Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 02, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | CELANESE CORPORATION | ||
Entity Central Index Key | 1306830 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 152,908,148 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $6,322,101,721 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Net sales | $6,802 | $6,510 | $6,418 | ||
Cost of sales | -5,186 | -5,145 | -5,237 | ||
Gross profit | 1,616 | 1,365 | 1,181 | ||
Selling, general and administrative expenses | -758 | -311 | -830 | ||
Amortization of intangible assets | -20 | -32 | -51 | ||
Research and development expenses | -86 | -85 | -104 | ||
Other (charges) gains, net | 15 | -158 | -14 | ||
Foreign exchange gain (loss), net | -2 | -6 | -4 | ||
Gain (loss) on disposition of businesses and assets, net | -7 | 735 | -3 | ||
Operating profit (loss) | 758 | 1,508 | 175 | ||
Equity in net earnings (loss) of affiliates | 246 | 180 | 242 | ||
Interest expense | -147 | -172 | -185 | ||
Refinancing expense | -5 | [1] | 0 | -1 | [2] |
Refinancing expense | -29 | -1 | -3 | ||
Interest income | 1 | 1 | 2 | ||
Dividend income - cost investments | 116 | 93 | 85 | ||
Other income (expense), net | -4 | 0 | 5 | ||
Earnings (loss) from continuing operations before tax | 941 | 1,609 | 321 | ||
Income tax (provision) benefit | -314 | -508 | 55 | ||
Earnings (loss) from continuing operations | 627 | 1,101 | 376 | ||
Earnings (loss) from operation of discontinued operations | -11 | 0 | -6 | ||
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | ||
Income tax (provision) benefit from discontinued operations | 4 | 0 | 2 | ||
Earnings (loss) from discontinued operations | -7 | 0 | -4 | ||
Net earnings (loss) | 620 | 1,101 | 372 | ||
Net (earnings) loss attributable to noncontrolling interests | 4 | 0 | 0 | ||
Net earnings (loss) attributable to Celanese Corporation | 624 | 1,101 | 372 | ||
Amounts attributable to Celanese Corporation | |||||
Earnings (loss) from continuing operations | 631 | 1,101 | 376 | ||
Earnings (loss) from discontinued operations | -7 | 0 | -4 | ||
Net earnings (loss) | $624 | $1,101 | $372 | ||
Earnings (loss) per common share - basic | |||||
Continuing operations | $4.07 | $6.93 | $2.37 | ||
Discontinued operations | ($0.04) | $0 | ($0.02) | ||
Net earnings (loss) - basic | $4.03 | $6.93 | $2.35 | ||
Earnings (loss) per common share - diluted | |||||
Continuing operations | $4.04 | $6.91 | $2.35 | ||
Discontinued operations | ($0.04) | $0 | ($0.02) | ||
Net earnings (loss) - diluted | $4 | $6.91 | $2.33 | ||
Weighted average shares - basic | 155,012,370 | 158,801,150 | 158,359,914 | ||
Weighted average shares - diluted | 156,166,993 | 159,334,219 | 159,830,786 | ||
[1] | ncludes $4 million related to the 6.625% Notes redemption and $1 million related to the Term C-2 loan facility conversion. | ||||
[2] | elates to the $400 million prepayment of the Term C loan facility with proceeds from the 4.625% Notes. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net earnings (loss) | $620 | $1,101 | $372 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) on marketable securities | 1 | 1 | 0 |
Foreign currency translation | -148 | 20 | 5 |
Gain (loss) on cash flow hedges | 40 | 6 | 7 |
Pension and postretirement benefits | -54 | 58 | -11 |
Total other comprehensive income (loss), net of tax | -161 | 85 | 1 |
Total comprehensive income (loss), net of tax | 459 | 1,186 | 373 |
Comprehensive (income) loss attributable to noncontrolling interests | 4 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | $463 | $1,186 | $373 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Current Assets | |||
Cash and cash equivalents (variable interest entity restricted - 2014: $1) | $780 | $984 | |
Trade receivables - third party and affiliates (net of allowance for doubtful accounts - 2014: $9; 2013: $9) | 801 | 867 | |
Non-trade receivables, net | 241 | 343 | |
Inventories | 782 | 804 | |
Deferred income taxes | 29 | 115 | |
Marketable securities, at fair value | 32 | 41 | |
Other assets | 33 | 28 | |
Total current assets | 2,698 | 3,182 | |
Investments in affiliates | 876 | 841 | |
Property, plant and equipment (net of accumulated depreciation - 2014: $1,816; 2013: $1,672; variable interest entity restricted - 2014: $535) | 3,733 | 3,425 | |
Deferred income taxes | 253 | 289 | |
Other assets (variable interest entity restricted - 2014; $24) | 377 | 341 | |
Goodwill | 749 | [1] | 798 |
Intangible assets, net | 132 | 142 | |
Total assets | 8,818 | 9,018 | |
Current Liabilities | |||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 137 | 177 | |
Trade payables - third party and affiliates | 757 | 799 | |
Other liabilities | 432 | 541 | |
Deferred income taxes | 7 | 10 | |
Income taxes payable | 5 | 18 | |
Total current liabilities | 1,338 | 1,545 | |
Long-term debt | 2,608 | 2,887 | |
Deferred income taxes | 141 | 225 | |
Uncertain tax positions | 159 | 200 | |
Benefit obligations | 1,211 | 1,175 | |
Other liabilities | 283 | 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: 13,266,625 shares; 2013: 8,928,137 shares) | -611 | -361 | |
Additional paid-in capital | 103 | 53 | |
Retained earnings | 3,491 | 3,011 | |
Accumulated other comprehensive income (loss), net | -165 | -4 | |
Total Celanese Corporation stockholders' equity | 2,818 | 2,699 | |
Noncontrolling interests | 260 | 0 | |
Total equity | 3,078 | 2,699 | |
Total liabilities and equity | 8,818 | 9,018 | |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2014: 166,169,335 issued and 152,902,710 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 | |
[1] | There were $0 million of accumulated impairment losses as of December 31, 2014. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Current Assets | ||
Allowance for doubtful accounts - trade receivables | $9 | $9 |
Accumulated depreciation | 1,816 | 1,672 |
Cash and cash equivalents (variable interest entity restricted - 2014: $1) | 780 | 984 |
Property, plant and equipment (net of accumulated depreciation - 2014: $1,816; 2013: $1,672; variable interest entity restricted - 2014: $535) | 3,733 | 3,425 |
Other assets (variable interest entity restricted - 2014; $24) | 377 | 341 |
Stockholders' Equity | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 13,266,625 | 8,928,137 |
Common stock, par value | $0.00 | |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2014: 166,169,335 issued and 152,902,710 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 | 166,169,335 | 165,867,965 |
Common stock, shares outstanding | 152,902,710 | 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 (variable interest entity restricted - 2014: $1) | 1 | 0 |
Property, plant and equipment (net of accumulated depreciation - 2014: $1,816; 2013: $1,672; variable interest entity restricted - 2014: $535) | 535 | 0 |
Other assets (variable interest entity restricted - 2014; $24) | $24 | $0 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Total Celanese Corporation Stockholders' Equity [Member] | Series A Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | Noncontrolling Interests [Member] | |
In Millions, except Share data | |||||||||
Balance as of the beginning of the period at Dec. 31, 2011 | $0 | ($860) | $627 | $1,664 | ($90) | $0 | |||
Balance as of the beginning of the period, shares at Dec. 31, 2011 | 156,463,811 | 22,921,294 | |||||||
Stock option exercises, shares | 3,751,825 | ||||||||
Stock option exercises, net of tax | 110 | 0 | 92 | ||||||
Purchases of treasury stock, shares | -1,065,542 | ||||||||
Purchases of treasury stock | 0 | ||||||||
Stock awards, shares | 492,307 | ||||||||
Stock awards | 0 | ||||||||
Purchases of treasury stock, shares | 1,059,719 | [1] | 1,065,542 | ||||||
Purchases of treasury stock, including related fees | -45 | -45 | |||||||
Retirement of treasury stock, shares | 0 | ||||||||
Retirement of treasury stock | 0 | 0 | |||||||
Stock-based compensation, net of tax | 12 | ||||||||
Net earnings (loss) attributable to Celanese Corporation | 372 | 372 | |||||||
Series A common stock dividends | -43 | ||||||||
Other comprehensive income (loss), net of tax | 1 | 1 | |||||||
Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | |||||||
Contributions from noncontrolling interests | 0 | ||||||||
Balance as of the end of the period at Dec. 31, 2012 | 1,730 | 0 | -905 | 731 | 1,993 | -89 | 0 | ||
Total Celanese Corporation stockholders' equity at Dec. 31, 2012 | 1,730 | ||||||||
Balance as of the end of the period, shares at Dec. 31, 2012 | 159,642,401 | 23,986,836 | |||||||
Stock option exercises, shares | 283,682 | ||||||||
Stock option exercises, net of tax | 6 | 0 | 11 | ||||||
Purchases of treasury stock, shares | -3,192,201 | ||||||||
Purchases of treasury stock | 0 | ||||||||
Stock awards, shares | 205,946 | ||||||||
Stock awards | 0 | ||||||||
Purchases of treasury stock, shares | 3,186,180 | [1] | 3,192,201 | ||||||
Purchases of treasury stock, including related fees | -164 | -164 | |||||||
Retirement of treasury stock, shares | -18,250,900 | ||||||||
Retirement of treasury stock | -708 | -708 | |||||||
Stock-based compensation, net of tax | 19 | ||||||||
Net earnings (loss) attributable to Celanese Corporation | 1,101 | 1,101 | |||||||
Series A common stock dividends | -83 | ||||||||
Other comprehensive income (loss), net of tax | 85 | 85 | |||||||
Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | |||||||
Contributions from noncontrolling interests | 0 | ||||||||
Balance as of the end of the period at Dec. 31, 2013 | 2,699 | 0 | -361 | 53 | 3,011 | -4 | 0 | ||
Total Celanese Corporation stockholders' equity at Dec. 31, 2013 | 2,699 | 2,699 | |||||||
Balance as of the end of the period, shares at Dec. 31, 2013 | 156,939,828 | 8,928,137 | |||||||
Stock option exercises, shares | 202,000 | 202,121 | |||||||
Stock option exercises, net of tax | 7 | 0 | 7 | ||||||
Purchases of treasury stock, shares | -4,338,488 | ||||||||
Purchases of treasury stock | 0 | ||||||||
Stock awards, shares | 99,249 | ||||||||
Stock awards | 0 | ||||||||
Purchases of treasury stock, shares | 4,338,488 | 4,338,488 | |||||||
Purchases of treasury stock, including related fees | -250 | -250 | |||||||
Retirement of treasury stock, shares | 0 | ||||||||
Retirement of treasury stock | 0 | 0 | |||||||
Stock-based compensation, net of tax | 43 | ||||||||
Net earnings (loss) attributable to Celanese Corporation | 624 | 624 | |||||||
Series A common stock dividends | -144 | ||||||||
Other comprehensive income (loss), net of tax | -161 | -161 | |||||||
Net earnings (loss) attributable to noncontrolling interests | -4 | -4 | |||||||
Contributions from noncontrolling interests | 264 | ||||||||
Balance as of the end of the period at Dec. 31, 2014 | 3,078 | 0 | -611 | 103 | 3,491 | -165 | 260 | ||
Total Celanese Corporation stockholders' equity at Dec. 31, 2014 | $2,818 | $2,818 | |||||||
Balance as of the end of the period, shares at Dec. 31, 2014 | 152,902,710 | 13,266,625 | |||||||
[1] | The years ended December 31, 2013 and 2012 exclude 6,021 and 5,823 shares, respectively, withheld from an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. Restricted stock awards are considered outstanding at the time of issuance. Accordingly, the shares withheld are treated as treasury shares. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | |||
Net earnings (loss) | $620 | $1,101 | $372 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | |||
Asset impairments | 0 | 81 | 8 |
Depreciation, amortization and accretion | 298 | 319 | 320 |
Pension and postretirement net periodic benefit cost | -113 | -35 | 9 |
Pension and postretirement contributions | -223 | -96 | -288 |
Actuarial (gain) loss on pension and postretirement plans | 350 | -104 | 389 |
Pension curtailments and settlements, net | -78 | -52 | 0 |
Deferred income taxes, net | 124 | 344 | -175 |
(Gain) loss on disposition of businesses and assets, net | 8 | -737 | 3 |
Stock-based compensation | 46 | 24 | 20 |
Undistributed earnings in unconsolidated affiliates | -98 | -39 | 20 |
Other, net | 24 | 13 | 15 |
Operating cash provided by (used in) discontinued operations | -5 | -4 | 2 |
Changes in operating assets and liabilities | |||
Trade receivables - third party and affiliates, net | 23 | -23 | 50 |
Inventories | -15 | -81 | 6 |
Other assets | 20 | -110 | 9 |
Trade payables - third party and affiliates | -13 | 109 | 5 |
Other liabilities | -6 | 52 | -43 |
Net cash provided by (used in) operating activities | 962 | 762 | 722 |
Investing Activities | |||
Capital expenditures on property, plant and equipment | -254 | -277 | -349 |
Acquisitions, net of cash acquired | -10 | 0 | -23 |
Proceeds from sale of businesses and assets, net | 0 | 13 | 1 |
Capital expenditures related to Kelsterbach plant relocation | 0 | -7 | -49 |
Capital expenditures related to Fairway Methanol LLC | -424 | -93 | -12 |
Other, net | -17 | -58 | -68 |
Net cash provided by (used in) investing activities | -705 | -422 | -500 |
Financing Activities | |||
Short-term borrowings (repayments), net | -9 | -11 | 2 |
Proceeds from short-term borrowings | 62 | 177 | 71 |
Repayments of short-term borrowings | -91 | -123 | -71 |
Proceeds from long-term debt | 387 | 74 | 550 |
Repayments of long-term debt | -626 | -198 | -489 |
Purchases of treasury stock, including related fees | -250 | -164 | -45 |
Stock option exercises | 5 | 9 | 62 |
Series A common stock dividends | -144 | -83 | -43 |
Contributions from noncontrolling interests | 264 | 0 | 0 |
Other, net | -13 | -7 | 12 |
Net cash provided by (used in) financing activities | -415 | -326 | 49 |
Exchange rate effects on cash and cash equivalents | -46 | 11 | 6 |
Net increase (decrease) in cash and cash equivalents | -204 | 25 | 277 |
Cash and cash equivalents as of beginning of period | 984 | 959 | 682 |
Cash and cash equivalents as of end of period | $780 | $984 | $959 |
Description_of_the_Company_and
Description of the Company and Basis of Presentation | 12 Months Ended |
Dec. 31, 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 Annual Report on Form 10-K ("Annual Report"), the term "Celanese" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The term "Celanese US" refers to the Company's subsidiary, Celanese US Holdings LLC, a Delaware limited liability company, and not its subsidiaries. | |
Basis of Presentation | |
The consolidated financial statements contained in this Annual Report were prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") for all periods presented 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 consolidated financial statements and other financial information included in this Annual Report, unless otherwise specified, have been presented to separately show the effects of discontinued operations. | |
In the ordinary course of business, the Company enters into contracts and agreements relative to a number of topics, including acquisitions, dispositions, joint ventures, supply agreements, product sales and other arrangements. The Company endeavors to describe those contracts or agreements that are material to its business, results of operations or financial position. The Company may also describe some arrangements that are not material but in which the Company believes investors may have an interest or which may have been included in a Form 8-K filing. Investors should not assume the Company has described all contracts and agreements relative to the Company's business in this Annual Report. | |
For those consolidated 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. |
Summary_of_Accounting_Policies
Summary of Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary of Accounting Policies | Summary of Accounting Policies | |
Consolidation Principles | ||
The consolidated financial statements have been prepared in accordance with US GAAP for all periods presented and include the accounts of the Company and its majority owned subsidiaries over which the Company exercises control. All intercompany accounts and transactions have been eliminated in consolidation. | ||
Estimates and Assumptions | ||
The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of net sales, 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. | ||
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. Valuations for fund investments, such as common/collective trusts and registered investment companies, which do not have readily determinable fair values, are typically estimated using a net asset value provided by a third party as a practical expedient. | ||
The levels of inputs used to measure fair value are as follows: | ||
Level 1 - unadjusted quoted prices for identical assets or liabilities in active markets accessible by the Company | ||
Level 2 - inputs that are observable in the marketplace other than those inputs classified as Level 1 | ||
Level 3 - inputs that are unobservable in the marketplace and significant to the valuation | ||
Purchase Accounting | ||
The Company allocates the purchase price of its acquisitions to identifiable intangible assets acquired based on their estimated fair values. The excess of purchase price over the aggregate fair values are recorded as goodwill. Intangible assets are valued using the relief from royalty and discounted cash flow methodologies, which are considered Level 3 measurements. The relief from royalty method estimates the Company's theoretical royalty savings from ownership of the intangible asset. Key assumptions used in this model include discount rates, royalty rates, growth rates, sales projections and terminal value rates, all of which require significant management judgment and, therefore, are susceptible to change. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, cash flow projections and terminal value rates. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. The Company calculates the fair value of the intangible assets acquired to allocate the purchase price at the acquisition date. The Company may use the assistance of third-party valuation consultants. | ||
Cash and Cash Equivalents | ||
All highly liquid investments with original maturities of three months or less are considered cash equivalents. | ||
Allowance for Doubtful Accounts | ||
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company believes, based on historical results, the likelihood of actual write-offs having a material impact on financial results is low. The allowance for doubtful accounts is estimated using factors such as customer credit ratings, past collection history and general risk profile. Receivables are charged against the allowance for doubtful accounts when it is probable that the receivable will not be recovered. | ||
Inventories | ||
Inventories, including stores and supplies, are stated at the lower of cost or market. Cost for inventories is determined using the first-in, first-out ("FIFO") method. Cost includes raw materials, direct labor and manufacturing overhead. Cost for stores and supplies is primarily determined by the average cost method. | ||
Investments | ||
• | Marketable Securities | |
The cost of available-for-sale securities sold is determined using the specific identification method. | ||
• | Investments in Affiliates | |
Investments where the Company can exercise significant influence over operating and financial policies of an investee, which is generally considered when an investor owns 20% or more of the voting stock of an investee, are accounted for under the equity method of accounting. Investments where the Company does not exercise significant influence are accounted for under the cost method of accounting. The Company determined it cannot exercise significant influence over certain investments where the Company owns greater than a 20% interest due to local government investment in and influence over these entities, limitations on the Company's involvement in the day-to-day operations and the present inability of the entities to provide timely financial information prepared in accordance with US GAAP. Accordingly, these investments are accounted for under the cost method of accounting. | ||
In certain instances, the financial information of the Company's equity investees is not available on a timely basis. Accordingly, the Company records its proportional share of the investee's earnings or losses on a consistent lag of no more than one quarter. | ||
When required to assess the recoverability of its investments in affiliates, the Company estimates fair value using a discounted cash flow model. The Company may engage third-party valuation consultants to assist with this process. | ||
Property, Plant and Equipment, Net | ||
Land is recorded at historical cost. Buildings, machinery and equipment, including capitalized interest, and property under capital lease agreements, are recorded at cost less accumulated depreciation. The Company records depreciation and amortization in its consolidated statements of operations as either Cost of sales, Selling, general and administrative expenses or Research and development expenses consistent with the utilization of the underlying assets. Depreciation is calculated on a straight-line basis over the following estimated useful lives of depreciable assets: | ||
Land improvements | 20 years | |
Buildings and improvements | 30 years | |
Machinery and equipment | 20 years | |
Leasehold improvements are amortized over 10 years or the remaining life of the respective lease, whichever is shorter. | ||
Accelerated depreciation is recorded when the estimated useful life is shortened. Ordinary repair and maintenance costs, including costs for planned maintenance turnarounds, that do not extend the useful life of the asset are charged to earnings as incurred. Fully depreciated assets are retained in property and depreciation accounts until sold or otherwise disposed. In the case of disposals, assets and related depreciation are removed from the accounts, and the net amounts, less proceeds from disposal, are included in earnings. | ||
The Company assesses the recoverability of the carrying amount of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment loss would be assessed when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss is based on the excess of the carrying amount of the asset group over its fair value. The Company calculates the fair value using a discounted cash flow model incorporating discount rates commensurate with the risks involved for the asset group. This fair value measurement is classified as a Level 3 fair value measurement. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, cash flow projections and terminal value rates. Discount rates, growth rates and cash flow projections involve significant judgment and are based on management's estimate of current and forecasted market conditions and cost structure. Impairment losses are generally recorded to Other (charges) gains, net in the consolidated statements of operations. | ||
Goodwill and Intangible Assets, Net | ||
The Company assesses the recoverability of the carrying amount of its reporting unit goodwill and indefinite-lived intangible assets either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. The Company assesses the recoverability of finite-lived intangible assets in the same manner as for property, plant and equipment, as described above. Impairment losses are generally recorded to Other (charges) gains, net in the consolidated statements of operations. | ||
• | Goodwill | |
Recoverability of the carrying amount of goodwill is measured at the reporting unit level. In performing a quantitative analysis, the Company measures the recoverability of goodwill for each reporting unit using a discounted cash flow model incorporating discount rates commensurate with the risks involved, which is classified as a Level 3 fair value measurement. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, tax rates, cash flow projections and terminal value rates. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. The Company may engage third-party valuation consultants to assist with this process. | ||
• | Indefinite-lived Intangible Assets | |
Management tests indefinite-lived intangible assets for impairment quantitatively utilizing the relief from royalty method under the income approach to determine the estimated fair value for each indefinite-lived intangible asset, which is classified as a Level 3 fair value measurement. The relief from royalty method estimates the Company's theoretical royalty savings from ownership of the intangible asset. The key assumptions used in this model include discount rates, royalty rates, growth rates, tax rates, sales projections and terminal value rates. Discount rates, royalty rates, growth rates and sales projections are the assumptions most sensitive and susceptible to change as they require significant management judgment. Discount rates used are similar to the rates estimated by the weighted average cost of capital ("WACC") considering any differences in company-specific risk factors. Royalty rates are established by management and are periodically substantiated by third-party valuation consultants. | ||
• | Definite-lived Intangible Assets | |
Customer-related intangible assets and other intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, which range from four to 20 years. | ||
Derivative and Hedging Instruments | ||
The Company manages its exposures to interest rates, foreign exchange rates and commodity prices through a risk management program that includes the use of derivative financial instruments. The Company does not use derivative financial instruments for speculative trading purposes. The fair value of all derivative instruments is recorded as an asset or liability on a net basis at the balance sheet date. | ||
• | 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 fix the London Interbank Offered Rate ("LIBOR") portion of the Company's US dollar denominated variable rate borrowings. Prior to December 2014, all or a portion of these interest rate swap agreements were designated as cash flow hedges. Accordingly, to the extent the cash flow hedge was effective, changes in the fair value of interest rate swaps were included in gain (loss) from cash flow hedges within Accumulated other comprehensive income (loss), net in the 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 no longer probable that the forecasted transaction will occur according to the original strategy. When a cash flow hedge is dedesignated and it is probable that the forecasted transaction will not occur, any related amounts previously included in Accumulated other comprehensive income (loss), net would be reclassified to earnings immediately. Mark-to-market adjustments on dedesignated interest rate swap agreements are included in Interest expense in the consolidated statements of operations through their expiration. | ||
• | Foreign Exchange Risk Management | |
Certain subsidiaries of the Company 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 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 consolidated statements of operations. | ||
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. Accordingly, the effective portion of gains and losses from remeasurement of the non-derivative financial instrument is included in foreign currency translation within Accumulated other comprehensive income (loss), net in the 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 exchanges Euro fixed interest for US dollar fixed interest and at maturity will exchange Euro notional values for US dollar notional values. 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 consolidated balance sheets. Gains and losses are reclassified to Interest expense in the consolidated statements of operations 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 from remeasurement of the Euro notional values as well as the foreign exchange impact on the intercompany loans are included in Other income (expense), net in the consolidated statements of operations. | ||
• | 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. | ||
Insurance Loss Reserves | ||
The Company has two wholly-owned insurance companies (the "Captives") that are used as a form of self-insurance for liability and workers compensation risks. Capitalization of the Captives is determined by regulatory guidelines. Premiums written are recognized as revenue based on policy periods. One of the Captives also insures certain third-party risks. The Captives use reinsurance arrangements to reduce their risks, however these arrangements do not relieve the Captives from their obligations to policyholders. The financial condition of the Captives' reinsurers are monitored to minimize exposure to insolvencies. However, failure of the reinsurers to honor their obligations could result in losses to the Captives. | ||
Claim reserves are established when sufficient information is available to indicate a specific policy is involved and the Company can reasonably estimate its liability. These reserves are based on management estimates and periodic actuarial valuations. In addition, reserves have been established to cover exposures for both known and unreported claims. Estimates of these liabilities are reviewed and updated regularly, however it is possible that actual results could differ significantly from the recorded liabilities. | ||
Asset Retirement Obligations | ||
Periodically, the Company will conclude a site no longer has an indeterminate life based on long-lived asset impairment triggering events and decisions made by the Company. Accordingly, the Company will record asset retirement obligations associated with such sites. To measure the fair value of the asset retirement obligations, the Company will use the expected present value technique, which is classified as a Level 3 fair value measurement. The expected present value technique uses a set of cash flows that represent the probability-weighted average of all possible cash flows based on the Company's judgment. The Company uses the following inputs to determine the fair value of the asset retirement obligations based on the Company's experience with fulfilling obligations of this type and the Company's knowledge of market conditions: a) labor costs; b) allocation of overhead costs; c) profit on labor and overhead costs; d) effect of inflation on estimated costs and profits; e) risk premium for bearing the uncertainty inherent in cash flows, other than inflation; f) time value of money represented by the risk-free interest rate commensurate with the timing of the associated cash flows; and g) nonperformance risk relating to the liability, which includes the Company's own credit risk. The asset retirement obligations are accreted to their undiscounted values until the time at which they are expected to be settled. | ||
The Company has identified but not recognized asset retirement obligations related to certain of its existing operating facilities. Examples of these types of obligations include demolition, decommissioning, disposal and restoration activities. Legal obligations exist in connection with the retirement of these assets upon closure of the facilities or abandonment of the existing operations. However, the Company currently plans on continuing operations at these facilities indefinitely and therefore, a reasonable estimate of fair value cannot be determined at this time. In the event the Company considers plans to abandon or cease operations at these sites, an asset retirement obligation will be reassessed at that time. If certain operating facilities were to close, the related asset retirement obligations could significantly affect the Company's results of operations and cash flows. | ||
Environmental Liabilities | ||
The Company manufactures and sells a diverse line of chemical products throughout the world. Accordingly, the Company's operations are subject to various hazards incidental to the production of industrial chemicals including the use, handling, processing, storage and transportation of hazardous materials. The Company recognizes losses and accrues liabilities relating to environmental matters if available information indicates that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Depending on the nature of the site, the Company accrues through 15 years, unless the Company has government orders or other agreements that extend beyond 15 years. The Company estimates environmental liabilities on a case-by-case basis using the most current status of available facts, existing technology, presently enacted laws and regulations and prior experience in remediation of contaminated sites. Recoveries of environmental costs from other parties are recorded as assets when their receipt is deemed probable. | ||
An environmental reserve related to cleanup of a contaminated site might include, for example, a provision for one or more of the following types of costs: site investigation and testing costs, cleanup costs, costs related to soil and water contamination resulting from tank ruptures and post-remediation monitoring costs. These undiscounted reserves do not take into account any claims or recoveries from insurance. The measurement of environmental liabilities is based on the Company's periodic estimate of what it will cost to perform each of the elements of the remediation effort. The Company utilizes third parties to assist in the management and development of cost estimates for its sites. Changes to environmental regulations or other factors affecting environmental liabilities are reflected in the consolidated financial statements in the period in which they occur. | ||
Deferred Financing Costs | ||
Deferred financing costs are included in Noncurrent Other assets in the consolidated balance sheets and are amortized using a method that approximates the effective interest rate method over the term of the related debt into Interest expense in the consolidated statements of operations. Upon the extinguishment of the related debt, any unamortized deferred financing costs are immediately expensed and included in Refinancing expense in the consolidated statements of operations. Upon the modification of the related debt, a portion of unamortized deferred financing costs may be immediately expensed and included in Refinancing expense in the consolidated statements of operations. Direct costs of refinancing activities are immediately expensed and included in Refinancing expense in the consolidated statements of operations. | ||
Pension and Other Postretirement Obligations | ||
The Company recognizes a balance sheet asset or liability for each of its pension and other postretirement benefit plans equal to the plan's funded status as of a December 31 measurement date. The amounts recognized in the consolidated financial statements related to pension and other postretirement benefits are determined on an actuarial basis. Various assumptions are used in the calculation of the actuarial valuation of the employee benefit plans. These assumptions include the discount rate, compensation levels, expected long-term rates of return on assets and trends in health care costs. In addition, actuarial consultants use factors such as withdrawal and mortality rates to estimate the projected benefit obligation. | ||
The Company applies the long-term expected rate of return to the fair value of plan assets and immediately recognizes in operating results the change in fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each fiscal year and whenever a plan is required to be remeasured. Events requiring a plan remeasurement will be recognized in the quarter in which such remeasurement event occurs. The remaining components of pension and other postretirement plan net periodic benefit cost are recorded on a quarterly basis. | ||
The Company allocates the service cost and amortization of prior service cost (or credit) components of its pension and postretirement plans to its business segments. Interest cost, expected return on assets and net actuarial gains and losses are considered financing activities managed at the corporate level and are recorded to Other Activities. The Company believes the expense allocation appropriately matches the cost incurred for active employees to the respective business segment. | ||
Other postretirement benefit plans provide medical and life insurance benefits to retirees who meet minimum age and service requirements. The key determinants of the accumulated postretirement benefit obligation ("APBO") are the discount rate and the health care cost trend rate. | ||
• | Discount Rate | |
As of the measurement date, the Company determines the appropriate discount rate used to calculate the present value of future cash flows currently expected to be required to settle the pension and other postretirement benefit obligations. The discount rate is generally based on the yield on high-quality corporate fixed-income securities. | ||
In the US, the rate used to discount pension and other postretirement benefit plan liabilities is based on a yield curve developed from market data of over 300 Aa-grade non-callable bonds at the measurement date. This yield curve has discount rates that vary based on the duration of the obligations. The estimated future cash flows for the pension and other benefit obligations were matched to the corresponding rates on the yield curve to derive a weighted average discount rate. | ||
The Company determines its discount rates in the Euro zone using the iBoxx Euro Corporate AA Bond indices with appropriate adjustments for the duration of the plan obligations. In other international locations, the Company determines its discount rates based on the yields of high quality government bonds with a duration appropriate to the duration of the plan obligations. | ||
• | Expected Long-Term Rate of Return on Assets | |
The Company determines the long-term expected rate of return on plan assets by considering the current target asset allocation, as well as the historical and expected rates of return on various asset categories in which the plans are invested. A single long-term expected rate of return on plan assets is then calculated for each plan as the weighted average of the target asset allocation and the long-term expected rate of return assumptions for each asset category within each plan. | ||
The expected rate of return is assessed annually and is based on long-term relationships among major asset classes and the level of incremental returns that can be earned by the successful implementation of different active investment management strategies. Equity returns are based on estimates of long-term inflation rate, real rate of return, 10-year Treasury bond premium over cash and historical equity risk premium. Fixed income returns are based on maturity, historical long-term inflation, real rate of return and credit spreads. | ||
• | Investment Policies and Strategies | |
The investment objectives for the Company's pension plans are to earn, over a moving twenty-year period, a long-term expected rate of return, net of investment fees and transaction costs, sufficient to satisfy the benefit obligations of the plan, while at the same time maintaining adequate liquidity to pay benefit obligations and proper expenses, and meet any other cash needs, in the short- to medium-term. | ||
The equity and debt securities objectives are to provide diversified exposure across the US and global equity markets and to manage the risks and returns of the plans through the use of multiple managers and strategies. The fixed income strategy is designed to reduce liability-related interest rate risk by investing in bonds that match the duration and credit quality of the plan liabilities. Derivatives-based strategies may be used to mitigate investment risks. | ||
The financial objectives of the qualified pension plans are established in conjunction with a comprehensive review of each plan's liability structure. The Company's asset allocation policy is based on detailed asset/liability analysis. In developing investment policy and financial goals, consideration is given to each plan's demographics, the returns and risks associated with current and alternative investment strategies and the current and projected cash, expense and funding ratios of each plan. Investment policies must also comply with local statutory requirements as determined by each country. A formal asset/liability study of each plan is undertaken every three to five years or whenever there has been a material change in plan demographics, benefit structure or funding status and investment market. The Company has adopted a long-term investment horizon such that the risk and duration of investment losses are weighed against the long-term potential for appreciation of assets. Although there cannot be complete assurance that these objectives will be realized, it is believed that the likelihood for their realization is reasonably high, based upon the asset allocation chosen and the historical and expected performance of the asset classes utilized by the plans. The intent is for investments to be broadly diversified across asset classes, investment styles, market sectors, investment managers, developed and emerging markets and securities in order to moderate portfolio volatility and risk. Investments may be in separate accounts, commingled trusts, mutual funds and other pooled asset portfolios provided they all conform to fiduciary standards. | ||
External investment managers are hired to manage pension assets. Investment consultants assist with the screening process for each new manager hired. Over the long-term, the investment portfolio is expected to earn returns that exceed a composite of market indices that are weighted to match each plan's target asset allocation. The portfolio return should also (over the long-term) meet or exceed the return used for actuarial calculations in order to meet the future needs of each plan. | ||
Commitments and Contingencies | ||
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. | ||
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. 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. | ||
Revenue Recognition | ||
The Company recognizes revenue when title and risk of loss have been transferred to the customer, generally at the time of shipment of products, and provided that four basic criteria are met: (a) persuasive evidence of an arrangement exists; (b) delivery has occurred or services have been rendered; (c) the fee is fixed or determinable; and (d) collectibility is reasonably assured. Shipping and handling fees billed to customers in a sales transaction are recorded in Net sales and shipping and handling costs incurred are recorded in Cost of sales. | ||
Research and Development | ||
The costs of research and development are charged as an expense in the period in which they are incurred. | ||
Management Compensation Plans | ||
Share-based compensation expense is measured at the grant date, based on the fair value of the award, and is recognized over the participant's requisite service period. Upon termination of a participant's employment with the Company by reason of death or disability, retirement or by the Company without cause (as defined in the respective award agreements), a prorated award will generally vest on the original vesting date. The prorated award is calculated based on the time lapsed between the grant date and the date of termination, reduced by awards previously vested. Upon the termination of a Participant's employment with the Company for any other reason, any unvested portion of the award shall be forfeited and canceled without consideration. | ||
• | Stock Options | |
The fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing method. Stock option awards are granted with an exercise price equal to the average of the high and low price of the Company's Common Stock on the grant date. Options issued under the 2009 Global Incentive Plan ("2009 GIP") have a term of seven years and vest on a graded basis over either three or four years. The computation of the expected volatility assumption used in the Black-Scholes calculations for new grants is based on the Company's historical volatilities. When establishing the expected life assumptions, the Company reviews annual historical employee exercise behavior of option grants with similar vesting periods. The estimated fair value of the Company's stock option awards less expected forfeitures is recognized over the vesting period of the respective grant on a straight-line basis. | ||
Generally, vested stock options are exercised through a broker-assisted cashless exercise program. A broker-assisted cashless exercise is the simultaneous exercise of a stock option by an employee and a sale of the shares through a broker. Authorized shares of the Company's Common Stock are used to settle stock options. | ||
• | Restricted Stock Units ("RSUs") | |
Performance-based RSUs. The Company generally grants performance-based RSUs to the Company's executive officers and certain employees annually in February. The Company may also grant performance-based RSUs to certain new employees or to employees who assume positions of increasing responsibility at the time those events occur. The fair value of the Company's performance-based RSUs with a performance condition is equal to the average of the high and low price of the Company's Common Stock on the grant date less the present value of the expected dividends not received during the vesting period. Performance-based RSUs generally vest in two equal tranches with the final tranche vesting three years from the grant date. Compensation expense for performance-based RSUs less estimated forfeitures is recognized over the vesting period of the respective grant based on the accelerated attribution method. | ||
The number of performance-based RSUs that ultimately vest is dependent on the achievement of internal profitability targets (performance condition). Based on the achievement of internal profitability targets, the ultimate number of shares of the Company's Common Stock issued will range from zero to stretch, with stretch defined individually under each award, net of shares used to cover minimum statutory personal income taxes withheld. Performance-based RSUs are canceled to the extent actual results of internal profitability measures are less than target, as defined individually under each award. | ||
Time-based RSUs. The Company grants non-employee Directors time-based RSUs annually that generally vest one year from the grant date. The Company also grants time-based RSUs to the Company's executives and certain employees that vest ratably over three years. The fair value of the time-based RSUs is equal to the average of the high and low price of the Company's Common Stock on the grant date less the present value of the expected dividends not received during the vesting period. Compensation expense for time-based RSUs less estimated forfeitures is recognized over the vesting period of the respective grant on a straight-line basis. | ||
The Company's RSUs are net settled by withholding shares of the Company's Common Stock to cover minimum statutory income taxes and remitting the remaining shares of the Company's Common Stock to an individual brokerage account. Authorized shares of the Company's Common Stock are used to settle RSUs. | ||
Under the 2009 GIP, the Company may not grant RSUs with the right to participate in dividends or dividend equivalents. | ||
Income Taxes | ||
The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carryforwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date. | ||
The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not (likelihood of greater than 50%) that some portion or all of the deferred tax assets will not be realized. | ||
The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes. Tax positions are recognized only when it is more likely than not (likelihood of greater than 50%), based on technical merits, that the positions will be sustained upon examination. Tax positions that meet the more-likely-than-not threshold are measured using a probability weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a tax position is a matter of judgment based on the individual facts and circumstances of that position evaluated in light of all available evidence. | ||
The Company recognizes interest and penalties related to uncertain tax positions in Income tax (provision) benefit in the consolidated statements of operations. | ||
Functional and Reporting Currencies | ||
For the Company's international operations where the functional currency is other than the US dollar, assets and liabilities are translated using period-end exchange rates, while the statement of operations amounts are translated using the average exchange rates for the respective period. Differences arising from the translation of assets and liabilities in comparison with the translation of the previous periods or from initial recognition during the period are included as a separate component of Accumulated other comprehensive income (loss), net. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 supersedes the revenue recognition requirements of FASB Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition and most industry-specific guidance throughout the Accounting Standards Codification, resulting in the creation of FASB ASC Topic 606, Revenue from Contracts with Customers. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This ASU provides alternative methods of 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. |
Acquisitions_Dispositions_and_
Acquisitions, Dispositions and Plant Closures | 12 Months Ended | |
Dec. 31, 2014 | ||
Acquisitions, Dispositions and Plant Closures [Abstract] | ||
Acquisitions, Dispositions and Plant Closures | Acquisitions, Dispositions and Plant Closures | |
Acquisitions | ||
On October 20, 2014, the Company completed the acquisition of substantially all of the assets of Cool Polymers, Inc., including CoolPoly®, a portfolio of thermally conductive polymers for cash plus contingent consideration (Note 25), to support the strategic growth of the Company's engineered materials business. The acquired operations are included in the Advanced Engineered Materials segment. | ||
In January 2012, the Company completed the acquisition of certain assets from Ashland Inc. for cash, including two product lines, Vinac® and Flexbond®, to support the strategic growth of the Company's emulsion polymers business. The acquired operations are included in the Industrial Specialties segment. | ||
Pro forma financial information since the respective acquisition dates has not been provided as the acquisitions did not have a material impact on the Company's financial information. The Company allocated the purchase price of the acquisitions to identifiable assets based on their estimated fair values. The excess of the purchase price over the aggregate fair values was recorded as goodwill (Note 2 and Note 11). | ||
Plant Closures | ||
• | Roussillon, France | |
In November 2013, the Company announced its intent to initiate an information and consultation process on the contemplated closure of its acetic anhydride facility in Roussillon, France. In December 2013, the Company announced it had completed the consultation process pursuant to which the Company ceased all manufacturing operations in December 2013. The exit costs, including long-lived asset impairment losses, related to the closure of the Roussillon facility are included in Other (charges) gains, net in the consolidated statements of operations (Note 18). The Roussillon, France acetic anhydride operations are included in the Acetyl Intermediates segment. | ||
• | Tarragona, Spain | |
In November 2013, the Company announced its intent to initiate an information and consultation process on the contemplated closure of its vinyl acetate monomer ("VAM") facility in Tarragona, Spain. In December 2013, the Company announced it had completed the consultation process pursuant to which the Company ceased all manufacturing operations in December 2013. The exit costs, including long-lived asset impairment losses, related to the closure of the Tarragona VAM facility are included in Other (charges) gains, net in the consolidated statements of operations (Note 18). The Tarragona, Spain VAM operations are included in the Acetyl Intermediates segment. |
Ventures_and_Variable_Interest
Ventures and Variable Interest Entities | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Ventures and Variable Interest Entities [Abstract] | ||||||
Ventures and Variable Interest Entities | Variable Interest Entities | |||||
Consolidated Variable Interest Entities | ||||||
On February 4, 2014, the Company formed a joint venture, Fairway Methanol LLC ("Fairway"), with Mitsui & Co., Ltd., of Tokyo, Japan ("Mitsui"), in which the Company owns 50% of 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 consolidated balance sheets are as follows: | ||||||
As of December 31, 2014 | ||||||
(In $ millions) | ||||||
Cash and cash equivalents | 1 | |||||
Property, plant and equipment | 535 | |||||
Other assets | 24 | |||||
Total assets(1) | 560 | |||||
Current liabilities(2) | 40 | |||||
Total liabilities | 40 | |||||
______________________________ | ||||||
(1) | Assets can only be used to settle the obligations of Fairway. | |||||
(2) | 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 December 31, 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 December 31, 2014 | As of December 31, 2013 | |||||
(In $ millions) | ||||||
Property, plant and equipment, net | 96 | 111 | ||||
Trade payables | 43 | 56 | ||||
Current installments of long-term debt | 9 | 8 | ||||
Long-term debt | 125 | 136 | ||||
Total liabilities | 177 | 200 | ||||
Maximum exposure to loss | 291 | 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 24). |
Marketable_Securities_at_Fair_
Marketable Securities, at Fair Value | 12 Months Ended | |||||
Dec. 31, 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 15) as follows: | ||||||
As of December 31, | ||||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Amortized cost | 32 | 41 | ||||
Gross unrealized gain | — | — | ||||
Gross unrealized loss | — | — | ||||
Fair value | 32 | 41 | ||||
See Note 23 - Fair Value Measurements for further information regarding the fair value of the Company's marketable securities. |
Receivables_Net
Receivables, Net | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Receivables [Abstract] | ||||||
Receivables, Net | Receivables, Net | |||||
As of December 31, | ||||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Trade receivables - third party and affiliates | 810 | 876 | ||||
Allowance for doubtful accounts - third party and affiliates | (9 | ) | (9 | ) | ||
Trade receivables - third party and affiliates, net | 801 | 867 | ||||
As of December 31, | ||||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Non-income taxes receivable | 99 | 133 | ||||
Reinsurance receivables | 20 | 25 | ||||
