Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 14, 2014 | |
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-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 155,248,348 |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net sales | $1,769 | $1,653 | $3,474 | $3,258 |
Cost of sales | -1,361 | -1,334 | -2,688 | -2,606 |
Gross profit | 408 | 319 | 786 | 652 |
Selling, general and administrative expenses | -119 | -113 | -223 | -219 |
Amortization of intangible assets | -5 | -9 | -11 | -20 |
Research and development expenses | -24 | -23 | -46 | -49 |
Other (charges) gains, net | 2 | -3 | 1 | -7 |
Foreign exchange gain (loss), net | -1 | -2 | -2 | -3 |
Gain (loss) on disposition of businesses and assets, net | -2 | 0 | -3 | -1 |
Operating profit (loss) | 259 | 169 | 502 | 353 |
Equity in net earnings (loss) of affiliates | 101 | 55 | 141 | 109 |
Interest expense | -40 | -44 | -79 | -87 |
Refinancing expense | 0 | 0 | 0 | 0 |
Interest income | 2 | 1 | 2 | 1 |
Dividend income - cost investments | 29 | 23 | 58 | 47 |
Other income (expense), net | 1 | 4 | 1 | 3 |
Earnings (loss) from continuing operations before tax | 352 | 208 | 625 | 426 |
Income tax (provision) benefit | -94 | -75 | -172 | -152 |
Earnings (loss) from continuing operations | 258 | 133 | 453 | 274 |
Earnings (loss) from operation of discontinued operations | -1 | 0 | -1 | 2 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 1 | 0 | 1 | -1 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 1 |
Net earnings (loss) | 258 | 133 | 453 | 275 |
Net (earnings) loss attributable to noncontrolling interests | 1 | 0 | 2 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 259 | 133 | 455 | 275 |
Amounts attributable to Celanese Corporation | ' | ' | ' | ' |
Earnings (loss) from continuing operations | 259 | 133 | 455 | 274 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 1 |
Net earnings (loss) | $259 | $133 | $455 | $275 |
Earnings (loss) per common share - basic | ' | ' | ' | ' |
Continuing operations | $1.66 | $0.83 | $2.91 | $1.71 |
Discontinued operations | $0 | $0 | $0 | $0.01 |
Net earnings (loss) - basic | $1.66 | $0.83 | $2.91 | $1.72 |
Earnings (loss) per common share - diluted | ' | ' | ' | ' |
Continuing operations | $1.66 | $0.83 | $2.91 | $1.71 |
Discontinued operations | $0 | $0 | $0 | $0.01 |
Net earnings (loss) - diluted | $1.66 | $0.83 | $2.91 | $1.72 |
Weighted average shares - basic | 155,751,779 | 159,676,462 | 156,124,714 | 159,679,408 |
Weighted average shares - diluted | 156,054,232 | 160,142,156 | 156,424,665 | 160,138,959 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net earnings (loss) | $258 | $133 | $453 | $275 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Foreign currency translation | -22 | 26 | -17 | -5 |
Gain (loss) from cash flow hedges | -3 | 2 | -6 | 3 |
Pension and postretirement benefits | -14 | 0 | -26 | 0 |
Total other comprehensive income (loss), net of tax | -39 | 28 | -49 | -2 |
Total comprehensive income (loss), net of tax | 219 | 161 | 404 | 273 |
Comprehensive (income) loss attributable to noncontrolling interests | 1 | 0 | 2 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | $220 | $161 | $406 | $273 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents (variable interest entity restricted - 2014: $44) | $1,064 | $984 |
Trade receivables - third party and affiliates (net of allowance for doubtful accounts - 2014: $9; 2013: $9) | 1,045 | 867 |
Non-trade receivables, net | 231 | 343 |
Inventories | 816 | 804 |
Deferred income taxes | 115 | 115 |
Marketable securities, at fair value | 39 | 41 |
Other assets | 29 | 28 |
Total current assets | 3,339 | 3,182 |
Investments in affiliates | 880 | 841 |
Property, plant and equipment (net of accumulated depreciation - 2014: $1,770; 2013: $1,672; variable interest entity restricted - 2014: $252) | 3,577 | 3,425 |
Deferred income taxes | 271 | 289 |
Other assets (variable interest entity restricted - 2014: $24) | 332 | 341 |
Goodwill | 794 | 798 |
Intangible assets, net | 140 | 142 |
Total assets | 9,333 | 9,018 |
Current Liabilities | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 158 | 177 |
Trade payables - third party and affiliates | 839 | 799 |
Other liabilities | 472 | 541 |
Deferred income taxes | 10 | 10 |
Income taxes payable | 64 | 18 |
Total current liabilities | 1,543 | 1,545 |
Long-term debt | 2,880 | 2,887 |
Deferred income taxes | 228 | 225 |
Uncertain tax positions | 158 | 200 |
Benefit obligations | 1,125 | 1,175 |
Other liabilities | 298 | 287 |
Commitments and contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2014 and 2013: 0 issued and outstanding) | 0 | 0 |
Treasury stock, at cost (2014: 10,798,434 shares; 2013: 8,928,137 shares) | -464 | -361 |
Additional paid-in capital | 73 | 53 |
Retained earnings | 3,399 | 3,011 |
Accumulated other comprehensive income (loss), net | -53 | -4 |
Total Celanese Corporation stockholders' equity | 2,955 | 2,699 |
Noncontrolling interests | 146 | 0 |
Total equity | 3,101 | 2,699 |
Total liabilities and equity | 9,333 | 9,018 |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2014: 166,038,983 issued and 155,240,549 outstanding; 2013: 165,867,965 issued and 156,939,828 outstanding) [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common stock | 0 | 0 |
Series B common stock, $0.0001 par value, 100,000,000 shares authorized (2014 and 2013: 0 issued and outstanding) [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common stock | $0 | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $1,064 | $984 |
Allowance for doubtful accounts - trade receivables | 9 | 9 |
Accumulated depreciation | 1,770 | 1,672 |
Property, plant and equipment, net | 3,577 | 3,425 |
Other assets | 332 | 341 |
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 | 10,798,434 | 8,928,137 |
Common stock, par value | $0.00 | ' |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2014: 166,038,983 issued and 155,240,549 outstanding; 2013: 165,867,965 issued and 156,939,828 outstanding) [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 166,038,983 | 165,867,965 |
Common stock, shares outstanding | 155,240,549 | 156,939,828 |
Series B common stock, $0.0001 par value, 100,000,000 shares authorized (2014 and 2013: 0 issued and outstanding) [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' |
Current Assets | ' | ' |
Cash and cash equivalents | 44 | ' |
Property, plant and equipment, net | 252 | ' |
Other assets | $24 | ' |
Consolidated_Statement_Equity
Consolidated Statement Equity (USD $) | Total | Total Celanese Corporation Stockholders' Equity [Member] | Series A Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
In Millions, except Share data | ||||||||
Balance as of the beginning of the period at Dec. 31, 2013 | $2,699 | ' | $0 | ($361) | $53 | $3,011 | ($4) | $0 |
Balance as of the beginning of the period, shares at Dec. 31, 2013 | ' | ' | 156,939,828 | 8,928,137 | ' | ' | ' | ' |
Stock option exercises, shares | ' | ' | 150,368 | ' | ' | ' | ' | ' |
Stock option exercises, net of tax | ' | ' | 0 | ' | 3 | ' | ' | ' |
Purchases of treasury stock, shares | ' | ' | -1,870,297 | ' | ' | ' | ' | ' |
Purchases of treasury stock, including related fees | ' | ' | 0 | ' | ' | ' | ' | ' |
Stock awards, shares | ' | ' | 20,650 | ' | ' | ' | ' | ' |
Stock awards | ' | ' | 0 | ' | ' | ' | ' | ' |
Purchases of treasury stock, shares | 1,870,297 | ' | ' | 1,870,297 | ' | ' | ' | ' |
Purchases of treasury stock, including related fees | -103 | ' | ' | -103 | ' | ' | ' | ' |
Stock-based compensation, net of tax | ' | ' | ' | ' | 17 | ' | ' | ' |
Net earnings (Loss) attributable to Celanese Corporation | 455 | ' | ' | ' | ' | 455 | ' | ' |
Series A common stock dividends | ' | ' | ' | ' | ' | -67 | ' | ' |
Other comprehensive income (loss), net of tax | -49 | ' | ' | ' | ' | ' | -49 | ' |
Net earnings (loss) attributable to noncontrolling interests | -2 | ' | ' | ' | ' | ' | ' | -2 |
Contribution from noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | 148 |
Balance as of the end of the period at Jun. 30, 2014 | 3,101 | ' | 0 | -464 | 73 | 3,399 | -53 | 146 |
Total Celanese Corporation stockholders' equity at Jun. 30, 2014 | $2,955 | $2,955 | ' | ' | ' | ' | ' | ' |
Balance as of the end of the period, shares at Jun. 30, 2014 | ' | ' | 155,240,549 | 10,798,434 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities | ' | ' |
Net earnings (loss) | $453 | $275 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | ' | ' |
Other charges (gains), net of amounts used | -22 | -9 |
Depreciation, amortization and accretion | 151 | 158 |
Pension and postretirement net periodic benefit cost | -55 | -10 |
Pension and postretirement contributions | -62 | -33 |
Deferred income taxes, net | -9 | -6 |
(Gain) loss on disposition of businesses and assets, net | 4 | 1 |
Refinancing expense | 0 | 0 |
Other, net | -5 | 0 |
Operating cash provided by (used in) discontinued operations | -1 | -5 |
Changes in operating assets and liabilities | ' | ' |
Trade receivables - third party and affiliates, net | -175 | -104 |
Inventories | -15 | -29 |
Other assets | 25 | -55 |
Trade payables - third party and affiliates | 55 | 72 |
Other liabilities | 73 | 121 |
Net cash provided by (used in) operating activities | 417 | 376 |
Investing Activities | ' | ' |
Capital expenditures on property, plant and equipment | -130 | -128 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 12 |
Capital expenditures related to Kelsterbach plant relocation | 0 | -6 |
Capital expenditures related to Fairway Methanol LLC | -143 | -21 |
Other, net | -10 | -34 |
Net cash provided by (used in) investing activities | -283 | -177 |
Financing Activities | ' | ' |
Short-term borrowings (repayments), net | 1 | -11 |
Proceeds from short-term debt | 25 | 27 |
Repayments of short-term debt | -43 | -24 |
Proceeds from long-term debt | 0 | 50 |
Repayments of long-term debt | -13 | -62 |
Refinancing costs | 0 | 0 |
Purchases of treasury stock, including related fees | -103 | -6 |
Stock option exercises | 3 | 3 |
Series A common stock dividends | -67 | -26 |
Contributions from noncontrolling interests | 148 | 0 |
Other, net | -1 | 0 |
Net cash provided by (used in) financing activities | -50 | -49 |
Exchange rate effects on cash and cash equivalents | -4 | -2 |
Net increase (decrease) in cash and cash equivalents | 80 | 148 |
Cash and cash equivalents as of beginning of period | 984 | 959 |
Cash and cash equivalents as of end of period | $1,064 | $1,107 |
Description_of_the_Company_and
Description of the Company and Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
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. | |
Definitions | |
In this Quarterly Report on Form 10-Q ("Quarterly Report"), the term "Celanese" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The term "Celanese US" refers to the Company’s subsidiary, Celanese US Holdings LLC, a Delaware limited liability company, and not its subsidiaries. | |
Basis of Presentation | |
The unaudited interim consolidated financial statements for the three and six months ended June 30, 2014 and 2013 contained in this Quarterly Report were prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") for all periods presented and include the accounts of the Company, its majority owned subsidiaries over which the Company exercises control and, when applicable, variable interest entities in which the Company is the primary beneficiary. The unaudited interim consolidated financial statements and other financial information included in this Quarterly Report, unless otherwise specified, have been presented to separately show the effects of discontinued operations. | |
In the opinion of management, the accompanying unaudited consolidated balance sheets and related unaudited interim consolidated statements of operations, comprehensive income (loss), cash flows and equity include all adjustments, consisting only of normal recurring items necessary for their fair presentation in conformity with US GAAP. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP may have been condensed or omitted in accordance with rules and regulations of the Securities and Exchange Commission ("SEC"). These unaudited interim consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements as of and for the year ended December 31, 2013, filed on February 7, 2014 with the SEC as part of the Company's Annual Report on Form 10-K. | |
Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the entire year. | |
In the ordinary course of business, the Company enters into contracts and agreements relative to a number of topics, including acquisitions, dispositions, joint ventures, supply agreements, product sales and other arrangements. The Company endeavors to describe those contracts or agreements that are material to its business, results of operations or financial position. The Company may also describe some arrangements that are not material but in which the Company believes investors may have an interest or which may have been included in a Form 8-K filing. Investors should not assume the Company has described all contracts and agreements relative to the Company’s business in this Quarterly Report. | |
For those consolidated ventures in which the Company owns or is exposed to less than 100% of the economics, the outside stockholders' interests are shown as noncontrolling interests. | |
The Company has reclassified certain prior period amounts to conform to the current period’s presentation. | |
Estimates and Assumptions | |
The preparation of unaudited interim consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues, expenses and allocated charges during the reporting period. Significant estimates pertain to impairments of goodwill, intangible assets and other long-lived assets, purchase price allocations, restructuring costs and other (charges) gains, net, income taxes, pension and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 supersedes the revenue recognition requirements of FASB Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition and most industry-specific guidance throughout the Accounting Standards Codification, resulting in the creation of FASB ASC Topic 606, Revenue from Contracts with Customers. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This ASU provides alternative methods of retrospective adoption and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. The Company is currently assessing the potential impact of adopting this ASU on its financial statements and related disclosures. | |
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, an amendment to FASB ASC Topic 205, Presentation of Financial Statements and FASB ASC Topic 360, Property, Plant and Equipment. The update revises the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results, removing the lack of continuing involvement criteria and requiring discontinued operations reporting for the disposal of an equity method investment that meets the definition of discontinued operations. The update also requires expanded disclosures for discontinued operations, including disclosure of pretax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014. The Company will apply the guidance prospectively to disposal activity occurring after the effective date of this ASU. |
Acquisitions_Dispositions_and_
Acquisitions, Dispositions and Plant Closures | 6 Months Ended | |
Jun. 30, 2014 | ||
Acquisitions, Dispositions and Plant Closures [Abstract] | ' | |
Acquisitions, Dispositions and Plant Closures | ' | |
Acquisitions, Dispositions and Plant Closures | ||
Plant Closures | ||
• | Roussillon, France | |
In November 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. In December 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 acetic anhydride operations are included in the Company's Acetyl Intermediates segment. | ||
• | Tarragona, Spain | |
In November 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. In December 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 Company's Acetyl Intermediates segment. | ||
Exit costs related to the closure of the Company's Roussillon acetic anhydride operations and Tarragona VAM operations are recorded to Other (charges) gains, net in the unaudited interim consolidated statements of operations (Note 14). |
Ventures_and_Variable_Interest
Ventures and Variable Interest Entities | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Ventures and Variable Interest Entities [Abstract] | ' | |||
Ventures and Variable Interest Entities | ' | |||
Ventures and Variable Interest Entities | ||||
Ventures | ||||
The Company's equity method investment, InfraServ GmbH & Co. Hoechst KG, is owned primarily by an entity included in Other Activities. The Company's Consumer Specialties and Acetyl Intermediates segments also each hold an ownership percentage. During the three months ended June 30, 2014, InfraServ GmbH & Co. Hoechst KG restructured the debt of a subsidiary resulting in additional equity in net earnings of affiliates of $29 million attributable to Other Activities and $6 million and $13 million attributable to the Company's Consumer Specialties and Acetyl Intermediates segments, respectively (Note 19). | ||||
Consolidated Variable Interest Entities | ||||
On February 4, 2014, the Company and Mitsui & Co., Ltd., of Tokyo, Japan (“Mitsui”) formed a 50%-owned joint venture, Fairway Methanol LLC ("Fairway"), 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. Both Mitsui and the Company will supply their own natural gas to Fairway in exchange for methanol tolling under a cost-plus off-take arrangement. 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. In exchange for ownership in the venture, the Company contributed net cash of $6 million and pre-formation costs, including costs for long lead time materials, of $103 million of which $70 million was subject to reimbursement from Mitsui should the venture not form and was included in Non-trade receivables at December 31, 2013. Upon consolidation of the venture, the non-trade receivable was settled. Mitsui contributed cash in exchange for ownership in the venture. | ||||
The Company determined that Fairway is a variable interest entity (“VIE”) in which the Company is the primary beneficiary. Under the terms of the joint venture agreements, the Company provides site services and day-to-day operations for the methanol facility. In addition, the joint venture agreements provide that the Company indemnifies Mitsui for environmental obligations that exceed a specified threshold, as well as an equity option between the partners. Accordingly, the Company consolidates the venture and records a noncontrolling interest for the share of the venture owned by Mitsui. Fairway is included in the Company's Acetyl Intermediates segment. | ||||
The carrying amount of the assets and liabilities associated with Fairway that are included in the unaudited consolidated balance sheet are as follows: | ||||
As of | ||||
June 30, | ||||
2014 | ||||
(In $ millions) | ||||
Cash and cash equivalents | 44 | |||
Property, plant and equipment | 252 | |||
Other assets | 24 | |||
Total assets(1) | 320 | |||
Current liabilities | 28 | |||
Total liabilities(2) | 28 | |||
______________________________ | ||||
(1) | Assets can only be used to settle the obligations of Fairway. | |||
(2) | Represents amounts owed by Fairway for reimbursement of expenditures. | |||
Nonconsolidated Variable Interest Entities | ||||
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 VIEs as of June 30, 2014 relates primarily to the recovery of capital expenditures for certain plant assets. | ||||
The carrying amount of the assets and liabilities associated with the obligations to nonconsolidated VIEs, as well as the maximum exposure to loss relating to these nonconsolidated VIEs are as follows: | ||||
As of | As of | |||
June 30, | December 31, | |||
2014 | 2013 | |||
(In $ millions) | ||||
Property, plant and equipment, net | 102 | 111 | ||
Trade payables | 54 | 56 | ||
Current installments of long-term debt | 9 | 8 | ||
Long-term debt | 128 | 136 | ||
Total liabilities | 191 | 200 | ||
Maximum exposure to loss | 309 | 318 | ||
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 Company's unconditional purchase obligations (Note 18). |
Marketable_Securities_at_Fair_
Marketable Securities, at Fair Value | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
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 11). | ||||||
The amortized cost, gross unrealized gain, gross unrealized loss and fair values for available-for-sale securities by major security type are as follows: | ||||||
As of | As of | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Mutual Funds | ||||||
Amortized cost | 39 | 41 | ||||
Gross unrealized gain | — | — | ||||
Gross unrealized loss | — | — | ||||
Fair value | 39 | 41 | ||||
See Note 17 - Fair Value Measurements for additional information regarding the fair value of the Company's marketable securities. |
Inventories
Inventories | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Inventory Disclosure [Abstract] | ' | |||||
Inventories | ' | |||||
Inventories | ||||||
As of | As of | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Finished goods | 600 | 571 | ||||
Work-in-process | 52 | 59 | ||||
Raw materials and supplies | 164 | 174 | ||||
Total | 816 | 804 | ||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, Net | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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, 2013 | ||||||||||||||||
Goodwill | 303 | 254 | 43 | 198 | 798 | |||||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||||
Net book value | 303 | 254 | 43 | 198 | 798 | |||||||||||
Exchange rate changes | (1 | ) | (1 | ) | — | (2 | ) | (4 | ) | |||||||
As of June 30, 2014 | ||||||||||||||||
Goodwill | 302 | 253 | 43 | 196 | 794 | |||||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||||
Net book value | 302 | 253 | 43 | 196 | 794 | |||||||||||
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, 2013 | 33 | 544 | 30 | 39 | 646 | |||||||||||
Acquisitions | — | — | — | 10 | 10 | (1) | ||||||||||
Exchange rate changes | (1 | ) | (4 | ) | — | — | (5 | ) | ||||||||
As of June 30, 2014 | 32 | 540 | 30 | 49 | 651 | |||||||||||
Accumulated Amortization | ||||||||||||||||
As of December 31, 2013 | (20 | ) | (521 | ) | (21 | ) | (25 | ) | (587 | ) | ||||||
Amortization | (2 | ) | (7 | ) | (1 | ) | (1 | ) | (11 | ) | ||||||
Exchange rate changes | — | 4 | — | — | 4 | |||||||||||
As of June 30, 2014 | (22 | ) | (524 | ) | (22 | ) | (26 | ) | (594 | ) | ||||||
Net book value | 10 | 16 | 8 | 23 | 57 | |||||||||||
______________________________ | ||||||||||||||||
(1) | Primarily represents intangible assets acquired related to Fairway with a weighted average amortization period of 27 years (Note 4). | |||||||||||||||
Indefinite-lived intangible assets are as follows: | ||||||||||||||||
Trademarks | ||||||||||||||||
and Trade Names | ||||||||||||||||
(In $ millions) | ||||||||||||||||
As of December 31, 2013 | 83 | |||||||||||||||
Acquisitions | — | |||||||||||||||
Accumulated impairment losses | — | |||||||||||||||
Exchange rate changes | — | |||||||||||||||
As of June 30, 2014 | 83 | |||||||||||||||
The Company's trademarks and trade names have an indefinite life. For the six months ended June 30, 2014, the Company did not renew or extend any intangible assets. | ||||||||||||||||
Estimated amortization expense for the succeeding five fiscal years is as follows: | ||||||||||||||||
(In $ millions) | ||||||||||||||||
2015 | 11 | |||||||||||||||
2016 | 8 | |||||||||||||||
2017 | 7 | |||||||||||||||
2018 | 4 | |||||||||||||||
2019 | 3 | |||||||||||||||
Current_Other_Liabilities
Current Other Liabilities | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Other Liabilities, Current [Abstract] | ' | |||||
Current Other Liabilities | ' | |||||
Current Other Liabilities | ||||||
As of | As of | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Asset retirement obligations | 18 | 29 | ||||
Current portion of benefit obligations | 47 | 78 | ||||
Customer rebates | 38 | 48 | ||||
Derivatives (Note 16) | 7 | 12 | ||||
Environmental (Note 12) | 26 | 30 | ||||
Insurance | 10 | 14 | ||||
Interest | 24 | 24 | ||||
Restructuring (Note 14) | 39 | 60 | ||||
Salaries and benefits | 94 | 96 | ||||
Sales and use tax/foreign withholding tax payable | 14 | 12 | ||||
Uncertain tax positions | 64 | 64 | ||||
Other | 91 | 74 | ||||
Total | 472 | 541 | ||||
Noncurrent_Other_Liabilities
Noncurrent Other Liabilities | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||
Noncurrent Other Liabilities | ' | |||||
Noncurrent Other Liabilities | ||||||
As of | As of | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Asset retirement obligations | 19 | 18 | ||||
Deferred proceeds | 52 | 53 | ||||
Deferred revenue | 26 | 28 | ||||
Derivatives (Note 16) | 6 | 3 | ||||
Environmental (Note 12) | 66 | 67 | ||||
Income taxes payable | 21 | 20 | ||||
Insurance | 55 | 50 | ||||
Restructuring (Note 14) | 1 | 2 | ||||
Other | 52 | 46 | ||||
Total | 298 | 287 | ||||
Debt
Debt | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Debt | ' | |||||
Debt | ||||||
As of | As of | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||||||
Current installments of long-term debt | 23 | 24 | ||||
Short-term borrowings, including amounts due to affiliates | 100 | 103 | ||||
Accounts receivable securitization facility | 35 | 50 | ||||
Total | 158 | 177 | ||||
