materials [Member], Kelsterbach, Germany [Member], EUR €) | 1 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Nov. 30, 2006 | Dec. 31, 2013 |
Advanced Engineered Materials [Member] | Kelsterbach, Germany [Member] | ' | ' |
Plant Relocation [Line Items] | ' | ' |
Proceeds originally expected under plant relocation agreement | € 670 | € 652 |
Consolidating_Guarantor_Financ2
Consolidating Guarantor Financial Information (Schedule of Consolidating Statements of Operations) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Nov. 30, 2012 | 31-May-11 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | $6,510 | $6,418 | $6,763 |
Cost of sales | ' | ' | ' | -5,145 | -5,237 | -5,346 |
Gross profit | ' | ' | ' | 1,365 | 1,181 | 1,417 |
Selling, general and administrative expenses | ' | ' | ' | -311 | -830 | -805 |
Amortization of intangible assets | ' | ' | ' | -32 | -51 | -62 |
Research and development expenses | ' | ' | ' | -85 | -104 | -98 |
Other (charges) gains, net | ' | ' | ' | -158 | -14 | -48 |
Foreign exchange gain (loss), net | ' | ' | ' | -6 | -4 | 0 |
Gain (loss) on disposition of businesses and assets, net | ' | ' | ' | 735 | -3 | -2 |
Operating profit (loss) | ' | ' | ' | 1,508 | 175 | 402 |
Equity in net earnings (loss) of affiliates | ' | ' | ' | 180 | 242 | 192 |
Interest expense | ' | ' | ' | -172 | -185 | -221 |
Refinancing expense | -3 | -3 | -1 | -1 | -3 | -3 |
Interest income | ' | ' | ' | 1 | 2 | 3 |
Dividend income - cost investments | ' | ' | ' | 93 | 85 | 80 |
Other income (expense), net | ' | ' | ' | 0 | 5 | 14 |
Earnings (loss) from continuing operations before tax | ' | ' | ' | 1,609 | 321 | 467 |
Income tax (provision) benefit | ' | ' | ' | -508 | 55 | -41 |
Earnings (loss) from continuing operations | ' | ' | ' | 1,101 | 376 | 426 |
Earnings (loss) from operation of discontinued operations | ' | ' | ' | 0 | -6 | 2 |
Gain (loss) on disposition of discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | ' | ' | ' | 0 | 2 | -1 |
Earnings (loss) from discontinued operations | ' | ' | ' | 0 | -4 | 1 |
Net earnings (loss) | ' | ' | ' | 1,101 | 372 | 427 |
Net (earnings) loss attributable to noncontrolling interests | ' | ' | ' | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | ' | ' | ' | 1,101 | 372 | 427 |
Parent Guarantor [Member] | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | 0 | 0 | 0 |
Cost of sales | ' | ' | ' | 0 | 0 | 0 |
Gross profit | ' | ' | ' | 0 | 0 | 0 |
Selling, general and administrative expenses | ' | ' | ' | 0 | 0 | 0 |
Amortization of intangible assets | ' | ' | ' | 0 | 0 | 0 |
Research and development expenses | ' | ' | ' | 0 | 0 | 0 |
Other (charges) gains, net | ' | ' | ' | 0 | 0 | 0 |
Foreign exchange gain (loss), net | ' | ' | ' | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | ' | ' | ' | 0 | 0 | 0 |
Operating profit (loss) | ' | ' | ' | 0 | 0 | 0 |
Equity in net earnings (loss) of affiliates | ' | ' | ' | 1,096 | 369 | 425 |
Interest expense | ' | ' | ' | 0 | 0 | 0 |
Refinancing expense | ' | ' | ' | 0 | 0 | 0 |
Interest income | ' | ' | ' | 0 | 0 | 0 |
Dividend income - cost investments | ' | ' | ' | 0 | 0 | 0 |
Other income (expense), net | ' | ' | ' | 0 | 0 | 0 |
Earnings (loss) from continuing operations before tax | ' | ' | ' | 1,096 | 369 | 425 |
Income tax (provision) benefit | ' | ' | ' | 5 | 3 | 2 |
Earnings (loss) from continuing operations | ' | ' | ' | 1,101 | 372 | 427 |
Earnings (loss) from operation of discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Gain (loss) on disposition of discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Net earnings (loss) | ' | ' | ' | 1,101 | 372 | 427 |
Net (earnings) loss attributable to noncontrolling interests | ' | ' | ' | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | ' | ' | ' | 1,101 | 372 | 427 |
Issuer [Member] | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | 0 | 0 | 0 |
Cost of sales | ' | ' | ' | 0 | 0 | 0 |
Gross profit | ' | ' | ' | 0 | 0 | 0 |
Selling, general and administrative expenses | ' | ' | ' | 0 | 0 | 0 |