Income taxes receivable | 50 | 23 | ||||
Receivable from Mitsui venture (Note 5) | — | 70 | ||||
Other | 72 | 92 | ||||
Non-trade receivables, net | 241 | 343 | ||||
Inventories
Inventories | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Inventory Disclosure [Abstract] | ||||||
Inventories | Inventories | |||||
As of December 31, | ||||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Finished goods | 579 | 571 | ||||
Work-in-process | 53 | 59 | ||||
Raw materials and supplies | 150 | 174 | ||||
Total | 782 | 804 | ||||
Investments_in_Affiliates
Investments in Affiliates | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||||||||||||||||||||||||||
Investments in Affiliates | Investments in Affiliates | |||||||||||||||||||||||||||
Entities in which the Company has an investment accounted for under the cost or equity method of accounting are considered affiliates; any transactions or balances with such companies are considered affiliate transactions. | ||||||||||||||||||||||||||||
Equity Method | ||||||||||||||||||||||||||||
Equity method investments and ownership interests by business segment are as follows: | ||||||||||||||||||||||||||||
Ownership | Carrying | Share of | Dividends and | |||||||||||||||||||||||||
as of | Value as of | Earnings (Loss) | Other Distributions | |||||||||||||||||||||||||
December 31, | December 31, | Year Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(In percentages) | (In $ millions) | |||||||||||||||||||||||||||
Advanced Engineered Materials | ||||||||||||||||||||||||||||
Ibn Sina | 25 | 25 | 97 | 68 | 115 | 111 | 130 | (85 | ) | (97 | ) | (126 | ) | |||||||||||||||
Fortron Industries LLC | 50 | 50 | 97 | 95 | 9 | 8 | 9 | (7 | ) | (5 | ) | (3 | ) | |||||||||||||||
Korea Engineering Plastics Co., Ltd. | 50 | 50 | 134 | 154 | 10 | 15 | 19 | (16 | ) | (19 | ) | (23 | ) | |||||||||||||||
Polyplastics Co., Ltd.(1) | 45 | 45 | 166 | 151 | 27 | 14 | 32 | (3 | ) | — | (81 | ) | ||||||||||||||||
Other Activities(2) | ||||||||||||||||||||||||||||
InfraServ GmbH & Co. Gendorf KG | 39 | 39 | 39 | 42 | 9 | 10 | 9 | (7 | ) | (6 | ) | (7 | ) | |||||||||||||||
InfraServ GmbH & Co. Hoechst KG(3) | 32 | 32 | 174 | 159 | 72 | 17 | 38 | (26 | ) | (9 | ) | (18 | ) | |||||||||||||||
InfraServ GmbH & Co. Knapsack KG | 27 | 27 | 20 | 22 | 4 | 4 | 5 | (4 | ) | (5 | ) | (4 | ) | |||||||||||||||
Consumer Specialties | ||||||||||||||||||||||||||||
Sherbrooke Capital Health and | 10 | 10 | 4 | 5 | — | 1 | — | — | — | — | ||||||||||||||||||
Wellness, L.P.(4) | ||||||||||||||||||||||||||||
Total | 731 | 696 | 246 | 180 | 242 | (148 | ) | (141 | ) | (262 | ) | |||||||||||||||||
______________________________ | ||||||||||||||||||||||||||||
(1) | During the year ended December 31, 2012, the Company amended its existing joint venture and other related agreements with Polyplastics Co., Ltd. ("Polyplastics"). The amended agreements, among other items, modified certain dividend rights, resulting in a net cash dividend payment to the Company of $72 million during the three months ended March 31, 2012. | |||||||||||||||||||||||||||
(2) | InfraServ real estate service companies ("InfraServ Entities") own and operate sites in Frankfurt am Main-Hoechst, Gendorf and Knapsack, Germany. The InfraServ Entities were created to own land and property and to provide various technical and administrative services at these manufacturing locations. | |||||||||||||||||||||||||||
(3) | InfraServ GmbH & Co. Hoechst KG is owned primarily by an entity included in the Company's Other Activities. The Company's Consumer Specialties segment and Acetyl Intermediates segment also each hold an ownership percentage. During the 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 $48 million. During the year ended December 31, 2012, a subsidiary of InfraServ GmbH & Co. Hoechst KG restructured its debt resulting in additional equity in net earnings of affiliates of $22 million attributable to the Company. | |||||||||||||||||||||||||||
(4) | The Company accounts for its ownership interest in Sherbrooke Capital Health and Wellness, L.P. under the equity method of accounting because the Company is able to exercise significant influence. | |||||||||||||||||||||||||||
Cost Method | ||||||||||||||||||||||||||||
Cost method investments and ownership interests by business segment are as follows: | ||||||||||||||||||||||||||||
Ownership | Carrying | Dividend | ||||||||||||||||||||||||||
as of | Value | Income for the | ||||||||||||||||||||||||||
December 31, | as of | Year Ended | ||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(In percentages) | (In $ millions) | |||||||||||||||||||||||||||
Consumer Specialties | ||||||||||||||||||||||||||||
Kunming Cellulose Fibers Co. Ltd. | 30 | 30 | 14 | 14 | 15 | 13 | 13 | |||||||||||||||||||||
Nantong Cellulose Fibers Co. Ltd. | 31 | 31 | 106 | 106 | 87 | 68 | 59 | |||||||||||||||||||||
Zhuhai Cellulose Fibers Co. Ltd. | 30 | 30 | 14 | 14 | 13 | 11 | 11 | |||||||||||||||||||||
Other Activities | ||||||||||||||||||||||||||||
InfraServ GmbH & Co. Wiesbaden KG | 8 | 8 | 6 | 6 | 1 | 1 | 2 | |||||||||||||||||||||
Other(1) | 5 | 5 | — | — | — | |||||||||||||||||||||||
Total | 145 | 145 | 116 | 93 | 85 | |||||||||||||||||||||||
______________________________ | ||||||||||||||||||||||||||||
(1) | The Company's Hoechst Italia SpA investment of $9 million was liquidated during the three months ended June 30, 2013 resulting in a gain of $2 million included in Other income (expense), net in the consolidated statements of operations. The Company's Complejo Industrial Taqsa A.I.E. investment was impaired during the three months ended December 31, 2013 as a result of the closure of the Company's Tarragona, Spain VAM facility (Note 4). An impairment loss of $2 million is included in Other income (expense), net in the consolidated statements of operations. | |||||||||||||||||||||||||||
Transactions with Affiliates | ||||||||||||||||||||||||||||
The Company owns manufacturing facilities at the InfraServ location in Frankfurt am Main-Hoechst, Germany and has contractual agreements with the InfraServ Entities and certain other equity affiliates and investees accounted for under the cost method. These contractual agreements primarily relate to energy purchases, site services and purchases of product for consumption and resale. | ||||||||||||||||||||||||||||
Transactions and balances with affiliates are as follows: | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||||||
Purchases | 231 | 264 | 208 | |||||||||||||||||||||||||
Sales | — | — | 1 | |||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||||||
Non-trade receivables | 31 | 37 | ||||||||||||||||||||||||||
Total due from affiliates | 31 | 37 | ||||||||||||||||||||||||||
Short-term borrowings(1) | 16 | 26 | ||||||||||||||||||||||||||
Trade payables | 39 | 24 | ||||||||||||||||||||||||||
Current Other liabilities | 6 | 6 | ||||||||||||||||||||||||||
Total due to affiliates | 61 | 56 | ||||||||||||||||||||||||||
______________________________ | ||||||||||||||||||||||||||||
(1) | The Company has agreements with certain affiliates whereby excess affiliate cash is lent to and managed by the Company at variable interest rates governed by those agreements. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment, Net [Abstract] | |||||||||
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | ||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
(In $ millions) | |||||||||
Land | 42 | 45 | |||||||
Land improvements | 49 | 44 | |||||||
Buildings and building improvements | 658 | 692 | |||||||
Machinery and equipment | 3,910 | 3,965 | |||||||
Construction in progress | 890 | 351 | |||||||
Gross asset value | 5,549 | 5,097 | |||||||
Accumulated depreciation | (1,816 | ) | (1,672 | ) | |||||
Net book value | 3,733 | 3,425 | |||||||
Assets under capital leases, net, included in the amounts above are as follows: | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
(In $ millions) | |||||||||
Buildings | 15 | 17 | |||||||
Machinery and equipment | 311 | 297 | |||||||
Accumulated depreciation | (125 | ) | (110 | ) | |||||
Net book value | 201 | 204 | |||||||
Capitalized interest costs and depreciation expense are as follows: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions) | |||||||||
Capitalized interest | 16 | 9 | 7 | ||||||
Depreciation expense | 272 | 280 | 261 | ||||||
No long-lived assets were impaired during 2014. During 2013 and 2012, certain long-lived assets were impaired (Note 18). |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, Net | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net | |||||||||||||||
Goodwill | ||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Total | ||||||||||||
Engineered | Specialties | Specialties | Intermediates | |||||||||||||
Materials | ||||||||||||||||
(In $ millions) | ||||||||||||||||
As of December 31, 2012 | 297 | 249 | 42 | 189 | 777 | |||||||||||
Acquisitions (Note 4) | — | — | — | — | — | |||||||||||
Exchange rate changes | 6 | 5 | 1 | 9 | 21 | |||||||||||
As of December 31, 2013 | 303 | 254 | 43 | 198 | 798 | |||||||||||
Acquisitions (Note 4) | 9 | — | — | — | 9 | |||||||||||
Exchange rate changes | (17 | ) | (14 | ) | (2 | ) | (25 | ) | (58 | ) | ||||||
As of December 31, 2014(1) | 295 | 240 | 41 | 173 | 749 | |||||||||||
______________________________ | ||||||||||||||||
(1) | There were $0 million of accumulated impairment losses as of December 31, 2014. | |||||||||||||||
In connection with the Company's annual goodwill impairment assessment, the Company did not record an impairment loss to goodwill during the three 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 (Note 2). No events or changes in circumstances occurred during the three months ended December 31, 2014 that would indicate that the carrying amount of the assets may not be fully recoverable. Accordingly, no additional impairment analysis was performed during that period. | ||||||||||||||||
Intangible Assets, Net | ||||||||||||||||
Finite-lived intangible assets are as follows: | ||||||||||||||||
Licenses | Customer- | Developed | Covenants | Total | ||||||||||||
Related | Technology | Not to | ||||||||||||||
Intangible | Compete | |||||||||||||||
Assets | and Other | |||||||||||||||
(In $ millions) | ||||||||||||||||
Gross Asset Value | ||||||||||||||||
As of December 31, 2012 | 32 | 525 | 30 | 32 | 619 | |||||||||||
Acquisitions (Note 4) | — | — | — | 7 | 7 | |||||||||||
Exchange rate changes | 1 | 19 | — | — | 20 | |||||||||||
As of December 31, 2013 | 33 | 544 | 30 | 39 | 646 | |||||||||||
Acquisitions (Note 4) | — | 2 | 3 | 10 | 15 | (1) | ||||||||||
Exchange rate changes | (1 | ) | (51 | ) | — | — | (52 | ) | ||||||||
As of December 31, 2014 | 32 | 495 | 33 | 49 | 609 | |||||||||||
Accumulated Amortization | ||||||||||||||||
As of December 31, 2012 | (16 | ) | (480 | ) | (17 | ) | (23 | ) | (536 | ) | ||||||
Amortization | (3 | ) | (23 | ) | (4 | ) | (2 | ) | (32 | ) | ||||||
Exchange rate changes | (1 | ) | (18 | ) | — | — | (19 | ) | ||||||||
As of December 31, 2013 | (20 | ) | (521 | ) | (21 | ) | (25 | ) | (587 | ) | ||||||
Amortization | (3 | ) | (12 | ) | (3 | ) | (2 | ) | (20 | ) | ||||||
Exchange rate changes | — | 50 | 1 | — | 51 | |||||||||||
As of December 31, 2014 | (23 | ) | (483 | ) | (23 | ) | (27 | ) | (556 | ) | ||||||
Net book value | 9 | 12 | 10 | 22 | 53 | |||||||||||
______________________________ | ||||||||||||||||
(1) | Includes intangible assets acquired from Cool Polymers, Inc. with a weighted average amortization period of seven years (Note 4). Also includes intangible assets reimbursed by Mitsui (Note 5) during the year ended December 31, 2014. | |||||||||||||||
Indefinite-lived intangible assets are as follows: | ||||||||||||||||
Trademarks | ||||||||||||||||
and Trade Names | ||||||||||||||||
(In $ millions) | ||||||||||||||||
As of December 31, 2012 | 82 | |||||||||||||||
Acquisitions (Note 4) | — | |||||||||||||||
Impairment loss (Note 2) | (1 | ) | ||||||||||||||
Exchange rate changes | 2 | |||||||||||||||
As of December 31, 2013 | 83 | |||||||||||||||
Acquisitions (Note 4) | 2 | |||||||||||||||
Impairment loss (Note 2) | — | |||||||||||||||
Exchange rate changes | (6 | ) | ||||||||||||||
As of December 31, 2014 | 79 | |||||||||||||||
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 three months ended September 30, 2014 as the estimated fair value for each of the Company's indefinite-lived intangible assets exceeded the carrying amount of the underlying asset by a substantial margin (Note 2). No events or changes in circumstances occurred during the three months ended December 31, 2014 that would indicate that the carrying amount of the assets may not be fully recoverable. Accordingly, no additional impairment analysis was performed during that period. | ||||||||||||||||
The Company's trademarks and trade names have an indefinite life. For the year ended December 31, 2014, the Company did not renew or extend any intangible assets. | ||||||||||||||||
Estimated amortization expense for the succeeding five fiscal years is as follows: | ||||||||||||||||
(In $ millions) | ||||||||||||||||
2015 | 11 | |||||||||||||||
2016 | 8 | |||||||||||||||
2017 | 8 | |||||||||||||||
2018 | 5 | |||||||||||||||
2019 | 3 | |||||||||||||||
Current_Other_Liabilities
Current Other Liabilities | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Other Liabilities, Current [Abstract] | ||||||
Current Other Liabilities | Current Other Liabilities | |||||
As of December 31, | ||||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Asset retirement obligations | 9 | 29 | ||||
Benefit obligations (Note 15) | 28 | 78 | ||||
Customer rebates | 53 | 48 | ||||
Derivatives (Note 22) | 13 | 12 | ||||
Environmental (Note 16) | 21 | 30 | ||||
Insurance | 9 | 14 | ||||
Interest | 19 | 24 | ||||
Restructuring (Note 18) | 21 | 60 | ||||
Salaries and benefits | 129 | 96 | ||||
Sales and use tax/foreign withholding tax payable | 13 | 12 | ||||
Uncertain tax positions (Note 19) | 59 | 64 | ||||
Other | 58 | 74 | ||||
Total | 432 | 541 | ||||
Noncurrent_Other_Liabilities
Noncurrent Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities, Noncurrent [Abstract] | |||||||||
Noncurrent Other Liabilities | Noncurrent Other Liabilities | ||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
(In $ millions) | |||||||||
Asset retirement obligations | 28 | 18 | |||||||
Deferred proceeds | 47 | 53 | |||||||
Deferred revenue | 21 | 28 | |||||||
Derivatives (Note 22) | 10 | 3 | |||||||
Environmental (Note 16) | 63 | 67 | |||||||
Income taxes payable | 13 | 20 | |||||||
Insurance | 51 | 50 | |||||||
Restructuring (Note 18) | — | 2 | |||||||
Other | 50 | 46 | |||||||
Total | 283 | 287 | |||||||
Changes in asset retirement obligations are as follows: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions) | |||||||||
Balance at beginning of year | 47 | 64 | 64 | ||||||
Additions(1) | 4 | 5 | 3 | ||||||
Accretion | 1 | 2 | 3 | ||||||
Payments | (8 | ) | (23 | ) | (12 | ) | |||
Revisions to cash flow estimates(2) | (7 | ) | (2 | ) | 5 | ||||
Exchange rate changes | — | 1 | 1 | ||||||
Balance at end of year | 37 | 47 | 64 | ||||||
______________________________ | |||||||||
(1) | Primarily relates to sites which management no longer considers to have an indeterminate life. | ||||||||
(2) | Primarily relates to revisions to the estimated cost and timing of future obligations. | ||||||||
Included in the asset retirement obligations for the years ended December 31, 2014 and 2013 is $10 million and $10 million, respectively, related to indemnifications received for a business acquired in 2005. The Company has a corresponding receivable of $1 million in Non-trade receivables, net and $9 million included in noncurrent Other assets in the consolidated balance sheet as of December 31, 2014. |
Debt
Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Debt | Debt | ||||||||||||
As of 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 | 25 | 24 | |||||||||||
Short-term borrowings, including amounts due to affiliates(1) | 77 | 103 | |||||||||||
Accounts receivable securitization facility(2) | 35 | 50 | |||||||||||
Total | 137 | 177 | |||||||||||
______________________________ | |||||||||||||
(1) | The weighted average interest rate was 4.7% and 4.4% as of December 31, 2014 and 2013, respectively. | ||||||||||||
(2) | The weighted average interest rate was 0.7% as of December 31, 2014 and 2013. | ||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In $ millions) | |||||||||||||
Long-Term Debt | |||||||||||||
Senior credit facilities - Term C-2 loan due 2016 | 34 | 978 | |||||||||||
Senior credit facilities - Term C-3 loan due 2018 | 906 | — | |||||||||||
Senior unsecured notes due 2018, interest rate of 6.625% | — | 600 | |||||||||||
Senior unsecured notes due 2019, interest rate of 3.250% | 364 | — | |||||||||||
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 | 260 | 264 | |||||||||||
Subtotal | 2,633 | 2,911 | |||||||||||
Current installments of long-term debt | (25 | ) | (24 | ) | |||||||||
Total | 2,608 | 2,887 | |||||||||||
Senior Notes | |||||||||||||
The Company has outstanding senior unsecured notes issued in public offerings registered under the Securities Act of 1933, as amended, as follows (collectively, the "Senior Notes"): | |||||||||||||
Senior Notes | Issue Date | Principal | Interest Rate | Interest Pay Dates | Maturity Date | ||||||||
(In millions) | (In percentages) | ||||||||||||
3.250% Notes | Sep-14 | € 300 | 3.25 | 15-Apr | 15-Oct | October 15, 2019 | |||||||
4.625% Notes | Nov-12 | $500 | 4.625 | 15-Mar | 15-Sep | November 15, 2022 | |||||||
5.875% Notes | May-11 | $400 | 5.875 | 15-Jun | 15-Dec | June 15, 2021 | |||||||
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 were issued under indentures (collectively, the "Indentures") among Celanese US, Celanese and 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. The Senior Notes are guaranteed on a senior unsecured basis by Celanese and the Subsidiary Guarantors. The Indentures 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. Celanese US may redeem some or all of each of the Senior Notes, prior to their respective maturity dates, at a redemption price of 100% of the principal amount, plus a "make-whole" premium as specified in the applicable indenture, plus accrued and unpaid interest, if any, to the redemption date. | |||||||||||||
On October 15, 2014, Celanese US redeemed its $600 million of principal amount of 6.625% unsecured senior notes due 2018 ("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 recognized a loss on the extinguishment of the 6.625% Notes comprised of the redemption premium of $20 million and accelerated amortization of deferred financing costs of $4 million, which were included in Refinancing expense in the consolidated statement of operations for the year ended December 31, 2014. | |||||||||||||
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 from $600 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. | |||||||||||||
Net deferred financing costs are as follows: | |||||||||||||
Net Deferred Financing Costs | |||||||||||||
(In $ millions) | |||||||||||||
As of December 31, 2011 | 28 | ||||||||||||
Financing costs deferred(1) | 8 | ||||||||||||
Accelerated amortization due to refinancing activity(2) | (1 | ) | |||||||||||
Amortization | (5 | ) | |||||||||||
As of December 31, 2012 | 30 | ||||||||||||
Financing costs deferred(3) | 2 | ||||||||||||
Accelerated amortization due to refinancing activity | — | ||||||||||||
Amortization | (5 | ) | |||||||||||
As of December 31, 2013 | 27 | ||||||||||||
Financing costs deferred(4) | 10 | ||||||||||||
Accelerated amortization due to refinancing activity(5) | (5 | ) | |||||||||||
Amortization | (5 | ) | |||||||||||
As of December 31, 2014 | 27 | ||||||||||||
____________________________ | |||||||||||||
(1) | Relates to the issuance of the 4.625% Notes. | ||||||||||||
(2) | Relates to the $400 million prepayment of the Term C loan facility with proceeds from the 4.625% Notes. | ||||||||||||
(3) | Relates to the September 2013 amendment to the Celanese US existing senior secured credit facilities to reduce the interest rates payable in connection with certain borrowings thereby creating the Term C-2 loan facility due 2016. | ||||||||||||
(4) | Includes $6 million related to the issuance of the 3.250% Notes and $4 million related to the September 24, 2014 amendment to the Celanese US existing senior secured credit facilities. | ||||||||||||
(5) | Includes $4 million related to the 6.625% Notes redemption and $1 million related to the Term C-2 loan facility conversion. | ||||||||||||
As of December 31, 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 December 31, 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 portion 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 first lien senior secured leverage ratios under the revolving credit facility are as follows: | |||||||||||||
As of December 31, 2014 | |||||||||||||
Maximum | Estimate | Estimate, if Fully Drawn | |||||||||||
3.9 | 0.64 | 1.21 | |||||||||||
The Amended Credit Agreement contains covenants including, but not limited to, restrictions on the Company's ability to incur indebtedness; grant liens on assets; merge, consolidate, or sell assets; pay dividends or make other restricted payments; make investments; prepay or modify certain indebtedness; engage in transactions with affiliates; enter into sale-leaseback transactions or hedge transactions; or engage in other businesses; as well as a covenant requiring maintenance of a maximum first lien senior secured leverage ratio. | |||||||||||||
The Amended Credit Agreement also maintains a number of events of default, including a cross default to other debt of Celanese, Celanese US, or their subsidiaries, including the Senior Notes, in an aggregate amount equal to more than $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 December 31, 2014. | |||||||||||||
Accounts Receivable Securitization Facility | |||||||||||||
In August 2013, the Company entered into a $135 million US accounts receivable securitization facility pursuant to (i) a Purchase and Sale Agreement (the "Sale Agreement") among certain US subsidiaries of the Company (each an "Originator"), Celanese International Corporation ("CIC") and CE Receivables LLC, a newly formed, wholly-owned, "bankruptcy remote" special purpose subsidiary of an Originator (the "Transferor") and (ii) a Receivables Purchase Agreement (the "Purchase Agreement"), among CIC, as servicer, the Transferor, various third-party purchasers (collectively, the "Purchasers") and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrator (the "Administrator"). | |||||||||||||
Under the Sale Agreement, each Originator will sell or contribute, on an ongoing basis, substantially all of its accounts receivable to the Transferor. Under the Purchase Agreement, the Transferor may obtain up to $135 million (in the form of cash and/or letters of credit for the benefit of the Company and its subsidiaries) from the Purchasers through the sale of undivided interests in certain US accounts receivable. The borrowing base of the accounts receivable securitization facility is subject to downward adjustment based on the evaluation of eligible accounts receivables pursuant to the Purchase Agreement. As of December 31, 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. The Company accounts for the securitization facility as secured borrowings, and the accounts receivables sold pursuant to the facility are included in the consolidated balance sheet as Trade receivables - third party and affiliates. Borrowings under this facility are classified as short-term borrowings in the consolidated balance sheet. Once sold to the Transferor, the accounts receivable are legally separate and distinct from the other assets of the Company and are not available to the Company's creditors should the Company become insolvent. All of the Transferor's assets have been pledged to the Administrator in support of its obligations under the Purchase Agreement. | |||||||||||||
During the year ended December 31, 2014, the Company repaid $15 million of borrowings outstanding under the accounts receivable securitization facility using cash on hand. As of December 31, 2014, the outstanding amount of accounts receivable transferred by the Originators to the Transferor was $197 million. | |||||||||||||
On February 2, 2015, the Company entered into an amended and restated purchase and sale agreement and a third amendment to the Purchase Agreement for purposes of adjusting which subsidiaries are Originators under the facility. | |||||||||||||
The Company's balances available for borrowing are as follows: | |||||||||||||
As of December 31, 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 | ||||||||||||
Principal payments scheduled to be made on the Company's debt, including short-term borrowings, are as follows: | |||||||||||||
(In $ millions) | |||||||||||||
2015 | 137 | ||||||||||||
2016 | 60 | ||||||||||||
2017 | 29 | ||||||||||||
2018 | 901 | ||||||||||||
2019 | 390 | ||||||||||||
Thereafter | 1,228 | ||||||||||||
Total | 2,745 | ||||||||||||
Benefit_Obligations
Benefit Obligations | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||
Benefit Obligations | Benefit Obligations | |||||||||||||||||
Pension Obligations | ||||||||||||||||||
The Company sponsors defined benefit pension plans in North America, Europe and Asia. Independent trusts or insurance companies administer the majority of these plans. Pension obligations are established for benefits payable in the form of retirement, disability and surviving dependent pensions. The commitments result from participation in defined contribution and defined benefit plans, primarily in the US. Benefits are dependent on years of service and the employee's compensation. Supplemental retirement benefits provided to certain employees are nonqualified for US tax purposes. Separate nonqualified trusts have been established for certain US nonqualified plan obligations. Pension costs under the Company's retirement plans are actuarially determined. | ||||||||||||||||||
On October 1, 2014, the Company offered a limited-time, voluntary program to certain participants of the Company's US qualified defined benefit pension plan with a vested benefit who terminated from the Company on or before May 31, 2014. The limited-time opportunity ended November 14, 2014 and included an offer of a single lump sum payment in December 2014 or to begin monthly annuity payments, regardless of age, or to continue to defer benefits until retirement age. If an election was not made by the eligible participant, the participant will begin receiving payments when otherwise eligible under the terms of the US qualified defined benefit pension plan. The Company made lump sum payments under this program of $143 million in December 2014 using trust assets of the US qualified defined benefit pension plan. These actions resulted in the recognition of a settlement gain of $78 million in the consolidated statements of operations for the year ended December 31, 2014. | ||||||||||||||||||
Effective June 1, 2014, the Company's US qualified defined benefit plan was amended and benefits offered to all current union participants of the Cash Balance Plan (hired on or after January 1, 2001) at the Company's Narrows, Virginia facility have been frozen and the US qualified defined benefit plan was closed to future union participants at the facility. Accumulated benefits earned and service rendered through May 31, 2014 under the Plan provisions for the Cash Balance Plan Participants will continue to be considered for purposes of determining retirement benefits. Effective May 1, 2014, the Company's US qualified defined benefit plan was amended and benefits offered to all current union participants of the Flat Rate Plan at the Company's Narrows, Virginia facility have been frozen and the US qualified defined benefit plan was closed to future union participants at the facility. Accumulated benefits earned and service rendered through December 31, 2014 under the Plan provisions for the Flat Rate Plan Participants will continue to be considered for purposes of determining retirement benefits and eligibility for early retirement. These actions did not result in a curtailment gain or loss as the projected benefit obligation does not rely on salary assumptions. | ||||||||||||||||||
During the three months ended December 31, 2013, the Company settled certain of its defined benefit pension plan obligations in the United Kingdom and Canada, which resulted in the recognition of settlement losses of $9 million in the consolidated statement of operations. | ||||||||||||||||||
Effective December 31, 2013, benefits offered to all US non-union eligible employees in the Company's US qualified defined benefit pension plan have been frozen and the US qualified defined benefit pension plan was closed to new participants. Accumulated benefits earned and service rendered through December 31, 2013 under the US qualified defined benefit pension plan provisions will continue to be considered for purposes of determining retirement benefits and eligibility for early retirement. These actions resulted in the recognition of a curtailment gain of $61 million in the consolidated statements of operations for the three months ended December 31, 2013. | ||||||||||||||||||
The Company participates in a multiemployer defined benefit plan and a multiemployer defined contribution plan in Germany covering certain employees. The Company's contributions to the multiemployer defined benefit plan are based on specified percentages of employee contributions as outlined in a works council agreement, covering all German entity employees hired prior to January 1, 2012. As of January 1, 2012, the multiemployer defined benefit pension plan described above was closed to new employees. Qualifying employees hired in Germany after December 31, 2011 are covered by a multiemployer defined contribution plan. The Company's contributions to the multiemployer defined contribution plan are based on specified percentages of employee contributions, similar to the multiemployer defined benefit plan, but at a lower rate. | ||||||||||||||||||
Statutory regulations and the works council agreement require the contributions to fully fund the multiemployer plans. The risks of participating in the multiemployer plans are different from single-employer plans in the following aspects: | ||||||||||||||||||
• | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | |||||||||||||||||
• | If a participating employer stops contributing to the plan, any underfunding may be borne by the remaining participants, especially since regulations strictly enforce funding requirements. | |||||||||||||||||
• | If the Company chooses to stop participating in the multiemployer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as the withdrawal liability. | |||||||||||||||||
Based on the 2014 unaudited and 2013 audited multiemployer defined benefit plan's financial statements, the plan is 100% funded in 2014, 2013 and 2012. The number of employees covered by the Company's multiemployer defined benefit plan remained relatively stable year over year from 2012 to 2014, resulting in minimal changes to employer contributions. The Company's participation in the German multiemployer defined benefit plan is not considered individually significant to that plan as the Company's contributions were less than 5% in both 2014 and 2013. No other factors would indicate the Company's participation in the German multiemployer defined benefit plan is individually significant. | ||||||||||||||||||
Contributions made by the Company to the German multiemployer plan are as follows: | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Multiemployer defined benefit plan | 8 | 8 | 6 | |||||||||||||||
Other Postretirement Obligations | ||||||||||||||||||
Certain retired employees receive postretirement health care and life insurance benefits under plans sponsored by the Company, which has the right to modify or terminate these plans at any time. The cost for coverage is shared between the Company and the retiree. The cost of providing retiree health care and life insurance benefits is actuarially determined and accrued over the service period of the active employee group. The Company's policy is to fund benefits as claims and premiums are paid. The US postretirement health care plan was closed to new participants effective January 1, 2006. | ||||||||||||||||||
In November 2013, the Company announced it would amend its primary US postretirement health care plan to (a) eliminate eligibility for all current and future US non-union employees; (b) terminate its US postretirement health care plan on December 31, 2014 for all US participants; and (c) offer certain eligible US participants a lump-sum buyout payment if they irrevocably waive all future benefits under the US postretirement health care plan and end their participation before December 31, 2014. These actions generated a prior service credit of $92 million, which was amortized ratably into the consolidated statements of operations from November 1, 2013 through December 31, 2014. | ||||||||||||||||||
Effective March 27, 2014, the Company eliminated eligibility in its US postretirement health care plan for all current and future employees represented by the bargaining unit at the Company's Narrows, Virginia facility. These actions generated a prior service credit of $5 million, which was amortized ratably into the consolidated statements of operations from April 1, 2014 through December 31, 2014. | ||||||||||||||||||
The Company recognized $84 million and $13 million of prior service credit amortization and made $40 million and $23 million in lump-sum buyout payments as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||
Postemployment Obligations | ||||||||||||||||||
The Company provides benefits to certain employees after employment but prior to retirement, including severance and disability-related benefits offered pursuant to ongoing benefit arrangements. The cost of providing postemployment benefits is actuarially determined and recorded when the obligation is probable of occurring and can be reasonably estimated. | ||||||||||||||||||
Postemployment obligations are as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Postemployment benefits | 12 | 16 | ||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||
The Company sponsors various defined contribution plans in North America, Europe and Asia covering certain employees. Employees may contribute to these plans and the Company will match these contributions in varying amounts. The Company's matching contribution to the defined contribution plans are based on specified percentages of employee contributions. | ||||||||||||||||||
Beginning in 2014, the Company took the following actions as it relates to the US defined contribution plan: | ||||||||||||||||||
• | Increased its employer match for those employees participating in the US defined contribution plan; | |||||||||||||||||
• | Added an annual retirement contribution for US employees who are employed as of December 31st each year (or have died during that year), regardless of whether the employee contributes to the US defined contribution plan; and | |||||||||||||||||
• | For certain eligible US employees, provides an incremental retirement contribution through 2017, based on years of service and specified percentages of eligible compensation. | |||||||||||||||||
The amount of costs recognized for the Company's defined contribution plans are as follows: | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Defined contribution plans | 40 | 19 | 17 | |||||||||||||||
Summarized information on the Company's pension and postretirement benefit plans is as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
(In $ millions) | ||||||||||||||||||
Change in Projected Benefit Obligation | ||||||||||||||||||
Projected benefit obligation as of beginning of period | 3,799 | 4,199 | 136 | 292 | ||||||||||||||
Service cost | 11 | 34 | 1 | 2 | ||||||||||||||
Interest cost | 168 | 154 | 4 | 9 | ||||||||||||||
Participant contributions | — | — | 5 | 23 | ||||||||||||||
Plan amendments | (1 | ) | (1 | ) | (5 | ) | (92 | ) | ||||||||||
Net actuarial (gain) loss(1) | 458 | (119 | ) | 11 | (37 | ) | ||||||||||||
Settlements | (221 | ) | (172 | ) | — | (23 | ) | |||||||||||
Benefits paid | (232 | ) | (244 | ) | (61 | ) | (43 | ) | ||||||||||
Federal subsidy on Medicare Part D | — | — | (2 | ) | 6 | |||||||||||||
Curtailments | — | (67 | ) | — | — | |||||||||||||
Exchange rate changes | (68 | ) | 6 | (4 | ) | (1 | ) | |||||||||||
Other | 1 | 9 | — | — | ||||||||||||||
Projected benefit obligation as of end of period | 3,915 | 3,799 | 85 | 136 | ||||||||||||||
Change in Plan Assets | ||||||||||||||||||
Fair value of plan assets as of beginning of period | 2,709 | 2,896 | — | — | ||||||||||||||
Actual return on plan assets | 327 | 171 | — | — | ||||||||||||||
Employer contributions | 165 | 59 | 56 | 43 | ||||||||||||||
Participant contributions | — | — | 5 | 23 | ||||||||||||||
Settlements | (143 | ) | (173 | ) | — | (23 | ) | |||||||||||
Benefits paid(2) | (232 | ) | (244 | ) | (61 | ) | (43 | ) | ||||||||||
Exchange rate changes | (37 | ) | — | — | — | |||||||||||||
Fair value of plan assets as of end of period | 2,789 | 2,709 | — | — | ||||||||||||||
Funded status as of end of period | (1,126 | ) | (1,090 | ) | (85 | ) | (136 | ) | ||||||||||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||||||||||||||||
Noncurrent Other assets | 16 | 11 | — | — | ||||||||||||||
Current Other liabilities | (23 | ) | (23 | ) | (5 | ) | (55 | ) | ||||||||||
Benefit obligations | (1,119 | ) | (1,078 | ) | (80 | ) | (81 | ) | ||||||||||
Net amount recognized | (1,126 | ) | (1,090 | ) | (85 | ) | (136 | ) | ||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ||||||||||||||||||
Net actuarial (gain) loss(3) | 16 | 9 | — | — | ||||||||||||||
Prior service (benefit) cost(4) | (4 | ) | (3 | ) | 3 | (75 | ) | |||||||||||
Net amount recognized | 12 | 6 | 3 | (75 | ) | |||||||||||||
______________________________ | ||||||||||||||||||
(1) | Primarily relates to change in discount rates. | |||||||||||||||||
(2) | Includes benefit payments to nonqualified pension plans of $22 million and $22 million as of December 31, 2014 and 2013, respectively. | |||||||||||||||||
(3) | Relates to the pension plans of the Company's equity method investments. | |||||||||||||||||
(4) | Amount shown net of an income tax benefit of $4 million and income tax expense of $26 million as of December 31, 2014 and 2013, respectively, in the consolidated statements of equity (Note 17). | |||||||||||||||||
The percentage of US and international projected benefit obligation at the end of the period is as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
(In percentages) | ||||||||||||||||||
US plans | 85 | 86 | 59 | 75 | ||||||||||||||
International plans | 15 | 14 | 41 | 25 | ||||||||||||||
Total | 100 | 100 | 100 | 100 | ||||||||||||||
The percentage of US and international fair value of plan assets at the end of the period is as follows: | ||||||||||||||||||
Pension Benefits | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(In percentages) | ||||||||||||||||||
US plans | 88 | 88 | ||||||||||||||||
International plans | 12 | 12 | ||||||||||||||||
Total | 100 | 100 | ||||||||||||||||
Pension plans with projected benefit obligations in excess of plan assets are as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Projected benefit obligation | 3,866 | 3,749 | ||||||||||||||||
Fair value of plan assets | 2,724 | 2,648 | ||||||||||||||||
Included in the above table are pension plans with accumulated benefit obligations in excess of plan assets as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Accumulated benefit obligation | 3,833 | 3,715 | ||||||||||||||||
Fair value of plan assets | 2,713 | 2,633 | ||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans is as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Accumulated benefit obligation | 3,892 | 3,778 | ||||||||||||||||
The components of net periodic benefit cost are as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
(In $ millions) | ||||||||||||||||||
Service cost | 11 | 34 | 28 | 1 | 2 | 1 | ||||||||||||
Interest cost | 168 | 154 | 170 | 4 | 9 | 11 | ||||||||||||
Expected return on plan assets | (214 | ) | (223 | ) | (204 | ) | — | — | — | |||||||||
Amortization of prior service cost | — | 1 | 2 | (83 | ) | (12 | ) | 1 | ||||||||||
Recognized actuarial (gain) loss | 339 | (1) | (67 | ) | 377 | 11 | (37 | ) | 12 | |||||||||
Curtailment (gain) loss | — | (61 | ) | — | — | — | — | |||||||||||
Settlement (gain) loss | (78 | ) | 9 | — | — | — | — | |||||||||||
Special termination benefits | — | — | — | — | — | — | ||||||||||||
Total | 226 | (153 | ) | 373 | (67 | ) | (38 | ) | 25 | |||||||||
______________________________ | ||||||||||||||||||
(1) | Includes a loss of $52 million reflecting the incorporation of the RP-2014 mortality tables into the actuarial assumptions for the US qualified pension plans. | |||||||||||||||||
Amortization of Accumulated other comprehensive income (loss), net into net periodic benefit cost in 2015 is expected to be as follows: | ||||||||||||||||||
Pension | Postretirement | |||||||||||||||||
Benefits | Benefits | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Prior service cost | — | — | ||||||||||||||||
The Company maintains nonqualified pension plans funded with nonqualified trusts for certain US employees as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Nonqualified Trust Assets | ||||||||||||||||||
Marketable securities, at fair value | 32 | 41 | ||||||||||||||||
Noncurrent Other assets, consisting of insurance contracts | 56 | 62 | ||||||||||||||||
Nonqualified Pension Obligations | ||||||||||||||||||
Current Other liabilities | 22 | 22 | ||||||||||||||||
Benefit obligations | 268 | 247 | ||||||||||||||||
Expense relating to the nonqualified pension plans included in net periodic benefit cost, excluding returns on the assets held by the nonqualified trusts, is as follows: | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Total | 43 | 6 | 17 | |||||||||||||||
Valuation | ||||||||||||||||||
The principal weighted average assumptions used to determine benefit obligation are as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
(In percentages) | ||||||||||||||||||
Discount Rate Obligations | ||||||||||||||||||
US plans | 3.9 | 4.7 | 3.7 | 4.3 | ||||||||||||||
International plans | 2.4 | 3.7 | 3.5 | 4.5 | ||||||||||||||
Combined | 3.7 | 4.6 | 3.6 | 4.4 | ||||||||||||||
Rate of Compensation Increase | ||||||||||||||||||
US plans | N/A | 3 | ||||||||||||||||
International plans | 2.8 | 2.8 | ||||||||||||||||
Combined | 2.8 | 3 | ||||||||||||||||
The principal weighted average assumptions used to determine net periodic benefit cost are as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
(In percentages) | ||||||||||||||||||
Discount Rate Obligations | ||||||||||||||||||
US plans | 4.7 | 3.8 | 4.6 | 4.3 | 3.4 | 4.3 | ||||||||||||
International plans | 3.7 | 3.6 | 4.7 | 4.5 | 3.8 | 4 | ||||||||||||
Combined | 4.6 | 3.8 | 4.6 | 4.4 | 3.5 | 4.3 | ||||||||||||
Expected Return on Plan Assets | ||||||||||||||||||
US plans | 8.5 | 8.5 | 8.5 | |||||||||||||||
International plans | 6.2 | 5.8 | 6 | |||||||||||||||
Combined | 8.2 | 8 | 8.1 | |||||||||||||||
Rate of Compensation Increase | ||||||||||||||||||
US plans | 3 | 4 | 4 | |||||||||||||||
International plans | 2.8 | 2.9 | 2.9 | |||||||||||||||
Combined | 3 | 3.8 | 3.8 | |||||||||||||||
The Company's health care cost trend assumptions for US postretirement medical plan's net periodic benefit cost are as follows: | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
(In percentages, except year) | ||||||||||||||||||
Health care cost trend rate assumed for next year | 7 | 7.5 | 7.5 | |||||||||||||||
Health care cost trend ultimate rate | 5 | 5 | 5 | |||||||||||||||
Health care cost trend ultimate rate year | 2020 | 2017 | 2016 | |||||||||||||||
Assumed health care cost trend rates for US postretirement medical plans have a significant effect on the amounts reported for the health care plans. | ||||||||||||||||||
The impact of a one percentage point change in the assumed health care cost trend is as follows: | ||||||||||||||||||
Trend Rate Change | ||||||||||||||||||
Decreases 1% | Increases 1% | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Postretirement obligations | 7 | 9 | ||||||||||||||||
Service and interest cost | — | 1 | ||||||||||||||||
Plan Assets | ||||||||||||||||||
The weighted average target asset allocations for the Company's pension plans in 2015 are as follows: | ||||||||||||||||||
US | International | |||||||||||||||||
Plans | Plans | |||||||||||||||||
(In percentages) | ||||||||||||||||||
Bonds - domestic to plans | 54 | 71 | ||||||||||||||||
Equities - domestic to plans | 26 | 19 | ||||||||||||||||
Equities - international to plans | 20 | 3 | ||||||||||||||||
Other | — | 7 | ||||||||||||||||
Total | 100 | 100 | ||||||||||||||||
On average, the actual return on the US qualified defined pension plans' assets over the long-term (20 years) has exceeded the expected long-term rate of asset return assumption. The US qualified defined benefit plans' actual return on assets for the year ended December 31, 2014 was 13.7% versus an expected long-term rate of asset return assumption of 8.5%. The expected long-term rate of asset return assumption used to determine 2015 net periodic benefit cost is 8.0% for the US qualified defined benefit plans primarily due to an increase in Pension Benefit Guaranty Corporation premiums. | ||||||||||||||||||
The Company's defined benefit plan assets are measured at fair value on a recurring basis (Note 2) as follows: | ||||||||||||||||||
Cash and Cash Equivalents: Foreign and domestic currencies as well as short term securities are valued at cost plus accrued interest, which approximates fair value. | ||||||||||||||||||
Equity securities, treasuries and corporate debt: Valued at the closing price reported on the active market in which the individual securities are traded. Automated quotes are provided by multiple pricing services and validated by the plan custodian. These securities are traded on exchanges as well as in the over the counter market. | ||||||||||||||||||
Registered Investment Companies: Composed of various mutual funds and other investment companies whose diversified portfolio is comprised of foreign and domestic equities, fixed income securities, and short term investments. Investments are valued at the net asset value of units held by the plan at year-end. | ||||||||||||||||||
Common/Collective Trusts: Composed of various funds whose diversified portfolio is comprised of foreign and domestic equities, fixed income securities, and short term investments. Investments are valued at the net asset value of units held by the plan at year-end. | ||||||||||||||||||
Derivatives: Derivative financial instruments are valued in the market using discounted cash flow techniques. These techniques incorporate Level 1 and Level 2 fair value measurement inputs such as interest rates and foreign currency exchange rates. These market inputs are utilized in the discounted cash flow calculation considering the instrument's term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation for interest rate swaps, foreign currency forwards and swaps, and options are observable in the active markets and are classified as Level 2 in the fair value measurement hierarchy. | ||||||||||||||||||
Mortgage backed securities: Fair value is estimated based on valuations obtained from third-party pricing services for identical or comparable assets. Mortgage Backed Securities are traded in the over the counter broker/dealer market. | ||||||||||||||||||
Insurance contracts: Valued at contributions made, plus earnings, less participant withdrawals and administrative expenses, which approximates fair value. | ||||||||||||||||||
Short-term investment funds: Foreign and domestic currencies as well as short-term securities are valued at cost plus accrued interest, which approximates fair value. | ||||||||||||||||||
Other: Composed of real estate investment trust common stock valued at closing price as reported on the active market in which the individual securities are traded. | ||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||
Quoted Prices in | Significant | Total | ||||||||||||||||
Active Markets | Other | |||||||||||||||||
for Identical | Observable | |||||||||||||||||
Assets | Inputs | |||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(In $ millions) | ||||||||||||||||||
Assets | ||||||||||||||||||
Cash and cash equivalents | 6 | 8 | — | — | 6 | 8 | ||||||||||||
Common/collective trusts | ||||||||||||||||||
Loans | — | — | 61 | 51 | 61 | 51 | ||||||||||||
Equities | — | — | 217 | 179 | 217 | 179 | ||||||||||||
Derivatives | ||||||||||||||||||
Swaps | — | — | 275 | 49 | 275 | 49 | ||||||||||||
Other | — | — | 2 | — | 2 | — | ||||||||||||
Equity securities | ||||||||||||||||||
US companies | 227 | 462 | — | — | 227 | 462 | ||||||||||||
International companies | 383 | 426 | — | — | 383 | 426 | ||||||||||||
Fixed income | ||||||||||||||||||
Corporate debt | — | — | 639 | 855 | 639 | 855 | ||||||||||||
Treasuries, other debt | 68 | 4 | 655 | 390 | 723 | 394 | ||||||||||||
Mortgage backed securities | — | — | 31 | 27 | 31 | 27 | ||||||||||||
Registered investment companies | — | — | 133 | 124 | 133 | 124 | ||||||||||||
Securities lending collateral | 6 | 6 | — | — | 6 | 6 | ||||||||||||
Short-term investments | — | — | 263 | 131 | 263 | 131 | ||||||||||||
Insurance contracts | — | — | 34 | 34 | 34 | 34 | ||||||||||||
Other | 38 | 15 | 36 | 8 | 74 | 23 | ||||||||||||
Total investments, at fair value | 728 | 921 | 2,346 | 1,848 | 3,074 | 2,769 | ||||||||||||
Liabilities | ||||||||||||||||||
Derivatives | ||||||||||||||||||
Swaps | — | — | 270 | 48 | 270 | 48 | ||||||||||||
Other | — | — | 2 | 1 | 2 | 1 | ||||||||||||
Obligations under securities lending | 6 | 6 | — | — | 6 | 6 | ||||||||||||
Total liabilities | 6 | 6 | 272 | 49 | 278 | 55 | ||||||||||||
Total net assets(1) | 722 | 915 | 2,074 | 1,799 | 2,796 | 2,714 | ||||||||||||
______________________________ | ||||||||||||||||||
(1) | Total net assets excludes non-financial plan receivables and payables of $19 million and $26 million, respectively, as of December 31, 2014 and $26 million and $31 million, respectively, as of December 31, 2013. Non-financial items include due to/from broker, interest receivables and accrued expenses. | |||||||||||||||||
Employer contributions for pension benefits and postretirement benefits are estimated to be $60 million and $5 million, respectively, in 2015. Employer contributions to and benefit payments from nonqualified trusts related to nonqualified pension plans are estimated to be $22 million in 2015. The Company's estimates of its US defined benefit pension plan contributions reflect the provisions of the Pension Protection Act of 2006. | ||||||||||||||||||
Pension benefits and postretirement benefit cost expected to be paid are as follows: | ||||||||||||||||||
Pension | Company Portion of Postretirement Benefit Cost(2) | |||||||||||||||||
Benefit | ||||||||||||||||||
Payments(1) | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
2015 | 229 | 5 | ||||||||||||||||
2016 | 227 | 5 | ||||||||||||||||
2017 | 227 | 5 | ||||||||||||||||
2018 | 227 | 5 | ||||||||||||||||
2019 | 229 | 5 | ||||||||||||||||
2020-2024 | 1,134 | 25 | ||||||||||||||||
______________________________ | ||||||||||||||||||
(1) | Payments are expected to be made primarily from plan assets. | |||||||||||||||||
(2) | Payments are expected to be made primarily from Company assets. |
Environmental
Environmental | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Environmental Remediation Obligations [Abstract] | |||||||
Environmental | Environmental | ||||||
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 December 31, | |||||||
2014 | 2013 | ||||||
(In $ millions) | |||||||
Demerger obligations (Note 24) | 25 | 27 | |||||
Divestiture obligations (Note 24) | 21 | 21 | |||||
Active sites | 23 | 32 | |||||
US Superfund sites | 12 | 13 | |||||
Other environmental remediation reserves | 3 | 4 | |||||
Total | 84 | 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 24). 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. | |||||||
The Company did not record any insurance recoveries during 2014 or have any receivables for insurance recoveries related to these matters as of December 31, 2014. As of December 31, 2014 and 2013, there were receivables of $4 million and $4 million, respectively, from the former owner of the Company's Spondon, Derby, United Kingdom acetate flake, tow and film business, which was acquired in 2007. | |||||||
German InfraServ Entities | |||||||
The Company's InfraServ Entities (Note 9) are liable for any residual contamination and other pollution because they own the real estate on which the individual facilities operate. In addition, Hoechst, and its legal successors, as the responsible party under German public law, is liable to third parties for all environmental damage that occurred while it was still the owner of the plants and real estate (Note 24). The contribution agreements entered into in 1997 between Hoechst and the respective operating companies, as part of the divestiture of these companies, provide that the operating companies will indemnify Hoechst, and its legal successors, against environmental liabilities resulting from the transferred businesses. Additionally, the InfraServ Entities have agreed to indemnify Hoechst, and its legal successors, against any environmental liability arising out of or in connection with environmental pollution of any site. | |||||||
The InfraServ partnership agreements provide that, as between the partners, each partner is responsible for any contamination caused predominantly by such partner. Any liability, which cannot be attributed to an InfraServ partner and for which no third party is responsible, is required to be borne by the InfraServ partnership. Also, under lease agreements entered into by an InfraServ partner as landlord, the tenants agreed to pay certain remediation costs on a pro rata basis. | |||||||
If an InfraServ partner defaults on its respective indemnification obligations to eliminate residual contamination, the owners of the remaining participation in the InfraServ companies have agreed to fund such liabilities, subject to a number of limitations. To the extent that any liabilities are not satisfied by either the InfraServ Entities or their owners, these liabilities are to be borne by the Company in accordance with the demerger agreement. However, Hoechst, and its legal successors, will reimburse the Company for two-thirds of any such costs. Likewise, in certain circumstances the Company could be responsible for the elimination of residual contamination on several sites that were not transferred to InfraServ companies, in which case Hoechst, and its legal successors, must also reimburse the Company for two-thirds of any costs so incurred. | |||||||