The Company's weighted average interest rate on short-term borrowings, including amounts due to affiliates and borrowing under the accounts receivable securitization facility, was 3.4% as of June 30, 2014 compared to 3.2% as of December 31, 2013. The weighted average interest rate on the accounts receivable securitization facility was 0.7% as of June 30, 2014 and December 31, 2013. | ||||||
As of | As of | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Long-Term Debt | ||||||
Senior credit facilities - Term C-2 loan due 2016 | 971 | 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 | ||||
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 5.7% to 6.7% | 169 | 169 | ||||
Obligations under capital leases due at various dates through 2054 | 263 | 264 | ||||
Subtotal | 2,903 | 2,911 | ||||
Current installments of long-term debt | (23 | ) | (24 | ) | ||
Total | 2,880 | 2,887 | ||||
Senior Notes | ||||||
In November 2012, Celanese US completed an offering of $500 million in aggregate principal amount of 4.625% 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"). | ||||||
In May 2011, Celanese US completed an offering of $400 million in aggregate principal amount of 5.875% senior unsecured notes due 2021 (the "5.875% Notes") in a public offering registered under the Securities Act. | ||||||
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"). In April 2011, Celanese US registered the 6.625% Notes under the Securities Act. | ||||||
The Senior Notes are senior unsecured obligations of Celanese US and rank equally in right of payment with all other unsubordinated indebtedness of Celanese US. The Senior 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 indentures under which the Senior Notes were issued 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 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 Company's 2010 amended credit agreement (as amended and restated by the 2013 amendment agreement, the "Amended Credit Agreement"). The Amended Credit Agreement consists of a Term C-2 loan facility due 2016, a $600 million revolving credit facility terminating in 2015 and an $81 million credit-linked revolving facility, which was terminated on March 28, 2014. | ||||||
As of June 30, 2014, 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 June 30, 2014, 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. | ||||||
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 of 0.25% per annum. | ||||||
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 amended first lien senior secured leverage ratios under the revolving credit facility are as follows: | ||||||
As of June 30, 2014 | ||||||
Maximum | Estimate | Estimate, If Fully Drawn | ||||
3.9 | 0.75 | 1.18 | ||||
The Amended Credit Agreement contains covenants including, but not limited to, restrictions on the Company’s ability to incur indebtedness; grant liens on assets; merge, consolidate, or sell assets; pay dividends or make other restricted payments; make investments; prepay or modify certain indebtedness; engage in transactions with affiliates; enter into sale-leaseback transactions or hedge transactions; or engage in other businesses. | ||||||
The Amended Credit Agreement also maintains a number of events of default, including a cross default to other debt of Celanese, Celanese US, or their subsidiaries, including the Senior Notes, in an aggregate amount equal to more than $40 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 June 30, 2014. | ||||||
Accounts Receivable Securitization Facility | ||||||
In August 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 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"). | ||||||
As of June 30, 2014, the borrowing base was $135 million. The Purchase Agreement expires in 2016, but may be extended for successive one year terms by agreement of the parties. All of the Transferor's assets have been pledged to the Administrator in support of its obligations under the Purchase Agreement. During the six months ended June 30, 2014, the Company repaid $15 million of borrowings outstanding under the accounts receivable securitization facility using cash on hand. As of June 30, 2014, the outstanding amount of accounts receivable transferred by the Originators to the Transferor was $229 million. | ||||||
The Company's balances available for borrowing are as follows: | ||||||
As of | ||||||
June 30, | ||||||
2014 | ||||||
(In $ millions) | ||||||
Revolving Credit Facility | ||||||
Borrowings outstanding | — | |||||
Letters of credit issued | — | |||||
Available for borrowing | 600 | |||||
Accounts Receivable Securitization Facility | ||||||
Borrowings outstanding | 35 | |||||
Letters of credit issued | 79 | |||||
Available for borrowing | 21 | |||||
Benefit_Obligations
Benefit Obligations | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Benefit Obligations | ' | |||||||||||||||||||||||
Benefit Obligations | ||||||||||||||||||||||||
In November 2013, the Company announced it would amend its US postretirement health care plan to (a) eliminate eligibility for all current and future US non-union employees; (b) terminate its US postretirement health care plan on December 31, 2014 for all US participants; and (c) offer certain eligible US participants 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 (loss), net in the consolidated balance sheets. | ||||||||||||||||||||||||
Effective March 27, 2014, the Company eliminated eligibility for all current and future union employees at the Company's Narrows, Virginia facility in its US postretirement health care plan. These actions generated a prior service credit of $5 million, which was recorded to Accumulated other comprehensive income (loss), net in the consolidated balance sheets. | ||||||||||||||||||||||||
The prior service credits attributable to the Company's US postretirement health care plan are being amortized ratably into the consolidated statements of operations through December 31, 2014. The Company recognized $21 million and $41 million of prior service credit amortization during the three and six months ended June 30, 2014, respectively, and made $1 million and $31 million in lump-sum buyout payments during the three and six months ended June 30, 2014, respectively. | ||||||||||||||||||||||||
The components of net periodic benefit cost are as follows: | ||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Pension | Post-retirement | Pension | Post-retirement | Pension | Post-retirement | Pension | Post-retirement | |||||||||||||||||
Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | |||||||||||||||||
(In $ millions) | (In $ millions) | |||||||||||||||||||||||
Service cost | 3 | 1 | 8 | 1 | 6 | 1 | 17 | 2 | ||||||||||||||||
Interest cost | 43 | — | 38 | 3 | 85 | 2 | 77 | 5 | ||||||||||||||||
Expected return on plan assets | (54 | ) | — | (56 | ) | — | (108 | ) | — | (112 | ) | — | ||||||||||||
Amortization of prior service cost (credit), net | — | (22 | ) | 1 | — | — | (41 | ) | 1 | — | ||||||||||||||
Total | (8 | ) | (21 | ) | (9 | ) | 4 | (17 | ) | (38 | ) | (17 | ) | 7 | ||||||||||
Benefit obligation funding is as follows: | ||||||||||||||||||||||||
As of | Total | |||||||||||||||||||||||
June 30, | Expected | |||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||
Cash contributions to defined benefit pension plans | 12 | 47 | ||||||||||||||||||||||
Benefit payments to nonqualified pension plans | 11 | 22 | ||||||||||||||||||||||
Benefit payments to other postretirement benefit plans | 39 | 54 | ||||||||||||||||||||||
The Company’s estimates of its US defined benefit pension plan contributions reflect the provisions of the Pension Protection Act of 2006. | ||||||||||||||||||||||||
The Company participates in a multiemployer defined benefit plan in Germany covering certain employees. The Company’s contributions to the multiemployer defined benefit plan are based on specified percentages of employee contributions and totaled $4 million for the six months ended June 30, 2014. |
Environmental
Environmental | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Environmental Remediation Obligations [Abstract] | ' | |||||
Environmental | ' | |||||
Environmental | ||||||
General | ||||||
The Company is subject to environmental laws and regulations worldwide that impose limitations on the discharge of pollutants into the air and water and establish standards for the treatment, storage and disposal of solid and hazardous wastes. The Company believes that it is in substantial compliance with all applicable environmental laws and regulations. The Company is also subject to retained environmental obligations specified in various contractual agreements arising from the divestiture of certain businesses by the Company or one of its predecessor companies. | ||||||
The components of environmental remediation reserves are as follows: | ||||||
As of | As of | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Demerger obligations (Note 18) | 25 | 27 | ||||
Divestiture obligations (Note 18) | 21 | 21 | ||||
Active sites | 31 | 32 | ||||
US Superfund sites | 12 | 13 | ||||
Other environmental remediation reserves | 3 | 4 | ||||
Total | 92 | 97 | ||||
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 18). The Company provides for such obligations when the event of loss is probable and reasonably estimable. The Company believes that environmental remediation costs will not have a material adverse effect on the financial position of the Company, but may have a material adverse effect on the results of operations or cash flows in any given period. | ||||||
US Superfund Sites | ||||||
In the US, the Company may be subject to substantial claims brought by US federal or state regulatory agencies or private individuals pursuant to statutory authority or common law. In particular, the Company has a potential liability under the US Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, and related state laws (collectively referred to as "Superfund") for investigation and cleanup costs at certain sites. At most of these sites, numerous companies, including the Company, or one of its predecessor companies, have been notified that the US Environmental Protection Agency ("EPA"), 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 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 is scheduled to be completed next year. 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. | ||||||
The EPA issued a proposed plan for remedial alternatives to address cleanup of the lower 8-mile stretch of the Passaic River on April 11, 2014. The EPA estimates the cost for the alternatives will range from $365 million to $3.2 billion. The EPA's preferred alternative would involve dredging the Passaic River bank to bank and installing an engineered cap at an estimated cost of $1.7 billion. The public comment period was extended and ends August 21, 2014, after which the EPA will evaluate all the input and make its final record of decision, which is expected in early 2015. Currently, the RI/FS is still ongoing and the EPA has not considered comments or determined the scope of the requested cleanup, nor have the final remedy and costs been determined. Additionally, the Company has found no evidence that it contributed any of the primary contaminants of concern to the Passaic River. Accordingly, the Company cannot reliably estimate its portion of the final costs for this matter at this time. The Company is vigorously defending these and all related matters and believes its ultimate allocable share of the cleanup costs will not be material. | ||||||
Environmental Proceedings | ||||||
In January 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 Company's Industrial Specialties segment. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||
Stockholders' Equity | ' | |||||||||||||||||
Stockholders’ Equity | ||||||||||||||||||
Common Stock | ||||||||||||||||||
The Company’s Board of Directors follows a policy of declaring, subject to legally available funds, a quarterly cash dividend on each share of the Company’s Series A Common Stock, par value $0.0001 per share ("Common Stock"), unless the Company’s Board of Directors, in its sole discretion, determines otherwise. The amount available to pay cash dividends is restricted by the Company’s Amended Credit Agreement and the Senior Notes. | ||||||||||||||||||
The Company's 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-13 | 20 | 0.09 | 0.36 | May-13 | ||||||||||||||
Jul-13 | 100 | 0.18 | 0.72 | Aug-13 | ||||||||||||||
Apr-14 | 39 | 0.25 | 1 | May-14 | ||||||||||||||
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 | |||||||||||||||||
Feb-14 | 172 | |||||||||||||||||
As of June 30, 2014 | 1,065 | |||||||||||||||||
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: | ||||||||||||||||||
Six Months Ended | Total From | |||||||||||||||||
June 30, | Feb-08 | |||||||||||||||||
Through | ||||||||||||||||||
2014 | 2013 | 30-Jun-14 | ||||||||||||||||
Shares repurchased | 1,870,297 | 137,692 | (1) | 18,199,004 | (2) | |||||||||||||
Average purchase price per share | $ | 55.13 | $ | 46.24 | $ | 42.21 | ||||||||||||
Amount spent on repurchased shares (in millions) | $ | 103 | $ | 6 | $ | 768 | ||||||||||||
______________________________ | ||||||||||||||||||
(1) | Excludes 6,021 shares withheld from an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. 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. Restricted stock awards are considered outstanding at the time of issuance and therefore, the shares withheld are treated as treasury shares. | |||||||||||||||||
The purchase of treasury stock reduces the number of shares outstanding, and the repurchased shares may be used by the Company for compensation programs utilizing the Company’s stock and other corporate purposes. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders’ equity. | ||||||||||||||||||
Other Comprehensive Income (Loss), Net | ||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Gross | Income | Net | Gross | Income | Net | |||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||
(Provision) | (Provision) | |||||||||||||||||
Benefit | Benefit | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (12 | ) | (10 | ) | (22 | ) | 28 | (2 | ) | 26 | ||||||||
Gain (loss) from cash flow hedges | (3 | ) | — | (3 | ) | 3 | (1) | (1 | ) | 2 | ||||||||
Pension and postretirement benefits | (22 | ) | 8 | (14 | ) | — | (2) | — | — | |||||||||
Total | (37 | ) | (2 | ) | (39 | ) | 31 | (3 | ) | 28 | ||||||||
______________________________ | ||||||||||||||||||
(1) | Amount includes $1 million of losses associated with the Company's equity method investments' derivative activity. | |||||||||||||||||
(2) | Amount includes amortization of actuarial gains of $1 million related to the Company's equity method investments' pension plans. | |||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Gross | Income | Net | Gross | Income | Net | |||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||
(Provision) | (Provision) | |||||||||||||||||
Benefit | Benefit | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (15 | ) | (2 | ) | (17 | ) | (3 | ) | (2 | ) | (5 | ) | ||||||
Gain (loss) from cash flow hedges | (3 | ) | (3 | ) | (6 | ) | 5 | (1) | (2 | ) | 3 | |||||||
Pension and postretirement benefits | (41 | ) | 15 | (26 | ) | — | (2) | — | — | |||||||||
Total | (59 | ) | 10 | (49 | ) | 2 | (4 | ) | (2 | ) | ||||||||
______________________________ | ||||||||||||||||||
(1) | Amount includes $1 million of losses associated with the Company's equity method investments' derivative activity. | |||||||||||||||||
(2) | Amount includes amortization of actuarial gains of $1 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) | Currency | from Cash | and | Other | ||||||||||||||
on | Translation | Flow | Postretire- | Comprehensive | ||||||||||||||
Marketable | Hedges | ment | Income | |||||||||||||||
Securities | (Note 16) | Benefits | (Loss), Net | |||||||||||||||
(Note 5) | (Note 11) | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
As of December 31, 2013 | — | (3 | ) | (44 | ) | 43 | (4 | ) | ||||||||||
Other comprehensive income before reclassifications | — | (15 | ) | (5 | ) | — | (20 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 2 | (41 | ) | (39 | ) | |||||||||||
Income tax (provision) benefit | — | (2 | ) | (3 | ) | 15 | 10 | |||||||||||
As of June 30, 2014 | — | (20 | ) | (50 | ) | 17 | (53 | ) | ||||||||||
Other_Charges_Gains_Net
Other (Charges) Gains, Net | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||
Other (Charges) Gains, Net | ' | |||||||||||||||||
Other (Charges) Gains, Net | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee termination benefits | (1 | ) | (1 | ) | (3 | ) | (3 | ) | ||||||||||
Kelsterbach plant relocation | — | (2 | ) | — | (4 | ) | ||||||||||||
Plant/office closures | — | — | 1 | — | ||||||||||||||
Other | 3 | — | 3 | — | ||||||||||||||
Total | 2 | (3 | ) | 1 | (7 | ) | ||||||||||||
2014 | ||||||||||||||||||
During the three months ended June 30, 2014, the Company recorded a $3 million adjustment to its initial estimate for asset retirement obligations related to the closure of its acetic anhydride operations in Roussillon, France and its VAM operations in Tarragona, Spain (Note 3). | ||||||||||||||||||
During the six months ended June 30, 2014, the Company recorded $2 million of employee termination benefits related to the closure of its acetic anhydride facility in Roussillon, France and its VAM facility in Tarragona, Spain (Note 3) and $1 million for employee termination benefits related to a business optimization project included in the Company's Advanced Engineered Materials segment. | ||||||||||||||||||
2013 | ||||||||||||||||||
During the six months ended June 30, 2013, the Company recorded $3 million of employee termination benefits related to a business optimization project which is included in the Company's Industrial Specialties and Acetyl Intermediates segments. | ||||||||||||||||||
During the six months ended June 30, 2013, the Company recorded $4 million of costs related to the relocation of the Company's polyacetal ("POM") operations from Kelsterbach, Germany to Frankfurt Hoechst Industrial Park, Germany, which is included in the Company's Advanced Engineered Materials 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, 2013 | 4 | 3 | 2 | 16 | 4 | 29 | ||||||||||||
Additions | 1 | — | — | 2 | — | 3 | ||||||||||||
Cash payments | (1 | ) | — | (1 | ) | (10 | ) | (1 | ) | (13 | ) | |||||||
Other changes | — | — | — | — | — | — | ||||||||||||
Exchange rate changes | — | — | — | — | — | — | ||||||||||||
As of June 30, 2014 | 4 | 3 | 1 | 8 | 3 | 19 | ||||||||||||
Plant/Office Closures | ||||||||||||||||||
As of December 31, 2013 | — | — | — | 33 | — | 33 | ||||||||||||
Additions | — | — | — | — | — | — | ||||||||||||
Cash payments | — | — | — | (7 | ) | — | (7 | ) | ||||||||||
Other changes | — | — | — | (5 | ) | — | (5 | ) | ||||||||||
Exchange rate changes | — | — | — | — | — | — | ||||||||||||
As of June 30, 2014 | — | — | — | 21 | — | 21 | ||||||||||||
Total | 4 | 3 | 1 | 29 | 3 | 40 | ||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
Income Taxes | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2014 | 2013 | 2014 | 2013 | |||||
(In percentages) | ||||||||
Effective income tax rate | 27 | 36 | 28 | 36 | ||||
The decrease in the effective income tax rate for the three and six months ended June 30, 2014 was primarily due to lower losses in jurisdictions without income tax benefit and fewer valuation allowances established in certain jurisdictions against net deferred tax assets compared to the three and six months ended June 30, 2013. | ||||||||
Liabilities for uncertain tax positions and related interest and penalties are recorded in Uncertain tax positions and current Other liabilities in the unaudited consolidated balance sheets. For the six months ended June 30, 2014, the Company's uncertain tax positions decreased $42 million primarily as a result of the reclassification of uncertain tax positions for net operating loss carryforwards in certain jurisdictions to deferred income tax assets in accordance with ASU 2013-11, Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which was effective January 1, 2014. | ||||||||
The Company's US tax returns for the years 2009 through 2012 are currently under audit by the US Internal Revenue Service and certain of the Company's subsidiaries are under audit in jurisdictions outside of the US. In addition, certain statutes of limitations are scheduled to expire in the near future. It is reasonably possible that a further change in the unrecognized tax benefits may occur within the next twelve months related to the settlement of one or more of these audits or the lapse of applicable statutes of limitations. Such amounts have been reflected in the current portion of uncertain tax positions (Note 8). |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
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 10). If an interest rate swap agreement is terminated prior to its maturity, the amount previously recorded in Accumulated other comprehensive income (loss), net is recognized into earnings over the period that the hedged transaction impacts earnings. If the hedging relationship is discontinued because it is probable that the forecasted transaction will not occur according to the original strategy, any related amounts previously recorded in Accumulated other comprehensive income (loss), net are recognized into earnings immediately. | |||||||||||||
US-dollar interest rate swap derivative arrangements are as follows: | |||||||||||||
As of June 30, 2014 | |||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate (1) | ||||||||||
(In $ millions) | (In percentages) | ||||||||||||
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 10). | ||||||||||||
As of December 31, 2013 | |||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate (1) | ||||||||||
(In $ millions) | (In percentages) | ||||||||||||
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 10). | ||||||||||||
Foreign Exchange Risk Management | |||||||||||||
Certain subsidiaries have assets and liabilities denominated in currencies other than their respective functional currencies, which creates foreign exchange risk. The Company also enters into foreign currency forwards and swaps to minimize its exposure to foreign currency fluctuations. Through these instruments, the Company mitigates its foreign currency exposure on transactions with third party entities as well as intercompany transactions. The foreign currency forwards and swaps are not designated as hedges under FASB ASC Topic 815, Derivatives and Hedging ("FASB ASC Topic 815"). Gains and losses on foreign currency forwards and swaps entered into to offset foreign exchange impacts on intercompany balances are classified as Other income (expense), net, in the unaudited interim consolidated statements of operations. Gains and losses on foreign currency forwards and swaps entered into to offset foreign exchange impacts on all other assets and liabilities are classified as Foreign exchange gain (loss), net, in the unaudited interim consolidated statements of operations. | |||||||||||||
Gross notional values of the foreign currency forwards and swaps are as follows: | |||||||||||||
As of | As of | ||||||||||||
June 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In $ millions) | |||||||||||||
Total | 748 | 869 | |||||||||||
In April 2014, the Company entered into a cross-currency swap contract to hedge its exposure to foreign currency exchange rate risk associated with certain intercompany loans. Under the terms of the contract, the Company makes interest payments in euros and receives interest in US dollars based on a notional amount at fixed rates over the life of the contract. In addition, the Company will pay euros to and receive US dollars from the counterparty at the maturity of the contract. The terms of the contract correspond to the related hedged intercompany loans. The cross-currency swap contract has been designated as a cash flow hedge, and accordingly, the effective portion of the unrealized gains and losses on the contract is reported in Accumulated other comprehensive income (loss) and reclassified to earnings over the period that the hedged loans affect earnings. The euro notional value is marked-to-market each reporting period based on the current spot rate and gains and losses are classified as Other income (expense), net in the unaudited interim consolidated statements of operations. | |||||||||||||
The cross-currency swap agreement is as follows: | |||||||||||||
As of June 30, 2014 | |||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate | ||||||||||
(In millions) | (In percentages) | ||||||||||||
$225 | April 17, 2014 | April 17, 2019 | 3.62 | ||||||||||
€ 162 | April 17, 2014 | April 17, 2019 | 2.77 | ||||||||||
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 arrangements is as follows: | |||||||||||||
Three Months Ended June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Recognized in | Recognized in | Recognized in | Recognized in | ||||||||||
Other | Earnings | Other | Earnings | ||||||||||
Comprehensive | (Loss) | Comprehensive | (Loss) | ||||||||||
Income (Loss) | Income (Loss) | ||||||||||||
(In $ millions) | |||||||||||||
Designated as Cash Flow Hedges | |||||||||||||
Interest rate swaps | (1 | ) | (1) | (2 | ) | (3) | 1 | (6) | (3 | ) | (3) | ||
Cross-currency swap | (4 | ) | (2) | 3 | (4) | — | — | ||||||
Not Designated as Hedges | |||||||||||||
Foreign currency forwards and swaps | — | (3 | ) | (5) | — | (7 | ) | (5) | |||||