Amortization of intangible assets | ' | ' | ' | 0 | 0 | 0 |
Research and development expenses | ' | ' | ' | 0 | 0 | 0 |
Other (charges) gains, net | ' | ' | ' | 0 | 0 | 0 |
Foreign exchange gain (loss), net | ' | ' | ' | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | ' | ' | ' | 0 | 0 | 0 |
Operating profit (loss) | ' | ' | ' | 0 | 0 | 0 |
Equity in net earnings (loss) of affiliates | ' | ' | ' | 1,180 | 473 | 590 |
Interest expense | ' | ' | ' | -192 | -198 | -217 |
Refinancing expense | ' | ' | ' | -1 | -3 | -3 |
Interest income | ' | ' | ' | 55 | 59 | 23 |
Dividend income - cost investments | ' | ' | ' | 0 | 0 | 0 |
Other income (expense), net | ' | ' | ' | 0 | 0 | 0 |
Earnings (loss) from continuing operations before tax | ' | ' | ' | 1,042 | 331 | 393 |
Income tax (provision) benefit | ' | ' | ' | 54 | 38 | 32 |
Earnings (loss) from continuing operations | ' | ' | ' | 1,096 | 369 | 425 |
Earnings (loss) from operation of discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Gain (loss) on disposition of discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Net earnings (loss) | ' | ' | ' | 1,096 | 369 | 425 |
Net (earnings) loss attributable to noncontrolling interests | ' | ' | ' | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | ' | ' | ' | 1,096 | 369 | 425 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | 2,799 | 2,692 | 2,572 |
Cost of sales | ' | ' | ' | -1,827 | -1,906 | -1,861 |
Gross profit | ' | ' | ' | 972 | 786 | 711 |
Selling, general and administrative expenses | ' | ' | ' | 53 | -440 | -402 |
Amortization of intangible assets | ' | ' | ' | -11 | -18 | -17 |
Research and development expenses | ' | ' | ' | -53 | -74 | -67 |
Other (charges) gains, net | ' | ' | ' | 2 | 17 | 23 |
Foreign exchange gain (loss), net | ' | ' | ' | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | ' | ' | ' | -2 | -1 | -1 |
Operating profit (loss) | ' | ' | ' | 961 | 270 | 247 |
Equity in net earnings (loss) of affiliates | ' | ' | ' | 116 | 199 | 165 |
Interest expense | ' | ' | ' | -34 | -42 | -41 |
Refinancing expense | ' | ' | ' | 0 | 0 | 0 |
Interest income | ' | ' | ' | 65 | 65 | 48 |
Dividend income - cost investments | ' | ' | ' | 0 | 0 | 0 |
Other income (expense), net | ' | ' | ' | -52 | -10 | -39 |
Earnings (loss) from continuing operations before tax | ' | ' | ' | 1,056 | 482 | 380 |
Income tax (provision) benefit | ' | ' | ' | -326 | -16 | -49 |
Earnings (loss) from continuing operations | ' | ' | ' | 730 | 466 | 331 |
Earnings (loss) from operation of discontinued operations | ' | ' | ' | 2 | -5 | 3 |
Gain (loss) on disposition of discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | ' | ' | ' | -1 | 2 | -1 |
Earnings (loss) from discontinued operations | ' | ' | ' | 1 | -3 | 2 |
Net earnings (loss) | ' | ' | ' | 731 | 463 | 333 |
Net (earnings) loss attributable to noncontrolling interests | ' | ' | ' | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | ' | ' | ' | 731 | 463 | 333 |
Non-Guarantors [Member] | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | 4,911 | 4,829 | 5,240 |
Cost of sales | ' | ' | ' | -4,531 | -4,423 | -4,510 |
Gross profit | ' | ' | ' | 380 | 406 | 730 |
Selling, general and administrative expenses | ' | ' | ' | -364 | -390 | -403 |
Amortization of intangible assets | ' | ' | ' | -21 | -33 | -45 |
Research and development expenses | ' | ' | ' | -32 | -30 | -31 |
Other (charges) gains, net | ' | ' | ' | -156 | -22 | -71 |
Foreign exchange gain (loss), net | ' | ' | ' | -6 | -4 | 0 |
Gain (loss) on disposition of businesses and assets, net | ' | ' | ' | 737 | -2 | 0 |
Operating profit (loss) | ' | ' | ' | 538 | -75 | 180 |
Equity in net earnings (loss) of affiliates | ' | ' | ' | 158 | 201 | 166 |
Interest expense | ' | ' | ' | -70 | -73 | -41 |
Refinancing expense | ' | ' | ' | 0 | 0 | 0 |
Interest income | ' | ' | ' | 5 | 6 | 10 |
Dividend income - cost investments | ' | ' | ' | 93 | 85 | 80 |
Other income (expense), net | ' | ' | ' | 52 | 15 | 53 |
Earnings (loss) from continuing operations before tax | ' | ' | ' | 776 | 159 | 448 |