The Company's ownership interest and environmental liability participation percentages for such liabilities, which cannot be attributed to an InfraServ partner are as follows: | |||||||
As of December 31, 2014 | |||||||
Ownership | Liability | Reserves(1) | |||||
(In percentages) | (In $ millions) | ||||||
InfraServ GmbH & Co. Gendorf KG | 39 | 10 | 13 | ||||
InfraServ GmbH & Co. Hoechst KG | 32 | 40 | 70 | ||||
InfraServ GmbH & Co. Knapsack KG | 27 | 22 | 1 | ||||
______________________________ | |||||||
(1) | Gross reserves maintained by the respective InfraServ entity. | ||||||
US Superfund Sites | |||||||
In the US, the Company may be subject to substantial claims brought by US federal or state regulatory agencies or private individuals pursuant to statutory authority or common law. In particular, the Company has a potential liability under the US Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, and related state laws (collectively referred to as "Superfund") for investigation and cleanup costs at certain sites. At most of these sites, numerous companies, including the Company, or one of its predecessor companies, have been notified that the 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 estimate 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 | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 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 Indentures. | |||||||||||||||||||||||||||
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-12 | 25 | 0.075 | 0.3 | Aug-12 | |||||||||||||||||||||||
Apr-13 | 20 | 0.09 | 0.36 | May-13 | |||||||||||||||||||||||
Jul-13 | 100 | 0.18 | 0.72 | Aug-13 | |||||||||||||||||||||||
Apr-14 | 39 | 0.25 | 1 | May-14 | |||||||||||||||||||||||
On February 6, 2015, the Company declared a quarterly cash dividend of $0.25 per share on its Common Stock amounting to $38 million. The cash dividend is for the period from November 1, 2014 to January 31, 2015 and will be paid on February 27, 2015 to holders of record as of February 17, 2015. | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Oct-14 | 301 | ||||||||||||||||||||||||||
As of December 31, 2014 | 1,366 | ||||||||||||||||||||||||||
These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program does not have an expiration date. | |||||||||||||||||||||||||||
The share repurchase activity pursuant to this authorization is as follows: | |||||||||||||||||||||||||||
Year Ended December 31, | Total From | ||||||||||||||||||||||||||
Feb-08 | |||||||||||||||||||||||||||
Through | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | 31-Dec-14 | ||||||||||||||||||||||||
Shares repurchased | 4,338,488 | 3,186,180 | (1) | 1,059,719 | (1) | 20,667,195 | (2) | ||||||||||||||||||||
Average purchase price per share | $ | 57.61 | $ | 51.38 | $ | 42.44 | $ | 44.27 | |||||||||||||||||||
Amount spent on repurchased shares (in millions) | $ | 250 | $ | 164 | $ | 45 | $ | 915 | |||||||||||||||||||
______________________________ | |||||||||||||||||||||||||||
(1) | The years ended December 31, 2013 and 2012 exclude 6,021 and 5,823 shares, respectively, withheld from an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. 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. 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 | |||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Gross | Income | Net | Gross | Income | Net | Gross | Income | Net | |||||||||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||||||||
(Provision) | (Provision) | (Provision) | |||||||||||||||||||||||||
Benefit | Benefit | Benefit | |||||||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | 1 | 1 | 1 | (1) | — | 1 | — | — | — | |||||||||||||||||
Foreign currency translation | (188 | ) | 40 | (148 | ) | 55 | (35 | ) | 20 | 13 | (8 | ) | 5 | ||||||||||||||
Gain (loss) on cash flow hedges | — | 40 | 40 | 9 | (3 | ) | 6 | 10 | (2) | (3 | ) | 7 | |||||||||||||||
Pension and postretirement benefits | (84 | ) | (3) | 30 | (54 | ) | 88 | (30 | ) | 58 | (12 | ) | (3) | 1 | (11 | ) | |||||||||||
Total | (272 | ) | 111 | (161 | ) | 153 | (68 | ) | 85 | 11 | (10 | ) | 1 | ||||||||||||||
______________________________ | |||||||||||||||||||||||||||
(1) | Includes $1 million of unrealized gains related to the Company's equity method investments. | ||||||||||||||||||||||||||
(2) | Includes $2 million of gains related to the Company's equity method investment. | ||||||||||||||||||||||||||
(3) | Includes $7 million and $10 million of defined benefit obligation and other postretirement obligation activity related to the Company's equity method investments for the years ended December 31, 2014 and December 31, 2012, respectively. | ||||||||||||||||||||||||||
Adjustments to Accumulated other comprehensive income (loss), net, are as follows: | |||||||||||||||||||||||||||
Unrealized | Foreign | Gain (Loss) | Pension | Accumulated | |||||||||||||||||||||||
Gain (Loss) on | Currency | from Cash Flow Hedges | and | Other | |||||||||||||||||||||||
Marketable | Translation | (Note 22) | Postretirement | Comprehensive | |||||||||||||||||||||||
Securities | Benefits | Income | |||||||||||||||||||||||||
(Note 6) | (Note 15) | (Loss), Net | |||||||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||||||
As of December 31, 2011 | (1 | ) | (28 | ) | (57 | ) | (4 | ) | (90 | ) | |||||||||||||||||
Current period change | — | 13 | 10 | (12 | ) | 11 | |||||||||||||||||||||
Income tax (provision) benefit | — | (8 | ) | (3 | ) | 1 | (10 | ) | |||||||||||||||||||
As of December 31, 2012 | (1 | ) | (23 | ) | (50 | ) | (15 | ) | (89 | ) | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | 1 | 55 | (2 | ) | 99 | 153 | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 11 | (11 | ) | — | |||||||||||||||||||||
Income tax (provision) benefit | — | (35 | ) | (3 | ) | (30 | ) | (68 | ) | ||||||||||||||||||
As of December 31, 2013 | — | (3 | ) | (44 | ) | 43 | (4 | ) | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | — | (188 | ) | (9 | ) | (1 | ) | (198 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 9 | (83 | ) | (74 | ) | ||||||||||||||||||||
Income tax (provision) benefit | 1 | 40 | 40 | 30 | 111 | ||||||||||||||||||||||
As of December 31, 2014 | 1 | (151 | ) | (4 | ) | (11 | ) | (165 | ) | ||||||||||||||||||
Other_Charges_Gains_Net
Other (Charges) Gains, Net | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||
Other (Charges) Gains, Net | Other (Charges) Gains, Net | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee termination benefits (Note 4) | (7 | ) | (23 | ) | (6 | ) | ||||||||||||
Kelsterbach plant relocation (Note 28) | — | (13 | ) | (7 | ) | |||||||||||||
Plumbing actions | — | — | 5 | |||||||||||||||
Asset impairments | — | (81 | ) | (8 | ) | |||||||||||||
Plant/office closures (Note 4) | 2 | (33 | ) | — | ||||||||||||||
Commercial disputes | 11 | (8 | ) | 2 | ||||||||||||||
Other | 9 | — | — | |||||||||||||||
Total | 15 | (158 | ) | (14 | ) | |||||||||||||
2014 | ||||||||||||||||||
During the year ended December 31, 2014, the Company received consideration of $8 million in connection with the settlement of a claim against a bankrupt supplier. The Company also recorded $12 million of damages in connection with the settlement of a claim by a raw materials supplier. These commercial dispute resolutions are 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 year ended December 31, 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 4). In addition, the Company recorded $2 million of contract termination adjustments related to the closure of its VAM facility in Tarragona, Spain (Note 4). | ||||||||||||||||||
2013 | ||||||||||||||||||
During the three months ended December 31, 2013, the Company recorded $6 million of employee termination benefits, $3 million of contract termination costs and $3 million of long-lived asset impairment losses related to the December 2013 closure of its acetic anhydride facility in Roussillon, France. In addition, the Company recorded $14 million of employee termination benefits, $30 million of contract termination costs and $31 million of long-lived asset impairment losses as a result of the December 2013 closure of its VAM facility in Tarragona, Spain. The long-lived asset impairment losses related to both the Company's Roussillon acetic anhydride facility and Tarragona VAM facility were measured at the dates of impairment to fully write-off the related property, plant and equipment at both facilities (Note 2 and Note 4). | ||||||||||||||||||
During the three months ended December 31, 2013, the Company determined its Singapore acetic acid production unit should be assessed for impairment based on local market conditions affecting demand for acetic acid and downstream products, the cost to operate the unit, contractual obligations and an interim arbitration ruling (Note 24). As a result, the Company concluded that the long-lived assets at its Singapore acetic acid production unit were fully impaired. Accordingly, the Company recorded long-lived asset impairment losses, measured at the date of impairment, of $46 million to fully write-off the related property, plant and equipment. The Singapore acetic acid operations are included in the Acetyl Intermediates segment (Note 2). | ||||||||||||||||||
2012 | ||||||||||||||||||
During the year ended December 31, 2012, the Company recorded $5 million of employee termination benefits, related to the closure of the Company's acetate flake and acetate tow manufacturing operations at its Spondon, Derby, United Kingdom site. Also during the year ended December 31, 2012, the Company concluded that certain long-lived assets were partially impaired at its acetate flake and acetate tow manufacturing operations in Spondon, Derby, United Kingdom. Accordingly, the Company wrote down the related property, plant and equipment to its fair value of $3 million, measured at the date of impairment, resulting in long-lived asset impairment losses of $8 million for the year ended December 31, 2012 (Note 2). | ||||||||||||||||||
The changes in the restructuring reserves by business segment are as follows: | ||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Total | |||||||||||||
Engineered | Specialties | Specialties | Intermediates | |||||||||||||||
Materials | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee Termination Benefits | ||||||||||||||||||
As of December 31, 2012 | 6 | 13 | — | 3 | 7 | 29 | ||||||||||||
Additions | — | — | 3 | 20 | — | 23 | ||||||||||||
Cash payments | (2 | ) | (10 | ) | (1 | ) | (8 | ) | (2 | ) | (23 | ) | ||||||
Other changes | — | — | — | — | (1 | ) | (1 | ) | ||||||||||
Exchange rate changes | — | — | — | 1 | — | 1 | ||||||||||||
As of December 31, 2013 | 4 | 3 | 2 | 16 | 4 | 29 | ||||||||||||
Additions | 1 | 1 | 1 | 4 | — | 7 | ||||||||||||
Cash payments | (1 | ) | (3 | ) | (2 | ) | (14 | ) | (1 | ) | (21 | ) | ||||||
Other changes | — | — | — | — | — | — | ||||||||||||
Exchange rate changes | — | — | — | (1 | ) | — | (1 | ) | ||||||||||
As of December 31, 2014 | 4 | 1 | 1 | 5 | 3 | 14 | ||||||||||||
Plant/Office Closures | ||||||||||||||||||
As of December 31, 2012 | — | — | — | 1 | — | 1 | ||||||||||||
Additions | — | — | — | 33 | — | 33 | ||||||||||||
Cash payments | — | — | — | (1 | ) | — | (1 | ) | ||||||||||
Other changes | — | — | — | — | — | — | ||||||||||||
Exchange rate changes | — | — | — | — | — | — | ||||||||||||
As of December 31, 2013 | — | — | — | 33 | — | 33 | ||||||||||||
Additions | — | — | — | — | — | — | ||||||||||||
Cash payments | — | — | — | (9 | ) | — | (9 | ) | ||||||||||
Other changes | — | — | — | (15 | ) | (1) | — | (15 | ) | |||||||||
Exchange rate changes | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
As of December 31, 2014 | — | — | — | 7 | — | 7 | ||||||||||||
Total | 4 | 1 | 1 | 12 | 3 | 21 | ||||||||||||
______________________________ | ||||||||||||||||||
(1) | Includes a $13 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 4). |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Taxes | Income Taxes | ||||||||
Income Tax Provision | |||||||||
Earnings (loss) from continuing operations before tax by jurisdiction are as follows: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions) | |||||||||
US | 534 | 806 | 195 | ||||||
International(1) | 407 | 803 | 126 | ||||||
Total | 941 | 1,609 | 321 | ||||||
______________________________ | |||||||||
(1) | Includes aggregate earnings generated by operations in Bermuda, Luxembourg, the Netherlands and Hong Kong of $308 million, $275 million and $320 million for the years ended December 31, 2014, 2013 and 2012, respectively, which have an aggregate effective income tax rate of 4.8%, 4.0% and 5.6% for each year, respectively. | ||||||||
The income tax provision (benefit) consists of the following: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions) | |||||||||
Current | |||||||||
US | 108 | 78 | 41 | ||||||
International | 56 | 83 | 76 | ||||||
Total | 164 | 161 | 117 | ||||||
Deferred | |||||||||
US | 156 | 194 | (66 | ) | |||||
International | (6 | ) | 153 | (106 | ) | ||||
Total | 150 | 347 | (172 | ) | |||||
Total | 314 | 508 | (55 | ) | |||||
A reconciliation of the significant differences between the US federal statutory tax rate of 35% and the effective income tax rate on income from continuing operations is as follows: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions, except percentages) | |||||||||
Income tax provision computed at US federal statutory tax rate | 329 | 563 | 112 | ||||||
Change in valuation allowance | 49 | 89 | 29 | ||||||
Equity income and dividends | (50 | ) | (44 | ) | (31 | ) | |||
(Income) expense not resulting in tax impact, net | (34 | ) | (33 | ) | (39 | ) | |||
US tax effect of foreign earnings and dividends | 49 | 35 | 42 | ||||||
Foreign tax credits | (34 | ) | (38 | ) | (187 | ) | |||
Other foreign tax rate differentials | (33 | ) | (55 | ) | (2 | ) | |||
Legislative changes | — | (19 | ) | — | |||||
Tax-deductible interest on foreign equity investments and other related items | 12 | 11 | 11 | ||||||
State income taxes, net of federal benefit | 9 | 11 | 4 | ||||||
Other, net | 17 | (12 | ) | 6 | |||||
Income tax provision (benefit) | 314 | 508 | (55 | ) | |||||
Effective income tax rate | 33 | % | 32 | % | -17 | % | |||
Federal and state income taxes have not been provided on accumulated but undistributed earnings of $3.8 billion as of December 31, 2014 as such earnings have been permanently reinvested in the business or may be remitted substantially free of incremental US federal tax liability. The determination of the amount of the unrecognized deferred tax liability related to the undistributed earnings is not practicable. | |||||||||
During 2012, the Company amended certain prior year income tax returns to recognize the benefit of available foreign tax credit carryforwards. As a result the Company recognized an income tax benefit of $142 million. The available foreign tax credits are subject to a ten year carryforward period and began to expire in 2014. The Company expects to fully utilize the credits within the prescribed carryforward period. | |||||||||
In February 2012, the Company amended its existing joint venture and other related agreements with its venture partner in Polyplastics. The amended agreements ("Agreements"), among other items, modified certain dividend rights, resulting in a net cash dividend payment to the Company of $72 million during the three months ended March 31, 2012. In addition, as a result of the Agreements, Polyplastics is required to pay certain annual dividends to the venture partners. Consequently, Polyplastics' undistributed earnings will no longer be invested indefinitely. Accordingly, the Company recognized a deferred tax liability of $38 million, which was charged to Income tax provision (benefit) in the consolidated statement of operations, related to the taxable outside basis difference of its investment in Polyplastics. | |||||||||
Deferred Income Taxes | |||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the consolidated deferred tax assets and liabilities are as follows: | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
(In $ millions) | |||||||||
Deferred Tax Assets | |||||||||
Pension and postretirement obligations | 424 | 374 | |||||||
Accrued expenses | 41 | 139 | |||||||
Inventory | 10 | 10 | |||||||
Net operating loss | 468 | 563 | |||||||
Tax credit carryforwards | 100 | 94 | |||||||
Other | 165 | 165 | |||||||
Subtotal | 1,208 | 1,345 | |||||||
Valuation allowance(1) | (413 | ) | (461 | ) | |||||
Total | 795 | 884 | |||||||
Deferred Tax Liabilities | |||||||||
Depreciation and amortization | 416 | 479 | |||||||
Investments in affiliates | 143 | 142 | |||||||
Other | 102 | 94 | |||||||
Total | 661 | 715 | |||||||
Net deferred tax assets (liabilities) | 134 | 169 | |||||||
______________________________ | |||||||||
(1) | Includes deferred tax asset valuation allowances primarily for the Company's deferred tax assets in the US, Luxembourg, Spain, China, Singapore, the United Kingdom and Canada, as well as other foreign jurisdictions. These valuation allowances relate primarily to net operating loss carryforward benefits and other net deferred tax assets, all of which may not be realizable. | ||||||||
For the year ended December 31, 2014, the valuation allowance decreased by $48 million primarily due to $49 million of losses generated with no currently realizable income tax benefit partially offset by $31 million related to exchange rate changes and net operating loss expirations and utilization of previously unbenefited loss carryforwards of $71 million. | |||||||||
Legislative Changes | |||||||||
In October 2013, the Mexican National Congress passed new tax legislation. Among other things, the new legislation maintains a corporate tax rate of 30%, eliminates the tax consolidation rules and repeals the business flat tax ("IETU") for years beginning after December 31, 2013. The Company was subject to the IETU in 2013 and for prior periods and is now required to record deferred income taxes on an income tax basis. As a result, the Company realized a deferred income tax benefit of $46 million for the year ended December 31, 2013. | |||||||||
The Company has historically filed consolidated income tax returns in Mexico. Under the new tax legislation, the Company was required to recapture previously deferred income taxes related to income tax loss carryforwards, intercompany dividends and differences between consolidated and individual company taxable earnings. The Company recorded additional tax expense of $27 million related to these new rules for the year ended December 31, 2013, resulting in a net income tax benefit of $19 million. | |||||||||
Net Operating Loss Carryforwards | |||||||||
As of December 31, 2014, the Company has US federal net operating loss carryforwards of $28 million that are subject to limitation. These net operating loss carryforwards begin to expire in 2021. At December 31, 2014, the Company also had state net operating loss carryforwards, net of federal tax impact, of $48 million, $45 million of which are offset by a valuation allowance due to uncertain recoverability. The Company also has foreign net operating loss carryforwards as of December 31, 2014 of $1.5 billion primarily for Luxembourg, Spain, Canada, China, Singapore and the United Kingdom, with various expiration dates. Net operating losses in China have various carryforward periods and began to expire in 2011. Net operating losses in most other foreign jurisdictions do not have an expiration date. | |||||||||
Uncertain Tax Positions | |||||||||
Activity related to uncertain tax positions is as follows: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions) | |||||||||
As of the beginning of the year | 244 | 218 | 212 | ||||||
Increases in tax positions for the current year | 7 | 3 | 6 | ||||||
Increases in tax positions for prior years | 24 | 57 | 43 | ||||||
Decreases in tax positions for prior years | (46 | ) | (32 | ) | (19 | ) | |||
Decreases due to settlements | (1 | ) | (2 | ) | (24 | ) | |||
As of the end of the year | 228 | 244 | 218 | ||||||
Total uncertain tax positions that if recognized would impact the effective tax rate | 245 | 258 | 237 | ||||||
Total amount of interest expense (benefit) and penalties recognized in the consolidated statements of operations | 2 | 12 | (2 | ) | |||||
Total amount of interest expense and penalties recognized in the consolidated balance sheets | 67 | 65 | 53 | ||||||
The Company primarily operates in the US, Germany, Canada, China, Mexico and Singapore. Examinations are ongoing in a number of these jurisdictions including Germany for the years 2001 to 2007, France for the years 2008 to 2010 and the US for the years 2009 through 2012. The Company's US federal income tax returns for 2004 and forward are open for examination under statute. The Company's German corporate tax returns for 2001 and forward are open for examination under statute. 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. Such amounts have been reflected in the current portion of uncertain tax positions (Note 12). | |||||||||
In December 2013, the French Tax Authority ("FTA") issued audit assessment claims against the Company that could result in incremental tax expense of €81 million, including interest and penalties. The assessment suggests that for the years 2008 to 2010, the Company transferred value from its otherwise profitable facility in Pardies, France to subsidize other global manufacturing operations outside of France. During the three months ended June 30, 2014, the Company completed a settlement of the examination with the FTA. As a result of the settlement, the Company utilized €141 million of previously unbenefited net operating loss carryforwards. The settlement did not result in any material additional cash tax liability. |
Management_Compensation_Plans
Management Compensation Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Management Compensation Plans | Management Compensation Plans | ||||||||||||
General Plan Description | |||||||||||||
The Company issues stock-based awards under its 2009 GIP, which enables the compensation committee of the Board of Directors to award incentive and nonqualified stock options, stock appreciation rights, shares of Common Stock, restricted stock awards, restricted stock units ("RSUs") and incentive bonuses (which may be paid in cash or stock or a combination thereof), any of which may be performance-based, with vesting and other award provisions that provide effective incentive to Company employees (including officers), non-management directors and other service providers. | |||||||||||||
Total shares available for awards and total shares subject to outstanding awards are as follows: | |||||||||||||
As of December 31, 2014 | |||||||||||||
Shares | Shares | ||||||||||||
Available for | Subject to | ||||||||||||
Awards | Outstanding | ||||||||||||
Awards | |||||||||||||
2009 GIP | 8,336,467 | 2,844,382 | |||||||||||
2004 Stock Incentive Plan | — | 136,500 | (1) | ||||||||||
______________________________ | |||||||||||||
(1) | No RSUs remain outstanding under the 2004 Stock Incentive Plan. | ||||||||||||
The Company realized income tax benefits from stock option exercises and RSU vestings as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In $ millions) | |||||||||||||
Income tax benefit realized | 2 | 2 | 31 | ||||||||||
Amount reversed in current year related to prior year | — | — | 1 | ||||||||||
Stock Options | |||||||||||||
The summary of changes in stock options outstanding is as follows: | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Options | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(In thousands) | (In $) | (In years) | (In $ millions) | ||||||||||
As of December 31, 2013 | 547 | 29.75 | 3.6 | 14 | |||||||||
Granted | — | — | |||||||||||
Exercised | (202 | ) | 22.98 | ||||||||||
Forfeited | (2 | ) | 32.5 | ||||||||||
Expired | — | — | |||||||||||
As of December 31, 2014 | 343 | 33.72 | 3.2 | 7 | |||||||||
Options exercisable at end of year | 290 | 32.67 | 2.9 | 6 | |||||||||
The weighted average assumptions used in the Black-Scholes option pricing method for stock option grants are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | N/A | 0.68 | % | 0.78 | % | ||||||||
Estimated life in years | N/A | 4.5 | 4.59 | ||||||||||
Dividend yield | N/A | 0.64 | % | 0.7 | % | ||||||||
Volatility | N/A | 49.5 | % | 50.31 | % | ||||||||
The weighted average grant date fair value of stock options granted is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In $) | |||||||||||||
Total | N/A | 18.5 | 16.21 | ||||||||||
The total intrinsic value of stock options exercised is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In $ millions) | |||||||||||||
Intrinsic value | 7 | 6 | 110 | ||||||||||
As of December 31, 2014, the Company had $1 million of total unrecognized compensation expense related to stock options, excluding actual forfeitures, which is expected to be recognized over the weighted average period of one year. | |||||||||||||
Restricted Stock Units | |||||||||||||
A summary of changes in nonvested performance-based RSUs outstanding is as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Units | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
(In thousands) | (In $) | ||||||||||||
As of December 31, 2013 | 733 | 46.18 | |||||||||||
Granted | 563 | 48.67 | |||||||||||
Vested | — | — | |||||||||||
Canceled | (201 | ) | 43.2 | ||||||||||
Forfeited | (68 | ) | 47.8 | ||||||||||
As of December 31, 2014 | 1,027 | 48.02 | |||||||||||
The fair value of shares vested for performance-based RSUs is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In $ millions) | |||||||||||||
Total | — | 10 | 12 | ||||||||||
A summary of changes in nonvested time-based RSUs outstanding is as follows: | |||||||||||||
Employee Time-Based RSUs | Director Time-Based RSUs | ||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||
Units | Average Grant Date | Units | Average | ||||||||||
Fair Value | Grant Date | ||||||||||||
Fair Value | |||||||||||||
(In thousands) | (In $) | (In thousands) | (In $) | ||||||||||
As of December 31, 2013 | 225 | 37.02 | 16 | 48.51 | |||||||||
Granted | 35 | 54.29 | 19 | 58.48 | |||||||||
Vested | (143 | ) | 34.36 | (16 | ) | 48.51 | |||||||
Forfeited | (5 | ) | 37.14 | — | — | ||||||||
As of December 31, 2014 | 112 | (1) | 45.87 | 19 | 58.48 | ||||||||
______________________________ | |||||||||||||
(1) | Includes 22,082 of unvested restricted stock awards granted to the Company's Chief Executive Officer on April 5, 2012. | ||||||||||||
The fair value of shares vested for time-based RSUs is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In $ millions) | |||||||||||||
Total | 9 | 12 | 13 | ||||||||||
As of December 31, 2014, there was $46 million of unrecognized compensation cost related to RSUs, excluding actual forfeitures, which is expected to be recognized over a weighted average period of one year. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
Beginning January 1, 2015, eligible US employees can purchase shares of the Company's Common Stock under the 2009 Employee Stock Purchase Plan approved by stockholders on April 23, 2009 ("ESPP"). No shares have been offered for purchase under the ESPP as of December 31, 2014. |
Leases
Leases | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Leases [Abstract] | |||||||||
Leases | Leases | ||||||||
Future minimum lease payments under non-cancelable rental and lease agreements, which have initial or remaining terms in excess of one year are as follows: | |||||||||
As of December 31, 2014 | |||||||||
Capital Leases | |||||||||
(In $ millions) | |||||||||
2015 | 47 | ||||||||
2016 | 47 | ||||||||
2017 | 47 | ||||||||
2018 | 47 | ||||||||
2019 | 47 | ||||||||
Later years | 249 | ||||||||
Sublease income | — | ||||||||
Minimum lease commitments | 484 | ||||||||
Less amounts representing interest | (224 | ) | |||||||
Present value of net minimum lease obligations | 260 | ||||||||
As of December 31, 2014 | |||||||||
Operating Leases | |||||||||
(In $ millions) | |||||||||
2015 | 65 | ||||||||
2016 | 57 | ||||||||
2017 | 40 | ||||||||
2018 | 28 | ||||||||
2019 | 25 | ||||||||
Later years | 157 | ||||||||
Sublease income | (8 | ) | |||||||
Minimum lease commitments | 364 | ||||||||
The Company expects that, in the normal course of business, leases that expire will be renewed or replaced by other leases. | |||||||||
Rent expense recorded under all operating leases is as follows: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions) | |||||||||
Total | 161 | 160 | 165 | ||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||||||||||||||||
Interest Rate Swaps | ||||||||||||||||||||
The Company fixes the LIBOR portion of its US dollar denominated variable rate borrowings (Note 14) with interest rate swap derivative arrangements as follows: | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate | |||||||||||||||||
(In $ millions) | (In percentages) | |||||||||||||||||||
500 | January 2, 2014 | January 2, 2016 | 1.02 | |||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate | |||||||||||||||||
(In $ millions) | (In percentages) | |||||||||||||||||||
1,100 | January 2, 2012 | January 2, 2014 | 1.71 | |||||||||||||||||
500 | January 2, 2014 | January 2, 2016 | 1.02 | |||||||||||||||||
Foreign Currency Forwards and Swaps | ||||||||||||||||||||
All of the contracts included in the table below will have approximately offsetting effects from actual underlying payables, receivables, intercompany loans or other assets or liabilities subject to foreign exchange remeasurement. The total US dollar equivalents of net foreign exchange exposure related to (short) long foreign exchange forward contracts outstanding by currency are as follows: | ||||||||||||||||||||
2015 Maturity | ||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||
Currency | ||||||||||||||||||||
Brazilian real | (13 | ) | ||||||||||||||||||
British pound sterling | (78 | ) | ||||||||||||||||||
Canadian dollar | 33 | |||||||||||||||||||
Chinese renminbi | (151 | ) | ||||||||||||||||||
Euro | 735 | |||||||||||||||||||
Hungarian forint | 10 | |||||||||||||||||||
Mexican peso | (23 | ) | ||||||||||||||||||
Singapore dollar | 35 | |||||||||||||||||||
Total | 548 | |||||||||||||||||||
Gross notional values of the foreign currency forwards and swaps are as follows: | ||||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In $ millions) | ||||||||||||||||||||
Total | 1,336 | 869 | ||||||||||||||||||
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. Gains and losses from remeasurement of the 3.250% Notes were included in foreign currency translation within Accumulated other comprehensive income (loss), net in the consolidated balance sheets. | ||||||||||||||||||||
The Company's cross-currency swap agreements are as follows: | ||||||||||||||||||||
As of December 31, 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. | |||||||||||||||||||
Hedging activity for interest rate swaps and cross-currency swaps is as follows: | ||||||||||||||||||||
Year Ended December 31, | Statement of Operations Classification | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||||
Hedging activities | (4 | ) | (11 | ) | (14 | ) | Interest expense | |||||||||||||
Ineffective portion of hedging activities | — | — | — | Other income (expense), net | ||||||||||||||||
Information regarding changes in the fair value of the Company's derivative and non-derivative instruments is as follows: | ||||||||||||||||||||
Gain (Loss) | Gain (Loss) Recognized | Statement of Operations Classification | ||||||||||||||||||
Recognized in Other | in Earnings (Loss) | |||||||||||||||||||
Comprehensive | ||||||||||||||||||||
Income (Loss) | ||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||
(In $ millions) | ||||||||||||||||||||
Designated as Cash Flow Hedges | ||||||||||||||||||||
Interest rate swaps | (1 | ) | (2 | ) | (12 | ) | (4 | ) | (11 | ) | (14 | ) | Interest expense | |||||||
Cross-currency swaps | (8 | ) | — | — | 46 | — | — | Other income (expense), net or Interest expense | ||||||||||||
Total | (9 | ) | (2 | ) | (12 | ) | 42 | (11 | ) | (14 | ) | |||||||||
Designated as a Net Investment Hedge | ||||||||||||||||||||
3.250% Notes | 23 | — | — | — | — | — | Foreign currency translation | |||||||||||||
Not Designated as Hedges | ||||||||||||||||||||
Interest rate swaps | — | — | — | (3 | ) | (1) | — | (6 | ) | (2) | Interest expense | |||||||||
Foreign currency forwards and swaps | — | — | — | (15 | ) | (23 | ) | (6 | ) | Foreign exchange gain (loss), net or Other income (expense), net | ||||||||||
______________________________ | ||||||||||||||||||||
(1) | In December 2014, the Company dedesignated as cash flow hedges a notional value of $500 million US dollar interest rate swap agreements expiring January 2, 2016. | |||||||||||||||||||
(2) | In conjunction with the paydown of the Term C loan facility in November 2012 (Note 14), the Company dedesignated as cash flow hedges a notional value of $395 million US dollar interest rate swap agreements expiring January 2, 2014. | |||||||||||||||||||
See Note 23 - Fair Value Measurements for additional information regarding the fair value of the Company's derivative agreements. | ||||||||||||||||||||
Certain of the Company's foreign currency forwards and swaps, 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 14). | ||||||||||||||||||||
Information regarding the gross amounts of the Company's derivative instruments and the amounts offset in the consolidated balance sheets is as follows: | ||||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In $ millions) | ||||||||||||||||||||
Derivative Assets | ||||||||||||||||||||
Gross amount recognized | 55 | 1 | ||||||||||||||||||
Gross amount offset in the consolidated balance sheets | — | — | ||||||||||||||||||
Net amount presented in the consolidated balance sheets | 55 | 1 | ||||||||||||||||||
Gross amount not offset in the consolidated balance sheets | 4 | 1 | ||||||||||||||||||
Net amount | 51 | — | ||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In $ millions) | ||||||||||||||||||||
Derivative Liabilities | ||||||||||||||||||||
Gross amount recognized | 23 | 16 | ||||||||||||||||||
Gross amount offset in the consolidated balance sheets | — | 1 | ||||||||||||||||||
Net amount presented in the consolidated balance sheets | 23 | 15 | ||||||||||||||||||
Gross amount not offset in the consolidated balance sheets | 4 | 1 | ||||||||||||||||||
Net amount | 19 | 14 | ||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||
The Company's financial assets and liabilities are measured at fair value on a recurring basis (Note 2) as follows: | ||||||||||||||||||||||||
Marketable Securities. Where possible, the Company utilizes quoted prices in active markets to measure available-for-sale equity securities, including mutual funds. Such items are classified as Level 1 in the fair value measurement hierarchy. Mutual funds are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date. | ||||||||||||||||||||||||
Derivatives. Derivative financial instruments include interest rate swaps, cross-currency swaps and foreign currency forwards and swaps and are valued in the market using discounted cash flow techniques. These techniques incorporate Level 1 and Level 2 fair value measurement 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 fair value measurement hierarchy. | ||||||||||||||||||||||||
Fair Value Measurement | Balance Sheet Classification | |||||||||||||||||||||||
Quoted Prices | Significant | Total | ||||||||||||||||||||||
in Active | Other | |||||||||||||||||||||||
Markets for | Observable | |||||||||||||||||||||||
Identical | Inputs | |||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||
Mutual funds | 32 | 41 | — | — | 32 | 41 | Marketable securities, at fair value | |||||||||||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||||||||||||||
Cross-currency swaps | — | — | 9 | — | 9 | — | Current Other assets | |||||||||||||||||
Cross-currency swaps | — | — | 43 | — | 43 | — | Noncurrent Other assets | |||||||||||||||||
Derivatives Not Designated as Hedges | ||||||||||||||||||||||||
Foreign currency forwards and swaps | — | — | 3 | 1 | 3 | 1 | Current Other assets | |||||||||||||||||
Total assets | 32 | 41 | 55 | 1 | 87 | 42 | ||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||||||||||||||
Interest rate swaps | — | — | — | (5 | ) | — | (5 | ) | Current Other liabilities | |||||||||||||||
Interest rate swaps | — | — | — | (3 | ) | — | (3 | ) | Noncurrent Other liabilities | |||||||||||||||
Cross-currency swaps | — | — | (2 | ) | — | (2 | ) | — | Current Other liabilities | |||||||||||||||
Cross-currency swaps | — | — | (10 | ) | — | (10 | ) | — | Noncurrent Other liabilities | |||||||||||||||
Designated as a Net Investment Hedge | ||||||||||||||||||||||||
3.250% Notes(1) | — | — | — | — | — | — | Long-term Debt | |||||||||||||||||
Derivatives Not Designated as Hedges | ||||||||||||||||||||||||
Interest rate swaps | — | — | (4 | ) | (2 | ) | (4 | ) | (2 | ) | Current Other liabilities | |||||||||||||
Foreign currency forwards and swaps | — | — | (7 | ) | (5 | ) | (7 | ) | (5 | ) | Current Other liabilities | |||||||||||||
Total liabilities | — | — | (23 | ) | (15 | ) | (23 | ) | (15 | ) | ||||||||||||||
______________________________ | ||||||||||||||||||||||||
(1) | Included in the 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 | Unobservable | Total | |||||||||||||||||||||
Amount | Other | Inputs | ||||||||||||||||||||||
Observable | (Level 3) | |||||||||||||||||||||||
Inputs | ||||||||||||||||||||||||
(Level 2) | ||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||
Cost investments | 145 | 145 | — | — | — | — | — | — | ||||||||||||||||
Insurance contracts in nonqualified trusts | 56 | 62 | 56 | 62 | — | — | 56 | 62 | ||||||||||||||||
Long-term debt, including current installments of long-term debt | 2,633 | 2,911 | 2,398 | 2,747 | 260 | 264 | 2,658 | 3,011 | ||||||||||||||||
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 fair value 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 fair value measurement hierarchy. The fair value of obligations under capital leases, which are included in long-term debt, is based on lease payments and discount rates, which are not observable in the market and therefore represents a Level 3 fair value measurement. | ||||||||||||||||||||||||
As of December 31, 2014 and 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 | 12 Months Ended | |
Dec. 31, 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. | ||
The Company's legal and regulatory proceedings, lawsuits, claims and investigations incidental to the normal conduct of business (Note 2) are as follows: | ||
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 during 2012. 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 sought injunctive relief and damages of $68 million plus fees, costs and interest. A hearing was held in May 2014. On December 10, 2014, the arbitration panel issued a final, binding decision, rejecting Linde Gas' request for injunctive relief, while requiring Singapore Ltd. to pay Linde Gas $13 million in damages and $7 million in fees, costs and interest. | ||
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 16). | ||
The Company's obligation to indemnify Hoechst, and its legal successors, is capped under Category B at €250 million. If and to the extent the environmental damage should exceed €750 million in aggregate, the Company's obligation to indemnify Hoechst and its legal successors applies, but is then limited to 33.33% of the remediation cost without further limitations. Cumulative payments under the divestiture agreements as of December 31, 2014 are $68 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 16). | ||
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 $219 million as of December 31, 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 December 31, 2014, the Company had unconditional purchase obligations of $3.4 billion, which extend through 2036. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions) | |||||||||
Interest paid, net of amounts capitalized | 146 | 166 | 189 | ||||||
Taxes paid, net of refunds | 199 | 129 | 64 | ||||||
Noncash Investing and Financing Activities | |||||||||
Accrued acquisition of intangible assets | — | — | (2 | ) | |||||
Accrued capital expenditures | 3 | 38 | (22 | ) | |||||
Accrued Kelsterbach capital expenditures (Note 28) | — | (2 | ) | (14 | ) | ||||
Asset retirement obligations | 4 | 9 | 8 | ||||||
Capital expenditure reimbursement | 4 | — | — | ||||||
Capital lease obligations | 22 | 28 | 7 | ||||||
Contingent consideration (Note 4) | 8 | — | — | ||||||
Lease incentives | — | 3 | 6 | ||||||
Mitsui reimbursement (Note 5) | 70 | (70 | ) | — | |||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||
Segment Information | Segment Information | |||||||||||||||||||||
Business Segments | ||||||||||||||||||||||
The Company operates through business segments according to the nature and economic characteristics of its products as well as the manner in which the information is used internally by the Company's key decision maker, who is the Company's Chief Executive Officer. | ||||||||||||||||||||||
The Company's business segments are as follows: | ||||||||||||||||||||||
• | Advanced Engineered Materials | |||||||||||||||||||||
The Company's Advanced Engineered Materials segment includes the engineered materials business and certain strategic affiliates. The engineered materials business develops, produces and supplies a broad portfolio of high performance specialty polymers for application in automotive and medical applications as well as industrial products and consumer electronics. Together with its strategic affiliates, the Company's engineered materials business is a leading participant in the global specialty polymers industry. The primary products of Advanced Engineered Materials are used in a broad range of end-use products including fuel system components, automotive safety systems, medical applications, electronics, appliances, industrial products, battery separators, conveyor belts, filtration equipment, coatings, and electrical applications and products. | ||||||||||||||||||||||
• | Consumer Specialties | |||||||||||||||||||||
The Company's Consumer Specialties segment includes the cellulose derivatives and food ingredients businesses, which serve consumer-driven applications. These operating segments are aggregated by the Company into one reportable segment based on similar economic characteristics and similar production processes, classes of customers and selling and distribution practices. The Company's cellulose derivatives business is a leading global producer and supplier of acetate flake, acetate film and acetate tow, primarily used in filtration applications. The Company's food ingredients business is a leading global supplier of premium quality ingredients for the food and beverage and pharmaceuticals industries and is a leading producer of food protection ingredients, such as potassium sorbate and sorbic acid. The Company's food ingredients business produces and sells the Qorus™ sweetener system and Sunett® high intensity sweeteners. | ||||||||||||||||||||||
• | Industrial Specialties | |||||||||||||||||||||
The Company's Industrial Specialties segment includes the emulsion polymers and EVA polymers businesses, which are operating segments aggregated by the Company into one reportable segment based on similar products, production processes, classes of customers and selling and distribution practices as well as economic similarities over a normal business cycle. The Company's emulsion polymers business is a leading global producer of vinyl acetate-based emulsions and develops products and application technologies to improve performance, create value and drive innovation in applications such as paints and coatings, adhesives, construction, glass fiber, textiles and paper. The Company's EVA polymers business is a leading North American manufacturer of a full range of specialty ethylene vinyl acetate resins and compounds as well as select grades of low-density polyethylene. The Company's EVA polymers' products are used in many applications including flexible packaging films, lamination film products, hot melt adhesives, medical tubing, automotive parts and carpeting. | ||||||||||||||||||||||
• | Acetyl Intermediates | |||||||||||||||||||||
The Company's Acetyl Intermediates segment includes the intermediate chemistry business, which produces and supplies acetyl products, including acetic acid, vinyl acetate monomer, acetic anhydride and acetate esters. These products are generally used as starting materials for colorants, paints, adhesives, coatings and medicines. The Acetyl Intermediates segment also produces organic solvents and intermediates for pharmaceutical, agricultural and chemical products. | ||||||||||||||||||||||
Building on the Company's acetic acid platform, Celanese TCX® ethanol process technology was developed to supply current and prospective customers with ethanol for industrial purposes and for other potential uses. This innovative process combines the Company's proprietary and leading acetyl platform with highly advanced manufacturing technology to produce ethanol from hydrocarbon-sourced feedstocks. | ||||||||||||||||||||||
• | Other Activities | |||||||||||||||||||||
Other Activities primarily consists of corporate center costs, including financing and administrative activities such as legal, accounting and treasury functions, interest income and expense associated with financing activities and results of the Company's captive insurance companies. Other Activities also includes the components of net periodic benefit cost (interest cost, expected return on assets and net actuarial gains and losses) for the Company's defined benefit pension plans and other postretirement plans not allocated to the Company's business segments. | ||||||||||||||||||||||
The business segment management reporting and controlling systems are based on the same accounting policies as those described in the summary of significant accounting policies (Note 2). | ||||||||||||||||||||||
Sales transactions between business segments are generally recorded at values that approximate third-party selling prices. | ||||||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Eliminations | Consolidated | ||||||||||||||||
Engineered | Specialties | Specialties | Intermediates | Activities | ||||||||||||||||||
Materials | ||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||
Net sales | 1,459 | 1,160 | (1) | 1,224 | 3,493 | (1) | — | (534 | ) | 6,802 | ||||||||||||
Other (charges) gains, net | (1 | ) | 16 | (1 | ) | (3 | ) | 4 | — | 15 | ||||||||||||
Operating profit (loss) | 221 | 388 | 76 | 558 | (485 | ) | — | 758 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 161 | 9 | — | 20 | 56 | — | 246 | |||||||||||||||
Depreciation and amortization | 106 | 43 | 48 | 81 | 12 | — | 290 | |||||||||||||||
Capital expenditures | 65 | 103 | 29 | 478 | 6 | — | 681 | (2) | ||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||
Goodwill and intangible assets, net | 358 | 261 | 54 | 208 | — | — | 881 | |||||||||||||||
Total assets | 2,484 | 1,491 | 823 | 2,495 | 1,525 | — | 8,818 | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Net sales | 1,352 | 1,214 | (1) | 1,155 | 3,241 | (1) | — | (452 | ) | 6,510 | ||||||||||||
Other (charges) gains, net | (13 | ) | — | (4 | ) | (141 | ) | — | — | (158 | ) | |||||||||||
Operating profit (loss) | 904 | 346 | 64 | 153 | 41 | — | 1,508 | |||||||||||||||
Equity in net earnings (loss) of affiliates | 148 | 3 | — | 5 | 24 | — | 180 | |||||||||||||||
Depreciation and amortization | 110 | 41 | 52 | 86 | 16 | — | 305 | |||||||||||||||
Capital expenditures | 67 | 116 | 33 | 184 | 8 | — | 408 | (4) | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Goodwill and intangible assets, net | 368 | 278 | 60 | 234 | — | — | 940 | |||||||||||||||
Total assets | 2,643 | 1,478 | 1,002 | 2,333 | 1,562 | — | 9,018 | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Net sales | 1,261 | 1,186 | (1) | 1,184 | 3,231 | (1) | — | (444 | ) | 6,418 | ||||||||||||
Other (charges) gains, net | (2 | ) | (4 | ) | (3) | — | — | (8 | ) | (3) | — | (14 | ) | |||||||||
Operating profit (loss) | 95 | 251 | 86 | 269 | (526 | ) | — | 175 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 190 | 6 | — | 11 | 35 | — | 242 | |||||||||||||||
Depreciation and amortization | 113 | 45 | 55 | 80 | 15 | — | 308 | |||||||||||||||
Capital expenditures | 51 | 65 | 38 | 169 | 16 | — | 339 | (4) | ||||||||||||||
______________________________ | ||||||||||||||||||||||
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include intersegment sales of $532 million and $2 million, respectively, for the year ended December 31, 2014; $448 million and $4 million, respectively, for the year ended December 31, 2013; and $440 million and $4 million, respectively, for the year ended December 31, 2012. | |||||||||||||||||||||
(2) | Includes an increase in accrued capital expenditures of $3 million for the year ended December 31, 2014. | |||||||||||||||||||||
(3) | Includes $9 million of insurance recoveries received from the Company's captive insurance companies related to the Narrows, Virginia facility that eliminates in consolidation. | |||||||||||||||||||||
(4) | Excludes expenditures related to the relocation of the Company's POM operations in Germany (Note 28) and includes an increase in accrued capital expenditures of $38 million for the year ended December 31, 2013 and a decrease of $22 million for the year ended December 31, 2012. | |||||||||||||||||||||
Geographical Area Information | ||||||||||||||||||||||
Net sales and noncurrent assets are presented based on the location of the business. | ||||||||||||||||||||||
The net sales based on the geographic location of the Company's facilities are as follows: | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Belgium | 480 | 525 | 504 | |||||||||||||||||||
Canada | 204 | 249 | 284 | |||||||||||||||||||
China | 996 | 863 | 733 | |||||||||||||||||||
Germany | 2,156 | 2,049 | 2,082 | |||||||||||||||||||
Mexico | 259 | 256 | 257 | |||||||||||||||||||
Singapore | 632 | 578 | 561 | |||||||||||||||||||
US | 1,899 | 1,808 | 1,811 | |||||||||||||||||||
Other | 176 | 182 | 186 | |||||||||||||||||||
Total | 6,802 | 6,510 | 6,418 | |||||||||||||||||||
Property, plant and equipment, net based on the geographic location of the Company's facilities is as follows: | ||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Belgium | 66 | 64 | ||||||||||||||||||||
Canada | 138 | 141 | ||||||||||||||||||||
China | 593 | 653 | ||||||||||||||||||||
Germany | 1,084 | 1,301 | ||||||||||||||||||||
Mexico | 151 | 145 | ||||||||||||||||||||
Singapore | 50 | 53 | ||||||||||||||||||||
US | 1,563 | 969 | ||||||||||||||||||||
Other | 88 | 99 | ||||||||||||||||||||
Total | 3,733 | 3,425 | ||||||||||||||||||||
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions, except share data) | |||||||||
Amounts attributable to Celanese Corporation | |||||||||
Earnings (loss) from continuing operations | 631 | 1,101 | 376 | ||||||
Earnings (loss) from discontinued operations | (7 | ) | — | (4 | ) | ||||
Net earnings (loss) | 624 | 1,101 | 372 | ||||||
Weighted average shares - basic | 155,012,370 | 158,801,150 | 158,359,914 | ||||||
Dilutive stock options | 153,663 | 227,624 | 848,439 | ||||||
Dilutive RSUs | 1,000,960 | 305,445 | 622,433 | ||||||
Weighted average shares - diluted | 156,166,993 | 159,334,219 | 159,830,786 | ||||||
Securities not included in the computation of diluted net earnings per share as their effect would have been antidilutive are as follows: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Stock options | — | 37,696 | 25,906 | ||||||
RSUs | — | 2,610 | 3,996 | ||||||
Total | — | 40,306 | 29,902 | ||||||
Plant_Relocation
Plant Relocation | 12 Months Ended |
Dec. 31, 2014 | |
Plant Relocation [Abstract] | |
Plant Relocation | Plant Relocation |
In November 2006, the Company finalized a settlement agreement with the Frankfurt, Germany Airport ("Fraport") that required the Company to cease operations at its Kelsterbach, Germany POM site and sell the site, including land and buildings, to Fraport, resolving several years of legal disputes related to the planned Fraport expansion. Under the original agreement, Fraport agreed to pay the Company a total of €670 million. Subsequent revisions to the original agreement discounted the total proceeds to €652 million in consideration for accelerating certain payments to the Company. | |
Upon completion of certain activities as specified in the settlement agreement, title to the land and buildings transferred to Fraport during the three months ended December 31, 2013, deferred proceeds of €651 million were recognized in Gain (loss) on disposition of businesses and assets, net in the consolidated statements of operations. Such proceeds were reduced by assets of €6 million included in Property, plant and equipment, net and €104 million included in noncurrent Other assets in the consolidated balance sheets. | |
The Company built a new expanded POM production facility in the Frankfurt Hoechst Industrial Park in the Rhine Main area in Germany, which opened in September 2011. |
Consolidating_Guarantor_Financ
Consolidating Guarantor Financial Information | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Consolidating Guarantor Financial Information [Abstract] | ||||||||||||||||||
Consolidating Guarantor Financial Information | Consolidating Guarantor Financial Information | |||||||||||||||||
The Senior Notes were issued by Celanese US (the "Issuer") and are guaranteed by Celanese Corporation (the "Parent Guarantor") and the Subsidiary Guarantors (Note 14). 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 present such intercompany financing activities, contributions and dividends consistent with how such activity would be presented in a stand-alone statement of cash flows. | ||||||||||||||||||
The Company has not presented separate financial information and other disclosures for each of its Subsidiary Guarantors because it believes such financial information and other disclosures would not provide investors with any additional information that would be material in evaluating the sufficiency of the guarantees. | ||||||||||||||||||
The consolidating financial information for the Parent Guarantor, the Issuer, the Subsidiary Guarantors and the non-guarantors are as follows: | ||||||||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,860 | 5,166 | (1,224 | ) | 6,802 | |||||||||||
Cost of sales | — | — | (1,822 | ) | (4,550 | ) | 1,186 | (5,186 | ) | |||||||||