Total | (5 | ) | (2 | ) | 1 | (10 | ) | ||||||
______________________________ | |||||||||||||
(1) | Excludes $1 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
(2) | Excludes $1 million of tax benefit recognized in Other comprehensive income (loss). | ||||||||||||
(3) | Reclassified from Accumulated other comprehensive income (loss), net to Interest income (expense) in the unaudited interim consolidated statements of operations. | ||||||||||||
(4) | Included in Other income (expense), net in the unaudited interim consolidated statements of operations. | ||||||||||||
(5) | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the unaudited interim consolidated statements of operations. | ||||||||||||
(6) | Excludes $1 million of losses associated with the Company's equity method investments' derivative activity and $1 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
Six Months Ended June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Recognized in | Recognized in | Recognized in | Recognized in | ||||||||||
Other | Earnings | Other | Earnings | ||||||||||
Comprehensive | (Loss) | Comprehensive | (Loss) | ||||||||||
Income (Loss) | Income (Loss) | ||||||||||||
(In $ millions) | |||||||||||||
Designated as Cash Flow Hedges | |||||||||||||
Interest rate swaps | (1 | ) | (1) | (2 | ) | (3) | 1 | (6) | (5 | ) | (3) | ||
Cross-currency swap | (4 | ) | (2) | 3 | (4) | — | — | ||||||
Not Designated as Hedges | |||||||||||||
Foreign currency forwards and swaps | — | (5 | ) | (5) | — | (4 | ) | (5) | |||||
Total | (5 | ) | (4 | ) | 1 | (9 | ) | ||||||
______________________________ | |||||||||||||
-1 | Excludes $4 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
(2) | Excludes $1 million of tax benefit recognized in Other comprehensive income (loss). | ||||||||||||
(3) | Reclassified from Accumulated other comprehensive income (loss), net to Interest income (expense) in the unaudited interim consolidated statements of operations. | ||||||||||||
(4) | Included in Other income (expense), net in the unaudited interim consolidated statements of operations. | ||||||||||||
(5) | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the unaudited interim consolidated statements of operations. | ||||||||||||
(6) | Excludes $1 million of losses associated with the Company's equity method investments' derivative activity and $2 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
See Note 17 - Fair Value Measurements for additional information regarding the fair value of the Company’s derivative arrangements. | |||||||||||||
Certain of the Company's foreign currency forwards and swaps, interest rate swaps and cross-currency 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 10). | |||||||||||||
As of | As of | ||||||||||||
June 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In $ millions) | |||||||||||||
Derivative Assets | |||||||||||||
Gross amount recognized | 6 | 1 | |||||||||||
Gross amount offset in the consolidated balance sheets | — | — | |||||||||||
Net amount presented in the consolidated balance sheets | 6 | 1 | |||||||||||
Gross amount not offset in the consolidated balance sheets | 2 | 1 | |||||||||||
Net amount | 4 | — | |||||||||||
As of | As of | ||||||||||||
June 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In $ millions) | |||||||||||||
Derivative Liabilities | |||||||||||||
Gross amount recognized | 13 | 16 | |||||||||||
Gross amount offset in the consolidated balance sheets | — | 1 | |||||||||||
Net amount presented in the consolidated balance sheets | 13 | 15 | |||||||||||
Gross amount not offset in the consolidated balance sheets | 2 | 1 | |||||||||||
Net amount | 11 | 14 | |||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair Value Measurements | ' | |||||||||||
Fair Value Measurements | ||||||||||||
The Company follows the provisions of FASB ASC Topic 820, Fair Value Measurement ("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, cross-currency 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, cross-currency swaps and foreign currency forwards and swaps are observable in the active markets and are classified as Level 2 in the hierarchy. | ||||||||||||
Assets and liabilities measured at fair value on a recurring basis are as follows: | ||||||||||||
Fair Value Measurement | ||||||||||||
Balance Sheet Classification | Quoted Prices | Significant | Total | |||||||||
in Active | Other | |||||||||||
Markets for | Observable | |||||||||||
Identical | Inputs | |||||||||||
Assets | (Level 2) | |||||||||||
(Level 1) | ||||||||||||
(In $ millions) | ||||||||||||
Mutual funds | Marketable securities, at fair value | 39 | — | 39 | ||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Cross-currency swap | Current Other assets | — | 2 | 2 | ||||||||
Cross-currency swap | Noncurrent Other assets | — | 3 | 3 | ||||||||
Derivatives Not Designated as Hedges | ||||||||||||
Foreign currency forwards and swaps | Current Other assets | — | 1 | 1 | ||||||||
Total assets as of June 30, 2014 | 39 | 6 | 45 | |||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (4 | ) | (4 | ) | ||||||
Interest rate swaps | Noncurrent Other liabilities | — | (2 | ) | (2 | ) | ||||||
Cross-currency swap | Current Other liabilities | — | (1 | ) | (1 | ) | ||||||
Cross-currency swap | Noncurrent Other liabilities | — | (4 | ) | (4 | ) | ||||||
Derivatives Not Designated as Hedges | ||||||||||||
Foreign currency forwards and swaps | Current Other liabilities | — | (2 | ) | (2 | ) | ||||||
Total liabilities as of June 30, 2014 | — | (13 | ) | (13 | ) | |||||||
Mutual funds | Marketable securities, at fair value | 41 | — | 41 | ||||||||
Derivatives Not Designated as Hedges | ||||||||||||
Foreign currency forwards and swaps | Current Other assets | — | 1 | 1 | ||||||||
Total assets as of December 31, 2013 | 41 | 1 | 42 | |||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (5 | ) | (5 | ) | ||||||
Interest rate swaps | Noncurrent Other liabilities | — | (3 | ) | (3 | ) | ||||||
Derivatives Not Designated as Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (2 | ) | (2 | ) | ||||||
Foreign currency forwards and swaps | Current Other liabilities | — | (5 | ) | (5 | ) | ||||||
Total liabilities as of December 31, 2013 | — | (15 | ) | (15 | ) | |||||||
Carrying values and fair values of financial instruments that are not carried at fair value are as follows: | ||||||||||||
Fair Value Measurement | ||||||||||||
Carrying | Significant Other | Unobservable | Total | |||||||||
Amount | Observable | Inputs | ||||||||||
Inputs | (Level 3) | |||||||||||
(Level 2) | ||||||||||||
(In $ millions) | ||||||||||||
As of June 30, 2014 | ||||||||||||
Cost investments | 145 | — | — | — | ||||||||
Insurance contracts in nonqualified trusts | 57 | 57 | — | 57 | ||||||||
Long-term debt, including current installments of long-term debt | 2,903 | 2,718 | 263 | 2,981 | ||||||||
As of December 31, 2013 | ||||||||||||
Cost investments | 145 | — | — | — | ||||||||
Insurance contracts in nonqualified trusts | 62 | 62 | — | 62 | ||||||||
Long-term debt, including current installments of long-term debt | 2,911 | 2,696 | 264 | 2,960 | ||||||||
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 June 30, 2014 and December 31, 2013, 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 | 6 Months Ended | |
Jun. 30, 2014 | ||
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. | ||
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. 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. Both parties have filed opening briefs in the damages phase. Linde Gas was initially seeking $38 million in damages. It is now seeking damages of $68 million, of which the incremental amount relates to operations in 2012 and 2013 that the Company contends were not part of the liability phase of the arbitration, together with injunctive relief. A hearing on damages was held in May 2014 and a decision is expected in 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. | ||
In September 2011, the share valuation expert appointed by the court in connection with the Domination Agreement 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, thereby increasing the share value by a total of €2 million (including interest) and recommended that the amount of the guaranteed dividend be increased from €2.89 to €3.79, which added €1 million to the Domination Agreement claims. In March 2013, the expert issued a supplementary opinion affirming his previous views and calculations. On January 28, 2014, the court ruled and largely adopted the expert's valuation methodology; however, it raised the cash compensation from €41.92 to €49.43 and the guaranteed dividend from €2.89 to €3.61, which represent lesser amounts than those provided by the expert. BCP Holdings and certain plaintiffs have filed notices of appeal. For those claims brought under the Domination Agreement, based on the court's ruling, the Company does not believe that the Possible Loss, including any Possible Loss in excess of reserves, is material. | ||
The court’s ruling in the Domination Agreement case on the share price has no effect on cash compensation in the Squeeze-Out proceeding because the amount set by the court is lower than the price those stockholders already received in the Squeeze-Out. After a preliminary hearing in the Squeeze-Out proceeding, the Frankfurt District Court rendered a judgment on May 27, 2014 in favor of the Company finding that the former minority stockholders were not entitled to an increase of the Squeeze-Out cash compensation. The plaintiffs may appeal. | ||
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 12). | ||
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 June 30, 2014 are $66 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) 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) 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 12). | ||
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, which extend through 2037. The aggregate amount of outstanding indemnifications and guarantees provided for under these agreements is $133 million as of June 30, 2014. 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 June 30, 2014, the Company had unconditional purchase obligations of $3.4 billion, which extend through 2036. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||
Segment Information | ||||||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Eliminations | Consolidated | ||||||||||||||||
Engineered | Specialties | Specialties | Intermediates | Activities | ||||||||||||||||||
Materials | ||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||
Net sales | 389 | 289 | (1) | 333 | 901 | (1) | — | (143 | ) | 1,769 | ||||||||||||
Other (charges) gains, net | (1 | ) | — | — | 2 | 1 | — | 2 | ||||||||||||||
Operating profit (loss) | 56 | 80 | 24 | 142 | (43 | ) | — | 259 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 45 | 7 | — | 14 | 35 | — | 101 | |||||||||||||||
Depreciation and amortization | 27 | 10 | 12 | 19 | 4 | — | 72 | |||||||||||||||
Capital expenditures | 11 | 22 | 6 | 90 | 2 | — | 131 | (2) | ||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||
Net sales | 352 | 314 | (1) | 295 | 809 | (1) | — | (117 | ) | 1,653 | ||||||||||||
Other (charges) gains, net | (2 | ) | — | (1 | ) | — | — | — | (3 | ) | ||||||||||||
Operating profit (loss) | 39 | 83 | 18 | 55 | (26 | ) | — | 169 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 45 | 1 | — | 1 | 8 | — | 55 | |||||||||||||||
Depreciation and amortization | 27 | 10 | 12 | 22 | 4 | — | 75 | |||||||||||||||
Capital expenditures | 13 | 29 | 6 | 42 | 3 | — | 93 | (3) | ||||||||||||||
______________________________ | ||||||||||||||||||||||
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $143 million and $0 million, respectively, for the three months ended June 30, 2014 and $116 million and $1 million, respectively, for the three months ended June 30, 2013. | |||||||||||||||||||||
(2) | Includes an increase in accrued capital expenditures of $6 million for the three months ended June 30, 2014. | |||||||||||||||||||||
(3) | Excludes expenditures related to the relocation of the Company’s POM operations in Germany and includes an increase in accrued capital expenditures of $18 million for the three months ended June 30, 2013. | |||||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Eliminations | Consolidated | ||||||||||||||||
Engineered | Specialties | Specialties | Intermediates | Activities | ||||||||||||||||||
Materials | ||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||
Net sales | 762 | 591 | (1) | 645 | 1,742 | (1) | — | (266 | ) | 3,474 | ||||||||||||
Other (charges) gains, net | (1 | ) | — | — | 2 | — | — | 1 | ||||||||||||||
Operating profit (loss) | 113 | 179 | 44 | 239 | (73 | ) | — | 502 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 78 | 8 | — | 15 | 40 | — | 141 | |||||||||||||||
Depreciation and amortization | 53 | 21 | 26 | 40 | 7 | — | 147 | |||||||||||||||
Capital expenditures | 20 | 50 | 10 | 166 | 3 | — | 249 | (2) | ||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||||
Goodwill and intangibles, net | 364 | 276 | 58 | 236 | — | — | 934 | |||||||||||||||
Total assets | 2,675 | 1,511 | 974 | 2,533 | 1,640 | — | 9,333 | |||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||
Net sales | 681 | 609 | (1) | 583 | 1,617 | (1) | — | (232 | ) | 3,258 | ||||||||||||
Other (charges) gains, net | (4 | ) | — | (2 | ) | (1 | ) | — | — | (7 | ) | |||||||||||
Operating profit (loss) | 75 | 161 | 33 | 130 | (46 | ) | — | 353 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 85 | 3 | — | 4 | 17 | — | 109 | |||||||||||||||
Depreciation and amortization | 56 | 20 | 24 | 43 | 8 | — | 151 | |||||||||||||||
Capital expenditures | 21 | 43 | 11 | 71 | 4 | — | 150 | (3) | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Goodwill and intangibles, net | 368 | 278 | 60 | 234 | — | — | 940 | |||||||||||||||
Total assets | 2,643 | 1,478 | 1,002 | 2,333 | 1,562 | — | 9,018 | |||||||||||||||
______________________________ | ||||||||||||||||||||||
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $266 million and $0 million, respectively, for the six months ended June 30, 2014 and $228 million and $4 million, respectively, for the six months ended June 30, 2013. | |||||||||||||||||||||
(2) | Includes a decrease in accrued capital expenditures of $24 million for the six months ended June 30, 2014. | |||||||||||||||||||||
(3) | Excludes expenditures related to the relocation of the Company’s POM operations in Germany and includes an increase in accrued capital expenditures of $1 million for the six months ended June 30, 2013. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings (Loss) Per Share | ' | |||||||||||
Earnings (Loss) Per Share | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
(In $ millions, except share data) | ||||||||||||
Amounts Attributable to Celanese Corporation | ||||||||||||
Earnings (loss) from continuing operations | 259 | 133 | 455 | 274 | ||||||||
Earnings (loss) from discontinued operations | — | — | — | 1 | ||||||||
Net earnings (loss) | 259 | 133 | 455 | 275 | ||||||||
Weighted average shares - basic | 155,751,779 | 159,676,462 | 156,124,714 | 159,679,408 | ||||||||
Dilutive stock options | 156,658 | 213,834 | 161,114 | 216,890 | ||||||||
Dilutive restricted stock units | 145,795 | 251,860 | 138,837 | 242,661 | ||||||||
Weighted average shares - diluted | 156,054,232 | 160,142,156 | 156,424,665 | 160,138,959 | ||||||||
Securities not included in the computation of diluted net earnings per share as their effect would have been antidilutive are as follows: | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Stock options | — | 95,225 | — | 94,329 | ||||||||
Restricted stock units | — | — | — | — | ||||||||
Total | — | 95,225 | — | 94,329 | ||||||||
Consolidating_Guarantor_Financ
Consolidating Guarantor Financial Information | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
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 10). 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 the 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 six months ended June 30, 2014 and 2013 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 unaudited interim consolidating financial statements for the Parent Guarantor, the Issuer, the Subsidiary Guarantors and the non-guarantors are as follows: | ||||||||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 679 | 1,357 | (267 | ) | 1,769 | |||||||||||
Cost of sales | — | — | (501 | ) | (1,149 | ) | 289 | (1,361 | ) | |||||||||
Gross profit | — | — | 178 | 208 | 22 | 408 | ||||||||||||
Selling, general and administrative expenses | — | — | (18 | ) | (101 | ) | — | (119 | ) | |||||||||
Amortization of intangible assets | — | — | (2 | ) | (3 | ) | — | (5 | ) | |||||||||
Research and development expenses | — | — | (13 | ) | (11 | ) | — | (24 | ) | |||||||||
Other (charges) gains, net | — | — | — | 2 | — | 2 | ||||||||||||
Foreign exchange gain (loss), net | — | — | — | (1 | ) | — | (1 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (2 | ) | — | — | (2 | ) | ||||||||||
Operating profit (loss) | — | — | 143 | 94 | 22 | 259 | ||||||||||||
Equity in net earnings (loss) of affiliates | 259 | 282 | 48 | 89 | (577 | ) | 101 | |||||||||||
Interest expense | — | (49 | ) | (6 | ) | (21 | ) | 36 | (40 | ) | ||||||||
Refinancing expense | — | — | — | — | — | — | ||||||||||||
Interest income | — | 17 | 18 | 3 | (36 | ) | 2 | |||||||||||
Dividend income - cost investments | — | — | — | 29 | — | 29 | ||||||||||||
Other income (expense), net | — | — | 1 | — | — | 1 | ||||||||||||
Earnings (loss) from continuing operations before tax | 259 | 250 | 204 | 194 | (555 | ) | 352 | |||||||||||
Income tax (provision) benefit | — | 9 | (52 | ) | (46 | ) | (5 | ) | (94 | ) | ||||||||
Earnings (loss) from continuing operations | 259 | 259 | 152 | 148 | (560 | ) | 258 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (1 | ) | — | — | (1 | ) | ||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) | 259 | 259 | 152 | 148 | (560 | ) | 258 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 259 | 259 | 152 | 149 | (560 | ) | 259 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 732 | 1,242 | (321 | ) | 1,653 | |||||||||||
Cost of sales | — | — | (503 | ) | (1,139 | ) | 308 | (1,334 | ) | |||||||||
Gross profit | — | — | 229 | 103 | (13 | ) | 319 | |||||||||||
Selling, general and administrative expenses | — | — | (26 | ) | (87 | ) | — | (113 | ) | |||||||||
Amortization of intangible assets | — | — | (3 | ) | (6 | ) | — | (9 | ) | |||||||||
Research and development expenses | — | — | (15 | ) | (8 | ) | — | (23 | ) | |||||||||
Other (charges) gains, net | — | — | — | (3 | ) | — | (3 | ) | ||||||||||
Foreign exchange gain (loss), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | 1 | (1 | ) | — | — | |||||||||||
Operating profit (loss) | — | — | 186 | (4 | ) | (13 | ) | 169 | ||||||||||
Equity in net earnings (loss) of affiliates | 130 | 161 | 45 | 45 | (326 | ) | 55 | |||||||||||
Interest expense | — | (49 | ) | (9 | ) | (16 | ) | 30 | (44 | ) | ||||||||
Refinancing expense | — | — | — | — | — | — | ||||||||||||
Interest income | — | 13 | 16 | 2 | (30 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 23 | — | 23 | ||||||||||||
Other income (expense), net | — | — | — | 4 | — | 4 | ||||||||||||
Earnings (loss) from continuing operations before tax | 130 | 125 | 238 | 54 | (339 | ) | 208 | |||||||||||
Income tax (provision) benefit | 3 | 5 | (69 | ) | (18 | ) | 4 | (75 | ) | |||||||||
Earnings (loss) from continuing operations | 133 | 130 | 169 | 36 | (335 | ) | 133 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | — | — | — | — | ||||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | — | — | — | — | ||||||||||||
Earnings (loss) from discontinued operations | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) | 133 | 130 | 169 | 36 | (335 | ) | 133 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 133 | 130 | 169 | 36 | (335 | ) | 133 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 1,386 | 2,657 | (569 | ) | 3,474 | |||||||||||
Cost of sales | — | — | (962 | ) | (2,300 | ) | 574 | (2,688 | ) | |||||||||
Gross profit | — | — | 424 | 357 | 5 | 786 | ||||||||||||
Selling, general and administrative expenses | — | — | (27 | ) | (196 | ) | — | (223 | ) | |||||||||
Amortization of intangible assets | — | — | (4 | ) | (7 | ) | — | (11 | ) | |||||||||
Research and development expenses | — | — | (26 | ) | (20 | ) | — | (46 | ) | |||||||||
Other (charges) gains, net | — | — | — | 1 | — | 1 | ||||||||||||
Foreign exchange gain (loss), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (5 | ) | 2 | — | (3 | ) | ||||||||||
Operating profit (loss) | — | — | 362 | 135 | 5 | 502 | ||||||||||||
Equity in net earnings (loss) of affiliates | 454 | 510 | 78 | 125 | (1,026 | ) | 141 | |||||||||||
Interest expense | — | (95 | ) | (12 | ) | (40 | ) | 68 | (79 | ) | ||||||||
Refinancing expense | — | — | — | — | — | — | ||||||||||||
Interest income | — | 31 | 35 | 4 | (68 | ) | 2 | |||||||||||
Dividend income - cost investments | — | — | — | 58 | — | 58 | ||||||||||||
Other income (expense), net | — | — | 4 | (3 | ) | — | 1 | |||||||||||
Earnings (loss) from continuing operations before tax | 454 | 446 | 467 | 279 | (1,021 | ) | 625 | |||||||||||
Income tax (provision) benefit | 1 | 8 | (122 | ) | (57 | ) | (2 | ) | (172 | ) | ||||||||
Earnings (loss) from continuing operations | 455 | 454 | 345 | 222 | (1,023 | ) | 453 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (1 | ) | — | — | (1 | ) | ||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) | 455 | 454 | 345 | 222 | (1,023 | ) | 453 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | 2 | — | 2 | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 455 | 454 | 345 | 224 | (1,023 | ) | 455 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 1,412 | 2,449 | (603 | ) | 3,258 | |||||||||||
Cost of sales | — | — | (978 | ) | (2,233 | ) | 605 | (2,606 | ) | |||||||||
Gross profit | — | — | 434 | 216 | 2 | 652 | ||||||||||||
Selling, general and administrative expenses | — | — | (47 | ) | (172 | ) | — | (219 | ) | |||||||||
Amortization of intangible assets | — | — | (7 | ) | (13 | ) | — | (20 | ) | |||||||||
Research and development expenses | — | — | (31 | ) | (18 | ) | — | (49 | ) | |||||||||
Other (charges) gains, net | — | — | 4 | (7 | ) | (4 | ) | (7 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (3 | ) | — | (3 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | — | (1 | ) | — | (1 | ) | ||||||||||
Operating profit (loss) | — | — | 353 | 2 | (2 | ) | 353 | |||||||||||
Equity in net earnings (loss) of affiliates | 271 | 328 | 82 | 94 | (666 | ) | 109 | |||||||||||
Interest expense | — | (96 | ) | (19 | ) | (32 | ) | 60 | (87 | ) | ||||||||
Refinancing expense | — | — | — | — | — | — | ||||||||||||
Interest income | — | 27 | 31 | 3 | (60 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 47 | — | 47 | ||||||||||||
Other income (expense), net | — | — | — | 3 | — | 3 | ||||||||||||
Earnings (loss) from continuing operations before tax | 271 | 259 | 447 | 117 | (668 | ) | 426 | |||||||||||
Income tax (provision) benefit | 4 | 12 | (113 | ) | (55 | ) | — | (152 | ) | |||||||||
Earnings (loss) from continuing operations | 275 | 271 | 334 | 62 | (668 | ) | 274 | |||||||||||
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) | 275 | 271 | 335 | 62 | (668 | ) | 275 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 275 | 271 | 335 | 62 | (668 | ) | 275 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 259 | 259 | 152 | 148 | (560 | ) | 258 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (22 | ) | (22 | ) | (9 | ) | 2 | 29 | (22 | ) | ||||||||
Gain (loss) from cash flow hedges | (3 | ) | (3 | ) | — | (3 | ) | 6 | (3 | ) | ||||||||
Pension and postretirement benefits | (14 | ) | (14 | ) | (14 | ) | — | 28 | (14 | ) | ||||||||
Total other comprehensive income (loss), net of tax | (39 | ) | (39 | ) | (23 | ) | (1 | ) | 63 | (39 | ) | |||||||
Total comprehensive income (loss), net of tax | 220 | 220 | 129 | 147 | (497 | ) | 219 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 220 | 220 | 129 | 148 | (497 | ) | 220 | |||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 133 | 130 | 169 | 36 | (335 | ) | 133 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | 26 | 26 | (2 | ) | (3 | ) | (21 | ) | 26 | |||||||||
Gain (loss) from cash flow hedges | 2 | 2 | (1 | ) | — | (1 | ) | 2 | ||||||||||
Pension and postretirement benefits | — | — | — | — | — | — | ||||||||||||
Total other comprehensive income (loss), net of tax | 28 | 28 | (3 | ) | (3 | ) | (22 | ) | 28 | |||||||||
Total comprehensive income (loss), net of tax | 161 | 158 | 166 | 33 | (357 | ) | 161 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 161 | 158 | 166 | 33 | (357 | ) | 161 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 455 | 454 | 345 | 222 | (1,023 | ) | 453 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (17 | ) | (17 | ) | 7 | (14 | ) | 24 | (17 | ) | ||||||||
Gain (loss) from cash flow hedges | (6 | ) | (6 | ) | — | (3 | ) | 9 | (6 | ) | ||||||||
Pension and postretirement benefits | (26 | ) | (26 | ) | (26 | ) | — | 52 | (26 | ) | ||||||||
Total other comprehensive income (loss), net of tax | (49 | ) | (49 | ) | (19 | ) | (17 | ) | 85 | (49 | ) | |||||||
