Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 16, 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-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 153,632,466 |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net sales | $1,769 | $1,636 | $5,243 | $4,894 |
Cost of sales | -1,333 | -1,290 | -4,021 | -3,896 |
Gross profit | 436 | 346 | 1,222 | 998 |
Selling, general and administrative expenses | -118 | -97 | -341 | -316 |
Amortization of intangible assets | -5 | -6 | -16 | -26 |
Research and development expenses | -22 | -24 | -68 | -73 |
Other (charges) gains, net | 20 | -4 | 21 | -11 |
Foreign exchange gain (loss), net | 1 | -2 | -1 | -5 |
Gain (loss) on disposition of businesses and assets, net | -2 | -2 | -5 | -3 |
Operating profit (loss) | 310 | 211 | 812 | 564 |
Equity in net earnings (loss) of affiliates | 52 | 41 | 193 | 150 |
Interest expense | -41 | -43 | -120 | -130 |
Refinancing expense | -4 | -1 | -4 | -1 |
Interest income | 3 | 0 | 5 | 1 |
Dividend income - cost investments | 29 | 22 | 87 | 69 |
Other income (expense), net | -2 | -2 | -1 | 1 |
Earnings (loss) from continuing operations before tax | 347 | 228 | 972 | 654 |
Income tax (provision) benefit | -90 | -57 | -262 | -209 |
Earnings (loss) from continuing operations | 257 | 171 | 710 | 445 |
Earnings (loss) from operation of discontinued operations | -7 | 1 | -8 | 3 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 2 | 0 | 3 | -1 |
Earnings (loss) from discontinued operations | -5 | 1 | -5 | 2 |
Net earnings (loss) | 252 | 172 | 705 | 447 |
Net (earnings) loss attributable to noncontrolling interests | 1 | 0 | 3 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 253 | 172 | 708 | 447 |
Amounts attributable to Celanese Corporation | ' | ' | ' | ' |
Earnings (loss) from continuing operations | 258 | 171 | 713 | 445 |
Earnings (loss) from discontinued operations | -5 | 1 | -5 | 2 |
Net earnings (loss) | $253 | $172 | $708 | $447 |
Earnings (loss) per common share - basic | ' | ' | ' | ' |
Continuing operations | $1.67 | $1.08 | $4.58 | $2.80 |
Discontinued operations | ($0.03) | $0.01 | ($0.03) | $0.01 |
Net earnings (loss) - basic | $1.64 | $1.09 | $4.55 | $2.81 |
Earnings (loss) per common share - diluted | ' | ' | ' | ' |
Continuing operations | $1.66 | $1.07 | $4.56 | $2.79 |
Discontinued operations | ($0.03) | $0.01 | ($0.03) | $0.01 |
Net earnings (loss) - diluted | $1.63 | $1.08 | $4.53 | $2.80 |
Weighted average shares - basic | 154,427,554 | 158,501,075 | 155,552,777 | 159,282,314 |
Weighted average shares - diluted | 155,174,528 | 159,095,531 | 156,325,511 | 159,846,593 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net earnings (loss) | $252 | $172 | $705 | $447 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | 1 | 0 | 1 |
Foreign currency translation | -124 | 42 | -141 | 37 |
Gain (loss) from cash flow hedges | -5 | 1 | -11 | 4 |
Pension and postretirement benefits | -8 | 0 | -34 | 0 |
Total other comprehensive income (loss), net of tax | -137 | 44 | -186 | 42 |
Total comprehensive income (loss), net of tax | 115 | 216 | 519 | 489 |
Comprehensive (income) loss attributable to noncontrolling interests | 1 | 0 | 3 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | $116 | $216 | $522 | $489 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents (variable interest entity restricted - 2014: $6) | $1,510 | $984 |
Trade receivables - third party and affiliates (net of allowance for doubtful accounts - 2014: $9; 2013: $9) | 1,016 | 867 |
Non-trade receivables, net | 200 | 343 |
Inventories | 771 | 804 |
Deferred income taxes | 111 | 115 |
Marketable securities, at fair value | 36 | 41 |
Other assets | 43 | 28 |
Total current assets | 3,687 | 3,182 |
Investments in affiliates | 857 | 841 |
Property, plant and equipment (net of accumulated depreciation - 2014: $1,785; 2013: $1,672; variable interest entity restricted - 2014: $388) | 3,618 | 3,425 |
Deferred income taxes | 296 | 289 |
Other assets (variable interest entity restricted - 2014: $24) | 365 | 341 |
Goodwill | 756 | 798 |
Intangible assets (net of accumulated amortization - 2014: $567; 2013: $588) | 131 | 142 |
Total assets | 9,710 | 9,018 |
Current Liabilities | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 765 | 177 |
Trade payables - third party and affiliates | 816 | 799 |
Other liabilities | 483 | 541 |
Deferred income taxes | 10 | 10 |
Income taxes payable | 115 | 18 |
Total current liabilities | 2,189 | 1,545 |
Long-term debt | 2,639 | 2,887 |
Deferred income taxes | 225 | 225 |
Uncertain tax positions | 150 | 200 |
Benefit obligations | 1,077 | 1,175 |
Other liabilities | 295 | 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: 12,443,438 shares; 2013: 8,928,137 shares) | -562 | -361 |
Additional paid-in capital | 83 | 53 |
Retained earnings | 3,613 | 3,011 |
Accumulated other comprehensive income (loss), net | -190 | -4 |
Total Celanese Corporation stockholders' equity | 2,944 | 2,699 |
Noncontrolling interests | 191 | 0 |
Total equity | 3,135 | 2,699 |
Total liabilities and equity | 9,710 | 9,018 |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2014: 166,075,904 issued and 153,632,466 outstanding; 2013: 165,867,965 issued and 156,939,828 outstanding) | ' | ' |
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) | ' | ' |
Stockholders' Equity | ' | ' |
Common stock | $0 | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
In Millions, except Share data, unless otherwise specified | |||
Current Assets | ' | ' | |
Cash and cash equivalents | $1,510 | $984 | |
Allowance for doubtful accounts - trade receivables | 9 | 9 | |
Accumulated depreciation | 1,785 | 1,672 | |
Property, plant and equipment | 3,618 | 3,425 | |
Other assets | 365 | 341 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 567 | 588 | |
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 | 12,443,438 | 8,928,137 | |
Common stock, par value | $0.00 | ' | |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2014: 166,075,904 issued and 153,632,466 outstanding; 2013: 165,867,965 issued and 156,939,828 outstanding) | ' | ' | |
Stockholders' Equity | ' | ' | |
Common stock, par value | $0.00 | $0.00 | |
Common stock, shares authorized | 400,000,000 | 400,000,000 | |
Common stock, shares issued | 166,075,904 | 165,867,965 | |
Common stock, shares outstanding | 153,632,466 | 156,939,828 | |
Series B common stock, $0.0001 par value, 100,000,000 shares authorized (2014 and 2013: 0 issued and outstanding) | ' | ' | |
Stockholders' Equity | ' | ' | |
Common stock, par value | $0.00 | $0.00 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 0 | 0 | |
Common stock, shares outstanding | 0 | 0 | |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | |
Current Assets | ' | ' | |
Cash and cash equivalents | 6 | ' | |
Property, plant and equipment | 388 | ' | |
Other assets | $24 | [1] | ' |
[1] | Includes prepaid intangible assets with a weighted average amortization period of 28 years. |
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 | ' | ' | 177,499 | ' | ' | ' | ' | ' |
Stock option exercises, net of tax | ' | ' | 0 | ' | 4 | ' | ' | ' |
Purchases of treasury stock, shares | ' | ' | -3,515,301 | ' | ' | ' | ' | ' |
Purchases of treasury stock, including related fees | ' | ' | 0 | ' | ' | ' | ' | ' |
Stock awards, shares | ' | ' | 30,440 | ' | ' | ' | ' | ' |
Stock awards | ' | ' | 0 | ' | ' | ' | ' | ' |
Purchases of treasury stock, shares | 3,515,301 | ' | ' | 3,515,301 | ' | ' | ' | ' |
Purchases of treasury stock, including related fees | -201 | ' | ' | -201 | ' | ' | ' | ' |
Stock-based compensation, net of tax | ' | ' | ' | ' | 26 | ' | ' | ' |
Net earnings (loss) attributable to Celanese Corporation | 708 | ' | ' | ' | ' | 708 | ' | ' |
Series A common stock dividends | ' | ' | ' | ' | ' | -106 | ' | ' |
Other comprehensive income (loss), net of tax | -186 | ' | ' | ' | ' | ' | -186 | ' |
Net earnings (loss) attributable to noncontrolling interests | -3 | ' | ' | ' | ' | ' | ' | -3 |
Contributions from noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | 194 |
Balance as of the end of the period at Sep. 30, 2014 | 3,135 | ' | 0 | -562 | 83 | 3,613 | -190 | 191 |
Total Celanese Corporation stockholders' equity at Sep. 30, 2014 | $2,944 | $2,944 | ' | ' | ' | ' | ' | ' |
Balance as of the end of the period, shares at Sep. 30, 2014 | ' | ' | 153,632,466 | 12,443,438 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities | ' | ' |
Net earnings (loss) | $705 | $447 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | ' | ' |
Asset impairments | 0 | 2 |
Depreciation, amortization and accretion | 226 | 238 |
Pension and postretirement net periodic benefit cost | -85 | -16 |
Pension and postretirement contributions | -83 | -49 |
Deferred income taxes, net | -8 | 7 |
(Gain) loss on disposition of businesses and assets, net | 5 | 2 |
Stock-based compensation | 26 | 18 |
Undistributed earnings in unconsolidated affiliates | -51 | -47 |
Other, net | 15 | 7 |
Operating cash provided by (used in) discontinued operations | 5 | -5 |
Changes in operating assets and liabilities | ' | ' |
Trade receivables - third party and affiliates, net | -175 | -113 |
Inventories | 7 | -34 |
Other assets | 22 | -82 |
Trade payables - third party and affiliates | 45 | 100 |
Other liabilities | 142 | 133 |
Net cash provided by (used in) operating activities | 796 | 608 |
Investing Activities | ' | ' |
Capital expenditures on property, plant and equipment | -189 | -199 |
Acquisitions, net of cash acquired | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | -6 |
Capital expenditures related to Fairway Methanol LLC | -275 | -60 |
Other, net | -13 | -38 |
Net cash provided by (used in) investing activities | -477 | -290 |
Financing Activities | ' | ' |
Short-term borrowings (repayments), net | 12 | -12 |
Proceeds from short-term debt | 47 | 154 |
Repayments of short-term debt | -70 | -51 |
Proceeds from long-term debt | 387 | 74 |
Repayments of long-term debt | -19 | -192 |
Purchases of treasury stock, including related fees | -201 | -102 |
Stock option exercises | 4 | 3 |
Series A common stock dividends | -106 | -55 |
Contributions from noncontrolling interests | 194 | 0 |
Other, net | -11 | -2 |
Net cash provided by (used in) financing activities | 237 | -183 |
Exchange rate effects on cash and cash equivalents | -30 | 6 |
Net increase (decrease) in cash and cash equivalents | 526 | 141 |
Cash and cash equivalents as of beginning of period | 984 | 959 |
Cash and cash equivalents as of end of period | $1,510 | $1,100 |
Description_of_the_Company_and
Description of the Company and Basis of Presentation | 9 Months Ended |
Sep. 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 nine months ended September 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 nine months ended September 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. | |
Goodwill and Other Intangible Assets | |
The Company assesses the recoverability of the carrying amount of its reporting unit goodwill either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. In connection with the Company's annual goodwill impairment assessment, the Company did not record an impairment loss to goodwill during the nine months ended September 30, 2014 as the estimated fair value for each of the Company's reporting units exceeded the carrying amount of the underlying assets by a substantial margin. | |
The Company assesses the recoverability of the carrying amount of its indefinite-lived intangible assets either qualitatively or by utilizing the relief from royalty method under the income approach annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. In connection with the Company's annual indefinite-lived intangible assets impairment assessment, the Company did not record an impairment loss to indefinite-lived intangible assets during the nine months ended September 30, 2014 as the estimated fair value of each of the Company's indefinite-lived intangible assets exceeded the carrying value of the underlying assets by a substantial margin. | |
The Company's trademarks and trade names have an indefinite life. For the nine months ended September 30, 2014, the Company did not renew or extend any intangible assets. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"), an amendment to FASB Accounting Standards Codification ("ASC") Topic 205, Presentation of Financial Statements. This update provides guidance on management's responsibility in evaluating whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. This ASU is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a material impact on its financial statement disclosures. | |
In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 supersedes the revenue recognition requirements of FASB 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 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 | 9 Months Ended |
Sep. 30, 2014 | |
Acquisitions, Dispositions and Plant Closures [Abstract] | ' |
Acquisitions, Dispositions and Plant Closures | ' |
Acquisitions, Dispositions and Plant Closures | |
Plant Closures | |
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. | |
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 included in Other (charges) gains, net in the unaudited interim consolidated statements of operations (Note 13). |
Ventures_and_Variable_Interest
Ventures and Variable Interest Entities | 9 Months Ended | |||
Sep. 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 18). | ||||
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 included in the unaudited consolidated balance sheet are as follows: | ||||
As of | ||||
September 30, | ||||
2014 | ||||
(In $ millions) | ||||
Cash and cash equivalents | 6 | |||
Property, plant and equipment | 388 | |||
Other assets(1) | 24 | |||
Total assets(2) | 418 | |||
Current liabilities | 37 | |||
Total liabilities(3) | 37 | |||
______________________________ | ||||
(1) | Includes prepaid intangible assets with a weighted average amortization period of 28 years. | |||
(2) | Assets can only be used to settle the obligations of Fairway. | |||
(3) | 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 September 30, 2014 relates primarily to the recovery of capital expenditures for certain property, plant and equipment. | ||||
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 | |||
September 30, | December 31, | |||
2014 | 2013 | |||
(In $ millions) | ||||
Property, plant and equipment, net | 101 | 111 | ||
Trade payables | 45 | 56 | ||
Current installments of long-term debt | 9 | 8 | ||
Long-term debt | 128 | 136 | ||
Total liabilities | 182 | 200 | ||
Maximum exposure to loss | 300 | 318 | ||
The difference between the total liabilities associated with obligations to unconsolidated VIEs and the maximum exposure to loss primarily represents take-or-pay obligations for services included in the Company's unconditional purchase obligations (Note 17). |
Marketable_Securities_at_Fair_
Marketable Securities, at Fair Value | 9 Months Ended | |||||
Sep. 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 10). | ||||||
The amortized cost, gross unrealized gain, gross unrealized loss and fair values for available-for-sale securities by major security type are as follows: | ||||||
As of | As of | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Mutual Funds | ||||||
Amortized cost | 36 | 41 | ||||
Gross unrealized gain | — | — | ||||
Gross unrealized loss | — | — | ||||
Fair value | 36 | 41 | ||||
See Note 16 - Fair Value Measurements for additional information regarding the fair value of the Company's marketable securities. |
Inventories
Inventories | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Inventory Disclosure [Abstract] | ' | |||||
Inventories | ' | |||||
Inventories | ||||||
As of | As of | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Finished goods | 570 | 571 | ||||
Work-in-process | 49 | 59 | ||||
Raw materials and supplies | 152 | 174 | ||||
Total | 771 | 804 | ||||
Current_Other_Liabilities
Current Other Liabilities | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Other Liabilities, Current [Abstract] | ' | |||||
Current Other Liabilities | ' | |||||
Current Other Liabilities | ||||||
As of | As of | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Asset retirement obligations | 8 | 29 | ||||
Current portion of benefit obligations | 46 | 78 | ||||
Customer rebates | 45 | 48 | ||||
Derivatives (Note 15) | 11 | 12 | ||||
Environmental (Note 11) | 20 | 30 | ||||
Insurance | 12 | 14 | ||||
Interest | 31 | 24 | ||||
Restructuring (Note 13) | 29 | 60 | ||||
Salaries and benefits | 122 | 96 | ||||
Sales and use tax/foreign withholding tax payable | 14 | 12 | ||||
Uncertain tax positions | 58 | 64 | ||||
Other | 87 | 74 | ||||
Total | 483 | 541 | ||||
Noncurrent_Other_Liabilities
Noncurrent Other Liabilities | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||
Noncurrent Other Liabilities | ' | |||||
Noncurrent Other Liabilities | ||||||
As of | As of | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Asset retirement obligations | 26 | 18 | ||||
Deferred proceeds | 48 | 53 | ||||
Deferred revenue | 24 | 28 | ||||
Derivatives (Note 15) | 13 | 3 | ||||
Environmental (Note 11) | 71 | 67 | ||||
Income taxes payable | 20 | 20 | ||||
Insurance | 50 | 50 | ||||
Restructuring (Note 13) | — | 2 | ||||
Other | 43 | 46 | ||||
Total | 295 | 287 | ||||
Debt
Debt | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Debt | ' | |||||
Debt | ||||||
As of | As of | |||||
September 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 | 625 | 24 | ||||
Short-term borrowings, including amounts due to affiliates(1) | 105 | 103 | ||||
Accounts receivable securitization facility(2) | 35 | 50 | ||||
Total | 765 | 177 | ||||
______________________________ | ||||||
(1) | The weighted average interest rate was 3.9% and 4.4% as of September 30, 2014 and December 31, 2013, respectively. | |||||
(2) | The weighted average interest rate was 0.7% as of September 30, 2014 and December 31, 2013. | |||||
As of | As of | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Long-Term Debt | ||||||
Senior credit facilities - Term C-2 loan due 2016 | 35 | 978 | ||||
Senior credit facilities - Term C-3 loan due 2018 | 914 | — | ||||
Senior unsecured notes due 2018, interest rate of 6.625% | 600 | 600 | ||||
Senior unsecured notes due 2019, interest rate of 3.250% | 378 | — | ||||
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 | 268 | 264 | ||||
Subtotal | 3,264 | 2,911 | ||||
Current installments of long-term debt | (625 | ) | (24 | ) | ||
Total | 2,639 | 2,887 | ||||
Senior Notes | ||||||
On September 24, 2014, Celanese US completed an offering of €300 million in principal amount of 3.250% senior unsecured notes due 2019 ("3.250% Notes") in a public offering registered under the Securities Act of 1933, as amended ("Securities Act"). In connection with the 3.250% Notes offering, the Company recorded deferred financing costs of $6 million during the three months ended September 30, 2014, which are being amortized over the term of the 3.250% Notes. Deferred financing costs are included in noncurrent Other assets in the unaudited consolidated balance sheets. | ||||||
The 3.250% Notes were issued under a base indenture dated May 6, 2011 and a third supplemental indenture dated September 24, 2014 ("Third Supplemental Indenture") among Celanese US, Celanese, each of the domestic subsidiaries of Celanese US that guarantee its obligations under its senior secured credit facilities ("Subsidiary Guarantors") and Wells Fargo Bank, National Association, as trustee. Celanese US will pay interest on the 3.250% Notes on April 15 and October 15 of each year commencing on April 15, 2015. Prior to October 15, 2019, Celanese US may redeem some or all of the 3.250% Notes at a redemption price of 100% of the principal amount, plus a "make-whole" premium as specified in the Third Supplemental Indenture, plus accrued and unpaid interest, if any, to the redemption date. | ||||||
On September 15, 2014, Celanese US issued an irrevocable notice of redemption of the $600 million principal amount of 6.625% senior unsecured notes due 2018 registered under the Securities Act ("6.625% Notes") under the terms of the indenture dated September 24, 2010. On October 15, 2014, Celanese US redeemed the 6.625% Notes at a redemption price of 103.313% of the face amount for a total principal and premium payment of $620 million plus accrued interest of $20 million. Proceeds from the issuance of the 3.250% Notes were used to partially fund the redemption of the 6.625% Notes, as well as cash on hand. The Company will accelerate amortization of deferred financing costs of $5 million, which will be included in Refinancing expense in the unaudited interim consolidated statements of operations during the three months ended December 31, 2014. The 6.625% Notes are included in Short-term borrowings and current installments of long-term debt - third party and affiliates in the unaudited consolidated balance sheet as of September 30, 2014. | ||||||
In November 2012, Celanese US completed an offering of $500 million in principal amount of 4.625% senior unsecured notes due 2022 ("4.625% Notes") in a public offering registered under the Securities Act. | ||||||
In May 2011, Celanese US completed an offering of $400 million in principal amount of 5.875% senior unsecured notes due 2021 ("5.875% Notes" and, together with the 6.625% Notes, the 4.625% Notes and the 3.250% Notes, collectively the "Senior Notes") in a public offering registered 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 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 | ||||||
On September 24, 2014, Celanese US, Celanese and the Subsidiary Guarantors entered into an amendment agreement with the lenders under Celanese US's existing senior secured credit facilities in order to amend and restate the amended credit agreement dated September 16, 2013 (as amended and restated by the 2014 amendment agreement, the "Amended Credit Agreement"). Under the Amended Credit Agreement, all of the US dollar-denominated Term C-2 term loans and all but €28 million of the Euro-denominated Term C-2 term loans under the 2013 amended credit agreement were converted into, or refinanced by, the Term C-3 loan facility with an extended maturity date of October 2018. The non-extended portions of the Term C-2 loan facility continue to have a maturity date of October 2016. In addition, the maturity date of the Company's revolving credit facility was extended to October 2018 and the facility was increased to $900 million. Accordingly, the Amended Credit Agreement consists of the Term C-2 loan facility, the Term C-3 loan facility and a $900 million revolving credit facility. | ||||||