Gross profit | — | — | 1,038 | 616 | (38 | ) | 1,616 | |||||||||||
Selling, general and administrative expenses | — | — | (313 | ) | (445 | ) | — | (758 | ) | |||||||||
Amortization of intangible assets | — | — | (7 | ) | (13 | ) | — | (20 | ) | |||||||||
Research and development expenses | — | — | (47 | ) | (39 | ) | — | (86 | ) | |||||||||
Other (charges) gains, net | — | — | 28 | (13 | ) | — | 15 | |||||||||||
Foreign exchange gain (loss), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (11 | ) | 4 | — | (7 | ) | ||||||||||
Operating profit (loss) | — | — | 688 | 108 | (38 | ) | 758 | |||||||||||
Equity in net earnings (loss) of affiliates | 622 | 806 | 90 | 210 | (1,482 | ) | 246 | |||||||||||
Interest expense | — | (190 | ) | (22 | ) | (78 | ) | 143 | (147 | ) | ||||||||
Refinancing expense | — | (29 | ) | — | — | — | (29 | ) | ||||||||||
Interest income | — | 57 | 72 | 15 | (143 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 116 | — | 116 | ||||||||||||
Other income (expense), net | — | — | 4 | (8 | ) | — | (4 | ) | ||||||||||
Earnings (loss) from continuing operations before tax | 622 | 644 | 832 | 363 | (1,520 | ) | 941 | |||||||||||
Income tax (provision) benefit | 2 | (22 | ) | (237 | ) | (71 | ) | 14 | (314 | ) | ||||||||
Earnings (loss) from continuing operations | 624 | 622 | 595 | 292 | (1,506 | ) | 627 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (8 | ) | (3 | ) | — | (11 | ) | |||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 3 | 1 | — | 4 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | (5 | ) | (2 | ) | — | (7 | ) | |||||||||
Net earnings (loss) | 624 | 622 | 590 | 290 | (1,506 | ) | 620 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | 4 | — | 4 | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 624 | 622 | 590 | 294 | (1,506 | ) | 624 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,799 | 4,911 | (1,200 | ) | 6,510 | |||||||||||
Cost of sales | — | — | (1,827 | ) | (4,531 | ) | 1,213 | (5,145 | ) | |||||||||
Gross profit | — | — | 972 | 380 | 13 | 1,365 | ||||||||||||
Selling, general and administrative expenses | — | — | 53 | (364 | ) | — | (311 | ) | ||||||||||
Amortization of intangible assets | — | — | (11 | ) | (21 | ) | — | (32 | ) | |||||||||
Research and development expenses | — | — | (53 | ) | (32 | ) | — | (85 | ) | |||||||||
Other (charges) gains, net | — | — | 2 | (156 | ) | (4 | ) | (158 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (6 | ) | — | (6 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (2 | ) | 737 | — | 735 | |||||||||||
Operating profit (loss) | — | — | 961 | 538 | 9 | 1,508 | ||||||||||||
Equity in net earnings (loss) of affiliates | 1,096 | 1,180 | 116 | 158 | (2,370 | ) | 180 | |||||||||||
Interest expense | — | (192 | ) | (34 | ) | (70 | ) | 124 | (172 | ) | ||||||||
Refinancing expense | — | (1 | ) | — | — | — | (1 | ) | ||||||||||
Interest income | — | 55 | 65 | 5 | (124 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 93 | — | 93 | ||||||||||||
Other income (expense), net | — | — | (52 | ) | 52 | — | — | |||||||||||
Earnings (loss) from continuing operations before tax | 1,096 | 1,042 | 1,056 | 776 | (2,361 | ) | 1,609 | |||||||||||
Income tax (provision) benefit | 5 | 54 | (326 | ) | (229 | ) | (12 | ) | (508 | ) | ||||||||
Earnings (loss) from continuing operations | 1,101 | 1,096 | 730 | 547 | (2,373 | ) | 1,101 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 2 | (2 | ) | — | — | |||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | (1 | ) | 1 | — | — | |||||||||||
Earnings (loss) from discontinued operations | — | — | 1 | (1 | ) | — | — | |||||||||||
Net earnings (loss) | 1,101 | 1,096 | 731 | 546 | (2,373 | ) | 1,101 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 1,101 | 1,096 | 731 | 546 | (2,373 | ) | 1,101 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,692 | 4,829 | (1,103 | ) | 6,418 | |||||||||||
Cost of sales | — | — | (1,906 | ) | (4,423 | ) | 1,092 | (5,237 | ) | |||||||||
Gross profit | — | — | 786 | 406 | (11 | ) | 1,181 | |||||||||||
Selling, general and administrative expenses | — | — | (440 | ) | (390 | ) | — | (830 | ) | |||||||||
Amortization of intangible assets | — | — | (18 | ) | (33 | ) | — | (51 | ) | |||||||||
Research and development expenses | — | — | (74 | ) | (30 | ) | — | (104 | ) | |||||||||
Other (charges) gains, net | — | — | 17 | (22 | ) | (9 | ) | (14 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (4 | ) | — | (4 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (1 | ) | (2 | ) | — | (3 | ) | |||||||||
Operating profit (loss) | — | — | 270 | (75 | ) | (20 | ) | 175 | ||||||||||
Equity in net earnings (loss) of affiliates | 369 | 473 | 199 | 201 | (1,000 | ) | 242 | |||||||||||
Interest expense | — | (198 | ) | (42 | ) | (73 | ) | 128 | (185 | ) | ||||||||
Refinancing expense | — | (3 | ) | — | — | — | (3 | ) | ||||||||||
Interest income | — | 59 | 65 | 6 | (128 | ) | 2 | |||||||||||
Dividend income - cost investments | — | — | — | 85 | — | 85 | ||||||||||||
Other income (expense), net | — | — | (10 | ) | 15 | — | 5 | |||||||||||
Earnings (loss) from continuing operations before tax | 369 | 331 | 482 | 159 | (1,020 | ) | 321 | |||||||||||
Income tax (provision) benefit | 3 | 38 | (16 | ) | 15 | 15 | 55 | |||||||||||
Earnings (loss) from continuing operations | 372 | 369 | 466 | 174 | (1,005 | ) | 376 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (5 | ) | (1 | ) | — | (6 | ) | |||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 2 | — | — | 2 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | (3 | ) | (1 | ) | — | (4 | ) | |||||||||
Net earnings (loss) | 372 | 369 | 463 | 173 | (1,005 | ) | 372 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 372 | 369 | 463 | 173 | (1,005 | ) | 372 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 624 | 622 | 590 | 290 | (1,506 | ) | 620 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | 1 | 1 | 1 | (3 | ) | 1 | |||||||||||
Foreign currency translation | (148 | ) | (148 | ) | (31 | ) | (65 | ) | 244 | (148 | ) | |||||||
Gain (loss) from cash flow hedges | 40 | 40 | (1 | ) | (7 | ) | (32 | ) | 40 | |||||||||
Pension and postretirement benefits | (54 | ) | (54 | ) | (54 | ) | (5 | ) | 113 | (54 | ) | |||||||
Total other comprehensive income (loss), net of tax | (161 | ) | (161 | ) | (85 | ) | (76 | ) | 322 | (161 | ) | |||||||
Total comprehensive income (loss), net of tax | 463 | 461 | 505 | 214 | (1,184 | ) | 459 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | 4 | — | 4 | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 463 | 461 | 505 | 218 | (1,184 | ) | 463 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 1,101 | 1,096 | 731 | 546 | (2,373 | ) | 1,101 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Foreign currency translation | 20 | 20 | (10 | ) | (8 | ) | (2 | ) | 20 | |||||||||
Gain (loss) from cash flow hedges | 6 | 6 | — | — | (6 | ) | 6 | |||||||||||
Pension and postretirement benefits | 58 | 58 | 56 | 2 | (116 | ) | 58 | |||||||||||
Total other comprehensive income (loss), net of tax | 85 | 85 | 47 | (6 | ) | (126 | ) | 85 | ||||||||||
Total comprehensive income (loss), net of tax | 1,186 | 1,181 | 778 | 540 | (2,499 | ) | 1,186 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 1,186 | 1,181 | 778 | 540 | (2,499 | ) | 1,186 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 372 | 369 | 463 | 173 | (1,005 | ) | 372 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | 5 | 5 | (12 | ) | 1 | 6 | 5 | |||||||||||
Gain (loss) from cash flow hedges | 7 | 7 | (1 | ) | 3 | (9 | ) | 7 | ||||||||||
Pension and postretirement benefits | (11 | ) | (11 | ) | (2 | ) | (11 | ) | 24 | (11 | ) | |||||||
Total other comprehensive income (loss), net of tax | 1 | 1 | (15 | ) | (7 | ) | 21 | 1 | ||||||||||
Total comprehensive income (loss), net of tax | 373 | 370 | 448 | 166 | (984 | ) | 373 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 373 | 370 | 448 | 166 | (984 | ) | 373 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | — | — | 110 | 670 | — | 780 | ||||||||||||
Trade receivables - third party and affiliates | — | — | 184 | 821 | (204 | ) | 801 | |||||||||||
Non-trade receivables, net | 35 | 477 | 2,265 | 407 | (2,943 | ) | 241 | |||||||||||
Inventories, net | — | — | 268 | 613 | (99 | ) | 782 | |||||||||||
Deferred income taxes | — | — | 39 | 12 | (22 | ) | 29 | |||||||||||
Marketable securities, at fair value | — | — | 32 | — | — | 32 | ||||||||||||
Other assets | — | 6 | 12 | 34 | (19 | ) | 33 | |||||||||||
Total current assets | 35 | 483 | 2,910 | 2,557 | (3,287 | ) | 2,698 | |||||||||||
Investments in affiliates | 2,784 | 5,889 | 4,349 | 613 | (12,759 | ) | 876 | |||||||||||
Property, plant and equipment, net | — | — | 1,029 | 2,704 | — | 3,733 | ||||||||||||
Deferred income taxes | — | 16 | 211 | 26 | — | 253 | ||||||||||||
Other assets | — | 674 | 146 | 400 | (843 | ) | 377 | |||||||||||
Goodwill | — | — | 314 | 435 | — | 749 | ||||||||||||
Intangible assets, net | — | — | 73 | 59 | — | 132 | ||||||||||||
Total assets | 2,819 | 7,062 | 9,032 | 6,794 | (16,889 | ) | 8,818 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 1,894 | 184 | 290 | (2,231 | ) | 137 | |||||||||||
Trade payables - third party and affiliates | — | — | 413 | 548 | (204 | ) | 757 | |||||||||||
Other liabilities | 1 | 34 | 225 | 402 | (230 | ) | 432 | |||||||||||
Deferred income taxes | — | 22 | — | 7 | (22 | ) | 7 | |||||||||||
Income taxes payable | — | — | 484 | 45 | (524 | ) | 5 | |||||||||||
Total current liabilities | 1 | 1,950 | 1,306 | 1,292 | (3,211 | ) | 1,338 | |||||||||||
Noncurrent Liabilities | ||||||||||||||||||
Long-term debt | — | 2,269 | 900 | 208 | (769 | ) | 2,608 | |||||||||||
Deferred income taxes | — | — | — | 141 | — | 141 | ||||||||||||
Uncertain tax positions | — | 6 | 16 | 137 | — | 159 | ||||||||||||
Benefit obligations | — | — | 923 | 288 | — | 1,211 | ||||||||||||
Other liabilities | — | 53 | 121 | 192 | (83 | ) | 283 | |||||||||||
Total noncurrent liabilities | — | 2,328 | 1,960 | 966 | (852 | ) | 4,402 | |||||||||||
Total Celanese Corporation stockholders' equity | 2,818 | 2,784 | 5,766 | 4,276 | (12,826 | ) | 2,818 | |||||||||||
Noncontrolling interests | — | — | — | 260 | — | 260 | ||||||||||||
Total equity | 2,818 | 2,784 | 5,766 | 4,536 | (12,826 | ) | 3,078 | |||||||||||
Total liabilities and equity | 2,819 | 7,062 | 9,032 | 6,794 | (16,889 | ) | 8,818 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | — | — | 284 | 700 | — | 984 | ||||||||||||
Trade receivables - third party and affiliates | — | — | 131 | 877 | (141 | ) | 867 | |||||||||||
Non-trade receivables, net | 33 | 482 | 2,166 | 586 | (2,924 | ) | 343 | |||||||||||
Inventories, net | — | — | 243 | 622 | (61 | ) | 804 | |||||||||||
Deferred income taxes | — | — | 74 | 58 | (17 | ) | 115 | |||||||||||
Marketable securities, at fair value | — | — | 41 | — | — | 41 | ||||||||||||
Other assets | — | 5 | 15 | 24 | (16 | ) | 28 | |||||||||||
Total current assets | 33 | 487 | 2,954 | 2,867 | (3,159 | ) | 3,182 | |||||||||||
Investments in affiliates | 2,667 | 4,458 | 1,677 | 594 | (8,555 | ) | 841 | |||||||||||
Property, plant and equipment, net | — | — | 969 | 2,456 | — | 3,425 | ||||||||||||
Deferred income taxes | — | — | 248 | 49 | (8 | ) | 289 | |||||||||||
Other assets | — | 1,965 | 144 | 285 | (2,053 | ) | 341 | |||||||||||
Goodwill | — | — | 305 | 493 | — | 798 | ||||||||||||
Intangible assets, net | — | — | 64 | 78 | — | 142 | ||||||||||||
Total assets | 2,700 | 6,910 | 6,361 | 6,822 | (13,775 | ) | 9,018 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 1,713 | 122 | 373 | (2,031 | ) | 177 | |||||||||||
Trade payables - third party and affiliates | — | — | 312 | 628 | (141 | ) | 799 | |||||||||||
Other liabilities | 1 | 28 | 441 | 513 | (442 | ) | 541 | |||||||||||
Deferred income taxes | — | 17 | — | 10 | (17 | ) | 10 | |||||||||||
Income taxes payable | — | — | 460 | 32 | (474 | ) | 18 | |||||||||||
Total current liabilities | 1 | 1,758 | 1,335 | 1,556 | (3,105 | ) | 1,545 | |||||||||||
Noncurrent Liabilities | ||||||||||||||||||
Long-term debt | — | 2,468 | 825 | 1,646 | (2,052 | ) | 2,887 | |||||||||||
Deferred income taxes | — | 8 | — | 225 | (8 | ) | 225 | |||||||||||
Uncertain tax positions | — | 6 | 16 | 178 | — | 200 | ||||||||||||
Benefit obligations | — | — | 943 | 232 | — | 1,175 | ||||||||||||
Other liabilities | — | 3 | 91 | 202 | (9 | ) | 287 | |||||||||||
Total noncurrent liabilities | — | 2,485 | 1,875 | 2,483 | (2,069 | ) | 4,774 | |||||||||||
Total Celanese Corporation stockholders' equity | 2,699 | 2,667 | 3,151 | 2,783 | (8,601 | ) | 2,699 | |||||||||||
Noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Total equity | 2,699 | 2,667 | 3,151 | 2,783 | (8,601 | ) | 2,699 | |||||||||||
Total liabilities and equity | 2,700 | 6,910 | 6,361 | 6,822 | (13,775 | ) | 9,018 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 389 | 498 | 644 | 433 | (1,002 | ) | 962 | |||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (183 | ) | (71 | ) | — | (254 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | (10 | ) | — | — | (10 | ) | ||||||||||
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 | — | — | (44 | ) | (380 | ) | — | (424 | ) | |||||||||
Return of capital from subsidiary | — | 28 | 51 | — | (79 | ) | — | |||||||||||
Contributions to subsidiary | — | — | (213 | ) | — | 213 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | (70 | ) | (93 | ) | (75 | ) | 238 | — | |||||||||
Other, net | — | — | (9 | ) | (8 | ) | — | (17 | ) | |||||||||
Net cash provided by (used in) investing activities | — | (42 | ) | (501 | ) | (534 | ) | 372 | (705 | ) | ||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 93 | 6 | (15 | ) | (93 | ) | (9 | ) | |||||||||
Proceeds from short-term borrowings | — | — | — | 62 | — | 62 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (91 | ) | — | (91 | ) | ||||||||||
Proceeds from long-term debt | — | 462 | 75 | — | (150 | ) | 387 | |||||||||||
Repayments of long-term debt | — | (611 | ) | (5 | ) | (15 | ) | 5 | (626 | ) | ||||||||
Purchases of treasury stock, including related fees | (250 | ) | — | — | — | — | (250 | ) | ||||||||||
Dividends to parent | — | (390 | ) | (390 | ) | (222 | ) | 1,002 | — | |||||||||
Contributions from parent | — | — | — | 213 | (213 | ) | — | |||||||||||
Stock option exercises | 5 | — | — | — | — | 5 | ||||||||||||
Series A common stock dividends | (144 | ) | — | — | — | — | (144 | ) | ||||||||||
Return of capital to parent | — | — | — | (79 | ) | 79 | — | |||||||||||
Contributions from noncontrolling interests | — | — | — | 264 | — | 264 | ||||||||||||
Other, net | — | (10 | ) | (3 | ) | — | — | (13 | ) | |||||||||
Net cash provided by (used in) financing activities | (389 | ) | (456 | ) | (317 | ) | 117 | 630 | (415 | ) | ||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | (46 | ) | — | (46 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (174 | ) | (30 | ) | — | (204 | ) | |||||||||
Cash and cash equivalents as of beginning of period | — | — | 284 | 700 | — | 984 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 110 | 670 | — | 780 | ||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 228 | 105 | 766 | 154 | (491 | ) | 762 | |||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (156 | ) | (121 | ) | — | (277 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | — | — | — | — | ||||||||||||
Proceeds from sale of businesses and assets, net | — | — | — | 13 | — | 13 | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (7 | ) | — | (7 | ) | ||||||||||
Capital expenditures related to Fairway Methanol LLC | — | — | (93 | ) | — | — | (93 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | (20 | ) | — | 20 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 5 | (131 | ) | — | 126 | — | |||||||||||
Other, net | — | — | (45 | ) | (13 | ) | — | (58 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 5 | (445 | ) | (128 | ) | 146 | (422 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 131 | (8 | ) | (3 | ) | (131 | ) | (11 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 177 | — | 177 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (123 | ) | — | (123 | ) | ||||||||||
Proceeds from long-term debt | — | 24 | 50 | — | — | 74 | ||||||||||||
Repayments of long-term debt | — | (34 | ) | (121 | ) | (48 | ) | 5 | (198 | ) | ||||||||
Purchases of treasury stock, including related fees | (164 | ) | — | — | — | — | (164 | ) | ||||||||||
Dividends to parent | — | (229 | ) | (229 | ) | (33 | ) | 491 | — | |||||||||
Contributions from parent | — | — | — | 20 | (20 | ) | — | |||||||||||
Stock option exercises | 9 | — | — | — | — | 9 | ||||||||||||
Series A common stock dividends | (83 | ) | — | — | — | — | (83 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Other, net | — | (2 | ) | (4 | ) | (1 | ) | — | (7 | ) | ||||||||
Net cash provided by (used in) financing activities | (238 | ) | (110 | ) | (312 | ) | (11 | ) | 345 | (326 | ) | |||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 11 | — | 11 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (10 | ) | — | 9 | 26 | — | 25 | |||||||||||
Cash and cash equivalents as of beginning of period | 10 | — | 275 | 674 | — | 959 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 284 | 700 | — | 984 | ||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 7 | (100 | ) | 396 | 489 | (70 | ) | 722 | ||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (158 | ) | (191 | ) | — | (349 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | (23 | ) | — | — | (23 | ) | ||||||||||
Proceeds from sale of businesses and assets, net | — | — | 1 | — | — | 1 | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (49 | ) | — | (49 | ) | ||||||||||
Capital expenditures related to Fairway Methanol LLC | — | — | (12 | ) | — | — | (12 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | (3 | ) | — | 3 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 5 | (53 | ) | — | 48 | — | |||||||||||
Other, net | — | — | (9 | ) | (59 | ) | — | (68 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 5 | (257 | ) | (299 | ) | 51 | (500 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 53 | 5 | (3 | ) | (53 | ) | 2 | ||||||||||
Proceeds from short-term borrowings | — | — | — | 71 | — | 71 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (71 | ) | — | (71 | ) | ||||||||||
Proceeds from long-term debt | — | 500 | 50 | — | — | 550 | ||||||||||||
Repayments of long-term debt | — | (414 | ) | (10 | ) | (70 | ) | 5 | (489 | ) | ||||||||
Purchases of treasury stock, including related fees | (45 | ) | — | — | — | — | (45 | ) | ||||||||||
Dividends to parent | — | (35 | ) | (35 | ) | — | 70 | — | ||||||||||
Contributions from parent | — | — | — | 3 | (3 | ) | — | |||||||||||
Stock option exercises | 62 | — | — | — | — | 62 | ||||||||||||
Series A common stock dividends | (43 | ) | — | — | — | — | (43 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Other, net | 29 | (9 | ) | (7 | ) | (1 | ) | — | 12 | |||||||||
Net cash provided by (used in) financing activities | 3 | 95 | 3 | (71 | ) | 19 | 49 | |||||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 6 | — | 6 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 10 | — | 142 | 125 | — | 277 | ||||||||||||
Cash and cash equivalents as of beginning of period | — | — | 133 | 549 | — | 682 | ||||||||||||
Cash and cash equivalents as of end of period | 10 | — | 275 | 674 | — | 959 | ||||||||||||
Summary_of_Accounting_Policies1
Summary of Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Consolidation principles | Consolidation Principles | |
The consolidated financial statements have been prepared in accordance with US GAAP for all periods presented and include the accounts of the Company and its majority owned subsidiaries over which the Company exercises control. All intercompany accounts and transactions have been eliminated in consolidation. | ||
Estimates and assumptions | Estimates and Assumptions | |
The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of net sales, 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. | ||
Fair Value Measurement | 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. Valuations for fund investments, such as common/collective trusts and registered investment companies, which do not have readily determinable fair values, are typically estimated using a net asset value provided by a third party as a practical expedient. | ||
The levels of inputs used to measure fair value are as follows: | ||
Level 1 - unadjusted quoted prices for identical assets or liabilities in active markets accessible by the Company | ||
Level 2 - inputs that are observable in the marketplace other than those inputs classified as Level 1 | ||
Level 3 - inputs that are unobservable in the marketplace and significant to the valuation | ||
Purchase Accounting | Purchase Accounting | |
The Company allocates the purchase price of its acquisitions to identifiable intangible assets acquired based on their estimated fair values. The excess of purchase price over the aggregate fair values are recorded as goodwill. Intangible assets are valued using the relief from royalty and discounted cash flow methodologies, which are considered Level 3 measurements. The relief from royalty method estimates the Company's theoretical royalty savings from ownership of the intangible asset. Key assumptions used in this model include discount rates, royalty rates, growth rates, sales projections and terminal value rates, all of which require significant management judgment and, therefore, are susceptible to change. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, cash flow projections and terminal value rates. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. The Company calculates the fair value of the intangible assets acquired to allocate the purchase price at the acquisition date. The Company may use the assistance of third-party valuation consultants. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents | |
All highly liquid investments with original maturities of three months or less are considered cash equivalents. | ||
Allowance for doubtful accounts | Allowance for Doubtful Accounts | |
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company believes, based on historical results, the likelihood of actual write-offs having a material impact on financial results is low. The allowance for doubtful accounts is estimated using factors such as customer credit ratings, past collection history and general risk profile. Receivables are charged against the allowance for doubtful accounts when it is probable that the receivable will not be recovered. | ||
Inventories | Inventories | |
Inventories, including stores and supplies, are stated at the lower of cost or market. Cost for inventories is determined using the first-in, first-out ("FIFO") method. Cost includes raw materials, direct labor and manufacturing overhead. Cost for stores and supplies is primarily determined by the average cost method. | ||
Investments in marketable securities | Investments | |
• | Marketable Securities | |
The cost of available-for-sale securities sold is determined using the specific identification method. | ||
Investments in affiliates | Investments in Affiliates | |
Investments where the Company can exercise significant influence over operating and financial policies of an investee, which is generally considered when an investor owns 20% or more of the voting stock of an investee, are accounted for under the equity method of accounting. Investments where the Company does not exercise significant influence are accounted for under the cost method of accounting. The Company determined it cannot exercise significant influence over certain investments where the Company owns greater than a 20% interest due to local government investment in and influence over these entities, limitations on the Company's involvement in the day-to-day operations and the present inability of the entities to provide timely financial information prepared in accordance with US GAAP. Accordingly, these investments are accounted for under the cost method of accounting. | ||
In certain instances, the financial information of the Company's equity investees is not available on a timely basis. Accordingly, the Company records its proportional share of the investee's earnings or losses on a consistent lag of no more than one quarter. | ||
When required to assess the recoverability of its investments in affiliates, the Company estimates fair value using a discounted cash flow model. The Company may engage third-party valuation consultants to assist with this process. | ||
Property, plant and equipment, net | Property, Plant and Equipment, Net | |
Land is recorded at historical cost. Buildings, machinery and equipment, including capitalized interest, and property under capital lease agreements, are recorded at cost less accumulated depreciation. The Company records depreciation and amortization in its consolidated statements of operations as either Cost of sales, Selling, general and administrative expenses or Research and development expenses consistent with the utilization of the underlying assets. Depreciation is calculated on a straight-line basis over the following estimated useful lives of depreciable assets: | ||
Land improvements | 20 years | |
Buildings and improvements | 30 years | |
Machinery and equipment | 20 years | |
Leasehold improvements are amortized over 10 years or the remaining life of the respective lease, whichever is shorter. | ||
Accelerated depreciation is recorded when the estimated useful life is shortened. Ordinary repair and maintenance costs, including costs for planned maintenance turnarounds, that do not extend the useful life of the asset are charged to earnings as incurred. Fully depreciated assets are retained in property and depreciation accounts until sold or otherwise disposed. In the case of disposals, assets and related depreciation are removed from the accounts, and the net amounts, less proceeds from disposal, are included in earnings. | ||
The Company assesses the recoverability of the carrying amount of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment loss would be assessed when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss is based on the excess of the carrying amount of the asset group over its fair value. The Company calculates the fair value using a discounted cash flow model incorporating discount rates commensurate with the risks involved for the asset group. This fair value measurement is classified as a Level 3 fair value measurement. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, cash flow projections and terminal value rates. Discount rates, growth rates and cash flow projections involve significant judgment and are based on management's estimate of current and forecasted market conditions and cost structure. Impairment losses are generally recorded to Other (charges) gains, net in the consolidated statements of operations. | ||
Goodwill and other intangible assets | Goodwill and Intangible Assets, Net | |
The Company assesses the recoverability of the carrying amount of its reporting unit goodwill and indefinite-lived intangible assets either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. The Company assesses the recoverability of finite-lived intangible assets in the same manner as for property, plant and equipment, as described above. Impairment losses are generally recorded to Other (charges) gains, net in the consolidated statements of operations. | ||
• | Goodwill | |
Recoverability of the carrying amount of goodwill is measured at the reporting unit level. In performing a quantitative analysis, the Company measures the recoverability of goodwill for each reporting unit using a discounted cash flow model incorporating discount rates commensurate with the risks involved, which is classified as a Level 3 fair value measurement. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, tax rates, cash flow projections and terminal value rates. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. The Company may engage third-party valuation consultants to assist with this process. | ||
• | Indefinite-lived Intangible Assets | |
Management tests indefinite-lived intangible assets for impairment quantitatively utilizing the relief from royalty method under the income approach to determine the estimated fair value for each indefinite-lived intangible asset, which is classified as a Level 3 fair value measurement. The relief from royalty method estimates the Company's theoretical royalty savings from ownership of the intangible asset. The key assumptions used in this model include discount rates, royalty rates, growth rates, tax rates, sales projections and terminal value rates. Discount rates, royalty rates, growth rates and sales projections are the assumptions most sensitive and susceptible to change as they require significant management judgment. Discount rates used are similar to the rates estimated by the weighted average cost of capital ("WACC") considering any differences in company-specific risk factors. Royalty rates are established by management and are periodically substantiated by third-party valuation consultants. | ||
• | Definite-lived Intangible Assets | |
Customer-related intangible assets and other intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, which range from four to 20 years. | ||
Derivative and hedging instruments | Derivative and Hedging Instruments | |
The Company manages its exposures to interest rates, foreign exchange rates and commodity prices through a risk management program that includes the use of derivative financial instruments. The Company does not use derivative financial instruments for speculative trading purposes. The fair value of all derivative instruments is recorded as an asset or liability on a net basis at the balance sheet date. | ||
• | 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 fix the London Interbank Offered Rate ("LIBOR") portion of the Company's US dollar denominated variable rate borrowings. Prior to December 2014, all or a portion of these interest rate swap agreements were designated as cash flow hedges. Accordingly, to the extent the cash flow hedge was effective, changes in the fair value of interest rate swaps were included in gain (loss) from cash flow hedges within Accumulated other comprehensive income (loss), net in the 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 no longer probable that the forecasted transaction will occur according to the original strategy. When a cash flow hedge is dedesignated and it is probable that the forecasted transaction will not occur, any related amounts previously included in Accumulated other comprehensive income (loss), net would be reclassified to earnings immediately. Mark-to-market adjustments on dedesignated interest rate swap agreements are included in Interest expense in the consolidated statements of operations through their expiration. | ||
• | Foreign Exchange Risk Management | |
Certain subsidiaries of the Company 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 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 consolidated statements of operations. | ||
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. Accordingly, the effective portion of gains and losses from remeasurement of the non-derivative financial instrument is included in foreign currency translation within Accumulated other comprehensive income (loss), net in the 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 exchanges Euro fixed interest for US dollar fixed interest and at maturity will exchange Euro notional values for US dollar notional values. 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 consolidated balance sheets. Gains and losses are reclassified to Interest expense in the consolidated statements of operations 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 from remeasurement of the Euro notional values as well as the foreign exchange impact on the intercompany loans are included in Other income (expense), net in the consolidated statements of operations. | ||
• | 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. | ||
Insurance loss reserves | Insurance Loss Reserves | |
The Company has two wholly-owned insurance companies (the "Captives") that are used as a form of self-insurance for liability and workers compensation risks. Capitalization of the Captives is determined by regulatory guidelines. Premiums written are recognized as revenue based on policy periods. One of the Captives also insures certain third-party risks. The Captives use reinsurance arrangements to reduce their risks, however these arrangements do not relieve the Captives from their obligations to policyholders. The financial condition of the Captives' reinsurers are monitored to minimize exposure to insolvencies. However, failure of the reinsurers to honor their obligations could result in losses to the Captives. | ||
Claim reserves are established when sufficient information is available to indicate a specific policy is involved and the Company can reasonably estimate its liability. These reserves are based on management estimates and periodic actuarial valuations. In addition, reserves have been established to cover exposures for both known and unreported claims. Estimates of these liabilities are reviewed and updated regularly, however it is possible that actual results could differ significantly from the recorded liabilities. | ||
Asset Retirement Obligations | Asset Retirement Obligations | |
Periodically, the Company will conclude a site no longer has an indeterminate life based on long-lived asset impairment triggering events and decisions made by the Company. Accordingly, the Company will record asset retirement obligations associated with such sites. To measure the fair value of the asset retirement obligations, the Company will use the expected present value technique, which is classified as a Level 3 fair value measurement. The expected present value technique uses a set of cash flows that represent the probability-weighted average of all possible cash flows based on the Company's judgment. The Company uses the following inputs to determine the fair value of the asset retirement obligations based on the Company's experience with fulfilling obligations of this type and the Company's knowledge of market conditions: a) labor costs; b) allocation of overhead costs; c) profit on labor and overhead costs; d) effect of inflation on estimated costs and profits; e) risk premium for bearing the uncertainty inherent in cash flows, other than inflation; f) time value of money represented by the risk-free interest rate commensurate with the timing of the associated cash flows; and g) nonperformance risk relating to the liability, which includes the Company's own credit risk. The asset retirement obligations are accreted to their undiscounted values until the time at which they are expected to be settled. | ||
The Company has identified but not recognized asset retirement obligations related to certain of its existing operating facilities. Examples of these types of obligations include demolition, decommissioning, disposal and restoration activities. Legal obligations exist in connection with the retirement of these assets upon closure of the facilities or abandonment of the existing operations. However, the Company currently plans on continuing operations at these facilities indefinitely and therefore, a reasonable estimate of fair value cannot be determined at this time. In the event the Company considers plans to abandon or cease operations at these sites, an asset retirement obligation will be reassessed at that time. If certain operating facilities were to close, the related asset retirement obligations could significantly affect the Company's results of operations and cash flows. | ||
Environmental liabilities | Environmental Liabilities | |
The Company manufactures and sells a diverse line of chemical products throughout the world. Accordingly, the Company's operations are subject to various hazards incidental to the production of industrial chemicals including the use, handling, processing, storage and transportation of hazardous materials. The Company recognizes losses and accrues liabilities relating to environmental matters if available information indicates that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Depending on the nature of the site, the Company accrues through 15 years, unless the Company has government orders or other agreements that extend beyond 15 years. The Company estimates environmental liabilities on a case-by-case basis using the most current status of available facts, existing technology, presently enacted laws and regulations and prior experience in remediation of contaminated sites. Recoveries of environmental costs from other parties are recorded as assets when their receipt is deemed probable. | ||
An environmental reserve related to cleanup of a contaminated site might include, for example, a provision for one or more of the following types of costs: site investigation and testing costs, cleanup costs, costs related to soil and water contamination resulting from tank ruptures and post-remediation monitoring costs. These undiscounted reserves do not take into account any claims or recoveries from insurance. The measurement of environmental liabilities is based on the Company's periodic estimate of what it will cost to perform each of the elements of the remediation effort. The Company utilizes third parties to assist in the management and development of cost estimates for its sites. Changes to environmental regulations or other factors affecting environmental liabilities are reflected in the consolidated financial statements in the period in which they occur. | ||
Deferred Financing Costs | Deferred Financing Costs | |
Deferred financing costs are included in Noncurrent Other assets in the consolidated balance sheets and are amortized using a method that approximates the effective interest rate method over the term of the related debt into Interest expense in the consolidated statements of operations. Upon the extinguishment of the related debt, any unamortized deferred financing costs are immediately expensed and included in Refinancing expense in the consolidated statements of operations. Upon the modification of the related debt, a portion of unamortized deferred financing costs may be immediately expensed and included in Refinancing expense in the consolidated statements of operations. Direct costs of refinancing activities are immediately expensed and included in Refinancing expense in the consolidated statements of operations. | ||
Pension and other postretirement obligations | Pension and Other Postretirement Obligations | |
The Company recognizes a balance sheet asset or liability for each of its pension and other postretirement benefit plans equal to the plan's funded status as of a December 31 measurement date. The amounts recognized in the consolidated financial statements related to pension and other postretirement benefits are determined on an actuarial basis. Various assumptions are used in the calculation of the actuarial valuation of the employee benefit plans. These assumptions include the discount rate, compensation levels, expected long-term rates of return on assets and trends in health care costs. In addition, actuarial consultants use factors such as withdrawal and mortality rates to estimate the projected benefit obligation. | ||
The Company applies the long-term expected rate of return to the fair value of plan assets and immediately recognizes in operating results the change in fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each fiscal year and whenever a plan is required to be remeasured. Events requiring a plan remeasurement will be recognized in the quarter in which such remeasurement event occurs. The remaining components of pension and other postretirement plan net periodic benefit cost are recorded on a quarterly basis. | ||
The Company allocates the service cost and amortization of prior service cost (or credit) components of its pension and postretirement plans to its business segments. Interest cost, expected return on assets and net actuarial gains and losses are considered financing activities managed at the corporate level and are recorded to Other Activities. The Company believes the expense allocation appropriately matches the cost incurred for active employees to the respective business segment. | ||
Other postretirement benefit plans provide medical and life insurance benefits to retirees who meet minimum age and service requirements. The key determinants of the accumulated postretirement benefit obligation ("APBO") are the discount rate and the health care cost trend rate. | ||
• | Discount Rate | |
As of the measurement date, the Company determines the appropriate discount rate used to calculate the present value of future cash flows currently expected to be required to settle the pension and other postretirement benefit obligations. The discount rate is generally based on the yield on high-quality corporate fixed-income securities. | ||
In the US, the rate used to discount pension and other postretirement benefit plan liabilities is based on a yield curve developed from market data of over 300 Aa-grade non-callable bonds at the measurement date. This yield curve has discount rates that vary based on the duration of the obligations. The estimated future cash flows for the pension and other benefit obligations were matched to the corresponding rates on the yield curve to derive a weighted average discount rate. | ||
The Company determines its discount rates in the Euro zone using the iBoxx Euro Corporate AA Bond indices with appropriate adjustments for the duration of the plan obligations. In other international locations, the Company determines its discount rates based on the yields of high quality government bonds with a duration appropriate to the duration of the plan obligations. | ||
• | Expected Long-Term Rate of Return on Assets | |
The Company determines the long-term expected rate of return on plan assets by considering the current target asset allocation, as well as the historical and expected rates of return on various asset categories in which the plans are invested. A single long-term expected rate of return on plan assets is then calculated for each plan as the weighted average of the target asset allocation and the long-term expected rate of return assumptions for each asset category within each plan. | ||
The expected rate of return is assessed annually and is based on long-term relationships among major asset classes and the level of incremental returns that can be earned by the successful implementation of different active investment management strategies. Equity returns are based on estimates of long-term inflation rate, real rate of return, 10-year Treasury bond premium over cash and historical equity risk premium. Fixed income returns are based on maturity, historical long-term inflation, real rate of return and credit spreads. | ||
• | Investment Policies and Strategies | |
The investment objectives for the Company's pension plans are to earn, over a moving twenty-year period, a long-term expected rate of return, net of investment fees and transaction costs, sufficient to satisfy the benefit obligations of the plan, while at the same time maintaining adequate liquidity to pay benefit obligations and proper expenses, and meet any other cash needs, in the short- to medium-term. | ||
The equity and debt securities objectives are to provide diversified exposure across the US and global equity markets and to manage the risks and returns of the plans through the use of multiple managers and strategies. The fixed income strategy is designed to reduce liability-related interest rate risk by investing in bonds that match the duration and credit quality of the plan liabilities. Derivatives-based strategies may be used to mitigate investment risks. | ||
The financial objectives of the qualified pension plans are established in conjunction with a comprehensive review of each plan's liability structure. The Company's asset allocation policy is based on detailed asset/liability analysis. In developing investment policy and financial goals, consideration is given to each plan's demographics, the returns and risks associated with current and alternative investment strategies and the current and projected cash, expense and funding ratios of each plan. Investment policies must also comply with local statutory requirements as determined by each country. A formal asset/liability study of each plan is undertaken every three to five years or whenever there has been a material change in plan demographics, benefit structure or funding status and investment market. The Company has adopted a long-term investment horizon such that the risk and duration of investment losses are weighed against the long-term potential for appreciation of assets. Although there cannot be complete assurance that these objectives will be realized, it is believed that the likelihood for their realization is reasonably high, based upon the asset allocation chosen and the historical and expected performance of the asset classes utilized by the plans. The intent is for investments to be broadly diversified across asset classes, investment styles, market sectors, investment managers, developed and emerging markets and securities in order to moderate portfolio volatility and risk. Investments may be in separate accounts, commingled trusts, mutual funds and other pooled asset portfolios provided they all conform to fiduciary standards. | ||
External investment managers are hired to manage pension assets. Investment consultants assist with the screening process for each new manager hired. Over the long-term, the investment portfolio is expected to earn returns that exceed a composite of market indices that are weighted to match each plan's target asset allocation. The portfolio return should also (over the long-term) meet or exceed the return used for actuarial calculations in order to meet the future needs of each plan. | ||
Commitments and contingencies | Commitments and Contingencies | |
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. | ||
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. 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. | ||
Revenue recognition | Revenue Recognition | |
The Company recognizes revenue when title and risk of loss have been transferred to the customer, generally at the time of shipment of products, and provided that four basic criteria are met: (a) persuasive evidence of an arrangement exists; (b) delivery has occurred or services have been rendered; (c) the fee is fixed or determinable; and (d) collectibility is reasonably assured. Shipping and handling fees billed to customers in a sales transaction are recorded in Net sales and shipping and handling costs incurred are recorded in Cost of sales. | ||
Research and development | Research and Development | |
The costs of research and development are charged as an expense in the period in which they are incurred. | ||
Management compensation plans | Management Compensation Plans | |
Share-based compensation expense is measured at the grant date, based on the fair value of the award, and is recognized over the participant's requisite service period. Upon termination of a participant's employment with the Company by reason of death or disability, retirement or by the Company without cause (as defined in the respective award agreements), a prorated award will generally vest on the original vesting date. The prorated award is calculated based on the time lapsed between the grant date and the date of termination, reduced by awards previously vested. Upon the termination of a Participant's employment with the Company for any other reason, any unvested portion of the award shall be forfeited and canceled without consideration. | ||
• | Stock Options | |
The fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing method. Stock option awards are granted with an exercise price equal to the average of the high and low price of the Company's Common Stock on the grant date. Options issued under the 2009 Global Incentive Plan ("2009 GIP") have a term of seven years and vest on a graded basis over either three or four years. The computation of the expected volatility assumption used in the Black-Scholes calculations for new grants is based on the Company's historical volatilities. When establishing the expected life assumptions, the Company reviews annual historical employee exercise behavior of option grants with similar vesting periods. The estimated fair value of the Company's stock option awards less expected forfeitures is recognized over the vesting period of the respective grant on a straight-line basis. | ||
Generally, vested stock options are exercised through a broker-assisted cashless exercise program. A broker-assisted cashless exercise is the simultaneous exercise of a stock option by an employee and a sale of the shares through a broker. Authorized shares of the Company's Common Stock are used to settle stock options. | ||
• | Restricted Stock Units ("RSUs") | |
Performance-based RSUs. The Company generally grants performance-based RSUs to the Company's executive officers and certain employees annually in February. The Company may also grant performance-based RSUs to certain new employees or to employees who assume positions of increasing responsibility at the time those events occur. The fair value of the Company's performance-based RSUs with a performance condition is equal to the average of the high and low price of the Company's Common Stock on the grant date less the present value of the expected dividends not received during the vesting period. Performance-based RSUs generally vest in two equal tranches with the final tranche vesting three years from the grant date. Compensation expense for performance-based RSUs less estimated forfeitures is recognized over the vesting period of the respective grant based on the accelerated attribution method. | ||
The number of performance-based RSUs that ultimately vest is dependent on the achievement of internal profitability targets (performance condition). Based on the achievement of internal profitability targets, the ultimate number of shares of the Company's Common Stock issued will range from zero to stretch, with stretch defined individually under each award, net of shares used to cover minimum statutory personal income taxes withheld. Performance-based RSUs are canceled to the extent actual results of internal profitability measures are less than target, as defined individually under each award. | ||
Time-based RSUs. The Company grants non-employee Directors time-based RSUs annually that generally vest one year from the grant date. The Company also grants time-based RSUs to the Company's executives and certain employees that vest ratably over three years. The fair value of the time-based RSUs is equal to the average of the high and low price of the Company's Common Stock on the grant date less the present value of the expected dividends not received during the vesting period. Compensation expense for time-based RSUs less estimated forfeitures is recognized over the vesting period of the respective grant on a straight-line basis. | ||
The Company's RSUs are net settled by withholding shares of the Company's Common Stock to cover minimum statutory income taxes and remitting the remaining shares of the Company's Common Stock to an individual brokerage account. Authorized shares of the Company's Common Stock are used to settle RSUs. | ||
Under the 2009 GIP, the Company may not grant RSUs with the right to participate in dividends or dividend equivalents. | ||
Income taxes | Income Taxes | |
The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carryforwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date. | ||
The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not (likelihood of greater than 50%) that some portion or all of the deferred tax assets will not be realized. | ||
The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes. Tax positions are recognized only when it is more likely than not (likelihood of greater than 50%), based on technical merits, that the positions will be sustained upon examination. Tax positions that meet the more-likely-than-not threshold are measured using a probability weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a tax position is a matter of judgment based on the individual facts and circumstances of that position evaluated in light of all available evidence. | ||
The Company recognizes interest and penalties related to uncertain tax positions in Income tax (provision) benefit in the consolidated statements of operations. | ||
Functional and reporting currencies | Functional and Reporting Currencies | |
For the Company's international operations where the functional currency is other than the US dollar, assets and liabilities are translated using period-end exchange rates, while the statement of operations amounts are translated using the average exchange rates for the respective period. Differences arising from the translation of assets and liabilities in comparison with the translation of the previous periods or from initial recognition during the period are included as a separate component of Accumulated other comprehensive income (loss), net. |
Summary_of_Accounting_Policies2
Summary of Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Schedule of Estimated Useful Lives of Depreciable Assets | Depreciation is calculated on a straight-line basis over the following estimated useful lives of depreciable assets: | |
Land improvements | 20 years | |
Buildings and improvements | 30 years | |
Machinery and equipment | 20 years | |
Leasehold improvements are amortized over 10 years or the remaining life of the respective lease, whichever is shorter. |
Ventures_and_Variable_Interest1
Ventures and Variable Interest Entities (Tables) | 12 Months Ended | |||||
Dec. 31, 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 consolidated balance sheets are as follows: | |||||
As of December 31, 2014 | ||||||
(In $ millions) | ||||||
Cash and cash equivalents | 1 | |||||
Property, plant and equipment | 535 | |||||
Other assets | 24 | |||||
Total assets(1) | 560 | |||||
Current liabilities(2) | 40 | |||||
Total liabilities | 40 | |||||
______________________________ | ||||||
(1) | Assets can only be used to settle the obligations of Fairway. | |||||
(2) | 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 December 31, 2014 | As of December 31, 2013 | |||||
(In $ millions) | ||||||
Property, plant and equipment, net | 96 | 111 | ||||
Trade payables | 43 | 56 | ||||
Current installments of long-term debt | 9 | 8 | ||||
Long-term debt | 125 | 136 | ||||
Total liabilities | 177 | 200 | ||||