Total comprehensive income (loss), net of tax | 406 | 405 | 326 | 205 | (938 | ) | 404 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | 2 | — | 2 | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 406 | 405 | 326 | 207 | (938 | ) | 406 | |||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 275 | 271 | 335 | 62 | (668 | ) | 275 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (5 | ) | (5 | ) | 3 | 2 | — | (5 | ) | |||||||||
Gain (loss) from cash flow hedges | 3 | 3 | (1 | ) | — | (2 | ) | 3 | ||||||||||
Pension and postretirement benefits | — | — | — | — | — | — | ||||||||||||
Total other comprehensive income (loss), net of tax | (2 | ) | (2 | ) | 2 | 2 | (2 | ) | (2 | ) | ||||||||
Total comprehensive income (loss), net of tax | 273 | 269 | 337 | 64 | (670 | ) | 273 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 273 | 269 | 337 | 64 | (670 | ) | 273 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | 2 | — | 208 | 854 | — | 1,064 | ||||||||||||
Trade receivables - third party and affiliates | — | — | 139 | 1,064 | (158 | ) | 1,045 | |||||||||||
Non-trade receivables, net | 34 | 469 | 2,160 | 507 | (2,939 | ) | 231 | |||||||||||
Inventories, net | — | — | 243 | 629 | (56 | ) | 816 | |||||||||||
Deferred income taxes | — | — | 75 | 57 | (17 | ) | 115 | |||||||||||
Marketable securities, at fair value | — | — | 39 | — | — | 39 | ||||||||||||
Other assets | — | 2 | 17 | 22 | (12 | ) | 29 | |||||||||||
Total current assets | 36 | 471 | 2,881 | 3,133 | (3,182 | ) | 3,339 | |||||||||||
Investments in affiliates | 2,920 | 4,781 | 1,910 | 609 | (9,340 | ) | 880 | |||||||||||
Property, plant and equipment, net | — | — | 964 | 2,613 | — | 3,577 | ||||||||||||
Deferred income taxes | — | — | 248 | 25 | (2 | ) | 271 | |||||||||||
Other assets | — | 1,989 | 141 | 303 | (2,101 | ) | 332 | |||||||||||
Goodwill | — | — | 305 | 489 | — | 794 | ||||||||||||
Intangible assets, net | — | — | 69 | 71 | — | 140 | ||||||||||||
Total assets | 2,956 | 7,241 | 6,518 | 7,243 | (14,625 | ) | 9,333 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 1,790 | 188 | 343 | (2,163 | ) | 158 | |||||||||||
Trade payables - third party and affiliates | — | — | 346 | 651 | (158 | ) | 839 | |||||||||||
Other liabilities | 1 | 30 | 315 | 438 | (312 | ) | 472 | |||||||||||
Deferred income taxes | — | 17 | — | 10 | (17 | ) | 10 | |||||||||||
Income taxes payable | — | — | 492 | 55 | (483 | ) | 64 | |||||||||||
Total current liabilities | 1 | 1,837 | 1,341 | 1,497 | (3,133 | ) | 1,543 | |||||||||||
Noncurrent Liabilities | ||||||||||||||||||
Long-term debt | — | 2,461 | 832 | 1,657 | (2,070 | ) | 2,880 | |||||||||||
Deferred income taxes | — | 8 | — | 222 | (2 | ) | 228 | |||||||||||
Uncertain tax positions | — | 6 | 7 | 145 | — | 158 | ||||||||||||
Benefit obligations | — | — | 900 | 225 | — | 1,125 | ||||||||||||
Other liabilities | — | 9 | 118 | 210 | (39 | ) | 298 | |||||||||||
Total noncurrent liabilities | — | 2,484 | 1,857 | 2,459 | (2,111 | ) | 4,689 | |||||||||||
Total Celanese Corporation stockholders’ equity | 2,955 | 2,920 | 3,320 | 3,141 | (9,381 | ) | 2,955 | |||||||||||
Noncontrolling interests | — | — | — | 146 | — | 146 | ||||||||||||
Total equity | 2,955 | 2,920 | 3,320 | 3,287 | (9,381 | ) | 3,101 | |||||||||||
Total liabilities and equity | 2,956 | 7,241 | 6,518 | 7,243 | (14,625 | ) | 9,333 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED 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 | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 169 | 109 | 333 | 142 | (336 | ) | 417 | |||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (100 | ) | (30 | ) | — | (130 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | — | — | — | — | ||||||||||||
Proceeds from sale of businesses and assets, net | — | — | — | — | — | — | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Fairway Methanol LLC | — | — | (34 | ) | (109 | ) | — | (143 | ) | |||||||||
Return of capital from subsidiary | — | — | 51 | — | (51 | ) | — | |||||||||||
Contributions to subsidiary | — | — | (97 | ) | — | 97 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 3 | (61 | ) | — | 58 | — | |||||||||||
Other, net | — | — | (6 | ) | (4 | ) | — | (10 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 3 | (247 | ) | (143 | ) | 104 | (283 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 61 | 10 | (9 | ) | (61 | ) | 1 | ||||||||||
Proceeds from short-term borrowings | — | — | — | 25 | — | 25 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (43 | ) | — | (43 | ) | ||||||||||
Proceeds from long-term debt | — | — | — | — | — | — | ||||||||||||
Repayments of long-term debt | — | (5 | ) | (3 | ) | (8 | ) | 3 | (13 | ) | ||||||||
Refinancing costs | — | — | — | — | — | — | ||||||||||||
Purchases of treasury stock, including related fees | (103 | ) | — | — | — | — | (103 | ) | ||||||||||
Dividends to parent | — | (168 | ) | (168 | ) | — | 336 | — | ||||||||||
Contributions from parent | — | — | — | 97 | (97 | ) | — | |||||||||||
Stock option exercises | 3 | — | — | — | — | 3 | ||||||||||||
Series A common stock dividends | (67 | ) | — | — | — | — | (67 | ) | ||||||||||
Return of capital to parent | — | — | — | (51 | ) | 51 | — | |||||||||||
Contribution from noncontrolling interest | — | — | — | 148 | — | 148 | ||||||||||||
Other, net | — | — | (1 | ) | — | — | (1 | ) | ||||||||||
Net cash provided by (used in) financing activities | (167 | ) | (112 | ) | (162 | ) | 159 | 232 | (50 | ) | ||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | (4 | ) | — | (4 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | 2 | — | (76 | ) | 154 | — | 80 | |||||||||||
Cash and cash equivalents as of beginning of period | — | — | 284 | 700 | — | 984 | ||||||||||||
Cash and cash equivalents as of end of period | 2 | — | 208 | 854 | — | 1,064 | ||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 19 | (42 | ) | 292 | 147 | (40 | ) | 376 | ||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (66 | ) | (62 | ) | — | (128 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | — | — | — | — | ||||||||||||
Proceeds from sale of businesses and assets, net | — | — | — | 12 | — | 12 | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (6 | ) | — | (6 | ) | ||||||||||
Capital expenditures related to Fairway Methanol LLC | — | — | (21 | ) | — | — | (21 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | — | — | — | — | ||||||||||||
Intercompany loan receipts (disbursements) | — | 3 | (64 | ) | — | 61 | — | |||||||||||
Other, net | — | — | (25 | ) | (9 | ) | — | (34 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 3 | (176 | ) | (65 | ) | 61 | (177 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 64 | (2 | ) | (9 | ) | (64 | ) | (11 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 27 | — | 27 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (24 | ) | — | (24 | ) | ||||||||||
Proceeds from long-term debt | — | — | 50 | — | — | 50 | ||||||||||||
Repayments of long-term debt | — | (5 | ) | (18 | ) | (42 | ) | 3 | (62 | ) | ||||||||
Refinancing costs | — | — | — | — | — | — | ||||||||||||
Purchases of treasury stock, including related fees | (6 | ) | — | — | — | — | (6 | ) | ||||||||||
Dividends to parent | — | (20 | ) | (20 | ) | — | 40 | — | ||||||||||
Contributions from parent | — | — | — | — | — | — | ||||||||||||
Stock option exercises | 3 | — | — | — | — | 3 | ||||||||||||
Series A common stock dividends | (26 | ) | — | — | — | — | (26 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Contribution from noncontrolling interest | — | — | — | — | — | — | ||||||||||||
Other, net | — | — | — | — | — | — | ||||||||||||
Net cash provided by (used in) financing activities | (29 | ) | 39 | 10 | (48 | ) | (21 | ) | (49 | ) | ||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | (10 | ) | — | 126 | 32 | — | 148 | |||||||||||
Cash and cash equivalents as of beginning of period | 10 | — | 275 | 674 | — | 959 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 401 | 706 | — | 1,107 | ||||||||||||
Description_of_the_Company_and1
Description of the Company and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Estimates and Assumptions | ' |
Estimates and Assumptions | |
The preparation of unaudited interim consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues, expenses and allocated charges during the reporting period. Significant estimates pertain to impairments of goodwill, intangible assets and other long-lived assets, purchase price allocations, restructuring costs and other (charges) gains, net, income taxes, pension and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates. |
Ventures_and_Variable_Interest1
Ventures and Variable Interest Entities (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ' | |||
Variable Interest Entity [Line Items] | ' | |||
Schedule of Variable Interest Entities | ' | |||
The carrying amount of the assets and liabilities associated with Fairway that are included in the unaudited consolidated balance sheet are as follows: | ||||
As of | ||||
June 30, | ||||
2014 | ||||
(In $ millions) | ||||
Cash and cash equivalents | 44 | |||
Property, plant and equipment | 252 | |||
Other assets | 24 | |||
Total assets(1) | 320 | |||
Current liabilities | 28 | |||
Total liabilities(2) | 28 | |||
______________________________ | ||||
(1) | Assets can only be used to settle the obligations of Fairway. | |||
(2) | Represents amounts owed by Fairway for reimbursement of expenditures. | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | ' | |||
Variable Interest Entity [Line Items] | ' | |||
Schedule of Variable Interest Entities | ' | |||
The carrying amount of the assets and liabilities associated with the obligations to nonconsolidated VIEs, as well as the maximum exposure to loss relating to these nonconsolidated VIEs are as follows: | ||||
As of | As of | |||
June 30, | December 31, | |||
2014 | 2013 | |||
(In $ millions) | ||||
Property, plant and equipment, net | 102 | 111 | ||
Trade payables | 54 | 56 | ||
Current installments of long-term debt | 9 | 8 | ||
Long-term debt | 128 | 136 | ||
Total liabilities | 191 | 200 | ||
Maximum exposure to loss | 309 | 318 |
Marketable_Securities_at_Fair_1
Marketable Securities, at Fair Value (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||
Schedule of Available-for-sale Securities | ' | |||||
The amortized cost, gross unrealized gain, gross unrealized loss and fair values for available-for-sale securities by major security type are as follows: | ||||||
As of | As of | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Mutual Funds | ||||||
Amortized cost | 39 | 41 | ||||
Gross unrealized gain | — | — | ||||
Gross unrealized loss | — | — | ||||
Fair value | 39 | 41 | ||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Inventory Disclosure [Abstract] | ' | |||||
Schedule of Inventories | ' | |||||
As of | As of | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Finished goods | 600 | 571 | ||||
Work-in-process | 52 | 59 | ||||
Raw materials and supplies | 164 | 174 | ||||
Total | 816 | 804 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets, Net (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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, 2013 | ||||||||||||||||
Goodwill | 303 | 254 | 43 | 198 | 798 | |||||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||||
Net book value | 303 | 254 | 43 | 198 | 798 | |||||||||||
Exchange rate changes | (1 | ) | (1 | ) | — | (2 | ) | (4 | ) | |||||||
As of June 30, 2014 | ||||||||||||||||
Goodwill | 302 | 253 | 43 | 196 | 794 | |||||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||||
Net book value | 302 | 253 | 43 | 196 | 794 | |||||||||||
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, 2013 | 33 | 544 | 30 | 39 | 646 | |||||||||||
Acquisitions | — | — | — | 10 | 10 | (1) | ||||||||||
Exchange rate changes | (1 | ) | (4 | ) | — | — | (5 | ) | ||||||||
As of June 30, 2014 | 32 | 540 | 30 | 49 | 651 | |||||||||||
Accumulated Amortization | ||||||||||||||||
As of December 31, 2013 | (20 | ) | (521 | ) | (21 | ) | (25 | ) | (587 | ) | ||||||
Amortization | (2 | ) | (7 | ) | (1 | ) | (1 | ) | (11 | ) | ||||||
Exchange rate changes | — | 4 | — | — | 4 | |||||||||||
As of June 30, 2014 | (22 | ) | (524 | ) | (22 | ) | (26 | ) | (594 | ) | ||||||
Net book value | 10 | 16 | 8 | 23 | 57 | |||||||||||
______________________________ | ||||||||||||||||
(1) | Primarily represents intangible assets acquired related to Fairway with a weighted average amortization period of 27 years (Note 4). | |||||||||||||||
Schedule of Indefinite-Lived Intangible Assets, Net | ' | |||||||||||||||
Indefinite-lived intangible assets are as follows: | ||||||||||||||||
Trademarks | ||||||||||||||||
and Trade Names | ||||||||||||||||
(In $ millions) | ||||||||||||||||
As of December 31, 2013 | 83 | |||||||||||||||
Acquisitions | — | |||||||||||||||
Accumulated impairment losses | — | |||||||||||||||
Exchange rate changes | — | |||||||||||||||
As of June 30, 2014 | 83 | |||||||||||||||
Schedule of Estimated Amortization Expense | ' | |||||||||||||||
Estimated amortization expense for the succeeding five fiscal years is as follows: | ||||||||||||||||
(In $ millions) | ||||||||||||||||
2015 | 11 | |||||||||||||||
2016 | 8 | |||||||||||||||
2017 | 7 | |||||||||||||||
2018 | 4 | |||||||||||||||
2019 | 3 | |||||||||||||||
Current_Other_Liabilities_Tabl
Current Other Liabilities (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Other Liabilities, Current [Abstract] | ' | |||||
Schedule of Current Other Liabilities | ' | |||||
As of | As of | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Asset retirement obligations | 18 | 29 | ||||
Current portion of benefit obligations | 47 | 78 | ||||
Customer rebates | 38 | 48 | ||||
Derivatives (Note 16) | 7 | 12 | ||||
Environmental (Note 12) | 26 | 30 | ||||
Insurance | 10 | 14 | ||||
Interest | 24 | 24 | ||||
Restructuring (Note 14) | 39 | 60 | ||||
Salaries and benefits | 94 | 96 | ||||
Sales and use tax/foreign withholding tax payable | 14 | 12 | ||||
Uncertain tax positions | 64 | 64 | ||||
Other | 91 | 74 | ||||
Total | 472 | 541 | ||||
Noncurrent_Other_Liabilities_T
Noncurrent Other Liabilities (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||
Schedule of Noncurrent Other Liabilities | ' | |||||
As of | As of | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Asset retirement obligations | 19 | 18 | ||||
Deferred proceeds | 52 | 53 | ||||
Deferred revenue | 26 | 28 | ||||
Derivatives (Note 16) | 6 | 3 | ||||
Environmental (Note 12) | 66 | 67 | ||||
Income taxes payable | 21 | 20 | ||||
Insurance | 55 | 50 | ||||
Restructuring (Note 14) | 1 | 2 | ||||
Other | 52 | 46 | ||||
Total | 298 | 287 | ||||
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Schedule of Short-term Debt | ' | |||||
As of | As of | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||||||
Current installments of long-term debt | 23 | 24 | ||||
Short-term borrowings, including amounts due to affiliates | 100 | 103 | ||||
Accounts receivable securitization facility | 35 | 50 | ||||
Total | 158 | 177 | ||||
Schedule of Long-term Debt | ' | |||||
As of | As of | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Long-Term Debt | ||||||
Senior credit facilities - Term C-2 loan due 2016 | 971 | 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 | ||||
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 5.7% to 6.7% | 169 | 169 | ||||
Obligations under capital leases due at various dates through 2054 | 263 | 264 | ||||
Subtotal | 2,903 | 2,911 | ||||
Current installments of long-term debt | (23 | ) | (24 | ) | ||
Total | 2,880 | 2,887 | ||||
Schedule of First Lien Senior Secured Leverage Ratios | ' | |||||
The Company’s amended first lien senior secured leverage ratios under the revolving credit facility are as follows: | ||||||
As of June 30, 2014 | ||||||
Maximum | Estimate | Estimate, If Fully Drawn | ||||
3.9 | 0.75 | 1.18 | ||||
Schedule of Balances Available for Borrowing | ' | |||||
The Company's balances available for borrowing are as follows: | ||||||
As of | ||||||
June 30, | ||||||
2014 | ||||||
(In $ millions) | ||||||
Revolving Credit Facility | ||||||
Borrowings outstanding | — | |||||
Letters of credit issued | — | |||||
Available for borrowing | 600 | |||||
Accounts Receivable Securitization Facility | ||||||
Borrowings outstanding | 35 | |||||
Letters of credit issued | 79 | |||||
Available for borrowing | 21 | |||||
Benefit_Obligations_Tables
Benefit Obligations (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Net Periodic Benefit Costs Recognized | ' | |||||||||||||||||||||||
The components of net periodic benefit cost are as follows: | ||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Pension | Post-retirement | Pension | Post-retirement | Pension | Post-retirement | Pension | Post-retirement | |||||||||||||||||
Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | |||||||||||||||||
(In $ millions) | (In $ millions) | |||||||||||||||||||||||
Service cost | 3 | 1 | 8 | 1 | 6 | 1 | 17 | 2 | ||||||||||||||||
Interest cost | 43 | — | 38 | 3 | 85 | 2 | 77 | 5 | ||||||||||||||||
Expected return on plan assets | (54 | ) | — | (56 | ) | — | (108 | ) | — | (112 | ) | — | ||||||||||||
Amortization of prior service cost (credit), net | — | (22 | ) | 1 | — | — | (41 | ) | 1 | — | ||||||||||||||
Total | (8 | ) | (21 | ) | (9 | ) | 4 | (17 | ) | (38 | ) | (17 | ) | 7 | ||||||||||
Schedule of Company Commitments to Fund Benefit Obligations | ' | |||||||||||||||||||||||
Benefit obligation funding is as follows: | ||||||||||||||||||||||||
As of | Total | |||||||||||||||||||||||
June 30, | Expected | |||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||
Cash contributions to defined benefit pension plans | 12 | 47 | ||||||||||||||||||||||
Benefit payments to nonqualified pension plans | 11 | 22 | ||||||||||||||||||||||
Benefit payments to other postretirement benefit plans | 39 | 54 | ||||||||||||||||||||||
Environmental_Tables
Environmental (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Environmental Remediation Obligations [Abstract] | ' | |||||
Schedule of Environmental Remediation Reserves | ' | |||||
The components of environmental remediation reserves are as follows: | ||||||
As of | As of | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Demerger obligations (Note 18) | 25 | 27 | ||||
Divestiture obligations (Note 18) | 21 | 21 | ||||
Active sites | 31 | 32 | ||||
US Superfund sites | 12 | 13 | ||||
Other environmental remediation reserves | 3 | 4 | ||||
Total | 92 | 97 | ||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||
Schedule of Dividend Increases | ' | |||||||||||||||||
The Company's 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-13 | 20 | 0.09 | 0.36 | May-13 | ||||||||||||||
Jul-13 | 100 | 0.18 | 0.72 | Aug-13 | ||||||||||||||
Apr-14 | 39 | 0.25 | 1 | May-14 | ||||||||||||||
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 | |||||||||||||||||
Feb-14 | 172 | |||||||||||||||||
As of June 30, 2014 | 1,065 | |||||||||||||||||
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: | ||||||||||||||||||
Six Months Ended | Total From | |||||||||||||||||
June 30, | Feb-08 | |||||||||||||||||
Through | ||||||||||||||||||
2014 | 2013 | 30-Jun-14 | ||||||||||||||||
Shares repurchased | 1,870,297 | 137,692 | (1) | 18,199,004 | (2) | |||||||||||||
Average purchase price per share | $ | 55.13 | $ | 46.24 | $ | 42.21 | ||||||||||||
Amount spent on repurchased shares (in millions) | $ | 103 | $ | 6 | $ | 768 | ||||||||||||
______________________________ | ||||||||||||||||||
(1) | Excludes 6,021 shares withheld from an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. 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. Restricted stock awards are considered outstanding at the time of issuance and therefore, the shares withheld are treated as treasury shares. | |||||||||||||||||
Schedule of Components of Other Comprehensive Income (Loss), Net | ' | |||||||||||||||||
Other Comprehensive Income (Loss), Net | ||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Gross | Income | Net | Gross | Income | Net | |||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||
(Provision) | (Provision) | |||||||||||||||||
Benefit | Benefit | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (12 | ) | (10 | ) | (22 | ) | 28 | (2 | ) | 26 | ||||||||
Gain (loss) from cash flow hedges | (3 | ) | — | (3 | ) | 3 | (1) | (1 | ) | 2 | ||||||||
Pension and postretirement benefits | (22 | ) | 8 | (14 | ) | — | (2) | — | — | |||||||||
Total | (37 | ) | (2 | ) | (39 | ) | 31 | (3 | ) | 28 | ||||||||
______________________________ | ||||||||||||||||||
(1) | Amount includes $1 million of losses associated with the Company's equity method investments' derivative activity. | |||||||||||||||||
(2) | Amount includes amortization of actuarial gains of $1 million related to the Company's equity method investments' pension plans. | |||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Gross | Income | Net | Gross | Income | Net | |||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||
(Provision) | (Provision) | |||||||||||||||||
Benefit | Benefit | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (15 | ) | (2 | ) | (17 | ) | (3 | ) | (2 | ) | (5 | ) | ||||||
Gain (loss) from cash flow hedges | (3 | ) | (3 | ) | (6 | ) | 5 | (1) | (2 | ) | 3 | |||||||
Pension and postretirement benefits | (41 | ) | 15 | (26 | ) | — | (2) | — | — | |||||||||
Total | (59 | ) | 10 | (49 | ) | 2 | (4 | ) | (2 | ) | ||||||||
______________________________ | ||||||||||||||||||
(1) | Amount includes $1 million of losses associated with the Company's equity method investments' derivative activity. | |||||||||||||||||
(2) | Amount includes amortization of actuarial gains of $1 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) | Currency | from Cash | and | Other | ||||||||||||||
on | Translation | Flow | Postretire- | Comprehensive | ||||||||||||||
Marketable | Hedges | ment | Income | |||||||||||||||
Securities | (Note 16) | Benefits | (Loss), Net | |||||||||||||||
(Note 5) | (Note 11) | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
As of December 31, 2013 | — | (3 | ) | (44 | ) | 43 | (4 | ) | ||||||||||
Other comprehensive income before reclassifications | — | (15 | ) | (5 | ) | — | (20 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 2 | (41 | ) | (39 | ) | |||||||||||
Income tax (provision) benefit | — | (2 | ) | (3 | ) | 15 | 10 | |||||||||||
As of June 30, 2014 | — | (20 | ) | (50 | ) | 17 | (53 | ) | ||||||||||
Other_Charges_Gains_Net_Tables
Other (Charges) Gains, Net (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||
Schedule of Other (Charges) Gains, Net | ' | |||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee termination benefits | (1 | ) | (1 | ) | (3 | ) | (3 | ) | ||||||||||
Kelsterbach plant relocation | — | (2 | ) | — | (4 | ) | ||||||||||||
Plant/office closures | — | — | 1 | — | ||||||||||||||
Other | 3 | — | 3 | — | ||||||||||||||
Total | 2 | (3 | ) | 1 | (7 | ) | ||||||||||||
Schedule of Restructuring Reserves | ' | |||||||||||||||||
The changes in the restructuring reserves by business segment are as follows: | ||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Total | |||||||||||||
Engineered | Specialties | Specialties | Intermediates | |||||||||||||||
Materials | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee Termination Benefits | ||||||||||||||||||
As of December 31, 2013 | 4 | 3 | 2 | 16 | 4 | 29 | ||||||||||||
Additions | 1 | — | — | 2 | — | 3 | ||||||||||||
Cash payments | (1 | ) | — | (1 | ) | (10 | ) | (1 | ) | (13 | ) | |||||||
Other changes | — | — | — | — | — | — | ||||||||||||
Exchange rate changes | — | — | — | — | — | — | ||||||||||||
As of June 30, 2014 | 4 | 3 | 1 | 8 | 3 | 19 | ||||||||||||
Plant/Office Closures | ||||||||||||||||||
As of December 31, 2013 | — | — | — | 33 | — | 33 | ||||||||||||
Additions | — | — | — | — | — | — | ||||||||||||
Cash payments | — | — | — | (7 | ) | — | (7 | ) | ||||||||||
Other changes | — | — | — | (5 | ) | — | (5 | ) | ||||||||||
Exchange rate changes | — | — | — | — | — | — | ||||||||||||
As of June 30, 2014 | — | — | — | 21 | — | 21 | ||||||||||||
Total | 4 | 3 | 1 | 29 | 3 | 40 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Effective Tax Rate | ' | |||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2014 | 2013 | 2014 | 2013 | |||||
(In percentages) | ||||||||
Effective income tax rate | 27 | 36 | 28 | 36 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Schedule of Interest Rate Swap Derivatives | ' | ||||||||||||
US-dollar interest rate swap derivative arrangements are as follows: | |||||||||||||
As of June 30, 2014 | |||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate (1) | ||||||||||
(In $ millions) | (In percentages) | ||||||||||||
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 10). | ||||||||||||
As of December 31, 2013 | |||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate (1) | ||||||||||
(In $ millions) | (In percentages) | ||||||||||||
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 10). | ||||||||||||
Schedule of Notional Amounts of Foreign Currency Derivatives | ' | ||||||||||||
Gross notional values of the foreign currency forwards and swaps are as follows: | |||||||||||||
As of | As of | ||||||||||||
June 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In $ millions) | |||||||||||||
Total | 748 | 869 | |||||||||||
Schedule of Cross Currency Swap Derivatives [Table Text Block] | ' | ||||||||||||
The cross-currency swap agreement is as follows: | |||||||||||||
As of June 30, 2014 | |||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate | ||||||||||
(In millions) | (In percentages) | ||||||||||||
$225 | April 17, 2014 | April 17, 2019 | 3.62 | ||||||||||