As a result of the Amended Credit Agreement, the Company recorded $4 million of Refinancing expense in the unaudited interim consolidated statements of operations during the three months ended September 30, 2014, which includes accelerated amortization of deferred financing costs and other refinancing expenses. In addition, the Company recorded deferred financing costs of $4 million during the three months ended September 30, 2014, which are being amortized over the term of the Term C-3 loans and revolving credit facility. | ||||||
As of September 30, 2014, the margin for borrowings under the Term C-2 loan facility was 2.0% above the Euro Interbank Offered Rate ("EURIBOR") and the margin for borrowings under the Term C-3 loan facility was 2.25% above LIBOR (for US dollars) and 2.25% above EURIBOR (for Euros), as applicable. As of September 30, 2014, the margin for borrowings under the revolving credit facility was 1.5% 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 corporate credit ratings of Celanese or Celanese US. | ||||||
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 September 30, 2014 | ||||||
Maximum | Estimate | Estimate, If Fully Drawn | ||||
3.9 | 0.67 | 1.27 | ||||
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 $50 million and the occurrence of a change of control. Failure to comply with these covenants, or the occurrence of any other event of default, could result in acceleration of the borrowings and other financial obligations under the Amended Credit Agreement. | ||||||
The Company is in compliance with all of the covenants related to its debt agreements as of September 30, 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 ("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 ("Transferor") and (ii) a Receivables Purchase Agreement ("Purchase Agreement"), among CIC, as servicer, the Transferor, various third-party purchasers (collectively, "Purchasers") and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrator ("Administrator"). | ||||||
As of September 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 nine months ended September 30, 2014, the Company repaid $15 million of borrowings outstanding under the accounts receivable securitization facility using cash on hand. As of September 30, 2014, the outstanding amount of accounts receivable transferred by the Originators to the Transferor was $239 million. | ||||||
The Company's balances available for borrowing are as follows: | ||||||
As of | ||||||
September 30, | ||||||
2014 | ||||||
(In $ millions) | ||||||
Revolving Credit Facility | ||||||
Borrowings outstanding | — | |||||
Letters of credit issued | — | |||||
Available for borrowing | 900 | |||||
Accounts Receivable Securitization Facility | ||||||
Borrowings outstanding | 35 | |||||
Letters of credit issued | 79 | |||||
Available for borrowing | 21 | |||||
Benefit_Obligations
Benefit Obligations | 9 Months Ended | |||||||||||||||||||||||
Sep. 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 is included in Pension and postretirement benefits within Accumulated other comprehensive income (loss), net in the unaudited 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 is included in Pension and postretirement benefits within Accumulated other comprehensive income (loss), net in the unaudited 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 $62 million of prior service credit amortization during the three and nine months ended September 30, 2014, respectively, and made $1 million and $32 million in lump-sum buyout payments during the three and nine months ended September 30, 2014, respectively. | ||||||||||||||||||||||||
The components of net periodic benefit cost are as follows: | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 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 | — | 9 | — | 9 | 1 | 26 | 2 | ||||||||||||||||
Interest cost | 41 | 1 | 39 | 3 | 126 | 3 | 116 | 8 | ||||||||||||||||
Expected return on plan assets | (54 | ) | — | (57 | ) | — | (162 | ) | — | (169 | ) | — | ||||||||||||
Amortization of prior service cost (credit), net | — | (21 | ) | — | — | — | (62 | ) | 1 | — | ||||||||||||||
Total | (10 | ) | (20 | ) | (9 | ) | 3 | (27 | ) | (58 | ) | (26 | ) | 10 | ||||||||||
Benefit obligation funding is as follows: | ||||||||||||||||||||||||
As of | Total | |||||||||||||||||||||||
September 30, | Expected | |||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||
Cash contributions to defined benefit pension plans | 24 | 47 | ||||||||||||||||||||||
Benefit payments to nonqualified pension plans | 17 | 22 | ||||||||||||||||||||||
Benefit payments to other postretirement benefit plans | 42 | 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 $5 million for the nine months ended September 30, 2014. |
Environmental
Environmental | 9 Months Ended | |||||
Sep. 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 | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Demerger obligations (Note 17) | 27 | 27 | ||||
Divestiture obligations (Note 17) | 22 | 21 | ||||
Active sites | 27 | 32 | ||||
US Superfund sites | 12 | 13 | ||||
Other environmental remediation reserves | 3 | 4 | ||||
Total | 91 | 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 17). The Company provides for such obligations when the event of loss is probable and reasonably estimable. The Company believes that environmental remediation costs will not have a material adverse effect on the financial position of the Company, but may have a material adverse effect on the results of operations or cash flows in any given period. | ||||||
US Superfund Sites | ||||||
In the US, the Company may be subject to substantial claims brought by US federal or state regulatory agencies or private individuals pursuant to statutory authority or common law. In particular, the Company has a potential liability under the US Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, and related state laws (collectively referred to as "Superfund") for investigation and cleanup costs at certain sites. At most of these sites, numerous companies, including the Company, or one of its predecessor companies, have been notified that the 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") in the lower 17-mile stretch of the Passaic River in order to identify the levels of contaminants and potential cleanup actions. The parties are still working on the RI/FS with a goal to complete it in 2015. On April 11, 2014, the EPA issued its proposed evaluation of remediation alternatives for the lower 8-mile stretch of the Passaic River. The EPA estimates the cost for the various alternatives will range from $365 million to $3.2 billion. The EPA's preferred plan would involve dredging the Passaic River bank to bank and installing an engineered cap at an estimated cost of $1.7 billion. | ||||||
The parties involved have submitted comments to the EPA challenging the science, scope, necessity and viability of the EPA's proposed plan as the EPA's preferred remedy for the lower 8-mile stretch is inconsistent with the remedy being developed in the RI/FS for the full 17-mile stretch of the river. The EPA will evaluate all the input and is expected to issue a final decision concerning the lower 8-mile stretch of the river in 2015. Any subsequent order from the EPA requiring clean-up actions could be judicially challenged. | ||||||
As the cost of the final remedy remains uncertain and the Company has found no evidence that it contributed any of the primary contaminants of concern to the Passaic River, 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. On September 22, 2014, the Company and the EPA entered into an administrative settlement agreement, which included a penalty payment of $380,000 and funding of $175,000 for a specific supplemental environmental project. The Meredosia, Illinois site is included in the Company's Industrial Specialties segment. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||||||
Sep. 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 September 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: | ||||||||||||||||||
Nine Months Ended | Total From | |||||||||||||||||
September 30, | Feb-08 | |||||||||||||||||
Through | ||||||||||||||||||
2014 | 2013 | 30-Sep-14 | ||||||||||||||||
Shares repurchased | 3,515,301 | 2,096,320 | (1) | 19,844,008 | (2) | |||||||||||||
Average purchase price per share | $ | 57.19 | $ | 48.58 | $ | 43.64 | ||||||||||||
Amount spent on repurchased shares (in millions) | $ | 201 | $ | 102 | $ | 866 | ||||||||||||
______________________________ | ||||||||||||||||||
(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. Accordingly, 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. Accordingly, the shares withheld are treated as treasury shares. | |||||||||||||||||
The purchase of treasury stock reduces the number of shares outstanding, and the repurchased shares may be used by the Company for compensation programs utilizing the Company's stock and other corporate purposes. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders' equity. | ||||||||||||||||||
Other Comprehensive Income (Loss), Net | ||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||
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 | — | — | — | 1 | (1) | — | 1 | |||||||||||
Foreign currency translation | (127 | ) | 3 | (124 | ) | 44 | (2 | ) | 42 | |||||||||
Gain (loss) from cash flow hedges | (8 | ) | 3 | (5 | ) | 2 | (2) | (1 | ) | 1 | ||||||||
Pension and postretirement benefits | (16 | ) | 8 | (8 | ) | — | — | — | ||||||||||
Total | (151 | ) | 14 | (137 | ) | 47 | (3 | ) | 44 | |||||||||
______________________________ | ||||||||||||||||||
(1) | Amount includes $1 million of unrealized gains related to the Company's equity method investments. | |||||||||||||||||
(2) | Amount includes $1 million of gains associated with the Company's equity method investments. | |||||||||||||||||
Nine Months Ended September 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 | — | — | — | 1 | (1) | — | 1 | |||||||||||
Foreign currency translation | (142 | ) | 1 | (141 | ) | 41 | (4 | ) | 37 | |||||||||
Gain (loss) from cash flow hedges | (11 | ) | — | (11 | ) | 7 | (3 | ) | 4 | |||||||||
Pension and postretirement benefits | (57 | ) | 23 | (34 | ) | — | (2) | — | — | |||||||||
Total | (210 | ) | 24 | (186 | ) | 49 | (7 | ) | 42 | |||||||||
______________________________ | ||||||||||||||||||
(1) | Amount includes $1 million of unrealized gains related to the Company's equity method investments. | |||||||||||||||||
(2) | Amount includes amortization of actuarial gains of $1 million related to the Company's equity method investments. | |||||||||||||||||
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 15) | Benefits | (Loss), Net | |||||||||||||||
(Note 5) | (Note 10) | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
As of December 31, 2013 | — | (3 | ) | (44 | ) | 43 | (4 | ) | ||||||||||
Other comprehensive income before reclassifications | — | (142 | ) | (14 | ) | — | (156 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 3 | (57 | ) | (54 | ) | |||||||||||
Income tax (provision) benefit | — | 1 | — | 23 | 24 | |||||||||||||
As of September 30, 2014 | — | (144 | ) | (55 | ) | 9 | (190 | ) | ||||||||||
Other_Charges_Gains_Net
Other (Charges) Gains, Net | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||
Other (Charges) Gains, Net | ' | |||||||||||||||||
Other (Charges) Gains, Net | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee termination benefits | (3 | ) | — | (6 | ) | (3 | ) | |||||||||||
Kelsterbach plant relocation | — | (2 | ) | — | (6 | ) | ||||||||||||
Asset impairments | — | (2 | ) | — | (2 | ) | ||||||||||||
Plant/office closures | 1 | — | 2 | — | ||||||||||||||
Commercial disputes | 21 | — | 21 | — | ||||||||||||||
Other | 1 | — | 4 | — | ||||||||||||||
Total | 20 | (4 | ) | 21 | (11 | ) | ||||||||||||
2014 | ||||||||||||||||||
During the three months ended September 30, 2014, the Company received consideration of $6 million in connection with the settlement of a claim against a bankrupt supplier. The resolution of this commercial dispute is included in the Acetyl Intermediates segment. In addition, the Company recovered $15 million from an arbitration award against a former utility operator at its cellulose derivatives manufacturing facility in Narrows, Virginia, which is included in the Consumer Specialties segment. | ||||||||||||||||||
During the nine months ended September 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 facility in Roussillon, France and its VAM facility in Tarragona, Spain (Note 3). Also, during the nine months ended September 30, 2014, the Company recorded $4 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). | ||||||||||||||||||
2013 | ||||||||||||||||||
During the nine months ended September 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. In addition, during the nine months ended September 30, 2013, the Company recorded $6 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 | — | 1 | 4 | — | 6 | ||||||||||||
Cash payments | (1 | ) | (1 | ) | (2 | ) | (13 | ) | (1 | ) | (18 | ) | ||||||
Other changes | — | — | — | — | — | |||||||||||||
Exchange rate changes | — | — | — | — | — | — | ||||||||||||
As of September 30, 2014 | 4 | 2 | 1 | 7 | 3 | 17 | ||||||||||||
Plant/Office Closures | ||||||||||||||||||
As of December 31, 2013 | — | — | — | 33 | — | 33 | ||||||||||||
Additions | — | — | — | — | — | — | ||||||||||||
Cash payments | — | — | — | (7 | ) | — | (7 | ) | ||||||||||
Other changes | — | — | — | (12 | ) | (1) | — | (12 | ) | |||||||||
Exchange rate changes | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
As of September 30, 2014 | — | — | — | 12 | — | 12 | ||||||||||||
Total | 4 | 2 | 1 | 19 | 3 | 29 | ||||||||||||
______________________________ | ||||||||||||||||||
(1) | Includes a $10 million non-cash reduction to take-or-pay contract termination penalties resulting from the closure of the Company's VAM facility in Tarragona, Spain (Note 3). |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
Income Taxes | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2014 | 2013 | 2014 | 2013 | |||||
(In percentages) | ||||||||
Effective income tax rate | 26 | 25 | 27 | 32 | ||||
The effective income tax rate for the three months ended September 30, 2014 was comparable to the rate for the three months ended September 30, 2013. The decrease in the effective income tax rate for the nine months ended September 30, 2014 was primarily due to decreased earnings in high income tax jurisdictions combined with decreases in losses in jurisdictions without income tax benefit. | ||||||||
For the nine months ended September 30, 2014, the Company's uncertain tax positions decreased $55 million primarily as a result of a $42 million decrease for 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, and a decrease of $16 million due to exchange rate changes. | ||||||||
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 7). |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||
Sep. 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 9). Accordingly, to the extent the cash flow hedge is effective, changes in the fair value of interest rate swaps are included in Gain (loss) from cash flow hedges within Accumulated other comprehensive income (loss), net in the unaudited consolidated balance sheets. Hedge accounting is discontinued when the interest rate swap is no longer effective in offsetting cash flows attributable to the hedged risk, the interest rate swap expires or the cash flow hedge is dedesignated because it is probable that the forecasted transaction will not occur according to the original strategy. When a cash flow hedge is dedesignated, any related amounts previously included in Accumulated other comprehensive income (loss), net would be reclassified to earnings immediately. | |||||||||||||
US-dollar interest rate swap derivative arrangements are as follows: | |||||||||||||
As of September 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 9). | ||||||||||||
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 9). | ||||||||||||
Foreign Exchange Risk Management | |||||||||||||
Certain subsidiaries have assets and liabilities denominated in currencies other than their respective functional currencies, which creates foreign exchange risk. The Company also is exposed to foreign currency fluctuations on transactions with third-party entities as well as intercompany transactions. The Company minimizes its exposure to foreign currency fluctuations by entering into foreign currency forwards and swaps. These foreign currency forwards and swaps are not designated as hedges. Gains and losses on foreign currency forwards and swaps entered into to offset foreign exchange impacts on intercompany balances are included in 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 included in Foreign exchange gain (loss), net in the unaudited interim consolidated statements of operations. | |||||||||||||
Gross notional values of the foreign currency forwards and swaps are as follows: | |||||||||||||
As of | As of | ||||||||||||
September 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In $ millions) | |||||||||||||
Total | 608 | 869 | |||||||||||
The Company uses non-derivative financial instruments that may give rise to foreign currency transaction gains or losses to hedge the foreign currency exposure of net investments in foreign operations. During the three months ended September 30, 2014, the Company designated the €300 million of the principal amount of its 3.250% Notes as a net investment hedge of its investment in a wholly-owned international subsidiary whose functional currency is the Euro to mitigate the volatility caused by the changes in foreign currency exchange rates of the Euro with respect to the US dollar. Accordingly, the effective portion of gains and losses from remeasurement of the 3.250% Notes is included in foreign currency translation within Accumulated other comprehensive income (loss), net in the unaudited consolidated balance sheets. Gains and losses are reclassified to earnings in the period the hedged investment is sold or liquidated. | |||||||||||||
The Company uses cross-currency swap contracts to hedge its exposure to foreign currency exchange rate risk associated with certain intercompany loans. Under the terms of the contracts, 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 contracts. In addition, the Company pays Euros to and receives US dollars from the counterparty on the notional amount at the maturity of the contract. The terms of the contracts correspond to the related hedged intercompany loans. The cross-currency swap contracts have been designated as cash flow hedges. Accordingly, the effective portion of the unrealized gains and losses on the contracts is included in gain (loss) from cash flow hedges within Accumulated other comprehensive income (loss), net in the unaudited consolidated balance sheets. Gains and losses are reclassified to earnings over the period that the hedged loans affect earnings. The Euro notional values are marked-to-market based on the current spot rate and gains and losses are included in Other income (expense), net in the unaudited interim consolidated statements of operations. | |||||||||||||
The cross-currency swap agreements are as follows: | |||||||||||||
As of September 30, 2014 | |||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate | ||||||||||
(In millions) | (In percentages) | ||||||||||||
$250 | (1) | September 11, 2014 | September 11, 2020 | 4.27 | |||||||||
€ 193 | (2) | September 11, 2014 | September 11, 2020 | 2.63 | |||||||||
$225 | (1) | April 17, 2014 | April 17, 2019 | 3.62 | |||||||||
€ 162 | (2) | April 17, 2014 | April 17, 2019 | 2.77 | |||||||||
______________________________ | |||||||||||||
(1) | Represents the notional amount due from the counterparty at the maturity of the contract. | ||||||||||||
(2) | Represents the notional amount due to the counterparty at the maturity of the contract. | ||||||||||||
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 based on the probability at the inception and throughout the term of the contract that the Company would not net settle and the transaction would result in the physical delivery of the commodity. Accordingly, 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 and non-derivative instruments is as follows: | |||||||||||||
Three Months Ended September 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 | ) | (2) | (2 | ) | (5) | (3 | ) | (2) | |||
Cross-currency swaps | (9 | ) | (1) | 25 | (3) | — | — | ||||||
Total | (9 | ) | 24 | (2 | ) | (3 | ) | ||||||
Designated as a Net Investment Hedge | |||||||||||||
3.250% Notes | 9 | — | — | — | |||||||||
Not Designated as Hedges | |||||||||||||
Foreign currency forwards and swaps | — | (4 | ) | (4) | — | (10 | ) | (4) | |||||
______________________________ | |||||||||||||
(1) | Excludes $3 million of tax benefit recognized in Other comprehensive income (loss). | ||||||||||||
(2) | Reclassified from Accumulated other comprehensive income (loss), net to Interest income (expense) in the unaudited interim consolidated statements of operations. | ||||||||||||
(3) | Included in Other income (expense), net for non-operating activity or Interest income (expense) for coupon interest in the unaudited interim consolidated statements of operations. | ||||||||||||
(4) | 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. | ||||||||||||
(5) | Excludes $1 million of gains associated with the Company's equity method investments' derivative activity and $1 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
Nine Months Ended September 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) | (3 | ) | (3) | (1 | ) | (6) | (8 | ) | (3) | |
Cross-currency swaps | (13 | ) | (2) | 28 | (4) | — | — | ||||||
Total | (14 | ) | 25 | (1 | ) | (8 | ) | ||||||
Designated as a Net Investment Hedge | |||||||||||||
3.250% Notes | 9 | — | — | — | |||||||||
Not Designated as Hedges | |||||||||||||
Foreign currency forwards and swaps | — | (9 | ) | (5) | — | (14 | ) | (5) | |||||