Maximum exposure to loss | 291 | 318 | ||||
Marketable_Securities_at_Fair_1
Marketable Securities, at Fair Value (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Investments, Debt and Equity Securities [Abstract] | ||||||
Schedule of Available-for-sale Securities Reconciliation | The Company's nonqualified trusts hold available-for-sale securities for funding requirements of the Company's nonqualified pension plans (Note 15) as follows: | |||||
As of December 31, | ||||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Amortized cost | 32 | 41 | ||||
Gross unrealized gain | — | — | ||||
Gross unrealized loss | — | — | ||||
Fair value | 32 | 41 | ||||
Receivables_Net_Receivables_Ne
Receivables, Net Receivables, Net (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Receivables [Abstract] | ||||||
Schedule of Trade Receivables - Third Party and Affiliates, Net | ||||||
As of December 31, | ||||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Trade receivables - third party and affiliates | 810 | 876 | ||||
Allowance for doubtful accounts - third party and affiliates | (9 | ) | (9 | ) | ||
Trade receivables - third party and affiliates, net | 801 | 867 | ||||
Schedule of Non-trade Receivables, Net | ||||||
As of December 31, | ||||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Non-income taxes receivable | 99 | 133 | ||||
Reinsurance receivables | 20 | 25 | ||||
Income taxes receivable | 50 | 23 | ||||
Receivable from Mitsui venture (Note 5) | — | 70 | ||||
Other | 72 | 92 | ||||
Non-trade receivables, net | 241 | 343 | ||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Inventory Disclosure [Abstract] | ||||||
Schedule of Inventories | ||||||
As of December 31, | ||||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Finished goods | 579 | 571 | ||||
Work-in-process | 53 | 59 | ||||
Raw materials and supplies | 150 | 174 | ||||
Total | 782 | 804 | ||||
Investments_in_Affiliates_Tabl
Investments in Affiliates (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||||||||||||||||||||||||||
Schedule of Equity Method Investments | Equity method investments and ownership interests by business segment are as follows: | |||||||||||||||||||||||||||
Ownership | Carrying | Share of | Dividends and | |||||||||||||||||||||||||
as of | Value as of | Earnings (Loss) | Other Distributions | |||||||||||||||||||||||||
December 31, | December 31, | Year Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(In percentages) | (In $ millions) | |||||||||||||||||||||||||||
Advanced Engineered Materials | ||||||||||||||||||||||||||||
Ibn Sina | 25 | 25 | 97 | 68 | 115 | 111 | 130 | (85 | ) | (97 | ) | (126 | ) | |||||||||||||||
Fortron Industries LLC | 50 | 50 | 97 | 95 | 9 | 8 | 9 | (7 | ) | (5 | ) | (3 | ) | |||||||||||||||
Korea Engineering Plastics Co., Ltd. | 50 | 50 | 134 | 154 | 10 | 15 | 19 | (16 | ) | (19 | ) | (23 | ) | |||||||||||||||
Polyplastics Co., Ltd.(1) | 45 | 45 | 166 | 151 | 27 | 14 | 32 | (3 | ) | — | (81 | ) | ||||||||||||||||
Other Activities(2) | ||||||||||||||||||||||||||||
InfraServ GmbH & Co. Gendorf KG | 39 | 39 | 39 | 42 | 9 | 10 | 9 | (7 | ) | (6 | ) | (7 | ) | |||||||||||||||
InfraServ GmbH & Co. Hoechst KG(3) | 32 | 32 | 174 | 159 | 72 | 17 | 38 | (26 | ) | (9 | ) | (18 | ) | |||||||||||||||
InfraServ GmbH & Co. Knapsack KG | 27 | 27 | 20 | 22 | 4 | 4 | 5 | (4 | ) | (5 | ) | (4 | ) | |||||||||||||||
Consumer Specialties | ||||||||||||||||||||||||||||
Sherbrooke Capital Health and | 10 | 10 | 4 | 5 | — | 1 | — | — | — | — | ||||||||||||||||||
Wellness, L.P.(4) | ||||||||||||||||||||||||||||
Total | 731 | 696 | 246 | 180 | 242 | (148 | ) | (141 | ) | (262 | ) | |||||||||||||||||
______________________________ | ||||||||||||||||||||||||||||
(1) | During the year ended December 31, 2012, the Company amended its existing joint venture and other related agreements with Polyplastics Co., Ltd. ("Polyplastics"). The amended agreements, among other items, modified certain dividend rights, resulting in a net cash dividend payment to the Company of $72 million during the three months ended March 31, 2012. | |||||||||||||||||||||||||||
(2) | InfraServ real estate service companies ("InfraServ Entities") own and operate sites in Frankfurt am Main-Hoechst, Gendorf and Knapsack, Germany. The InfraServ Entities were created to own land and property and to provide various technical and administrative services at these manufacturing locations. | |||||||||||||||||||||||||||
(3) | InfraServ GmbH & Co. Hoechst KG is owned primarily by an entity included in the Company's Other Activities. The Company's Consumer Specialties segment and Acetyl Intermediates segment also each hold an ownership percentage. During the 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 $48 million. During the year ended December 31, 2012, a subsidiary of InfraServ GmbH & Co. Hoechst KG restructured its debt resulting in additional equity in net earnings of affiliates of $22 million attributable to the Company. | |||||||||||||||||||||||||||
(4) | The Company accounts for its ownership interest in Sherbrooke Capital Health and Wellness, L.P. under the equity method of accounting because the Company is able to exercise significant influence. | |||||||||||||||||||||||||||
Schedule of Cost Method Investments | Cost method investments and ownership interests by business segment are as follows: | |||||||||||||||||||||||||||
Ownership | Carrying | Dividend | ||||||||||||||||||||||||||
as of | Value | Income for the | ||||||||||||||||||||||||||
December 31, | as of | Year Ended | ||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(In percentages) | (In $ millions) | |||||||||||||||||||||||||||
Consumer Specialties | ||||||||||||||||||||||||||||
Kunming Cellulose Fibers Co. Ltd. | 30 | 30 | 14 | 14 | 15 | 13 | 13 | |||||||||||||||||||||
Nantong Cellulose Fibers Co. Ltd. | 31 | 31 | 106 | 106 | 87 | 68 | 59 | |||||||||||||||||||||
Zhuhai Cellulose Fibers Co. Ltd. | 30 | 30 | 14 | 14 | 13 | 11 | 11 | |||||||||||||||||||||
Other Activities | ||||||||||||||||||||||||||||
InfraServ GmbH & Co. Wiesbaden KG | 8 | 8 | 6 | 6 | 1 | 1 | 2 | |||||||||||||||||||||
Other(1) | 5 | 5 | — | — | — | |||||||||||||||||||||||
Total | 145 | 145 | 116 | 93 | 85 | |||||||||||||||||||||||
______________________________ | ||||||||||||||||||||||||||||
(1) | The Company's Hoechst Italia SpA investment of $9 million was liquidated during the three months ended June 30, 2013 resulting in a gain of $2 million included in Other income (expense), net in the consolidated statements of operations. The Company's Complejo Industrial Taqsa A.I.E. investment was impaired during the three months ended December 31, 2013 as a result of the closure of the Company's Tarragona, Spain VAM facility (Note 4). An impairment loss of $2 million is included in Other income (expense), net in the consolidated statements of operations. | |||||||||||||||||||||||||||
Schedule of Transactions with Affiliates | Transactions and balances with affiliates are as follows: | |||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||||||
Purchases | 231 | 264 | 208 | |||||||||||||||||||||||||
Sales | — | — | 1 | |||||||||||||||||||||||||
Schedule of Balances with Affiliates | Transactions and balances with affiliates are as follows: | |||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||||||
Purchases | 231 | 264 | 208 | |||||||||||||||||||||||||
Sales | — | — | 1 | |||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||||||
Non-trade receivables | 31 | 37 | ||||||||||||||||||||||||||
Total due from affiliates | 31 | 37 | ||||||||||||||||||||||||||
Short-term borrowings(1) | 16 | 26 | ||||||||||||||||||||||||||
Trade payables | 39 | 24 | ||||||||||||||||||||||||||
Current Other liabilities | 6 | 6 | ||||||||||||||||||||||||||
Total due to affiliates | 61 | 56 | ||||||||||||||||||||||||||
______________________________ | ||||||||||||||||||||||||||||
(1) | The Company has agreements with certain affiliates whereby excess affiliate cash is lent to and managed by the Compa |
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment, Net [Abstract] | |||||||||
Schedule of Property, Plant and Equipment, Net | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
(In $ millions) | |||||||||
Land | 42 | 45 | |||||||
Land improvements | 49 | 44 | |||||||
Buildings and building improvements | 658 | 692 | |||||||
Machinery and equipment | 3,910 | 3,965 | |||||||
Construction in progress | 890 | 351 | |||||||
Gross asset value | 5,549 | 5,097 | |||||||
Accumulated depreciation | (1,816 | ) | (1,672 | ) | |||||
Net book value | 3,733 | 3,425 | |||||||
Schedule of Assets Under Capital Leases | Assets under capital leases, net, included in the amounts above are as follows: | ||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
(In $ millions) | |||||||||
Buildings | 15 | 17 | |||||||
Machinery and equipment | 311 | 297 | |||||||
Accumulated depreciation | (125 | ) | (110 | ) | |||||
Net book value | 201 | 204 | |||||||
Schedule of Capitalized Interest and Depreciation Expense | Capitalized interest costs and depreciation expense are as follows: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions) | |||||||||
Capitalized interest | 16 | 9 | 7 | ||||||
Depreciation expense | 272 | 280 | 261 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Schedule of Goodwill | Goodwill | |||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Total | ||||||||||||
Engineered | Specialties | Specialties | Intermediates | |||||||||||||
Materials | ||||||||||||||||
(In $ millions) | ||||||||||||||||
As of December 31, 2012 | 297 | 249 | 42 | 189 | 777 | |||||||||||
Acquisitions (Note 4) | — | — | — | — | — | |||||||||||
Exchange rate changes | 6 | 5 | 1 | 9 | 21 | |||||||||||
As of December 31, 2013 | 303 | 254 | 43 | 198 | 798 | |||||||||||
Acquisitions (Note 4) | 9 | — | — | — | 9 | |||||||||||
Exchange rate changes | (17 | ) | (14 | ) | (2 | ) | (25 | ) | (58 | ) | ||||||
As of December 31, 2014(1) | 295 | 240 | 41 | 173 | 749 | |||||||||||
______________________________ | ||||||||||||||||
(1) | There were $0 million of accumulated impairment losses as of December 31, 2014. | |||||||||||||||
Schedule of Finite-Lived Intangible Assets, Net | Finite-lived intangible assets are as follows: | |||||||||||||||
Licenses | Customer- | Developed | Covenants | Total | ||||||||||||
Related | Technology | Not to | ||||||||||||||
Intangible | Compete | |||||||||||||||
Assets | and Other | |||||||||||||||
(In $ millions) | ||||||||||||||||
Gross Asset Value | ||||||||||||||||
As of December 31, 2012 | 32 | 525 | 30 | 32 | 619 | |||||||||||
Acquisitions (Note 4) | — | — | — | 7 | 7 | |||||||||||
Exchange rate changes | 1 | 19 | — | — | 20 | |||||||||||
As of December 31, 2013 | 33 | 544 | 30 | 39 | 646 | |||||||||||
Acquisitions (Note 4) | — | 2 | 3 | 10 | 15 | (1) | ||||||||||
Exchange rate changes | (1 | ) | (51 | ) | — | — | (52 | ) | ||||||||
As of December 31, 2014 | 32 | 495 | 33 | 49 | 609 | |||||||||||
Accumulated Amortization | ||||||||||||||||
As of December 31, 2012 | (16 | ) | (480 | ) | (17 | ) | (23 | ) | (536 | ) | ||||||
Amortization | (3 | ) | (23 | ) | (4 | ) | (2 | ) | (32 | ) | ||||||
Exchange rate changes | (1 | ) | (18 | ) | — | — | (19 | ) | ||||||||
As of December 31, 2013 | (20 | ) | (521 | ) | (21 | ) | (25 | ) | (587 | ) | ||||||
Amortization | (3 | ) | (12 | ) | (3 | ) | (2 | ) | (20 | ) | ||||||
Exchange rate changes | — | 50 | 1 | — | 51 | |||||||||||
As of December 31, 2014 | (23 | ) | (483 | ) | (23 | ) | (27 | ) | (556 | ) | ||||||
Net book value | 9 | 12 | 10 | 22 | 53 | |||||||||||
______________________________ | ||||||||||||||||
(1) | Includes intangible assets acquired from Cool Polymers, Inc. with a weighted average amortization period of seven years (Note 4). Also includes intangible assets reimbursed by Mitsui (Note 5) during the year ended December 31, 2014. | |||||||||||||||
Schedule of Indefinite-Lived Intangible Assets, Net | Indefinite-lived intangible assets are as follows: | |||||||||||||||
Trademarks | ||||||||||||||||
and Trade Names | ||||||||||||||||
(In $ millions) | ||||||||||||||||
As of December 31, 2012 | 82 | |||||||||||||||
Acquisitions (Note 4) | — | |||||||||||||||
Impairment loss (Note 2) | (1 | ) | ||||||||||||||
Exchange rate changes | 2 | |||||||||||||||
As of December 31, 2013 | 83 | |||||||||||||||
Acquisitions (Note 4) | 2 | |||||||||||||||
Impairment loss (Note 2) | — | |||||||||||||||
Exchange rate changes | (6 | ) | ||||||||||||||
As of December 31, 2014 | 79 | |||||||||||||||
Schedule of Estimated Amortization Expense | Estimated amortization expense for the succeeding five fiscal years is as follows: | |||||||||||||||
(In $ millions) | ||||||||||||||||
2015 | 11 | |||||||||||||||
2016 | 8 | |||||||||||||||
2017 | 8 | |||||||||||||||
2018 | 5 | |||||||||||||||
2019 | 3 | |||||||||||||||
Current_Other_Liabilities_Tabl
Current Other Liabilities (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Other Liabilities, Current [Abstract] | ||||||
Schedule of Current Other Liabilities | ||||||
As of December 31, | ||||||
2014 | 2013 | |||||
(In $ millions) | ||||||
Asset retirement obligations | 9 | 29 | ||||
Benefit obligations (Note 15) | 28 | 78 | ||||
Customer rebates | 53 | 48 | ||||
Derivatives (Note 22) | 13 | 12 | ||||
Environmental (Note 16) | 21 | 30 | ||||
Insurance | 9 | 14 | ||||
Interest | 19 | 24 | ||||
Restructuring (Note 18) | 21 | 60 | ||||
Salaries and benefits | 129 | 96 | ||||
Sales and use tax/foreign withholding tax payable | 13 | 12 | ||||
Uncertain tax positions (Note 19) | 59 | 64 | ||||
Other | 58 | 74 | ||||
Total | 432 | 541 | ||||
Noncurrent_Other_Liabilities_T
Noncurrent Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities, Noncurrent [Abstract] | |||||||||
Schedule of Noncurrent Other Liabilities | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
(In $ millions) | |||||||||
Asset retirement obligations | 28 | 18 | |||||||
Deferred proceeds | 47 | 53 | |||||||
Deferred revenue | 21 | 28 | |||||||
Derivatives (Note 22) | 10 | 3 | |||||||
Environmental (Note 16) | 63 | 67 | |||||||
Income taxes payable | 13 | 20 | |||||||
Insurance | 51 | 50 | |||||||
Restructuring (Note 18) | — | 2 | |||||||
Other | 50 | 46 | |||||||
Total | 283 | 287 | |||||||
Schedule of Changes in Asset Retirement Obligations | Changes in asset retirement obligations are as follows: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions) | |||||||||
Balance at beginning of year | 47 | 64 | 64 | ||||||
Additions(1) | 4 | 5 | 3 | ||||||
Accretion | 1 | 2 | 3 | ||||||
Payments | (8 | ) | (23 | ) | (12 | ) | |||
Revisions to cash flow estimates(2) | (7 | ) | (2 | ) | 5 | ||||
Exchange rate changes | — | 1 | 1 | ||||||
Balance at end of year | 37 | 47 | 64 | ||||||
______________________________ | |||||||||
(1) | Primarily relates to sites which management no longer considers to have an indeterminate life. | ||||||||
(2) | Primarily relates to revisions to the estimated cost and timing of future obligations. |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of Short-term Debt | |||||||||||||
As of 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 | 25 | 24 | |||||||||||
Short-term borrowings, including amounts due to affiliates(1) | 77 | 103 | |||||||||||
Accounts receivable securitization facility(2) | 35 | 50 | |||||||||||
Total | 137 | 177 | |||||||||||
______________________________ | |||||||||||||
(1) | The weighted average interest rate was 4.7% and 4.4% as of December 31, 2014 and 2013, respectively. | ||||||||||||
(2) | The weighted average interest rate was 0.7% as of December 31, 2014 and 2013. | ||||||||||||
Schedule of Long-term Debt | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In $ millions) | |||||||||||||
Long-Term Debt | |||||||||||||
Senior credit facilities - Term C-2 loan due 2016 | 34 | 978 | |||||||||||
Senior credit facilities - Term C-3 loan due 2018 | 906 | — | |||||||||||
Senior unsecured notes due 2018, interest rate of 6.625% | — | 600 | |||||||||||
Senior unsecured notes due 2019, interest rate of 3.250% | 364 | — | |||||||||||
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 | 260 | 264 | |||||||||||
Subtotal | 2,633 | 2,911 | |||||||||||
Current installments of long-term debt | (25 | ) | (24 | ) | |||||||||
Total | 2,608 | 2,887 | |||||||||||
Schedule of Senior Notes | The Company has outstanding senior unsecured notes issued in public offerings registered under the Securities Act of 1933, as amended, as follows (collectively, the "Senior Notes"): | ||||||||||||
Senior Notes | Issue Date | Principal | Interest Rate | Interest Pay Dates | Maturity Date | ||||||||
(In millions) | (In percentages) | ||||||||||||
3.250% Notes | Sep-14 | € 300 | 3.25 | 15-Apr | 15-Oct | October 15, 2019 | |||||||
4.625% Notes | Nov-12 | $500 | 4.625 | 15-Mar | 15-Sep | November 15, 2022 | |||||||
5.875% Notes | May-11 | $400 | 5.875 | 15-Jun | 15-Dec | June 15, 2021 | |||||||
Schedule of Net Deferred Financing Costs | Net deferred financing costs are as follows: | ||||||||||||
Net Deferred Financing Costs | |||||||||||||
(In $ millions) | |||||||||||||
As of December 31, 2011 | 28 | ||||||||||||
Financing costs deferred(1) | 8 | ||||||||||||
Accelerated amortization due to refinancing activity(2) | (1 | ) | |||||||||||
Amortization | (5 | ) | |||||||||||
As of December 31, 2012 | 30 | ||||||||||||
Financing costs deferred(3) | 2 | ||||||||||||
Accelerated amortization due to refinancing activity | — | ||||||||||||
Amortization | (5 | ) | |||||||||||
As of December 31, 2013 | 27 | ||||||||||||
Financing costs deferred(4) | 10 | ||||||||||||
Accelerated amortization due to refinancing activity(5) | (5 | ) | |||||||||||
Amortization | (5 | ) | |||||||||||
As of December 31, 2014 | 27 | ||||||||||||
____________________________ | |||||||||||||
(1) | Relates to the issuance of the 4.625% Notes. | ||||||||||||
(2) | Relates to the $400 million prepayment of the Term C loan facility with proceeds from the 4.625% Notes. | ||||||||||||
(3) | Relates to the September 2013 amendment to the Celanese US existing senior secured credit facilities to reduce the interest rates payable in connection with certain borrowings thereby creating the Term C-2 loan facility due 2016. | ||||||||||||
(4) | Includes $6 million related to the issuance of the 3.250% Notes and $4 million related to the September 24, 2014 amendment to the Celanese US existing senior secured credit facilities. | ||||||||||||
(5) | Includes $4 million related to the 6.625% Notes redemption and $1 million related to the Term C-2 loan facility conversion. | ||||||||||||
Schedule of First Lien Senior Secured Leverage Ratios | The Company's first lien senior secured leverage ratios under the revolving credit facility are as follows: | ||||||||||||
As of December 31, 2014 | |||||||||||||
Maximum | Estimate | Estimate, if Fully Drawn | |||||||||||
3.9 | 0.64 | 1.21 | |||||||||||
Schedule of Balances Available for Borrowing | The Company's balances available for borrowing are as follows: | ||||||||||||
As of December 31, 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 | ||||||||||||
Schedule of Principle Payments | Principal payments scheduled to be made on the Company's debt, including short-term borrowings, are as follows: | ||||||||||||
(In $ millions) | |||||||||||||
2015 | 137 | ||||||||||||
2016 | 60 | ||||||||||||
2017 | 29 | ||||||||||||
2018 | 901 | ||||||||||||
2019 | 390 | ||||||||||||
Thereafter | 1,228 | ||||||||||||
Total | 2,745 | ||||||||||||
Benefit_Obligations_Tables
Benefit Obligations (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||
Schedule of Contributions to Multiemployer Defined Benefit Pension Plans | Contributions made by the Company to the German multiemployer plan are as follows: | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Multiemployer defined benefit plan | 8 | 8 | 6 | |||||||||||||||
Schedule of Postemployment Obligations | Postemployment obligations are as follows: | |||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Postemployment benefits | 12 | 16 | ||||||||||||||||
Schedule of Contributions to Defined Contribution Plans | The amount of costs recognized for the Company's defined contribution plans are as follows: | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Defined contribution plans | 40 | 19 | 17 | |||||||||||||||
Schedule of Company's Pension and Post Retirement Benefit Plans | Summarized information on the Company's pension and postretirement benefit plans is as follows: | |||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
(In $ millions) | ||||||||||||||||||
Change in Projected Benefit Obligation | ||||||||||||||||||
Projected benefit obligation as of beginning of period | 3,799 | 4,199 | 136 | 292 | ||||||||||||||
Service cost | 11 | 34 | 1 | 2 | ||||||||||||||
Interest cost | 168 | 154 | 4 | 9 | ||||||||||||||
Participant contributions | — | — | 5 | 23 | ||||||||||||||
Plan amendments | (1 | ) | (1 | ) | (5 | ) | (92 | ) | ||||||||||
Net actuarial (gain) loss(1) | 458 | (119 | ) | 11 | (37 | ) | ||||||||||||
Settlements | (221 | ) | (172 | ) | — | (23 | ) | |||||||||||
Benefits paid | (232 | ) | (244 | ) | (61 | ) | (43 | ) | ||||||||||
Federal subsidy on Medicare Part D | — | — | (2 | ) | 6 | |||||||||||||
Curtailments | — | (67 | ) | — | — | |||||||||||||
Exchange rate changes | (68 | ) | 6 | (4 | ) | (1 | ) | |||||||||||
Other | 1 | 9 | — | — | ||||||||||||||
Projected benefit obligation as of end of period | 3,915 | 3,799 | 85 | 136 | ||||||||||||||
Change in Plan Assets | ||||||||||||||||||
Fair value of plan assets as of beginning of period | 2,709 | 2,896 | — | — | ||||||||||||||
Actual return on plan assets | 327 | 171 | — | — | ||||||||||||||
Employer contributions | 165 | 59 | 56 | 43 | ||||||||||||||
Participant contributions | — | — | 5 | 23 | ||||||||||||||
Settlements | (143 | ) | (173 | ) | — | (23 | ) | |||||||||||
Benefits paid(2) | (232 | ) | (244 | ) | (61 | ) | (43 | ) | ||||||||||
Exchange rate changes | (37 | ) | — | — | — | |||||||||||||
Fair value of plan assets as of end of period | 2,789 | 2,709 | — | — | ||||||||||||||
Funded status as of end of period | (1,126 | ) | (1,090 | ) | (85 | ) | (136 | ) | ||||||||||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||||||||||||||||
Noncurrent Other assets | 16 | 11 | — | — | ||||||||||||||
Current Other liabilities | (23 | ) | (23 | ) | (5 | ) | (55 | ) | ||||||||||
Benefit obligations | (1,119 | ) | (1,078 | ) | (80 | ) | (81 | ) | ||||||||||
Net amount recognized | (1,126 | ) | (1,090 | ) | (85 | ) | (136 | ) | ||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ||||||||||||||||||
Net actuarial (gain) loss(3) | 16 | 9 | — | — | ||||||||||||||
Prior service (benefit) cost(4) | (4 | ) | (3 | ) | 3 | (75 | ) | |||||||||||
Net amount recognized | 12 | 6 | 3 | (75 | ) | |||||||||||||
______________________________ | ||||||||||||||||||
(1) | Primarily relates to change in discount rates. | |||||||||||||||||
(2) | Includes benefit payments to nonqualified pension plans of $22 million and $22 million as of December 31, 2014 and 2013, respectively. | |||||||||||||||||
(3) | Relates to the pension plans of the Company's equity method investments. | |||||||||||||||||
(4) | Amount shown net of an income tax benefit of $4 million and income tax expense of $26 million as of December 31, 2014 and 2013, respectively, in the consolidated statements of equity (Note 17). | |||||||||||||||||
Schedule of Percentage of US and International Projected Benefit Obligation | The percentage of US and international projected benefit obligation at the end of the period is as follows: | |||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
(In percentages) | ||||||||||||||||||
US plans | 85 | 86 | 59 | 75 | ||||||||||||||
International plans | 15 | 14 | 41 | 25 | ||||||||||||||
Total | 100 | 100 | 100 | 100 | ||||||||||||||
Schedule of Percentage of US and International Fair Value of Plan Assets | The percentage of US and international fair value of plan assets at the end of the period is as follows: | |||||||||||||||||
Pension Benefits | ||||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(In percentages) | ||||||||||||||||||
US plans | 88 | 88 | ||||||||||||||||
International plans | 12 | 12 | ||||||||||||||||
Total | 100 | 100 | ||||||||||||||||
Schedule of Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | Pension plans with projected benefit obligations in excess of plan assets are as follows: | |||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Projected benefit obligation | 3,866 | 3,749 | ||||||||||||||||
Fair value of plan assets | 2,724 | 2,648 | ||||||||||||||||
Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Included in the above table are pension plans with accumulated benefit obligations in excess of plan assets as follows: | |||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Accumulated benefit obligation | 3,833 | 3,715 | ||||||||||||||||
Fair value of plan assets | 2,713 | 2,633 | ||||||||||||||||
Schedule of Accumulated Benefit Obligation for All Defined Benefit Pension Plans | The accumulated benefit obligation for all defined benefit pension plans is as follows: | |||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Accumulated benefit obligation | 3,892 | 3,778 | ||||||||||||||||
Schedule of Net Periodic Benefit Costs | The components of net periodic benefit cost are as follows: | |||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
(In $ millions) | ||||||||||||||||||
Service cost | 11 | 34 | 28 | 1 | 2 | 1 | ||||||||||||
Interest cost | 168 | 154 | 170 | 4 | 9 | 11 | ||||||||||||
Expected return on plan assets | (214 | ) | (223 | ) | (204 | ) | — | — | — | |||||||||
Amortization of prior service cost | — | 1 | 2 | (83 | ) | (12 | ) | 1 | ||||||||||
Recognized actuarial (gain) loss | 339 | (1) | (67 | ) | 377 | 11 | (37 | ) | 12 | |||||||||
Curtailment (gain) loss | — | (61 | ) | — | — | — | — | |||||||||||
Settlement (gain) loss | (78 | ) | 9 | — | — | — | — | |||||||||||
Special termination benefits | — | — | — | — | — | — | ||||||||||||
Total | 226 | (153 | ) | 373 | (67 | ) | (38 | ) | 25 | |||||||||
______________________________ | ||||||||||||||||||
(1) | Includes a loss of $52 million reflecting the incorporation of the RP-2014 mortality tables into the actuarial assumptions for the US qualified pension plans. | |||||||||||||||||
Schedule of Amortization of Accumulated Other Comprehensive Income (Loss), Net Into Net Periodic Benefit Cost | Amortization of Accumulated other comprehensive income (loss), net into net periodic benefit cost in 2015 is expected to be as follows: | |||||||||||||||||
Pension | Postretirement | |||||||||||||||||
Benefits | Benefits | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Prior service cost | — | — | ||||||||||||||||
Schedule of Nonqualified Pension Plans Funded with Nonqualified Trusts | The Company maintains nonqualified pension plans funded with nonqualified trusts for certain US employees as follows: | |||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Nonqualified Trust Assets | ||||||||||||||||||
Marketable securities, at fair value | 32 | 41 | ||||||||||||||||
Noncurrent Other assets, consisting of insurance contracts | 56 | 62 | ||||||||||||||||
Nonqualified Pension Obligations | ||||||||||||||||||
Current Other liabilities | 22 | 22 | ||||||||||||||||
Benefit obligations | 268 | 247 | ||||||||||||||||
Schedule of Expense Related to Nonqualified Pension Plans Included in Net Periodic Benefit Cost, Excluding Returns on Assets | Expense relating to the nonqualified pension plans included in net periodic benefit cost, excluding returns on the assets held by the nonqualified trusts, is as follows: | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Total | 43 | 6 | 17 | |||||||||||||||
Schedule of Principle Weighted Average Assumptions Used to Determine Benefit Obligations and Benefit Cost | The principal weighted average assumptions used to determine benefit obligation are as follows: | |||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
(In percentages) | ||||||||||||||||||
Discount Rate Obligations | ||||||||||||||||||
US plans | 3.9 | 4.7 | 3.7 | 4.3 | ||||||||||||||
International plans | 2.4 | 3.7 | 3.5 | 4.5 | ||||||||||||||
Combined | 3.7 | 4.6 | 3.6 | 4.4 | ||||||||||||||
Rate of Compensation Increase | ||||||||||||||||||
US plans | N/A | 3 | ||||||||||||||||
International plans | 2.8 | 2.8 | ||||||||||||||||
Combined | 2.8 | 3 | ||||||||||||||||
The principal weighted average assumptions used to determine net periodic benefit cost are as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
(In percentages) | ||||||||||||||||||
Discount Rate Obligations | ||||||||||||||||||
US plans | 4.7 | 3.8 | 4.6 | 4.3 | 3.4 | 4.3 | ||||||||||||
International plans | 3.7 | 3.6 | 4.7 | 4.5 | 3.8 | 4 | ||||||||||||
Combined | 4.6 | 3.8 | 4.6 | 4.4 | 3.5 | 4.3 | ||||||||||||
Expected Return on Plan Assets | ||||||||||||||||||
US plans | 8.5 | 8.5 | 8.5 | |||||||||||||||
International plans | 6.2 | 5.8 | 6 | |||||||||||||||
Combined | 8.2 | 8 | 8.1 | |||||||||||||||
Rate of Compensation Increase | ||||||||||||||||||
US plans | 3 | 4 | 4 | |||||||||||||||
International plans | 2.8 | 2.9 | 2.9 | |||||||||||||||
Combined | 3 | 3.8 | 3.8 | |||||||||||||||
Schedule of Health Care Cost Trend Rates | The Company's health care cost trend assumptions for US postretirement medical plan's net periodic benefit cost are as follows: | |||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
(In percentages, except year) | ||||||||||||||||||
Health care cost trend rate assumed for next year | 7 | 7.5 | 7.5 | |||||||||||||||
Health care cost trend ultimate rate | 5 | 5 | 5 | |||||||||||||||
Health care cost trend ultimate rate year | 2020 | 2017 | 2016 | |||||||||||||||
Schedule of Impact of One-Percentage-Point Change in Assumed Health Care Cost Trend | The impact of a one percentage point change in the assumed health care cost trend is as follows: | |||||||||||||||||
Trend Rate Change | ||||||||||||||||||
Decreases 1% | Increases 1% | |||||||||||||||||
(In $ millions) | ||||||||||||||||||
Postretirement obligations | 7 | 9 | ||||||||||||||||
Service and interest cost | — | 1 | ||||||||||||||||
Schedule of Weighted Average Target Asset Allocations | The weighted average target asset allocations for the Company's pension plans in 2015 are as follows: | |||||||||||||||||
US | International | |||||||||||||||||
Plans | Plans | |||||||||||||||||
(In percentages) | ||||||||||||||||||
Bonds - domestic to plans | 54 | 71 | ||||||||||||||||
Equities - domestic to plans | 26 | 19 | ||||||||||||||||
Equities - international to plans | 20 | 3 | ||||||||||||||||
Other | — | 7 | ||||||||||||||||
Total | 100 | 100 | ||||||||||||||||
Schedule of Fair Values of Pension Plan Assets | ||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||
Quoted Prices in | Significant | Total | ||||||||||||||||
Active Markets | Other | |||||||||||||||||
for Identical | Observable | |||||||||||||||||
Assets | Inputs | |||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||
As of December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(In $ millions) | ||||||||||||||||||
Assets | ||||||||||||||||||
Cash and cash equivalents | 6 | 8 | — | — | 6 | 8 | ||||||||||||
Common/collective trusts | ||||||||||||||||||
Loans | — | — | 61 | 51 | 61 | 51 | ||||||||||||
Equities | — | — | 217 | 179 | 217 | 179 | ||||||||||||
Derivatives | ||||||||||||||||||
Swaps | — | — | 275 | 49 | 275 | 49 | ||||||||||||
Other | — | — | 2 | — | 2 | — | ||||||||||||
Equity securities | ||||||||||||||||||
US companies | 227 | 462 | — | — | 227 | 462 | ||||||||||||
International companies | 383 | 426 | — | — | 383 | 426 | ||||||||||||
Fixed income | ||||||||||||||||||
Corporate debt | — | — | 639 | 855 | 639 | 855 | ||||||||||||
Treasuries, other debt | 68 | 4 | 655 | 390 | 723 | 394 | ||||||||||||
Mortgage backed securities | — | — | 31 | 27 | 31 | 27 | ||||||||||||
Registered investment companies | — | — | 133 | 124 | 133 | 124 | ||||||||||||
Securities lending collateral | 6 | 6 | — | — | 6 | 6 | ||||||||||||
Short-term investments | — | — | 263 | 131 | 263 | 131 | ||||||||||||
Insurance contracts | — | — | 34 | 34 | 34 | 34 | ||||||||||||
Other | 38 | 15 | 36 | 8 | 74 | 23 | ||||||||||||
Total investments, at fair value | 728 | 921 | 2,346 | 1,848 | 3,074 | 2,769 | ||||||||||||
Liabilities | ||||||||||||||||||
Derivatives | ||||||||||||||||||
Swaps | — | — | 270 | 48 | 270 | 48 | ||||||||||||
Other | — | — | 2 | 1 | 2 | 1 | ||||||||||||
Obligations under securities lending | 6 | 6 | — | — | 6 | 6 | ||||||||||||
Total liabilities | 6 | 6 | 272 | 49 | 278 | 55 | ||||||||||||
Total net assets(1) | 722 | 915 | 2,074 | 1,799 | 2,796 | 2,714 | ||||||||||||
______________________________ | ||||||||||||||||||
(1) | Total net assets excludes non-financial plan receivables and payables of $19 million and $26 million, respectively, as of December 31, 2014 and $26 million and $31 million, respectively, as of December 31, 2013. Non-financial items include due to/from broker, interest receivables and accrued expenses. | |||||||||||||||||
Schedule of Pension Benefits Expected to be Paid from the Plans or From the Company's Assets | Pension benefits and postretirement benefit cost expected to be paid are as follows: | |||||||||||||||||
Pension | Company Portion of Postretirement Benefit Cost(2) | |||||||||||||||||
Benefit | ||||||||||||||||||
Payments(1) | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
2015 | 229 | 5 | ||||||||||||||||
2016 | 227 | 5 | ||||||||||||||||
2017 | 227 | 5 | ||||||||||||||||
2018 | 227 | 5 | ||||||||||||||||
2019 | 229 | 5 | ||||||||||||||||
2020-2024 | 1,134 | 25 | ||||||||||||||||
______________________________ | ||||||||||||||||||
(1) | Payments are expected to be made primarily from plan assets. | |||||||||||||||||
(2) | Payments are expected to be made primarily from Company assets. |
Environmental_Tables
Environmental (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Environmental Remediation Obligations [Abstract] | |||||||
Schedule of Environmental Remediation Reserves | The components of environmental remediation reserves are as follows: | ||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
(In $ millions) | |||||||
Demerger obligations (Note 24) | 25 | 27 | |||||
Divestiture obligations (Note 24) | 21 | 21 | |||||
Active sites | 23 | 32 | |||||
US Superfund sites | 12 | 13 | |||||
Other environmental remediation reserves | 3 | 4 | |||||
Total | 84 | 97 | |||||
Schedule of Environmental Ownership and Liability Percentages | The Company's ownership interest and environmental liability participation percentages for such liabilities, which cannot be attributed to an InfraServ partner are as follows: | ||||||
As of December 31, 2014 | |||||||
Ownership | Liability | Reserves(1) | |||||
(In percentages) | (In $ millions) | ||||||
InfraServ GmbH & Co. Gendorf KG | 39 | 10 | 13 | ||||
InfraServ GmbH & Co. Hoechst KG | 32 | 40 | 70 | ||||
InfraServ GmbH & Co. Knapsack KG | 27 | 22 | 1 | ||||
______________________________ | |||||||
(1) | Gross reserves maintained by the respective InfraServ entity. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 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-12 | 25 | 0.075 | 0.3 | Aug-12 | |||||||||||||||||||||||
Apr-13 | 20 | 0.09 | 0.36 | May-13 | |||||||||||||||||||||||
Jul-13 | 100 | 0.18 | 0.72 | Aug-13 | |||||||||||||||||||||||
Apr-14 | 39 | 0.25 | 1 | May-14 | |||||||||||||||||||||||
Schedule of 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 | ||||||||||||||||||||||||||
Oct-14 | 301 | ||||||||||||||||||||||||||
As of December 31, 2014 | 1,366 | ||||||||||||||||||||||||||
These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program does not have an expiration date. | |||||||||||||||||||||||||||
The share repurchase activity pursuant to this authorization is as follows: | |||||||||||||||||||||||||||
Year Ended December 31, | Total From | ||||||||||||||||||||||||||
Feb-08 | |||||||||||||||||||||||||||
Through | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | 31-Dec-14 | ||||||||||||||||||||||||
Shares repurchased | 4,338,488 | 3,186,180 | (1) | 1,059,719 | (1) | 20,667,195 | (2) | ||||||||||||||||||||
Average purchase price per share | $ | 57.61 | $ | 51.38 | $ | 42.44 | $ | 44.27 | |||||||||||||||||||
Amount spent on repurchased shares (in millions) | $ | 250 | $ | 164 | $ | 45 | $ | 915 | |||||||||||||||||||
______________________________ | |||||||||||||||||||||||||||
(1) | The years ended December 31, 2013 and 2012 exclude 6,021 and 5,823 shares, respectively, withheld from an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. 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 | |||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Gross | Income | Net | Gross | Income | Net | Gross | Income | Net | |||||||||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||||||||
(Provision) | (Provision) | (Provision) | |||||||||||||||||||||||||
Benefit | Benefit | Benefit | |||||||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | 1 | 1 | 1 | (1) | — | 1 | — | — | — | |||||||||||||||||
Foreign currency translation | (188 | ) | 40 | (148 | ) | 55 | (35 | ) | 20 | 13 | (8 | ) | 5 | ||||||||||||||
Gain (loss) on cash flow hedges | — | 40 | 40 | 9 | (3 | ) | 6 | 10 | (2) | (3 | ) | 7 | |||||||||||||||
Pension and postretirement benefits | (84 | ) | (3) | 30 | (54 | ) | 88 | (30 | ) | 58 | (12 | ) | (3) | 1 | (11 | ) | |||||||||||
Total | (272 | ) | 111 | (161 | ) | 153 | (68 | ) | 85 | 11 | (10 | ) | 1 | ||||||||||||||
______________________________ | |||||||||||||||||||||||||||
(1) | Includes $1 million of unrealized gains related to the Company's equity method investments. | ||||||||||||||||||||||||||
(2) | Includes $2 million of gains related to the Company's equity method investment. | ||||||||||||||||||||||||||
(3) | Includes $7 million and $10 million of defined benefit obligation and other postretirement obligation activity related to the Company's equity method investments for the years ended December 31, 2014 and December 31, 2012, respectively. | ||||||||||||||||||||||||||
Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net | Adjustments to Accumulated other comprehensive income (loss), net, are as follows: | ||||||||||||||||||||||||||
Unrealized | Foreign | Gain (Loss) | Pension | Accumulated | |||||||||||||||||||||||
Gain (Loss) on | Currency | from Cash Flow Hedges | and | Other | |||||||||||||||||||||||
Marketable | Translation | (Note 22) | Postretirement | Comprehensive | |||||||||||||||||||||||
Securities | Benefits | Income | |||||||||||||||||||||||||
(Note 6) | (Note 15) | (Loss), Net | |||||||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||||||
As of December 31, 2011 | (1 | ) | (28 | ) | (57 | ) | (4 | ) | (90 | ) | |||||||||||||||||
Current period change | — | 13 | 10 | (12 | ) | 11 | |||||||||||||||||||||
Income tax (provision) benefit | — | (8 | ) | (3 | ) | 1 | (10 | ) | |||||||||||||||||||
As of December 31, 2012 | (1 | ) | (23 | ) | (50 | ) | (15 | ) | (89 | ) | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | 1 | 55 | (2 | ) | 99 | 153 | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 11 | (11 | ) | — | |||||||||||||||||||||
Income tax (provision) benefit | — | (35 | ) | (3 | ) | (30 | ) | (68 | ) | ||||||||||||||||||
As of December 31, 2013 | — | (3 | ) | (44 | ) | 43 | (4 | ) | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | — | (188 | ) | (9 | ) | (1 | ) | (198 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 9 | (83 | ) | (74 | ) | ||||||||||||||||||||
Income tax (provision) benefit | 1 | 40 | 40 | 30 | 111 | ||||||||||||||||||||||
As of December 31, 2014 | 1 | (151 | ) | (4 | ) | (11 | ) | (165 | ) | ||||||||||||||||||
Other_Charges_Gains_Net_Tables
Other (Charges) Gains, Net (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||
Schedule of Other (Charges) Gains, Net | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee termination benefits (Note 4) | (7 | ) | (23 | ) | (6 | ) | ||||||||||||
Kelsterbach plant relocation (Note 28) | — | (13 | ) | (7 | ) | |||||||||||||
Plumbing actions | — | — | 5 | |||||||||||||||
Asset impairments | — | (81 | ) | (8 | ) | |||||||||||||
Plant/office closures (Note 4) | 2 | (33 | ) | — | ||||||||||||||
Commercial disputes | 11 | (8 | ) | 2 | ||||||||||||||
Other | 9 | — | — | |||||||||||||||
Total | 15 | (158 | ) | (14 | ) | |||||||||||||
Schedule of Restructuring Reserve | The changes in the restructuring reserves by business segment are as follows: | |||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Total | |||||||||||||
Engineered | Specialties | Specialties | Intermediates | |||||||||||||||
Materials | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||
Employee Termination Benefits | ||||||||||||||||||
As of December 31, 2012 | 6 | 13 | — | 3 | 7 | 29 | ||||||||||||
Additions | — | — | 3 | 20 | — | 23 | ||||||||||||
Cash payments | (2 | ) | (10 | ) | (1 | ) | (8 | ) | (2 | ) | (23 | ) | ||||||
Other changes | — | — | — | — | (1 | ) | (1 | ) | ||||||||||
Exchange rate changes | — | — | — | 1 | — | 1 | ||||||||||||
As of December 31, 2013 | 4 | 3 | 2 | 16 | 4 | 29 | ||||||||||||
Additions | 1 | 1 | 1 | 4 | — | 7 | ||||||||||||
Cash payments | (1 | ) | (3 | ) | (2 | ) | (14 | ) | (1 | ) | (21 | ) | ||||||
Other changes | — | — | — | — | — | — | ||||||||||||
Exchange rate changes | — | — | — | (1 | ) | — | (1 | ) | ||||||||||
As of December 31, 2014 | 4 | 1 | 1 | 5 | 3 | 14 | ||||||||||||
Plant/Office Closures | ||||||||||||||||||
As of December 31, 2012 | — | — | — | 1 | — | 1 | ||||||||||||
Additions | — | — | — | 33 | — | 33 | ||||||||||||
Cash payments | — | — | — | (1 | ) | — | (1 | ) | ||||||||||
Other changes | — | — | — | — | — | — | ||||||||||||
Exchange rate changes | — | — | — | — | — | — | ||||||||||||
As of December 31, 2013 | — | — | — | 33 | — | 33 | ||||||||||||
Additions | — | — | — | — | — | — | ||||||||||||
Cash payments | — | — | — | (9 | ) | — | (9 | ) | ||||||||||
Other changes | — | — | — | (15 | ) | (1) | — | (15 | ) | |||||||||
Exchange rate changes | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
As of December 31, 2014 | — | — | — | 7 | — | 7 | ||||||||||||
Total | 4 | 1 | 1 | 12 | 3 | 21 | ||||||||||||
______________________________ | ||||||||||||||||||
(1) | Includes a $13 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 4). |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Earnings (Loss) from Continuing Operations Before Tax by Jurisdiction | Earnings (loss) from continuing operations before tax by jurisdiction are as follows: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions) | |||||||||
US | 534 | 806 | 195 | ||||||
International(1) | 407 | 803 | 126 | ||||||
Total | 941 | 1,609 | 321 | ||||||
______________________________ | |||||||||
(1) | Includes aggregate earnings generated by operations in Bermuda, Luxembourg, the Netherlands and Hong Kong of $308 million, $275 million and $320 million for the years ended December 31, 2014, 2013 and 2012, respectively, which have an aggregate effective income tax rate of 4.8%, 4.0% and 5.6% for each year, respectively. | ||||||||
Schedule of Income Tax Provision (Benefit) | The income tax provision (benefit) consists of the following: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions) | |||||||||
Current | |||||||||
US | 108 | 78 | 41 | ||||||
International | 56 | 83 | 76 | ||||||
Total | 164 | 161 | 117 | ||||||
Deferred | |||||||||
US | 156 | 194 | (66 | ) | |||||
International | (6 | ) | 153 | (106 | ) | ||||
Total | 150 | 347 | (172 | ) | |||||
Total | 314 | 508 | (55 | ) | |||||
Schedule of Effective Tax Rate Reconciliation | A reconciliation of the significant differences between the US federal statutory tax rate of 35% and the effective income tax rate on income from continuing operations is as follows: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions, except percentages) | |||||||||
Income tax provision computed at US federal statutory tax rate | 329 | 563 | 112 | ||||||
Change in valuation allowance | 49 | 89 | 29 | ||||||
Equity income and dividends | (50 | ) | (44 | ) | (31 | ) | |||
(Income) expense not resulting in tax impact, net | (34 | ) | (33 | ) | (39 | ) | |||
US tax effect of foreign earnings and dividends | 49 | 35 | 42 | ||||||
Foreign tax credits | (34 | ) | (38 | ) | (187 | ) | |||
Other foreign tax rate differentials | (33 | ) | (55 | ) | (2 | ) | |||
Legislative changes | — | (19 | ) | — | |||||
Tax-deductible interest on foreign equity investments and other related items | 12 | 11 | 11 | ||||||
State income taxes, net of federal benefit | 9 | 11 | 4 | ||||||
Other, net | 17 | (12 | ) | 6 | |||||
Income tax provision (benefit) | 314 | 508 | (55 | ) | |||||
Effective income tax rate | 33 | % | 32 | % | -17 | % | |||
Schedule of Consolidated Deferred Tax Assets and Liabilities | Significant components of the consolidated deferred tax assets and liabilities are as follows: | ||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
(In $ millions) | |||||||||
Deferred Tax Assets | |||||||||
Pension and postretirement obligations | 424 | 374 | |||||||
Accrued expenses | 41 | 139 | |||||||
Inventory | 10 | 10 | |||||||
Net operating loss | 468 | 563 | |||||||
Tax credit carryforwards | 100 | 94 | |||||||
Other | 165 | 165 | |||||||
Subtotal | 1,208 | 1,345 | |||||||
Valuation allowance(1) | (413 | ) | (461 | ) | |||||
Total | 795 | 884 | |||||||
Deferred Tax Liabilities | |||||||||
Depreciation and amortization | 416 | 479 | |||||||
Investments in affiliates | 143 | 142 | |||||||
Other | 102 | 94 | |||||||
Total | 661 | 715 | |||||||
Net deferred tax assets (liabilities) | 134 | 169 | |||||||
______________________________ | |||||||||
(1) | Includes deferred tax asset valuation allowances primarily for the Company's deferred tax assets in the US, Luxembourg, Spain, China, Singapore, the United Kingdom and Canada, as well as other foreign jurisdictions. These valuation allowances relate primarily to net operating loss carryforward benefits and other net deferred tax assets, all of which may not be realizable. | ||||||||
Schedule of Activity Related to Uncertain Tax Positions | Activity related to uncertain tax positions is as follows: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions) | |||||||||
As of the beginning of the year | 244 | 218 | 212 | ||||||
Increases in tax positions for the current year | 7 | 3 | 6 | ||||||
Increases in tax positions for prior years | 24 | 57 | 43 | ||||||
Decreases in tax positions for prior years | (46 | ) | (32 | ) | (19 | ) | |||
Decreases due to settlements | (1 | ) | (2 | ) | (24 | ) | |||
As of the end of the year | 228 | 244 | 218 | ||||||
Total uncertain tax positions that if recognized would impact the effective tax rate | 245 | 258 | 237 | ||||||
Total amount of interest expense (benefit) and penalties recognized in the consolidated statements of operations | 2 | 12 | (2 | ) | |||||
Total amount of interest expense and penalties recognized in the consolidated balance sheets | 67 | 65 | 53 | ||||||
Management_Compensation_Plans_
Management Compensation Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Schedule of Total Shares Available for and Subject to Awards | Total shares available for awards and total shares subject to outstanding awards are as follows: | ||||||||||||
As of December 31, 2014 | |||||||||||||
Shares | Shares | ||||||||||||
Available for | Subject to | ||||||||||||
Awards | Outstanding | ||||||||||||
Awards | |||||||||||||
2009 GIP | 8,336,467 | 2,844,382 | |||||||||||
2004 Stock Incentive Plan | — | 136,500 | (1) | ||||||||||
______________________________ | |||||||||||||
(1) | No RSUs remain outstanding under the 2004 Stock Incentive Plan. | ||||||||||||
Schedule of Realized Income Tax Benefits from Stock Option Exercises and RSU Vestings | The Company realized income tax benefits from stock option exercises and RSU vestings as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In $ millions) | |||||||||||||
Income tax benefit realized | 2 | 2 | 31 | ||||||||||
Amount reversed in current year related to prior year | — | — | 1 | ||||||||||
Schedule of Summary of Changes in Stock Options Outstanding | The summary of changes in stock options outstanding is as follows: | ||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Options | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(In thousands) | (In $) | (In years) | (In $ millions) | ||||||||||
As of December 31, 2013 | 547 | 29.75 | 3.6 | 14 | |||||||||
Granted | — | — | |||||||||||
Exercised | (202 | ) | 22.98 | ||||||||||
Forfeited | (2 | ) | 32.5 | ||||||||||
Expired | — | — | |||||||||||
As of December 31, 2014 | 343 | 33.72 | 3.2 | 7 | |||||||||
Options exercisable at end of year | 290 | 32.67 | 2.9 | 6 | |||||||||
Schedule of Black-Scholes Option Pricing Method Assumptions | The weighted average assumptions used in the Black-Scholes option pricing method for stock option grants are as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | N/A | 0.68 | % | 0.78 | % | ||||||||
Estimated life in years | N/A | 4.5 | 4.59 | ||||||||||
Dividend yield | N/A | 0.64 | % | 0.7 | % | ||||||||
Volatility | N/A | 49.5 | % | 50.31 | % | ||||||||
Schedule of Intrinsic Value of Stock Options Exercises | The total intrinsic value of stock options exercised is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In $ millions) | |||||||||||||
Intrinsic value | 7 | 6 | 110 | ||||||||||
Schedule of Summary of Changes in Performance-based RSUs Outstanding | A summary of changes in nonvested performance-based RSUs outstanding is as follows: | ||||||||||||
Number of | Weighted | ||||||||||||
Units | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
(In thousands) | (In $) | ||||||||||||
As of December 31, 2013 | 733 | 46.18 | |||||||||||
Granted | 563 | 48.67 | |||||||||||
Vested | — | — | |||||||||||
Canceled | (201 | ) | 43.2 | ||||||||||
Forfeited | (68 | ) | 47.8 | ||||||||||
As of December 31, 2014 | 1,027 | 48.02 | |||||||||||
Schedule of Summary of Changes in Time-based RSUs Outstanding | A summary of changes in nonvested time-based RSUs outstanding is as follows: | ||||||||||||
Employee Time-Based RSUs | Director Time-Based RSUs | ||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||
Units | Average Grant Date | Units | Average | ||||||||||
Fair Value | Grant Date | ||||||||||||
Fair Value | |||||||||||||
(In thousands) | (In $) | (In thousands) | (In $) | ||||||||||
As of December 31, 2013 | 225 | 37.02 | 16 | 48.51 | |||||||||
Granted | 35 | 54.29 | 19 | 58.48 | |||||||||
Vested | (143 | ) | 34.36 | (16 | ) | 48.51 | |||||||
Forfeited | (5 | ) | 37.14 | — | — | ||||||||
As of December 31, 2014 | 112 | (1) | 45.87 | 19 | 58.48 | ||||||||
______________________________ | |||||||||||||
(1) | Includes 22,082 of unvested restricted stock awards granted to the Company's Chief Executive Officer on April 5, 2012. | ||||||||||||
Employee Stock Option [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Schedule of Weighted Average Grant Date Fair Values of Stock Options | The weighted average grant date fair value of stock options granted is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In $) | |||||||||||||
Total | N/A | 18.5 | 16.21 | ||||||||||
Performance Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Schedule of Fair Value of Shares Vested | The fair value of shares vested for performance-based RSUs is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In $ millions) | |||||||||||||
Total | — | 10 | 12 | ||||||||||
Time Restricted Stock Units (RSUs) [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Schedule of Fair Value of Shares Vested | The fair value of shares vested for time-based RSUs is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In $ millions) | |||||||||||||
Total | 9 | 12 | 13 | ||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Leases [Abstract] | |||||||||
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum lease payments under non-cancelable rental and lease agreements, which have initial or remaining terms in excess of one year are as follows: | ||||||||
As of December 31, 2014 | |||||||||
Capital Leases | |||||||||
(In $ millions) | |||||||||
2015 | 47 | ||||||||
2016 | 47 | ||||||||
2017 | 47 | ||||||||
2018 | 47 | ||||||||
2019 | 47 | ||||||||
Later years | 249 | ||||||||
Sublease income | — | ||||||||
Minimum lease commitments | 484 | ||||||||
Less amounts representing interest | (224 | ) | |||||||
Present value of net minimum lease obligations | 260 | ||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | |||||||||
As of December 31, 2014 | |||||||||
Operating Leases | |||||||||
(In $ millions) | |||||||||
2015 | 65 | ||||||||
2016 | 57 | ||||||||
2017 | 40 | ||||||||
2018 | 28 | ||||||||
2019 | 25 | ||||||||
Later years | 157 | ||||||||
Sublease income | (8 | ) | |||||||
Minimum lease commitments | 364 | ||||||||
Schedule of Rent Expense | Rent expense recorded under all operating leases is as follows: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions) | |||||||||
Total | 161 | 160 | 165 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Interest Rate Swap Derivatives | The Company fixes the LIBOR portion of its US dollar denominated variable rate borrowings (Note 14) with interest rate swap derivative arrangements as follows: | |||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate | |||||||||||||||||
(In $ millions) | (In percentages) | |||||||||||||||||||
500 | January 2, 2014 | January 2, 2016 | 1.02 | |||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate | |||||||||||||||||
(In $ millions) | (In percentages) | |||||||||||||||||||
1,100 | January 2, 2012 | January 2, 2014 | 1.71 | |||||||||||||||||
500 | January 2, 2014 | January 2, 2016 | 1.02 | |||||||||||||||||
Schedule of Notional Amounts of Net Foreign Exchange Exposure by Currency | The total US dollar equivalents of net foreign exchange exposure related to (short) long foreign exchange forward contracts outstanding by currency are as follows: | |||||||||||||||||||
2015 Maturity | ||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||
Currency | ||||||||||||||||||||
Brazilian real | (13 | ) | ||||||||||||||||||
British pound sterling | (78 | ) | ||||||||||||||||||
Canadian dollar | 33 | |||||||||||||||||||
Chinese renminbi | (151 | ) | ||||||||||||||||||
Euro | 735 | |||||||||||||||||||
Hungarian forint | 10 | |||||||||||||||||||
Mexican peso | (23 | ) | ||||||||||||||||||
Singapore dollar | 35 | |||||||||||||||||||
Total | 548 | |||||||||||||||||||
Schedule of Notional Amounts of Foreign Currency Derivatives | Gross notional values of the foreign currency forwards and swaps are as follows: | |||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In $ millions) | ||||||||||||||||||||
Total | 1,336 | 869 | ||||||||||||||||||
Schedule of Cross Currency Swaps | The Company's cross-currency swap agreements are as follows: | |||||||||||||||||||