€ 162 | April 17, 2014 | April 17, 2019 | 2.77 | ||||||||||
Schedule of Changes in Fair Value of Derivatives | ' | ||||||||||||
Information regarding changes in the fair value of the Company’s derivative arrangements is as follows: | |||||||||||||
Three Months Ended June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Recognized in | Recognized in | Recognized in | Recognized in | ||||||||||
Other | Earnings | Other | Earnings | ||||||||||
Comprehensive | (Loss) | Comprehensive | (Loss) | ||||||||||
Income (Loss) | Income (Loss) | ||||||||||||
(In $ millions) | |||||||||||||
Designated as Cash Flow Hedges | |||||||||||||
Interest rate swaps | (1 | ) | (1) | (2 | ) | (3) | 1 | (6) | (3 | ) | (3) | ||
Cross-currency swap | (4 | ) | (2) | 3 | (4) | — | — | ||||||
Not Designated as Hedges | |||||||||||||
Foreign currency forwards and swaps | — | (3 | ) | (5) | — | (7 | ) | (5) | |||||
Total | (5 | ) | (2 | ) | 1 | (10 | ) | ||||||
______________________________ | |||||||||||||
(1) | Excludes $1 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
(2) | Excludes $1 million of tax benefit recognized in Other comprehensive income (loss). | ||||||||||||
(3) | Reclassified from Accumulated other comprehensive income (loss), net to Interest income (expense) in the unaudited interim consolidated statements of operations. | ||||||||||||
(4) | Included in Other income (expense), net in the unaudited interim consolidated statements of operations. | ||||||||||||
(5) | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the unaudited interim consolidated statements of operations. | ||||||||||||
(6) | Excludes $1 million of losses associated with the Company's equity method investments' derivative activity and $1 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
Six Months Ended June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Recognized in | Recognized in | Recognized in | Recognized in | ||||||||||
Other | Earnings | Other | Earnings | ||||||||||
Comprehensive | (Loss) | Comprehensive | (Loss) | ||||||||||
Income (Loss) | Income (Loss) | ||||||||||||
(In $ millions) | |||||||||||||
Designated as Cash Flow Hedges | |||||||||||||
Interest rate swaps | (1 | ) | (1) | (2 | ) | (3) | 1 | (6) | (5 | ) | (3) | ||
Cross-currency swap | (4 | ) | (2) | 3 | (4) | — | — | ||||||
Not Designated as Hedges | |||||||||||||
Foreign currency forwards and swaps | — | (5 | ) | (5) | — | (4 | ) | (5) | |||||
Total | (5 | ) | (4 | ) | 1 | (9 | ) | ||||||
______________________________ | |||||||||||||
-1 | Excludes $4 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
(2) | Excludes $1 million of tax benefit recognized in Other comprehensive income (loss). | ||||||||||||
(3) | Reclassified from Accumulated other comprehensive income (loss), net to Interest income (expense) in the unaudited interim consolidated statements of operations. | ||||||||||||
(4) | Included in Other income (expense), net in the unaudited interim consolidated statements of operations. | ||||||||||||
(5) | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the unaudited interim consolidated statements of operations. | ||||||||||||
(6) | Excludes $1 million of losses associated with the Company's equity method investments' derivative activity and $2 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
Offsetting Assets | ' | ||||||||||||
As of | As of | ||||||||||||
June 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In $ millions) | |||||||||||||
Derivative Assets | |||||||||||||
Gross amount recognized | 6 | 1 | |||||||||||
Gross amount offset in the consolidated balance sheets | — | — | |||||||||||
Net amount presented in the consolidated balance sheets | 6 | 1 | |||||||||||
Gross amount not offset in the consolidated balance sheets | 2 | 1 | |||||||||||
Net amount | 4 | — | |||||||||||
Offsetting Liabilities | ' | ||||||||||||
As of | As of | ||||||||||||
June 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In $ millions) | |||||||||||||
Derivative Liabilities | |||||||||||||
Gross amount recognized | 13 | 16 | |||||||||||
Gross amount offset in the consolidated balance sheets | — | 1 | |||||||||||
Net amount presented in the consolidated balance sheets | 13 | 15 | |||||||||||
Gross amount not offset in the consolidated balance sheets | 2 | 1 | |||||||||||
Net amount | 11 | 14 | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||
Assets and liabilities measured at fair value on a recurring basis are as follows: | ||||||||||||
Fair Value Measurement | ||||||||||||
Balance Sheet Classification | Quoted Prices | Significant | Total | |||||||||
in Active | Other | |||||||||||
Markets for | Observable | |||||||||||
Identical | Inputs | |||||||||||
Assets | (Level 2) | |||||||||||
(Level 1) | ||||||||||||
(In $ millions) | ||||||||||||
Mutual funds | Marketable securities, at fair value | 39 | — | 39 | ||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Cross-currency swap | Current Other assets | — | 2 | 2 | ||||||||
Cross-currency swap | Noncurrent Other assets | — | 3 | 3 | ||||||||
Derivatives Not Designated as Hedges | ||||||||||||
Foreign currency forwards and swaps | Current Other assets | — | 1 | 1 | ||||||||
Total assets as of June 30, 2014 | 39 | 6 | 45 | |||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (4 | ) | (4 | ) | ||||||
Interest rate swaps | Noncurrent Other liabilities | — | (2 | ) | (2 | ) | ||||||
Cross-currency swap | Current Other liabilities | — | (1 | ) | (1 | ) | ||||||
Cross-currency swap | Noncurrent Other liabilities | — | (4 | ) | (4 | ) | ||||||
Derivatives Not Designated as Hedges | ||||||||||||
Foreign currency forwards and swaps | Current Other liabilities | — | (2 | ) | (2 | ) | ||||||
Total liabilities as of June 30, 2014 | — | (13 | ) | (13 | ) | |||||||
Mutual funds | Marketable securities, at fair value | 41 | — | 41 | ||||||||
Derivatives Not Designated as Hedges | ||||||||||||
Foreign currency forwards and swaps | Current Other assets | — | 1 | 1 | ||||||||
Total assets as of December 31, 2013 | 41 | 1 | 42 | |||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (5 | ) | (5 | ) | ||||||
Interest rate swaps | Noncurrent Other liabilities | — | (3 | ) | (3 | ) | ||||||
Derivatives Not Designated as Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (2 | ) | (2 | ) | ||||||
Foreign currency forwards and swaps | Current Other liabilities | — | (5 | ) | (5 | ) | ||||||
Total liabilities as of December 31, 2013 | — | (15 | ) | (15 | ) | |||||||
Schedule of Carrying Values and Fair Values of Financial Instruments | ' | |||||||||||
Carrying values and fair values of financial instruments that are not carried at fair value are as follows: | ||||||||||||
Fair Value Measurement | ||||||||||||
Carrying | Significant Other | Unobservable | Total | |||||||||
Amount | Observable | Inputs | ||||||||||
Inputs | (Level 3) | |||||||||||
(Level 2) | ||||||||||||
(In $ millions) | ||||||||||||
As of June 30, 2014 | ||||||||||||
Cost investments | 145 | — | — | — | ||||||||
Insurance contracts in nonqualified trusts | 57 | 57 | — | 57 | ||||||||
Long-term debt, including current installments of long-term debt | 2,903 | 2,718 | 263 | 2,981 | ||||||||
As of December 31, 2013 | ||||||||||||
Cost investments | 145 | — | — | — | ||||||||
Insurance contracts in nonqualified trusts | 62 | 62 | — | 62 | ||||||||
Long-term debt, including current installments of long-term debt | 2,911 | 2,696 | 264 | 2,960 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||
Schedule of Business Segments | ' | |||||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Eliminations | Consolidated | ||||||||||||||||
Engineered | Specialties | Specialties | Intermediates | Activities | ||||||||||||||||||
Materials | ||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||
Net sales | 389 | 289 | (1) | 333 | 901 | (1) | — | (143 | ) | 1,769 | ||||||||||||
Other (charges) gains, net | (1 | ) | — | — | 2 | 1 | — | 2 | ||||||||||||||
Operating profit (loss) | 56 | 80 | 24 | 142 | (43 | ) | — | 259 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 45 | 7 | — | 14 | 35 | — | 101 | |||||||||||||||
Depreciation and amortization | 27 | 10 | 12 | 19 | 4 | — | 72 | |||||||||||||||
Capital expenditures | 11 | 22 | 6 | 90 | 2 | — | 131 | (2) | ||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||
Net sales | 352 | 314 | (1) | 295 | 809 | (1) | — | (117 | ) | 1,653 | ||||||||||||
Other (charges) gains, net | (2 | ) | — | (1 | ) | — | — | — | (3 | ) | ||||||||||||
Operating profit (loss) | 39 | 83 | 18 | 55 | (26 | ) | — | 169 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 45 | 1 | — | 1 | 8 | — | 55 | |||||||||||||||
Depreciation and amortization | 27 | 10 | 12 | 22 | 4 | — | 75 | |||||||||||||||
Capital expenditures | 13 | 29 | 6 | 42 | 3 | — | 93 | (3) | ||||||||||||||
______________________________ | ||||||||||||||||||||||
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $143 million and $0 million, respectively, for the three months ended June 30, 2014 and $116 million and $1 million, respectively, for the three months ended June 30, 2013. | |||||||||||||||||||||
(2) | Includes an increase in accrued capital expenditures of $6 million for the three months ended June 30, 2014. | |||||||||||||||||||||
(3) | Excludes expenditures related to the relocation of the Company’s POM operations in Germany and includes an increase in accrued capital expenditures of $18 million for the three months ended June 30, 2013. | |||||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Eliminations | Consolidated | ||||||||||||||||
Engineered | Specialties | Specialties | Intermediates | Activities | ||||||||||||||||||
Materials | ||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||
Net sales | 762 | 591 | (1) | 645 | 1,742 | (1) | — | (266 | ) | 3,474 | ||||||||||||
Other (charges) gains, net | (1 | ) | — | — | 2 | — | — | 1 | ||||||||||||||
Operating profit (loss) | 113 | 179 | 44 | 239 | (73 | ) | — | 502 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 78 | 8 | — | 15 | 40 | — | 141 | |||||||||||||||
Depreciation and amortization | 53 | 21 | 26 | 40 | 7 | — | 147 | |||||||||||||||
Capital expenditures | 20 | 50 | 10 | 166 | 3 | — | 249 | (2) | ||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||||
Goodwill and intangibles, net | 364 | 276 | 58 | 236 | — | — | 934 | |||||||||||||||
Total assets | 2,675 | 1,511 | 974 | 2,533 | 1,640 | — | 9,333 | |||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||
Net sales | 681 | 609 | (1) | 583 | 1,617 | (1) | — | (232 | ) | 3,258 | ||||||||||||
Other (charges) gains, net | (4 | ) | — | (2 | ) | (1 | ) | — | — | (7 | ) | |||||||||||
Operating profit (loss) | 75 | 161 | 33 | 130 | (46 | ) | — | 353 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 85 | 3 | — | 4 | 17 | — | 109 | |||||||||||||||
Depreciation and amortization | 56 | 20 | 24 | 43 | 8 | — | 151 | |||||||||||||||
Capital expenditures | 21 | 43 | 11 | 71 | 4 | — | 150 | (3) | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Goodwill and intangibles, net | 368 | 278 | 60 | 234 | — | — | 940 | |||||||||||||||
Total assets | 2,643 | 1,478 | 1,002 | 2,333 | 1,562 | — | 9,018 | |||||||||||||||
______________________________ | ||||||||||||||||||||||
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $266 million and $0 million, respectively, for the six months ended June 30, 2014 and $228 million and $4 million, respectively, for the six months ended June 30, 2013. | |||||||||||||||||||||
(2) | Includes a decrease in accrued capital expenditures of $24 million for the six months ended June 30, 2014. | |||||||||||||||||||||
(3) | Excludes expenditures related to the relocation of the Company’s POM operations in Germany and includes an increase in accrued capital expenditures of $1 million for the six months ended June 30, 2013. |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings (Loss) Per Share | ' | |||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
(In $ millions, except share data) | ||||||||||||
Amounts Attributable to Celanese Corporation | ||||||||||||
Earnings (loss) from continuing operations | 259 | 133 | 455 | 274 | ||||||||
Earnings (loss) from discontinued operations | — | — | — | 1 | ||||||||
Net earnings (loss) | 259 | 133 | 455 | 275 | ||||||||
Weighted average shares - basic | 155,751,779 | 159,676,462 | 156,124,714 | 159,679,408 | ||||||||
Dilutive stock options | 156,658 | 213,834 | 161,114 | 216,890 | ||||||||
Dilutive restricted stock units | 145,795 | 251,860 | 138,837 | 242,661 | ||||||||
Weighted average shares - diluted | 156,054,232 | 160,142,156 | 156,424,665 | 160,138,959 | ||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | |||||||||||
Securities not included in the computation of diluted net earnings per share as their effect would have been antidilutive are as follows: | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Stock options | — | 95,225 | — | 94,329 | ||||||||
Restricted stock units | — | — | — | — | ||||||||
Total | — | 95,225 | — | 94,329 | ||||||||
Consolidating_Guarantor_Financ1
Consolidating Guarantor Financial Information (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Consolidating Guarantor Financial Information [Abstract] | ' | |||||||||||||||||
Schedule of Consolidating Statement of Operations | ' | |||||||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 679 | 1,357 | (267 | ) | 1,769 | |||||||||||
Cost of sales | — | — | (501 | ) | (1,149 | ) | 289 | (1,361 | ) | |||||||||
Gross profit | — | — | 178 | 208 | 22 | 408 | ||||||||||||
Selling, general and administrative expenses | — | — | (18 | ) | (101 | ) | — | (119 | ) | |||||||||
Amortization of intangible assets | — | — | (2 | ) | (3 | ) | — | (5 | ) | |||||||||
Research and development expenses | — | — | (13 | ) | (11 | ) | — | (24 | ) | |||||||||
Other (charges) gains, net | — | — | — | 2 | — | 2 | ||||||||||||
Foreign exchange gain (loss), net | — | — | — | (1 | ) | — | (1 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (2 | ) | — | — | (2 | ) | ||||||||||
Operating profit (loss) | — | — | 143 | 94 | 22 | 259 | ||||||||||||
Equity in net earnings (loss) of affiliates | 259 | 282 | 48 | 89 | (577 | ) | 101 | |||||||||||
Interest expense | — | (49 | ) | (6 | ) | (21 | ) | 36 | (40 | ) | ||||||||
Refinancing expense | — | — | — | — | — | — | ||||||||||||
Interest income | — | 17 | 18 | 3 | (36 | ) | 2 | |||||||||||
Dividend income - cost investments | — | — | — | 29 | — | 29 | ||||||||||||
Other income (expense), net | — | — | 1 | — | — | 1 | ||||||||||||
Earnings (loss) from continuing operations before tax | 259 | 250 | 204 | 194 | (555 | ) | 352 | |||||||||||
Income tax (provision) benefit | — | 9 | (52 | ) | (46 | ) | (5 | ) | (94 | ) | ||||||||
Earnings (loss) from continuing operations | 259 | 259 | 152 | 148 | (560 | ) | 258 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (1 | ) | — | — | (1 | ) | ||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) | 259 | 259 | 152 | 148 | (560 | ) | 258 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 259 | 259 | 152 | 149 | (560 | ) | 259 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 732 | 1,242 | (321 | ) | 1,653 | |||||||||||
Cost of sales | — | — | (503 | ) | (1,139 | ) | 308 | (1,334 | ) | |||||||||
Gross profit | — | — | 229 | 103 | (13 | ) | 319 | |||||||||||
Selling, general and administrative expenses | — | — | (26 | ) | (87 | ) | — | (113 | ) | |||||||||
Amortization of intangible assets | — | — | (3 | ) | (6 | ) | — | (9 | ) | |||||||||
Research and development expenses | — | — | (15 | ) | (8 | ) | — | (23 | ) | |||||||||
Other (charges) gains, net | — | — | — | (3 | ) | — | (3 | ) | ||||||||||
Foreign exchange gain (loss), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | 1 | (1 | ) | — | — | |||||||||||
Operating profit (loss) | — | — | 186 | (4 | ) | (13 | ) | 169 | ||||||||||
Equity in net earnings (loss) of affiliates | 130 | 161 | 45 | 45 | (326 | ) | 55 | |||||||||||
Interest expense | — | (49 | ) | (9 | ) | (16 | ) | 30 | (44 | ) | ||||||||
Refinancing expense | — | — | — | — | — | — | ||||||||||||
Interest income | — | 13 | 16 | 2 | (30 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 23 | — | 23 | ||||||||||||
Other income (expense), net | — | — | — | 4 | — | 4 | ||||||||||||
Earnings (loss) from continuing operations before tax | 130 | 125 | 238 | 54 | (339 | ) | 208 | |||||||||||
Income tax (provision) benefit | 3 | 5 | (69 | ) | (18 | ) | 4 | (75 | ) | |||||||||
Earnings (loss) from continuing operations | 133 | 130 | 169 | 36 | (335 | ) | 133 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | — | — | — | — | ||||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | — | — | — | — | ||||||||||||
Earnings (loss) from discontinued operations | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) | 133 | 130 | 169 | 36 | (335 | ) | 133 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 133 | 130 | 169 | 36 | (335 | ) | 133 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 1,386 | 2,657 | (569 | ) | 3,474 | |||||||||||
Cost of sales | — | — | (962 | ) | (2,300 | ) | 574 | (2,688 | ) | |||||||||
Gross profit | — | — | 424 | 357 | 5 | 786 | ||||||||||||
Selling, general and administrative expenses | — | — | (27 | ) | (196 | ) | — | (223 | ) | |||||||||
Amortization of intangible assets | — | — | (4 | ) | (7 | ) | — | (11 | ) | |||||||||
Research and development expenses | — | — | (26 | ) | (20 | ) | — | (46 | ) | |||||||||
Other (charges) gains, net | — | — | — | 1 | — | 1 | ||||||||||||
Foreign exchange gain (loss), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (5 | ) | 2 | — | (3 | ) | ||||||||||
Operating profit (loss) | — | — | 362 | 135 | 5 | 502 | ||||||||||||
Equity in net earnings (loss) of affiliates | 454 | 510 | 78 | 125 | (1,026 | ) | 141 | |||||||||||
Interest expense | — | (95 | ) | (12 | ) | (40 | ) | 68 | (79 | ) | ||||||||
Refinancing expense | — | — | — | — | — | — | ||||||||||||
Interest income | — | 31 | 35 | 4 | (68 | ) | 2 | |||||||||||
Dividend income - cost investments | — | — | — | 58 | — | 58 | ||||||||||||
Other income (expense), net | — | — | 4 | (3 | ) | — | 1 | |||||||||||
Earnings (loss) from continuing operations before tax | 454 | 446 | 467 | 279 | (1,021 | ) | 625 | |||||||||||
Income tax (provision) benefit | 1 | 8 | (122 | ) | (57 | ) | (2 | ) | (172 | ) | ||||||||
Earnings (loss) from continuing operations | 455 | 454 | 345 | 222 | (1,023 | ) | 453 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (1 | ) | — | — | (1 | ) | ||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) | 455 | 454 | 345 | 222 | (1,023 | ) | 453 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | 2 | — | 2 | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 455 | 454 | 345 | 224 | (1,023 | ) | 455 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 1,412 | 2,449 | (603 | ) | 3,258 | |||||||||||
Cost of sales | — | — | (978 | ) | (2,233 | ) | 605 | (2,606 | ) | |||||||||
Gross profit | — | — | 434 | 216 | 2 | 652 | ||||||||||||
Selling, general and administrative expenses | — | — | (47 | ) | (172 | ) | — | (219 | ) | |||||||||
Amortization of intangible assets | — | — | (7 | ) | (13 | ) | — | (20 | ) | |||||||||
Research and development expenses | — | — | (31 | ) | (18 | ) | — | (49 | ) | |||||||||
Other (charges) gains, net | — | — | 4 | (7 | ) | (4 | ) | (7 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (3 | ) | — | (3 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | — | (1 | ) | — | (1 | ) | ||||||||||
Operating profit (loss) | — | — | 353 | 2 | (2 | ) | 353 | |||||||||||
Equity in net earnings (loss) of affiliates | 271 | 328 | 82 | 94 | (666 | ) | 109 | |||||||||||
Interest expense | — | (96 | ) | (19 | ) | (32 | ) | 60 | (87 | ) | ||||||||
Refinancing expense | — | — | — | — | — | — | ||||||||||||
Interest income | — | 27 | 31 | 3 | (60 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 47 | — | 47 | ||||||||||||
Other income (expense), net | — | — | — | 3 | — | 3 | ||||||||||||
Earnings (loss) from continuing operations before tax | 271 | 259 | 447 | 117 | (668 | ) | 426 | |||||||||||
Income tax (provision) benefit | 4 | 12 | (113 | ) | (55 | ) | — | (152 | ) | |||||||||
Earnings (loss) from continuing operations | 275 | 271 | 334 | 62 | (668 | ) | 274 | |||||||||||
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) | 275 | 271 | 335 | 62 | (668 | ) | 275 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 275 | 271 | 335 | 62 | (668 | ) | 275 | |||||||||||
Schedule of Consolidating Statements of Comprehensive Income (Loss) | ' | |||||||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 259 | 259 | 152 | 148 | (560 | ) | 258 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (22 | ) | (22 | ) | (9 | ) | 2 | 29 | (22 | ) | ||||||||
Gain (loss) from cash flow hedges | (3 | ) | (3 | ) | — | (3 | ) | 6 | (3 | ) | ||||||||
Pension and postretirement benefits | (14 | ) | (14 | ) | (14 | ) | — | 28 | (14 | ) | ||||||||
Total other comprehensive income (loss), net of tax | (39 | ) | (39 | ) | (23 | ) | (1 | ) | 63 | (39 | ) | |||||||
Total comprehensive income (loss), net of tax | 220 | 220 | 129 | 147 | (497 | ) | 219 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 220 | 220 | 129 | 148 | (497 | ) | 220 | |||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 133 | 130 | 169 | 36 | (335 | ) | 133 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | 26 | 26 | (2 | ) | (3 | ) | (21 | ) | 26 | |||||||||
Gain (loss) from cash flow hedges | 2 | 2 | (1 | ) | — | (1 | ) | 2 | ||||||||||
Pension and postretirement benefits | — | — | — | — | — | — | ||||||||||||
Total other comprehensive income (loss), net of tax | 28 | 28 | (3 | ) | (3 | ) | (22 | ) | 28 | |||||||||
Total comprehensive income (loss), net of tax | 161 | 158 | 166 | 33 | (357 | ) | 161 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 161 | 158 | 166 | 33 | (357 | ) | 161 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 455 | 454 | 345 | 222 | (1,023 | ) | 453 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (17 | ) | (17 | ) | 7 | (14 | ) | 24 | (17 | ) | ||||||||
Gain (loss) from cash flow hedges | (6 | ) | (6 | ) | — | (3 | ) | 9 | (6 | ) | ||||||||
Pension and postretirement benefits | (26 | ) | (26 | ) | (26 | ) | — | 52 | (26 | ) | ||||||||
Total other comprehensive income (loss), net of tax | (49 | ) | (49 | ) | (19 | ) | (17 | ) | 85 | (49 | ) | |||||||
Total comprehensive income (loss), net of tax | 406 | 405 | 326 | 205 | (938 | ) | 404 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | 2 | — | 2 | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 406 | 405 | 326 | 207 | (938 | ) | 406 | |||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 275 | 271 | 335 | 62 | (668 | ) | 275 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (5 | ) | (5 | ) | 3 | 2 | — | (5 | ) | |||||||||
Gain (loss) from cash flow hedges | 3 | 3 | (1 | ) | — | (2 | ) | 3 | ||||||||||
Pension and postretirement benefits | — | — | — | — | — | — | ||||||||||||
Total other comprehensive income (loss), net of tax | (2 | ) | (2 | ) | 2 | 2 | (2 | ) | (2 | ) | ||||||||
Total comprehensive income (loss), net of tax | 273 | 269 | 337 | 64 | (670 | ) | 273 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 273 | 269 | 337 | 64 | (670 | ) | 273 | |||||||||||
Schedule of Consolidating Balance Sheet | ' | |||||||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | 2 | — | 208 | 854 | — | 1,064 | ||||||||||||
Trade receivables - third party and affiliates | — | — | 139 | 1,064 | (158 | ) | 1,045 | |||||||||||
Non-trade receivables, net | 34 | 469 | 2,160 | 507 | (2,939 | ) | 231 | |||||||||||
Inventories, net | — | — | 243 | 629 | (56 | ) | 816 | |||||||||||
Deferred income taxes | — | — | 75 | 57 | (17 | ) | 115 | |||||||||||
Marketable securities, at fair value | — | — | 39 | — | — | 39 | ||||||||||||
Other assets | — | 2 | 17 | 22 | (12 | ) | 29 | |||||||||||
Total current assets | 36 | 471 | 2,881 | 3,133 | (3,182 | ) | 3,339 | |||||||||||
Investments in affiliates | 2,920 | 4,781 | 1,910 | 609 | (9,340 | ) | 880 | |||||||||||
Property, plant and equipment, net | — | — | 964 | 2,613 | — | 3,577 | ||||||||||||
Deferred income taxes | — | — | 248 | 25 | (2 | ) | 271 | |||||||||||
Other assets | — | 1,989 | 141 | 303 | (2,101 | ) | 332 | |||||||||||
Goodwill | — | — | 305 | 489 | — | 794 | ||||||||||||
Intangible assets, net | — | — | 69 | 71 | — | 140 | ||||||||||||
Total assets | 2,956 | 7,241 | 6,518 | 7,243 | (14,625 | ) | 9,333 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 1,790 | 188 | 343 | (2,163 | ) | 158 | |||||||||||
Trade payables - third party and affiliates | — | — | 346 | 651 | (158 | ) | 839 | |||||||||||
Other liabilities | 1 | 30 | 315 | 438 | (312 | ) | 472 | |||||||||||
Deferred income taxes | — | 17 | — | 10 | (17 | ) | 10 | |||||||||||
Income taxes payable | — | — | 492 | 55 | (483 | ) | 64 | |||||||||||
Total current liabilities | 1 | 1,837 | 1,341 | 1,497 | (3,133 | ) | 1,543 | |||||||||||
Noncurrent Liabilities | ||||||||||||||||||
Long-term debt | — | 2,461 | 832 | 1,657 | (2,070 | ) | 2,880 | |||||||||||
Deferred income taxes | — | 8 | — | 222 | (2 | ) | 228 | |||||||||||
Uncertain tax positions | — | 6 | 7 | 145 | — | 158 | ||||||||||||
Benefit obligations | — | — | 900 | 225 | — | 1,125 | ||||||||||||
Other liabilities | — | 9 | 118 | 210 | (39 | ) | 298 | |||||||||||
Total noncurrent liabilities | — | 2,484 | 1,857 | 2,459 | (2,111 | ) | 4,689 | |||||||||||
Total Celanese Corporation stockholders’ equity | 2,955 | 2,920 | 3,320 | 3,141 | (9,381 | ) | 2,955 | |||||||||||
