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 | |
|
| | | | | | | | | | | | | | | | | | |