______________________________ | |||||||||||||
-1 | Excludes $4 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
(2) | Excludes $4 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 for non-operating activity or Interest income (expense) for coupon interest 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 $3 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
See Note 16 - Fair Value Measurements for additional information regarding the fair value of the Company's derivative and non-derivative instruments. | |||||||||||||
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 9). | |||||||||||||
As of | As of | ||||||||||||
September 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In $ millions) | |||||||||||||
Derivative Assets | |||||||||||||
Gross amount recognized | 33 | 1 | |||||||||||
Gross amount offset in the consolidated balance sheets | — | — | |||||||||||
Net amount presented in the consolidated balance sheets | 33 | 1 | |||||||||||
Gross amount not offset in the consolidated balance sheets | 5 | 1 | |||||||||||
Net amount | 28 | — | |||||||||||
As of | As of | ||||||||||||
September 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In $ millions) | |||||||||||||
Derivative Liabilities | |||||||||||||
Gross amount recognized | 24 | 16 | |||||||||||
Gross amount offset in the consolidated balance sheets | — | 1 | |||||||||||
Net amount presented in the consolidated balance sheets | 24 | 15 | |||||||||||
Gross amount not offset in the consolidated balance sheets | 5 | 1 | |||||||||||
Net amount | 19 | 14 | |||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair Value Measurements | ' | |||||||||||
Fair Value Measurements | ||||||||||||
The Company determines fair value based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers assumptions that market participants would use when pricing the asset or liability. Market participant assumptions are categorized by a three-tiered fair value hierarchy which 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. | ||||||||||||
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. 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. | ||||||||||||
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) | ||||||||||||
As of September 30, 2014 | ||||||||||||
Mutual funds | Marketable securities, at fair value | 36 | — | 36 | ||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Cross-currency swaps | Current Other assets | — | 2 | 2 | ||||||||
Cross-currency swaps | Noncurrent Other assets | — | 27 | 27 | ||||||||
Derivatives Not Designated as Hedges | ||||||||||||
Foreign currency forwards and swaps | Current Other assets | — | 4 | 4 | ||||||||
Total assets | 36 | 33 | 69 | |||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (4 | ) | (4 | ) | ||||||
Interest rate swaps | Noncurrent Other liabilities | — | (1 | ) | (1 | ) | ||||||
Cross-currency swaps | Current Other liabilities | — | (2 | ) | (2 | ) | ||||||
Cross-currency swaps | Noncurrent Other liabilities | — | (12 | ) | (12 | ) | ||||||
Designated as a Net Investment Hedge | ||||||||||||
3.250% Notes(1) | Long-term Debt | — | — | — | ||||||||
Derivatives Not Designated as Hedges | ||||||||||||
Foreign currency forwards and swaps | Current Other liabilities | — | (5 | ) | (5 | ) | ||||||
Total liabilities | — | (24 | ) | (24 | ) | |||||||
As of December 31, 2013 | ||||||||||||
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 | 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 | — | (15 | ) | (15 | ) | |||||||
______________________________ | ||||||||||||
(1) | Included in the unaudited consolidated balance sheets at carrying amount. | |||||||||||
Carrying values and fair values of financial instruments that are not carried at fair value are as follows: | ||||||||||||
Fair Value Measurement | ||||||||||||
Carrying | Significant Other | Unobservable | Total | |||||||||
Amount | Observable | Inputs | ||||||||||
Inputs | (Level 3) | |||||||||||
(Level 2) | ||||||||||||
(In $ millions) | ||||||||||||
As of September 30, 2014 | ||||||||||||
Cost investments | 145 | — | — | — | ||||||||
Insurance contracts in nonqualified trusts | 57 | 57 | — | 57 | ||||||||
Long-term debt, including current installments of long-term debt | 3,264 | 3,028 | 268 | 3,296 | ||||||||
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 September 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 | 9 Months Ended | |
Sep. 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, claims of legacy stockholders, 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. 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. Linde Gas was initially seeking $38 million in damages. It is now seeking damages of $68 million plus legal fees, 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. | ||
Guarantees | ||
The Company has agreed to guarantee or indemnify third parties for environmental and other liabilities pursuant to a variety of agreements, including asset and business divestiture agreements, leases, settlement agreements and various agreements with affiliated companies. Although many of these obligations contain monetary and/or time limitations, others do not provide such limitations. | ||
As indemnification obligations often depend on the occurrence of unpredictable future events, the future costs associated with them cannot be determined at this time. | ||
The Company has accrued for all probable and reasonably estimable losses associated with all known matters or claims that have been brought to its attention. These known obligations include the following: | ||
• | Demerger Obligations | |
In connection with the Hoechst demerger, the Company agreed to indemnify Hoechst, and its legal successors, for various liabilities under the demerger agreement, including for environmental liabilities associated with contamination arising either from environmental damage in general ("Category A") or under 19 divestiture agreements entered into by Hoechst prior to the demerger ("Category B") (Note 11). | ||
The Company's obligation to indemnify Hoechst, and its legal successors, is capped under Category B at €250 million. If and to the extent the environmental damage should exceed €750 million in aggregate, the Company's obligation to indemnify Hoechst and its legal successors applies, but is then limited to 33.33% of the remediation cost without further limitations. Cumulative payments under the divestiture agreements as of September 30, 2014 are $67 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 11). | ||
The Company has divested numerous businesses, investments and facilities through agreements containing indemnifications or guarantees to the purchasers. Many of the obligations contain monetary and/or time limitations, which extend through 2037. The aggregate amount of outstanding indemnifications and guarantees provided for under these agreements is $132 million as of September 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 September 30, 2014, the Company had unconditional purchase obligations of $3.4 billion, which extend through 2036. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||||
Sep. 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 September 30, 2014 | ||||||||||||||||||||||
Net sales | 366 | 291 | (1) | 314 | 937 | (1) | — | (139 | ) | 1,769 | ||||||||||||
Other (charges) gains, net | — | 16 | (1 | ) | 5 | — | — | 20 | ||||||||||||||
Operating profit (loss) | 51 | 105 | 16 | 174 | (36 | ) | — | 310 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 43 | — | — | 2 | 7 | — | 52 | |||||||||||||||
Depreciation and amortization | 27 | 11 | 12 | 21 | 2 | — | 73 | |||||||||||||||
Capital expenditures | 23 | 22 | 7 | 150 | 1 | — | 203 | (2) | ||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Net sales | 346 | 310 | (1) | 299 | 795 | (1) | — | (114 | ) | 1,636 | ||||||||||||
Other (charges) gains, net | (2 | ) | — | (1 | ) | (1 | ) | — | — | (4 | ) | |||||||||||
Operating profit (loss) | 48 | 85 | 24 | 67 | (13 | ) | — | 211 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 30 | — | — | 3 | 8 | — | 41 | |||||||||||||||
Depreciation and amortization | 27 | 10 | 13 | 22 | 4 | — | 76 | |||||||||||||||
Capital expenditures | 14 | 33 | 8 | 45 | 2 | — | 102 | (3) | ||||||||||||||
______________________________ | ||||||||||||||||||||||
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include intersegment sales of $137 million and $2 million, respectively, for the three months ended September 30, 2014 and $114 million and $0 million, respectively, for the three months ended September 30, 2013. | |||||||||||||||||||||
(2) | Includes an increase in accrued capital expenditures of $12 million for the three months ended September 30, 2014. | |||||||||||||||||||||
(3) | Excludes expenditures related to the relocation of the Company's POM operations in Germany and includes a decrease in accrued capital expenditures of $8 million for the three months ended September 30, 2013. | |||||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Eliminations | Consolidated | ||||||||||||||||
Engineered | Specialties | Specialties | Intermediates | Activities | ||||||||||||||||||
Materials | ||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||
Net sales | 1,128 | 882 | (1) | 959 | 2,679 | (1) | — | (405 | ) | 5,243 | ||||||||||||
Other (charges) gains, net | (1 | ) | 16 | (1 | ) | 7 | — | — | 21 | |||||||||||||
Operating profit (loss) | 164 | 284 | 60 | 413 | (109 | ) | — | 812 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 121 | 8 | — | 17 | 47 | — | 193 | |||||||||||||||
Depreciation and amortization | 80 | 32 | 38 | 61 | 9 | — | 220 | |||||||||||||||
Capital expenditures | 43 | 72 | 17 | 316 | 4 | — | 452 | (2) | ||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||
Goodwill and intangibles, net | 350 | 266 | 54 | 217 | — | — | 887 | |||||||||||||||
Total assets | 2,544 | 1,498 | 951 | 2,488 | 2,229 | — | 9,710 | |||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Net sales | 1,027 | 919 | (1) | 882 | 2,412 | (1) | — | (346 | ) | 4,894 | ||||||||||||
Other (charges) gains, net | (6 | ) | — | (3 | ) | (2 | ) | — | — | (11 | ) | |||||||||||
Operating profit (loss) | 123 | 246 | 57 | 197 | (59 | ) | — | 564 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 115 | 3 | — | 7 | 25 | — | 150 | |||||||||||||||
Depreciation and amortization | 83 | 30 | 37 | 65 | 12 | — | 227 | |||||||||||||||
Capital expenditures | 35 | 76 | 19 | 116 | 6 | — | 252 | (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 intersegment sales of $403 million and $2 million, respectively, for the nine months ended September 30, 2014 and $342 million and $4 million, respectively, for the nine months ended September 30, 2013. | |||||||||||||||||||||
(2) | Includes a decrease in accrued capital expenditures of $12 million for the nine months ended September 30, 2014. | |||||||||||||||||||||
(3) | Excludes expenditures related to the relocation of the Company's POM operations in Germany and includes a decrease in accrued capital expenditures of $7 million for the nine months ended September 30, 2013. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings (Loss) Per Share | ' | |||||||||||
Earnings (Loss) Per Share | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
(In $ millions, except share data) | ||||||||||||
Amounts Attributable to Celanese Corporation | ||||||||||||
Earnings (loss) from continuing operations | 258 | 171 | 713 | 445 | ||||||||
Earnings (loss) from discontinued operations | (5 | ) | 1 | (5 | ) | 2 | ||||||
Net earnings (loss) | 253 | 172 | 708 | 447 | ||||||||
Weighted average shares - basic | 154,427,554 | 158,501,075 | 155,552,777 | 159,282,314 | ||||||||
Dilutive stock options | 125,259 | 230,110 | 150,099 | 229,920 | ||||||||
Dilutive restricted stock units | 621,715 | 364,346 | 622,635 | 334,359 | ||||||||
Weighted average shares - diluted | 155,174,528 | 159,095,531 | 156,325,511 | 159,846,593 | ||||||||
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 September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Stock options | — | 38,140 | — | 94,631 | ||||||||
Restricted stock units | — | — | — | — | ||||||||
Total | — | 38,140 | — | 94,631 | ||||||||
Consolidating_Guarantor_Financ
Consolidating Guarantor Financial Information | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Consolidating Guarantor Financial Information [Abstract] | ' | |||||||||||||||||
Consolidating Guarantor Financial Information | ' | |||||||||||||||||
Consolidating Guarantor Financial Information | ||||||||||||||||||
The Senior Notes were issued by Celanese US ("Issuer") and are guaranteed by Celanese Corporation ("Parent Guarantor") and the Subsidiary Guarantors (Note 9). The Issuer and Subsidiary Guarantors are 100% owned subsidiaries of the Parent Guarantor. The Parent Guarantor and Subsidiary Guarantors have guaranteed the Notes fully and unconditionally and jointly and severally. | ||||||||||||||||||
For cash management purposes, the Company transfers cash between 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 nine months ended September 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 September 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 749 | 1,340 | (320 | ) | 1,769 | |||||||||||
Cost of sales | — | — | (492 | ) | (1,133 | ) | 292 | (1,333 | ) | |||||||||
Gross profit | — | — | 257 | 207 | (28 | ) | 436 | |||||||||||
Selling, general and administrative expenses | — | — | (18 | ) | (100 | ) | — | (118 | ) | |||||||||
Amortization of intangible assets | — | — | (1 | ) | (4 | ) | — | (5 | ) | |||||||||
Research and development expenses | — | — | (12 | ) | (10 | ) | — | (22 | ) | |||||||||
Other (charges) gains, net | — | — | 21 | (1 | ) | — | 20 | |||||||||||
Foreign exchange gain (loss), net | — | — | — | 1 | — | 1 | ||||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (3 | ) | 1 | — | (2 | ) | ||||||||||
Operating profit (loss) | — | — | 244 | 94 | (28 | ) | 310 | |||||||||||
Equity in net earnings (loss) of affiliates | 252 | 291 | 49 | 40 | (580 | ) | 52 | |||||||||||
Interest expense | — | (52 | ) | (6 | ) | (20 | ) | 37 | (41 | ) | ||||||||
Refinancing expense | — | (4 | ) | — | — | — | (4 | ) | ||||||||||
Interest income | — | 18 | 18 | 4 | (37 | ) | 3 | |||||||||||
Dividend income - cost investments | — | — | — | 29 | — | 29 | ||||||||||||
Other income (expense), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Earnings (loss) from continuing operations before tax | 252 | 253 | 305 | 145 | (608 | ) | 347 | |||||||||||
Income tax (provision) benefit | 1 | (1 | ) | (82 | ) | (16 | ) | 8 | (90 | ) | ||||||||
Earnings (loss) from continuing operations | 253 | 252 | 223 | 129 | (600 | ) | 257 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (7 | ) | — | — | (7 | ) | ||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 2 | — | — | 2 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | (5 | ) | — | — | (5 | ) | ||||||||||
Net earnings (loss) | 253 | 252 | 218 | 129 | (600 | ) | 252 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 253 | 252 | 218 | 130 | (600 | ) | 253 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 709 | 1,250 | (323 | ) | 1,636 | |||||||||||
Cost of sales | — | — | (477 | ) | (1,136 | ) | 323 | (1,290 | ) | |||||||||
Gross profit | — | — | 232 | 114 | — | 346 | ||||||||||||
Selling, general and administrative expenses | — | — | (18 | ) | (79 | ) | — | (97 | ) | |||||||||
Amortization of intangible assets | — | — | (2 | ) | (4 | ) | — | (6 | ) | |||||||||
Research and development expenses | — | — | (17 | ) | (7 | ) | — | (24 | ) | |||||||||
Other (charges) gains, net | — | — | (1 | ) | (3 | ) | — | (4 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Operating profit (loss) | — | — | 194 | 17 | — | 211 | ||||||||||||
Equity in net earnings (loss) of affiliates | 172 | 200 | 35 | 30 | (396 | ) | 41 | |||||||||||
Interest expense | — | (48 | ) | (8 | ) | (19 | ) | 32 | (43 | ) | ||||||||
Refinancing expense | — | (1 | ) | — | — | — | (1 | ) | ||||||||||
Interest income | — | 14 | 17 | 1 | (32 | ) | — | |||||||||||
Dividend income - cost investments | — | — | — | 22 | — | 22 | ||||||||||||
Other income (expense), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Earnings (loss) from continuing operations before tax | 172 | 165 | 238 | 49 | (396 | ) | 228 | |||||||||||
Income tax (provision) benefit | — | 7 | (63 | ) | (1 | ) | — | (57 | ) | |||||||||
Earnings (loss) from continuing operations | 172 | 172 | 175 | 48 | (396 | ) | 171 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | — | — | — | — | ||||||||||||
Earnings (loss) from discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Net earnings (loss) | 172 | 172 | 176 | 48 | (396 | ) | 172 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 172 | 172 | 176 | 48 | (396 | ) | 172 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,135 | 3,997 | (889 | ) | 5,243 | |||||||||||
Cost of sales | — | — | (1,454 | ) | (3,433 | ) | 866 | (4,021 | ) | |||||||||
Gross profit | — | — | 681 | 564 | (23 | ) | 1,222 | |||||||||||
Selling, general and administrative expenses | — | — | (45 | ) | (296 | ) | — | (341 | ) | |||||||||
Amortization of intangible assets | — | — | (5 | ) | (11 | ) | — | (16 | ) | |||||||||
Research and development expenses | — | — | (38 | ) | (30 | ) | — | (68 | ) | |||||||||
Other (charges) gains, net | — | — | 21 | — | — | 21 | ||||||||||||
Foreign exchange gain (loss), net | — | — | — | (1 | ) | — | (1 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (8 | ) | 3 | — | (5 | ) | ||||||||||
Operating profit (loss) | — | — | 606 | 229 | (23 | ) | 812 | |||||||||||
Equity in net earnings (loss) of affiliates | 706 | 801 | 127 | 165 | (1,606 | ) | 193 | |||||||||||
Interest expense | — | (147 | ) | (18 | ) | (60 | ) | 105 | (120 | ) | ||||||||
Refinancing expense | — | (4 | ) | — | — | — | (4 | ) | ||||||||||
Interest income | — | 49 | 53 | 8 | (105 | ) | 5 | |||||||||||
Dividend income - cost investments | — | — | — | 87 | — | 87 | ||||||||||||
Other income (expense), net | — | — | 4 | (5 | ) | — | (1 | ) | ||||||||||
Earnings (loss) from continuing operations before tax | 706 | 699 | 772 | 424 | (1,629 | ) | 972 | |||||||||||
Income tax (provision) benefit | 2 | 7 | (204 | ) | (73 | ) | 6 | (262 | ) | |||||||||
Earnings (loss) from continuing operations | 708 | 706 | 568 | 351 | (1,623 | ) | 710 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (8 | ) | — | — | (8 | ) | ||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 3 | — | — | 3 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | (5 | ) | — | — | (5 | ) | ||||||||||
Net earnings (loss) | 708 | 706 | 563 | 351 | (1,623 | ) | 705 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | 3 | — | 3 | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 708 | 706 | 563 | 354 | (1,623 | ) | 708 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,121 | 3,699 | (926 | ) | 4,894 | |||||||||||
Cost of sales | — | — | (1,455 | ) | (3,369 | ) | 928 | (3,896 | ) | |||||||||
Gross profit | — | — | 666 | 330 | 2 | 998 | ||||||||||||
Selling, general and administrative expenses | — | — | (65 | ) | (251 | ) | — | (316 | ) | |||||||||
Amortization of intangible assets | — | — | (9 | ) | (17 | ) | — | (26 | ) | |||||||||
Research and development expenses | — | — | (48 | ) | (25 | ) | — | (73 | ) | |||||||||
Other (charges) gains, net | — | — | 3 | (10 | ) | (4 | ) | (11 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (5 | ) | — | (5 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | — | (3 | ) | — | (3 | ) | ||||||||||
Operating profit (loss) | — | — | 547 | 19 | (2 | ) | 564 | |||||||||||
Equity in net earnings (loss) of affiliates | 443 | 528 | 117 | 124 | (1,062 | ) | 150 | |||||||||||
Interest expense | — | (144 | ) | (27 | ) | (51 | ) | 92 | (130 | ) | ||||||||
Refinancing expense | — | (1 | ) | — | — | — | (1 | ) | ||||||||||
Interest income | — | 41 | 48 | 4 | (92 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 69 | — | 69 | ||||||||||||
Other income (expense), net | — | — | — | 1 | — | 1 | ||||||||||||
Earnings (loss) from continuing operations before tax | 443 | 424 | 685 | 166 | (1,064 | ) | 654 | |||||||||||
Income tax (provision) benefit | 4 | 19 | (176 | ) | (56 | ) | — | (209 | ) | |||||||||
Earnings (loss) from continuing operations | 447 | 443 | 509 | 110 | (1,064 | ) | 445 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 3 | — | — | 3 | ||||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | (1 | ) | — | — | (1 | ) | ||||||||||
Earnings (loss) from discontinued operations | — | — | 2 | — | — | 2 | ||||||||||||
Net earnings (loss) | 447 | 443 | 511 | 110 | (1,064 | ) | 447 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 447 | 443 | 511 | 110 | (1,064 | ) | 447 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 253 | 252 | 218 | 129 | (600 | ) | 252 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (124 | ) | (124 | ) | (4 | ) | (16 | ) | 144 | (124 | ) | |||||||
Gain (loss) from cash flow hedges | (5 | ) | (5 | ) | — | (6 | ) | 11 | (5 | ) | ||||||||
Pension and postretirement benefits | (8 | ) | (8 | ) | (8 | ) | — | 16 | (8 | ) | ||||||||
Total other comprehensive income (loss), net of tax | (137 | ) | (137 | ) | (12 | ) | (22 | ) | 171 | (137 | ) | |||||||
Total comprehensive income (loss), net of tax | 116 | 115 | 206 | 107 | (429 | ) | 115 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 116 | 115 | 206 | 108 | (429 | ) | 116 | |||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 172 | 172 | 176 | 48 | (396 | ) | 172 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Foreign currency translation | 42 | 42 | 1 | (4 | ) | (39 | ) | 42 | ||||||||||
Gain (loss) from cash flow hedges | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Pension and postretirement benefits | — | — | — | — | — | — | ||||||||||||
Total other comprehensive income (loss), net of tax | 44 | 44 | 3 | (4 | ) | (43 | ) | 44 | ||||||||||
Total comprehensive income (loss), net of tax | 216 | 216 | 179 | 44 | (439 | ) | 216 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 216 | 216 | 179 | 44 | (439 | ) | 216 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 708 | 706 | 563 | 351 | (1,623 | ) | 705 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (141 | ) | (141 | ) | 3 | (30 | ) | 168 | (141 | ) | ||||||||
Gain (loss) from cash flow hedges | (11 | ) | (11 | ) | — | (9 | ) | 20 | (11 | ) | ||||||||