As of December 31, 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 Derivatives Instruments Activity | Hedging activity for interest rate swaps and cross-currency swaps is as follows: | |||||||||||||||||||
Year Ended December 31, | Statement of Operations Classification | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(In $ millions) | ||||||||||||||||||||
Hedging activities | (4 | ) | (11 | ) | (14 | ) | Interest expense | |||||||||||||
Ineffective portion of hedging activities | — | — | — | Other income (expense), net | ||||||||||||||||
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: | |||||||||||||||||||
Gain (Loss) | Gain (Loss) Recognized | Statement of Operations Classification | ||||||||||||||||||
Recognized in Other | in Earnings (Loss) | |||||||||||||||||||
Comprehensive | ||||||||||||||||||||
Income (Loss) | ||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||
(In $ millions) | ||||||||||||||||||||
Designated as Cash Flow Hedges | ||||||||||||||||||||
Interest rate swaps | (1 | ) | (2 | ) | (12 | ) | (4 | ) | (11 | ) | (14 | ) | Interest expense | |||||||
Cross-currency swaps | (8 | ) | — | — | 46 | — | — | Other income (expense), net or Interest expense | ||||||||||||
Total | (9 | ) | (2 | ) | (12 | ) | 42 | (11 | ) | (14 | ) | |||||||||
Designated as a Net Investment Hedge | ||||||||||||||||||||
3.250% Notes | 23 | — | — | — | — | — | Foreign currency translation | |||||||||||||
Not Designated as Hedges | ||||||||||||||||||||
Interest rate swaps | — | — | — | (3 | ) | (1) | — | (6 | ) | (2) | Interest expense | |||||||||
Foreign currency forwards and swaps | — | — | — | (15 | ) | (23 | ) | (6 | ) | Foreign exchange gain (loss), net or Other income (expense), net | ||||||||||
______________________________ | ||||||||||||||||||||
(1) | In December 2014, the Company dedesignated as cash flow hedges a notional value of $500 million US dollar interest rate swap agreements expiring January 2, 2016. | |||||||||||||||||||
(2) | In conjunction with the paydown of the Term C loan facility in November 2012 (Note 14), the Company dedesignated as cash flow hedges a notional value of $395 million US dollar interest rate swap agreements expiring January 2, 2014. | |||||||||||||||||||
Offsetting Assets | Information regarding the gross amounts of the Company's derivative instruments and the amounts offset in the consolidated balance sheets is as follows: | |||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In $ millions) | ||||||||||||||||||||
Derivative Assets | ||||||||||||||||||||
Gross amount recognized | 55 | 1 | ||||||||||||||||||
Gross amount offset in the consolidated balance sheets | — | — | ||||||||||||||||||
Net amount presented in the consolidated balance sheets | 55 | 1 | ||||||||||||||||||
Gross amount not offset in the consolidated balance sheets | 4 | 1 | ||||||||||||||||||
Net amount | 51 | — | ||||||||||||||||||
Offsetting Liabilities | ||||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In $ millions) | ||||||||||||||||||||
Derivative Liabilities | ||||||||||||||||||||
Gross amount recognized | 23 | 16 | ||||||||||||||||||
Gross amount offset in the consolidated balance sheets | — | 1 | ||||||||||||||||||
Net amount presented in the consolidated balance sheets | 23 | 15 | ||||||||||||||||||
Gross amount not offset in the consolidated balance sheets | 4 | 1 | ||||||||||||||||||
Net amount | 19 | 14 | ||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||
Fair Value Measurement | Balance Sheet Classification | |||||||||||||||||||||||
Quoted Prices | Significant | Total | ||||||||||||||||||||||
in Active | Other | |||||||||||||||||||||||
Markets for | Observable | |||||||||||||||||||||||
Identical | Inputs | |||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||
Mutual funds | 32 | 41 | — | — | 32 | 41 | Marketable securities, at fair value | |||||||||||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||||||||||||||
Cross-currency swaps | — | — | 9 | — | 9 | — | Current Other assets | |||||||||||||||||
Cross-currency swaps | — | — | 43 | — | 43 | — | Noncurrent Other assets | |||||||||||||||||
Derivatives Not Designated as Hedges | ||||||||||||||||||||||||
Foreign currency forwards and swaps | — | — | 3 | 1 | 3 | 1 | Current Other assets | |||||||||||||||||
Total assets | 32 | 41 | 55 | 1 | 87 | 42 | ||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||||||||||||||
Interest rate swaps | — | — | — | (5 | ) | — | (5 | ) | Current Other liabilities | |||||||||||||||
Interest rate swaps | — | — | — | (3 | ) | — | (3 | ) | Noncurrent Other liabilities | |||||||||||||||
Cross-currency swaps | — | — | (2 | ) | — | (2 | ) | — | Current Other liabilities | |||||||||||||||
Cross-currency swaps | — | — | (10 | ) | — | (10 | ) | — | Noncurrent Other liabilities | |||||||||||||||
Designated as a Net Investment Hedge | ||||||||||||||||||||||||
3.250% Notes(1) | — | — | — | — | — | — | Long-term Debt | |||||||||||||||||
Derivatives Not Designated as Hedges | ||||||||||||||||||||||||
Interest rate swaps | — | — | (4 | ) | (2 | ) | (4 | ) | (2 | ) | Current Other liabilities | |||||||||||||
Foreign currency forwards and swaps | — | — | (7 | ) | (5 | ) | (7 | ) | (5 | ) | Current Other liabilities | |||||||||||||
Total liabilities | — | — | (23 | ) | (15 | ) | (23 | ) | (15 | ) | ||||||||||||||
______________________________ | ||||||||||||||||||||||||
(1) | Included in the 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 | Unobservable | Total | |||||||||||||||||||||
Amount | Other | Inputs | ||||||||||||||||||||||
Observable | (Level 3) | |||||||||||||||||||||||
Inputs | ||||||||||||||||||||||||
(Level 2) | ||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||
Cost investments | 145 | 145 | — | — | — | — | — | — | ||||||||||||||||
Insurance contracts in nonqualified trusts | 56 | 62 | 56 | 62 | — | — | 56 | 62 | ||||||||||||||||
Long-term debt, including current installments of long-term debt | 2,633 | 2,911 | 2,398 | 2,747 | 260 | 264 | 2,658 | 3,011 | ||||||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||
Schedule of Supplemental Cash Flow Information | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions) | |||||||||
Interest paid, net of amounts capitalized | 146 | 166 | 189 | ||||||
Taxes paid, net of refunds | 199 | 129 | 64 | ||||||
Noncash Investing and Financing Activities | |||||||||
Accrued acquisition of intangible assets | — | — | (2 | ) | |||||
Accrued capital expenditures | 3 | 38 | (22 | ) | |||||
Accrued Kelsterbach capital expenditures (Note 28) | — | (2 | ) | (14 | ) | ||||
Asset retirement obligations | 4 | 9 | 8 | ||||||
Capital expenditure reimbursement | 4 | — | — | ||||||
Capital lease obligations | 22 | 28 | 7 | ||||||
Contingent consideration (Note 4) | 8 | — | — | ||||||
Lease incentives | — | 3 | 6 | ||||||
Mitsui reimbursement (Note 5) | 70 | (70 | ) | — | |||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||
Schedule of Business Segments | ||||||||||||||||||||||
Advanced | Consumer | Industrial | Acetyl | Other | Eliminations | Consolidated | ||||||||||||||||
Engineered | Specialties | Specialties | Intermediates | Activities | ||||||||||||||||||
Materials | ||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||
Net sales | 1,459 | 1,160 | (1) | 1,224 | 3,493 | (1) | — | (534 | ) | 6,802 | ||||||||||||
Other (charges) gains, net | (1 | ) | 16 | (1 | ) | (3 | ) | 4 | — | 15 | ||||||||||||
Operating profit (loss) | 221 | 388 | 76 | 558 | (485 | ) | — | 758 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 161 | 9 | — | 20 | 56 | — | 246 | |||||||||||||||
Depreciation and amortization | 106 | 43 | 48 | 81 | 12 | — | 290 | |||||||||||||||
Capital expenditures | 65 | 103 | 29 | 478 | 6 | — | 681 | (2) | ||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||
Goodwill and intangible assets, net | 358 | 261 | 54 | 208 | — | — | 881 | |||||||||||||||
Total assets | 2,484 | 1,491 | 823 | 2,495 | 1,525 | — | 8,818 | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Net sales | 1,352 | 1,214 | (1) | 1,155 | 3,241 | (1) | — | (452 | ) | 6,510 | ||||||||||||
Other (charges) gains, net | (13 | ) | — | (4 | ) | (141 | ) | — | — | (158 | ) | |||||||||||
Operating profit (loss) | 904 | 346 | 64 | 153 | 41 | — | 1,508 | |||||||||||||||
Equity in net earnings (loss) of affiliates | 148 | 3 | — | 5 | 24 | — | 180 | |||||||||||||||
Depreciation and amortization | 110 | 41 | 52 | 86 | 16 | — | 305 | |||||||||||||||
Capital expenditures | 67 | 116 | 33 | 184 | 8 | — | 408 | (4) | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Goodwill and intangible assets, net | 368 | 278 | 60 | 234 | — | — | 940 | |||||||||||||||
Total assets | 2,643 | 1,478 | 1,002 | 2,333 | 1,562 | — | 9,018 | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Net sales | 1,261 | 1,186 | (1) | 1,184 | 3,231 | (1) | — | (444 | ) | 6,418 | ||||||||||||
Other (charges) gains, net | (2 | ) | (4 | ) | (3) | — | — | (8 | ) | (3) | — | (14 | ) | |||||||||
Operating profit (loss) | 95 | 251 | 86 | 269 | (526 | ) | — | 175 | ||||||||||||||
Equity in net earnings (loss) of affiliates | 190 | 6 | — | 11 | 35 | — | 242 | |||||||||||||||
Depreciation and amortization | 113 | 45 | 55 | 80 | 15 | — | 308 | |||||||||||||||
Capital expenditures | 51 | 65 | 38 | 169 | 16 | — | 339 | (4) | ||||||||||||||
______________________________ | ||||||||||||||||||||||
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include intersegment sales of $532 million and $2 million, respectively, for the year ended December 31, 2014; $448 million and $4 million, respectively, for the year ended December 31, 2013; and $440 million and $4 million, respectively, for the year ended December 31, 2012. | |||||||||||||||||||||
(2) | Includes an increase in accrued capital expenditures of $3 million for the year ended December 31, 2014. | |||||||||||||||||||||
(3) | Includes $9 million of insurance recoveries received from the Company's captive insurance companies related to the Narrows, Virginia facility that eliminates in consolidation. | |||||||||||||||||||||
(4) | Excludes expenditures related to the relocation of the Company's POM operations in Germany (Note 28) and includes an increase in accrued capital expenditures of $38 million for the year ended December 31, 2013 and a decrease of $22 million for the year ended December 31, 2012. | |||||||||||||||||||||
Schedule of Geographical Segments | The net sales based on the geographic location of the Company's facilities are as follows: | |||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Belgium | 480 | 525 | 504 | |||||||||||||||||||
Canada | 204 | 249 | 284 | |||||||||||||||||||
China | 996 | 863 | 733 | |||||||||||||||||||
Germany | 2,156 | 2,049 | 2,082 | |||||||||||||||||||
Mexico | 259 | 256 | 257 | |||||||||||||||||||
Singapore | 632 | 578 | 561 | |||||||||||||||||||
US | 1,899 | 1,808 | 1,811 | |||||||||||||||||||
Other | 176 | 182 | 186 | |||||||||||||||||||
Total | 6,802 | 6,510 | 6,418 | |||||||||||||||||||
Property, plant and equipment, net based on the geographic location of the Company's facilities is as follows: | ||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||
Belgium | 66 | 64 | ||||||||||||||||||||
Canada | 138 | 141 | ||||||||||||||||||||
China | 593 | 653 | ||||||||||||||||||||
Germany | 1,084 | 1,301 | ||||||||||||||||||||
Mexico | 151 | 145 | ||||||||||||||||||||
Singapore | 50 | 53 | ||||||||||||||||||||
US | 1,563 | 969 | ||||||||||||||||||||
Other | 88 | 99 | ||||||||||||||||||||
Total | 3,733 | 3,425 | ||||||||||||||||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings (Loss) Per Share | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In $ millions, except share data) | |||||||||
Amounts attributable to Celanese Corporation | |||||||||
Earnings (loss) from continuing operations | 631 | 1,101 | 376 | ||||||
Earnings (loss) from discontinued operations | (7 | ) | — | (4 | ) | ||||
Net earnings (loss) | 624 | 1,101 | 372 | ||||||
Weighted average shares - basic | 155,012,370 | 158,801,150 | 158,359,914 | ||||||
Dilutive stock options | 153,663 | 227,624 | 848,439 | ||||||
Dilutive RSUs | 1,000,960 | 305,445 | 622,433 | ||||||
Weighted average shares - diluted | 156,166,993 | 159,334,219 | 159,830,786 | ||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Securities not included in the computation of diluted net earnings per share as their effect would have been antidilutive are as follows: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Stock options | — | 37,696 | 25,906 | ||||||
RSUs | — | 2,610 | 3,996 | ||||||
Total | — | 40,306 | 29,902 | ||||||
Consolidating_Guarantor_Financ1
Consolidating Guarantor Financial Information (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Consolidating Guarantor Financial Information [Abstract] | ||||||||||||||||||
Schedule of Consolidating Statements of Operations | CELANESE CORPORATION AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,860 | 5,166 | (1,224 | ) | 6,802 | |||||||||||
Cost of sales | — | — | (1,822 | ) | (4,550 | ) | 1,186 | (5,186 | ) | |||||||||
Gross profit | — | — | 1,038 | 616 | (38 | ) | 1,616 | |||||||||||
Selling, general and administrative expenses | — | — | (313 | ) | (445 | ) | — | (758 | ) | |||||||||
Amortization of intangible assets | — | — | (7 | ) | (13 | ) | — | (20 | ) | |||||||||
Research and development expenses | — | — | (47 | ) | (39 | ) | — | (86 | ) | |||||||||
Other (charges) gains, net | — | — | 28 | (13 | ) | — | 15 | |||||||||||
Foreign exchange gain (loss), net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (11 | ) | 4 | — | (7 | ) | ||||||||||
Operating profit (loss) | — | — | 688 | 108 | (38 | ) | 758 | |||||||||||
Equity in net earnings (loss) of affiliates | 622 | 806 | 90 | 210 | (1,482 | ) | 246 | |||||||||||
Interest expense | — | (190 | ) | (22 | ) | (78 | ) | 143 | (147 | ) | ||||||||
Refinancing expense | — | (29 | ) | — | — | — | (29 | ) | ||||||||||
Interest income | — | 57 | 72 | 15 | (143 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 116 | — | 116 | ||||||||||||
Other income (expense), net | — | — | 4 | (8 | ) | — | (4 | ) | ||||||||||
Earnings (loss) from continuing operations before tax | 622 | 644 | 832 | 363 | (1,520 | ) | 941 | |||||||||||
Income tax (provision) benefit | 2 | (22 | ) | (237 | ) | (71 | ) | 14 | (314 | ) | ||||||||
Earnings (loss) from continuing operations | 624 | 622 | 595 | 292 | (1,506 | ) | 627 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (8 | ) | (3 | ) | — | (11 | ) | |||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 3 | 1 | — | 4 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | (5 | ) | (2 | ) | — | (7 | ) | |||||||||
Net earnings (loss) | 624 | 622 | 590 | 290 | (1,506 | ) | 620 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | 4 | — | 4 | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 624 | 622 | 590 | 294 | (1,506 | ) | 624 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,799 | 4,911 | (1,200 | ) | 6,510 | |||||||||||
Cost of sales | — | — | (1,827 | ) | (4,531 | ) | 1,213 | (5,145 | ) | |||||||||
Gross profit | — | — | 972 | 380 | 13 | 1,365 | ||||||||||||
Selling, general and administrative expenses | — | — | 53 | (364 | ) | — | (311 | ) | ||||||||||
Amortization of intangible assets | — | — | (11 | ) | (21 | ) | — | (32 | ) | |||||||||
Research and development expenses | — | — | (53 | ) | (32 | ) | — | (85 | ) | |||||||||
Other (charges) gains, net | — | — | 2 | (156 | ) | (4 | ) | (158 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (6 | ) | — | (6 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (2 | ) | 737 | — | 735 | |||||||||||
Operating profit (loss) | — | — | 961 | 538 | 9 | 1,508 | ||||||||||||
Equity in net earnings (loss) of affiliates | 1,096 | 1,180 | 116 | 158 | (2,370 | ) | 180 | |||||||||||
Interest expense | — | (192 | ) | (34 | ) | (70 | ) | 124 | (172 | ) | ||||||||
Refinancing expense | — | (1 | ) | — | — | — | (1 | ) | ||||||||||
Interest income | — | 55 | 65 | 5 | (124 | ) | 1 | |||||||||||
Dividend income - cost investments | — | — | — | 93 | — | 93 | ||||||||||||
Other income (expense), net | — | — | (52 | ) | 52 | — | — | |||||||||||
Earnings (loss) from continuing operations before tax | 1,096 | 1,042 | 1,056 | 776 | (2,361 | ) | 1,609 | |||||||||||
Income tax (provision) benefit | 5 | 54 | (326 | ) | (229 | ) | (12 | ) | (508 | ) | ||||||||
Earnings (loss) from continuing operations | 1,101 | 1,096 | 730 | 547 | (2,373 | ) | 1,101 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 2 | (2 | ) | — | — | |||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | (1 | ) | 1 | — | — | |||||||||||
Earnings (loss) from discontinued operations | — | — | 1 | (1 | ) | — | — | |||||||||||
Net earnings (loss) | 1,101 | 1,096 | 731 | 546 | (2,373 | ) | 1,101 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 1,101 | 1,096 | 731 | 546 | (2,373 | ) | 1,101 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net sales | — | — | 2,692 | 4,829 | (1,103 | ) | 6,418 | |||||||||||
Cost of sales | — | — | (1,906 | ) | (4,423 | ) | 1,092 | (5,237 | ) | |||||||||
Gross profit | — | — | 786 | 406 | (11 | ) | 1,181 | |||||||||||
Selling, general and administrative expenses | — | — | (440 | ) | (390 | ) | — | (830 | ) | |||||||||
Amortization of intangible assets | — | — | (18 | ) | (33 | ) | — | (51 | ) | |||||||||
Research and development expenses | — | — | (74 | ) | (30 | ) | — | (104 | ) | |||||||||
Other (charges) gains, net | — | — | 17 | (22 | ) | (9 | ) | (14 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (4 | ) | — | (4 | ) | ||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (1 | ) | (2 | ) | — | (3 | ) | |||||||||
Operating profit (loss) | — | — | 270 | (75 | ) | (20 | ) | 175 | ||||||||||
Equity in net earnings (loss) of affiliates | 369 | 473 | 199 | 201 | (1,000 | ) | 242 | |||||||||||
Interest expense | — | (198 | ) | (42 | ) | (73 | ) | 128 | (185 | ) | ||||||||
Refinancing expense | — | (3 | ) | — | — | — | (3 | ) | ||||||||||
Interest income | — | 59 | 65 | 6 | (128 | ) | 2 | |||||||||||
Dividend income - cost investments | — | — | — | 85 | — | 85 | ||||||||||||
Other income (expense), net | — | — | (10 | ) | 15 | — | 5 | |||||||||||
Earnings (loss) from continuing operations before tax | 369 | 331 | 482 | 159 | (1,020 | ) | 321 | |||||||||||
Income tax (provision) benefit | 3 | 38 | (16 | ) | 15 | 15 | 55 | |||||||||||
Earnings (loss) from continuing operations | 372 | 369 | 466 | 174 | (1,005 | ) | 376 | |||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (5 | ) | (1 | ) | — | (6 | ) | |||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | ||||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 2 | — | — | 2 | ||||||||||||
Earnings (loss) from discontinued operations | — | — | (3 | ) | (1 | ) | — | (4 | ) | |||||||||
Net earnings (loss) | 372 | 369 | 463 | 173 | (1,005 | ) | 372 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 372 | 369 | 463 | 173 | (1,005 | ) | 372 | |||||||||||
Schedule of Consolidating Statements of Comprehensive Income (Loss) | CELANESE CORPORATION AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 624 | 622 | 590 | 290 | (1,506 | ) | 620 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | 1 | 1 | 1 | (3 | ) | 1 | |||||||||||
Foreign currency translation | (148 | ) | (148 | ) | (31 | ) | (65 | ) | 244 | (148 | ) | |||||||
Gain (loss) from cash flow hedges | 40 | 40 | (1 | ) | (7 | ) | (32 | ) | 40 | |||||||||
Pension and postretirement benefits | (54 | ) | (54 | ) | (54 | ) | (5 | ) | 113 | (54 | ) | |||||||
Total other comprehensive income (loss), net of tax | (161 | ) | (161 | ) | (85 | ) | (76 | ) | 322 | (161 | ) | |||||||
Total comprehensive income (loss), net of tax | 463 | 461 | 505 | 214 | (1,184 | ) | 459 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | 4 | — | 4 | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 463 | 461 | 505 | 218 | (1,184 | ) | 463 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 1,101 | 1,096 | 731 | 546 | (2,373 | ) | 1,101 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1 | 1 | 1 | — | (2 | ) | 1 | |||||||||||
Foreign currency translation | 20 | 20 | (10 | ) | (8 | ) | (2 | ) | 20 | |||||||||
Gain (loss) from cash flow hedges | 6 | 6 | — | — | (6 | ) | 6 | |||||||||||
Pension and postretirement benefits | 58 | 58 | 56 | 2 | (116 | ) | 58 | |||||||||||
Total other comprehensive income (loss), net of tax | 85 | 85 | 47 | (6 | ) | (126 | ) | 85 | ||||||||||
Total comprehensive income (loss), net of tax | 1,186 | 1,181 | 778 | 540 | (2,499 | ) | 1,186 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 1,186 | 1,181 | 778 | 540 | (2,499 | ) | 1,186 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net earnings (loss) | 372 | 369 | 463 | 173 | (1,005 | ) | 372 | |||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | ||||||||||||
Foreign currency translation | 5 | 5 | (12 | ) | 1 | 6 | 5 | |||||||||||
Gain (loss) from cash flow hedges | 7 | 7 | (1 | ) | 3 | (9 | ) | 7 | ||||||||||
Pension and postretirement benefits | (11 | ) | (11 | ) | (2 | ) | (11 | ) | 24 | (11 | ) | |||||||
Total other comprehensive income (loss), net of tax | 1 | 1 | (15 | ) | (7 | ) | 21 | 1 | ||||||||||
Total comprehensive income (loss), net of tax | 373 | 370 | 448 | 166 | (984 | ) | 373 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 373 | 370 | 448 | 166 | (984 | ) | 373 | |||||||||||
Schedule of Consolidating Balance Sheets | CELANESE CORPORATION AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | — | — | 110 | 670 | — | 780 | ||||||||||||
Trade receivables - third party and affiliates | — | — | 184 | 821 | (204 | ) | 801 | |||||||||||
Non-trade receivables, net | 35 | 477 | 2,265 | 407 | (2,943 | ) | 241 | |||||||||||
Inventories, net | — | — | 268 | 613 | (99 | ) | 782 | |||||||||||
Deferred income taxes | — | — | 39 | 12 | (22 | ) | 29 | |||||||||||
Marketable securities, at fair value | — | — | 32 | — | — | 32 | ||||||||||||
Other assets | — | 6 | 12 | 34 | (19 | ) | 33 | |||||||||||
Total current assets | 35 | 483 | 2,910 | 2,557 | (3,287 | ) | 2,698 | |||||||||||
Investments in affiliates | 2,784 | 5,889 | 4,349 | 613 | (12,759 | ) | 876 | |||||||||||
Property, plant and equipment, net | — | — | 1,029 | 2,704 | — | 3,733 | ||||||||||||
Deferred income taxes | — | 16 | 211 | 26 | — | 253 | ||||||||||||
Other assets | — | 674 | 146 | 400 | (843 | ) | 377 | |||||||||||
Goodwill | — | — | 314 | 435 | — | 749 | ||||||||||||
Intangible assets, net | — | — | 73 | 59 | — | 132 | ||||||||||||
Total assets | 2,819 | 7,062 | 9,032 | 6,794 | (16,889 | ) | 8,818 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 1,894 | 184 | 290 | (2,231 | ) | 137 | |||||||||||
Trade payables - third party and affiliates | — | — | 413 | 548 | (204 | ) | 757 | |||||||||||
Other liabilities | 1 | 34 | 225 | 402 | (230 | ) | 432 | |||||||||||
Deferred income taxes | — | 22 | — | 7 | (22 | ) | 7 | |||||||||||
Income taxes payable | — | — | 484 | 45 | (524 | ) | 5 | |||||||||||
Total current liabilities | 1 | 1,950 | 1,306 | 1,292 | (3,211 | ) | 1,338 | |||||||||||
Noncurrent Liabilities | ||||||||||||||||||
Long-term debt | — | 2,269 | 900 | 208 | (769 | ) | 2,608 | |||||||||||
Deferred income taxes | — | — | — | 141 | — | 141 | ||||||||||||
Uncertain tax positions | — | 6 | 16 | 137 | — | 159 | ||||||||||||
Benefit obligations | — | — | 923 | 288 | — | 1,211 | ||||||||||||
Other liabilities | — | 53 | 121 | 192 | (83 | ) | 283 | |||||||||||
Total noncurrent liabilities | — | 2,328 | 1,960 | 966 | (852 | ) | 4,402 | |||||||||||
Total Celanese Corporation stockholders' equity | 2,818 | 2,784 | 5,766 | 4,276 | (12,826 | ) | 2,818 | |||||||||||
Noncontrolling interests | — | — | — | 260 | — | 260 | ||||||||||||
Total equity | 2,818 | 2,784 | 5,766 | 4,536 | (12,826 | ) | 3,078 | |||||||||||
Total liabilities and equity | 2,819 | 7,062 | 9,032 | 6,794 | (16,889 | ) | 8,818 | |||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | — | — | 284 | 700 | — | 984 | ||||||||||||
Trade receivables - third party and affiliates | — | — | 131 | 877 | (141 | ) | 867 | |||||||||||
Non-trade receivables, net | 33 | 482 | 2,166 | 586 | (2,924 | ) | 343 | |||||||||||
Inventories, net | — | — | 243 | 622 | (61 | ) | 804 | |||||||||||
Deferred income taxes | — | — | 74 | 58 | (17 | ) | 115 | |||||||||||
Marketable securities, at fair value | — | — | 41 | — | — | 41 | ||||||||||||
Other assets | — | 5 | 15 | 24 | (16 | ) | 28 | |||||||||||
Total current assets | 33 | 487 | 2,954 | 2,867 | (3,159 | ) | 3,182 | |||||||||||
Investments in affiliates | 2,667 | 4,458 | 1,677 | 594 | (8,555 | ) | 841 | |||||||||||
Property, plant and equipment, net | — | — | 969 | 2,456 | — | 3,425 | ||||||||||||
Deferred income taxes | — | — | 248 | 49 | (8 | ) | 289 | |||||||||||
Other assets | — | 1,965 | 144 | 285 | (2,053 | ) | 341 | |||||||||||
Goodwill | — | — | 305 | 493 | — | 798 | ||||||||||||
Intangible assets, net | — | — | 64 | 78 | — | 142 | ||||||||||||
Total assets | 2,700 | 6,910 | 6,361 | 6,822 | (13,775 | ) | 9,018 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current Liabilities | ||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 1,713 | 122 | 373 | (2,031 | ) | 177 | |||||||||||
Trade payables - third party and affiliates | — | — | 312 | 628 | (141 | ) | 799 | |||||||||||
Other liabilities | 1 | 28 | 441 | 513 | (442 | ) | 541 | |||||||||||
Deferred income taxes | — | 17 | — | 10 | (17 | ) | 10 | |||||||||||
Income taxes payable | — | — | 460 | 32 | (474 | ) | 18 | |||||||||||
Total current liabilities | 1 | 1,758 | 1,335 | 1,556 | (3,105 | ) | 1,545 | |||||||||||
Noncurrent Liabilities | ||||||||||||||||||
Long-term debt | — | 2,468 | 825 | 1,646 | (2,052 | ) | 2,887 | |||||||||||
Deferred income taxes | — | 8 | — | 225 | (8 | ) | 225 | |||||||||||
Uncertain tax positions | — | 6 | 16 | 178 | — | 200 | ||||||||||||
Benefit obligations | — | — | 943 | 232 | — | 1,175 | ||||||||||||
Other liabilities | — | 3 | 91 | 202 | (9 | ) | 287 | |||||||||||
Total noncurrent liabilities | — | 2,485 | 1,875 | 2,483 | (2,069 | ) | 4,774 | |||||||||||
Total Celanese Corporation stockholders' equity | 2,699 | 2,667 | 3,151 | 2,783 | (8,601 | ) | 2,699 | |||||||||||
Noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Total equity | 2,699 | 2,667 | 3,151 | 2,783 | (8,601 | ) | 2,699 | |||||||||||
Total liabilities and equity | 2,700 | 6,910 | 6,361 | 6,822 | (13,775 | ) | 9,018 | |||||||||||
Schedule of Consolidating Cash Flow Statements | CELANESE CORPORATION AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 389 | 498 | 644 | 433 | (1,002 | ) | 962 | |||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (183 | ) | (71 | ) | — | (254 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | (10 | ) | — | — | (10 | ) | ||||||||||
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 | — | — | (44 | ) | (380 | ) | — | (424 | ) | |||||||||
Return of capital from subsidiary | — | 28 | 51 | — | (79 | ) | — | |||||||||||
Contributions to subsidiary | — | — | (213 | ) | — | 213 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | (70 | ) | (93 | ) | (75 | ) | 238 | — | |||||||||
Other, net | — | — | (9 | ) | (8 | ) | — | (17 | ) | |||||||||
Net cash provided by (used in) investing activities | — | (42 | ) | (501 | ) | (534 | ) | 372 | (705 | ) | ||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 93 | 6 | (15 | ) | (93 | ) | (9 | ) | |||||||||
Proceeds from short-term borrowings | — | — | — | 62 | — | 62 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (91 | ) | — | (91 | ) | ||||||||||
Proceeds from long-term debt | — | 462 | 75 | — | (150 | ) | 387 | |||||||||||
Repayments of long-term debt | — | (611 | ) | (5 | ) | (15 | ) | 5 | (626 | ) | ||||||||
Purchases of treasury stock, including related fees | (250 | ) | — | — | — | — | (250 | ) | ||||||||||
Dividends to parent | — | (390 | ) | (390 | ) | (222 | ) | 1,002 | — | |||||||||
Contributions from parent | — | — | — | 213 | (213 | ) | — | |||||||||||
Stock option exercises | 5 | — | — | — | — | 5 | ||||||||||||
Series A common stock dividends | (144 | ) | — | — | — | — | (144 | ) | ||||||||||
Return of capital to parent | — | — | — | (79 | ) | 79 | — | |||||||||||
Contributions from noncontrolling interests | — | — | — | 264 | — | 264 | ||||||||||||
Other, net | — | (10 | ) | (3 | ) | — | — | (13 | ) | |||||||||
Net cash provided by (used in) financing activities | (389 | ) | (456 | ) | (317 | ) | 117 | 630 | (415 | ) | ||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | (46 | ) | — | (46 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (174 | ) | (30 | ) | — | (204 | ) | |||||||||
Cash and cash equivalents as of beginning of period | — | — | 284 | 700 | — | 984 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 110 | 670 | — | 780 | ||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 228 | 105 | 766 | 154 | (491 | ) | 762 | |||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (156 | ) | (121 | ) | — | (277 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | — | — | — | — | ||||||||||||
Proceeds from sale of businesses and assets, net | — | — | — | 13 | — | 13 | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (7 | ) | — | (7 | ) | ||||||||||
Capital expenditures related to Fairway Methanol LLC | — | — | (93 | ) | — | — | (93 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | (20 | ) | — | 20 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 5 | (131 | ) | — | 126 | — | |||||||||||
Other, net | — | — | (45 | ) | (13 | ) | — | (58 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 5 | (445 | ) | (128 | ) | 146 | (422 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 131 | (8 | ) | (3 | ) | (131 | ) | (11 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 177 | — | 177 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (123 | ) | — | (123 | ) | ||||||||||
Proceeds from long-term debt | — | 24 | 50 | — | — | 74 | ||||||||||||
Repayments of long-term debt | — | (34 | ) | (121 | ) | (48 | ) | 5 | (198 | ) | ||||||||
Purchases of treasury stock, including related fees | (164 | ) | — | — | — | — | (164 | ) | ||||||||||
Dividends to parent | — | (229 | ) | (229 | ) | (33 | ) | 491 | — | |||||||||
Contributions from parent | — | — | — | 20 | (20 | ) | — | |||||||||||
Stock option exercises | 9 | — | — | — | — | 9 | ||||||||||||
Series A common stock dividends | (83 | ) | — | — | — | — | (83 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Other, net | — | (2 | ) | (4 | ) | (1 | ) | — | (7 | ) | ||||||||
Net cash provided by (used in) financing activities | (238 | ) | (110 | ) | (312 | ) | (11 | ) | 345 | (326 | ) | |||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 11 | — | 11 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (10 | ) | — | 9 | 26 | — | 25 | |||||||||||
Cash and cash equivalents as of beginning of period | 10 | — | 275 | 674 | — | 959 | ||||||||||||
Cash and cash equivalents as of end of period | — | — | 284 | 700 | — | 984 | ||||||||||||
CELANESE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Parent | Issuer | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||
Guarantor | Guarantors | Guarantors | ||||||||||||||||
(In $ millions) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 7 | (100 | ) | 396 | 489 | (70 | ) | 722 | ||||||||||
Investing Activities | ||||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (158 | ) | (191 | ) | — | (349 | ) | |||||||||
Acquisitions, net of cash acquired | — | — | (23 | ) | — | — | (23 | ) | ||||||||||
Proceeds from sale of businesses and assets, net | — | — | 1 | — | — | 1 | ||||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | ||||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (49 | ) | — | (49 | ) | ||||||||||
Capital expenditures related to Fairway Methanol LLC | — | — | (12 | ) | — | — | (12 | ) | ||||||||||
Return of capital from subsidiary | — | — | — | — | — | — | ||||||||||||
Contributions to subsidiary | — | — | (3 | ) | — | 3 | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 5 | (53 | ) | — | 48 | — | |||||||||||
Other, net | — | — | (9 | ) | (59 | ) | — | (68 | ) | |||||||||
Net cash provided by (used in) investing activities | — | 5 | (257 | ) | (299 | ) | 51 | (500 | ) | |||||||||
Financing Activities | ||||||||||||||||||
Short-term borrowings (repayments), net | — | 53 | 5 | (3 | ) | (53 | ) | 2 | ||||||||||
Proceeds from short-term borrowings | — | — | — | 71 | — | 71 | ||||||||||||
Repayments of short-term borrowings | — | — | — | (71 | ) | — | (71 | ) | ||||||||||
Proceeds from long-term debt | — | 500 | 50 | — | — | 550 | ||||||||||||
Repayments of long-term debt | — | (414 | ) | (10 | ) | (70 | ) | 5 | (489 | ) | ||||||||
Purchases of treasury stock, including related fees | (45 | ) | — | — | — | — | (45 | ) | ||||||||||
Dividends to parent | — | (35 | ) | (35 | ) | — | 70 | — | ||||||||||
Contributions from parent | — | — | — | 3 | (3 | ) | — | |||||||||||
Stock option exercises | 62 | — | — | — | — | 62 | ||||||||||||
Series A common stock dividends | (43 | ) | — | — | — | — | (43 | ) | ||||||||||
Return of capital to parent | — | — | — | — | — | — | ||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Other, net | 29 | (9 | ) | (7 | ) | (1 | ) | — | 12 | |||||||||
Net cash provided by (used in) financing activities | 3 | 95 | 3 | (71 | ) | 19 | 49 | |||||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 6 | — | 6 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 10 | — | 142 | 125 | — | 277 | ||||||||||||
Cash and cash equivalents as of beginning of period | — | — | 133 | 549 | — | 682 | ||||||||||||
Cash and cash equivalents as of end of period | 10 | — | 275 | 674 | — | 959 | ||||||||||||
Description_of_the_Company_and1
Description of the Company and Basis of Presentation (Narrative) (Details) | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated subsidiaries ownership percentage | 100.00% |
Summary_of_Accounting_Policies3
Summary of Accounting Policies (Cash and Cash Equivalents Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Maturity range of cash and cash equivalents, number of months or less | three months |
Summary_of_Accounting_Policies4
Summary of Accounting Policies (Investments in Affiliates Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Ownership percentage | 20.00% |
Subsidiary reporting period lag | one quarter |
Summary_of_Accounting_Policies5
Summary of Accounting Policies (Schedule of Estimated Useful Lives of Depreciable Assets) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 20Â years |
Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 30Â years |
Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 20Â years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 10 years |
Summary_of_Accounting_Policies6
Summary of Accounting Policies (Goodwill and Other Intangible Assets Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 4 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, estimated useful lives | 20 years |
Summary_of_Accounting_Policies7
Summary of Accounting Policies (Insurance Loss Reserves Narrative) (Details) | Dec. 31, 2014 |
Accounting Policies [Abstract] | |
Number of wholly-owned insurance companies | 2 |
Summary_of_Accounting_Policies8
Summary of Accounting Policies (Environmental Liabilities Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Environmental liabilities accrual period | 15 years |
Summary_of_Accounting_Policies9
Summary of Accounting Policies (Pension and Other Postretirement Obligations) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Treasury bond duration | 10-year |
Number of Aa-grade non-callable bonds | 300 |
Recovered_Sheet1
Summary of Accounting Policies Summary of Accounting Policies (Management Compensation Plans Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of number of shares that will vest | zero to stretch |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated life in years | 7 years |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Minimum [Member] | Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Maximum [Member] | Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 years |
Director [Member] | RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 1 year |
Employee [Member] | RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Recovered_Sheet2
Summary of Accounting Policies (Income Taxes Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Deferred tax assets recoverability, valuation allowance | A valuation allowance is provided when it is more likely than not (likelihood of greater than 50%) that some portion or all of the deferred tax assets will not be realized. Tax positions that meet the more-likely-than-not threshold are measured using a probability weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. |
Deferred tax assets recoverability, valuation allowance threshold percentage | 50.00% |
Ventures_and_Variable_Interest2
Ventures and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
In Millions, unless otherwise specified | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents (variable interest entity restricted - 2014: $1) | $780 | $984 | $959 | $682 | |
Property, plant and equipment, net | 3,733 | 3,425 | |||
Other assets (variable interest entity restricted - 2014; $24) | 377 | 341 | |||
Total assets | 8,818 | 9,018 | |||
Trade payables | 757 | 799 | |||
Current liabilities | 1,338 | 1,545 | |||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents (variable interest entity restricted - 2014: $1) | 1 | 0 | |||
Property, plant and equipment, net | 535 | 0 | |||
Other assets (variable interest entity restricted - 2014; $24) | 24 | 0 | |||
Total assets | 560 | [1] | |||
Current liabilities | 40 | [2] | |||
Total liabilities | 40 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Property, plant and equipment, net | 96 | 111 | |||
Trade payables | 43 | 56 | |||
Current installments of long-term debt | 9 | 8 | |||
Long-term debt | 125 | 136 | |||
Total liabilities | 177 | 200 | |||
Maximum exposure to loss | $291 | $318 | |||
[1] | Assets can only be used to settle the obligations of Fairway. | ||||
[2] | Amounts owed by Fairway for reimbursement of expenditures. |
Ventures_and_Variable_Interest3
Ventures and Variable Interest Entities (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
T | ||
Variable Interest Entity [Line Items] | ||
Pre-formation costs | $0 | $70 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage | 50.00% | |
Expected production capacity per year | 1,300,000 | |
Pre-formation costs | 70 | |
Variable Interest Entity, Primary Beneficiary [Member] | Cash [Member] | ||
Variable Interest Entity [Line Items] | ||
Contributions from noncontrolling interests | 6 | |
Variable Interest Entity, Primary Beneficiary [Member] | Property, Plant and Equipment [Member] | ||
Variable Interest Entity [Line Items] | ||
Contributions from noncontrolling interests | $103 |
Marketable_Securities_at_Fair_2
Marketable Securities, at Fair Value (Schedule of Available-for-sale Securities) (Details) (Mutual Funds [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $32 | $41 |
Gross unrealized gain | 0 | 0 |
Gross unrealized loss | 0 | 0 |
Fair value | $32 | $41 |
Receivables_Net_Receivables_Ne1
Receivables, Net Receivables, Net (Schedule of Trade Receivables - Third Party and Affiliates, Net) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ||
Trade receivables - third party and affiliates | $810 | $876 |
Allowance for doubtful accounts - third party and affiliates | -9 | -9 |
Trade receivables - third party and affiliates, net | $801 | $867 |
Receivables_Net_Receivables_Ne2
Receivables, Net Receivables, Net (Schedule of Non-trade Receivables, Net) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ||
Non-income taxes receivable | $99 | $133 |
Reinsurance receivables | 20 | 25 |
Income taxes receivable | 50 | 23 |
Receivable from Mitsui venture (Note 5) | 0 | 70 |
Other | 72 | 92 |
Non-trade receivables, net | $241 | $343 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished goods | $579 | $571 |
Work-in-process | 53 | 59 |
Raw materials and supplies | 150 | 174 |
Total | $782 | $804 |
Investments_in_Affiliates_Sche
Investments in Affiliates (Schedule of Equity Method Investments) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2012 | |||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 20.00% | ||||||||
Carrying value | $731 | $696 | |||||||
Share of earnings (loss) | 246 | 180 | 242 | ||||||
Dividends and other distributions | -148 | -141 | -262 | ||||||
National Methonal Company (Ibn Sina) [Member] | Advanced Engineered Materials [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 25.00% | 25.00% | |||||||
Carrying value | 97 | 68 | |||||||
Share of earnings (loss) | 115 | 111 | 130 | ||||||
Dividends and other distributions | -85 | -97 | -126 | ||||||
Fortron Industries LLC [Member] | Advanced Engineered Materials [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 50.00% | 50.00% | |||||||
Carrying value | 97 | 95 | |||||||
Share of earnings (loss) | 9 | 8 | 9 | ||||||
Dividends and other distributions | -7 | -5 | -3 | ||||||
Korea Engineering Plastics Co., Ltd. [Member] | Advanced Engineered Materials [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 50.00% | 50.00% | |||||||
Carrying value | 134 | 154 | |||||||
Share of earnings (loss) | 10 | 15 | 19 | ||||||
Dividends and other distributions | -16 | -19 | -23 | ||||||
Polyplastics Co., Ltd. [Member] | Advanced Engineered Materials [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 45.00% | [1] | 45.00% | [1] | |||||
Carrying value | 166 | [1] | 151 | [1] | |||||
Share of earnings (loss) | 27 | [1] | 14 | [1] | 32 | [1] | |||
Dividends and other distributions | -3 | [1] | 0 | [1] | -81 | [1] | -72 | ||
InfraServ GmbH & Co. Gendorf KG [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 39.00% | ||||||||
InfraServ GmbH & Co. Gendorf KG [Member] | Other Activities [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 39.00% | 39.00% | |||||||
Carrying value | 39 | 42 | |||||||
Share of earnings (loss) | 9 | 10 | 9 | ||||||
Dividends and other distributions | -7 | -6 | -7 | ||||||
InfraServ GmbH & Co. Hoechst KG [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 32.00% | ||||||||
InfraServ GmbH & Co. Hoechst KG [Member] | Other Activities [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 32.00% | [2] | 32.00% | [2] | |||||
Carrying value | 174 | [2] | 159 | [2] | |||||
Share of earnings (loss) | 72 | [2] | 17 | [2] | 38 | [2] | 48 | 22 | |
Share of earnings (loss), additional information | InfraServ GmbH & Co. Hoechst KG is owned primarily by an entity included in the Company's Other Activities. The Company's Consumer Specialties segment and Acetyl Intermediates segment also each hold an ownership percentage. During the 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 $48 million. During the year ended December 31, 2012, a subsidiary of InfraServ GmbH & Co. Hoechst KG restructured its debt resulting in additional equity in net earnings of affiliates of $22 million attributable to the Company. | ||||||||
Dividends and other distributions | -26 | [2] | -9 | [2] | -18 | [2] | |||
InfraServ GmbH & Co. Knapsack KG [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 27.00% | ||||||||
InfraServ GmbH & Co. Knapsack KG [Member] | Other Activities [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 27.00% | 27.00% | |||||||
Carrying value | 20 | 22 | |||||||
Share of earnings (loss) | 4 | 4 | 5 | ||||||
Dividends and other distributions | -4 | -5 | -4 | ||||||
Sherbrooke Capital Health and Wellness, L.P. [Member] | Consumer Specialties [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 10.00% | [3] | 10.00% | [3] | |||||
Carrying value | 4 | [3] | 5 | [3] | |||||
Share of earnings (loss) | 0 | [3] | 1 | [3] | 0 | [3] | |||
Dividends and other distributions | $0 | [3] | $0 | [3] | $0 | [3] | |||
[1] | During the year ended December 31, 2012, the Company amended its existing joint venture and other related agreements with Polyplastics Co., Ltd. ("Polyplastics"). The amended agreements, among other items, modified certain dividend rights, resulting in a net cash dividend payment to the Company of $72 million during the three months ended March 31, 2012. | ||||||||
[2] | InfraServ GmbH & Co. Hoechst KG is owned primarily by an entity included in the Company's Other Activities. The Company's Consumer Specialties segment and Acetyl Intermediates segment also each hold an ownership percentage. During the 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 $48 million. During the year ended December 31, 2012, a subsidiary of InfraServ GmbH & Co. Hoechst KG restructured its debt resulting in additional equity in net earnings of affiliates of $22 million attributable to the Company. | ||||||||
[3] | The Company accounts for its ownership interest in Sherbrooke Capital Health and Wellness, L.P. under the equity method of accounting because the Company is able to exercise significant influence. |
Investments_in_Affiliates_Sche1
Investments in Affiliates (Schedule of Cost Method Investments) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Schedule of Cost-method Investments [Line Items] | |||||||||
Carrrying value | $145 | $145 | $145 | ||||||
Dividend income | 116 | 93 | 85 | ||||||
Kunming Cellulose Fibers Co. Ltd. [Member] | Consumer Specialties [Member] | |||||||||
Schedule of Cost-method Investments [Line Items] | |||||||||
Ownership percentage | 30.00% | 30.00% | 30.00% | ||||||
Carrrying value | 14 | 14 | 14 | ||||||
Dividend income | 15 | 13 | 13 | ||||||
Nantong Cellulose Fibers Co. Ltd. [Member] | Consumer Specialties [Member] | |||||||||
Schedule of Cost-method Investments [Line Items] | |||||||||
Ownership percentage | 31.00% | 31.00% | 31.00% | ||||||
Carrrying value | 106 | 106 | 106 | ||||||
Dividend income | 87 | 68 | 59 | ||||||
Zhuhai Cellulose Fibers Co. Ltd. [Member] | Consumer Specialties [Member] | |||||||||
Schedule of Cost-method Investments [Line Items] | |||||||||
Ownership percentage | 30.00% | 30.00% | 30.00% | ||||||
Carrrying value | 14 | 14 | 14 | ||||||
Dividend income | 13 | 11 | 11 | ||||||
InfraServ GmbH & Co. Wiesbaden KG [Member] | Other Activities [Member] | |||||||||
Schedule of Cost-method Investments [Line Items] | |||||||||
Ownership percentage | 8.00% | 8.00% | 8.00% | ||||||
Carrrying value | 6 | 6 | 6 | ||||||
Dividend income | 1 | 1 | 2 | ||||||
Other Cost Method Investee [Member] | |||||||||
Schedule of Cost-method Investments [Line Items] | |||||||||
Carrrying value | 5 | [1] | 5 | [1] | 5 | [1] | |||
Dividend income | 0 | [1] | 0 | [1] | 0 | [1] | |||
Hoechst Italia SpA [Member] | |||||||||
Schedule of Cost-method Investments [Line Items] | |||||||||
Carrrying value | 9 | ||||||||
Gain (loss) on liquidation of investment | 2 | ||||||||
Complejo Industrial Taqsa A.I.E. [Member] | |||||||||
Schedule of Cost-method Investments [Line Items] | |||||||||
Impairment loss | $2 | ||||||||
[1] | The Company's Hoechst Italia SpA investment of $9 million was liquidated during the three months ended June 30, 2013 resulting in a gain of $2 million included in Other income (expense), net in the consolidated statements of operations. The Company's Complejo Industrial Taqsa A.I.E. investment was impaired during the three months ended December 31, 2013 as a result of the closure of the Company's Tarragona, Spain VAM facility (Note 4). An impairment loss of $2 million is included in Other income (expense), net in the consolidated statements of operations. |
Investments_in_Affiliates_Sche2
Investments in Affiliates (Schedule of Transactions with Affiliates) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||
Purchases | $231 | $264 | $208 |
Sales | $0 | $0 | $1 |
Investments_in_Affiliates_Sche3
Investments in Affiliates (Schedule of Balances with Affiliates) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
Non-trade receivables | $31 | $37 | ||
Total due from affiliates | 31 | 37 | ||
Short-term borrowings | 16 | [1] | 26 | [1] |
Trade payables | 39 | 24 | ||
Current Other liabilities | 6 | 6 | ||
Total due to affiliates | $61 | $56 | ||
[1] | The Company has agreements with certain affiliates whereby excess affiliate cash is lent to and managed by the Company at variable interest rates governed by those agreements. |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Schedule of Property, Plant and Equipment, Net) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Gross asset value | $5,549 | $5,097 |
Accumulated depreciation | -1,816 | -1,672 |
Net book value | 3,733 | 3,425 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross asset value | 42 | 45 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross asset value | 49 | 44 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross asset value | 658 | 692 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross asset value | 3,910 | 3,965 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross asset value | $890 | $351 |
Property_Plant_and_Equipment_N3
Property, Plant and Equipment, Net (Schedule of Assets Under Capital Leases) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Capital Leased Assets [Line Items] | ||
Accumulated depreciation | ($125) | ($110) |
Net book value | 201 | 204 |
Buildings [Member] | ||
Capital Leased Assets [Line Items] | ||
Gross capital leased asset value | 15 | 17 |
Machinery and Equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Gross capital leased asset value | $311 | $297 |
Property_Plant_and_Equipment_N4
Property, Plant and Equipment, Net (Schedule of Capitalized Interest and Depreciation Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment, Net [Abstract] | |||
Capitalized interest | $16 | $9 | $7 |
Depreciation expense | $272 | $280 | $261 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Net (Schedule of Goodwill) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill | ||||
Acquisitions (Note 4) | $9 | $0 | ||
Exchange rate changes | -58 | 21 | ||
Accumulated impairment losses | 0 | |||
Net book value | 749 | [1] | 798 | 777 |
Advanced Engineered Materials [Member] | ||||
Goodwill | ||||
Acquisitions (Note 4) | 9 | 0 | ||
Exchange rate changes | -17 | 6 | ||
Net book value | 295 | [1] | 303 | 297 |
Consumer Specialties [Member] | ||||
Goodwill | ||||
Acquisitions (Note 4) | 0 | 0 | ||
Exchange rate changes | -14 | 5 | ||
Net book value | 240 | [1] | 254 | 249 |
Industrial Specialties [Member] | ||||
Goodwill | ||||
Acquisitions (Note 4) | 0 | 0 | ||
Exchange rate changes | -2 | 1 | ||
Net book value | 41 | [1] | 43 | 42 |
Acetyl Intermediates [Member] | ||||
Goodwill | ||||
Acquisitions (Note 4) | 0 | 0 | ||
Exchange rate changes | -25 | 9 | ||
Net book value | $173 | [1] | $198 | $189 |
[1] | There were $0 million of accumulated impairment losses as of December 31, 2014. |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Net) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Gross Asset Value | ||||
Acquisitions (Note 4) | $15 | [1] | $7 | |
Exchange rate changes | -52 | 20 | ||
Gross asset value | 609 | 646 | 619 | |
Accumulated Amortization | ||||
Amortization | -20 | -32 | -51 | |
Exchange rate changes | 51 | -19 | ||
Accumulated amortization | -556 | -587 | -536 | |
Net book value | 53 | |||
Licenses [Member] | ||||
Gross Asset Value | ||||
Acquisitions (Note 4) | 0 | 0 | ||
Exchange rate changes | -1 | 1 | ||
Gross asset value | 32 | 33 | 32 | |
Accumulated Amortization | ||||
Amortization | -3 | -3 | ||
Exchange rate changes | 0 | -1 | ||
Accumulated amortization | -23 | -20 | -16 | |
Net book value | 9 | |||
Customer-Related Intangible Assets [Member] | ||||
Gross Asset Value | ||||
Acquisitions (Note 4) | 2 | 0 | ||
Exchange rate changes | -51 | 19 | ||
Gross asset value | 495 | 544 | 525 | |
Accumulated Amortization | ||||
Amortization | -12 | -23 | ||
Exchange rate changes | 50 | -18 | ||
Accumulated amortization | -483 | -521 | -480 | |
Net book value | 12 | |||
Developed Technology [Member] | ||||
Gross Asset Value | ||||
Acquisitions (Note 4) | 3 | 0 | ||
Exchange rate changes | 0 | 0 | ||
Gross asset value | 33 | 30 | 30 | |
Accumulated Amortization | ||||
Amortization | -3 | -4 | ||
Exchange rate changes | 1 | 0 | ||
Accumulated amortization | -23 | -21 | -17 | |
Net book value | 10 | |||
Covenants Not to Compete and Other [Member] | ||||
Gross Asset Value | ||||
Acquisitions (Note 4) | 10 | 7 | ||
Exchange rate changes | 0 | 0 | ||
Gross asset value | 49 | 39 | 32 | |
Accumulated Amortization | ||||
Amortization | -2 | -2 | ||
Exchange rate changes | 0 | 0 | ||
Accumulated amortization | -27 | -25 | -23 | |
Net book value | $22 | |||
Cool Polymers, Inc. [Member] | ||||
Accumulated Amortization | ||||
Weighted average life of intangible assets acquired | 7 years | |||
[1] | Includes intangible assets acquired from Cool Polymers, Inc. with a weighted average amortization period of seven years (Note 4). Also includes intangible assets reimbursed by Mitsui (Note 5) during the year ended December 31, 2014. |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Net (Schedule of Indefinite-Lived Intangible Assets, Net) (Details) (Trademarks and Trade Names [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Trademarks and Trade Names [Member] | |||
Gross Asset Value | |||
Acquisitions (Note 4) | $2 | $0 | |
Accumulated impairment losses | 0 | -1 | |
Exchange rate changes | -6 | 2 | |
Gross asset value | $79 | $83 | $82 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets, Net (Schedule of Estimated Amortization Expense) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $11 |
2016 | 8 |
2017 | 8 |
2018 | 5 |
2019 | $3 |
Current_Other_Liabilities_Deta
Current Other Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ||
Asset retirement obligations | $9 | $29 |
Benefit obligations (Note 15) | 28 | 78 |
Customer rebates | 53 | 48 |
Derivatives (Note 22) | 13 | 12 |
Environmental (Note 16) | 21 | 30 |
Insurance | 9 | 14 |
Interest | 19 | 24 |
Restructuring (Note 18) | 21 | 60 |
Salaries and benefits | 129 | 96 |
Sales and use tax/foreign withholding tax payable | 13 | 12 |
Uncertain tax positions (Note 19) | 59 | 64 |
Other | 58 | 74 |
Total | $432 | $541 |
Noncurrent_Other_Liabilities_S
Noncurrent Other Liabilities (Schedule of Noncurrent Other Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities, Noncurrent [Abstract] | ||
Asset retirement obligations | $28 | $18 |
Deferred proceeds | 47 | 53 |
Deferred revenue | 21 | 28 |
Derivatives (Note 22) | 10 | 3 |
Environmental (Note 16) | 63 | 67 |
Income taxes payable | 13 | 20 |
Insurance | 51 | 50 |
Restructuring (Note 18) | 0 | 2 |
Other | 50 | 46 |
Total | $283 | $287 |
Noncurrent_Other_Liabilities_S1
Noncurrent Other Liabilities (Schedule of Changes in Asset Retirement Obligations) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Other Liabilities, Noncurrent [Abstract] | ||||||
Balance at beginning of year | $47 | $64 | $64 | |||
Additions | 4 | [1] | 5 | [1] | 3 | [1] |
Accretion | 1 | 2 | 3 | |||
Payments | -8 | -23 | -12 | |||
Revisions to cash flow estimates | -7 | [2] | -2 | [2] | 5 | [2] |
Exchange rate changes | 0 | 1 | 1 | |||
Balance at end of year | $37 | $47 | $64 | |||
[1] | Primarily relates to sites which management no longer considers to have an indeterminate life. | |||||