Noncontrolling interests | — | — | — | 146 | — | 146 | ||||||||||||
Total equity | 2,955 | 2,920 | 3,320 | 3,287 | (9,381 | ) | 3,101 | |||||||||||
Total liabilities and equity | 2,956 | 7,241 | 6,518 | 7,243 | (14,625 | ) | 9,333 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED 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 | |||||||||||
Schedule of Consolidating Statement of Cash Flows | ' | |||||||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 169 | 109 | 333 | 142 | (336 | ) | 417 | |||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (100 | ) | (30 | ) | — | (130 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | — | — | — | — | ||||||||||||
Proceeds from sale of businesses and assets, net | — | — | — | — | — | — | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Fairway Methanol LLC | — | — | (34 | ) | (109 | ) | — | (143 | ) | |||||||||
Return of capital from subsidiary | — | — | 51 | — | (51 | ) | — | |||||||||||
Contributions to subsidiary | — | — | (97 | ) | — | 97 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 3 | (61 | ) | — | 58 | — | |||||||||||
Other, net | — | — | (6 | ) | (4 | ) | — | (10 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 3 | (247 | ) | (143 | ) | 104 | (283 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 61 | 10 | (9 | ) | (61 | ) | 1 | ||||||||||
Proceeds from short-term borrowings | — | — | — | 25 | — | 25 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (43 | ) | — | (43 | ) | ||||||||||
Proceeds from long-term debt | — | — | — | — | — | — | ||||||||||||
Repayments of long-term debt | — | (5 | ) | (3 | ) | (8 | ) | 3 | (13 | ) | ||||||||
Refinancing costs | — | — | — | — | — | — | ||||||||||||
Purchases of treasury stock, including related fees | (103 | ) | — | — | — | — | (103 | ) | ||||||||||
Dividends to parent | — | (168 | ) | (168 | ) | — | 336 | — | ||||||||||
Contributions from parent | — | — | — | 97 | (97 | ) | — | |||||||||||
Stock option exercises | 3 | — | — | — | — | 3 | ||||||||||||
Series A common stock dividends | (67 | ) | — | — | — | — | (67 | ) | ||||||||||
Return of capital to parent | — | — | — | (51 | ) | 51 | — | |||||||||||
Contribution from noncontrolling interest | — | — | — | 148 | — | 148 | ||||||||||||
Other, net | — | — | (1 | ) | — | — | (1 | ) | ||||||||||
Net cash provided by (used in) financing activities | (167 | ) | (112 | ) | (162 | ) | 159 | 232 | (50 | ) | ||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | (4 | ) | — | (4 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | 2 | — | (76 | ) | 154 | — | 80 | |||||||||||
Cash and cash equivalents as of beginning of period | — | — | 284 | 700 | — | 984 | ||||||||||||
Cash and cash equivalents as of end of period | 2 | — | 208 | 854 | — | 1,064 | ||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 19 | (42 | ) | 292 | 147 | (40 | ) | 376 | ||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (66 | ) | (62 | ) | — | (128 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | — | — | — | — | ||||||||||||
Proceeds from sale of businesses and assets, net | — | — | — | 12 | — | 12 | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (6 | ) | — | (6 | ) | ||||||||||
Capital expenditures related to Fairway Methanol LLC | — | — | (21 | ) | — | — | (21 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | — | — | — | — | ||||||||||||
Intercompany loan receipts (disbursements) | — | 3 | (64 | ) | — | 61 | — | |||||||||||
Other, net | — | — | (25 | ) | (9 | ) | — | (34 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 3 | (176 | ) | (65 | ) | 61 | (177 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 64 | (2 | ) | (9 | ) | (64 | ) | (11 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 27 | — | 27 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (24 | ) | — | (24 | ) | ||||||||||
Proceeds from long-term debt | — | — | 50 | — | — | 50 | ||||||||||||
Repayments of long-term debt | — | (5 | ) | (18 | ) | (42 | ) | 3 | (62 | ) | ||||||||
Refinancing costs | — | — | — | — | — | — | ||||||||||||
Purchases of treasury stock, including related fees | (6 | ) | — | — | — | — | (6 | ) | ||||||||||
Dividends to parent | — | (20 | ) | (20 | ) | — | 40 | — | ||||||||||
Contributions from parent | — | — | — | — | — | — | ||||||||||||
Stock option exercises | 3 | — | — | — | — | 3 | ||||||||||||
Series A common stock dividends | (26 | ) | — | — | — | — | (26 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Contribution from noncontrolling interest | — | — | — | — | — | — | ||||||||||||
Other, net | — | — | — | — | — | — | ||||||||||||
Net cash provided by (used in) financing activities | (29 | ) | 39 | 10 | (48 | ) | (21 | ) | (49 | ) | ||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | (10 | ) | — | 126 | 32 | — | 148 | |||||||||||
Cash and cash equivalents as of beginning of period | 10 | — | 275 | 674 | — | 959 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 401 | 706 | — | 1,107 | ||||||||||||
Description_of_the_Company_and2
Description of the Company and Basis of Presentation (Narrative) (Details) | Jun. 30, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Consolidated subsidiaries ownership percentage | 100.00% |
Ventures_and_Variable_Interest2
Ventures and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | |
Cash and cash equivalents | $1,064 | $984 | $1,107 | $959 | |
Property, plant and equipment, net | 3,577 | 3,425 | ' | ' | |
Other assets | 332 | 341 | ' | ' | |
Total assets | 9,333 | 9,018 | ' | ' | |
Trade payables | 839 | 799 | ' | ' | |
Current liabilities | 1,543 | 1,545 | ' | ' | |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | ' | ' | |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | |
Cash and cash equivalents | 44 | ' | ' | ' | |
Property, plant and equipment, net | 252 | ' | ' | ' | |
Other assets | 24 | ' | ' | ' | |
Total assets | 320 | [1] | ' | ' | ' |
Current liabilities | 28 | ' | ' | ' | |
Total liabilities | 28 | [2] | ' | ' | ' |
Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' | ' | |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | |
Property, plant and equipment, net | 102 | 111 | ' | ' | |
Trade payables | 54 | 56 | ' | ' | |
Current installments of long-term debt | 9 | 8 | ' | ' | |
Long-term debt | 128 | 136 | ' | ' | |
Total liabilities | 191 | 200 | ' | ' | |
Maximum exposure to loss | $309 | $318 | ' | ' | |
[1] | Assets can only be used to settle the obligations of Fairway. | ||||
[2] | Represents amounts owed by Fairway for reimbursement of expenditures. |
Ventures_and_Variable_Interest3
Ventures and Variable Interest Entities (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | InfraServ Gmbh & Co. Hoechst KG [Member] | InfraServ Gmbh & Co. Hoechst KG [Member] | InfraServ Gmbh & Co. Hoechst KG [Member] | |||||
T | Cash [Member] | Property, Plant and Equipment [Member] | Other Activities [Member] | Consumer Specialties [Member] | Acetyl Intermediates [Member] | ||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Restructuring of Debt | ' | ' | ' | ' | ' | ' | ' | ' | $29 | ' | ' |
Equity in net earnings (loss) of affiliates | 101 | 55 | 141 | 109 | ' | ' | ' | ' | ' | 6 | 13 |
Ownership percentage | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Contribution from noncontrolling interests | ' | ' | ' | ' | ' | ' | 6 | 103 | ' | ' | ' |
Expected production capacity per year | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' |
Pre-formation costs | ' | ' | ' | ' | ' | $70 | ' | ' | ' | ' | ' |
Marketable_Securities_at_Fair_2
Marketable Securities, at Fair Value (Schedule of Available-for-sale Securities) (Details) (Mutual Funds [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Mutual Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $39 | $41 |
Gross unrealized gain | 0 | 0 |
Gross unrealized loss | 0 | 0 |
Fair value | $39 | $41 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $600 | $571 |
Work-in-process | 52 | 59 |
Raw materials and supplies | 164 | 174 |
Total | $816 | $804 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Net (Schedule of Goodwill) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Goodwill | ' | ' |
Exchange rate changes | ($4) | ' |
Goodwill | 794 | 798 |
Accumulated impairment losses | 0 | 0 |
Net book value | 794 | 798 |
Advanced Engineered Materials [Member] | ' | ' |
Goodwill | ' | ' |
Exchange rate changes | -1 | ' |
Goodwill | 302 | 303 |
Accumulated impairment losses | 0 | 0 |
Net book value | 302 | 303 |
Consumer Specialties [Member] | ' | ' |
Goodwill | ' | ' |
Exchange rate changes | -1 | ' |
Goodwill | 253 | 254 |
Accumulated impairment losses | 0 | 0 |
Net book value | 253 | 254 |
Industrial Specialties [Member] | ' | ' |
Goodwill | ' | ' |
Exchange rate changes | 0 | ' |
Goodwill | 43 | 43 |
Accumulated impairment losses | 0 | 0 |
Net book value | 43 | 43 |
Acetyl Intermediates [Member] | ' | ' |
Goodwill | ' | ' |
Exchange rate changes | -2 | ' |
Goodwill | 196 | 198 |
Accumulated impairment losses | 0 | 0 |
Net book value | $196 | $198 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Net) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Gross Asset Value | ' | ' | ' | ' | ' | |
Acquisitions | ' | ' | $10 | [1] | ' | ' |
Exchange rate changes | ' | ' | -5 | ' | ' | |
Gross asset value | 651 | ' | 651 | ' | 646 | |
Accumulated Amortization | ' | ' | ' | ' | ' | |
Amortization | -5 | -9 | -11 | -20 | ' | |
Exchange rate changes | ' | ' | 4 | ' | ' | |
Accumulated amortization | -594 | ' | -594 | ' | -587 | |
Net book value | 57 | ' | 57 | ' | ' | |
Weighted average life of intangible assets acquired | ' | ' | '27 years | ' | ' | |
Licenses [Member] | ' | ' | ' | ' | ' | |
Gross Asset Value | ' | ' | ' | ' | ' | |
Acquisitions | ' | ' | 0 | ' | ' | |
Exchange rate changes | ' | ' | -1 | ' | ' | |
Gross asset value | 32 | ' | 32 | ' | 33 | |
Accumulated Amortization | ' | ' | ' | ' | ' | |
Amortization | ' | ' | -2 | ' | ' | |
Exchange rate changes | ' | ' | 0 | ' | ' | |
Accumulated amortization | -22 | ' | -22 | ' | -20 | |
Net book value | 10 | ' | 10 | ' | ' | |
Customer-Related Intangible Assets [Member] | ' | ' | ' | ' | ' | |
Gross Asset Value | ' | ' | ' | ' | ' | |
Acquisitions | ' | ' | 0 | ' | ' | |
Exchange rate changes | ' | ' | -4 | ' | ' | |
Gross asset value | 540 | ' | 540 | ' | 544 | |
Accumulated Amortization | ' | ' | ' | ' | ' | |
Amortization | ' | ' | -7 | ' | ' | |
Exchange rate changes | ' | ' | 4 | ' | ' | |
Accumulated amortization | -524 | ' | -524 | ' | -521 | |
Net book value | 16 | ' | 16 | ' | ' | |
Developed Technology [Member] | ' | ' | ' | ' | ' | |
Gross Asset Value | ' | ' | ' | ' | ' | |
Acquisitions | ' | ' | 0 | ' | ' | |
Exchange rate changes | ' | ' | 0 | ' | ' | |
Gross asset value | 30 | ' | 30 | ' | 30 | |
Accumulated Amortization | ' | ' | ' | ' | ' | |
Amortization | ' | ' | -1 | ' | ' | |
Exchange rate changes | ' | ' | 0 | ' | ' | |
Accumulated amortization | -22 | ' | -22 | ' | -21 | |
Net book value | 8 | ' | 8 | ' | ' | |
Covenants Not to Compete and Other [Member] | ' | ' | ' | ' | ' | |
Gross Asset Value | ' | ' | ' | ' | ' | |
Acquisitions | ' | ' | 10 | ' | ' | |
Exchange rate changes | ' | ' | 0 | ' | ' | |
Gross asset value | 49 | ' | 49 | ' | 39 | |
Accumulated Amortization | ' | ' | ' | ' | ' | |
Amortization | ' | ' | -1 | ' | ' | |
Exchange rate changes | ' | ' | 0 | ' | ' | |
Accumulated amortization | -26 | ' | -26 | ' | -25 | |
Net book value | $23 | ' | $23 | ' | ' | |
[1] | Primarily represents intangible assets acquired related to Fairway with a weighted average amortization period of 27 years (Note 4). |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Net (Schedule of Indefinite-Lived Intangible Assets, Net) (Details) (Trademarks and Trade Names [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Trademarks and Trade Names [Member] | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' |
As of December 31, 2013 | $83 |
Acquisitions | 0 |
Accumulated impairment losses | 0 |
Exchange rate changes | 0 |
As of June 30, 2014 | $83 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets, Net (Schedule of Estimated Amortization Expense) (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2015 | $11 |
2016 | 8 |
2017 | 7 |
2018 | 4 |
2019 | $3 |
Current_Other_Liabilities_Deta
Current Other Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ' | ' |
Asset retirement obligations | $18 | $29 |
Current portion of benefit obligations | 47 | 78 |
Customer rebates | 38 | 48 |
Derivatives (Note 16) | 7 | 12 |
Environmental (Note 12) | 26 | 30 |
Insurance | 10 | 14 |
Interest | 24 | 24 |
Restructuring (Note 14) | 39 | 60 |
Salaries and benefits | 94 | 96 |
Sales and use tax/foreign withholding tax payable | 14 | 12 |
Uncertain tax positions | 64 | 64 |
Other | 91 | 74 |
Total | $472 | $541 |
Noncurrent_Other_Liabilities_D
Noncurrent Other Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities, Noncurrent [Abstract] | ' | ' |
Asset retirement obligations | $19 | $18 |
Deferred proceeds | 52 | 53 |
Deferred revenue | 26 | 28 |
Derivatives (Note 16) | 6 | 3 |
Environmental (Note 12) | 66 | 67 |
Income taxes payable | 21 | 20 |
Insurance | 55 | 50 |
Restructuring (Note 14) | 1 | 2 |
Other | 52 | 46 |
Total | $298 | $287 |
Debt_Schedule_of_Shortterm_Deb
Debt (Schedule of Short-term Debt) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ' | ' |
Current installments of long-term debt | $23 | $24 |
Short-term borrowings, including amounts due to affiliates | 100 | 103 |
Total | 158 | 177 |
Accounts Receivable Securitization Facility [Member] | ' | ' |
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ' | ' |
Accounts receivable securitization facility | $35 | $50 |
Debt_Shortterm_Debt_Narrative_
Debt (Short-term Debt Narrative) (Details) | Jun. 30, 2014 | Dec. 31, 2013 |
Short-term Debt [Line Items] | ' | ' |
Weighted average interest rate, short-term borrowings | 3.40% | 3.20% |
Accounts Receivable Securitization Facility [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Weighted average interest rate, credit facility | 0.70% | 0.70% |
Debt_Schedule_of_Longterm_Debt
Debt (Schedule of Long-term Debt) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2010 | Jun. 30, 2014 | Dec. 31, 2013 | 31-May-11 | Jun. 30, 2014 | Dec. 31, 2013 | Nov. 30, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 30, 2013 | Jun. 30, 2014 | Aug. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | 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] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility [Member] | Pollution Control and Industrial Revenue Bonds [Member] | Pollution Control and Industrial Revenue Bonds [Member] | Obligations Under Capital Leases [Member] | Obligations Under Capital Leases [Member] | ||
Long-Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility | ' | ' | ' | ' | ' | $971 | $978 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35 | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Mar-14 | 28-Mar-14 | 28-Aug-16 | ' | ' | ' | ' | ' | ' |
Credit facility, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.70% | ' | 0.70% | 0.70% | ' | ' | ' | ' |
Other long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 169 | 169 | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 263 | 264 |
Subtotal | 2,903 | 2,911 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current installments of long-term debt | -23 | -24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $2,880 | $2,887 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Senior_Notes_and_Senior_C
Debt (Senior Notes and Senior Credit Facilities Narrative) (Details) (USD $) | 6 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Nov. 30, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | 31-May-11 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2010 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 16, 2013 | Apr. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2018 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Credit-Linked Revolving Facility [Member] | Credit-Linked Revolving Facility [Member] | Credit-Linked Revolving Facility [Member] | Credit-Linked Revolving Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Amended Credit Agreement [Member] | ||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | European Interbank Offered Rate (EURIBOR) [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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Year of maturity | ' | 15-Nov-22 | 15-Nov-22 | 15-Nov-22 | 15-Jun-21 | 15-Jun-21 | 15-Jun-21 | 15-Oct-18 | 15-Oct-18 | 15-Oct-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | 81,000,000 | ' | ' | ' | ' | ' | ' |
Cross default covenant to other debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40,000,000 |
Credit facility, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Oct-15 | ' | ' | 28-Mar-14 | 28-Mar-14 | ' | ' | 31-Oct-16 | 31-Oct-16 | ' | ' | ' |
Estimated margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | 2.00% | 2.00% | ' |
Amortization rate of initial principal amount per annum payable quarterly | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, unused capacity, commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Schedule_of_First_Lien_Se
Debt (Schedule of First Lien Senior Secured Leverage Ratios) (Details) (Revolving Credit Facility [Member]) | Jun. 30, 2014 |
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 | 0.75 |
Ratio Estimate If Fully Drawn [Member] | ' |
Debt Instrument [Line Items] | ' |
First lien secured leverage ratio | 1.18 |
Debt_Accounts_Receivable_Secur
Debt (Accounts Receivable Securitization Facility Narrative) (Details) (USD $) | 1 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Aug. 31, 2013 | Jun. 30, 2014 |
Debt Instrument [Line Items] | ' | ' |
Accounts receivable from securitization, amount outstanding | ' | $229 |
Accounts Receivable Securitization Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowing capacity | 135 | ' |
Current borrowing capacity | ' | 135 |
Credit facility, expiration date | 28-Aug-16 | ' |
Line of credit facility, prepayment | ' | $15 |
Debt_Schedule_of_Balances_Avai
Debt (Schedule of Balances Available for Borrowings)(Details) (USD $) | Jun. 30, 2014 |
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 |
Accounts Receivable Securitization Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Borrowings outstanding | 35 |
Letters of credit issued | 79 |
Available for borrowing | $21 |
Benefit_Obligations_Schedule_o
Benefit Obligations (Schedule of Net Periodic Benefit Costs Recognized) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $3 | $8 | $6 | $17 |
Interest cost | 43 | 38 | 85 | 77 |
Expected return on plan assets | -54 | -56 | -108 | -112 |
Amortization of prior service cost (credit) | 0 | 1 | 0 | 1 |
Total | -8 | -9 | -17 | -17 |
Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 1 | 1 | 1 | 2 |
Interest cost | 0 | 3 | 2 | 5 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | -22 | 0 | -41 | 0 |
Total | ($21) | $4 | ($38) | $7 |
Benefit_Obligations_Schedule_o1
Benefit Obligations (Schedule of Company Commitments to Fund Benefit Obligations) (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Cash Contributions to Defined Benefit Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Commitments to fund benefit obligations | $12 |
Commitments to fund benefit obligations, expected | 47 |
Benefit Payments to Nonqualified Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Commitments to fund benefit obligations | 11 |
Commitments to fund benefit obligations, expected | 22 |
Benefit Payments to Other Postretirement Benefit Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Commitments to fund benefit obligations | 39 |
Commitments to fund benefit obligations, expected | $54 |
Benefit_Obligations_Narrative_
Benefit Obligations (Narrative) (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 27, 2014 |
Postretirement Benefits [Member] | Postretirement Benefits [Member] | Postretirement Benefits [Member] | Postretirement Benefits [Member] | Postretirement Benefits [Member] | Postretirement Benefits [Member] | Postretirement Benefits [Member] | Narrows Union Employees [Member] | ||
UNITED STATES | UNITED STATES | UNITED STATES | Postretirement Benefits [Member] | ||||||
UNITED STATES | |||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service cost credit | ' | ' | ' | ' | ' | ' | ' | $92 | ($5) |
Amortization of prior service cost (credit) | ' | -22 | 0 | -41 | 0 | -21 | -41 | ' | ' |
Lump-sum buyout payments | ' | ' | ' | ' | ' | 1 | 31 | ' | ' |
Contributions to multiemployer defined benefit plan | $4 | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental_Schedule_of_Envi
Environmental (Schedule of Environmental Remediation Reserves) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Environmental Remediation Obligations [Abstract] | ' | ' |
Demerger obligations (Note 18) | $25 | $27 |
Divestiture obligations (Note 18) | 21 | 21 |
Active Sites | 31 | 32 |
US Superfund sites | 12 | 13 |
Other environmental remediation reserves | 3 | 4 |
Total | $92 | $97 |
Environmental_US_Superfund_Sit
Environmental (US Superfund Sites Narrative) (Details) (Passaic River, New Jersey [Member], USD $) | 0 Months Ended | 6 Months Ended |
Apr. 11, 2014 | Jun. 30, 2014 | |
Passaic River, New Jersey [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Number of parties included in USEPA order | ' | 70 |
Number of other entities included in NJDEP Action, greater than | ' | 200 |
EPA proposed remedial alternative, low estimate | $365,000,000 | ' |
EPA proposed remedial alternative, high estimate | 3,200,000,000 | ' |
EPA preferred remedial alternative | $1,700,000,000 | ' |
Environmental_Environmental_Pr
Environmental (Environmental Proceedings Narrative) (Details) (Meredosia, Illinios [Member], Industrial Specialties [Member], USD $) | 1 Months Ended |
Jan. 31, 2013 | |
Meredosia, Illinios [Member] | Industrial Specialties [Member] | ' |
Site Contingency [Line Items] | ' |
Environmental proceedings resolution, penalty, best estimate | $100,000 |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Dividend Increases) (Details) (USD $) | 1 Months Ended | ||
Apr. 30, 2014 | Jul. 31, 2013 | Apr. 30, 2013 | |
Schedule of Dividend Increases [Line Items] | ' | ' | ' |
Common stock, dividends, rate increase, percent | 39.00% | 100.00% | 20.00% |
Quarterly [Member] | ' | ' | ' |
Schedule of Dividend Increases [Line Items] | ' | ' | ' |
Common stock, dividends, per share, declared | 0.25 | 0.18 | 0.09 |
Annual [Member] | ' | ' | ' |
Schedule of Dividend Increases [Line Items] | ' | ' | ' |
Common stock, dividends, per share, declared | 1 | 0.72 | 0.36 |
Stockholders_Equity_Schedule_o1
Stockholders' Equity (Schedule of Treasury Stock) (Details) (USD $) | 1 Months Ended | 6 Months Ended | 74 Months Ended | 6 Months Ended | 77 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Feb. 28, 2014 | Oct. 31, 2012 | Apr. 30, 2011 | Oct. 31, 2008 | Feb. 29, 2008 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | ||
Restricted Stock [Member] | Restricted Stock [Member] | |||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share repurchase plan, authorized repurchase amount | $172 | $264 | $129 | $100 | $400 | ' | ' | $1,065 | ' | ' | ||
Shares repurchased | ' | ' | ' | ' | ' | 1,870,297 | 137,692 | [1] | 18,199,004 | [2] | ' | ' |
Average purchase price per share | ' | ' | ' | ' | ' | $55.13 | $46.24 | $42.21 | ' | ' | ||
Amount spent on repurchased shares | ' | ' | ' | ' | ' | $103 | $6 | $768 | ' | ' | ||
Shares withheld, tax withholding | ' | ' | ' | ' | ' | ' | ' | ' | 6,021 | 11,844 | ||
[1] | Excludes 6,021 shares withheld from an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. 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. Restricted stock awards are considered outstanding at the time of issuance and therefore, the shares withheld are treated as treasury shares. |
Stockholders_Equity_Schedule_o2
Stockholders' Equity (Schedule of Components of Other Comprehensive Income (Loss), Net) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ||
Unrealized gain (loss) on marketable securities, gross amount | $0 | $0 | $0 | $0 | ||
Unrealized gain (loss) on marketable securities, income tax (provision) benefit | 0 | 0 | 0 | 0 | ||
Unrealized gain (loss) on marketable securities, net amount | 0 | 0 | 0 | 0 | ||
Foreign currency translation, gross amount | -12 | 28 | -15 | -3 | ||
Foreign currency translation, income tax (provision) benefit | -10 | -2 | -2 | -2 | ||
Foreign currency translation, net amount | -22 | 26 | -17 | -5 | ||
Gain (loss) from cash flow hedges, gross amount | -3 | 3 | [1] | -3 | 5 | [1] |
Gain (loss) from cash flow hedges, income tax (provision) benefit | 0 | -1 | -3 | -2 | ||
Gain (loss) from cash flow hedges, net amount | -3 | 2 | -6 | 3 | ||
Pension and postretirement benefits, gross amount | -22 | 0 | [2] | -41 | 0 | [2] |
Pension and postretirement benefits, income tax (provision) benefit | 8 | 0 | 15 | 0 | ||
Pension and postretirement benefits, net amount | -14 | 0 | -26 | 0 | ||
Total other comprehensive income (loss), gross amount | -37 | 31 | -59 | 2 | ||
Total other comprehensive income (loss), income tax (provision) benefit | -2 | -3 | 10 | -4 | ||
Total other comprehensive income (loss), net of tax | ($39) | $28 | ($49) | ($2) | ||
[1] | Amount includes $1 million of losses associated with the Company's equity method investments' derivative activity. | |||||
[2] | Amount includes amortization of actuarial gains of $1 million related to the Company's equity method investments' pension plans |