Pension and postretirement benefits | (34 | ) | (34 | ) | (34 | ) | — | 68 | (34 | ) | ||||||||
Total other comprehensive income (loss), net of tax | (186 | ) | (186 | ) | (31 | ) | (39 | ) | 256 | (186 | ) | |||||||
Total comprehensive income (loss), net of tax | 522 | 520 | 532 | 312 | (1,367 | ) | 519 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | 3 | — | 3 | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 522 | 520 | 532 | 315 | (1,367 | ) | 522 | |||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 447 | 443 | 511 | 110 | (1,064 | ) | 447 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Foreign currency translation | 37 | 37 | 4 | (2 | ) | (39 | ) | 37 | ||||||||||
Gain (loss) from cash flow hedges | 4 | 4 | — | — | (4 | ) | 4 | |||||||||||
Pension and postretirement benefits | — | — | — | — | — | — | ||||||||||||
Total other comprehensive income (loss), net of tax | 42 | 42 | 5 | (2 | ) | (45 | ) | 42 | ||||||||||
Total comprehensive income (loss), net of tax | 489 | 485 | 516 | 108 | (1,109 | ) | 489 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 489 | 485 | 516 | 108 | (1,109 | ) | 489 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | — | — | 824 | 686 | — | 1,510 | ||||||||||||
Trade receivables - third party and affiliates | — | — | 147 | 1,043 | (174 | ) | 1,016 | |||||||||||
Non-trade receivables, net | 35 | 1,113 | 2,215 | 490 | (3,653 | ) | 200 | |||||||||||
Inventories, net | — | — | 251 | 604 | (84 | ) | 771 | |||||||||||
Deferred income taxes | — | — | 75 | 53 | (17 | ) | 111 | |||||||||||
Marketable securities, at fair value | — | — | 36 | — | — | 36 | ||||||||||||
Other assets | — | — | 19 | 43 | (19 | ) | 43 | |||||||||||
Total current assets | 35 | 1,113 | 3,567 | 2,919 | (3,947 | ) | 3,687 | |||||||||||
Investments in affiliates | 2,910 | 4,664 | 1,987 | 592 | (9,296 | ) | 857 | |||||||||||
Property, plant and equipment, net | — | — | 998 | 2,620 | — | 3,618 | ||||||||||||
Deferred income taxes | — | — | 270 | 27 | (1 | ) | 296 | |||||||||||
Other assets | — | 1,915 | 145 | 314 | (2,009 | ) | 365 | |||||||||||
Goodwill | — | — | 305 | 451 | — | 756 | ||||||||||||
Intangible assets, net | — | — | 68 | 63 | — | 131 | ||||||||||||
Total assets | 2,945 | 7,692 | 7,340 | 6,986 | (15,253 | ) | 9,710 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 2,429 | 827 | 356 | (2,847 | ) | 765 | |||||||||||
Trade payables - third party and affiliates | — | 2 | 399 | 589 | (174 | ) | 816 | |||||||||||
Other liabilities | 1 | 62 | 324 | 445 | (349 | ) | 483 | |||||||||||
Deferred income taxes | — | 17 | — | 10 | (17 | ) | 10 | |||||||||||
Income taxes payable | — | — | 552 | 52 | (489 | ) | 115 | |||||||||||
Total current liabilities | 1 | 2,510 | 2,102 | 1,452 | (3,876 | ) | 2,189 | |||||||||||
Noncurrent Liabilities | ||||||||||||||||||
Long-term debt | — | 2,217 | 830 | 1,539 | (1,947 | ) | 2,639 | |||||||||||
Deferred income taxes | — | 9 | 11 | 206 | (1 | ) | 225 | |||||||||||
Uncertain tax positions | — | 6 | 8 | 136 | — | 150 | ||||||||||||
Benefit obligations | — | — | 870 | 207 | — | 1,077 | ||||||||||||
Other liabilities | — | 40 | 115 | 209 | (69 | ) | 295 | |||||||||||
Total noncurrent liabilities | — | 2,272 | 1,834 | 2,297 | (2,017 | ) | 4,386 | |||||||||||
Total Celanese Corporation stockholders' equity | 2,944 | 2,910 | 3,404 | 3,046 | (9,360 | ) | 2,944 | |||||||||||
Noncontrolling interests | — | — | — | 191 | — | 191 | ||||||||||||
Total equity | 2,944 | 2,910 | 3,404 | 3,237 | (9,360 | ) | 3,135 | |||||||||||
Total liabilities and equity | 2,945 | 7,692 | 7,340 | 6,986 | (15,253 | ) | 9,710 | |||||||||||
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 | ||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 303 | 444 | 573 | 304 | (828 | ) | 796 | |||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (142 | ) | (47 | ) | — | (189 | ) | |||||||||
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 | — | — | (39 | ) | (236 | ) | — | (275 | ) | |||||||||
Return of capital from subsidiary | — | 28 | 51 | — | (79 | ) | — | |||||||||||
Contributions to subsidiary | — | — | (143 | ) | — | 143 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 4 | 543 | — | (547 | ) | — | |||||||||||
Other, net | — | — | (8 | ) | (5 | ) | — | (13 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 32 | 262 | (288 | ) | (483 | ) | (477 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | (543 | ) | 13 | (1 | ) | 543 | 12 | ||||||||||
Proceeds from short-term borrowings | — | — | — | 47 | — | 47 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (70 | ) | — | (70 | ) | ||||||||||
Proceeds from long-term debt | — | 387 | — | — | — | 387 | ||||||||||||
Repayments of long-term debt | — | (7 | ) | (4 | ) | (12 | ) | 4 | (19 | ) | ||||||||
Purchases of treasury stock, including related fees | (201 | ) | — | — | — | — | (201 | ) | ||||||||||
Dividends to parent | — | (303 | ) | (303 | ) | (222 | ) | 828 | — | |||||||||
Contributions from parent | — | — | — | 143 | (143 | ) | — | |||||||||||
Stock option exercises | 4 | — | — | — | — | 4 | ||||||||||||
Series A common stock dividends | (106 | ) | — | — | — | — | (106 | ) | ||||||||||
Return of capital to parent | — | — | — | (79 | ) | 79 | — | |||||||||||
Contribution from noncontrolling interest | — | — | — | 194 | — | 194 | ||||||||||||
Other, net | — | (10 | ) | (1 | ) | — | — | (11 | ) | |||||||||
Net cash provided by (used in) financing activities | (303 | ) | (476 | ) | (295 | ) | — | 1,311 | 237 | |||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | (30 | ) | — | (30 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 540 | (14 | ) | — | 526 | |||||||||||
Cash and cash equivalents as of beginning of period | — | — | 284 | 700 | — | 984 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 824 | 686 | — | 1,510 | ||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 144 | 58 | 650 | 44 | (288 | ) | 608 | |||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (112 | ) | (87 | ) | — | (199 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | — | — | — | — | ||||||||||||
Proceeds from sale of businesses and assets, net | — | — | — | 13 | — | 13 | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (6 | ) | — | (6 | ) | ||||||||||
Capital expenditures related to Fairway Methanol LLC | — | — | (60 | ) | — | — | (60 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | (20 | ) | — | 20 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 4 | (92 | ) | — | 88 | — | |||||||||||
Other, net | — | — | (26 | ) | (12 | ) | — | (38 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 4 | (310 | ) | (92 | ) | 108 | (290 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 92 | (4 | ) | (8 | ) | (92 | ) | (12 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 154 | — | 154 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (51 | ) | — | (51 | ) | ||||||||||
Proceeds from long-term debt | — | 24 | 50 | — | — | 74 | ||||||||||||
Repayments of long-term debt | — | (32 | ) | (119 | ) | (45 | ) | 4 | (192 | ) | ||||||||
Purchases of treasury stock, including related fees | (102 | ) | — | — | — | — | (102 | ) | ||||||||||
Dividends to parent | — | (144 | ) | (144 | ) | — | 288 | — | ||||||||||
Contributions from parent | — | — | — | 20 | (20 | ) | — | |||||||||||
Stock option exercises | 3 | — | — | — | — | 3 | ||||||||||||
Series A common stock dividends | (55 | ) | — | — | — | — | (55 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Contribution from noncontrolling interest | — | — | — | — | — | — | ||||||||||||
Other, net | — | (2 | ) | — | — | — | (2 | ) | ||||||||||
Net cash provided by (used in) financing activities | (154 | ) | (62 | ) | (217 | ) | 70 | 180 | (183 | ) | ||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 6 | — | 6 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (10 | ) | — | 123 | 28 | — | 141 | |||||||||||
Cash and cash equivalents as of beginning of period | 10 | — | 275 | 674 | — | 959 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 398 | 702 | — | 1,100 | ||||||||||||
Description_of_the_Company_and1
Description of the Company and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 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. | |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets | |
The Company assesses the recoverability of the carrying amount of its reporting unit goodwill either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. In connection with the Company's annual goodwill impairment assessment, the Company did not record an impairment loss to goodwill during the nine months ended September 30, 2014 as the estimated fair value for each of the Company's reporting units exceeded the carrying amount of the underlying assets by a substantial margin. | |
The Company assesses the recoverability of the carrying amount of its indefinite-lived intangible assets either qualitatively or by utilizing the relief from royalty method under the income approach annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. In connection with the Company's annual indefinite-lived intangible assets impairment assessment, the Company did not record an impairment loss to indefinite-lived intangible assets during the nine months ended September 30, 2014 as the estimated fair value of each of the Company's indefinite-lived intangible assets exceeded the carrying value of the underlying assets by a substantial margin. | |
The Company's trademarks and trade names have an indefinite life. For the nine months ended September 30, 2014, the Company did not renew or extend any intangible assets. |
Ventures_and_Variable_Interest1
Ventures and Variable Interest Entities (Tables) | 9 Months Ended | |||
Sep. 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 included in the unaudited consolidated balance sheet are as follows: | ||||
As of | ||||
September 30, | ||||
2014 | ||||
(In $ millions) | ||||
Cash and cash equivalents | 6 | |||
Property, plant and equipment | 388 | |||
Other assets(1) | 24 | |||
Total assets(2) | 418 | |||
Current liabilities | 37 | |||
Total liabilities(3) | 37 | |||
______________________________ | ||||
(1) | Includes prepaid intangible assets with a weighted average amortization period of 28 years. | |||
(2) | Assets can only be used to settle the obligations of Fairway. | |||
(3) | 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 | |||
September 30, | December 31, | |||
2014 | 2013 | |||
(In $ millions) | ||||
Property, plant and equipment, net | 101 | 111 | ||
Trade payables | 45 | 56 | ||
Current installments of long-term debt | 9 | 8 | ||
Long-term debt | 128 | 136 | ||
Total liabilities | 182 | 200 | ||
Maximum exposure to loss | 300 | 318 |
Marketable_Securities_at_Fair_1
Marketable Securities, at Fair Value (Tables) | 9 Months Ended | |||||
Sep. 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 | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Mutual Funds | ||||||
Amortized cost | 36 | 41 | ||||
Gross unrealized gain | — | — | ||||
Gross unrealized loss | — | — | ||||
Fair value | 36 | 41 | ||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Inventory Disclosure [Abstract] | ' | |||||
Schedule of Inventories | ' | |||||
As of | As of | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Finished goods | 570 | 571 | ||||
Work-in-process | 49 | 59 | ||||
Raw materials and supplies | 152 | 174 | ||||
Total | 771 | 804 | ||||
Current_Other_Liabilities_Tabl
Current Other Liabilities (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Other Liabilities, Current [Abstract] | ' | |||||
Schedule of Current Other Liabilities | ' | |||||
As of | As of | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Asset retirement obligations | 8 | 29 | ||||
Current portion of benefit obligations | 46 | 78 | ||||
Customer rebates | 45 | 48 | ||||
Derivatives (Note 15) | 11 | 12 | ||||
Environmental (Note 11) | 20 | 30 | ||||
Insurance | 12 | 14 | ||||
Interest | 31 | 24 | ||||
Restructuring (Note 13) | 29 | 60 | ||||
Salaries and benefits | 122 | 96 | ||||
Sales and use tax/foreign withholding tax payable | 14 | 12 | ||||
Uncertain tax positions | 58 | 64 | ||||
Other | 87 | 74 | ||||
Total | 483 | 541 | ||||
Noncurrent_Other_Liabilities_T
Noncurrent Other Liabilities (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||
Schedule of Noncurrent Other Liabilities | ' | |||||
As of | As of | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Asset retirement obligations | 26 | 18 | ||||
Deferred proceeds | 48 | 53 | ||||
Deferred revenue | 24 | 28 | ||||
Derivatives (Note 15) | 13 | 3 | ||||
Environmental (Note 11) | 71 | 67 | ||||
Income taxes payable | 20 | 20 | ||||
Insurance | 50 | 50 | ||||
Restructuring (Note 13) | — | 2 | ||||
Other | 43 | 46 | ||||
Total | 295 | 287 | ||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Schedule of Short-term Debt | ' | |||||
As of | As of | |||||
September 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 | 625 | 24 | ||||
Short-term borrowings, including amounts due to affiliates(1) | 105 | 103 | ||||
Accounts receivable securitization facility(2) | 35 | 50 | ||||
Total | 765 | 177 | ||||
______________________________ | ||||||
(1) | The weighted average interest rate was 3.9% and 4.4% as of September 30, 2014 and December 31, 2013, respectively. | |||||
(2) | The weighted average interest rate was 0.7% as of September 30, 2014 and December 31, 2013. | |||||
Schedule of Long-term Debt | ' | |||||
As of | As of | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Long-Term Debt | ||||||
Senior credit facilities - Term C-2 loan due 2016 | 35 | 978 | ||||
Senior credit facilities - Term C-3 loan due 2018 | 914 | — | ||||
Senior unsecured notes due 2018, interest rate of 6.625% | 600 | 600 | ||||
Senior unsecured notes due 2019, interest rate of 3.250% | 378 | — | ||||
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 | 268 | 264 | ||||
Subtotal | 3,264 | 2,911 | ||||
Current installments of long-term debt | (625 | ) | (24 | ) | ||
Total | 2,639 | 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 September 30, 2014 | ||||||
Maximum | Estimate | Estimate, If Fully Drawn | ||||
3.9 | 0.67 | 1.27 | ||||
Schedule of Balances Available for Borrowing | ' | |||||
The Company's balances available for borrowing are as follows: | ||||||
As of | ||||||
September 30, | ||||||
2014 | ||||||
(In $ millions) | ||||||
Revolving Credit Facility | ||||||
Borrowings outstanding | — | |||||
Letters of credit issued | — | |||||
Available for borrowing | 900 | |||||
Accounts Receivable Securitization Facility | ||||||
Borrowings outstanding | 35 | |||||
Letters of credit issued | 79 | |||||
Available for borrowing | 21 | |||||
Benefit_Obligations_Tables
Benefit Obligations (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 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 September 30, | Nine Months Ended September 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 | — | 9 | — | 9 | 1 | 26 | 2 | ||||||||||||||||
Interest cost | 41 | 1 | 39 | 3 | 126 | 3 | 116 | 8 | ||||||||||||||||
Expected return on plan assets | (54 | ) | — | (57 | ) | — | (162 | ) | — | (169 | ) | — | ||||||||||||
Amortization of prior service cost (credit), net | — | (21 | ) | — | — | — | (62 | ) | 1 | — | ||||||||||||||
Total | (10 | ) | (20 | ) | (9 | ) | 3 | (27 | ) | (58 | ) | (26 | ) | 10 | ||||||||||
Schedule of Company Commitments to Fund Benefit Obligations | ' | |||||||||||||||||||||||
Benefit obligation funding is as follows: | ||||||||||||||||||||||||
As of | Total | |||||||||||||||||||||||
September 30, | Expected | |||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||
Cash contributions to defined benefit pension plans | 24 | 47 | ||||||||||||||||||||||
Benefit payments to nonqualified pension plans | 17 | 22 | ||||||||||||||||||||||
Benefit payments to other postretirement benefit plans | 42 | 54 | ||||||||||||||||||||||
Environmental_Tables
Environmental (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Environmental Remediation Obligations [Abstract] | ' | |||||
Schedule of Environmental Remediation Reserves | ' | |||||
The components of environmental remediation reserves are as follows: | ||||||
As of | As of | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Demerger obligations (Note 17) | 27 | 27 | ||||
Divestiture obligations (Note 17) | 22 | 21 | ||||
Active sites | 27 | 32 | ||||
US Superfund sites | 12 | 13 | ||||
Other environmental remediation reserves | 3 | 4 | ||||
Total | 91 | 97 | ||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 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 September 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: | ||||||||||||||||||
Nine Months Ended | Total From | |||||||||||||||||
September 30, | Feb-08 | |||||||||||||||||
Through | ||||||||||||||||||
2014 | 2013 | 30-Sep-14 | ||||||||||||||||
Shares repurchased | 3,515,301 | 2,096,320 | (1) | 19,844,008 | (2) | |||||||||||||
Average purchase price per share | $ | 57.19 | $ | 48.58 | $ | 43.64 | ||||||||||||
Amount spent on repurchased shares (in millions) | $ | 201 | $ | 102 | $ | 866 | ||||||||||||
______________________________ | ||||||||||||||||||
(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. Accordingly, 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. Accordingly, the shares withheld are treated as treasury shares. | |||||||||||||||||
Schedule of Components of Other Comprehensive Income (Loss), Net | ' | |||||||||||||||||
Other Comprehensive Income (Loss), Net | ||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||
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 | — | — | — | 1 | (1) | — | 1 | |||||||||||
Foreign currency translation | (127 | ) | 3 | (124 | ) | 44 | (2 | ) | 42 | |||||||||
Gain (loss) from cash flow hedges | (8 | ) | 3 | (5 | ) | 2 | (2) | (1 | ) | 1 | ||||||||
Pension and postretirement benefits | (16 | ) | 8 | (8 | ) | — | — | — | ||||||||||
Total | (151 | ) | 14 | (137 | ) | 47 | (3 | ) | 44 | |||||||||
______________________________ | ||||||||||||||||||
(1) | Amount includes $1 million of unrealized gains related to the Company's equity method investments. | |||||||||||||||||
(2) | Amount includes $1 million of gains associated with the Company's equity method investments. | |||||||||||||||||
Nine Months Ended September 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 | — | — | — | 1 | (1) | — | 1 | |||||||||||
Foreign currency translation | (142 | ) | 1 | (141 | ) | 41 | (4 | ) | 37 | |||||||||
Gain (loss) from cash flow hedges | (11 | ) | — | (11 | ) | 7 | (3 | ) | 4 | |||||||||
Pension and postretirement benefits | (57 | ) | 23 | (34 | ) | — | (2) | — | — | |||||||||
Total | (210 | ) | 24 | (186 | ) | 49 | (7 | ) | 42 | |||||||||
______________________________ | ||||||||||||||||||
(1) | Amount includes $1 million of unrealized gains related to the Company's equity method investments. | |||||||||||||||||
(2) | Amount includes amortization of actuarial gains of $1 million related to the Company's equity method investments. | |||||||||||||||||
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 15) | Benefits | (Loss), Net | |||||||||||||||
(Note 5) | (Note 10) | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
As of December 31, 2013 | — | (3 | ) | (44 | ) | 43 | (4 | ) | ||||||||||
Other comprehensive income before reclassifications | — | (142 | ) | (14 | ) | — | (156 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 3 | (57 | ) | (54 | ) | |||||||||||
Income tax (provision) benefit | — | 1 | — | 23 | 24 | |||||||||||||
As of September 30, 2014 | — | (144 | ) | (55 | ) | 9 | (190 | ) | ||||||||||
Other_Charges_Gains_Net_Tables
Other (Charges) Gains, Net (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||
Schedule of Other (Charges) Gains, Net | ' | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee termination benefits | (3 | ) | — | (6 | ) | (3 | ) | |||||||||||
Kelsterbach plant relocation | — | (2 | ) | — | (6 | ) | ||||||||||||
Asset impairments | — | (2 | ) | — | (2 | ) | ||||||||||||
Plant/office closures | 1 | — | 2 | — | ||||||||||||||
Commercial disputes | 21 | — | 21 | — | ||||||||||||||
Other | 1 | — | 4 | — | ||||||||||||||
Total | 20 | (4 | ) | 21 | (11 | ) | ||||||||||||
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 | — | 1 | 4 | — | 6 | ||||||||||||
Cash payments | (1 | ) | (1 | ) | (2 | ) | (13 | ) | (1 | ) | (18 | ) | ||||||
Other changes | — | — | — | — | — | |||||||||||||
Exchange rate changes | — | — | — | — | — | — | ||||||||||||
As of September 30, 2014 | 4 | 2 | 1 | 7 | 3 | 17 | ||||||||||||
Plant/Office Closures | ||||||||||||||||||
As of December 31, 2013 | — | — | — | 33 | — | 33 | ||||||||||||
Additions | — | — | — | — | — | — | ||||||||||||
Cash payments | — | — | — | (7 | ) | — | (7 | ) | ||||||||||
Other changes | — | — | — | (12 | ) | (1) | — | (12 | ) | |||||||||
Exchange rate changes | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
As of September 30, 2014 | — | — | — | 12 | — | 12 | ||||||||||||
Total | 4 | 2 | 1 | 19 | 3 | 29 | ||||||||||||
______________________________ | ||||||||||||||||||
(1) | Includes a $10 million non-cash reduction to take-or-pay contract termination penalties resulting from the closure of the Company's VAM facility in Tarragona, Spain (Note 3). |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Effective Tax Rate | ' | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2014 | 2013 | 2014 | 2013 | |||||
(In percentages) | ||||||||
Effective income tax rate | 26 | 25 | 27 | 32 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||
Sep. 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 September 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 9). | ||||||||||||
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 9). | ||||||||||||
Schedule of Notional Amounts of Foreign Currency Derivatives | ' | ||||||||||||
Gross notional values of the foreign currency forwards and swaps are as follows: | |||||||||||||
As of | As of | ||||||||||||
September 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In $ millions) | |||||||||||||
Total | 608 | 869 | |||||||||||
Schedule of Cross Currency Swap Derivatives [Table Text Block] | ' | ||||||||||||
The cross-currency swap agreements are as follows: | |||||||||||||
As of September 30, 2014 | |||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate | ||||||||||
(In millions) | (In percentages) | ||||||||||||
$250 | (1) | September 11, 2014 | September 11, 2020 | 4.27 | |||||||||