Income tax (provision) benefit | ' | ' | ' | -229 | 15 | -35 |
Earnings (loss) from continuing operations | ' | ' | ' | 547 | 174 | 413 |
Earnings (loss) from operation of discontinued operations | ' | ' | ' | -2 | -1 | -1 |
Gain (loss) on disposition of discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | ' | ' | ' | 1 | 0 | 0 |
Earnings (loss) from discontinued operations | ' | ' | ' | -1 | -1 | -1 |
Net earnings (loss) | ' | ' | ' | 546 | 173 | 412 |
Net (earnings) loss attributable to noncontrolling interests | ' | ' | ' | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | ' | ' | ' | 546 | 173 | 412 |
Consolidation Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | -1,200 | -1,103 | -1,049 |
Cost of sales | ' | ' | ' | 1,213 | 1,092 | 1,025 |
Gross profit | ' | ' | ' | 13 | -11 | -24 |
Selling, general and administrative expenses | ' | ' | ' | 0 | 0 | 0 |
Amortization of intangible assets | ' | ' | ' | 0 | 0 | 0 |
Research and development expenses | ' | ' | ' | 0 | 0 | 0 |
Other (charges) gains, net | ' | ' | ' | -4 | -9 | 0 |
Foreign exchange gain (loss), net | ' | ' | ' | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | ' | ' | ' | 0 | 0 | -1 |
Operating profit (loss) | ' | ' | ' | 9 | -20 | -25 |
Equity in net earnings (loss) of affiliates | ' | ' | ' | -2,370 | -1,000 | -1,154 |
Interest expense | ' | ' | ' | 124 | 128 | 78 |
Refinancing expense | ' | ' | ' | 0 | 0 | 0 |
Interest income | ' | ' | ' | -124 | -128 | -78 |
Dividend income - cost investments | ' | ' | ' | 0 | 0 | 0 |
Other income (expense), net | ' | ' | ' | 0 | 0 | 0 |
Earnings (loss) from continuing operations before tax | ' | ' | ' | -2,361 | -1,020 | -1,179 |
Income tax (provision) benefit | ' | ' | ' | -12 | 15 | 9 |
Earnings (loss) from continuing operations | ' | ' | ' | -2,373 | -1,005 | -1,170 |
Earnings (loss) from operation of discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Gain (loss) on disposition of discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | ' | ' | ' | 0 | 0 | 0 |
Net earnings (loss) | ' | ' | ' | -2,373 | -1,005 | -1,170 |
Net (earnings) loss attributable to noncontrolling interests | ' | ' | ' | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | ' | ' | ' | ($2,373) | ($1,005) | ($1,170) |
Consolidating_Guarantor_Financ3
Consolidating Guarantor Financial Information (Schedule of Consolidating Statements of Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net earnings (loss) | $1,101 | $372 | $427 |
Other comprehensive income (loss), net of tax | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 1 | 0 | 0 |
Foreign currency translation | 20 | 5 | -27 |
Gain (loss) on interest rate swaps | 6 | 7 | 27 |
Pension and postretirement benefits | 58 | -11 | 0 |
Total other comprehensive income (loss), net of tax | 85 | 1 | 0 |
Total comprehensive income (loss), net of tax | 1,186 | 373 | 427 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 1,186 | 373 | 427 |
Parent Guarantor [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net earnings (loss) | 1,101 | 372 | 427 |
Other comprehensive income (loss), net of tax | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 1 | 0 | 0 |
Foreign currency translation | 20 | 5 | -27 |
Gain (loss) on interest rate swaps | 6 | 7 | 27 |
Pension and postretirement benefits | 58 | -11 | 0 |
Total other comprehensive income (loss), net of tax | 85 | 1 | 0 |
Total comprehensive income (loss), net of tax | 1,186 | 373 | 427 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 1,186 | 373 | 427 |
Issuer [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net earnings (loss) | 1,096 | 369 | 425 |
Other comprehensive income (loss), net of tax | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 1 | 0 | 0 |
Foreign currency translation | 20 | 5 | -27 |
Gain (loss) on interest rate swaps | 6 | 7 | 27 |
Pension and postretirement benefits | 58 | -11 | 0 |
Total other comprehensive income (loss), net of tax | 85 | 1 | 0 |
Total comprehensive income (loss), net of tax | 1,181 | 370 | 425 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 1,181 | 370 | 425 |