Stockholders_Equity_Schedule_o3
Stockholders' Equity (Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
As of December 31, 2013 | ' | ' | ($4) | ' |
Other comprehensive income, before reclassifications | ' | ' | -20 | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -39 | ' |
Income tax (provision) benefit | -2 | -3 | 10 | -4 |
As of June 30, 2014 | -53 | ' | -53 | ' |
Other Comprehensive Income (Loss), Net of Tax Portion Attributable To Equity Method Investee | ' | 1 | ' | 1 |
Unrealized Gain (Loss) on Marketable Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
As of December 31, 2013 | ' | ' | 0 | ' |
Other comprehensive income, before reclassifications | ' | ' | 0 | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | 0 | ' |
Income tax (provision) benefit | ' | ' | 0 | ' |
As of June 30, 2014 | 0 | ' | 0 | ' |
Foreign Currency Translation [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
As of December 31, 2013 | ' | ' | -3 | ' |
Other comprehensive income, before reclassifications | ' | ' | -15 | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | 0 | ' |
Income tax (provision) benefit | ' | ' | -2 | ' |
As of June 30, 2014 | -20 | ' | -20 | ' |
Gain (Loss) from Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
As of December 31, 2013 | ' | ' | -44 | ' |
Other comprehensive income, before reclassifications | ' | ' | -5 | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | 2 | ' |
Income tax (provision) benefit | ' | ' | -3 | ' |
As of June 30, 2014 | -50 | ' | -50 | ' |
Pension and Postretirement Benefits [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
As of December 31, 2013 | ' | ' | 43 | ' |
Other comprehensive income, before reclassifications | ' | ' | 0 | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -41 | ' |
Income tax (provision) benefit | ' | ' | 15 | ' |
As of June 30, 2014 | $17 | ' | $17 | ' |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | Jun. 30, 2014 |
Class of Stock [Line Items] | ' |
Common stock, par value | $0.00 |
Other_Charges_Gains_Net_Schedu
Other (Charges) Gains, Net (Schedule of Other (Charges) Gains, Net) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' |
Other | $3 | $0 | $3 | $0 |
Employee termination benefits | -1 | -1 | -3 | -3 |
Kelsterbach plant relocation | 0 | -2 | 0 | -4 |
Plant/office closures | 0 | 0 | 1 | 0 |
Total | $2 | ($3) | $1 | ($7) |
Other_Charges_Gains_Net_Schedu1
Other (Charges) Gains, Net (Schedule of Restructuring Reserves) (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ' |
As of June 30, 2014 | $40 |
Total | 40 |
Employee Termination Benefits [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of December 31, 2013 | 29 |
Additions | 3 |
Cash payments | -13 |
Other changes | 0 |
Exchange rate changes | 0 |
As of June 30, 2014 | 19 |
Total | 19 |
Plant/Office Closures [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of December 31, 2013 | 33 |
Additions | 0 |
Cash payments | -7 |
Other changes | -5 |
Exchange rate changes | 0 |
As of June 30, 2014 | 21 |
Total | 21 |
Advanced Engineered Materials [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of June 30, 2014 | 4 |
Total | 4 |
Advanced Engineered Materials [Member] | Employee Termination Benefits [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of December 31, 2013 | 4 |
Additions | 1 |
Cash payments | -1 |
Other changes | 0 |
Exchange rate changes | 0 |
As of June 30, 2014 | 4 |
Total | 4 |
Advanced Engineered Materials [Member] | Plant/Office Closures [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of December 31, 2013 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of June 30, 2014 | 0 |
Total | 0 |
Consumer Specialties [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of June 30, 2014 | 3 |
Total | 3 |
Consumer Specialties [Member] | Employee Termination Benefits [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of December 31, 2013 | 3 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of June 30, 2014 | 3 |
Total | 3 |
Consumer Specialties [Member] | Plant/Office Closures [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of December 31, 2013 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of June 30, 2014 | 0 |
Total | 0 |
Industrial Specialties [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of June 30, 2014 | 1 |
Total | 1 |
Industrial Specialties [Member] | Employee Termination Benefits [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of December 31, 2013 | 2 |
Additions | 0 |
Cash payments | -1 |
Other changes | 0 |
Exchange rate changes | 0 |
As of June 30, 2014 | 1 |
Total | 1 |
Industrial Specialties [Member] | Plant/Office Closures [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of December 31, 2013 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of June 30, 2014 | 0 |
Total | 0 |
Acetyl Intermediates [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of June 30, 2014 | 29 |
Total | 29 |
Acetyl Intermediates [Member] | Employee Termination Benefits [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of December 31, 2013 | 16 |
Additions | 2 |
Cash payments | -10 |
Other changes | 0 |
Exchange rate changes | 0 |
As of June 30, 2014 | 8 |
Total | 8 |
Acetyl Intermediates [Member] | Plant/Office Closures [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of December 31, 2013 | 33 |
Additions | 0 |
Cash payments | -7 |
Other changes | -5 |
Exchange rate changes | 0 |
As of June 30, 2014 | 21 |
Total | 21 |
Other [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of June 30, 2014 | 3 |
Total | 3 |
Other [Member] | Employee Termination Benefits [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of December 31, 2013 | 4 |
Additions | 0 |
Cash payments | -1 |
Other changes | 0 |
Exchange rate changes | 0 |
As of June 30, 2014 | 3 |
Total | 3 |
Other [Member] | Plant/Office Closures [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
As of December 31, 2013 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of June 30, 2014 | 0 |
Total | $0 |
Other_Charges_Gains_Net_Narrat
Other (Charges) Gains, Net (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other (Charges) Gains, Net [Line Items] | ' | ' | ' | ' |
ARO adjustment | ($3) | $0 | ($3) | $0 |
Employee termination benefits | 1 | 1 | 3 | 3 |
Kelsterbach plant relocation | 0 | 2 | 0 | 4 |
Acetyl Intermediates and Industrial Specialties [Member] | Business Optimization [Member] | ' | ' | ' | ' |
Other (Charges) Gains, Net [Line Items] | ' | ' | ' | ' |
Employee termination benefits | ' | ' | ' | 3 |
Advanced Engineered Materials [Member] | ' | ' | ' | ' |
Other (Charges) Gains, Net [Line Items] | ' | ' | ' | ' |
Employee termination benefits | ' | ' | 1 | ' |
Roussillon, France and Tarragona, Spain [Member] | Acetyl Intermediates [Member] | ' | ' | ' | ' |
Other (Charges) Gains, Net [Line Items] | ' | ' | ' | ' |
ARO adjustment | 3 | ' | ' | ' |
Employee termination benefits | ' | ' | 2 | ' |
Kelsterbach, Germany [Member] | Advanced Engineered Materials [Member] | ' | ' | ' | ' |
Other (Charges) Gains, Net [Line Items] | ' | ' | ' | ' |
Kelsterbach plant relocation | ' | ' | ' | $4 |
Income_Taxes_Schedule_of_Effec
Income Taxes (Schedule of Effective Tax Rate) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate | 27.00% | 36.00% | 28.00% | 36.00% |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Income Tax Disclosure [Abstract] | ' |
Decrease in uncertain tax positions | $42 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Schedule of Interest Rate Swap Derivatives) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Swap Derivative 1 Point 71 Percent Maturing January 2, 2014 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Effective date | ' | 2-Jan-12 | ||
Expiration date | ' | 2-Jan-14 | ||
Fixed rate | ' | 1.71% | [1] | |
Derivative, Notional Amount | ' | $1,100 | ||
Swap Derivative 1 Point 02 Percent Maturing January 2, 2016 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Effective date | 2-Jan-14 | 2-Jan-14 | ||
Expiration date | 2-Jan-16 | 2-Jan-16 | ||
Fixed rate | 1.02% | [1] | 1.02% | [1] |
Derivative, Notional Amount | $500 | $500 | ||
[1] | Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (Note 10). |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Cross Currency Swap Derivatives) (Details) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Swap Derivative 3 Point 62 Percent Maturing April 17, 2019 [Member] | Swap Derivative 2 Point 77 Percent Maturing April 17, 2019 [Member] | |
USD ($) | EUR (€) | |
Derivative [Line Items] | ' | ' |
Effective date | 17-Apr-14 | 17-Apr-14 |
Expiration date | 17-Apr-19 | 17-Apr-19 |
Fixed rate | 3.62% | 2.77% |
Derivative, Notional Amount | $225 | € 162 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule of Notional Amounts of Foreign Currency Derivatives) (Details) (Foreign Exchange Contract [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Foreign Exchange Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | $748 | $869 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in Other comprehensive income (loss) | ($5) | $1 | ($5) | $1 | ||||
Gain (loss) recognized in Earnings (loss) | -2 | -10 | -4 | -9 | ||||
Tax expense recognized in Other comprehensive income (loss) | 2 | 3 | -10 | 4 | ||||
Equity Method Investments' Derivative [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in Earnings (loss) | ' | 1 | ' | 1 | ||||
Interest Rate Swap [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Tax expense recognized in Other comprehensive income (loss) | 1 | 1 | 4 | 2 | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in Other comprehensive income (loss) | -1 | [1] | 1 | [2] | -1 | [3] | 1 | [4] |
Cross Currency Interest Rate Contract [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Tax expense recognized in Other comprehensive income (loss) | 1 | ' | 1 | ' | ||||
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in Other comprehensive income (loss) | -4 | [5] | 0 | -4 | [5] | 0 | ||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Interest Expense [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in Earnings (loss) | -2 | [6] | -3 | [6] | -2 | [6] | -5 | [6] |
Other Income [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in Earnings (loss) | 3 | [7] | 0 | 3 | [7] | 0 | ||
Foreign Currency Gain (Loss) [Member] | Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in Earnings (loss) | ($3) | [8] | ($7) | [8] | ($5) | [8] | ($4) | [8] |
[1] | Excludes $1B million of tax expense recognized in Other comprehensive income (loss). | |||||||
[2] | Excludes $1 million of losses associated with the Company's equity method investments' derivative activity and $1B million of tax expense recognized in Other comprehensive income (loss). | |||||||
[3] | Excludes $4 million of tax expense recognized in Other comprehensive income (loss). | |||||||
[4] | Excludes $1 million of losses associated with the Company's equity method investments' derivative activity and $2B million of tax expense recognized in Other comprehensive income (loss). | |||||||
[5] | Excludes $1 million of tax benefit recognized in Other comprehensive income (loss). | |||||||
[6] | Reclassified from Accumulated other comprehensive income (loss), net to Interest income (expense) in the unaudited interim consolidated statements of operations. | |||||||
[7] | Included in Other income (expense), net in the unaudited interim consolidated statements of operations. | |||||||
[8] | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the unaudited interim consolidated statements of operations. |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Schedule of Offsetting Assets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Assets [Abstract] | ' | ' |
Gross amount recognized | $6 | $1 |
Gross amount offset in the consolidated balance sheets | 0 | 0 |
Net amount presented in the consolidated balance sheets | 6 | 1 |
Gross amount not offset in the consolidated balance sheets | 2 | 1 |
Net amount | $4 | $0 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Liabilities [Abstract] | ' | ' |
Gross amount recognized | $13 | $16 |
Gross amount offset in the consolidated balance sheets | 0 | 1 |
Net amount presented in the consolidated balance sheets | 13 | 15 |
Gross amount not offset in the consolidated balance sheets | 2 | 1 |
Net amount | $11 | $14 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency swap | ($7) | ($12) |
Cross-currency swap | -6 | -3 |
Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mutual funds | 39 | 41 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 45 | 42 |
Total liabilities | -13 | -15 |
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 | 39 | 41 |
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 | 6 | 1 |
Total liabilities | -13 | -15 |
Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mutual funds | 39 | 41 |
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] | ' | ' |
Mutual funds | 39 | 41 |
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] | ' | ' |
Mutual funds | 0 | 0 |
Noncurrent Other assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency swap | 3 | ' |
Noncurrent Other assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency swap | 0 | ' |
Noncurrent Other assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency swap | 3 | ' |
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency swap | 2 | ' |
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency swap | 0 | ' |
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency swap | 2 | ' |
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign currency forwards and swaps | 1 | 1 |
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign currency forwards and swaps | 0 | 0 |
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign currency forwards and swaps | 1 | 1 |
Noncurrent Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest Rate Swaps | -2 | -3 |
Noncurrent Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest Rate Swaps | 0 | 0 |
Noncurrent Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest Rate Swaps | -2 | -3 |
Noncurrent Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency swap | -4 | ' |
Noncurrent Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency swap | 0 | ' |
Noncurrent Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency swap | -4 | ' |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest Rate Swaps | -4 | -5 |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest Rate Swaps | 0 | 0 |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest Rate Swaps | -4 | -5 |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency swap | -1 | ' |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency swap | 0 | ' |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency swap | -1 | ' |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swaps | ' | -2 |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swaps | ' | 0 |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swaps | ' | -2 |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign currency forwards and swaps | -2 | -5 |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign currency forwards and swaps | 0 | 0 |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign currency forwards and swaps | ($2) | ($5) |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule of Carrying Values and Fair Values of Financial Instruments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cost investments, carrying amount | $145 | $145 |
Cost investments, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, carrying amount | 57 | 62 |
Insurance contracts in nonqualified trusts, fair value | 57 | 62 |
Long-term debt, including current installments of long-term debt, carrying amount | 2,903 | 2,911 |
Long-term debt, including current installments of long-term debt, fair value | 2,981 | 2,960 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cost investments, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, fair value | 57 | 62 |
Long-term debt, including current installments of long-term debt, fair value | 2,718 | 2,696 |
Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cost investments, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, fair value | 0 | 0 |
Long-term debt, including current installments of long-term debt, fair value | $263 | $264 |
Commitments_and_Contingencies_
Commitments and Contingencies (Commercial Actions Narrative) (Details) (Commercial Actions [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Commercial Actions [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Damages sought, amount | $68 | $38 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Award Proceedings in Relation to Domination Agreement and Squeeze-Out Narrative) (Details) (Domination Agreement and Squeeze-Out [Member], EUR €) | Jun. 30, 2014 | Sep. 30, 2011 | Sep. 30, 2011 | Jan. 28, 2014 | Sep. 30, 2011 |
In Millions, except Share data, unless otherwise specified | Previous [Member] | Subsequent [Member] | Subsequent [Member] | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Number of legal actions | 2 | ' | ' | ' | ' |
Domination agreement compensation, shares | ' | 145,387 | ' | ' | ' |
Domination agreement compensation, per share | ' | ' | € 41.92 | € 49.43 | € 51.86 |
Domination agreement compensation, value | ' | € 2 | ' | ' | ' |
Guaranteed dividends, per share | ' | ' | € 2.89 | € 3.61 | € 3.79 |
Guaranteed dividends, value | ' | € 1 | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Guarantees - Demerger and Divesture Obligations Narrative) (Details) | 176 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Indemnification Agreements Hoechst [Member] | Indemnification Agreements Hoechst [Member] | Divestiture Agreements [Member] | |
USD ($) | 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 | 66 | ' | ' |
Indemnification percentage, other | ' | 33.33% | ' |
Term of divestiture obligations | ' | ' | '2037 |
Guarantor obligations, maximum exposure | ' | ' | $133 |
Commitments_and_Contingencies_3
Commitments and Contingencies Commitments and Contingencies (Purchase Obligations Narrative) (Details) (USD $) | 6 Months Ended |
In Billions, unless otherwise specified | Jun. 30, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Unrecorded unconditional purchase obligations | $3.40 |
Term of unrecorded unconditional purchase obligations | '2036 |
Segment_Information_Schedule_o
Segment Information (Schedule of Business Segments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | $1,769 | $1,653 | $3,474 | $3,258 | ' | ||||
Other (charges) gains, net | 2 | -3 | 1 | -7 | ' | ||||
Operating profit (loss) | 259 | 169 | 502 | 353 | ' | ||||
Equity in net earnings (loss) of affiliates | 101 | 55 | 141 | 109 | ' | ||||
Depreciation and amortization | 72 | 75 | 147 | 151 | ' | ||||
Capital expenditures | 131 | [1] | 93 | [2] | 249 | [3] | 150 | [4] | ' |
Goodwill and intangible assets, net | 934 | ' | 934 | ' | 940 | ||||
Total assets | 9,333 | ' | 9,333 | ' | 9,018 | ||||
Increase (decrease) in accrued capital expenditures | 6 | 18 | -24 | 1 | ' | ||||
Operating Segments [Member] | Advanced Engineered Materials [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 389 | 352 | 762 | 681 | ' | ||||
Other (charges) gains, net | -1 | -2 | -1 | -4 | ' | ||||
Operating profit (loss) | 56 | 39 | 113 | 75 | ' | ||||
Equity in net earnings (loss) of affiliates | 45 | 45 | 78 | 85 | ' | ||||
Depreciation and amortization | 27 | 27 | 53 | 56 | ' | ||||
Capital expenditures | 11 | 13 | 20 | 21 | ' | ||||
Goodwill and intangible assets, net | 364 | ' | 364 | ' | 368 | ||||
Total assets | 2,675 | ' | 2,675 | ' | 2,643 | ||||
Operating Segments [Member] | Consumer Specialties [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 289 | [5] | 314 | [5] | 591 | [6] | 609 | [6] | ' |
Other (charges) gains, net | 0 | 0 | 0 | 0 | ' | ||||
Operating profit (loss) | 80 | 83 | 179 | 161 | ' | ||||
Equity in net earnings (loss) of affiliates | 7 | 1 | 8 | 3 | ' | ||||
Depreciation and amortization | 10 | 10 | 21 | 20 | ' | ||||
Capital expenditures | 22 | 29 | 50 | 43 | ' | ||||
Goodwill and intangible assets, net | 276 | ' | 276 | ' | 278 | ||||
Total assets | 1,511 | ' | 1,511 | ' | 1,478 | ||||
Operating Segments [Member] | Industrial Specialties [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 333 | 295 | 645 | 583 | ' | ||||
Other (charges) gains, net | 0 | -1 | 0 | -2 | ' | ||||
Operating profit (loss) | 24 | 18 | 44 | 33 | ' | ||||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | 0 | ' | ||||
Depreciation and amortization | 12 | 12 | 26 | 24 | ' | ||||
Capital expenditures | 6 | 6 | 10 | 11 | ' | ||||
Goodwill and intangible assets, net | 58 | ' | 58 | ' | 60 | ||||
Total assets | 974 | ' | 974 | ' | 1,002 | ||||
Operating Segments [Member] | Acetyl Intermediates [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 901 | [5] | 809 | [5] | 1,742 | [6] | 1,617 | [6] | ' |
Other (charges) gains, net | 2 | 0 | 2 | -1 | ' | ||||
Operating profit (loss) | 142 | 55 | 239 | 130 | ' | ||||
Equity in net earnings (loss) of affiliates | 14 | 1 | 15 | 4 | ' | ||||
Depreciation and amortization | 19 | 22 | 40 | 43 | ' | ||||
Capital expenditures | 90 | 42 | 166 | 71 | ' | ||||
Goodwill and intangible assets, net | 236 | ' | 236 | ' | 234 | ||||
Total assets | 2,533 | ' | 2,533 | ' | 2,333 | ||||
Corporate, Non-Segment [Member] | Other Activities [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 0 | 0 | 0 | 0 | ' | ||||
Other (charges) gains, net | 1 | 0 | 0 | 0 | ' | ||||
Operating profit (loss) | -43 | -26 | -73 | -46 | ' | ||||
Equity in net earnings (loss) of affiliates | 35 | 8 | 40 | 17 | ' | ||||
Depreciation and amortization | 4 | 4 | 7 | 8 | ' | ||||
Capital expenditures | 2 | 3 | 3 | 4 | ' | ||||
Goodwill and intangible assets, net | 0 | ' | 0 | ' | 0 | ||||
Total assets | 1,640 | ' | 1,640 | ' | 1,562 | ||||
Eliminations [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | -143 | -117 | -266 | -232 | ' | ||||
Other (charges) gains, net | 0 | 0 | 0 | 0 | ' | ||||
Operating profit (loss) | 0 | 0 | 0 | 0 | ' | ||||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | 0 | ' | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ' | ||||
Capital expenditures | 0 | 0 | 0 | 0 | ' | ||||
Goodwill and intangible assets, net | 0 | ' | 0 | ' | 0 | ||||
Total assets | 0 | ' | 0 | ' | 0 | ||||
Eliminations [Member] | Consumer Specialties [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 0 | 1 | 0 | 4 | ' | ||||
Eliminations [Member] | Acetyl Intermediates [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | $143 | $116 | $266 | $228 | ' | ||||
[1] | Includes an increase in accrued capital expenditures of $6B million for the three months ended JuneB 30, 2014. | ||||||||
[2] | Excludes expenditures related to the relocation of the Companybs POM operations in Germany and includes an increase in accrued capital expenditures of $18 million for the three months ended JuneB 30, 2013. | ||||||||
[3] | Includes a decrease in accrued capital expenditures of $24B million for the six months ended JuneB 30, 2014. | ||||||||
[4] | Excludes expenditures related to the relocation of the Companybs POM operations in GermanyB and includes an increase in accrued capital expenditures of $1 million for the six months ended JuneB 30, 2013. | ||||||||
[5] | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $143 million and $0 million, respectively, for the three months ended JuneB 30, 2014 and $116 million and $1 million, respectively, for the three months ended JuneB 30, 2013. | ||||||||
[6] | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $266 million and $0 million, respectively, for the six months ended JuneB 30, 2014 and $228 million and $4 million, respectively, for the six months ended JuneB 30, 2013. |
Earnings_Loss_Per_Share_Schedu
Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Amounts attributable to Celanese Corporation | ' | ' | ' | ' |
Earnings (loss) from continuing operations | $259 | $133 | $455 | $274 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 1 |
Net earnings (loss) | $259 | $133 | $455 | $275 |
Weighted average shares - basic | 155,751,779 | 159,676,462 | 156,124,714 | 159,679,408 |
Dilutive stock options | 156,658 | 213,834 | 161,114 | 216,890 |
Dilutive restricted stock units | 145,795 | 251,860 | 138,837 | 242,661 |
Weighted average shares - diluted | 156,054,232 | 160,142,156 | 156,424,665 | 160,138,959 |
Earnings_Loss_Per_Share_Schedu1
Earnings (Loss) Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Securities excluded from computation of diluted earnings per share, amount | 0 | 95,225 | 0 | 94,329 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Securities excluded from computation of diluted earnings per share, amount | 0 | 95,225 | 0 | 94,329 |
Restricted Stock Units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Securities excluded from computation of diluted earnings per share, amount | 0 | 0 | 0 | 0 |
Consolidating_Guarantor_Financ2
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | $1,769 | $1,653 | $3,474 | $3,258 |
Cost of sales | -1,361 | -1,334 | -2,688 | -2,606 |
Gross profit | 408 | 319 | 786 | 652 |
Selling, general and administrative expenses | -119 | -113 | -223 | -219 |
Amortization of intangible assets | -5 | -9 | -11 | -20 |
Research and development expenses | -24 | -23 | -46 | -49 |
Other (charges) gains, net | 2 | -3 | 1 | -7 |
Foreign exchange gain (loss), net | -1 | -2 | -2 | -3 |
Gain (loss) on disposition of businesses and assets, net | -2 | 0 | -3 | -1 |
Operating profit (loss) | 259 | 169 | 502 | 353 |