€ 193 | (2) | September 11, 2014 | September 11, 2020 | 2.63 | |||||||||
$225 | (1) | April 17, 2014 | April 17, 2019 | 3.62 | |||||||||
€ 162 | (2) | April 17, 2014 | April 17, 2019 | 2.77 | |||||||||
______________________________ | |||||||||||||
(1) | Represents the notional amount due from the counterparty at the maturity of the contract. | ||||||||||||
(2) | Represents the notional amount due to the counterparty at the maturity of the contract. | ||||||||||||
Schedule of Changes in Fair Value of Derivatives | ' | ||||||||||||
Information regarding changes in the fair value of the Company's derivative and non-derivative instruments is as follows: | |||||||||||||
Three Months Ended September 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 | ) | (2) | (2 | ) | (5) | (3 | ) | (2) | |||
Cross-currency swaps | (9 | ) | (1) | 25 | (3) | — | — | ||||||
Total | (9 | ) | 24 | (2 | ) | (3 | ) | ||||||
Designated as a Net Investment Hedge | |||||||||||||
3.250% Notes | 9 | — | — | — | |||||||||
Not Designated as Hedges | |||||||||||||
Foreign currency forwards and swaps | — | (4 | ) | (4) | — | (10 | ) | (4) | |||||
______________________________ | |||||||||||||
(1) | Excludes $3 million of tax benefit recognized in Other comprehensive income (loss). | ||||||||||||
(2) | Reclassified from Accumulated other comprehensive income (loss), net to Interest income (expense) in the unaudited interim consolidated statements of operations. | ||||||||||||
(3) | Included in Other income (expense), net for non-operating activity or Interest income (expense) for coupon interest in the unaudited interim consolidated statements of operations. | ||||||||||||
(4) | 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. | ||||||||||||
(5) | Excludes $1 million of gains associated with the Company's equity method investments' derivative activity and $1 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
Nine Months Ended September 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) | (3 | ) | (3) | (1 | ) | (6) | (8 | ) | (3) | |
Cross-currency swaps | (13 | ) | (2) | 28 | (4) | — | — | ||||||
Total | (14 | ) | 25 | (1 | ) | (8 | ) | ||||||
Designated as a Net Investment Hedge | |||||||||||||
3.250% Notes | 9 | — | — | — | |||||||||
Not Designated as Hedges | |||||||||||||
Foreign currency forwards and swaps | — | (9 | ) | (5) | — | (14 | ) | (5) | |||||
______________________________ | |||||||||||||
-1 | Excludes $4 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
(2) | Excludes $4 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 for non-operating activity or Interest income (expense) for coupon interest 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 $3 million of tax expense recognized in Other comprehensive income (loss). | ||||||||||||
Offsetting Assets | ' | ||||||||||||
As of | As of | ||||||||||||
September 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In $ millions) | |||||||||||||
Derivative Assets | |||||||||||||
Gross amount recognized | 33 | 1 | |||||||||||
Gross amount offset in the consolidated balance sheets | — | — | |||||||||||
Net amount presented in the consolidated balance sheets | 33 | 1 | |||||||||||
Gross amount not offset in the consolidated balance sheets | 5 | 1 | |||||||||||
Net amount | 28 | — | |||||||||||
Offsetting Liabilities | ' | ||||||||||||
As of | As of | ||||||||||||
September 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In $ millions) | |||||||||||||
Derivative Liabilities | |||||||||||||
Gross amount recognized | 24 | 16 | |||||||||||
Gross amount offset in the consolidated balance sheets | — | 1 | |||||||||||
Net amount presented in the consolidated balance sheets | 24 | 15 | |||||||||||
Gross amount not offset in the consolidated balance sheets | 5 | 1 | |||||||||||
Net amount | 19 | 14 | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||
Sep. 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) | ||||||||||||
As of September 30, 2014 | ||||||||||||
Mutual funds | Marketable securities, at fair value | 36 | — | 36 | ||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Cross-currency swaps | Current Other assets | — | 2 | 2 | ||||||||
Cross-currency swaps | Noncurrent Other assets | — | 27 | 27 | ||||||||
Derivatives Not Designated as Hedges | ||||||||||||
Foreign currency forwards and swaps | Current Other assets | — | 4 | 4 | ||||||||
Total assets | 36 | 33 | 69 | |||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Interest rate swaps | Current Other liabilities | — | (4 | ) | (4 | ) | ||||||
Interest rate swaps | Noncurrent Other liabilities | — | (1 | ) | (1 | ) | ||||||
Cross-currency swaps | Current Other liabilities | — | (2 | ) | (2 | ) | ||||||
Cross-currency swaps | Noncurrent Other liabilities | — | (12 | ) | (12 | ) | ||||||
Designated as a Net Investment Hedge | ||||||||||||
3.250% Notes(1) | Long-term Debt | — | — | — | ||||||||
Derivatives Not Designated as Hedges | ||||||||||||
Foreign currency forwards and swaps | Current Other liabilities | — | (5 | ) | (5 | ) | ||||||
Total liabilities | — | (24 | ) | (24 | ) | |||||||
As of December 31, 2013 | ||||||||||||
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 | 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 | — | (15 | ) | (15 | ) | |||||||
______________________________ | ||||||||||||
(1) | Included in the unaudited consolidated balance sheets at carrying amount. | |||||||||||
Schedule of Carrying Values and Fair Values of Financial Instruments | ' | |||||||||||
Carrying values and fair values of financial instruments that are not carried at fair value are as follows: | ||||||||||||
Fair Value Measurement | ||||||||||||
Carrying | Significant Other | Unobservable | Total | |||||||||
Amount | Observable | Inputs | ||||||||||
Inputs | (Level 3) | |||||||||||
(Level 2) | ||||||||||||
(In $ millions) | ||||||||||||
As of September 30, 2014 | ||||||||||||
Cost investments | 145 | — | — | — | ||||||||
Insurance contracts in nonqualified trusts | 57 | 57 | — | 57 | ||||||||
Long-term debt, including current installments of long-term debt | 3,264 | 3,028 | 268 | 3,296 | ||||||||
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) | 9 Months Ended | |||||||||||||||||||||
Sep. 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 September 30, 2014 | ||||||||||||||||||||||
Net sales | 366 | 291 | (1) | 314 | 937 | (1) | — | (139 | ) | 1,769 | ||||||||||||
Other (charges) gains, net | — | 16 | (1 | ) | 5 | — | — | 20 | ||||||||||||||
Operating profit (loss) | 51 | 105 | 16 | 174 | (36 | ) | — | 310 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 43 | — | — | 2 | 7 | — | 52 | |||||||||||||||
Depreciation and amortization | 27 | 11 | 12 | 21 | 2 | — | 73 | |||||||||||||||
Capital expenditures | 23 | 22 | 7 | 150 | 1 | — | 203 | (2) | ||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Net sales | 346 | 310 | (1) | 299 | 795 | (1) | — | (114 | ) | 1,636 | ||||||||||||
Other (charges) gains, net | (2 | ) | — | (1 | ) | (1 | ) | — | — | (4 | ) | |||||||||||
Operating profit (loss) | 48 | 85 | 24 | 67 | (13 | ) | — | 211 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 30 | — | — | 3 | 8 | — | 41 | |||||||||||||||
Depreciation and amortization | 27 | 10 | 13 | 22 | 4 | — | 76 | |||||||||||||||
Capital expenditures | 14 | 33 | 8 | 45 | 2 | — | 102 | (3) | ||||||||||||||
______________________________ | ||||||||||||||||||||||
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include intersegment sales of $137 million and $2 million, respectively, for the three months ended September 30, 2014 and $114 million and $0 million, respectively, for the three months ended September 30, 2013. | |||||||||||||||||||||
(2) | Includes an increase in accrued capital expenditures of $12 million for the three months ended September 30, 2014. | |||||||||||||||||||||
(3) | Excludes expenditures related to the relocation of the Company's POM operations in Germany and includes a decrease in accrued capital expenditures of $8 million for the three months ended September 30, 2013. | |||||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Eliminations | Consolidated | ||||||||||||||||
Engineered | Specialties | Specialties | Intermediates | Activities | ||||||||||||||||||
Materials | ||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||
Net sales | 1,128 | 882 | (1) | 959 | 2,679 | (1) | — | (405 | ) | 5,243 | ||||||||||||
Other (charges) gains, net | (1 | ) | 16 | (1 | ) | 7 | — | — | 21 | |||||||||||||
Operating profit (loss) | 164 | 284 | 60 | 413 | (109 | ) | — | 812 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 121 | 8 | — | 17 | 47 | — | 193 | |||||||||||||||
Depreciation and amortization | 80 | 32 | 38 | 61 | 9 | — | 220 | |||||||||||||||
Capital expenditures | 43 | 72 | 17 | 316 | 4 | — | 452 | (2) | ||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||
Goodwill and intangibles, net | 350 | 266 | 54 | 217 | — | — | 887 | |||||||||||||||
Total assets | 2,544 | 1,498 | 951 | 2,488 | 2,229 | — | 9,710 | |||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Net sales | 1,027 | 919 | (1) | 882 | 2,412 | (1) | — | (346 | ) | 4,894 | ||||||||||||
Other (charges) gains, net | (6 | ) | — | (3 | ) | (2 | ) | — | — | (11 | ) | |||||||||||
Operating profit (loss) | 123 | 246 | 57 | 197 | (59 | ) | — | 564 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 115 | 3 | — | 7 | 25 | — | 150 | |||||||||||||||
Depreciation and amortization | 83 | 30 | 37 | 65 | 12 | — | 227 | |||||||||||||||
Capital expenditures | 35 | 76 | 19 | 116 | 6 | — | 252 | (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 intersegment sales of $403 million and $2 million, respectively, for the nine months ended September 30, 2014 and $342 million and $4 million, respectively, for the nine months ended September 30, 2013. | |||||||||||||||||||||
(2) | Includes a decrease in accrued capital expenditures of $12 million for the nine months ended September 30, 2014. | |||||||||||||||||||||
(3) | Excludes expenditures related to the relocation of the Company's POM operations in Germany and includes a decrease in accrued capital expenditures of $7 million for the nine months ended September 30, 2013. |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings (Loss) Per Share | ' | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
(In $ millions, except share data) | ||||||||||||
Amounts Attributable to Celanese Corporation | ||||||||||||
Earnings (loss) from continuing operations | 258 | 171 | 713 | 445 | ||||||||
Earnings (loss) from discontinued operations | (5 | ) | 1 | (5 | ) | 2 | ||||||
Net earnings (loss) | 253 | 172 | 708 | 447 | ||||||||
Weighted average shares - basic | 154,427,554 | 158,501,075 | 155,552,777 | 159,282,314 | ||||||||
Dilutive stock options | 125,259 | 230,110 | 150,099 | 229,920 | ||||||||
Dilutive restricted stock units | 621,715 | 364,346 | 622,635 | 334,359 | ||||||||
Weighted average shares - diluted | 155,174,528 | 159,095,531 | 156,325,511 | 159,846,593 | ||||||||
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 September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Stock options | — | 38,140 | — | 94,631 | ||||||||
Restricted stock units | — | — | — | — | ||||||||
Total | — | 38,140 | — | 94,631 | ||||||||
Consolidating_Guarantor_Financ1
Consolidating Guarantor Financial Information (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 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 September 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 749 | 1,340 | (320 | ) | 1,769 | |||||||||||
Cost of sales | — | — | (492 | ) | (1,133 | ) | 292 | (1,333 | ) | |||||||||
Gross profit | — | — | 257 | 207 | (28 | ) | 436 | |||||||||||
Selling, general and administrative expenses | — | — | (18 | ) | (100 | ) | — | (118 | ) | |||||||||
Amortization of intangible assets | — | — | (1 | ) | (4 | ) | — | (5 | ) | |||||||||
Research and development expenses | — | — | (12 | ) | (10 | ) | — | (22 | ) | |||||||||
Other (charges) gains, net | — | — | 21 | (1 | ) | — | 20 | |||||||||||
Foreign exchange gain (loss), net | — | — | — | 1 | — | 1 | ||||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (3 | ) | 1 | — | (2 | ) | ||||||||||
Operating profit (loss) | — | — | 244 | 94 | (28 | ) | 310 | |||||||||||
Equity in net earnings (loss) of affiliates | 252 | 291 | 49 | 40 | (580 | ) | 52 | |||||||||||
Interest expense | — | (52 | ) | (6 | ) | (20 | ) | 37 | (41 | ) | ||||||||
Refinancing expense | — | (4 | ) | — | — | — | (4 | ) | ||||||||||
Interest income | — | 18 | 18 | 4 | (37 | ) | 3 | |||||||||||
Dividend income - cost investments | — | — | — | 29 | — | 29 | ||||||||||||
Other income (expense), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Earnings (loss) from continuing operations before tax | 252 | 253 | 305 | 145 | (608 | ) | 347 | |||||||||||
Income tax (provision) benefit | 1 | (1 | ) | (82 | ) | (16 | ) | 8 | (90 | ) | ||||||||
Earnings (loss) from continuing operations | 253 | 252 | 223 | 129 | (600 | ) | 257 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (7 | ) | — | — | (7 | ) | ||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 2 | — | — | 2 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | (5 | ) | — | — | (5 | ) | ||||||||||
Net earnings (loss) | 253 | 252 | 218 | 129 | (600 | ) | 252 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 253 | 252 | 218 | 130 | (600 | ) | 253 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 709 | 1,250 | (323 | ) | 1,636 | |||||||||||
Cost of sales | — | — | (477 | ) | (1,136 | ) | 323 | (1,290 | ) | |||||||||
Gross profit | — | — | 232 | 114 | — | 346 | ||||||||||||
Selling, general and administrative expenses | — | — | (18 | ) | (79 | ) | — | (97 | ) | |||||||||
Amortization of intangible assets | — | — | (2 | ) | (4 | ) | — | (6 | ) | |||||||||
Research and development expenses | — | — | (17 | ) | (7 | ) | — | (24 | ) | |||||||||
Other (charges) gains, net | — | — | (1 | ) | (3 | ) | — | (4 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Operating profit (loss) | — | — | 194 | 17 | — | 211 | ||||||||||||
Equity in net earnings (loss) of affiliates | 172 | 200 | 35 | 30 | (396 | ) | 41 | |||||||||||
Interest expense | — | (48 | ) | (8 | ) | (19 | ) | 32 | (43 | ) | ||||||||
Refinancing expense | — | (1 | ) | — | — | — | (1 | ) | ||||||||||
Interest income | — | 14 | 17 | 1 | (32 | ) | — | |||||||||||
Dividend income - cost investments | — | — | — | 22 | — | 22 | ||||||||||||
Other income (expense), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Earnings (loss) from continuing operations before tax | 172 | 165 | 238 | 49 | (396 | ) | 228 | |||||||||||
Income tax (provision) benefit | — | 7 | (63 | ) | (1 | ) | — | (57 | ) | |||||||||
Earnings (loss) from continuing operations | 172 | 172 | 175 | 48 | (396 | ) | 171 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | — | — | — | — | ||||||||||||
Earnings (loss) from discontinued operations | — | — | 1 | — | — | 1 | ||||||||||||
Net earnings (loss) | 172 | 172 | 176 | 48 | (396 | ) | 172 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 172 | 172 | 176 | 48 | (396 | ) | 172 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,135 | 3,997 | (889 | ) | 5,243 | |||||||||||
Cost of sales | — | — | (1,454 | ) | (3,433 | ) | 866 | (4,021 | ) | |||||||||
Gross profit | — | — | 681 | 564 | (23 | ) | 1,222 | |||||||||||
Selling, general and administrative expenses | — | — | (45 | ) | (296 | ) | — | (341 | ) | |||||||||
Amortization of intangible assets | — | — | (5 | ) | (11 | ) | — | (16 | ) | |||||||||
Research and development expenses | — | — | (38 | ) | (30 | ) | — | (68 | ) | |||||||||
Other (charges) gains, net | — | — | 21 | — | — | 21 | ||||||||||||
Foreign exchange gain (loss), net | — | — | — | (1 | ) | — | (1 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (8 | ) | 3 | — | (5 | ) | ||||||||||
Operating profit (loss) | — | — | 606 | 229 | (23 | ) | 812 | |||||||||||
Equity in net earnings (loss) of affiliates | 706 | 801 | 127 | 165 | (1,606 | ) | 193 | |||||||||||
Interest expense | — | (147 | ) | (18 | ) | (60 | ) | 105 | (120 | ) | ||||||||
Refinancing expense | — | (4 | ) | — | — | — | (4 | ) | ||||||||||
Interest income | — | 49 | 53 | 8 | (105 | ) | 5 | |||||||||||
Dividend income - cost investments | — | — | — | 87 | — | 87 | ||||||||||||
Other income (expense), net | — | — | 4 | (5 | ) | — | (1 | ) | ||||||||||
Earnings (loss) from continuing operations before tax | 706 | 699 | 772 | 424 | (1,629 | ) | 972 | |||||||||||
Income tax (provision) benefit | 2 | 7 | (204 | ) | (73 | ) | 6 | (262 | ) | |||||||||
Earnings (loss) from continuing operations | 708 | 706 | 568 | 351 | (1,623 | ) | 710 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (8 | ) | — | — | (8 | ) | ||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 3 | — | — | 3 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | (5 | ) | — | — | (5 | ) | ||||||||||
Net earnings (loss) | 708 | 706 | 563 | 351 | (1,623 | ) | 705 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | 3 | — | 3 | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 708 | 706 | 563 | 354 | (1,623 | ) | 708 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,121 | 3,699 | (926 | ) | 4,894 | |||||||||||
Cost of sales | — | — | (1,455 | ) | (3,369 | ) | 928 | (3,896 | ) | |||||||||
Gross profit | — | — | 666 | 330 | 2 | 998 | ||||||||||||
Selling, general and administrative expenses | — | — | (65 | ) | (251 | ) | — | (316 | ) | |||||||||
Amortization of intangible assets | — | — | (9 | ) | (17 | ) | — | (26 | ) | |||||||||
Research and development expenses | — | — | (48 | ) | (25 | ) | — | (73 | ) | |||||||||
Other (charges) gains, net | — | — | 3 | (10 | ) | (4 | ) | (11 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (5 | ) | — | (5 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | — | (3 | ) | — | (3 | ) | ||||||||||
Operating profit (loss) | — | — | 547 | 19 | (2 | ) | 564 | |||||||||||
Equity in net earnings (loss) of affiliates | 443 | 528 | 117 | 124 | (1,062 | ) | 150 | |||||||||||
Interest expense | — | (144 | ) | (27 | ) | (51 | ) | 92 | (130 | ) | ||||||||
Refinancing expense | — | (1 | ) | — | — | — | (1 | ) | ||||||||||
Interest income | — | 41 | 48 | 4 | (92 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 69 | — | 69 | ||||||||||||
Other income (expense), net | — | — | — | 1 | — | 1 | ||||||||||||
Earnings (loss) from continuing operations before tax | 443 | 424 | 685 | 166 | (1,064 | ) | 654 | |||||||||||
Income tax (provision) benefit | 4 | 19 | (176 | ) | (56 | ) | — | (209 | ) | |||||||||
Earnings (loss) from continuing operations | 447 | 443 | 509 | 110 | (1,064 | ) | 445 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 3 | — | — | 3 | ||||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | (1 | ) | — | — | (1 | ) | ||||||||||
Earnings (loss) from discontinued operations | — | — | 2 | — | — | 2 | ||||||||||||
Net earnings (loss) | 447 | 443 | 511 | 110 | (1,064 | ) | 447 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 447 | 443 | 511 | 110 | (1,064 | ) | 447 | |||||||||||
Schedule of Consolidating Statements of Comprehensive Income (Loss) | ' | |||||||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 253 | 252 | 218 | 129 | (600 | ) | 252 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (124 | ) | (124 | ) | (4 | ) | (16 | ) | 144 | (124 | ) | |||||||
Gain (loss) from cash flow hedges | (5 | ) | (5 | ) | — | (6 | ) | 11 | (5 | ) | ||||||||
Pension and postretirement benefits | (8 | ) | (8 | ) | (8 | ) | — | 16 | (8 | ) | ||||||||
Total other comprehensive income (loss), net of tax | (137 | ) | (137 | ) | (12 | ) | (22 | ) | 171 | (137 | ) | |||||||
Total comprehensive income (loss), net of tax | 116 | 115 | 206 | 107 | (429 | ) | 115 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 116 | 115 | 206 | 108 | (429 | ) | 116 | |||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 172 | 172 | 176 | 48 | (396 | ) | 172 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Foreign currency translation | 42 | 42 | 1 | (4 | ) | (39 | ) | 42 | ||||||||||
Gain (loss) from cash flow hedges | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Pension and postretirement benefits | — | — | — | — | — | — | ||||||||||||
Total other comprehensive income (loss), net of tax | 44 | 44 | 3 | (4 | ) | (43 | ) | 44 | ||||||||||
Total comprehensive income (loss), net of tax | 216 | 216 | 179 | 44 | (439 | ) | 216 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 216 | 216 | 179 | 44 | (439 | ) | 216 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 708 | 706 | 563 | 351 | (1,623 | ) | 705 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | (141 | ) | (141 | ) | 3 | (30 | ) | 168 | (141 | ) | ||||||||
Gain (loss) from cash flow hedges | (11 | ) | (11 | ) | — | (9 | ) | 20 | (11 | ) | ||||||||
Pension and postretirement benefits | (34 | ) | (34 | ) | (34 | ) | — | 68 | (34 | ) | ||||||||
Total other comprehensive income (loss), net of tax | (186 | ) | (186 | ) | (31 | ) | (39 | ) | 256 | (186 | ) | |||||||
Total comprehensive income (loss), net of tax | 522 | 520 | 532 | 312 | (1,367 | ) | 519 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | 3 | — | 3 | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 522 | 520 | 532 | 315 | (1,367 | ) | 522 | |||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 447 | 443 | 511 | 110 | (1,064 | ) | 447 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Foreign currency translation | 37 | 37 | 4 | (2 | ) | (39 | ) | 37 | ||||||||||
Gain (loss) from cash flow hedges | 4 | 4 | — | — | (4 | ) | 4 | |||||||||||
Pension and postretirement benefits | — | — | — | — | — | — | ||||||||||||
Total other comprehensive income (loss), net of tax | 42 | 42 | 5 | (2 | ) | (45 | ) | 42 | ||||||||||
Total comprehensive income (loss), net of tax | 489 | 485 | 516 | 108 | (1,109 | ) | 489 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 489 | 485 | 516 | 108 | (1,109 | ) | 489 | |||||||||||
Schedule of Consolidating Balance Sheet | ' | |||||||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | — | — | 824 | 686 | — | 1,510 | ||||||||||||
Trade receivables - third party and affiliates | — | — | 147 | 1,043 | (174 | ) | 1,016 | |||||||||||
Non-trade receivables, net | 35 | 1,113 | 2,215 | 490 | (3,653 | ) | 200 | |||||||||||
Inventories, net | — | — | 251 | 604 | (84 | ) | 771 | |||||||||||
Deferred income taxes | — | — | 75 | 53 | (17 | ) | 111 | |||||||||||