Subsidiary Guarantors [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net earnings (loss) | 731 | 463 | 333 |
Other comprehensive income (loss), net of tax | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 1 | 0 | 0 |
Foreign currency translation | -10 | -12 | -6 |
Gain (loss) on interest rate swaps | 0 | -1 | 1 |
Pension and postretirement benefits | 56 | -2 | -2 |
Total other comprehensive income (loss), net of tax | 47 | -15 | -7 |
Total comprehensive income (loss), net of tax | 778 | 448 | 326 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 778 | 448 | 326 |
Non-Guarantors [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net earnings (loss) | 546 | 173 | 412 |
Other comprehensive income (loss), net of tax | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 |
Foreign currency translation | -8 | 1 | 6 |
Gain (loss) on interest rate swaps | 0 | 3 | 1 |
Pension and postretirement benefits | 2 | -11 | 2 |
Total other comprehensive income (loss), net of tax | -6 | -7 | 9 |
Total comprehensive income (loss), net of tax | 540 | 166 | 421 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 540 | 166 | 421 |
Consolidation Eliminations [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net earnings (loss) | -2,373 | -1,005 | -1,170 |
Other comprehensive income (loss), net of tax | ' | ' | ' |
Unrealized gain (loss) on marketable securities | -2 | 0 | 0 |
Foreign currency translation | -2 | 6 | 27 |
Gain (loss) on interest rate swaps | -6 | -9 | -29 |
Pension and postretirement benefits | -116 | 24 | 0 |
Total other comprehensive income (loss), net of tax | -126 | 21 | -2 |
Total comprehensive income (loss), net of tax | -2,499 | -984 | -1,172 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | ($2,499) | ($984) | ($1,172) |
Consolidating_Guarantor_Financ4
Consolidating Guarantor Financial Information (Schedule of Consolidating Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | $984 | $959 | $682 | $740 |
Trade receivables - third party and affiliates | 867 | 827 | ' | ' |
Non-trade receivables, net | 343 | 209 | ' | ' |
Inventories, net | 804 | 711 | ' | ' |
Deferred income taxes | 115 | 49 | ' | ' |
Marketable securities, at fair value | 41 | 53 | ' | ' |
Other assets | 28 | 31 | ' | ' |
Total current assets | 3,182 | 2,839 | ' | ' |
Investments in affiliates | 841 | 800 | ' | ' |
Property, plant and equipment, net | 3,425 | 3,350 | ' | ' |
Deferred income taxes | 289 | 606 | ' | ' |
Other assets | 341 | 463 | ' | ' |
Goodwill | 798 | 777 | 760 | ' |
Intangible assets, net | 142 | 165 | ' | ' |
Total assets | 9,018 | 9,000 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 177 | 168 | ' | ' |
Trade payables - third party and affiliates | 799 | 649 | ' | ' |
Other liabilities | 541 | 475 | ' | ' |
Deferred income taxes | 10 | 25 | ' | ' |
Income taxes payable | 18 | 38 | ' | ' |
Total current liabilities | 1,545 | 1,355 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 2,887 | 2,930 | ' | ' |
Deferred income taxes | 225 | 50 | ' | ' |
Uncertain tax positions | 200 | 181 | ' | ' |
Benefit obligations | 1,175 | 1,602 | ' | ' |
Other liabilities | 287 | 1,152 | ' | ' |
Total noncurrent liabilities | 4,774 | 5,915 | ' | ' |
Total Celanese Corporation stockholders' equity | 2,699 | 1,730 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 2,699 | 1,730 | 1,341 | ' |
Total liabilities and equity | 9,018 | 9,000 | ' | ' |
Parent Guarantor [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 10 | 0 | 0 |
Trade receivables - third party and affiliates | 0 | 0 | ' | ' |
Non-trade receivables, net | 33 | 31 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Marketable securities, at fair value | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total current assets | 33 | 41 | ' | ' |
Investments in affiliates | 2,667 | 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 | 2,700 | 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 | 1 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Total current liabilities | 1 | 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 | 2,699 | 1,730 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 2,699 | 1,730 | ' | ' |