[2] | Primarily relates to revisions to the estimated cost and timing of future obligations. |
Noncurrent_Other_Liabilities_S2
Noncurrent Other Liabilities (Schedule of Changes in Asset Retirement Obligations Narrative) (Details) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities, Noncurrent [Abstract] | ||
Asset retirement obligation, liability for assets or businesses acquired | $10 | $10 |
Asset retirement obligation, recoveries current receivable non-trade | 1 | |
Asset retirement obligation, recoveries long-term receivable noncurrent other assets | $9 |
Debt_Schedule_of_Shortterm_Deb
Debt (Schedule of Short-term Debt) (Details) (USD $) | Dec. 31, 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 | $25 | $24 | ||
Short-term borrowings, including amounts due to affiliates | 77 | [1] | 103 | [1] |
Total | 137 | 177 | ||
Weighted average interest rate, short-term borrowings | 4.70% | 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 | $35 | [2] | $50 | [2] |
Weighted average interest rate, credit facility | 0.70% | |||
[1] | The weighted average interest rate was 4.7% and 4.4% as of December 31, 2014 and 2013, respectively. | |||
[2] | The weighted average interest rate was 0.7% as of December 31, 2014 and 2013. |
Debt_Schedule_of_Longterm_Debt
Debt (Schedule of Long-term Debt) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 24, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 24, 2014 | Dec. 31, 2012 | 31-May-11 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Term C-2 Loan Facility [Member] | Term C-3 Loan Facility [Member] | Term C-3 Loan Facility [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Pollution Control and Industrial Revenue Bonds [Member] | Pollution Control and Industrial Revenue Bonds [Member] | Obligations Under Capital Leases [Member] | Obligations Under Capital Leases [Member] |
USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Secured Debt | $978 | $34 | € 28 | $0 | $906 | |||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||||||||
Senior unsecured notes | 0 | 600 | 364 | 0 | 400 | 400 | 500 | 500 | ||||||||||||||||||
Maturity Date | 15-Oct-18 | 31-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 | |||||||||||||||
Interest Rate | 6.63% | 6.63% | 6.63% | 3.25% | 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 | 31-Oct-18 | |||||||||||||||||||||||
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 5.7% to 6.7% | 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 | ||||||||||||||||||||||||
Obligations under capital leases due at various dates through 2054 | 260 | 264 | ||||||||||||||||||||||||
Subtotal | 2,633 | 2,911 | ||||||||||||||||||||||||
Current installments of long-term debt | -25 | -24 | ||||||||||||||||||||||||
Total | $2,608 | $2,887 |
Debt_Debt_Schedule_of_Senior_N
Debt Debt (Schedule of Senior Notes) (Details) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | 31-May-11 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 24, 2014 | Dec. 31, 2012 |
Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2021 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | |
USD ($) | USD ($) | EUR (€) | |||||||||
Debt Instrument [Line Items] | |||||||||||
Principal | $400 | $500 | € 300 | ||||||||
Interest Rate | 5.88% | 5.88% | 5.88% | 4.63% | 4.63% | 4.63% | 3.25% | 3.25% | 3.25% | 3.25% | |
Maturity Date | 15-Jun-21 | 15-Jun-21 | 15-Jun-21 | 15-Nov-22 | 15-Nov-22 | 15-Oct-19 | 15-Oct-19 | 15-Oct-19 |
Debt_Schedule_of_Net_Deferred_
Debt (Schedule of Net Deferred Financing Costs) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2011 | Sep. 30, 2010 | Nov. 30, 2012 | Sep. 24, 2014 | |||
Debt Instrument [Line Items] | |||||||||||
Deferred Finance Costs, Net | $27 | $27 | $30 | $28 | |||||||
Financing costs deferred | 10 | [1] | 2 | [2] | 8 | [3] | |||||
Accelerated amortization due to refinancing activity | -5 | [4] | 0 | -1 | [5] | ||||||
Amortization | -5 | -5 | -5 | ||||||||
Senior Unsecured Notes Due 2018 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 6.63% | 6.63% | 6.63% | ||||||||
Accelerated amortization due to refinancing activity | -4 | ||||||||||
Senior Unsecured Notes Due 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 4.63% | 4.63% | 4.63% | ||||||||
Term C Loan Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of Lines of Credit | 400 | ||||||||||
Term C-3 Loan Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility, expiration date | 31-Oct-18 | ||||||||||
Financing costs deferred | 4 | [1] | |||||||||
Term C-2 Loan Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility, expiration date | 15-Oct-16 | 15-Oct-16 | |||||||||
Accelerated amortization due to refinancing activity | -1 | ||||||||||
Senior Unsecured Notes Due 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 3.25% | 3.25% | 3.25% | 3.25% | |||||||
Financing costs deferred | $6 | [1] | |||||||||
[1] | ncludes $6 million related to the issuance of the 3.250% Notes and $4 million related to the September 24, 2014 amendment to the Celanese US existing senior secured credit facilities. | ||||||||||
[2] | elates to the September 2013 amendment to the Celanese US existing senior secured credit facilities to reduce the interest rates payable in connection with certain borrowings thereby creating the Term C-2 loan facility due 2016. | ||||||||||
[3] | elates to the issuance of the 4.625% Notes. | ||||||||||
[4] | ncludes $4 million related to the 6.625% Notes redemption and $1 million related to the Term C-2 loan facility conversion. | ||||||||||
[5] | elates to the $400 million prepayment of the Term C loan facility with proceeds from the 4.625% Notes. |
Debt_Schedule_of_First_Lien_Se
Debt (Schedule of First Lien Senior Secured Leverage Ratios) (Details) (Revolving Credit Facility [Member]) | Dec. 31, 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 | 0.64 |
Ratio Estimate If Fully Drawn [Member] | |
Debt Instrument [Line Items] | |
First lien secured leverage ratio | 1.21 |
Debt_Schedule_of_Balances_Avai
Debt (Schedule of Balances Available for Borrowing) (Details) (USD $) | Dec. 31, 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] | ||||
Letters of credit issued | 79 | |||
Available for borrowing | 21 | |||
Borrowings outstanding | $35 | [1] | $50 | [1] |
[1] | The weighted average interest rate was 0.7% as of December 31, 2014 and 2013. |
Debt_Schedule_of_Principle_Pay
Debt (Schedule of Principle Payments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2014 | $137 |
2015 | 60 |
2016 | 29 |
2017 | 901 |
2018 | 390 |
Thereafter | 1,228 |
Total | $2,745 |
Debt_Senior_Notes_and_Senior_C
Debt (Senior Notes and Senior Credit Facilities Narrative) (Details) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 15, 2014 | Sep. 30, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 15, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 24, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 24, 2014 | Sep. 16, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 24, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | ||
USD ($) | USD ($) | USD ($) | Senior Unsecured Notes Due 2018 [Member] | Senior Unsecured Notes Due 2018 [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 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Term C-3 Loan Facility [Member] | Term C-3 Loan Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit 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] | Amended Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | European Interbank Offered Rate [Member] | European Interbank Offered Rate [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | Term C-3 Loan Facility [Member] | Revolving Credit Facility [Member] | Term C-3 Loan Facility [Member] | Term C-2 Loan Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | 1.50% | 2.25% | 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% | |||||||||||||||||||||||||||||
Senior notes | $600 | € 300 | ||||||||||||||||||||||||||||
Interest rate, stated percentage | 6.63% | 6.63% | 6.63% | 3.25% | 3.25% | 3.25% | 3.25% | |||||||||||||||||||||||
Redemption premium | 20 | |||||||||||||||||||||||||||||
Accelerated amortization due to refinancing | 5 | [1] | 0 | 1 | [2] | 4 | 1 | |||||||||||||||||||||||
Debt Instrument, Repurchase Date | 15-Oct-14 | |||||||||||||||||||||||||||||
Secured Debt | 0 | 906 | 34 | 978 | 28 | |||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principle Amount Redeemed | 103.31% | |||||||||||||||||||||||||||||
Debt Instrument, Repurchase Amount | 620 | |||||||||||||||||||||||||||||
Interest paid for called senior notes | 20 | |||||||||||||||||||||||||||||
Date of maturity | 15-Oct-18 | 31-Oct-18 | 15-Oct-18 | 15-Oct-19 | 15-Oct-19 | 15-Oct-19 | 15-Oct-18 | |||||||||||||||||||||||
Maximum borrowing capacity | 900 | 600 | ||||||||||||||||||||||||||||
Cross default covenant to other debt | $50 | |||||||||||||||||||||||||||||
Credit facility, expiration date | 31-Oct-18 | 15-Oct-18 | 15-Oct-16 | 15-Oct-16 | ||||||||||||||||||||||||||
[1] | ncludes $4 million related to the 6.625% Notes redemption and $1 million related to the Term C-2 loan facility conversion. | |||||||||||||||||||||||||||||
[2] | elates to the $400 million prepayment of the Term C loan facility with proceeds from the 4.625% Notes. |
Debt_Debt_Accounts_Receivable_
Debt Debt (Accounts Receivable Securitization Facility Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Aug. 28, 2013 |
Debt Instrument [Line Items] | ||
Outstanding amount of accounts receivable transferred by the Originators to the Transferor | $197 | |
Accounts Receivable Securitization Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 135 | |
Current borrowing capacity | 135 | |
Credit facility, expiration date | 28-Aug-16 | |
Repayments of Lines of Credit | $15 |
Benefit_Obligations_Schedule_o
Benefit Obligations (Schedule of Contributions to Multiemployer Defined Benefit Pension Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Multiemployer defined benefit plan | $8 | $8 | $6 |
Benefit_Obligations_Schedule_o1
Benefit Obligations (Schedule of Other Postemployment Obligations) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Postemployment benefits | $12 | $16 |
Benefit_Obligations_Benefit_Ob
Benefit Obligations Benefit Obligations (Schedule of Contributions to Defined Contribution Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Defined contribution plans | $40 | $19 | $17 |
Benefit_Obligations_Schedule_o2
Benefit Obligations (Schedule of Company's Pension and Post Retirement Benefit Plans) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | |||||
Net amount recognized | $54 | ($58) | $11 | ||
Other comprehensive (income) loss, tax effect | 4 | 26 | |||
Pension Benefits [Member] | |||||
Change in Projected Benefit Obligation | |||||
Projected benefit obligation as of beginning of period | 3,799 | 4,199 | |||
Service cost | 11 | 34 | 28 | ||
Interest cost | 168 | 154 | 170 | ||
Participant contributions | 0 | 0 | |||
Plan amendments | -1 | -1 | |||
Net actuarial (gain) loss | 458 | [1] | -119 | [1] | |
Settlements | -221 | -172 | |||
Benefits paid | -232 | [2] | -244 | [2] | |
Federal subsidy on Medicare Part D | 0 | 0 | |||
Curtailments | 0 | -67 | |||
Exchange rate changes | -68 | 6 | |||
Other | 1 | 9 | |||
Projected benefit obligation as of end of period | 3,915 | 3,799 | 4,199 | ||
Change in Plan Assets | |||||
Fair value of plan assets as of beginning of period | 2,709 | 2,896 | |||
Actual return on plan assets | 327 | 171 | |||
Employer contributions | 165 | 59 | |||
Participant contributions | 0 | 0 | |||
Settlements | -143 | -173 | |||
Benefits paid | -232 | [2] | -244 | [2] | |
Exchange rate changes | -37 | 0 | |||
Fair value of plan assets as of end of period | 2,789 | 2,709 | 2,896 | ||
Funded status as of end of period | -1,126 | -1,090 | |||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||||
Noncurrent Other assets | 16 | 11 | |||
Current Other liabilities | -23 | -23 | |||
Benefit obligations | -1,119 | -1,078 | |||
Net amount recognized | -1,126 | -1,090 | |||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | |||||
Net actuarial (gain) loss | 16 | [3] | 9 | [3] | |
Prior service (benefit) cost | -4 | [4] | -3 | [4] | |
Net amount recognized | 12 | 6 | |||
Postretirement Benefits [Member] | |||||
Change in Projected Benefit Obligation | |||||
Projected benefit obligation as of beginning of period | 136 | 292 | |||
Service cost | 1 | 2 | 1 | ||
Interest cost | 4 | 9 | 11 | ||
Participant contributions | 5 | 23 | |||
Plan amendments | -5 | -92 | |||
Net actuarial (gain) loss | 11 | [1] | -37 | [1] | |
Settlements | 0 | -23 | |||
Benefits paid | -61 | [2] | -43 | [2] | |
Federal subsidy on Medicare Part D | -2 | 6 | |||
Curtailments | 0 | 0 | |||
Exchange rate changes | -4 | -1 | |||
Other | 0 | 0 | |||
Projected benefit obligation as of end of period | 85 | 136 | 292 | ||
Change in Plan Assets | |||||
Fair value of plan assets as of beginning of period | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Employer contributions | 56 | 43 | |||
Participant contributions | 5 | 23 | |||
Settlements | 0 | -23 | |||
Benefits paid | -61 | [2] | -43 | [2] | |
Exchange rate changes | 0 | 0 | |||
Fair value of plan assets as of end of period | 0 | 0 | 0 | ||
Funded status as of end of period | -85 | -136 | |||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||||
Noncurrent Other assets | 0 | 0 | |||
Current Other liabilities | -5 | -55 | |||
Benefit obligations | -80 | -81 | |||
Net amount recognized | -85 | -136 | |||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | |||||
Net actuarial (gain) loss | 0 | [3] | 0 | [3] | |
Prior service (benefit) cost | 3 | [4] | -75 | [4] | |
Net amount recognized | 3 | -75 | |||
Nonqualified Pension Benefits [Member] | |||||
Change in Projected Benefit Obligation | |||||
Benefits paid | -22 | -22 | |||
Change in Plan Assets | |||||
Benefits paid | ($22) | ($22) | |||
[1] | Primarily relates to change in discount rates. | ||||
[2] | Includes benefit payments to nonqualified pension plans of $22 million and $22 million as of December 31, 2014 and 2013, respectively. | ||||
[3] | Relates to the pension plans of the Company's equity method investments. | ||||
[4] | Amount shown net of an income tax benefit of $4 million and income tax expense of $26 million as of December 31, 2014 and 2013, respectively, in the consolidated statements of equity (Note 17). |
Benefit_Obligations_Schedule_o3
Benefit Obligations (Schedule of Percentage of US and International Projected Benefit Obligation) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of projected benefit obligation | 100.00% | 100.00% |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of projected benefit obligation | 85.00% | 86.00% |
Foreign Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of projected benefit obligation | 15.00% | 14.00% |
Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of projected benefit obligation | 100.00% | 100.00% |
United States Postretirement Benefit Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of projected benefit obligation | 59.00% | 75.00% |
Foreign Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of projected benefit obligation | 41.00% | 25.00% |
Benefit_Obligations_Schedule_o4
Benefit Obligations (Schedule of Percentage of US and International Fair Value of Plan Assets) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assets Percentage | 100.00% | 100.00% |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assets Percentage | 88.00% | 88.00% |
Foreign Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assets Percentage | 12.00% | 12.00% |
Benefit_Obligations_Schedule_o5
Benefit Obligations (Schedule of Pension Plans with Projected Benefit Obligations in Excess of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Projected benefit obligation | $3,866 | $3,749 |
Fair value of plan assets | $2,724 | $2,648 |
Benefit_Obligations_Schedule_o6
Benefit Obligations (Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Accumulated benefit obligation | $3,833 | $3,715 |
Fair value of plan assets | $2,713 | $2,633 |
Benefit_Obligations_Schedule_o7
Benefit Obligations (Schedule of Accumulated Benefit Obligation for All Defined Benefit Pension Plans) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Accumulated benefit obligation | $3,892 | $3,778 |
Benefit_Obligations_Schedule_o8
Benefit Obligations (Schedule of Net Periodic Benefit Costs Recognized) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Recognized actuarial (gain) loss | $350 | ($104) | $389 | ||
Pension Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 11 | 34 | 28 | ||
Interest cost | 168 | 154 | 170 | ||
Expected return on plan assets | -214 | -223 | -204 | ||
Amortization of prior service cost | 0 | 1 | 2 | ||
Recognized actuarial (gain) loss | 339 | [1] | -67 | 377 | |
Curtailment (gain) loss | 0 | -61 | 0 | ||
Settlement (gain) loss | -78 | 9 | 0 | ||
Special termination benefits | 0 | 0 | 0 | ||
Total | 226 | -153 | 373 | ||
Postretirement Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 1 | 2 | 1 | ||
Interest cost | 4 | 9 | 11 | ||
Expected return on plan assets | 0 | 0 | 0 | ||
Amortization of prior service cost | -83 | -12 | 1 | ||
Recognized actuarial (gain) loss | 11 | -37 | 12 | ||
Curtailment (gain) loss | 0 | 0 | 0 | ||
Settlement (gain) loss | 0 | 0 | 0 | ||
Special termination benefits | 0 | 0 | 0 | ||
Total | -67 | -38 | 25 | ||
MortalityTable [Member] | Pension Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Recognized actuarial (gain) loss | 52 | [1] | |||
UNITED STATES | Pension Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment (gain) loss | -61 | ||||
Settlement (gain) loss | -78 | ||||
UNITED STATES | Postretirement Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of prior service cost | ($84) | ($13) | |||
[1] | Includes a loss of $52 million reflecting the incorporation of the RP-2014 mortality tables into the actuarial assumptions for the US qualified pension plans. |
Benefit_Obligations_Schedule_o9
Benefit Obligations (Schedule of Amortization of Accumulated Other Comprehensive Income (Loss), Net Into Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | $0 |
Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | $0 |
Recovered_Sheet3
Benefit Obligations (Schedule of Nonqualified Pension Plans Funded with Nonqualified Trusts) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent Other assets, consisting of insurance contracts | $56 | $62 |
Nonqualified Pension Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent Other assets, consisting of insurance contracts | 56 | 62 |
Current Other liabilities | 22 | 22 |
Benefit obligations | 268 | 247 |
Nonqualified Pension Obligations [Member] | Nonqualified Trust Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Marketable securities, at fair value | $32 | $41 |
Recovered_Sheet4
Benefit Obligations (Schedule of Expense Related to Nonqualified Pension Plans Included in Net Periodic Benefit Cost, Excluding Returns on Assets) (Details) (Nonqualified Pension Benefits [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Nonqualified Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $43 | $6 | $17 |
Benefit_Obligations_Pension_an
Benefit Obligations (Pension and Other Postretirement Obligations Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 05, 2013 | Mar. 27, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Multiemployer plans, funded status | At least 80 percent | At least 80 percent | At least 80 percent | |||
Multiemployer plans, period contributions, significance of contributions | FALSE | FALSE | ||||
Pension Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlement gain (loss) | 78 | -9 | 0 | |||
Curtailment gain (loss) | 0 | 61 | 0 | |||
Amortization of prior service cost (credit) | 0 | 1 | 2 | |||
Lump-sum buyout payments | 143 | 173 | ||||
Pension Benefits [Member] | UNITED KINGDOM | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlement gain (loss) | -9 | |||||
Pension Benefits [Member] | UNITED STATES | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlement gain (loss) | 78 | |||||
Curtailment gain (loss) | 61 | |||||
Lump-sum buyout payments | 143 | |||||
Postretirement Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlement gain (loss) | 0 | 0 | 0 | |||
Curtailment gain (loss) | 0 | 0 | 0 | |||
Amortization of prior service cost (credit) | -83 | -12 | 1 | |||
Lump-sum buyout payments | 0 | 23 | ||||
Postretirement Benefits [Member] | UNITED STATES | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Prior service cost (credit) | -92 | |||||
Amortization of prior service cost (credit) | -84 | -13 | ||||
Lump-sum buyout payments | 40 | 23 | ||||
Narrows Union Employees [Member] | Postretirement Benefits [Member] | UNITED STATES | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Prior service cost (credit) | ($5) |
Recovered_Sheet5
Benefit Obligations (Schedule of Principle Weighted Average Assumptions Used to Determine Benefit Obligations and Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate obligations | 3.70% | 4.60% | |
Rate of compensation increase | 2.80% | 3.00% | |
Discount rate obligations | 4.60% | 3.80% | 4.60% |
Expected return on plan assets | 8.20% | 8.00% | 8.10% |
Rate of compensation increase | 3.00% | 3.80% | 3.80% |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate obligations | 3.90% | 4.70% | |
Rate of compensation increase | 3.00% | ||
Discount rate obligations | 4.70% | 3.80% | 4.60% |
Expected return on plan assets | 8.50% | 8.50% | 8.50% |
Rate of compensation increase | 3.00% | 4.00% | 4.00% |
Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate obligations | 2.40% | 3.70% | |
Rate of compensation increase | 2.80% | 2.80% | |
Discount rate obligations | 3.70% | 3.60% | 4.70% |
Expected return on plan assets | 6.20% | 5.80% | 6.00% |
Rate of compensation increase | 2.80% | 2.90% | 2.90% |
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate obligations | 3.60% | 4.40% | |
Discount rate obligations | 4.40% | 3.50% | 4.30% |
United States Postretirement Benefit Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate obligations | 3.70% | 4.30% | |
Discount rate obligations | 4.30% | 3.40% | 4.30% |
Foreign Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate obligations | 3.50% | 4.50% | |
Discount rate obligations | 4.50% | 3.80% | 4.00% |
Benefit_Obligations_Benefit_Ob1
Benefit Obligations Benefit Obligations (Schedule of US Health Care Cost Trend Rates) (Details) (United States Postretirement Benefit Plan of US Entity [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
United States Postretirement Benefit Plan of US Entity [Member] | |||
ScheduleofHealthCareCostTrend [Line Items] | |||
Health care cost trend rate assumed for next year | 7.00% | 7.50% | 7.50% |
Health care cost trend ultimate rate | 5.00% | 5.00% | 5.00% |
Health care cost trend ultimate rate year | 2020 | 2017 | 2016 |
Recovered_Sheet6
Benefit Obligations (Schedule of Impact of One-Percentage-Point Change in Assumed Health Care Cost Trend) (Details) (United States Postretirement Benefit Plan of US Entity [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
United States Postretirement Benefit Plan of US Entity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Postretirement obligations, impact of 1% decrease | $7 |
Postretirement obligations, impact of 1% increase | 9 |
Service and interest cost, impact of 1% decrease | 0 |
Service and interest cost, impact of 1% increase | $1 |
Benefit_Obligations_Valuation_
Benefit Obligations (Valuation Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 8.20% | 8.00% | 8.10% |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual return on plan assets | 13.70% | ||
Expected return on plan assets | 8.50% | 8.50% | 8.50% |
United States Postretirement Benefit Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 7.00% | 7.50% | 7.50% |
Health care cost trend ultimate rate | 5.00% | 5.00% | 5.00% |
Recovered_Sheet7
Benefit Obligations (Schedule of Weighted Average Target Asset Allocations) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
United States Pension Plan of US Entity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average target asset allocations | 100.00% |
United States Pension Plan of US Entity [Member] | Bonds - Domestic to Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average target asset allocations | 54.00% |
United States Pension Plan of US Entity [Member] | Equities - Domestic to Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average target asset allocations | 26.00% |
United States Pension Plan of US Entity [Member] | Equities - International to Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average target asset allocations | 20.00% |
United States Pension Plan of US Entity [Member] | Other [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average target asset allocations | 0.00% |
Foreign Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average target asset allocations | 100.00% |
Foreign Pension Plan [Member] | Bonds - Domestic to Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average target asset allocations | 71.00% |
Foreign Pension Plan [Member] | Equities - Domestic to Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average target asset allocations | 19.00% |
Foreign Pension Plan [Member] | Equities - International to Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average target asset allocations | 3.00% |
Foreign Pension Plan [Member] | Other [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average target asset allocations | 7.00% |
Recovered_Sheet8
Benefit Obligations (Schedule of Fair Values of Pension Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets, fair value non-financial receivables | $19 | $26 | ||
Pension plan assets, fair value non-financial payables | 26 | 31 | ||
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 2,796 | [1] | 2,714 | [1] |
Total liabilities [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 278 | 55 | ||
Swaps [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 270 | 48 | ||
Other [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 2 | 1 | ||
Obligations Under Securities Lending [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 6 | 6 | ||
Total plan assets [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 3,074 | 2,769 | ||
Cash and Cash quivalents [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 6 | 8 | ||
Loans [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 61 | 51 | ||
Equities [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 217 | 179 | ||
Swaps [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 275 | 49 | ||
Other [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 2 | 0 | ||
US Companies [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 227 | 462 | ||
International Companies [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 383 | 426 | ||
Corporate Debt [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 639 | 855 | ||
Treasuries, Other Debt [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 723 | 394 | ||
Mortgage Backed Securities [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 31 | 27 | ||
Registered Investment Companies [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 133 | 124 | ||
Securities Lending Collateral [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 6 | 6 | ||
Short-term Investments [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 263 | 131 | ||
Insurance Contracts [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 34 | 34 | ||
Other [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 74 | 23 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 722 | [1] | 915 | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Total liabilities [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 6 | 6 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Swaps [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Obligations Under Securities Lending [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 6 | 6 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Total plan assets [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 728 | 921 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash quivalents [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 6 | 8 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Loans [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equities [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Swaps [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | US Companies [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 227 | 462 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | International Companies [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 383 | 426 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Debt [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Treasuries, Other Debt [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 68 | 4 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Backed Securities [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Registered Investment Companies [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Securities Lending Collateral [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 6 | 6 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short-term Investments [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Insurance Contracts [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 38 | 15 | ||
Significant Other Observable Inputs (Level 2) [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 2,074 | [1] | 1,799 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Total liabilities [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 272 | 49 | ||
Significant Other Observable Inputs (Level 2) [Member] | Swaps [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 270 | 48 | ||
Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 2 | 1 | ||
Significant Other Observable Inputs (Level 2) [Member] | Obligations Under Securities Lending [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Total plan assets [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 2,346 | 1,848 | ||
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash quivalents [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Loans [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 61 | 51 | ||
Significant Other Observable Inputs (Level 2) [Member] | Equities [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 217 | 179 | ||
Significant Other Observable Inputs (Level 2) [Member] | Swaps [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 275 | 49 | ||
Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 2 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | US Companies [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | International Companies [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 639 | 855 | ||
Significant Other Observable Inputs (Level 2) [Member] | Treasuries, Other Debt [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 655 | 390 | ||
Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 31 | 27 | ||
Significant Other Observable Inputs (Level 2) [Member] | Registered Investment Companies [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 133 | 124 | ||
Significant Other Observable Inputs (Level 2) [Member] | Securities Lending Collateral [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 263 | 131 | ||
Significant Other Observable Inputs (Level 2) [Member] | Insurance Contracts [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | 34 | 34 | ||
Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net assets | $36 | $8 | ||
[1] | Total net assets excludes non-financial plan receivables and payables of $19 million and $26 million, respectively, as of December 31, 2014 and $26 million and $31 million, respectively, as of December 31, 2013. Non-financial items include due to/from broker, interest receivables and accrued expenses |
Recovered_Sheet9
Benefit Obligations (Schedule of Pension Benefits Expected to be Paid from the Plans or From the Company's Assets) (Details) (USD $) | Dec. 31, 2014 | |
In Millions, unless otherwise specified | ||
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2015 | $229 | [1] |
2016 | 227 | [1] |
2017 | 227 | [1] |
2018 | 227 | [1] |
2019 | 229 | [1] |
2020-2024 | 1,134 | [1] |
Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2015 | 5 | [2] |
2016 | 5 | [2] |
2017 | 5 | [2] |
2018 | 5 | [2] |
2019 | 5 | [2] |
2020-2024 | $25 | [2] |
[1] | Payments are expected to be made primarily from plan assets. | |
[2] | Payments are expected to be made primarily from Company assets. |
Benefit_Obligations_Plan_Asset
Benefit Obligations (Plan Assets Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 8.20% | 8.00% | 8.10% | |
Estimated employer contributions for pension benefits and postretirement benefits | $60 | |||
United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | 13.70% | |||
Expected return on plan assets | 8.50% | 8.50% | 8.50% | |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated employer contributions for pension benefits and postretirement benefits | 5 | |||
Nonqualified Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated employer contributions for pension benefits and postretirement benefits | $22 | |||
Scenario, Forecast [Member] | United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 8.00% |
Environmental_Schedule_of_Envi
Environmental (Schedule of Environmental Remediation Reserves) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Environmental Remediation Obligations [Abstract] | ||
Demerger obligations (Note 24) | $25 | $27 |
Divestiture obligations (Note 24) | 21 | 21 |
Active sites | 23 | 32 |
US Superfund sites | 12 | 13 |
Other environmental remediation reserves | 3 | 4 |
Total | $84 | $97 |
Environmental_Remediation_Narr
Environmental (Remediation Narrative) (Details) (Spondon, UK, Former Owner [Member], Consumer Specialties [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Spondon, UK, Former Owner [Member] | Consumer Specialties [Member] | ||
Environmental Disclosure [Line Items] | ||
Environmental insurance recoveries receivable | $4 | $4 |
Environmental_Schedule_of_Envi1
Environmental (Schedule of Environmental Ownership and Liability Percentages) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Environmental Disclosure [Line Items] | |||
Ownership percentage | 20.00% | ||
Reserves | $84 | $97 | |
InfraServ GmbH & Co. Gendorf KG [Member] | |||
Environmental Disclosure [Line Items] | |||
Ownership percentage | 39.00% | ||
Liability percentage | 10.00% | ||
Reserves | 13 | [1] | |
InfraServ GmbH & Co. Knapsack KG [Member] | |||
Environmental Disclosure [Line Items] | |||
Ownership percentage | 27.00% | ||
Liability percentage | 22.00% | ||
Reserves | 1 | [1] | |
InfraServ GmbH & Co. Hoechst KG [Member] | |||
Environmental Disclosure [Line Items] | |||
Ownership percentage | 32.00% | ||
Liability percentage | 40.00% | ||
Reserves | $70 | [1] | |
[1] | Gross reserves maintained by the respective InfraServ entity. |
Environmental_German_Infraserv
Environmental (German Infraservs Narrative) (Details) | Dec. 31, 2014 |
Environmental Remediation Obligations [Abstract] | |
Demerger obligations indemnification percentage | 66.66% |
Other demerger obligations indemnification percentage | 66.66% |
Environmental_Environmental_US
Environmental Environmental (US Superfund Sites Narrative) (Details) (Passaic River, New Jersey [Member], USD $) | 0 Months Ended | 12 Months Ended |
Apr. 11, 2014 | Dec. 31, 2014 | |
Passaic River, New Jersey [Member] | ||
Site Contingency [Line Items] | ||
Number of parties included in US EPA order | 70 | |
EPA proposed remedial alternative, low estimate | $365,000,000 | |
EPA proposed remedial alternative, high estimate | 3,200,000,000 | |
EPA proposed 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 | Apr. 30, 2012 | |
Schedule of Dividend Increases [Line Items] | ||||
Percent increase in common stock dividend | 39.00% | 100.00% | 20.00% | 25.00% |
Quarterly [Member] | ||||
Schedule of Dividend Increases [Line Items] | ||||
Common stock cash dividend per share | 0.25 | 0.18 | 0.09 | 0.075 |
Annual [Member] | ||||
Schedule of Dividend Increases [Line Items] | ||||
Common stock cash dividend per share | 1 | 0.72 | 0.36 | 0.3 |
Stockholders_Equity_Schedule_o1
Stockholders' Equity (Schedule of Treasury Stock) (Details) (USD $) | 12 Months Ended | 83 Months Ended | |||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Oct. 23, 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 | $1,366 | $1,366 | $301 | $172 | $264 | $129 | $100 | $400 | |||||
Shares repurchased | 4,338,488 | 3,186,180 | [1] | 1,059,719 | [1] | 20,667,195 | [2] | ||||||
Average purchase price per share | $57.61 | $51.38 | $42.44 | $44.27 | |||||||||
Amount spent on repurchased shares (in millions) | $250 | $164 | $45 | $915 | |||||||||
Restricted Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares withheld, tax withholding | 6,021 | 5,823 | 11,844 | ||||||||||
[1] | The years ended December 31, 2013 and 2012 exclude 6,021 and 5,823 shares, respectively, withheld from an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. 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 $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Comprehensive Income (Loss) [Line Items] | ||||||
Unrealized gain (loss) on marketable securities, gross amount | $0 | $1 | [1] | $0 | ||
Unrealized gain (loss) on marketable securities, income tax (provision) benefit | 1 | 0 | 0 | |||
Unrealized gain (loss) on marketable securities, net amount | 1 | 1 | 0 | |||
Foreign currency translation, gross amount | -188 | 55 | 13 | |||
Foreign currency translation, income tax (provision) benefit | 40 | -35 | -8 | |||
Foreign currency translation, net amount | -148 | 20 | 5 | |||
Gain (loss) on cash flow hedges, gross amount | 0 | 9 | 10 | [2] | ||
Gain (loss) on cash flow hedges, income tax (provision) benefit | 40 | -3 | -3 | |||
Gain (loss) on cash flow hedges, net amount | 40 | 6 | 7 | |||
Pension and postretirement benefits, gross amount | -84 | [3] | 88 | -12 | [3] | |
Pension and postretirement benefits, income tax (provision) benefit | 30 | -30 | 1 | |||
Pension and postretirement benefits, net amount | -54 | 58 | -11 | |||
Total other comprehensive income (loss), gross amount | -272 | 153 | 11 | |||
Total other comprehensive income (loss), income tax (provision) benefit | 111 | -68 | -10 | |||
Total other comprehensive income (loss), net of tax | -161 | 85 | 1 | |||
Equity Method Investments [Member] | ||||||
Comprehensive Income (Loss) [Line Items] | ||||||
Unrealized gain (loss) on marketable securities, gross amount | 1 | |||||
Gain (loss) on cash flow hedges, gross amount | 2 | |||||
Pension and postretirement benefits, gross amount | ($7) | [3] | ($10) | [3] | ||
[1] | Includes $1 million of unrealized gains related to the Company's equity method investments. | |||||
[2] | Includes $2 million of gains related to the Company's equity method investment. | |||||
[3] | Includes $7 million and $10 million of defined benefit obligation and other postretirement obligation activity related to the Company's equity method investments for the years ended December 31, 2014 and December 31, 2012, respectively. |
Stockholders_Equity_Schedule_o3
Stockholders' Equity (Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of the beginning of the period | ($4) | ($89) | ($90) |
Current period change | -272 | 153 | 11 |
Other comprehensive income (loss) before reclassifications | -198 | 153 | |
Amounts reclassified from accumulated other comprehensive income (loss) | -74 | 0 | |
Income tax (provision) benefit | 111 | -68 | -10 |
Balance as of the end of the period | -165 | -4 | -89 |
Unrealized Gain (Loss) on Marketable Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of the beginning of the period | 0 | -1 | -1 |
Current period change | 0 | ||
Other comprehensive income (loss) before reclassifications | 0 | 1 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Income tax (provision) benefit | 1 | 0 | 0 |
Balance as of the end of the period | 1 | 0 | -1 |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of the beginning of the period | -3 | -23 | -28 |
Current period change | 13 | ||
Other comprehensive income (loss) before reclassifications | -188 | 55 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Income tax (provision) benefit | 40 | -35 | -8 |
Balance as of the end of the period | -151 | -3 | -23 |
Gain (Loss) from Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of the beginning of the period | -44 | -50 | -57 |
Current period change | 10 | ||
Other comprehensive income (loss) before reclassifications | -9 | -2 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 9 | 11 | |
Income tax (provision) benefit | 40 | -3 | -3 |
Balance as of the end of the period | -4 | -44 | -50 |
Pension and Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of the beginning of the period | 43 | -15 | -4 |
Current period change | -12 | ||
Other comprehensive income (loss) before reclassifications | -1 | 99 | |
Amounts reclassified from accumulated other comprehensive income (loss) | -83 | -11 | |
Income tax (provision) benefit | 30 | -30 | 1 |
Balance as of the end of the period | ($11) | $43 | ($15) |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 27, 2015 | Feb. 17, 2015 | Feb. 06, 2015 |
Equity, Class of Treasury Stock [Line Items] | ||||||
Common stock, par value | 0.0001 | |||||
Treasury Stock [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Retirement of treasury stock, shares | 0 | 18,250,900 | 0 | |||
Subsequent Event [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Quarterly cash dividend per share | $0.25 | |||||
Cash dividend | $38 | |||||
Date to be paid | 27-Feb-15 | |||||
Date of record | 17-Feb-15 |
Other_Charges_Gains_Net_Schedu
Other (Charges) Gains, Net (Schedule of Other (Charges) Gains, Net) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring and Related Activities [Abstract] | |||
Employee termination benefits (Note 4) | ($7) | ($23) | ($6) |
Kelsterbach plant relocation (Note 28) | 0 | -13 | -7 |
Plumbing actions | 0 | 0 | 5 |
Asset impairments | 0 | -81 | -8 |
Plant/office closures (Note 4) | 2 | -33 | 0 |
Commercial disputes | 11 | -8 | 2 |
Other | 9 | 0 | 0 |
Total | $15 | ($158) | ($14) |
Other_Charges_Gains_Net_Schedu1
Other (Charges) Gains, Net (Schedule of Restructuring Reserves) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the end of the period | $21 | ||
Total | 21 | ||
Employee Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the beginning of the period | 29 | 29 | |
Additions | 7 | 23 | |
Cash payments | -21 | -23 | |
Other changes | 0 | -1 | |
Exchange rate changes | -1 | 1 | |
Reserve as of the end of the period | 14 | 29 | |
Total | 14 | 29 | |
Plant/Office Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the beginning of the period | 33 | 1 | |
Additions | 0 | 33 | |
Cash payments | -9 | -1 | |
Other changes | -15 | 0 | |
Exchange rate changes | -2 | 0 | |
Reserve as of the end of the period | 7 | 33 | |
Total | 7 | 33 | |
Advanced Engineered Materials [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the end of the period | 4 | ||
Total | 4 | ||
Advanced Engineered Materials [Member] | Employee Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the beginning of the period | 4 | 6 | |
Additions | 1 | 0 | |
Cash payments | -1 | -2 | |
Other changes | 0 | 0 | |
Exchange rate changes | 0 | 0 | |
Reserve as of the end of the period | 4 | 4 | |
Total | 4 | 4 | |
Advanced Engineered Materials [Member] | Plant/Office Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the beginning of the period | 0 | 0 | |
Additions | 0 | 0 | |
Cash payments | 0 | 0 | |
Other changes | 0 | 0 | |
Exchange rate changes | 0 | 0 | |
Reserve as of the end of the period | 0 | 0 | |
Total | 0 | 0 | |
Consumer Specialties [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the end of the period | 1 | ||
Total | 1 | ||
Consumer Specialties [Member] | Employee Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the beginning of the period | 3 | 13 | |
Additions | 1 | 0 | |
Cash payments | -3 | -10 | |
Other changes | 0 | 0 | |
Exchange rate changes | 0 | 0 | |
Reserve as of the end of the period | 1 | 3 | |
Total | 1 | 3 | |
Consumer Specialties [Member] | Plant/Office Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the beginning of the period | 0 | 0 | |
Additions | 0 | 0 | |
Cash payments | 0 | 0 | |
Other changes | 0 | 0 | |
Exchange rate changes | 0 | 0 | |
Reserve as of the end of the period | 0 | 0 | |
Total | 0 | 0 | |
Industrial Specialties [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the end of the period | 1 | ||
Total | 1 | ||
Industrial Specialties [Member] | Employee Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the beginning of the period | 2 | 0 | |
Additions | 1 | 3 | |
Cash payments | -2 | -1 | |
Other changes | 0 | 0 | |
Exchange rate changes | 0 | 0 | |
Reserve as of the end of the period | 1 | 2 | |
Total | 1 | 2 | |
Industrial Specialties [Member] | Plant/Office Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the beginning of the period | 0 | 0 | |
Additions | 0 | 0 | |
Cash payments | 0 | 0 | |
Other changes | 0 | 0 | |
Exchange rate changes | 0 | 0 | |
Reserve as of the end of the period | 0 | 0 | |
Total | 0 | 0 | |
Acetyl Intermediates [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the end of the period | 12 | ||
Total | 12 | ||
Acetyl Intermediates [Member] | Employee Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the beginning of the period | 16 | 3 | |
Additions | 4 | 20 | |
Cash payments | -14 | -8 | |
Other changes | 0 | 0 | |
Exchange rate changes | -1 | 1 | |
Reserve as of the end of the period | 5 | 16 | |
Total | 5 | 16 | |
Acetyl Intermediates [Member] | Plant/Office Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the beginning of the period | 33 | 1 | |
Additions | 0 | 33 | |
Cash payments | -9 | -1 | |
Other changes | -15 | [1] | 0 |
Exchange rate changes | -2 | 0 | |
Reserve as of the end of the period | 7 | 33 | |
Total | 7 | 33 | |
Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the end of the period | 3 | ||
Total | 3 | ||
Other [Member] | Employee Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the beginning of the period | 4 | 7 | |
Additions | 0 | 0 | |
Cash payments | -1 | -2 | |
Other changes | 0 | -1 | |
Exchange rate changes | 0 | 0 | |
Reserve as of the end of the period | 3 | 4 | |
Total | 3 | 4 | |
Other [Member] | Plant/Office Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reserve as of the beginning of the period | 0 | 0 | |
Additions | 0 | 0 | |
Cash payments | 0 | 0 | |
Other changes | 0 | 0 | |
Exchange rate changes | 0 | 0 | |
Reserve as of the end of the period | 0 | 0 | |
Total | 0 | 0 | |
Tarragona, Spain [Member] | Acetyl Intermediates [Member] | Contract Termination [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other changes | ($13) | ||
[1] | Includes a $13 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 4). |
Other_Charges_Gains_Net_Narrat
Other (Charges) Gains, Net (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 |
Other (Charges) Gains, Net [Line Items] | |||||
Employee termination benefits | $7 | $23 | $6 | ||
Consumer Specialties [Member] | |||||
Other (Charges) Gains, Net [Line Items] | |||||
Commercial disputes | -15 | ||||
Acetyl Intermediates [Member] | |||||
Other (Charges) Gains, Net [Line Items] | |||||
Commercial disputes | -8 | ||||
Asset impairments | 46 | ||||
Roussillon, France and Tarragona, Spain [Member] | Acetyl Intermediates [Member] | |||||
Other (Charges) Gains, Net [Line Items] | |||||
Employee termination benefits | 4 | ||||
Roussillon, France [Member] | Acetyl Intermediates [Member] | |||||
Other (Charges) Gains, Net [Line Items] | |||||
Employee termination benefits | 6 | ||||
Contract termination costs | 3 | ||||
Asset impairments | 3 | ||||
Tarragona, Spain [Member] | Acetyl Intermediates [Member] | |||||
Other (Charges) Gains, Net [Line Items] | |||||
Employee termination benefits | 14 | ||||
Contract termination costs | 2 | 30 | |||
Asset impairments | 31 | ||||
Spondon, Derby, UK [Member] | Consumer Specialties [Member] | |||||
Other (Charges) Gains, Net [Line Items] | |||||
Employee termination benefits | 5 | ||||
Property, plant and equipment fair value | 3 | ||||
Asset impairments | 8 | ||||
Other Commercial Actions [Member] | |||||
Other (Charges) Gains, Net [Line Items] | |||||
Loss Contingency, Loss in Period | $12 |
Income_Taxes_Schedule_of_Earni
Income Taxes (Schedule of Earnings (Loss) from Continuing Operations Before Tax by Jurisdiction) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Taxes [Line Items] | ||||||
US | $534 | $806 | $195 | |||
International | 407 | [1] | 803 | [1] | 126 | [1] |
Earnings (loss) from continuing operations before tax | 941 | 1,609 | 321 | |||
Effective income tax rate | 33.00% | 32.00% | -17.00% | |||
Aggregated Geographical [Member] | ||||||
Income Taxes [Line Items] | ||||||
International | $308 | $275 | $320 | |||
Effective income tax rate | 4.80% | 4.00% | 5.60% | |||
[1] | Includes aggregate earnings generated by operations in Bermuda, Luxembourg, the Netherlands and Hong Kong of $308 million, $275 million and $320 million for the years ended December 31, 2014, 2013 and 2012, respectively, which have an aggregate effective income tax rate of 4.8%, 4.0% and 5.6% for each year, respectively. |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income Tax Provision (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
US | $108 | $78 | $41 |
International | 56 | 83 | 76 |
Total | 164 | 161 | 117 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
US | 156 | 194 | -66 |
International | -6 | 153 | -106 |
Total | 150 | 347 | -172 |
Income tax provision (benefit) | $314 | $508 | ($55) |
Income_Taxes_Income_Taxes_Sche
Income Taxes Income Taxes (Schedule of Effective Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Income tax provision computed at US federal statutory tax rate | $329 | $563 | $112 |
Change in valuation allowance | 49 | 89 | 29 |
Equity income and dividends | -50 | -44 | -31 |
(Income) expense not resulting in tax impact, net | -34 | -33 | -39 |
US tax effect of foreign earnings and dividends | 49 | 35 | 42 |
Foreign tax credits | -34 | -38 | -187 |
Other foreign tax rate differentials | -33 | -55 | -2 |
Legislative changes | 0 | -19 | 0 |
Tax-deductible interest on foreign equity investments and other related items | 12 | 11 | 11 |
State income taxes, net of federal benefit | 9 | 11 | 4 |
Other, net | 17 | -12 | 6 |
Income tax provision (benefit) | $314 | $508 | ($55) |
Effective income tax rate | 33.00% | 32.00% | -17.00% |
UNITED STATES | |||
Income Taxes [Line Items] | |||
US federal statutory tax rate | 35.00% |
Income_Taxes_Income_Tax_Provis
Income Taxes (Income Tax Provision Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Accumulated but undistributed earnings permanently reinvested in business | $3,800,000,000 | ||
Effective income tax rate | 33.00% | 32.00% | -17.00% |
Foreign tax credit carryforwards | $142,000,000 | ||
Foreign tax credit carryforward period | ten year carryforward period | ||
Foreign tax credit carryforward expiration | 31-Dec-14 |
Income_Taxes_Income_Tax_Provis1
Income Taxes (Income Tax Provision - Venture Partner Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Taxes [Line Items] | |||||||
Net cash dividend | $148 | $141 | $262 | ||||
Deferred tax liability | 661 | 715 | |||||
Advanced Engineered Materials [Member] | Polyplastics Co., Ltd. [Member] | |||||||
Income Taxes [Line Items] | |||||||
Net cash dividend | 72 | 3 | [1] | 0 | [1] | 81 | [1] |
Deferred tax liability | $38 | ||||||
[1] | During the year ended December 31, 2012, the Company amended its existing joint venture and other related agreements with Polyplastics Co., Ltd. ("Polyplastics"). The amended agreements, among other items, modified certain dividend rights, resulting in a net cash dividend payment to the Company of $72 million during the three months ended March 31, 2012. |
Income_Taxes_Schedule_of_Conso
Income Taxes (Schedule of Consolidated Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Deferred Tax Assets | ||||
Pension and postretirement obligations | $424 | $374 | ||
Accrued expenses | 41 | 139 | ||
Inventory | 10 | 10 | ||
Net operating loss | 468 | 563 | ||
Tax credit carryforwards | 100 | 94 | ||
Other | 165 | 165 | ||
Subtotal | 1,208 | 1,345 | ||
Valuation allowance | -413 | [1] | -461 | [1] |
Total | 795 | 884 | ||
Deferred Tax Liabilities | ||||
Depreciation and amortization | 416 | 479 | ||
Investments in affiliates | 143 | 142 | ||
Other | 102 | 94 | ||
Total | 661 | 715 | ||
Net deferred tax assets (liabilities) | $134 | $169 | ||
[1] | Includes deferred tax asset valuation allowances primarily for the Company's deferred tax assets in the US, Luxembourg, Spain, China, Singapore, the United Kingdom and Canada, as well as other foreign jurisdictions. These valuation allowances relate primarily to net operating loss carryforward benefits and other net deferred tax assets, all of which may not be realizable. |
Income_Taxes_Deferred_Income_T
Income Taxes (Deferred Income Taxes Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | |
Valuation allowance change | $48 |
Valuation allowance, deferred tax asset, change in amount, income tax expense | 49 |
Valuation allowance, deferred tax asset, change in amount, foreign currency translation adjustment | 31 |
Net operating loss expirations | $71 |
Income_Taxes_Legislative_Chang
Income Taxes (Legislative Changes Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 |
Income Taxes [Line Items] | ||||
Deferred foreign tax benefit | ($6) | $153 | ($106) | |
Current foreign tax expense | 56 | 83 | 76 | |
MEXICO | ||||
Income Taxes [Line Items] | ||||
Mexico federal statutory tax rate | 30.00% | |||
Deferred foreign tax benefit | -46 | |||
Current foreign tax expense | 27 | |||
Foreign tax benefit, net | ($19) |
Income_Taxes_Net_Operating_Los
Income Taxes (Net Operating Loss Carryforwards Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
US Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $28 |
Net operating loss carryforward expiration | 31-Dec-21 |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 48 |
Valuation allowance offset for State net operating loss carryforwards due to uncertain recoverability | 45 |
Foreign Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $1,500 |
CHINA | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforward expiration | 31-Dec-11 |
Income_Taxes_Schedule_of_Recon
Income Taxes (Schedule of Reconciliation of Unrecognized Tax Benefits Included in Uncertain Tax Positions) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
As of the beginning of the year | $244 | $218 | $212 |
Increases in tax positions for the current year | 7 | 3 | 6 |
Increases in tax positions for prior years | 24 | 57 | 43 |
Decreases in tax positions for prior years | -46 | -32 | -19 |