Marketable securities, at fair value | — | — | 36 | — | — | 36 | ||||||||||||
Other assets | — | — | 19 | 43 | (19 | ) | 43 | |||||||||||
Total current assets | 35 | 1,113 | 3,567 | 2,919 | (3,947 | ) | 3,687 | |||||||||||
Investments in affiliates | 2,910 | 4,664 | 1,987 | 592 | (9,296 | ) | 857 | |||||||||||
Property, plant and equipment, net | — | — | 998 | 2,620 | — | 3,618 | ||||||||||||
Deferred income taxes | — | — | 270 | 27 | (1 | ) | 296 | |||||||||||
Other assets | — | 1,915 | 145 | 314 | (2,009 | ) | 365 | |||||||||||
Goodwill | — | — | 305 | 451 | — | 756 | ||||||||||||
Intangible assets, net | — | — | 68 | 63 | — | 131 | ||||||||||||
Total assets | 2,945 | 7,692 | 7,340 | 6,986 | (15,253 | ) | 9,710 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 2,429 | 827 | 356 | (2,847 | ) | 765 | |||||||||||
Trade payables - third party and affiliates | — | 2 | 399 | 589 | (174 | ) | 816 | |||||||||||
Other liabilities | 1 | 62 | 324 | 445 | (349 | ) | 483 | |||||||||||
Deferred income taxes | — | 17 | — | 10 | (17 | ) | 10 | |||||||||||
Income taxes payable | — | — | 552 | 52 | (489 | ) | 115 | |||||||||||
Total current liabilities | 1 | 2,510 | 2,102 | 1,452 | (3,876 | ) | 2,189 | |||||||||||
Noncurrent Liabilities | ||||||||||||||||||
Long-term debt | — | 2,217 | 830 | 1,539 | (1,947 | ) | 2,639 | |||||||||||
Deferred income taxes | — | 9 | 11 | 206 | (1 | ) | 225 | |||||||||||
Uncertain tax positions | — | 6 | 8 | 136 | — | 150 | ||||||||||||
Benefit obligations | — | — | 870 | 207 | — | 1,077 | ||||||||||||
Other liabilities | — | 40 | 115 | 209 | (69 | ) | 295 | |||||||||||
Total noncurrent liabilities | — | 2,272 | 1,834 | 2,297 | (2,017 | ) | 4,386 | |||||||||||
Total Celanese Corporation stockholders' equity | 2,944 | 2,910 | 3,404 | 3,046 | (9,360 | ) | 2,944 | |||||||||||
Noncontrolling interests | — | — | — | 191 | — | 191 | ||||||||||||
Total equity | 2,944 | 2,910 | 3,404 | 3,237 | (9,360 | ) | 3,135 | |||||||||||
Total liabilities and equity | 2,945 | 7,692 | 7,340 | 6,986 | (15,253 | ) | 9,710 | |||||||||||
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 | ||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 303 | 444 | 573 | 304 | (828 | ) | 796 | |||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (142 | ) | (47 | ) | — | (189 | ) | |||||||||
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 | — | — | (39 | ) | (236 | ) | — | (275 | ) | |||||||||
Return of capital from subsidiary | — | 28 | 51 | — | (79 | ) | — | |||||||||||
Contributions to subsidiary | — | — | (143 | ) | — | 143 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 4 | 543 | — | (547 | ) | — | |||||||||||
Other, net | — | — | (8 | ) | (5 | ) | — | (13 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 32 | 262 | (288 | ) | (483 | ) | (477 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | (543 | ) | 13 | (1 | ) | 543 | 12 | ||||||||||
Proceeds from short-term borrowings | — | — | — | 47 | — | 47 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (70 | ) | — | (70 | ) | ||||||||||
Proceeds from long-term debt | — | 387 | — | — | — | 387 | ||||||||||||
Repayments of long-term debt | — | (7 | ) | (4 | ) | (12 | ) | 4 | (19 | ) | ||||||||
Purchases of treasury stock, including related fees | (201 | ) | — | — | — | — | (201 | ) | ||||||||||
Dividends to parent | — | (303 | ) | (303 | ) | (222 | ) | 828 | — | |||||||||
Contributions from parent | — | — | — | 143 | (143 | ) | — | |||||||||||
Stock option exercises | 4 | — | — | — | — | 4 | ||||||||||||
Series A common stock dividends | (106 | ) | — | — | — | — | (106 | ) | ||||||||||
Return of capital to parent | — | — | — | (79 | ) | 79 | — | |||||||||||
Contribution from noncontrolling interest | — | — | — | 194 | — | 194 | ||||||||||||
Other, net | — | (10 | ) | (1 | ) | — | — | (11 | ) | |||||||||
Net cash provided by (used in) financing activities | (303 | ) | (476 | ) | (295 | ) | — | 1,311 | 237 | |||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | (30 | ) | — | (30 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 540 | (14 | ) | — | 526 | |||||||||||
Cash and cash equivalents as of beginning of period | — | — | 284 | 700 | — | 984 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 824 | 686 | — | 1,510 | ||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 144 | 58 | 650 | 44 | (288 | ) | 608 | |||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (112 | ) | (87 | ) | — | (199 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | — | — | — | — | ||||||||||||
Proceeds from sale of businesses and assets, net | — | — | — | 13 | — | 13 | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (6 | ) | — | (6 | ) | ||||||||||
Capital expenditures related to Fairway Methanol LLC | — | — | (60 | ) | — | — | (60 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | (20 | ) | — | 20 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 4 | (92 | ) | — | 88 | — | |||||||||||
Other, net | — | — | (26 | ) | (12 | ) | — | (38 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 4 | (310 | ) | (92 | ) | 108 | (290 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 92 | (4 | ) | (8 | ) | (92 | ) | (12 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 154 | — | 154 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (51 | ) | — | (51 | ) | ||||||||||
Proceeds from long-term debt | — | 24 | 50 | — | — | 74 | ||||||||||||
Repayments of long-term debt | — | (32 | ) | (119 | ) | (45 | ) | 4 | (192 | ) | ||||||||
Purchases of treasury stock, including related fees | (102 | ) | — | — | — | — | (102 | ) | ||||||||||
Dividends to parent | — | (144 | ) | (144 | ) | — | 288 | — | ||||||||||
Contributions from parent | — | — | — | 20 | (20 | ) | — | |||||||||||
Stock option exercises | 3 | — | — | — | — | 3 | ||||||||||||
Series A common stock dividends | (55 | ) | — | — | — | — | (55 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Contribution from noncontrolling interest | — | — | — | — | — | — | ||||||||||||
Other, net | — | (2 | ) | — | — | — | (2 | ) | ||||||||||
Net cash provided by (used in) financing activities | (154 | ) | (62 | ) | (217 | ) | 70 | 180 | (183 | ) | ||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 6 | — | 6 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (10 | ) | — | 123 | 28 | — | 141 | |||||||||||
Cash and cash equivalents as of beginning of period | 10 | — | 275 | 674 | — | 959 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 398 | 702 | — | 1,100 | ||||||||||||
Description_of_the_Company_and2
Description of the Company and Basis of Presentation (Narrative) (Details) | Sep. 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 $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | '28 years | ' | ' | |
Cash and cash equivalents | $1,510 | $984 | $1,100 | $959 | $6 | ' | ' | |
Property, plant and equipment | 3,618 | 3,425 | ' | ' | 388 | 101 | 111 | |
Other assets | 365 | 341 | ' | ' | 24 | [1] | ' | ' |
Total assets | 9,710 | 9,018 | ' | ' | 418 | [2] | ' | ' |
Trade payables | 816 | 799 | ' | ' | ' | 45 | 56 | |
Current installments of long-term debt | ' | ' | ' | ' | ' | 9 | 8 | |
Current liabilities | 2,189 | 1,545 | ' | ' | 37 | ' | ' | |
Long-term debt | ' | ' | ' | ' | ' | 128 | 136 | |
Total liabilities | ' | ' | ' | ' | 37 | [3] | 182 | 200 |
Maximum exposure to loss | ' | ' | ' | ' | ' | $300 | $318 | |
[1] | Includes prepaid intangible assets with a weighted average amortization period of 28 years. | |||||||
[2] | Assets can only be used to settle the obligations of Fairway. | |||||||
[3] | Represents amounts owed by Fairway for reimbursement of expenditures. |
Ventures_and_Variable_Interest3
Ventures and Variable Interest Entities (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 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 | 52 | 41 | 193 | 150 | ' | ' | ' | ' | ' | 6 | 13 |
Ownership percentage | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Contributions 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) (Investments [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $36 | $41 |
Gross unrealized gain | 0 | 0 |
Gross unrealized loss | 0 | 0 |
Fair value | $36 | $41 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $570 | $571 |
Work-in-process | 49 | 59 |
Raw materials and supplies | 152 | 174 |
Total | $771 | $804 |
Current_Other_Liabilities_Deta
Current Other Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ' | ' |
Asset retirement obligations | $8 | $29 |
Current portion of benefit obligations | 46 | 78 |
Customer rebates | 45 | 48 |
Derivatives (Note 15) | 11 | 12 |
Environmental (Note 11) | 20 | 30 |
Insurance | 12 | 14 |
Interest | 31 | 24 |
Restructuring (Note 13) | 29 | 60 |
Salaries and benefits | 122 | 96 |
Sales and use tax/foreign withholding tax payable | 14 | 12 |
Uncertain tax positions | 58 | 64 |
Other | 87 | 74 |
Total | $483 | $541 |
Noncurrent_Other_Liabilities_D
Noncurrent Other Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities, Noncurrent [Abstract] | ' | ' |
Asset retirement obligations | $26 | $18 |
Deferred proceeds | 48 | 53 |
Deferred revenue | 24 | 28 |
Derivatives (Note 15) | 13 | 3 |
Environmental (Note 11) | 71 | 67 |
Income taxes payable | 20 | 20 |
Insurance | 50 | 50 |
Restructuring (Note 13) | 0 | 2 |
Other | 43 | 46 |
Total | $295 | $287 |
Debt_Schedule_of_Shortterm_Deb
Debt (Schedule of Short-term Debt) (Details) (USD $) | Sep. 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 | $625 | $24 | ||
Short-term borrowings, including amounts due to affiliates(1) | 105 | [1] | 103 | [1] |
Total | 765 | 177 | ||
Weighted average interest rate, short-term borrowings | 3.90% | 4.40% | ||
Accounts Receivable Securitization Facility [Member] | ' | ' | ||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ' | ' | ||
Accounts receivable securitization facility(2) | $35 | [2] | $50 | [2] |
Weighted average interest rate, credit facility | 0.70% | 0.70% | ||
[1] | The weighted average interest rate was 3.9% and 4.4% as of SeptemberB 30, 2014 and DecemberB 31, 2013, respectively. | |||
[2] | The weighted average interest rate was 0.7% as of SeptemberB 30, 2014 and DecemberB 31, 2013. |
Debt_Schedule_of_Longterm_Debt
Debt (Schedule of Long-term Debt) (Details) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2010 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | 31-May-11 | Sep. 30, 2014 | Dec. 31, 2013 | Nov. 30, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Term C-3 Loan Facility [Member] | Term C-3 Loan Facility [Member] | Term C-3 Loan Facility [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Pollution Control and Industrial Revenue Bonds [Member] | Pollution Control and Industrial Revenue Bonds [Member] | Obligations Under Capital Leases [Member] | Obligations Under Capital Leases [Member] |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||
Long-Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior credit facilities - Term loans | ' | ' | ' | $35 | € 28 | $978 | $914 | $914 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600 | 600 | 378 | 378 | 0 | ' | 400 | 400 | ' | 500 | 500 | ' | ' | ' | ' |
Date of maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Oct-18 | 15-Oct-18 | 15-Oct-18 | 15-Oct-19 | 15-Oct-19 | 15-Oct-19 | 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% | 3.25% | 3.25% | 3.25% | 5.88% | 5.88% | 5.88% | 4.63% | 4.63% | 4.63% | ' | ' | ' | ' |
Credit facility, expiration date | ' | ' | 15-Oct-16 | 15-Oct-16 | 15-Oct-16 | 15-Oct-16 | 15-Oct-18 | 15-Oct-18 | 15-Oct-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 268 | 264 |
Subtotal | 3,264 | 2,911 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current installments of long-term debt | -625 | -24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $2,639 | $2,887 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Senior_Notes_and_Senior_C
Debt (Senior Notes and Senior Credit Facilities Narrative) (Details) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 24, 2014 | Nov. 30, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | 31-May-11 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2010 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 15, 2014 | Oct. 15, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2018 [Member] | Term C-3 Loan Facility [Member] | Term C-3 Loan Facility [Member] | Term C-3 Loan Facility [Member] | Term C-3 Loan Facility [Member] | Term C-3 Loan Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Amended Credit Agreement [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | London Interbank Offered Rate (LIBOR) [Member] | European Interbank Offered Rate (EURIBOR) [Member] | USD ($) | London Interbank Offered Rate (LIBOR) [Member] | USD ($) | EUR (€) | USD ($) | European Interbank Offered Rate (EURIBOR) [Member] | USD ($) | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2018 [Member] | |||||||||||||
USD ($) | USD ($) | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' | ' | ' | ' | € 300,000,000 | $500,000,000 | ' | ' | $400,000,000 | ' | ' | $600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, stated percentage | ' | ' | ' | ' | 3.25% | 3.25% | 3.25% | ' | 4.63% | 4.63% | 4.63% | 5.88% | 5.88% | 5.88% | 6.63% | 6.63% | 6.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchase Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Oct-14 | ' |
Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 914,000,000 | 914,000,000 | 0 | ' | ' | ' | ' | ' | 35,000,000 | 28,000,000 | 978,000,000 | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Refinancing expense | 4,000,000 | 1,000,000 | 4,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' |
Deferred Finance Costs, Gross | ' | ' | ' | ' | 6,000,000 | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.31% | ' |
Debt Instrument, Repurchase Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 620,000,000 |
Interest paid for called senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' |
Date of maturity | ' | ' | ' | ' | 15-Oct-19 | 15-Oct-19 | 15-Oct-19 | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cross default covenant to other debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' |
Credit facility, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Oct-18 | 15-Oct-18 | 15-Oct-18 | ' | ' | ' | ' | 15-Oct-16 | 15-Oct-16 | 15-Oct-16 | 15-Oct-16 | ' | ' | ' | ' |
Estimated margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | 2.25% | ' | 1.50% | ' | ' | ' | ' | 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]) | Sep. 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 | 0.67 |
Ratio Estimate If Fully Drawn [Member] | ' |
Debt Instrument [Line Items] | ' |
First lien secured leverage ratio | 1.27 |
Debt_Accounts_Receivable_Secur
Debt (Accounts Receivable Securitization Facility Narrative) (Details) (USD $) | 1 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Aug. 31, 2013 | Sep. 30, 2014 |
Debt Instrument [Line Items] | ' | ' |
Outstanding amount of accounts receivable transferred by the Originators to the Transferror | ' | $239 |
Accounts Receivable Securitization Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum 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 $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Revolving Credit Facility [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Borrowings outstanding | $0 | ' | ||
Letters of credit issued | 0 | ' | ||
Available for borrowing | 900 | ' | ||
Accounts Receivable Securitization Facility [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Borrowings outstanding | 35 | [1] | 50 | [1] |
Letters of credit issued | 79 | ' | ||
Available for borrowing | $21 | ' | ||
[1] | The weighted average interest rate was 0.7% as of SeptemberB 30, 2014 and DecemberB 31, 2013. |
Benefit_Obligations_Schedule_o
Benefit Obligations (Schedule of Net Periodic Benefit Costs Recognized) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $3 | $9 | $9 | $26 |
Interest cost | 41 | 39 | 126 | 116 |
Expected return on plan assets | -54 | -57 | -162 | -169 |
Amortization of prior service cost (credit), net | 0 | 0 | 0 | 1 |
Total | -10 | -9 | -27 | -26 |
Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0 | 0 | 1 | 2 |
Interest cost | 1 | 3 | 3 | 8 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit), net | -21 | 0 | -62 | 0 |
Total | ($20) | $3 | ($58) | $10 |
Benefit_Obligations_Schedule_o1
Benefit Obligations (Schedule of Company Commitments to Fund Benefit Obligations) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Cash Contributions to Defined Benefit Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Total contributions year-to-date | $24 |
Total expected contributions in current fiscal year | 47 |
Other Pension Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Total contributions year-to-date | 17 |
Total expected contributions in current fiscal year | 22 |
Benefit Payments to Other Postretirement Benefit Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Total contributions year-to-date | 42 |
Total expected contributions in current fiscal year | $54 |
Benefit_Obligations_Narrative_
Benefit Obligations (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 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), net | ' | -21 | 0 | -62 | 0 | 21 | 62 | ' | ' |
Lump-sum buyout payments | ' | ' | ' | ' | ' | 1 | 32 | ' | ' |
Contributions to multiemployer defined benefit plan | $5 | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental_Schedule_of_Envi
Environmental (Schedule of Environmental Remediation Reserves) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Environmental Remediation Obligations [Abstract] | ' | ' |
Demerger obligations (Note 17) | $27 | $27 |
Divestiture obligations (Note 17) | 22 | 21 |
Active sites | 27 | 32 |
US Superfund sites | 12 | 13 |
Other environmental remediation reserves | 3 | 4 |
Total | $91 | $97 |
Environmental_US_Superfund_Sit
Environmental (US Superfund Sites Narrative) (Details) (Passaic River, New Jersey [Member], USD $) | 0 Months Ended | 9 Months Ended |
Apr. 11, 2014 | Sep. 30, 2014 | |
Passaic River, New Jersey [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Number of parties included in USEPA order | ' | 70 |
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], USD $) | 1 Months Ended |
Sep. 30, 2014 | |
Meredosia, Illinios [Member] | ' |
Site Contingency [Line Items] | ' |
EPA settlement agreement | $380,000 |
Supplemental Environmental Funding | $175,000 |
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 $) | 9 Months Ended | 80 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Feb. 06, 2014 | Oct. 18, 2012 | Apr. 25, 2011 | Oct. 23, 2008 | Feb. 08, 2008 | ||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share repurchase plan, authorized repurchase amount | $1,065 | ' | $1,065 | $172 | $264 | $129 | $100 | $400 | ||
Shares repurchased | 3,515,301 | 2,096,320 | [1] | 19,844,008 | [2] | ' | ' | ' | ' | ' |
Average purchase price per share | $57.19 | $48.58 | $43.64 | ' | ' | ' | ' | ' | ||
Amount spent on repurchased shares (in millions) | $201 | $102 | $866 | ' | ' | ' | ' | ' | ||
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||
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. Accordingly, 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. Accordingly, 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 | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ||
Unrealized gain (loss) on marketable securities, gross amount | $0 | $1 | [1] | $0 | $1 | [2] |
Unrealized gain (loss) on marketable securities, income tax (provision) benefit | 0 | 0 | 0 | 0 | ||
Unrealized gain (loss) on marketable securities, net amount | 0 | 1 | 0 | 1 | ||
Foreign currency translation, gross amount | -127 | 44 | -142 | 41 | ||
Foreign currency translation, income tax (provision) benefit | 3 | -2 | 1 | -4 | ||
Foreign currency translation, net amount | -124 | 42 | -141 | 37 | ||
Gain (loss) from cash flow hedges, gross amount | -8 | 2 | [3] | -11 | 7 | |
Gain (loss) from cash flow hedges, income tax (provision) benefit | 3 | -1 | 0 | -3 | ||
Gain (loss) from cash flow hedges, net amount | -5 | 1 | -11 | 4 | ||
Pension and postretirement benefits, gross amount | -16 | 0 | -57 | 0 | [4] | |
Pension and postretirement benefits, income tax (provision) benefit | 8 | 0 | 23 | 0 | ||
Pension and postretirement benefits, net amount | -8 | 0 | -34 | 0 | ||
Total other comprehensive income (loss), gross amount | -151 | 47 | -210 | 49 | ||
Total other comprehensive income (loss), income tax (provision) benefit | 14 | -3 | 24 | -7 | ||
Total other comprehensive income (loss), net of tax | ($137) | $44 | ($186) | $42 | ||
[1] | Amount includes $1 million of unrealized gains related to the Company's equity method investments | |||||
[2] | Amount includes $1 million of unrealized gains related to the Company's equity method investments. | |||||
[3] | Amount includes $1 million of gains associated with the Company's equity method investment | |||||
[4] | Amount includes amortization of actuarial gains of $1 million related to the Company's equity method investments |
Stockholders_Equity_Schedule_o3
Stockholders' Equity (Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
As of December 31, 2013 | ' | ' | ($4) | ' |
Other comprehensive income before reclassifications | ' | ' | -156 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | -54 | ' |
Income tax (provision) benefit | 14 | -3 | 24 | -7 |
As of September 30, 2014 | -190 | ' | -190 | ' |
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 (loss) | ' | ' | 0 | ' |
Income tax (provision) benefit | ' | ' | 0 | ' |
As of September 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 | ' | ' | -142 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 0 | ' |
Income tax (provision) benefit | ' | ' | 1 | ' |
As of September 30, 2014 | -144 | ' | -144 | ' |
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 | ' | ' | -14 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 3 | ' |
Income tax (provision) benefit | ' | ' | 0 | ' |
As of September 30, 2014 | -55 | ' | -55 | ' |
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 (loss) | ' | ' | -57 | ' |
Income tax (provision) benefit | ' | ' | 23 | ' |
As of September 30, 2014 | $9 | ' | $9 | ' |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | Sep. 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 | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' |