Total liabilities and equity | 2,700 | 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 | 482 | 444 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Marketable securities, at fair value | 0 | 0 | ' | ' |
Other assets | 5 | 5 | ' | ' |
Total current assets | 487 | 449 | ' | ' |
Investments in affiliates | 4,458 | 3,437 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 5 | ' | ' |
Other assets | 1,965 | 1,927 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Total assets | 6,910 | 5,818 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 1,713 | 1,584 | ' | ' |
Trade payables - third party and affiliates | 0 | 0 | ' | ' |
Other liabilities | 28 | 40 | ' | ' |
Deferred income taxes | 17 | 21 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Total current liabilities | 1,758 | 1,645 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 2,468 | 2,467 | ' | ' |
Deferred income taxes | 8 | 0 | ' | ' |
Uncertain tax positions | 6 | 6 | ' | ' |
Benefit obligations | 0 | 0 | ' | ' |
Other liabilities | 3 | 8 | ' | ' |
Total noncurrent liabilities | 2,485 | 2,481 | ' | ' |
Total Celanese Corporation stockholders' equity | 2,667 | 1,692 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 2,667 | 1,692 | ' | ' |
Total liabilities and equity | 6,910 | 5,818 | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 284 | 275 | 133 | 128 |
Trade receivables - third party and affiliates | 131 | 340 | ' | ' |
Non-trade receivables, net | 2,166 | 1,754 | ' | ' |
Inventories, net | 243 | 196 | ' | ' |
Deferred income taxes | 74 | 62 | ' | ' |
Marketable securities, at fair value | 41 | 52 | ' | ' |
Other assets | 15 | 15 | ' | ' |
Total current assets | 2,954 | 2,694 | ' | ' |
Investments in affiliates | 1,677 | 1,579 | ' | ' |
Property, plant and equipment, net | 969 | 813 | ' | ' |
Deferred income taxes | 248 | 509 | ' | ' |
Other assets | 144 | 132 | ' | ' |
Goodwill | 305 | 305 | ' | ' |
Intangible assets, net | 64 | 69 | ' | ' |
Total assets | 6,361 | 6,101 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 122 | 208 | ' | ' |
Trade payables - third party and affiliates | 312 | 269 | ' | ' |
Other liabilities | 441 | 267 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Income taxes payable | 460 | 419 | ' | ' |
Total current liabilities | 1,335 | 1,163 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 825 | 872 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Uncertain tax positions | 16 | 23 | ' | ' |
Benefit obligations | 943 | 1,362 | ' | ' |
Other liabilities | 91 | 101 | ' | ' |
Total noncurrent liabilities | 1,875 | 2,358 | ' | ' |
Total Celanese Corporation stockholders' equity | 3,151 | 2,580 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 3,151 | 2,580 | ' | ' |
Total liabilities and equity | 6,361 | 6,101 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 700 | 674 | 549 | 612 |
Trade receivables - third party and affiliates | 877 | 653 | ' | ' |
Non-trade receivables, net | 586 | 484 | ' | ' |
Inventories, net | 622 | 589 | ' | ' |
Deferred income taxes | 58 | 8 | ' | ' |
Marketable securities, at fair value | 0 | 1 | ' | ' |
Other assets | 24 | 27 | ' | ' |
Total current assets | 2,867 | 2,436 | ' | ' |
Investments in affiliates | 594 | 570 | ' | ' |
Property, plant and equipment, net | 2,456 | 2,537 | ' | ' |
Deferred income taxes | 49 | 92 | ' | ' |
Other assets | 285 | 414 | ' | ' |
Goodwill | 493 | 472 | ' | ' |
Intangible assets, net | 78 | 96 | ' | ' |
Total assets | 6,822 | 6,617 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 373 | 159 | ' | ' |
Trade payables - third party and affiliates | 628 | 546 | ' | ' |
Other liabilities | 513 | 475 | ' | ' |
Deferred income taxes | 10 | 25 | ' | ' |
Income taxes payable | 32 | 73 | ' | ' |
Total current liabilities | 1,556 | 1,278 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 1,646 | 1,597 | ' | ' |