Equity in net earnings (loss) of affiliates | 101 | 55 | 141 | 109 |
Interest expense | -40 | -44 | -79 | -87 |
Refinancing expense | 0 | 0 | 0 | 0 |
Interest income | 2 | 1 | 2 | 1 |
Dividend income - cost investments | 29 | 23 | 58 | 47 |
Other income (expense), net | 1 | 4 | 1 | 3 |
Earnings (loss) from continuing operations before tax | 352 | 208 | 625 | 426 |
Income tax (provision) benefit | -94 | -75 | -172 | -152 |
Earnings (loss) from continuing operations | 258 | 133 | 453 | 274 |
Earnings (loss) from operation of discontinued operations | -1 | 0 | -1 | 2 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 1 | 0 | 1 | -1 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 1 |
Net earnings (loss) | 258 | 133 | 453 | 275 |
Net (earnings) loss attributable to noncontrolling interests | 1 | 0 | 2 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 259 | 133 | 455 | 275 |
Parent Guarantor [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 | 0 |
Other (charges) gains, net | 0 | 0 | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 | 0 |
Operating profit (loss) | 0 | 0 | 0 | 0 |
Equity in net earnings (loss) of affiliates | 259 | 130 | 454 | 271 |
Interest expense | 0 | 0 | 0 | 0 |
Refinancing expense | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Dividend income - cost investments | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Earnings (loss) from continuing operations before tax | 259 | 130 | 454 | 271 |
Income tax (provision) benefit | 0 | 3 | 1 | 4 |
Earnings (loss) from continuing operations | 259 | 133 | 455 | 275 |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net earnings (loss) | 259 | 133 | 455 | 275 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 259 | 133 | 455 | 275 |
Issuer [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 | 0 |
Other (charges) gains, net | 0 | 0 | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 | 0 |
Operating profit (loss) | 0 | 0 | 0 | 0 |
Equity in net earnings (loss) of affiliates | 282 | 161 | 510 | 328 |
Interest expense | -49 | -49 | -95 | -96 |
Refinancing expense | 0 | 0 | 0 | 0 |
Interest income | 17 | 13 | 31 | 27 |
Dividend income - cost investments | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Earnings (loss) from continuing operations before tax | 250 | 125 | 446 | 259 |
Income tax (provision) benefit | 9 | 5 | 8 | 12 |
Earnings (loss) from continuing operations | 259 | 130 | 454 | 271 |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net earnings (loss) | 259 | 130 | 454 | 271 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 259 | 130 | 454 | 271 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 679 | 732 | 1,386 | 1,412 |
Cost of sales | -501 | -503 | -962 | -978 |
Gross profit | 178 | 229 | 424 | 434 |
Selling, general and administrative expenses | -18 | -26 | -27 | -47 |
Amortization of intangible assets | -2 | -3 | -4 | -7 |
Research and development expenses | -13 | -15 | -26 | -31 |
Other (charges) gains, net | 0 | 0 | 0 | 4 |
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | -2 | 1 | -5 | 0 |
Operating profit (loss) | 143 | 186 | 362 | 353 |
Equity in net earnings (loss) of affiliates | 48 | 45 | 78 | 82 |
Interest expense | -6 | -9 | -12 | -19 |
Refinancing expense | 0 | 0 | 0 | 0 |
Interest income | 18 | 16 | 35 | 31 |
Dividend income - cost investments | 0 | 0 | 0 | 0 |
Other income (expense), net | 1 | 0 | 4 | 0 |
Earnings (loss) from continuing operations before tax | 204 | 238 | 467 | 447 |
Income tax (provision) benefit | -52 | -69 | -122 | -113 |
Earnings (loss) from continuing operations | 152 | 169 | 345 | 334 |
Earnings (loss) from operation of discontinued operations | -1 | 0 | -1 | 2 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 1 | 0 | 1 | -1 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 1 |
Net earnings (loss) | 152 | 169 | 345 | 335 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 152 | 169 | 345 | 335 |
Non-Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 1,357 | 1,242 | 2,657 | 2,449 |
Cost of sales | -1,149 | -1,139 | -2,300 | -2,233 |
Gross profit | 208 | 103 | 357 | 216 |
Selling, general and administrative expenses | -101 | -87 | -196 | -172 |
Amortization of intangible assets | -3 | -6 | -7 | -13 |
Research and development expenses | -11 | -8 | -20 | -18 |
Other (charges) gains, net | 2 | -3 | 1 | -7 |
Foreign exchange gain (loss), net | -1 | -2 | -2 | -3 |
Gain (loss) on disposition of businesses and assets, net | 0 | -1 | 2 | -1 |
Operating profit (loss) | 94 | -4 | 135 | 2 |
Equity in net earnings (loss) of affiliates | 89 | 45 | 125 | 94 |
Interest expense | -21 | -16 | -40 | -32 |
Refinancing expense | 0 | 0 | 0 | 0 |
Interest income | 3 | 2 | 4 | 3 |
Dividend income - cost investments | 29 | 23 | 58 | 47 |
Other income (expense), net | 0 | 4 | -3 | 3 |
Earnings (loss) from continuing operations before tax | 194 | 54 | 279 | 117 |
Income tax (provision) benefit | -46 | -18 | -57 | -55 |
Earnings (loss) from continuing operations | 148 | 36 | 222 | 62 |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net earnings (loss) | 148 | 36 | 222 | 62 |
Net (earnings) loss attributable to noncontrolling interests | 1 | 0 | 2 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 149 | 36 | 224 | 62 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | -267 | -321 | -569 | -603 |
Cost of sales | 289 | 308 | 574 | 605 |
Gross profit | 22 | -13 | 5 | 2 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 | 0 |
Other (charges) gains, net | 0 | 0 | 0 | -4 |
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 | 0 |
Operating profit (loss) | 22 | -13 | 5 | -2 |
Equity in net earnings (loss) of affiliates | -577 | -326 | -1,026 | -666 |
Interest expense | 36 | 30 | 68 | 60 |
Refinancing expense | 0 | 0 | 0 | 0 |
Interest income | -36 | -30 | -68 | -60 |
Dividend income - cost investments | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Earnings (loss) from continuing operations before tax | -555 | -339 | -1,021 | -668 |
Income tax (provision) benefit | -5 | 4 | -2 | 0 |
Earnings (loss) from continuing operations | -560 | -335 | -1,023 | -668 |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net earnings (loss) | -560 | -335 | -1,023 | -668 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | ($560) | ($335) | ($1,023) | ($668) |
Consolidating_Guarantor_Financ3
Consolidating Guarantor Financial Information (Schedule of Consolidating Statements of Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net earnings (loss) | $258 | $133 | $453 | $275 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Foreign currency translation | -22 | 26 | -17 | -5 |
Gain (loss) from cash flow hedges | -3 | 2 | -6 | 3 |
Pension and postretirement benefits | -14 | 0 | -26 | 0 |
Total other comprehensive income (loss), net of tax | -39 | 28 | -49 | -2 |
Total comprehensive income (loss), net of tax | 219 | 161 | 404 | 273 |
Comprehensive (income) loss attributable to noncontrolling interests | 1 | 0 | 2 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 220 | 161 | 406 | 273 |
Parent Guarantor [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net earnings (loss) | 259 | 133 | 455 | 275 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Foreign currency translation | -22 | 26 | -17 | -5 |
Gain (loss) from cash flow hedges | -3 | 2 | -6 | 3 |
Pension and postretirement benefits | -14 | 0 | -26 | 0 |
Total other comprehensive income (loss), net of tax | -39 | 28 | -49 | -2 |
Total comprehensive income (loss), net of tax | 220 | 161 | 406 | 273 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 220 | 161 | 406 | 273 |
Issuer [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net earnings (loss) | 259 | 130 | 454 | 271 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Foreign currency translation | -22 | 26 | -17 | -5 |
Gain (loss) from cash flow hedges | -3 | 2 | -6 | 3 |
Pension and postretirement benefits | -14 | 0 | -26 | 0 |
Total other comprehensive income (loss), net of tax | -39 | 28 | -49 | -2 |
Total comprehensive income (loss), net of tax | 220 | 158 | 405 | 269 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 220 | 158 | 405 | 269 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net earnings (loss) | 152 | 169 | 345 | 335 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Foreign currency translation | -9 | -2 | 7 | 3 |
Gain (loss) from cash flow hedges | 0 | -1 | 0 | -1 |
Pension and postretirement benefits | -14 | 0 | -26 | 0 |
Total other comprehensive income (loss), net of tax | -23 | -3 | -19 | 2 |
Total comprehensive income (loss), net of tax | 129 | 166 | 326 | 337 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 129 | 166 | 326 | 337 |
Non-Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net earnings (loss) | 148 | 36 | 222 | 62 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Foreign currency translation | 2 | -3 | -14 | 2 |
Gain (loss) from cash flow hedges | -3 | 0 | -3 | 0 |
Pension and postretirement benefits | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | -1 | -3 | -17 | 2 |
Total comprehensive income (loss), net of tax | 147 | 33 | 205 | 64 |
Comprehensive (income) loss attributable to noncontrolling interests | 1 | 0 | 2 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 148 | 33 | 207 | 64 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net earnings (loss) | -560 | -335 | -1,023 | -668 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Foreign currency translation | 29 | -21 | 24 | 0 |
Gain (loss) from cash flow hedges | 6 | -1 | 9 | -2 |
Pension and postretirement benefits | 28 | 0 | 52 | 0 |
Total other comprehensive income (loss), net of tax | 63 | -22 | 85 | -2 |
Total comprehensive income (loss), net of tax | -497 | -357 | -938 | -670 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | ($497) | ($357) | ($938) | ($670) |
Consolidating_Guarantor_Financ4
Consolidating Guarantor Financial Information (Schedule of Consolidating Balance Sheet) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | $1,064 | $984 | $1,107 | $959 |
Trade receivables - third party and affiliates | 1,045 | 867 | ' | ' |
Non-trade receivables, net | 231 | 343 | ' | ' |
Inventories, net | 816 | 804 | ' | ' |
Deferred income taxes | 115 | 115 | ' | ' |
Marketable securities, at fair value | 39 | 41 | ' | ' |
Other assets | 29 | 28 | ' | ' |
Total current assets | 3,339 | 3,182 | ' | ' |
Investments in affiliates | 880 | 841 | ' | ' |
Property, plant and equipment, net | 3,577 | 3,425 | ' | ' |
Deferred income taxes | 271 | 289 | ' | ' |
Other assets | 332 | 341 | ' | ' |
Goodwill | 794 | 798 | ' | ' |
Intangible assets, net | 140 | 142 | ' | ' |
Total assets | 9,333 | 9,018 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 158 | 177 | ' | ' |
Trade payables - third party and affiliates | 839 | 799 | ' | ' |
Other liabilities | 472 | 541 | ' | ' |
Deferred income taxes | 10 | 10 | ' | ' |
Income taxes payable | 64 | 18 | ' | ' |
Total current liabilities | 1,543 | 1,545 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 2,880 | 2,887 | ' | ' |
Deferred income taxes | 228 | 225 | ' | ' |
Uncertain tax positions | 158 | 200 | ' | ' |
Benefit obligations | 1,125 | 1,175 | ' | ' |
Other liabilities | 298 | 287 | ' | ' |
Total noncurrent liabilities | 4,689 | 4,774 | ' | ' |
Total Celanese Corporation stockholders' equity | 2,955 | 2,699 | ' | ' |
Noncontrolling interests | 146 | 0 | ' | ' |
Total equity | 3,101 | 2,699 | ' | ' |
Total liabilities and equity | 9,333 | 9,018 | ' | ' |
Parent Guarantor [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 2 | 0 | 0 | 10 |
Trade receivables - third party and affiliates | 0 | 0 | ' | ' |
Non-trade receivables, net | 34 | 33 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Marketable securities, at fair value | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total current assets | 36 | 33 | ' | ' |
Investments in affiliates | 2,920 | 2,667 | ' | ' |
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 | 2,956 | 2,700 | ' | ' |
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 | 1 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Total current liabilities | 1 | 1 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Uncertain tax positions | 0 | 0 | ' | ' |
Benefit obligations | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total noncurrent liabilities | 0 | 0 | ' | ' |
Total Celanese Corporation stockholders' equity | 2,955 | 2,699 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 2,955 | 2,699 | ' | ' |
Total liabilities and equity | 2,956 | 2,700 | ' | ' |
Issuer [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade receivables - third party and affiliates | 0 | 0 | ' | ' |
Non-trade receivables, net | 469 | 482 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Marketable securities, at fair value | 0 | 0 | ' | ' |
Other assets | 2 | 5 | ' | ' |
Total current assets | 471 | 487 | ' | ' |
Investments in affiliates | 4,781 | 4,458 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other assets | 1,989 | 1,965 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Total assets | 7,241 | 6,910 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 1,790 | 1,713 | ' | ' |
Trade payables - third party and affiliates | 0 | 0 | ' | ' |
Other liabilities | 30 | 28 | ' | ' |
Deferred income taxes | 17 | 17 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Total current liabilities | 1,837 | 1,758 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 2,461 | 2,468 | ' | ' |
Deferred income taxes | 8 | 8 | ' | ' |
Uncertain tax positions | 6 | 6 | ' | ' |
Benefit obligations | 0 | 0 | ' | ' |
Other liabilities | 9 | 3 | ' | ' |
Total noncurrent liabilities | 2,484 | 2,485 | ' | ' |
Total Celanese Corporation stockholders' equity | 2,920 | 2,667 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 2,920 | 2,667 | ' | ' |
Total liabilities and equity | 7,241 | 6,910 | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 208 | 284 | 401 | 275 |
Trade receivables - third party and affiliates | 139 | 131 | ' | ' |
Non-trade receivables, net | 2,160 | 2,166 | ' | ' |
Inventories, net | 243 | 243 | ' | ' |
Deferred income taxes | 75 | 74 | ' | ' |
Marketable securities, at fair value | 39 | 41 | ' | ' |
Other assets | 17 | 15 | ' | ' |
Total current assets | 2,881 | 2,954 | ' | ' |
Investments in affiliates | 1,910 | 1,677 | ' | ' |
Property, plant and equipment, net | 964 | 969 | ' | ' |
Deferred income taxes | 248 | 248 | ' | ' |
Other assets | 141 | 144 | ' | ' |
Goodwill | 305 | 305 | ' | ' |
Intangible assets, net | 69 | 64 | ' | ' |
Total assets | 6,518 | 6,361 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 188 | 122 | ' | ' |
Trade payables - third party and affiliates | 346 | 312 | ' | ' |
Other liabilities | 315 | 441 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Income taxes payable | 492 | 460 | ' | ' |
Total current liabilities | 1,341 | 1,335 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 832 | 825 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Uncertain tax positions | 7 | 16 | ' | ' |
Benefit obligations | 900 | 943 | ' | ' |
Other liabilities | 118 | 91 | ' | ' |
Total noncurrent liabilities | 1,857 | 1,875 | ' | ' |
Total Celanese Corporation stockholders' equity | 3,320 | 3,151 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 3,320 | 3,151 | ' | ' |
Total liabilities and equity | 6,518 | 6,361 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 854 | 700 | 706 | 674 |
Trade receivables - third party and affiliates | 1,064 | 877 | ' | ' |
Non-trade receivables, net | 507 | 586 | ' | ' |
Inventories, net | 629 | 622 | ' | ' |
Deferred income taxes | 57 | 58 | ' | ' |
Marketable securities, at fair value | 0 | 0 | ' | ' |
Other assets | 22 | 24 | ' | ' |
Total current assets | 3,133 | 2,867 | ' | ' |
Investments in affiliates | 609 | 594 | ' | ' |
Property, plant and equipment, net | 2,613 | 2,456 | ' | ' |
Deferred income taxes | 25 | 49 | ' | ' |
Other assets | 303 | 285 | ' | ' |
Goodwill | 489 | 493 | ' | ' |
Intangible assets, net | 71 | 78 | ' | ' |
Total assets | 7,243 | 6,822 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 343 | 373 | ' | ' |
Trade payables - third party and affiliates | 651 | 628 | ' | ' |
Other liabilities | 438 | 513 | ' | ' |
Deferred income taxes | 10 | 10 | ' | ' |
Income taxes payable | 55 | 32 | ' | ' |
Total current liabilities | 1,497 | 1,556 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 1,657 | 1,646 | ' | ' |
Deferred income taxes | 222 | 225 | ' | ' |
Uncertain tax positions | 145 | 178 | ' | ' |
Benefit obligations | 225 | 232 | ' | ' |
Other liabilities | 210 | 202 | ' | ' |
Total noncurrent liabilities | 2,459 | 2,483 | ' | ' |
Total Celanese Corporation stockholders' equity | 3,141 | 2,783 | ' | ' |
Noncontrolling interests | 146 | 0 | ' | ' |
Total equity | 3,287 | 2,783 | ' | ' |
Total liabilities and equity | 7,243 | 6,822 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade receivables - third party and affiliates | -158 | -141 | ' | ' |
Non-trade receivables, net | -2,939 | -2,924 | ' | ' |
Inventories, net | -56 | -61 | ' | ' |
Deferred income taxes | -17 | -17 | ' | ' |
Marketable securities, at fair value | 0 | 0 | ' | ' |
Other assets | -12 | -16 | ' | ' |
Total current assets | -3,182 | -3,159 | ' | ' |
Investments in affiliates | -9,340 | -8,555 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Deferred income taxes | -2 | -8 | ' | ' |
Other assets | -2,101 | -2,053 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Total assets | -14,625 | -13,775 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | -2,163 | -2,031 | ' | ' |
Trade payables - third party and affiliates | -158 | -141 | ' | ' |
Other liabilities | -312 | -442 | ' | ' |
Deferred income taxes | -17 | -17 | ' | ' |
Income taxes payable | -483 | -474 | ' | ' |
Total current liabilities | -3,133 | -3,105 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | -2,070 | -2,052 | ' | ' |
Deferred income taxes | -2 | -8 | ' | ' |
Uncertain tax positions | 0 | 0 | ' | ' |
Benefit obligations | 0 | 0 | ' | ' |
Other liabilities | -39 | -9 | ' | ' |
Total noncurrent liabilities | -2,111 | -2,069 | ' | ' |
Total Celanese Corporation stockholders' equity | -9,381 | -8,601 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | -9,381 | -8,601 | ' | ' |
Total liabilities and equity | ($14,625) | ($13,775) | ' | ' |
Consolidating_Guarantor_Financ5
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Cash Flows) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | $417 | $376 |
Investing Activities | ' | ' |
Capital expenditures on property, plant and equipment | -130 | -128 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 12 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | -6 |
Capital expenditures related to Fairway Methanol LLC | -143 | -21 |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 |
Other, net | -10 | -34 |
Net cash provided by (used in) investing activities | -283 | -177 |
Financing Activities | ' | ' |
Short-term borrowings (repayments), net | 1 | -11 |
Proceeds from short-term borrowings | 25 | 27 |
Repayments of short-term borrowings | -43 | -24 |
Proceeds from long-term debt | 0 | 50 |
Repayments of long-term debt | -13 | -62 |
Refinancing costs | 0 | 0 |
Purchases of treasury stock, including related fees | -103 | -6 |
Dividends to parent | 0 | 0 |
Contributions from parent | 0 | 0 |
Stock option exercises | 3 | 3 |
Series A common stock dividends | -67 | -26 |
Return of capital to parent | 0 | 0 |
Contributions from noncontrolling interests | 148 | 0 |
Other, net | -1 | 0 |
Net cash provided by (used in) financing activities | -50 | -49 |
Exchange rate effects on cash and cash equivalents | -4 | -2 |
Net increase (decrease) in cash and cash equivalents | 80 | 148 |
Cash and cash equivalents as of beginning of period | 984 | 959 |
Cash and cash equivalents as of end of period | 1,064 | 1,107 |
Parent Guarantor [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 169 | 19 |
Investing Activities | ' | ' |
Capital expenditures on property, plant and equipment | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | 0 |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
Financing Activities | ' | ' |
Short-term borrowings (repayments), net | 0 | 0 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Refinancing costs | 0 | 0 |
Purchases of treasury stock, including related fees | -103 | -6 |
Dividends to parent | 0 | 0 |
Contributions from parent | 0 | 0 |
Stock option exercises | 3 | 3 |
Series A common stock dividends | -67 | -26 |
Return of capital to parent | 0 | 0 |
Contributions from noncontrolling interests | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | -167 | -29 |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 2 | -10 |
Cash and cash equivalents as of beginning of period | 0 | 10 |
Cash and cash equivalents as of end of period | 2 | 0 |
Issuer [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 109 | -42 |
Investing Activities | ' | ' |
Capital expenditures on property, plant and equipment | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | 0 |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 3 | 3 |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | 3 | 3 |
Financing Activities | ' | ' |
Short-term borrowings (repayments), net | 61 | 64 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | -5 | -5 |
Refinancing costs | 0 | 0 |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | -168 | -20 |
Contributions from parent | 0 | 0 |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | 0 | 0 |
Contributions from noncontrolling interests | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | -112 | 39 |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents as of beginning of period | 0 | 0 |
Cash and cash equivalents as of end of period | 0 | 0 |
Subsidiary Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 333 | 292 |
Investing Activities | ' | ' |
Capital expenditures on property, plant and equipment | -100 | -66 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | -34 | -21 |
Return of capital from subsidiary | 51 | 0 |
Contributions to subsidiary | -97 | 0 |
Intercompany loan receipts (disbursements) | -61 | -64 |
Other, net | -6 | -25 |
Net cash provided by (used in) investing activities | -247 | -176 |
Financing Activities | ' | ' |
Short-term borrowings (repayments), net | 10 | -2 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 0 | 50 |
Repayments of long-term debt | -3 | -18 |
Refinancing costs | 0 | 0 |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | -168 | -20 |
Contributions from parent | 0 | 0 |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | 0 | 0 |
Contributions from noncontrolling interests | 0 | 0 |
Other, net | -1 | 0 |
Net cash provided by (used in) financing activities | -162 | 10 |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -76 | 126 |
Cash and cash equivalents as of beginning of period | 284 | 275 |
Cash and cash equivalents as of end of period | 208 | 401 |
Non-Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 142 | 147 |
Investing Activities | ' | ' |
Capital expenditures on property, plant and equipment | -30 | -62 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 12 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | -6 |
Capital expenditures related to Fairway Methanol LLC | -109 | 0 |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 |
Other, net | -4 | -9 |
Net cash provided by (used in) investing activities | -143 | -65 |
Financing Activities | ' | ' |
Short-term borrowings (repayments), net | -9 | -9 |
Proceeds from short-term borrowings | 25 | 27 |
Repayments of short-term borrowings | -43 | -24 |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | -8 | -42 |
Refinancing costs | 0 | 0 |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | 0 | 0 |
Contributions from parent | 97 | 0 |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | -51 | 0 |
Contributions from noncontrolling interests | 148 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | 159 | -48 |
Exchange rate effects on cash and cash equivalents | -4 | -2 |
Net increase (decrease) in cash and cash equivalents | 154 | 32 |
Cash and cash equivalents as of beginning of period | 700 | 674 |
Cash and cash equivalents as of end of period | 854 | 706 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | -336 | -40 |
Investing Activities | ' | ' |
Capital expenditures on property, plant and equipment | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | 0 |
Return of capital from subsidiary | -51 | 0 |
Contributions to subsidiary | 97 | 0 |
Intercompany loan receipts (disbursements) | 58 | 61 |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | 104 | 61 |
Financing Activities | ' | ' |
Short-term borrowings (repayments), net | -61 | -64 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | 3 | 3 |
Refinancing costs | 0 | 0 |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | 336 | 40 |
Contributions from parent | -97 | 0 |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | 51 | 0 |
Contributions from noncontrolling interests | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | 232 | -21 |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents as of beginning of period | 0 | 0 |
Cash and cash equivalents as of end of period | $0 | $0 |
Consolidating_Guarantor_Financ6
Consolidating Guarantor Financial Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Consolidating Guarantor Financial Information [Abstract] | ' |
Issuer and subsidiary guarantors, ownership percentage | 100.00% |