Employee termination benefits | ($3) | $0 | ($6) | ($3) |
Kelsterbach plant relocation | 0 | -2 | 0 | -6 |
Asset impairments | 0 | -2 | 0 | -2 |
Plant/office closures | 1 | 0 | 2 | 0 |
Commercial disputes | 21 | 0 | 21 | 0 |
Other | 1 | 0 | 4 | 0 |
Total | $20 | ($4) | $21 | ($11) |
Other_Charges_Gains_Net_Schedu1
Other (Charges) Gains, Net (Schedule of Restructuring Reserves) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ' | |
As of September 30, 2014 | $29 | |
Total | 29 | |
Employee Termination Benefits [Member] | ' | |
Restructuring Cost and Reserve [Line Items] | ' | |
As of December 31, 2013 | 29 | |
Additions | 6 | |
Cash payments | -18 | |
Other changes | 0 | |
Exchange rate changes | 0 | |
As of September 30, 2014 | 17 | |
Total | 17 | |
Plant/Office Closures [Member] | ' | |
Restructuring Cost and Reserve [Line Items] | ' | |
As of December 31, 2013 | 33 | |
Additions | 0 | |
Cash payments | -7 | |
Other changes | -12 | |
Exchange rate changes | -2 | |
As of September 30, 2014 | 12 | |
Total | 12 | |
Advanced Engineered Materials [Member] | ' | |
Restructuring Cost and Reserve [Line Items] | ' | |
As of September 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 | ' | |
Exchange rate changes | 0 | |
As of September 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 September 30, 2014 | 0 | |
Total | 0 | |
Consumer Specialties [Member] | ' | |
Restructuring Cost and Reserve [Line Items] | ' | |
As of September 30, 2014 | 2 | |
Total | 2 | |
Consumer Specialties [Member] | Employee Termination Benefits [Member] | ' | |
Restructuring Cost and Reserve [Line Items] | ' | |
As of December 31, 2013 | 3 | |
Additions | 0 | |
Cash payments | -1 | |
Other changes | 0 | |
Exchange rate changes | 0 | |
As of September 30, 2014 | 2 | |
Total | 2 | |
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 September 30, 2014 | 0 | |
Total | 0 | |
Industrial Specialties [Member] | ' | |
Restructuring Cost and Reserve [Line Items] | ' | |
As of September 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 | 1 | |
Cash payments | -2 | |
Other changes | 0 | |
Exchange rate changes | 0 | |
As of September 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 September 30, 2014 | 0 | |
Total | 0 | |
Acetyl Intermediates [Member] | ' | |
Restructuring Cost and Reserve [Line Items] | ' | |
As of September 30, 2014 | 19 | |
Total | 19 | |
Acetyl Intermediates [Member] | Contract Termination [Member] | ' | |
Restructuring Cost and Reserve [Line Items] | ' | |
Other changes | -10 | |
Acetyl Intermediates [Member] | Employee Termination Benefits [Member] | ' | |
Restructuring Cost and Reserve [Line Items] | ' | |
As of December 31, 2013 | 16 | |
Additions | 4 | |
Cash payments | -13 | |
Other changes | 0 | |
Exchange rate changes | 0 | |
As of September 30, 2014 | 7 | |
Total | 7 | |
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 | -12 | [1] |
Exchange rate changes | -2 | |
As of September 30, 2014 | 12 | |
Total | 12 | |
Other [Member] | ' | |
Restructuring Cost and Reserve [Line Items] | ' | |
As of September 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 September 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 September 30, 2014 | 0 | |
Total | $0 | |
[1] | Includes a $10 million non-cash reduction to take-or-pay contract termination penalties resulting from the closure of the Company's VAM facility in Tarragona, Spain (Note 3). |
Other_Charges_Gains_Net_Narrat
Other (Charges) Gains, Net (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other (Charges) Gains, Net [Line Items] | ' | ' | ' | ' |
Commercial disputes | $21 | $0 | $21 | $0 |
ARO adjustment | 1 | 0 | 4 | 0 |
Employee termination benefits | -3 | 0 | -6 | -3 |
Kelsterbach plant relocation | 0 | -2 | 0 | -6 |
Consumer Specialties [Member] | ' | ' | ' | ' |
Other (Charges) Gains, Net [Line Items] | ' | ' | ' | ' |
Commercial disputes | 15 | ' | ' | ' |
Acetyl Intermediates [Member] | ' | ' | ' | ' |
Other (Charges) Gains, Net [Line Items] | ' | ' | ' | ' |
Commercial disputes | 6 | ' | ' | ' |
Acetyl Intermediates and Industrial Specialties [Member] | Business Optimization [Member] | ' | ' | ' | ' |
Other (Charges) Gains, Net [Line Items] | ' | ' | ' | ' |
Employee termination benefits | ' | ' | ' | -3 |
Roussillon, France and Tarragona, Spain [Member] | Acetyl Intermediates [Member] | ' | ' | ' | ' |
Other (Charges) Gains, Net [Line Items] | ' | ' | ' | ' |
ARO adjustment | ' | ' | 3 | ' |
Employee termination benefits | ' | ' | -4 | ' |
Kelsterbach, Germany [Member] | Advanced Engineered Materials [Member] | ' | ' | ' | ' |
Other (Charges) Gains, Net [Line Items] | ' | ' | ' | ' |
Kelsterbach plant relocation | ' | ' | ' | ($6) |
Income_Taxes_Schedule_of_Effec
Income Taxes (Schedule of Effective Tax Rate) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate | 26.00% | 25.00% | 27.00% | 32.00% |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Income Tax Disclosure [Abstract] | ' |
Unrecognized Tax Benefits, Period Increase (Decrease) | ($55) |
Decrease in uncertain tax positions | 42 |
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | $16 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Schedule of Interest Rate Swap Derivatives) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 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] | |
Notional Value | ' | $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] |
Notional Value | $500 | $500 | ||
[1] | Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (Note 9). |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Cross Currency Swap Derivatives) (Details) | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | ||||
Swap Derivative 4 Point 27 Percent Maturing September 11, 2020 [Member] | Swap Derivative 2 Point 63 Percent Maturing September 11, 2020 [Member] | Swap Derivative 3 Point 62 Percent Maturing April 17, 2019 [Member] | Swap Derivative 2 Point 77 Percent Maturing April 17, 2019 [Member] | |||||
USD ($) | EUR (€) | USD ($) | EUR (€) | |||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Notional Value | $250 | [1] | € 193 | [2] | $225 | [1] | € 162 | [2] |
Effective Date | 11-Sep-14 | 11-Sep-14 | 17-Apr-14 | 17-Apr-14 | ||||
Expiration Date | 11-Sep-20 | 11-Sep-20 | 17-Apr-19 | 17-Apr-19 | ||||
Fixed Rate | 4.27% | 2.63% | 3.62% | 2.77% | ||||
[1] | Represents the notional amount due from the counterparty at the maturity of the contract. | |||||||
[2] | Represents the notional amount due to the counterparty at the maturity of the contract. |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule of Notional Amounts of Foreign Currency Derivatives) (Details) (Foreign Exchange Contract [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Foreign Exchange Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Value | $608 | $869 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Tax expense recognized in Other comprehensive income (loss) | ($14) | $3 | ($24) | $7 | ||||
Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | -9 | -2 | -14 | -1 | ||||
Gain (Loss) Recognized in Earnings (Loss) | 24 | -3 | 25 | -8 | ||||
Equity Method Investments' Derivative [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | ' | 1 | ' | ' | ||||
Gain (Loss) Recognized in Earnings (Loss) | ' | 1 | ' | 1 | ||||
Interest Rate Swap [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Tax expense recognized in Other comprehensive income (loss) | ' | 1 | 4 | 3 | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | -2 | [1] | -1 | [2] | -1 | [3] | |
Cross Currency Interest Rate Contract [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Tax expense recognized in Other comprehensive income (loss) | 3 | ' | 4 | ' | ||||
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | -9 | [4] | 0 | -13 | [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) | -1 | [6] | -3 | [6] | -3 | [6] | -8 | [6] |
Other Income [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Earnings (Loss) | 25 | [7] | 0 | 28 | [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) | -4 | [8] | -10 | [8] | -9 | [8] | -14 | [8] |
Net Investment Hedging [Member] | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 9 | 0 | 9 | 0 | ||||
Gain (Loss) Recognized in Earnings (Loss) | $0 | $0 | $0 | $0 | ||||
[1] | Excludes $1 million of gains associated with the Company's equity method investments' derivative activity and $1B million of tax expense recognized in Other comprehensive income (loss). | |||||||
[2] | Excludes $4 million of tax expense recognized in Other comprehensive income (loss). | |||||||
[3] | Excludes $3 million of tax expense recognized in Other comprehensive income (loss). | |||||||
[4] | Excludes $3 million of tax benefit recognized in Other comprehensive income (loss). | |||||||
[5] | Excludes $4 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 for non-operating activity or Interest income (expense) for coupon interest 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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Assets [Abstract] | ' | ' |
Gross amount recognized | $33 | $1 |
Gross amount offset in the consolidated balance sheets | 0 | 0 |
Net amount presented in the consolidated balance sheets | 33 | 1 |
Gross amount not offset in the consolidated balance sheets | 5 | 1 |
Net amount | $28 | $0 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Liabilities [Abstract] | ' | ' |
Gross amount recognized | $24 | $16 |
Gross amount offset in the consolidated balance sheets | 0 | 1 |
Net amount presented in the consolidated balance sheets | 24 | 15 |
Gross amount not offset in the consolidated balance sheets | 5 | 1 |
Net amount | $19 | $14 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Fair Value, Measurements, Recurring [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Total assets | $69 | $42 | |
Total liabilities | -24 | -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 | 36 | 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 | 33 | 1 | |
Total liabilities | -24 | -15 | |
Marketable securities, at fair value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mutual funds | 36 | 41 | |
Marketable securities, at fair value [Member] | 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] | ' | ' | |
Mutual funds | 36 | 41 | |
Marketable securities, at fair value [Member] | 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] | ' | ' | |
Mutual funds | 0 | 0 | |
Noncurrent Other assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Cross-currency swaps | 27 | ' | |
Noncurrent Other assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [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 swaps | 0 | ' | |
Noncurrent Other assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Cross-currency swaps | 27 | ' | |
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Cross-currency swaps | 2 | ' | |
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [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 swaps | 0 | ' | |
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Cross-currency swaps | 2 | ' | |
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Foreign currency forwards and swaps | 4 | 1 | |
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [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] | 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 | 4 | 1 | |
Noncurrent Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Interest rate swaps | -1 | -3 | |
Cross-currency swaps | -12 | ' | |
Noncurrent Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [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 | |
Cross-currency swaps | 0 | ' | |
Noncurrent Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Interest rate swaps | -1 | -3 | |
Cross-currency swaps | -12 | ' | |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Interest rate swaps | -4 | -5 | |
Cross-currency swaps | -2 | ' | |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [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 | |
Cross-currency swaps | 0 | ' | |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [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 | |
Cross-currency swaps | -2 | ' | |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Foreign currency forwards and swaps | -5 | -5 | |
Interest rate swaps | ' | -2 | |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [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 | |
Interest rate swaps | ' | 0 | |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [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 | -5 | -5 | |
Interest rate swaps | ' | -2 | |
Net Investment Hedging [Member] | Long-term Debt [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
3.250% Notes | 0 | [1] | ' |
Net Investment Hedging [Member] | Long-term Debt [Member] | 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] | ' | ' | |
3.250% Notes | 0 | [1] | ' |
Net Investment Hedging [Member] | Long-term Debt [Member] | 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] | ' | ' | |
3.250% Notes | $0 | [1] | ' |
Senior Unsecured Notes Due 2019 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Interest rate, stated percentage | 3.25% | 3.25% | |
[1] | Included in the unaudited consolidated balance sheets at carrying amount. |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule of Carrying Values and Fair Values of Financial Instruments) (Details) (USD $) | Sep. 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 | 3,264 | 2,911 |
Long-term debt, including current installments of long-term debt, fair value | 3,296 | 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 | 3,028 | 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 | $268 | $264 |
Commitments_and_Contingencies_
Commitments and Contingencies (Commercial Actions Narrative) (Details) (Commercial Actions [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Commercial Actions [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Damages sought, amount | $68 | $38 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Guarantees - Demerger and Divesture Obligations Narrative) (Details) | 179 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Indemnification Agreements Hoechst [Member] | Indemnification Agreements Hoechst [Member] | Divestiture Agreements [Member] | |
USD ($) | 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 | 67 | ' | ' |
Indemnification percentage, other | ' | 33.33% | ' |
Term of divestiture obligations | ' | ' | '2037 |
Guarantor obligations, maximum exposure | ' | ' | $132 |
Commitments_and_Contingencies_2
Commitments and Contingencies Commitments and Contingencies (Purchase Obligations Narrative) (Details) (USD $) | 9 Months Ended |
In Billions, unless otherwise specified | Sep. 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 | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | $1,769 | $1,636 | $5,243 | $4,894 | ' | ||||
Other (charges) gains, net | 20 | -4 | 21 | -11 | ' | ||||
Operating profit (loss) | 310 | 211 | 812 | 564 | ' | ||||
Equity in net earnings (loss) of affiliates | 52 | 41 | 193 | 150 | ' | ||||
Depreciation and amortization | 73 | 76 | 220 | 227 | ' | ||||
Capital expenditures | 203 | [1] | 102 | [2] | 452 | [3] | 252 | [4] | ' |
Goodwill and intangibles, net | 887 | ' | 887 | ' | 940 | ||||
Total assets | 9,710 | ' | 9,710 | ' | 9,018 | ||||
Increase (decrease) in accrued capital expenditures | 12 | -8 | -12 | -7 | ' | ||||
Operating Segments [Member] | Advanced Engineered Materials [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 366 | 346 | 1,128 | 1,027 | ' | ||||
Other (charges) gains, net | 0 | -2 | -1 | -6 | ' | ||||
Operating profit (loss) | 51 | 48 | 164 | 123 | ' | ||||
Equity in net earnings (loss) of affiliates | 43 | 30 | 121 | 115 | ' | ||||
Depreciation and amortization | 27 | 27 | 80 | 83 | ' | ||||
Capital expenditures | 23 | 14 | 43 | 35 | ' | ||||
Goodwill and intangibles, net | 350 | ' | 350 | ' | 368 | ||||
Total assets | 2,544 | ' | 2,544 | ' | 2,643 | ||||
Operating Segments [Member] | Consumer Specialties [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 291 | [5] | 310 | [5] | 882 | [6] | 919 | [6] | ' |
Other (charges) gains, net | 16 | 0 | 16 | 0 | ' | ||||
Operating profit (loss) | 105 | 85 | 284 | 246 | ' | ||||
Equity in net earnings (loss) of affiliates | 0 | 0 | 8 | 3 | ' | ||||
Depreciation and amortization | 11 | 10 | 32 | 30 | ' | ||||
Capital expenditures | 22 | 33 | 72 | 76 | ' | ||||
Goodwill and intangibles, net | 266 | ' | 266 | ' | 278 | ||||
Total assets | 1,498 | ' | 1,498 | ' | 1,478 | ||||
Operating Segments [Member] | Industrial Specialties [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 314 | 299 | 959 | 882 | ' | ||||
Other (charges) gains, net | -1 | -1 | -1 | -3 | ' | ||||
Operating profit (loss) | 16 | 24 | 60 | 57 | ' | ||||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | 0 | ' | ||||
Depreciation and amortization | 12 | 13 | 38 | 37 | ' | ||||
Capital expenditures | 7 | 8 | 17 | 19 | ' | ||||
Goodwill and intangibles, net | 54 | ' | 54 | ' | 60 | ||||
Total assets | 951 | ' | 951 | ' | 1,002 | ||||
Operating Segments [Member] | Acetyl Intermediates [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 937 | [5] | 795 | [5] | 2,679 | [6] | 2,412 | [6] | ' |
Other (charges) gains, net | 5 | -1 | 7 | -2 | ' | ||||
Operating profit (loss) | 174 | 67 | 413 | 197 | ' | ||||
Equity in net earnings (loss) of affiliates | 2 | 3 | 17 | 7 | ' | ||||
Depreciation and amortization | 21 | 22 | 61 | 65 | ' | ||||
Capital expenditures | 150 | 45 | 316 | 116 | ' | ||||
Goodwill and intangibles, net | 217 | ' | 217 | ' | 234 | ||||
Total assets | 2,488 | ' | 2,488 | ' | 2,333 | ||||
Corporate, Non-Segment [Member] | Other Activities [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 0 | 0 | 0 | 0 | ' | ||||
Other (charges) gains, net | 0 | 0 | 0 | 0 | ' | ||||
Operating profit (loss) | -36 | -13 | -109 | -59 | ' | ||||
Equity in net earnings (loss) of affiliates | 7 | 8 | 47 | 25 | ' | ||||
Depreciation and amortization | 2 | 4 | 9 | 12 | ' | ||||
Capital expenditures | 1 | 2 | 4 | 6 | ' | ||||
Goodwill and intangibles, net | 0 | ' | 0 | ' | 0 | ||||
Total assets | 2,229 | ' | 2,229 | ' | 1,562 | ||||
Eliminations [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | -139 | -114 | -405 | -346 | ' | ||||
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 intangibles, net | 0 | ' | 0 | ' | 0 | ||||
Total assets | 0 | ' | 0 | ' | 0 | ||||
Eliminations [Member] | Consumer Specialties [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 2 | 0 | 2 | 4 | ' | ||||
Eliminations [Member] | Acetyl Intermediates [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | $137 | $114 | $403 | $342 | ' | ||||
[1] | Includes an increase in accrued capital expenditures of $12B million for the three months ended SeptemberB 30, 2014. | ||||||||
[2] | Excludes expenditures related to the relocation of the Company's POM operations in Germany and includes a decrease in accrued capital expenditures of $8 million for the three months ended SeptemberB 30, 2013. | ||||||||
[3] | Includes a decrease in accrued capital expenditures of $12B million for the nine months ended SeptemberB 30, 2014. | ||||||||
[4] | Excludes expenditures related to the relocation of the Company's POM operations in GermanyB and includes a decrease in accrued capital expenditures of $7 million for the nine months ended SeptemberB 30, 2013. | ||||||||
[5] | Net sales for Acetyl Intermediates and Consumer Specialties include intersegment sales of $137 million and $2 million, respectively, for the three months ended SeptemberB 30, 2014 and $114 million and $0 million, respectively, for the three months ended SeptemberB 30, 2013. | ||||||||
[6] | Net sales for Acetyl Intermediates and Consumer Specialties include intersegment sales of $403 million and $2 million, respectively, for the nine months ended SeptemberB 30, 2014 and $342 million and $4 million, respectively, for the nine months ended SeptemberB 30, 2013. |
Earnings_Loss_Per_Share_Schedu
Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Amounts attributable to Celanese Corporation | ' | ' | ' | ' |
Earnings (loss) from continuing operations | $258 | $171 | $713 | $445 |
Earnings (loss) from discontinued operations | -5 | 1 | -5 | 2 |
Net earnings (loss) | $253 | $172 | $708 | $447 |
Weighted average shares - basic | 154,427,554 | 158,501,075 | 155,552,777 | 159,282,314 |
Dilutive stock options | 125,259 | 230,110 | 150,099 | 229,920 |
Dilutive restricted stock units | 621,715 | 364,346 | 622,635 | 334,359 |
Weighted average shares - diluted | 155,174,528 | 159,095,531 | 156,325,511 | 159,846,593 |
Earnings_Loss_Per_Share_Schedu1
Earnings (Loss) Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Securities excluded from computation of diluted earnings per share, amount | 0 | 38,140 | 0 | 94,631 |
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 | 38,140 | 0 | 94,631 |
Restricted Stock Units (RSUs) [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 | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | $1,769 | $1,636 | $5,243 | $4,894 |
Cost of sales | -1,333 | -1,290 | -4,021 | -3,896 |
Gross profit | 436 | 346 | 1,222 | 998 |
Selling, general and administrative expenses | -118 | -97 | -341 | -316 |
Amortization of intangible assets | -5 | -6 | -16 | -26 |
Research and development expenses | -22 | -24 | -68 | -73 |
Other (charges) gains, net | 20 | -4 | 21 | -11 |
Foreign exchange gain (loss), net | 1 | -2 | -1 | -5 |
Gain (loss) on disposition of businesses and assets, net | -2 | -2 | -5 | -3 |
Operating profit (loss) | 310 | 211 | 812 | 564 |
Equity in net earnings (loss) of affiliates | 52 | 41 | 193 | 150 |
Interest expense | -41 | -43 | -120 | -130 |
Refinancing expense | -4 | -1 | -4 | -1 |
Interest income | 3 | 0 | 5 | 1 |
Dividend income - cost investments | 29 | 22 | 87 | 69 |
Other income (expense), net | -2 | -2 | -1 | 1 |
Earnings (loss) from continuing operations before tax | 347 | 228 | 972 | 654 |
Income tax (provision) benefit | -90 | -57 | -262 | -209 |
Earnings (loss) from continuing operations | 257 | 171 | 710 | 445 |
Earnings (loss) from operation of discontinued operations | -7 | 1 | -8 | 3 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 2 | 0 | 3 | -1 |
Earnings (loss) from discontinued operations | -5 | 1 | -5 | 2 |
Net earnings (loss) | 252 | 172 | 705 | 447 |
Net (earnings) loss attributable to noncontrolling interests | 1 | 0 | 3 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 253 | 172 | 708 | 447 |