Deferred income taxes | 225 | 50 | ' | ' |
Uncertain tax positions | 178 | 149 | ' | ' |
Benefit obligations | 232 | 240 | ' | ' |
Other liabilities | 202 | 1,055 | ' | ' |
Total noncurrent liabilities | 2,483 | 3,091 | ' | ' |
Total Celanese Corporation stockholders' equity | 2,783 | 2,248 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 2,783 | 2,248 | ' | ' |
Total liabilities and equity | 6,822 | 6,617 | ' | ' |
Consolidation Eliminations [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade receivables - third party and affiliates | -141 | -166 | ' | ' |
Non-trade receivables, net | -2,924 | -2,504 | ' | ' |
Inventories, net | -61 | -74 | ' | ' |
Deferred income taxes | -17 | -21 | ' | ' |
Marketable securities, at fair value | 0 | 0 | ' | ' |
Other assets | -16 | -16 | ' | ' |
Total current assets | -3,159 | -2,781 | ' | ' |
Investments in affiliates | -8,555 | -6,478 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Deferred income taxes | -8 | 0 | ' | ' |
Other assets | -2,053 | -2,010 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Total assets | -13,775 | -11,269 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | -2,031 | -1,783 | ' | ' |
Trade payables - third party and affiliates | -141 | -166 | ' | ' |
Other liabilities | -442 | -307 | ' | ' |
Deferred income taxes | -17 | -21 | ' | ' |
Income taxes payable | -474 | -454 | ' | ' |
Total current liabilities | -3,105 | -2,731 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | -2,052 | -2,006 | ' | ' |
Deferred income taxes | -8 | 0 | ' | ' |
Uncertain tax positions | 0 | 0 | ' | ' |
Benefit obligations | 0 | 0 | ' | ' |
Other liabilities | -9 | -12 | ' | ' |
Total noncurrent liabilities | -2,069 | -2,018 | ' | ' |
Total Celanese Corporation stockholders' equity | -8,601 | -6,520 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | -8,601 | -6,520 | ' | ' |
Total liabilities and equity | ($13,775) | ($11,269) | ' | ' |
Consolidating_Guarantor_Financ5
Consolidating Guarantor Financial Information (Schedule of Consolidating Cash Flow Statements) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) operating activities | $762 | $722 | $638 |
Investing Activities | ' | ' | ' |
Capital expenditures on property, plant and equipment | -370 | -361 | -349 |
Acquisitions, net of cash acquired | 0 | -23 | -8 |
Proceeds from sale of businesses and assets, net | 13 | 1 | 6 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 159 |
Capital expenditures related to Kelsterbach plant relocation | -7 | -49 | -204 |
Return of capital from subsidiary | 0 | 0 | 0 |
Contributions to subsidiary | 0 | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 | 0 |
Other, net | -58 | -68 | -45 |
Net cash provided by (used in) investing activities | -422 | -500 | -441 |
Financing Activities | ' | ' | ' |
Short-term borrowings (repayments), net | -11 | 2 | -13 |
Proceeds from short-term borrowings | 177 | 71 | 70 |
Repayments of short-term borrowings | -123 | -71 | -73 |
Proceeds from long-term debt | 74 | 550 | 411 |
Repayments of long-term debt | -198 | -489 | -591 |
Refinancing costs | -2 | -9 | -8 |
Purchases of treasury stock, including related fees | -164 | -45 | -31 |
Dividends to parent | 0 | 0 | 0 |
Contributions from parent | 0 | 0 | 0 |
Stock option exercises | 9 | 62 | 20 |
Series A common stock dividends | -83 | -43 | -34 |
Return of capital to parent | 0 | 0 | 0 |
Other, net | -5 | 21 | -4 |
Net cash provided by (used in) financing activities | -326 | 49 | -253 |
Exchange rate effects on cash and cash equivalents | 11 | 6 | -2 |
Net increase (decrease) in cash and cash equivalents | 25 | 277 | -58 |
Cash and cash equivalents as of beginning of period | 959 | 682 | 740 |
Cash and cash equivalents as of end of period | 984 | 959 | 682 |
Parent Guarantor [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) operating activities | 228 | 7 | 41 |
Investing Activities | ' | ' | ' |
Capital expenditures on property, plant and equipment | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 | 0 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | 0 |
Return of capital from subsidiary | 0 | 0 | 0 |
Contributions to subsidiary | 0 | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Financing Activities | ' | ' | ' |
Short-term borrowings (repayments), net | 0 | 0 | 0 |
Proceeds from short-term borrowings | 0 | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 | 0 |
Proceeds from long-term debt | 0 | 0 | 0 |
Repayments of long-term debt | 0 | 0 | 0 |
Refinancing costs | 0 | 0 | 0 |
Purchases of treasury stock, including related fees | -164 | -45 | -31 |
Dividends to parent | 0 | 0 | 0 |
Contributions from parent | 0 | 0 | 0 |
Stock option exercises | 9 | 62 | 20 |
Series A common stock dividends | -83 | -43 | -34 |
Return of capital to parent | 0 | 0 | 0 |
Other, net | 0 | 29 | 4 |
Net cash provided by (used in) financing activities | -238 | 3 | -41 |
Exchange rate effects on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -10 | 10 | 0 |
Cash and cash equivalents as of beginning of period | 10 | 0 | 0 |
Cash and cash equivalents as of end of period | 0 | 10 | 0 |
Issuer [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) operating activities | 105 | -100 | -127 |
Investing Activities | ' | ' | ' |
Capital expenditures on property, plant and equipment | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 | 0 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | 0 |
Return of capital from subsidiary | 0 | 0 | 100 |
Contributions to subsidiary | 0 | 0 | -100 |
Intercompany loan receipts (disbursements) | 5 | 5 | 5 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 5 | 5 | 5 |
Financing Activities | ' | ' | ' |
Short-term borrowings (repayments), net | 131 | 53 | 307 |
Proceeds from short-term borrowings | 0 | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 | 0 |
Proceeds from long-term debt | 24 | 500 | 400 |
Repayments of long-term debt | -34 | -414 | -532 |
Refinancing costs | -2 | -9 | -8 |
Purchases of treasury stock, including related fees | 0 | 0 | 0 |
Dividends to parent | -229 | -35 | -45 |
Contributions from parent | 0 | 0 | 0 |
Stock option exercises | 0 | 0 | 0 |
Series A common stock dividends | 0 | 0 | 0 |
Return of capital to parent | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | -110 | 95 | 122 |
Exchange rate effects on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents as of beginning of period | 0 | 0 | 0 |
Cash and cash equivalents as of end of period | 0 | 0 | 0 |
Subsidiary Guarantors [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) operating activities | 766 | 396 | 446 |
Investing Activities | ' | ' | ' |
Capital expenditures on property, plant and equipment | -249 | -170 | -145 |
Acquisitions, net of cash acquired | 0 | -23 | -8 |
Proceeds from sale of businesses and assets, net | 0 | 1 | 1 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | 0 |
Return of capital from subsidiary | 0 | 0 | 0 |
Contributions to subsidiary | -20 | -3 | 0 |
Intercompany loan receipts (disbursements) | -131 | -53 | -307 |
Other, net | -45 | -9 | -15 |
Net cash provided by (used in) investing activities | -445 | -257 | -474 |
Financing Activities | ' | ' | ' |
Short-term borrowings (repayments), net | -8 | 5 | -5 |
Proceeds from short-term borrowings | 0 | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 | 0 |
Proceeds from long-term debt | 50 | 50 | 0 |
Repayments of long-term debt | -121 | -10 | -9 |
Refinancing costs | 0 | 0 | 0 |
Purchases of treasury stock, including related fees | 0 | 0 | 0 |
Dividends to parent | -229 | -35 | -45 |
Contributions from parent | 0 | 0 | 100 |
Stock option exercises | 0 | 0 | 0 |
Series A common stock dividends | 0 | 0 | 0 |
Return of capital to parent | 0 | 0 | 0 |
Other, net | -4 | -7 | -8 |
Net cash provided by (used in) financing activities | -312 | 3 | 33 |
Exchange rate effects on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 9 | 142 | 5 |
Cash and cash equivalents as of beginning of period | 275 | 133 | 128 |
Cash and cash equivalents as of end of period | 284 | 275 | 133 |