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 | 252 | 172 | 706 | 443 |
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 | 252 | 172 | 706 | 443 |
Income tax (provision) benefit | 1 | 0 | 2 | 4 |
Earnings (loss) from continuing operations | 253 | 172 | 708 | 447 |
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) | 253 | 172 | 708 | 447 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 253 | 172 | 708 | 447 |
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 | 291 | 200 | 801 | 528 |
Interest expense | -52 | -48 | -147 | -144 |
Refinancing expense | -4 | -1 | -4 | -1 |
Interest income | 18 | 14 | 49 | 41 |
Dividend income - cost investments | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Earnings (loss) from continuing operations before tax | 253 | 165 | 699 | 424 |
Income tax (provision) benefit | -1 | 7 | 7 | 19 |
Earnings (loss) from continuing operations | 252 | 172 | 706 | 443 |
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) | 252 | 172 | 706 | 443 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 252 | 172 | 706 | 443 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 749 | 709 | 2,135 | 2,121 |
Cost of sales | -492 | -477 | -1,454 | -1,455 |
Gross profit | 257 | 232 | 681 | 666 |
Selling, general and administrative expenses | -18 | -18 | -45 | -65 |
Amortization of intangible assets | -1 | -2 | -5 | -9 |
Research and development expenses | -12 | -17 | -38 | -48 |
Other (charges) gains, net | 21 | -1 | 21 | 3 |
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | -3 | 0 | -8 | 0 |
Operating profit (loss) | 244 | 194 | 606 | 547 |
Equity in net earnings (loss) of affiliates | 49 | 35 | 127 | 117 |
Interest expense | -6 | -8 | -18 | -27 |
Refinancing expense | 0 | 0 | 0 | 0 |
Interest income | 18 | 17 | 53 | 48 |
Dividend income - cost investments | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 4 | 0 |
Earnings (loss) from continuing operations before tax | 305 | 238 | 772 | 685 |
Income tax (provision) benefit | -82 | -63 | -204 | -176 |
Earnings (loss) from continuing operations | 223 | 175 | 568 | 509 |
Earnings (loss) from operation of discontinued operations | -7 | 1 | -8 | 3 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 2 | 0 | 3 | -1 |
Earnings (loss) from discontinued operations | -5 | 1 | -5 | 2 |
Net earnings (loss) | 218 | 176 | 563 | 511 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 218 | 176 | 563 | 511 |
Non-Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 1,340 | 1,250 | 3,997 | 3,699 |
Cost of sales | -1,133 | -1,136 | -3,433 | -3,369 |
Gross profit | 207 | 114 | 564 | 330 |
Selling, general and administrative expenses | -100 | -79 | -296 | -251 |
Amortization of intangible assets | -4 | -4 | -11 | -17 |
Research and development expenses | -10 | -7 | -30 | -25 |
Other (charges) gains, net | -1 | -3 | 0 | -10 |
Foreign exchange gain (loss), net | 1 | -2 | -1 | -5 |
Gain (loss) on disposition of businesses and assets, net | 1 | -2 | 3 | -3 |
Operating profit (loss) | 94 | 17 | 229 | 19 |
Equity in net earnings (loss) of affiliates | 40 | 30 | 165 | 124 |
Interest expense | -20 | -19 | -60 | -51 |
Refinancing expense | 0 | 0 | 0 | 0 |
Interest income | 4 | 1 | 8 | 4 |
Dividend income - cost investments | 29 | 22 | 87 | 69 |
Other income (expense), net | -2 | -2 | -5 | 1 |
Earnings (loss) from continuing operations before tax | 145 | 49 | 424 | 166 |
Income tax (provision) benefit | -16 | -1 | -73 | -56 |
Earnings (loss) from continuing operations | 129 | 48 | 351 | 110 |
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) | 129 | 48 | 351 | 110 |
Net (earnings) loss attributable to noncontrolling interests | 1 | 0 | 3 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 130 | 48 | 354 | 110 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | -320 | -323 | -889 | -926 |
Cost of sales | 292 | 323 | 866 | 928 |
Gross profit | -28 | 0 | -23 | 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) | -28 | 0 | -23 | -2 |
Equity in net earnings (loss) of affiliates | -580 | -396 | -1,606 | -1,062 |
Interest expense | 37 | 32 | 105 | 92 |
Refinancing expense | 0 | 0 | 0 | 0 |
Interest income | -37 | -32 | -105 | -92 |
Dividend income - cost investments | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Earnings (loss) from continuing operations before tax | -608 | -396 | -1,629 | -1,064 |
Income tax (provision) benefit | 8 | 0 | 6 | 0 |
Earnings (loss) from continuing operations | -600 | -396 | -1,623 | -1,064 |
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) | -600 | -396 | -1,623 | -1,064 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | ($600) | ($396) | ($1,623) | ($1,064) |
Consolidating_Guarantor_Financ3
Consolidating Guarantor Financial Information (Schedule of Consolidating Statements of Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net earnings (loss) | $252 | $172 | $705 | $447 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | 1 | 0 | 1 |
Foreign currency translation | -124 | 42 | -141 | 37 |
Gain (loss) from cash flow hedges | -5 | 1 | -11 | 4 |
Pension and postretirement benefits | -8 | 0 | -34 | 0 |
Total other comprehensive income (loss), net of tax | -137 | 44 | -186 | 42 |
Total comprehensive income (loss), net of tax | 115 | 216 | 519 | 489 |
Comprehensive (income) loss attributable to noncontrolling interests | 1 | 0 | 3 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 116 | 216 | 522 | 489 |
Parent Guarantor [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net earnings (loss) | 253 | 172 | 708 | 447 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | 1 | 0 | 1 |
Foreign currency translation | -124 | 42 | -141 | 37 |
Gain (loss) from cash flow hedges | -5 | 1 | -11 | 4 |
Pension and postretirement benefits | -8 | 0 | -34 | 0 |
Total other comprehensive income (loss), net of tax | -137 | 44 | -186 | 42 |
Total comprehensive income (loss), net of tax | 116 | 216 | 522 | 489 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 116 | 216 | 522 | 489 |
Issuer [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net earnings (loss) | 252 | 172 | 706 | 443 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | 1 | 0 | 1 |
Foreign currency translation | -124 | 42 | -141 | 37 |
Gain (loss) from cash flow hedges | -5 | 1 | -11 | 4 |
Pension and postretirement benefits | -8 | 0 | -34 | 0 |
Total other comprehensive income (loss), net of tax | -137 | 44 | -186 | 42 |
Total comprehensive income (loss), net of tax | 115 | 216 | 520 | 485 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 115 | 216 | 520 | 485 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net earnings (loss) | 218 | 176 | 563 | 511 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | 1 | 0 | 1 |
Foreign currency translation | -4 | 1 | 3 | 4 |
Gain (loss) from cash flow hedges | 0 | 1 | 0 | 0 |
Pension and postretirement benefits | -8 | 0 | -34 | 0 |
Total other comprehensive income (loss), net of tax | -12 | 3 | -31 | 5 |
Total comprehensive income (loss), net of tax | 206 | 179 | 532 | 516 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 206 | 179 | 532 | 516 |
Non-Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net earnings (loss) | 129 | 48 | 351 | 110 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Foreign currency translation | -16 | -4 | -30 | -2 |
Gain (loss) from cash flow hedges | -6 | 0 | -9 | 0 |
Pension and postretirement benefits | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | -22 | -4 | -39 | -2 |
Total comprehensive income (loss), net of tax | 107 | 44 | 312 | 108 |
Comprehensive (income) loss attributable to noncontrolling interests | 1 | 0 | 3 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 108 | 44 | 315 | 108 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net earnings (loss) | -600 | -396 | -1,623 | -1,064 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 0 | -2 | 0 | -2 |
Foreign currency translation | 144 | -39 | 168 | -39 |
Gain (loss) from cash flow hedges | 11 | -2 | 20 | -4 |
Pension and postretirement benefits | 16 | 0 | 68 | 0 |
Total other comprehensive income (loss), net of tax | 171 | -43 | 256 | -45 |
Total comprehensive income (loss), net of tax | -429 | -439 | -1,367 | -1,109 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | ($429) | ($439) | ($1,367) | ($1,109) |
Consolidating_Guarantor_Financ4
Consolidating Guarantor Financial Information (Schedule of Consolidating Balance Sheet) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | $1,510 | $984 | $1,100 | $959 |
Trade receivables - third party and affiliates | 1,016 | 867 | ' | ' |
Non-trade receivables, net | 200 | 343 | ' | ' |
Inventories, net | 771 | 804 | ' | ' |
Deferred income taxes | 111 | 115 | ' | ' |
Marketable securities, at fair value | 36 | 41 | ' | ' |
Other assets | 43 | 28 | ' | ' |
Total current assets | 3,687 | 3,182 | ' | ' |
Investments in affiliates | 857 | 841 | ' | ' |
Property, plant and equipment | 3,618 | 3,425 | ' | ' |
Deferred income taxes | 296 | 289 | ' | ' |
Other assets | 365 | 341 | ' | ' |
Goodwill | 756 | 798 | ' | ' |
Intangible assets, net | 131 | 142 | ' | ' |
Total assets | 9,710 | 9,018 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 765 | 177 | ' | ' |
Trade payables - third party and affiliates | 816 | 799 | ' | ' |
Other liabilities | 483 | 541 | ' | ' |
Deferred income taxes | 10 | 10 | ' | ' |
Income taxes payable | 115 | 18 | ' | ' |
Total current liabilities | 2,189 | 1,545 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 2,639 | 2,887 | ' | ' |
Deferred income taxes | 225 | 225 | ' | ' |
Uncertain tax positions | 150 | 200 | ' | ' |
Benefit obligations | 1,077 | 1,175 | ' | ' |
Other liabilities | 295 | 287 | ' | ' |
Total noncurrent liabilities | 4,386 | 4,774 | ' | ' |
Total Celanese Corporation stockholders' equity | 2,944 | 2,699 | ' | ' |
Noncontrolling interests | 191 | 0 | ' | ' |
Total equity | 3,135 | 2,699 | ' | ' |
Total liabilities and equity | 9,710 | 9,018 | ' | ' |
Parent Guarantor [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 10 |
Trade receivables - third party and affiliates | 0 | 0 | ' | ' |
Non-trade receivables, net | 35 | 33 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Marketable securities, at fair value | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total current assets | 35 | 33 | ' | ' |
Investments in affiliates | 2,910 | 2,667 | ' | ' |
Property, plant and equipment | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Total assets | 2,945 | 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 | 2,944 | 2,699 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 2,944 | 2,699 | ' | ' |
Total liabilities and equity | 2,945 | 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 | 1,113 | 482 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Marketable securities, at fair value | 0 | 0 | ' | ' |
Other assets | 0 | 5 | ' | ' |
Total current assets | 1,113 | 487 | ' | ' |
Investments in affiliates | 4,664 | 4,458 | ' | ' |
Property, plant and equipment | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other assets | 1,915 | 1,965 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Total assets | 7,692 | 6,910 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 2,429 | 1,713 | ' | ' |
Trade payables - third party and affiliates | 2 | 0 | ' | ' |
Other liabilities | 62 | 28 | ' | ' |
Deferred income taxes | 17 | 17 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Total current liabilities | 2,510 | 1,758 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 2,217 | 2,468 | ' | ' |
Deferred income taxes | 9 | 8 | ' | ' |
Uncertain tax positions | 6 | 6 | ' | ' |
Benefit obligations | 0 | 0 | ' | ' |
Other liabilities | 40 | 3 | ' | ' |
Total noncurrent liabilities | 2,272 | 2,485 | ' | ' |
Total Celanese Corporation stockholders' equity | 2,910 | 2,667 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 2,910 | 2,667 | ' | ' |
Total liabilities and equity | 7,692 | 6,910 | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 824 | 284 | 398 | 275 |
Trade receivables - third party and affiliates | 147 | 131 | ' | ' |
Non-trade receivables, net | 2,215 | 2,166 | ' | ' |
Inventories, net | 251 | 243 | ' | ' |
Deferred income taxes | 75 | 74 | ' | ' |
Marketable securities, at fair value | 36 | 41 | ' | ' |
Other assets | 19 | 15 | ' | ' |
Total current assets | 3,567 | 2,954 | ' | ' |
Investments in affiliates | 1,987 | 1,677 | ' | ' |
Property, plant and equipment | 998 | 969 | ' | ' |
Deferred income taxes | 270 | 248 | ' | ' |
Other assets | 145 | 144 | ' | ' |
Goodwill | 305 | 305 | ' | ' |
Intangible assets, net | 68 | 64 | ' | ' |
Total assets | 7,340 | 6,361 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 827 | 122 | ' | ' |
Trade payables - third party and affiliates | 399 | 312 | ' | ' |
Other liabilities | 324 | 441 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Income taxes payable | 552 | 460 | ' | ' |
Total current liabilities | 2,102 | 1,335 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 830 | 825 | ' | ' |
Deferred income taxes | 11 | 0 | ' | ' |
Uncertain tax positions | 8 | 16 | ' | ' |
Benefit obligations | 870 | 943 | ' | ' |
Other liabilities | 115 | 91 | ' | ' |
Total noncurrent liabilities | 1,834 | 1,875 | ' | ' |
Total Celanese Corporation stockholders' equity | 3,404 | 3,151 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 3,404 | 3,151 | ' | ' |
Total liabilities and equity | 7,340 | 6,361 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 686 | 700 | 702 | 674 |
Trade receivables - third party and affiliates | 1,043 | 877 | ' | ' |
Non-trade receivables, net | 490 | 586 | ' | ' |
Inventories, net | 604 | 622 | ' | ' |
Deferred income taxes | 53 | 58 | ' | ' |
Marketable securities, at fair value | 0 | 0 | ' | ' |
Other assets | 43 | 24 | ' | ' |
Total current assets | 2,919 | 2,867 | ' | ' |
Investments in affiliates | 592 | 594 | ' | ' |
Property, plant and equipment | 2,620 | 2,456 | ' | ' |
Deferred income taxes | 27 | 49 | ' | ' |
Other assets | 314 | 285 | ' | ' |
Goodwill | 451 | 493 | ' | ' |
Intangible assets, net | 63 | 78 | ' | ' |
Total assets | 6,986 | 6,822 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | 356 | 373 | ' | ' |
Trade payables - third party and affiliates | 589 | 628 | ' | ' |
Other liabilities | 445 | 513 | ' | ' |
Deferred income taxes | 10 | 10 | ' | ' |
Income taxes payable | 52 | 32 | ' | ' |
Total current liabilities | 1,452 | 1,556 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 1,539 | 1,646 | ' | ' |
Deferred income taxes | 206 | 225 | ' | ' |
Uncertain tax positions | 136 | 178 | ' | ' |
Benefit obligations | 207 | 232 | ' | ' |
Other liabilities | 209 | 202 | ' | ' |
Total noncurrent liabilities | 2,297 | 2,483 | ' | ' |
Total Celanese Corporation stockholders' equity | 3,046 | 2,783 | ' | ' |
Noncontrolling interests | 191 | 0 | ' | ' |
Total equity | 3,237 | 2,783 | ' | ' |
Total liabilities and equity | 6,986 | 6,822 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade receivables - third party and affiliates | -174 | -141 | ' | ' |
Non-trade receivables, net | -3,653 | -2,924 | ' | ' |
Inventories, net | -84 | -61 | ' | ' |
Deferred income taxes | -17 | -17 | ' | ' |
Marketable securities, at fair value | 0 | 0 | ' | ' |
Other assets | -19 | -16 | ' | ' |
Total current assets | -3,947 | -3,159 | ' | ' |
Investments in affiliates | -9,296 | -8,555 | ' | ' |
Property, plant and equipment | 0 | 0 | ' | ' |
Deferred income taxes | -1 | -8 | ' | ' |
Other assets | -2,009 | -2,053 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Total assets | -15,253 | -13,775 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Short-term borrowings and current installments of long-term debt - third party and affiliates | -2,847 | -2,031 | ' | ' |
Trade payables - third party and affiliates | -174 | -141 | ' | ' |
Other liabilities | -349 | -442 | ' | ' |
Deferred income taxes | -17 | -17 | ' | ' |
Income taxes payable | -489 | -474 | ' | ' |
Total current liabilities | -3,876 | -3,105 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | -1,947 | -2,052 | ' | ' |
Deferred income taxes | -1 | -8 | ' | ' |
Uncertain tax positions | 0 | 0 | ' | ' |
Benefit obligations | 0 | 0 | ' | ' |
Other liabilities | -69 | -9 | ' | ' |
Total noncurrent liabilities | -2,017 | -2,069 | ' | ' |
Total Celanese Corporation stockholders' equity | -9,360 | -8,601 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | -9,360 | -8,601 | ' | ' |
Total liabilities and equity | ($15,253) | ($13,775) | ' | ' |
Consolidating_Guarantor_Financ5
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | $796 | $608 |
Investing Activities | ' | ' |
Capital expenditures on property, plant and equipment | -189 | -199 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 13 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | -6 |
Capital expenditures related to Fairway Methanol LLC | -275 | -60 |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 |
Other, net | -13 | -38 |
Net cash provided by (used in) investing activities | -477 | -290 |
Financing Activities | ' | ' |
Short-term borrowings (repayments), net | 12 | -12 |
Proceeds from short-term borrowings | 47 | 154 |
Repayments of short-term borrowings | -70 | -51 |
Proceeds from long-term debt | 387 | 74 |
Repayments of long-term debt | -19 | -192 |
Purchases of treasury stock, including related fees | -201 | -102 |
Dividends to parent | 0 | 0 |
Contributions from parent | 0 | 0 |
Stock option exercises | 4 | 3 |
Series A common stock dividends | -106 | -55 |
Return of capital to parent | 0 | 0 |
Contributions from noncontrolling interests | 194 | 0 |
Other, net | -11 | -2 |
Net cash provided by (used in) financing activities | 237 | -183 |
Exchange rate effects on cash and cash equivalents | -30 | 6 |
Net increase (decrease) in cash and cash equivalents | 526 | 141 |
Cash and cash equivalents as of beginning of period | 984 | 959 |
Cash and cash equivalents as of end of period | 1,510 | 1,100 |
Parent Guarantor [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 303 | 144 |
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 |
Purchases of treasury stock, including related fees | -201 | -102 |
Dividends to parent | 0 | 0 |
Contributions from parent | 0 | 0 |
Stock option exercises | 4 | 3 |
Series A common stock dividends | -106 | -55 |
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 | -303 | -154 |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | -10 |
Cash and cash equivalents as of beginning of period | 0 | 10 |
Cash and cash equivalents as of end of period | 0 | 0 |
Issuer [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 444 | 58 |
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 | 28 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 4 | 4 |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | 32 | 4 |
Financing Activities | ' | ' |
Short-term borrowings (repayments), net | -543 | 92 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 387 | 24 |
Repayments of long-term debt | -7 | -32 |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | -303 | -144 |
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 | -10 | -2 |
Net cash provided by (used in) financing activities | -476 | -62 |
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 | 573 | 650 |
Investing Activities | ' | ' |
Capital expenditures on property, plant and equipment | -142 | -112 |
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 | -39 | -60 |
Return of capital from subsidiary | 51 | 0 |
Contributions to subsidiary | -143 | -20 |
Intercompany loan receipts (disbursements) | 543 | -92 |
Other, net | -8 | -26 |
Net cash provided by (used in) investing activities | 262 | -310 |
Financing Activities | ' | ' |
Short-term borrowings (repayments), net | 13 | -4 |
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 | -4 | -119 |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | -303 | -144 |
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 | -295 | -217 |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 540 | 123 |
Cash and cash equivalents as of beginning of period | 284 | 275 |
Cash and cash equivalents as of end of period | 824 | 398 |
Non-Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 304 | 44 |
Investing Activities | ' | ' |
Capital expenditures on property, plant and equipment | -47 | -87 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 13 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | -6 |
Capital expenditures related to Fairway Methanol LLC | -236 | 0 |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 |
Other, net | -5 | -12 |
Net cash provided by (used in) investing activities | -288 | -92 |
Financing Activities | ' | ' |
Short-term borrowings (repayments), net | -1 | -8 |
Proceeds from short-term borrowings | 47 | 154 |
Repayments of short-term borrowings | -70 | -51 |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | -12 | -45 |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | -222 | 0 |
Contributions from parent | 143 | 20 |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | -79 | 0 |
Contributions from noncontrolling interests | 194 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 70 |
Exchange rate effects on cash and cash equivalents | -30 | 6 |
Net increase (decrease) in cash and cash equivalents | -14 | 28 |
Cash and cash equivalents as of beginning of period | 700 | 674 |
Cash and cash equivalents as of end of period | 686 | 702 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | -828 | -288 |
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 | -79 | 0 |
Contributions to subsidiary | 143 | 20 |
Intercompany loan receipts (disbursements) | -547 | 88 |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | -483 | 108 |
Financing Activities | ' | ' |
Short-term borrowings (repayments), net | 543 | -92 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | 4 | 4 |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | 828 | 288 |
Contributions from parent | -143 | -20 |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | 79 | 0 |
Contributions from noncontrolling interests | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | 1,311 | 180 |
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) | 9 Months Ended |
Sep. 30, 2014 | |
Consolidating Guarantor Financial Information [Abstract] | ' |
Issuer and subsidiary guarantors, ownership percentage | 100.00% |