Non-Guarantors [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) operating activities | 154 | 489 | 368 |
Investing Activities | ' | ' | ' |
Capital expenditures on property, plant and equipment | -121 | -191 | -204 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses and assets, net | 13 | 0 | 5 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 159 |
Capital expenditures related to Kelsterbach plant relocation | -7 | -49 | -204 |
Return of capital from subsidiary | 0 | 0 | 0 |
Contributions to subsidiary | 0 | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 | 0 |
Other, net | -13 | -59 | -30 |
Net cash provided by (used in) investing activities | -128 | -299 | -274 |
Financing Activities | ' | ' | ' |
Short-term borrowings (repayments), net | -3 | -3 | -8 |
Proceeds from short-term borrowings | 177 | 71 | 70 |
Repayments of short-term borrowings | -123 | -71 | -73 |
Proceeds from long-term debt | 0 | 0 | 11 |
Repayments of long-term debt | -48 | -70 | -55 |
Refinancing costs | 0 | 0 | 0 |
Purchases of treasury stock, including related fees | 0 | 0 | 0 |
Dividends to parent | -33 | 0 | 0 |
Contributions from parent | 20 | 3 | 0 |
Stock option exercises | 0 | 0 | 0 |
Series A common stock dividends | 0 | 0 | 0 |
Return of capital to parent | 0 | 0 | -100 |
Other, net | -1 | -1 | 0 |
Net cash provided by (used in) financing activities | -11 | -71 | -155 |
Exchange rate effects on cash and cash equivalents | 11 | 6 | -2 |
Net increase (decrease) in cash and cash equivalents | 26 | 125 | -63 |
Cash and cash equivalents as of beginning of period | 674 | 549 | 612 |
Cash and cash equivalents as of end of period | 700 | 674 | 549 |
Consolidation Eliminations [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) operating activities | -491 | -70 | -90 |
Investing Activities | ' | ' | ' |
Capital expenditures on property, plant and equipment | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 | 0 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | 0 |
Return of capital from subsidiary | 0 | 0 | -100 |
Contributions to subsidiary | 20 | 3 | 100 |
Intercompany loan receipts (disbursements) | 126 | 48 | 302 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 146 | 51 | 302 |
Financing Activities | ' | ' | ' |
Short-term borrowings (repayments), net | -131 | -53 | -307 |
Proceeds from short-term borrowings | 0 | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 | 0 |
Proceeds from long-term debt | 0 | 0 | 0 |
Repayments of long-term debt | 5 | 5 | 5 |
Refinancing costs | 0 | 0 | 0 |
Purchases of treasury stock, including related fees | 0 | 0 | 0 |
Dividends to parent | 491 | 70 | 90 |
Contributions from parent | -20 | -3 | -100 |
Stock option exercises | 0 | 0 | 0 |
Series A common stock dividends | 0 | 0 | 0 |
Return of capital to parent | 0 | 0 | 100 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 345 | 19 | -212 |
Exchange rate effects on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents as of beginning of period | 0 | 0 | 0 |
Cash and cash equivalents as of end of period | $0 | $0 | $0 |
Consolidating_Guarantor_Financ6
Consolidating Guarantor Financial Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Consolidating Guarantor Financial Information [Abstract] | ' |
Issuer and subsidiary guarantors, ownership percentage | 100.00% |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Oct. 31, 2012 | Apr. 30, 2011 | Oct. 31, 2008 | Feb. 29, 2008 | Dec. 31, 2013 | Feb. 06, 2014 | Feb. 04, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common stock, dividends, per share, declared | ' | ' | ' | ' | ' | $0.18 | ' |
Cash dividend | ' | ' | ' | ' | ' | $28 | ' |
Date to be paid | ' | ' | ' | ' | ' | 28-Feb-14 | ' |
Date of record | ' | ' | ' | ' | ' | 17-Feb-14 | ' |
Share repurchase plan, authorized repurchase amount | 264 | 129 | 100 | 400 | 893 | 400 | ' |
Stock repurchase plan, remaining authorized repurchase amount | ' | ' | ' | ' | $228 | ' | ' |
Fairway venture term | ' | ' | ' | ' | ' | ' | '20 years |
Fairway venture renewal term | ' | ' | ' | ' | ' | ' | '10 years |