Decreases due to settlements | -1 | -2 | -24 |
As of the end of the year | 228 | 244 | 218 |
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate | 245 | 258 | 237 |
Total amount of interest and penalties recognized in the consolidated statements of operations | 2 | 12 | -2 |
Total amount of interest and penalties recognized in the consolidated balance sheets | $67 | $65 | $53 |
Income_Taxes_Uncertain_Tax_Pos
Income Taxes (Uncertain Tax Positions Narrative) (Details) (FRANCE, EUR €) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
FRANCE | |
Income Tax Examination [Line Items] | |
Estimate of incremental tax expense | € 81 |
Net operating loss carryforwards | € 141 |
Management_Compensation_Plans_1
Management Compensation Plans (Schedule of Total Shares Available for and Subject to Awards) (Details) | Dec. 31, 2014 | |
Global Incentive Plan 2009 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Available for Awards | 8,336,467 | |
Shares Subject to Outstanding Awards | 2,844,382 | |
Stock Incentive Plan 2004 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Available for Awards | 0 | |
Shares Subject to Outstanding Awards | 136,500 | [1] |
[1] | No RSUs remain outstanding under the 2004 Stock Incentive Plan. |
Management_Compensation_Plans_2
Management Compensation Plans (Schedule of Realized Income Tax Benefits from Stock Option Exercises and RSU Vestings) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Income tax benefit realized | $2 | $2 | $31 |
Amount reversed in current year related to prior year | $0 | $0 | $1 |
Management_Compensation_Plans_3
Management Compensation Plans (Schedule of Black-Scholes Option Pricing Method Assumptions) (Details) (Employee Stock Option [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.68% | 0.78% |
Estimated life in years | 4 years 6 months 0 days | 4 years 7 months 3 days |
Dividend yield | 0.64% | 0.70% |
Volatility | 49.50% | 50.31% |
Management_Compensation_Plans_4
Management Compensation Plans (Schedule of Summary of Changes in Stock Options Outstanding) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
As of beginning of period, number of options | 547 | |
Granted, number of options | 0 | |
Exercised, number of options | -202 | |
Forfeited, number of options | -2 | |
Expired, number of options | 0 | |
As of end of period, number of options | 343 | 547 |
Options exercisable at end of year, number of options | 290 | |
As of beginning of period, weighted average exercise price | $29.75 | |
Granted, weighted average exercise price | $0 | |
Exercised, weighted average exercise price | $22.98 | |
Forfeited, weighted average exercise price | $32.50 | |
Expired, weighted average exercise price | $0 | |
As of end of period, weighted average exercise price | $33.72 | $29.75 |
Options exercisable at end of year, weighted average exercise price | $32.67 | |
As of beginning of period, weighted average remaining contractual term | 3 years 1 month 25 days | 3 years 7 months 21 days |
As of end of period, weighted average remaining contractual term | 3 years 1 month 25 days | 3 years 7 months 21 days |
Options exercisable at end of year, weighted average remaining contractual term | 2 years 11 months 1 day | |
As of beginning of period, aggregate intrinsic value | $14 | |
As of end of period, aggregate intrinsic value | 7 | 14 |
Options exercisable at end of year, aggregate intrinsic value | $6 |
Management_Compensation_Plans_5
Management Compensation Plans (Schedule of Weighted Average Grant Date Fair Values of Stock Options) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Total | $18.50 | $16.21 |
Management_Compensation_Plans_6
Management Compensation Plans (Schedule of Intrinsic Value of Stock Option Exercises) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Intrinsic value | $7 | $6 | $110 |
Management_Compensation_Plans_7
Management Compensation Plans (Stock Options Narrative) (Details) (Employee Stock Option [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $1 |
Weighted average term to recognize compensation expense | 1 year |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 years |
Management_Compensation_Plans_8
Management Compensation Plans (Schedule of Summary of Changes in Performance-based RSUs Outstanding) (Details) (Performance Shares [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
As of beginning of period, number of units | 733,000 |
Granted, number of units | 563,000 |
Vested, number of units | 0 |
Canceled, number of units | -201,000 |
Forfeited, number of units | -68,000 |
As of end of period, number of units | 1,027,000 |
As of beginning of period, weighted average fair value | $46.18 |
Granted, weighted average fair value | $48.67 |
Vested, weighted average fair value | $0 |
Canceled, weighted average fair value | $43.20 |
Forfeited, weighted average fair value | $47.80 |
As of end of period, weighted average fair value | $48.02 |
Management_Compensation_Plans_9
Management Compensation Plans (Schedule of Fair Value of Shares Vested for Performance-based RSUs) (Details) (Performance Shares [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total | $0 | $10 | $12 |
Recovered_Sheet10
Management Compensation Plans (Schedule of Summary of Changes in Time-based RSUs Outstanding) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | ||
Employee [Member] | Time Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, number of units | 35,000 | |
As of beginning of period, number of units | 225,000 | |
Vested, number of units | -143,000 | |
Forfeited, number of units | -5,000 | |
As of end of period, number of units | 112,000 | [1] |
As of beginning of period, weighted average fair value | $37.02 | |
Granted, weighted average fair value | $54.29 | |
Vested, weighted average fair value | $34.36 | |
Forfeited, weighted average fair value | $37.14 | |
As of end of period, weighted average fair value | $45.87 | |
Director [Member] | Time Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, number of units | 19,000 | |
As of beginning of period, number of units | 16,000 | |
Vested, number of units | -16,000 | |
Forfeited, number of units | 0 | |
As of end of period, number of units | 19,000 | |
As of beginning of period, weighted average fair value | $48.51 | |
Granted, weighted average fair value | $58.48 | |
Vested, weighted average fair value | $48.51 | |
Forfeited, weighted average fair value | $0 | |
As of end of period, weighted average fair value | $58.48 | |
Chief Executive Officer [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
As of end of period, number of units | 22,082 | |
[1] | Includes 22,082 of unvested restricted stock awards granted to the Company's Chief Executive Officer on April 5, 2012. |
Recovered_Sheet11
Management Compensation Plans (Schedule of Fair Value of Shares Vested for Time-based RSUs) (Details) (Time Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Time Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total | $9 | $12 | $13 |
Recovered_Sheet12
Management Compensation Plans (Restricted Stock Units Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of number of shares that will vest | zero to stretch |
Performance Restricted and Time Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | 46 |
Weighted average term to recognize compensation expense | 1 year |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Director [Member] | Time Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 1 year |
Employee [Member] | Time Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Leases_Schedule_of_Rent_Expens
Leases (Schedule of Rent Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Total | $161 | $160 | $165 |
Leases_Schedule_of_Future_Mini
Leases (Schedule of Future Minimum Lease Payments for Capital Leases) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Leases [Abstract] | |
2015 | $47 |
2016 | 47 |
2017 | 47 |
2018 | 47 |
2019 | 47 |
Later years | 249 |
Sublease income | 0 |
Minimum lease commitments | 484 |
Less amounts representing interest | -224 |
Present value of net minimum lease obligations | $260 |
Leases_Schedule_of_Future_Mini1
Leases (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Leases [Abstract] | |
2015 | $65 |
2016 | 57 |
2017 | 40 |
2018 | 28 |
2019 | 25 |
Later years | 157 |
Sublease income | -8 |
Minimum lease commitments | $364 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Schedule of Interest Rate Swap Derivatives) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 |
Swap Derivative 1 Point 71 Percent Maturing January 2, 2014 [Member] | ||||
Derivative [Line Items] | ||||
Notional Value | $395 | $1,100 | ||
Effective Date | 2-Jan-12 | |||
Expiration Date | 2-Jan-14 | 2-Jan-14 | ||
Fixed Rate | 1.71% | |||
Swap Derivative 1 Point 02 Percent Maturing January 2, 2016 [Member] | ||||
Derivative [Line Items] | ||||
Notional Value | $500 | $500 | $500 | |
Effective Date | 2-Jan-14 | 2-Jan-14 | ||
Expiration Date | 2-Jan-16 | 2-Jan-16 | ||
Fixed Rate | 1.02% | 1.02% | 1.02% |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule of Notional Amounts of Net Foreign Exchange Exposure by Currency) (Details) (Foreign Exchange Contract [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Derivative [Line Items] | |
Total | $548 |
Brazilian Real [Member] | |
Derivative [Line Items] | |
Total | -13 |
British Pound Sterling [Member] | |
Derivative [Line Items] | |
Total | -78 |
Canadian Dollar [Member] | |
Derivative [Line Items] | |
Total | 33 |
Chinese Renminbi [Member] | |
Derivative [Line Items] | |
Total | -151 |
Euro [Member] | |
Derivative [Line Items] | |
Total | 735 |
Hungarian Forint [Member] | |
Derivative [Line Items] | |
Total | 10 |
Mexican Peso [Member] | |
Derivative [Line Items] | |
Total | -23 |
Singapore Dollar [Member] | |
Derivative [Line Items] | |
Total | $35 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule of Notional Amounts of Foreign Currency Derivatives) (Details) (Foreign Exchange Contract [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total | $1,336 | $869 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Cross Currency Swaps) (Details) | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | ||||
Swap Derivative 4 Point 27 Percent Maturing September 11, 2020 [Member] | Swap Derivative 2 Point 63 Percent Maturing September 11, 2020 [Member] | Swap Derivative 3 Point 62 Percent Maturing April 17, 2019 [Member] | Swap Derivative 2 Point 77 Percent Maturing April 17, 2019 [Member] | |||||
USD ($) | EUR (€) | USD ($) | EUR (€) | |||||
Derivative Instruments and Hedging Activities Disclosures [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_Instrumen6
Derivative Financial Instruments (Schedule of Interest Rate Swap Activity Recorded in the Consolidated Financial Statements) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedging activities - Interest expense | ($147) | ($172) | ($185) | |
Swap Derivative 1 Point 02 Percent Maturing January 2, 2016 [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Expiration Date | 2-Jan-16 | 2-Jan-16 | ||
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedging activities - Interest expense | -4 | -11 | -14 | |
Ineffective portion - Other income (expense), net | $0 | $0 | $0 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 24, 2014 | ||
Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (loss) recognized in Other comprehensive income (loss) | ($9) | ($2) | ($12) | |||
Gain (loss) recognized in Earnings (loss) | 42 | -11 | -14 | |||
Foreign Currency Forwards and Swaps [Member] | Derivatives Not Designated as Hedges [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (loss) recognized in Other comprehensive income (loss) | 0 | 0 | 0 | |||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (loss) recognized in Other comprehensive income (loss) | -1 | -2 | -12 | |||
Interest Rate Swaps [Member] | Derivatives Not Designated as Hedges [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (loss) recognized in Other comprehensive income (loss) | 0 | 0 | 0 | |||
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (loss) recognized in Other comprehensive income (loss) | -8 | 0 | 0 | |||
Interest Expense [Member] | Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (loss) recognized in Earnings (loss) | -4 | -11 | -14 | |||
Interest Expense [Member] | Interest Rate Swaps [Member] | Derivatives Not Designated as Hedges [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (loss) recognized in Earnings (loss) | -3 | [1] | 0 | -6 | [2] | |
Other Income [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (loss) recognized in Earnings (loss) | 46 | 0 | 0 | |||
Foreign Currency Gain (Loss) [Member] | Foreign Currency Forwards and Swaps [Member] | Derivatives Not Designated as Hedges [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (loss) recognized in Earnings (loss) | -15 | -23 | -6 | |||
Net Investment Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) On Non-Derivative Used In Net Investment Hedge | 23 | 0 | 0 | |||
Amount of Ineffectiveness on Net Investment Hedges | $0 | $0 | $0 | |||
Senior Unsecured Notes Due 2019 [Member] | ||||||
Derivative [Line Items] | ||||||
Interest Rate | 3.25% | 3.25% | 3.25% | 3.25% | ||
[1] | In December 2014, the Company dedesignated as cash flow hedges a notional value of $500 million US dollar interest rate swap agreements expiring January 2, 2016. | |||||
[2] | In conjunction with the paydown of the Term C loan facility in November 2012 (Note 14), the Company dedesignated as cash flow hedges a notional value of $395 million US dollar interest rate swap agreements expiring January 2, 2014. |
Derivative_Financial_Instrumen8
Derivative Financial Instruments (Schedule of Offsetting Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Asset [Abstract] | ||
Gross amount recognized | $55 | $1 |
Gross amount offset in the consolidated balance sheets | 0 | 0 |
Net amount presented in the consolidated balance sheets | 55 | 1 |
Gross amount not offset in the consolidated balance sheets | 4 | 1 |
Net amount | $51 | $0 |
Derivative_Financial_Instrumen9
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Liability [Abstract] | ||
Gross amount recognized | $23 | $16 |
Gross amount offset in the consolidated balance sheets | 0 | 1 |
Net amount presented in the consolidated balance sheets | 23 | 15 |
Gross amount not offset in the consolidated balance sheets | 4 | 1 |
Net amount | $19 | $14 |
Recovered_Sheet13
Derivative Financial Instruments (Narrative) (Details) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 24, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Swap Derivative 1 Point 02 Percent Maturing January 2, 2016 [Member] | Swap Derivative 1 Point 02 Percent Maturing January 2, 2016 [Member] | Swap Derivative 1 Point 71 Percent Maturing January 2, 2014 [Member] | Swap Derivative 1 Point 71 Percent Maturing January 2, 2014 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Senior Unsecured Notes Due 2022 [Member] | Term C Loan Facility [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | Senior Unsecured Notes Due 2019 [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | ||||||
Derivative [Line Items] | ||||||||||||
Senior notes | $500 | € 300 | ||||||||||
Interest Rate | 4.63% | 4.63% | 4.63% | 3.25% | 3.25% | 3.25% | 3.25% | |||||
Repayments of Lines of Credit | 400 | |||||||||||
Notional Value | $500 | $500 | $395 | $1,100 | ||||||||
Expiration Date | 2-Jan-16 | 2-Jan-16 | 2-Jan-14 | 2-Jan-14 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Sep. 24, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
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 | 87 | 42 | ||||
Total liabilities | -23 | -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 | 32 | 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 | 55 | 1 | ||||
Total liabilities | -23 | -15 | ||||
Other Noncurrent 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 | 0 | -3 | ||||
Cross-currency swaps | -10 | 0 | ||||
Other Noncurrent 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 | 0 | ||||
Other Noncurrent 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 | 0 | -3 | ||||
Cross-currency swaps | -10 | 0 | ||||
Other Current 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 | 0 | -5 | ||||
Cross-currency swaps | -2 | 0 | ||||
Other Current 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 | 0 | ||||
Other Current 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 | 0 | -5 | ||||
Cross-currency swaps | -2 | 0 | ||||
Other Current Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedges [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Interest rate swaps | -4 | -2 | ||||
Foreign currency forwards and swaps | -7 | -5 | ||||
Other Current Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedges [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 | ||||
Foreign currency forwards and swaps | 0 | 0 | ||||
Other Current Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedges [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 | -2 | ||||
Foreign currency forwards and swaps | -7 | -5 | ||||
Other Current 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 | 9 | 0 | ||||
Other Current 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 | 0 | ||||
Other Current 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 | 9 | 0 | ||||
Other Current Assets [Member] | Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedges [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Foreign currency forwards and swaps | 3 | 1 | ||||
Other Current Assets [Member] | Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedges [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 | ||||
Other Current Assets [Member] | Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedges [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 | 3 | 1 | ||||
Other Noncurrent 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 | 43 | 0 | ||||
Other Noncurrent 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 | 0 | ||||
Other Noncurrent 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 | 43 | 0 | ||||
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Mutual funds | 32 | 41 | ||||
Available-for-sale Securities [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 | 32 | 41 | ||||
Available-for-sale Securities [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 | ||||
Senior Unsecured Notes Due 2019 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Interest Rate | 3.25% | 3.25% | 3.25% | 3.25% | ||
Net Investment Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
3.250% Notes | 0 | [1] | 0 | [1] | ||
Net Investment Hedging [Member] | Other Noncurrent Liabilities [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] | 0 | [1] | ||
Net Investment Hedging [Member] | Other Noncurrent Liabilities [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] | 0 | [1] | ||
[1] | Included in the 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 $) | Dec. 31, 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 pension trusts, carrying amount | 56 | 62 |
Cash Surrender Value, Fair Value Disclosure | 56 | 62 |
Long-term debt, including current installments of long-term debt, carrying amount | 2,633 | 2,911 |
Long-term debt, including current installments of long-term debt, fair value | 2,658 | 3,011 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost investments, fair value | 0 | 0 |
Cash Surrender Value, Fair Value Disclosure | 56 | 62 |
Long-term debt, including current installments of long-term debt, fair value | 2,398 | 2,747 |
Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost investments, fair value | 0 | 0 |
Cash Surrender Value, Fair Value Disclosure | 0 | 0 |
Long-term debt, including current installments of long-term debt, fair value | $260 | $264 |
Commitments_and_Contingencies_
Commitments and Contingencies (Commercial Actions Narrative) (Details) (Other Commercial Actions [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Other Commercial Actions [Member] | |
Loss Contingencies [Line Items] | |
Damages sought, amount | $68 |
Loss Contingency, Damages Paid, Value | 13 |
Loss Contingency, Fees and Interest Paid | $7 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Guarantees - Demerger and Divesture Obligations Narrative) (Details) | 182 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
Indemnification Agreements Hoechst [Member] | Indemnification Agreements Hoechst [Member] | Divestiture Agreements [Member] | |
USD ($) | 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 | 68 | ||
Indemnification percentage, other | 33.33% | ||
Divestiture obligations range, years | 2037 | ||
Guarantee obligations, maximum exposure | $219 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Purchase Obligations Narrative) (Details) (USD $) | 12 Months Ended |
In Billions, unless otherwise specified | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |
Term of unrecorded unconditional purchase obligations | 2036 |
Unrecorded unconditional purchase obligations | $3.40 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid, net of amounts capitalized | $146 | $166 | $189 |
Taxes paid, net of refunds | 199 | 129 | 64 |
Noncash Investing and Financing Activities | |||
Accrued acquisition of intangible assets | 0 | 0 | -2 |
Accrued capital expenditures | 3 | 38 | -22 |
Accrued Kelsterbach capital expenditures (Note 28) | 0 | -2 | -14 |
Asset retirement obligations | 4 | 9 | 8 |
Capital expenditure reimbursement | -4 | 0 | 0 |
Capital lease obligations | -22 | -28 | -7 |
Contingent consideration (Note 4) | 8 | 0 | 0 |
Lease incentives | 0 | 3 | 6 |
Mitsui capital expenditure reimbursement | $70 | ($70) | $0 |
Segment_Information_Schedule_o
Segment Information (Schedule of Business Segments) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||
Net sales | $6,802 | $6,510 | $6,418 | |||
Other (charges) gains, net | 15 | -158 | -14 | |||
Operating profit (loss) | 758 | 1,508 | 175 | |||
Equity in net earnings (loss) of affiliates | 246 | 180 | 242 | |||
Depreciation and amortization | 290 | 305 | 308 | |||
Capital expenditures | 681 | [1] | 408 | [2] | 339 | [2] |
Goodwill and intangible assets, net | 881 | 940 | ||||
Total assets | 8,818 | 9,018 | ||||
Increase (decrease) in accrued capital expenditures | 3 | 38 | -22 | |||
Narrows, Virginia [Member] | Consumer Specialties [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Insurance recoveries | 9 | |||||
Operating Segments [Member] | Advanced Engineered Materials [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 1,459 | 1,352 | 1,261 | |||
Other (charges) gains, net | -1 | -13 | -2 | |||
Operating profit (loss) | 221 | 904 | 95 | |||
Equity in net earnings (loss) of affiliates | 161 | 148 | 190 | |||
Depreciation and amortization | 106 | 110 | 113 | |||
Capital expenditures | 65 | 67 | 51 | |||
Goodwill and intangible assets, net | 358 | 368 | ||||
Total assets | 2,484 | 2,643 | ||||
Operating Segments [Member] | Consumer Specialties [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 1,160 | [3] | 1,214 | [3] | 1,186 | [3] |
Other (charges) gains, net | 16 | 0 | -4 | [4] | ||
Operating profit (loss) | 388 | 346 | 251 | |||
Equity in net earnings (loss) of affiliates | 9 | 3 | 6 | |||
Depreciation and amortization | 43 | 41 | 45 | |||
Capital expenditures | 103 | 116 | 65 | |||
Goodwill and intangible assets, net | 261 | 278 | ||||
Total assets | 1,491 | 1,478 | ||||
Operating Segments [Member] | Industrial Specialties [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 1,224 | 1,155 | 1,184 | |||
Other (charges) gains, net | -1 | -4 | 0 | |||
Operating profit (loss) | 76 | 64 | 86 | |||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | |||
Depreciation and amortization | 48 | 52 | 55 | |||
Capital expenditures | 29 | 33 | 38 | |||
Goodwill and intangible assets, net | 54 | 60 | ||||
Total assets | 823 | 1,002 | ||||
Operating Segments [Member] | Acetyl Intermediates [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 3,493 | [3] | 3,241 | [3] | 3,231 | [3] |
Other (charges) gains, net | -3 | -141 | 0 | |||
Operating profit (loss) | 558 | 153 | 269 | |||
Equity in net earnings (loss) of affiliates | 20 | 5 | 11 | |||
Depreciation and amortization | 81 | 86 | 80 | |||
Capital expenditures | 478 | 184 | 169 | |||
Goodwill and intangible assets, net | 208 | 234 | ||||
Total assets | 2,495 | 2,333 | ||||
Corporate, Non-Segment [Member] | Other Activities [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 0 | 0 | 0 | |||
Other (charges) gains, net | 4 | 0 | -8 | [4] | ||
Operating profit (loss) | -485 | 41 | -526 | |||
Equity in net earnings (loss) of affiliates | 56 | 24 | 35 | |||
Depreciation and amortization | 12 | 16 | 15 | |||
Capital expenditures | 6 | 8 | 16 | |||
Goodwill and intangible assets, net | 0 | 0 | ||||
Total assets | 1,525 | 1,562 | ||||
Intersegment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | -534 | -452 | -444 | |||
Other (charges) gains, net | 0 | 0 | 0 | |||
Operating profit (loss) | 0 | 0 | 0 | |||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | |||
Depreciation and amortization | 0 | 0 | 0 | |||
Capital expenditures | 0 | 0 | 0 | |||
Goodwill and intangible assets, net | 0 | 0 | ||||
Total assets | 0 | 0 | ||||
Intersegment [Member] | Consumer Specialties [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 2 | 4 | 4 | |||
Intersegment [Member] | Acetyl Intermediates [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | $532 | $448 | $440 | |||
[1] | Includes an increase in accrued capital expenditures of $3 million for the year ended December 31, 2014. | |||||
[2] | Excludes expenditures related to the relocation of the Company's POM operations in Germany (Note 28) and includes an increase in accrued capital expenditures of $38 million for the year ended December 31, 2013 and a decrease of $22 million for the year ended December 31, 2012. | |||||
[3] | Net sales for Acetyl Intermediates and Consumer Specialties include intersegment sales of $532 million and $2 million, respectively, for the year ended December 31, 2014; $448 million and $4 million, respectively, for the year ended December 31, 2013; and $440 million and $4 million, respectively, for the year ended December 31, 2012. | |||||
[4] | Includes $9 million of insurance recoveries received from the Company's captive insurance companies related to the Narrows, Virginia facility that eliminates in consolidation. |
Segment_Information_Schedule_o1
Segment Information (Schedule of Geographical Segments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $6,802 | $6,510 | $6,418 |
Property, plant and equipment, net | 3,733 | 3,425 | |
BELGIUM | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 480 | 525 | 504 |
Property, plant and equipment, net | 66 | 64 | |
CANADA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 204 | 249 | 284 |
Property, plant and equipment, net | 138 | 141 | |
CHINA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 996 | 863 | 733 |
Property, plant and equipment, net | 593 | 653 | |
GERMANY | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 2,156 | 2,049 | 2,082 |
Property, plant and equipment, net | 1,084 | 1,301 | |
MEXICO | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 259 | 256 | 257 |
Property, plant and equipment, net | 151 | 145 | |
SINGAPORE | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 632 | 578 | 561 |
Property, plant and equipment, net | 50 | 53 | |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 1,899 | 1,808 | 1,811 |
Property, plant and equipment, net | 1,563 | 969 | |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 176 | 182 | 186 |
Property, plant and equipment, net | $88 | $99 |
Earnings_Loss_Per_Share_Schedu
Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amounts attributable to Celanese Corporation | |||
Earnings (loss) from continuing operations | $631 | $1,101 | $376 |
Earnings (loss) from discontinued operations | -7 | 0 | -4 |
Net earnings (loss) | $624 | $1,101 | $372 |
Weighted average shares - basic | 155,012,370 | 158,801,150 | 158,359,914 |
Dilutive stock options | 153,663 | 227,624 | 848,439 |
Dilutive RSUs | 1,000,960 | 305,445 | 622,433 |
Weighted average shares - diluted | 156,166,993 | 159,334,219 | 159,830,786 |
Earnings_Loss_Per_Share_Schedu1
Earnings (Loss) Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from computation of diluted earnings per share, amount | 0 | 40,306 | 29,902 |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from computation of diluted earnings per share, amount | 0 | 37,696 | 25,906 |
RSUs [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from computation of diluted earnings per share, amount | 0 | 2,610 | 3,996 |
Plant_Relocation_Schedule_of_P
Plant Relocation (Schedule of Plant Relocation Financial Statement Impact) (Details) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | Advanced Engineered Materials [Member] | |
Kelsterbach, Germany [Member] | ||||
EUR (€) | ||||
Plant Relocation [Line Items] | ||||
Deferred proceeds | $0 | $0 | $0 | |
Costs expensed | 0 | 13 | 7 | |
Employee termination benefits | 7 | 23 | 6 | |
Gain (loss) on disposition | -7 | 735 | -3 | |
Increase (decrease) in accrued capital expenditures, plant relocation | 0 | -2 | -14 | |
Deferred proceeds recognized | 651 | |||
Property, plant and equipment, net | 3,733 | 3,425 | 6 | |
Other assets, noncurrent | $377 | $341 | € 104 |
Plant_Relocation_Narrative_Det
Plant Relocation (Narrative) (Details) (Advanced Engineered Materials [Member], Kelsterbach, Germany [Member], EUR €) | 1 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Nov. 30, 2006 | Dec. 31, 2014 |
Advanced Engineered Materials [Member] | Kelsterbach, Germany [Member] | ||
Plant Relocation [Line Items] | ||
Proceeds originally expected under plant relocation agreement | € 670 | € 652 |
Consolidating_Guarantor_Financ2
Consolidating Guarantor Financial Information (Schedule of Consolidating Statements of Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Net sales | $6,802 | $6,510 | $6,418 |
Cost of sales | -5,186 | -5,145 | -5,237 |
Gross profit | 1,616 | 1,365 | 1,181 |
Selling, general and administrative expenses | -758 | -311 | -830 |
Amortization of intangible assets | -20 | -32 | -51 |
Research and development expenses | -86 | -85 | -104 |
Other (charges) gains, net | 15 | -158 | -14 |
Foreign exchange gain (loss), net | -2 | -6 | -4 |
Gain (loss) on disposition of businesses and assets, net | -7 | 735 | -3 |
Operating profit (loss) | 758 | 1,508 | 175 |
Equity in net earnings (loss) of affiliates | 246 | 180 | 242 |
Interest expense | -147 | -172 | -185 |
Refinancing expense | -29 | -1 | -3 |
Interest income | 1 | 1 | 2 |
Dividend income - cost investments | 116 | 93 | 85 |
Other income (expense), net | -4 | 0 | 5 |
Earnings (loss) from continuing operations before tax | 941 | 1,609 | 321 |
Income tax (provision) benefit | -314 | -508 | 55 |
Earnings (loss) from continuing operations | 627 | 1,101 | 376 |
Earnings (loss) from operation of discontinued operations | -11 | 0 | -6 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 4 | 0 | 2 |
Earnings (loss) from discontinued operations | -7 | 0 | -4 |
Net earnings (loss) | 620 | 1,101 | 372 |
Net (earnings) loss attributable to noncontrolling interests | 4 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 624 | 1,101 | 372 |
Parent Guarantor [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net sales | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 |
Other (charges) gains, net | 0 | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 |
Operating profit (loss) | 0 | 0 | 0 |
Equity in net earnings (loss) of affiliates | 622 | 1,096 | 369 |
Interest expense | 0 | 0 | 0 |
Refinancing expense | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 |
Dividend income - cost investments | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 |
Earnings (loss) from continuing operations before tax | 622 | 1,096 | 369 |
Income tax (provision) benefit | 2 | 5 | 3 |
Earnings (loss) from continuing operations | 624 | 1,101 | 372 |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 |
Net earnings (loss) | 624 | 1,101 | 372 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 624 | 1,101 | 372 |
Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net sales | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 |
Other (charges) gains, net | 0 | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 |
Operating profit (loss) | 0 | 0 | 0 |
Equity in net earnings (loss) of affiliates | 806 | 1,180 | 473 |
Interest expense | -190 | -192 | -198 |
Refinancing expense | -29 | -1 | -3 |
Interest income | 57 | 55 | 59 |
Dividend income - cost investments | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 |
Earnings (loss) from continuing operations before tax | 644 | 1,042 | 331 |
Income tax (provision) benefit | -22 | 54 | 38 |
Earnings (loss) from continuing operations | 622 | 1,096 | 369 |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 |
Net earnings (loss) | 622 | 1,096 | 369 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 622 | 1,096 | 369 |
Subsidiary Guarantors [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net sales | 2,860 | 2,799 | 2,692 |
Cost of sales | -1,822 | -1,827 | -1,906 |
Gross profit | 1,038 | 972 | 786 |
Selling, general and administrative expenses | -313 | 53 | -440 |
Amortization of intangible assets | -7 | -11 | -18 |
Research and development expenses | -47 | -53 | -74 |
Other (charges) gains, net | 28 | 2 | 17 |
Foreign exchange gain (loss), net | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | -11 | -2 | -1 |
Operating profit (loss) | 688 | 961 | 270 |
Equity in net earnings (loss) of affiliates | 90 | 116 | 199 |
Interest expense | -22 | -34 | -42 |
Refinancing expense | 0 | 0 | 0 |
Interest income | 72 | 65 | 65 |
Dividend income - cost investments | 0 | 0 | 0 |
Other income (expense), net | 4 | -52 | -10 |
Earnings (loss) from continuing operations before tax | 832 | 1,056 | 482 |
Income tax (provision) benefit | -237 | -326 | -16 |
Earnings (loss) from continuing operations | 595 | 730 | 466 |
Earnings (loss) from operation of discontinued operations | -8 | 2 | -5 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 3 | -1 | 2 |
Earnings (loss) from discontinued operations | -5 | 1 | -3 |
Net earnings (loss) | 590 | 731 | 463 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 590 | 731 | 463 |
Non-Guarantors [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net sales | 5,166 | 4,911 | 4,829 |
Cost of sales | -4,550 | -4,531 | -4,423 |
Gross profit | 616 | 380 | 406 |
Selling, general and administrative expenses | -445 | -364 | -390 |
Amortization of intangible assets | -13 | -21 | -33 |
Research and development expenses | -39 | -32 | -30 |
Other (charges) gains, net | -13 | -156 | -22 |
Foreign exchange gain (loss), net | -2 | -6 | -4 |
Gain (loss) on disposition of businesses and assets, net | 4 | 737 | -2 |
Operating profit (loss) | 108 | 538 | -75 |
Equity in net earnings (loss) of affiliates | 210 | 158 | 201 |
Interest expense | -78 | -70 | -73 |
Refinancing expense | 0 | 0 | 0 |
Interest income | 15 | 5 | 6 |
Dividend income - cost investments | 116 | 93 | 85 |
Other income (expense), net | -8 | 52 | 15 |
Earnings (loss) from continuing operations before tax | 363 | 776 | 159 |
Income tax (provision) benefit | -71 | -229 | 15 |
Earnings (loss) from continuing operations | 292 | 547 | 174 |
Earnings (loss) from operation of discontinued operations | -3 | -2 | -1 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 1 | 1 | 0 |
Earnings (loss) from discontinued operations | -2 | -1 | -1 |
Net earnings (loss) | 290 | 546 | 173 |
Net (earnings) loss attributable to noncontrolling interests | 4 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 294 | 546 | 173 |
Consolidation Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net sales | -1,224 | -1,200 | -1,103 |
Cost of sales | 1,186 | 1,213 | 1,092 |
Gross profit | -38 | 13 | -11 |
Selling, general and administrative expenses | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 |
Other (charges) gains, net | 0 | -4 | -9 |
Foreign exchange gain (loss), net | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 |
Operating profit (loss) | -38 | 9 | -20 |
Equity in net earnings (loss) of affiliates | -1,482 | -2,370 | -1,000 |
Interest expense | 143 | 124 | 128 |
Refinancing expense | 0 | 0 | 0 |
Interest income | -143 | -124 | -128 |
Dividend income - cost investments | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 |
Earnings (loss) from continuing operations before tax | -1,520 | -2,361 | -1,020 |
Income tax (provision) benefit | 14 | -12 | 15 |
Earnings (loss) from continuing operations | -1,506 | -2,373 | -1,005 |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 |
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 |
Net earnings (loss) | -1,506 | -2,373 | -1,005 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | ($1,506) | ($2,373) | ($1,005) |
Consolidating_Guarantor_Financ3
Consolidating Guarantor Financial Information (Schedule of Consolidating Statements of Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (loss) | $620 | $1,101 | $372 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) on marketable securities | 1 | 1 | 0 |
Foreign currency translation | -148 | 20 | 5 |
Gain (loss) on cash flow hedges | 40 | 6 | 7 |
Pension and postretirement benefits | -54 | 58 | -11 |
Total other comprehensive income (loss), net of tax | -161 | 85 | 1 |
Total comprehensive income (loss), net of tax | 459 | 1,186 | 373 |
Comprehensive (income) loss attributable to noncontrolling interests | 4 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 463 | 1,186 | 373 |
Parent Guarantor [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (loss) | 624 | 1,101 | 372 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) on marketable securities | 1 | 1 | 0 |
Foreign currency translation | -148 | 20 | 5 |
Gain (loss) on cash flow hedges | 40 | 6 | 7 |
Pension and postretirement benefits | -54 | 58 | -11 |
Total other comprehensive income (loss), net of tax | -161 | 85 | 1 |
Total comprehensive income (loss), net of tax | 463 | 1,186 | 373 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 463 | 1,186 | 373 |
Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (loss) | 622 | 1,096 | 369 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) on marketable securities | 1 | 1 | 0 |
Foreign currency translation | -148 | 20 | 5 |
Gain (loss) on cash flow hedges | 40 | 6 | 7 |
Pension and postretirement benefits | -54 | 58 | -11 |
Total other comprehensive income (loss), net of tax | -161 | 85 | 1 |
Total comprehensive income (loss), net of tax | 461 | 1,181 | 370 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 461 | 1,181 | 370 |
Subsidiary Guarantors [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (loss) | 590 | 731 | 463 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) on marketable securities | 1 | 1 | 0 |
Foreign currency translation | -31 | -10 | -12 |
Gain (loss) on cash flow hedges | -1 | 0 | -1 |
Pension and postretirement benefits | -54 | 56 | -2 |
Total other comprehensive income (loss), net of tax | -85 | 47 | -15 |
Total comprehensive income (loss), net of tax | 505 | 778 | 448 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 505 | 778 | 448 |
Non-Guarantors [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (loss) | 290 | 546 | 173 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) on marketable securities | 1 | 0 | 0 |
Foreign currency translation | -65 | -8 | 1 |
Gain (loss) on cash flow hedges | -7 | 0 | 3 |
Pension and postretirement benefits | -5 | 2 | -11 |
Total other comprehensive income (loss), net of tax | -76 | -6 | -7 |
Total comprehensive income (loss), net of tax | 214 | 540 | 166 |
Comprehensive (income) loss attributable to noncontrolling interests | 4 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 218 | 540 | 166 |
Consolidation Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (loss) | -1,506 | -2,373 | -1,005 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) on marketable securities | -3 | -2 | 0 |
Foreign currency translation | 244 | -2 | 6 |
Gain (loss) on cash flow hedges | -32 | -6 | -9 |
Pension and postretirement benefits | 113 | -116 | 24 |
Total other comprehensive income (loss), net of tax | 322 | -126 | 21 |
Total comprehensive income (loss), net of tax | -1,184 | -2,499 | -984 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | ($1,184) | ($2,499) | ($984) |
Consolidating_Guarantor_Financ4
Consolidating Guarantor Financial Information (Schedule of Consolidating Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
In Millions, unless otherwise specified | |||||
Current Assets | |||||
Cash and cash equivalents | $780 | $984 | $959 | $682 | |
Trade receivables - third party and affiliates | 801 | 867 | |||
Non-trade receivables, net | 241 | 343 | |||
Inventories, net | 782 | 804 | |||
Deferred income taxes | 29 | 115 | |||
Marketable securities, at fair value | 32 | 41 | |||
Other assets | 33 | 28 | |||
Total current assets | 2,698 | 3,182 | |||
Investments in affiliates | 876 | 841 | |||
Property, plant and equipment, net | 3,733 | 3,425 | |||
Deferred income taxes | 253 | 289 | |||
Other assets (variable interest entity restricted - 2014; $24) | 377 | 341 | |||
Goodwill | 749 | [1] | 798 | 777 | |
Intangible assets, net | 132 | 142 | |||
Total assets | 8,818 | 9,018 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 137 | 177 | |||
Trade payables - third party and affiliates | 757 | 799 | |||
Other liabilities | 432 | 541 | |||
Deferred income taxes | 7 | 10 | |||
Income taxes payable | 5 | 18 | |||
Total current liabilities | 1,338 | 1,545 | |||
Noncurrent Liabilities | |||||
Long-term debt | 2,608 | 2,887 | |||
Deferred income taxes | 141 | 225 | |||
Uncertain tax positions | 159 | 200 | |||
Benefit obligations | 1,211 | 1,175 | |||
Other liabilities | 283 | 287 | |||
Total noncurrent liabilities | 4,402 | 4,774 | |||
Total Celanese Corporation stockholders' equity | 2,818 | 2,699 | |||
Noncontrolling interests | 260 | 0 | |||
Total equity | 3,078 | 2,699 | 1,730 | ||
Total liabilities and equity | 8,818 | 9,018 | |||
Parent Guarantor [Member] | |||||
Current Assets | |||||
Cash and cash equivalents | 0 | 0 | 10 | 0 | |
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 | 2,784 | 2,667 | |||
Property, plant and equipment, net | 0 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Other assets (variable interest entity restricted - 2014; $24) | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Total assets | 2,819 | 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 | 2,818 | 2,699 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | 2,818 | 2,699 | |||
Total liabilities and equity | 2,819 | 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 | 477 | 482 | |||
Inventories, net | 0 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Marketable securities, at fair value | 0 | 0 | |||
Other assets | 6 | 5 | |||
Total current assets | 483 | 487 | |||
Investments in affiliates | 5,889 | 4,458 | |||
Property, plant and equipment, net | 0 | 0 | |||
Deferred income taxes | 16 | 0 | |||
Other assets (variable interest entity restricted - 2014; $24) | 674 | 1,965 | |||
Goodwill | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Total assets | 7,062 | 6,910 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 1,894 | 1,713 | |||
Trade payables - third party and affiliates | 0 | 0 | |||
Other liabilities | 34 | 28 | |||
Deferred income taxes | 22 | 17 | |||
Income taxes payable | 0 | 0 | |||
Total current liabilities | 1,950 | 1,758 | |||
Noncurrent Liabilities | |||||
Long-term debt | 2,269 | 2,468 | |||
Deferred income taxes | 0 | 8 | |||
Uncertain tax positions | 6 | 6 | |||
Benefit obligations | 0 | 0 | |||
Other liabilities | 53 | 3 | |||
Total noncurrent liabilities | 2,328 | 2,485 | |||
Total Celanese Corporation stockholders' equity | 2,784 | 2,667 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | 2,784 | 2,667 | |||
Total liabilities and equity | 7,062 | 6,910 | |||
Subsidiary Guarantors [Member] | |||||
Current Assets | |||||
Cash and cash equivalents | 110 | 284 | 275 | 133 | |
Trade receivables - third party and affiliates | 184 | 131 | |||
Non-trade receivables, net | 2,265 | 2,166 | |||
Inventories, net | 268 | 243 | |||
Deferred income taxes | 39 | 74 | |||
Marketable securities, at fair value | 32 | 41 | |||
Other assets | 12 | 15 | |||
Total current assets | 2,910 | 2,954 | |||
Investments in affiliates | 4,349 | 1,677 | |||
Property, plant and equipment, net | 1,029 | 969 | |||
Deferred income taxes | 211 | 248 | |||
Other assets (variable interest entity restricted - 2014; $24) | 146 | 144 | |||
Goodwill | 314 | 305 | |||
Intangible assets, net | 73 | 64 | |||
Total assets | 9,032 | 6,361 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 184 | 122 | |||
Trade payables - third party and affiliates | 413 | 312 | |||
Other liabilities | 225 | 441 | |||
Deferred income taxes | 0 | 0 | |||
Income taxes payable | 484 | 460 | |||
Total current liabilities | 1,306 | 1,335 | |||
Noncurrent Liabilities | |||||
Long-term debt | 900 | 825 | |||
Deferred income taxes | 0 | 0 | |||
Uncertain tax positions | 16 | 16 | |||
Benefit obligations | 923 | 943 | |||
Other liabilities | 121 | 91 | |||
Total noncurrent liabilities | 1,960 | 1,875 | |||
Total Celanese Corporation stockholders' equity | 5,766 | 3,151 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | 5,766 | 3,151 | |||
Total liabilities and equity | 9,032 | 6,361 | |||
Non-Guarantors [Member] | |||||
Current Assets | |||||
Cash and cash equivalents | 670 | 700 | 674 | 549 | |
Trade receivables - third party and affiliates | 821 | 877 | |||
Non-trade receivables, net | 407 | 586 | |||
Inventories, net | 613 | 622 | |||
Deferred income taxes | 12 | 58 | |||
Marketable securities, at fair value | 0 | 0 | |||
Other assets | 34 | 24 | |||
Total current assets | 2,557 | 2,867 | |||
Investments in affiliates | 613 | 594 | |||
Property, plant and equipment, net | 2,704 | 2,456 | |||
Deferred income taxes | 26 | 49 | |||
Other assets (variable interest entity restricted - 2014; $24) | 400 | 285 | |||
Goodwill | 435 | 493 | |||
Intangible assets, net | 59 | 78 | |||
Total assets | 6,794 | 6,822 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 290 | 373 | |||
Trade payables - third party and affiliates | 548 | 628 | |||
Other liabilities | 402 | 513 | |||
Deferred income taxes | 7 | 10 | |||
Income taxes payable | 45 | 32 | |||
Total current liabilities | 1,292 | 1,556 | |||
Noncurrent Liabilities | |||||
Long-term debt | 208 | 1,646 | |||
Deferred income taxes | 141 | 225 | |||
Uncertain tax positions | 137 | 178 | |||
Benefit obligations | 288 | 232 | |||
Other liabilities | 192 | 202 | |||
Total noncurrent liabilities | 966 | 2,483 | |||
Total Celanese Corporation stockholders' equity | 4,276 | 2,783 | |||
Noncontrolling interests | 260 | 0 | |||
Total equity | 4,536 | 2,783 | |||
Total liabilities and equity | 6,794 | 6,822 | |||
Consolidation Eliminations [Member] | |||||
Current Assets | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Trade receivables - third party and affiliates | -204 | -141 | |||
Non-trade receivables, net | -2,943 | -2,924 | |||
Inventories, net | -99 | -61 | |||
Deferred income taxes | -22 | -17 | |||
Marketable securities, at fair value | 0 | 0 | |||
Other assets | -19 | -16 | |||
Total current assets | -3,287 | -3,159 | |||
Investments in affiliates | -12,759 | -8,555 | |||
Property, plant and equipment, net | 0 | 0 | |||
Deferred income taxes | 0 | -8 | |||
Other assets (variable interest entity restricted - 2014; $24) | -843 | -2,053 | |||
Goodwill | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Total assets | -16,889 | -13,775 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | -2,231 | -2,031 | |||
Trade payables - third party and affiliates | -204 | -141 | |||
Other liabilities | -230 | -442 | |||
Deferred income taxes | -22 | -17 | |||
Income taxes payable | -524 | -474 | |||
Total current liabilities | -3,211 | -3,105 | |||
Noncurrent Liabilities | |||||
Long-term debt | -769 | -2,052 | |||
Deferred income taxes | 0 | -8 | |||
Uncertain tax positions | 0 | 0 | |||
Benefit obligations | 0 | 0 | |||
Other liabilities | -83 | -9 | |||
Total noncurrent liabilities | -852 | -2,069 | |||
Total Celanese Corporation stockholders' equity | -12,826 | -8,601 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | -12,826 | -8,601 | |||
Total liabilities and equity | ($16,889) | ($13,775) | |||
[1] | There were $0 million of accumulated impairment losses as of December 31, 2014. |
Consolidating_Guarantor_Financ5
Consolidating Guarantor Financial Information (Schedule of Consolidating Cash Flow Statements) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $962 | $762 | $722 |
Investing Activities | |||
Capital expenditures on property, plant and equipment | -254 | -277 | -349 |
Acquisitions, net of cash acquired | -10 | 0 | -23 |
Proceeds from sale of businesses and assets, net | 0 | 13 | 1 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | -7 | -49 |
Capital expenditures related to Fairway Methanol LLC | -424 | -93 | -12 |
Return of capital from subsidiary | 0 | 0 | 0 |
Contributions to subsidiary | 0 | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 | 0 |
Other, net | -17 | -58 | -68 |
Net cash provided by (used in) investing activities | -705 | -422 | -500 |
Financing Activities | |||
Short-term borrowings (repayments), net | -9 | -11 | 2 |
Proceeds from short-term borrowings | 62 | 177 | 71 |
Repayments of short-term borrowings | -91 | -123 | -71 |
Proceeds from long-term debt | 387 | 74 | 550 |
Repayments of long-term debt | -626 | -198 | -489 |
Purchases of treasury stock, including related fees | -250 | -164 | -45 |
Dividends to parent | 0 | 0 | 0 |
Contributions from parent | 0 | 0 | 0 |
Stock option exercises | 5 | 9 | 62 |
Series A common stock dividends | -144 | -83 | -43 |
Return of capital to parent | 0 | 0 | 0 |
Contributions from noncontrolling interests | 264 | 0 | 0 |
Other, net | -13 | -7 | 12 |
Net cash provided by (used in) financing activities | -415 | -326 | 49 |
Exchange rate effects on cash and cash equivalents | -46 | 11 | 6 |
Net increase (decrease) in cash and cash equivalents | -204 | 25 | 277 |
Cash and cash equivalents as of beginning of period | 984 | 959 | 682 |
Cash and cash equivalents as of end of period | 780 | 984 | 959 |
Parent Guarantor [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 389 | 228 | 7 |
Investing Activities | |||
Capital expenditures on property, plant and equipment | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 | 0 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | 0 | 0 |
Return of capital from subsidiary | 0 | 0 | 0 |
Contributions to subsidiary | 0 | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Financing Activities | |||
Short-term borrowings (repayments), net | 0 | 0 | 0 |
Proceeds from short-term borrowings | 0 | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 | 0 |
Proceeds from long-term debt | 0 | 0 | 0 |
Repayments of long-term debt | 0 | 0 | 0 |
Purchases of treasury stock, including related fees | -250 | -164 | -45 |
Dividends to parent | 0 | 0 | 0 |
Contributions from parent | 0 | 0 | 0 |
Stock option exercises | 5 | 9 | 62 |
Series A common stock dividends | -144 | -83 | -43 |
Return of capital to parent | 0 | 0 | 0 |
Contributions from noncontrolling interests | 0 | 0 | 0 |
Other, net | 0 | 0 | 29 |
Net cash provided by (used in) financing activities | -389 | -238 | 3 |
Exchange rate effects on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | -10 | 10 |
Cash and cash equivalents as of beginning of period | 0 | 10 | 0 |
Cash and cash equivalents as of end of period | 0 | 0 | 10 |
Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 498 | 105 | -100 |
Investing Activities | |||
Capital expenditures on property, plant and equipment | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 | 0 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | 0 | 0 |
Return of capital from subsidiary | 28 | 0 | 0 |
Contributions to subsidiary | 0 | 0 | 0 |
Intercompany loan receipts (disbursements) | -70 | 5 | 5 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | -42 | 5 | 5 |
Financing Activities | |||
Short-term borrowings (repayments), net | 93 | 131 | 53 |
Proceeds from short-term borrowings | 0 | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 | 0 |
Proceeds from long-term debt | 462 | 24 | 500 |
Repayments of long-term debt | -611 | -34 | -414 |
Purchases of treasury stock, including related fees | 0 | 0 | 0 |
Dividends to parent | -390 | -229 | -35 |
Contributions from parent | 0 | 0 | 0 |
Stock option exercises | 0 | 0 | 0 |
Series A common stock dividends | 0 | 0 | 0 |
Return of capital to parent | 0 | 0 | 0 |
Contributions from noncontrolling interests | 0 | 0 | 0 |
Other, net | -10 | -2 | -9 |
Net cash provided by (used in) financing activities | -456 | -110 | 95 |
Exchange rate effects on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents as of beginning of period | 0 | 0 | 0 |
Cash and cash equivalents as of end of period | 0 | 0 | 0 |
Subsidiary Guarantors [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 644 | 766 | 396 |
Investing Activities | |||
Capital expenditures on property, plant and equipment | -183 | -156 | -158 |
Acquisitions, net of cash acquired | -10 | 0 | -23 |
Proceeds from sale of businesses and assets, net | 0 | 0 | 1 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | -44 | -93 | -12 |
Return of capital from subsidiary | 51 | 0 | 0 |
Contributions to subsidiary | -213 | -20 | -3 |
Intercompany loan receipts (disbursements) | -93 | -131 | -53 |
Other, net | -9 | -45 | -9 |
Net cash provided by (used in) investing activities | -501 | -445 | -257 |
Financing Activities | |||
Short-term borrowings (repayments), net | 6 | -8 | 5 |
Proceeds from short-term borrowings | 0 | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 | 0 |
Proceeds from long-term debt | 75 | 50 | 50 |
Repayments of long-term debt | -5 | -121 | -10 |
Purchases of treasury stock, including related fees | 0 | 0 | 0 |
Dividends to parent | -390 | -229 | -35 |
Contributions from parent | 0 | 0 | 0 |
Stock option exercises | 0 | 0 | 0 |
Series A common stock dividends | 0 | 0 | 0 |
Return of capital to parent | 0 | 0 | 0 |
Contributions from noncontrolling interests | 0 | 0 | 0 |
Other, net | -3 | -4 | -7 |
Net cash provided by (used in) financing activities | -317 | -312 | 3 |
Exchange rate effects on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -174 | 9 | 142 |
Cash and cash equivalents as of beginning of period | 284 | 275 | 133 |
Cash and cash equivalents as of end of period | 110 | 284 | 275 |
Non-Guarantors [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 433 | 154 | 489 |
Investing Activities | |||
Capital expenditures on property, plant and equipment | -71 | -121 | -191 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 13 | 0 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | -7 | -49 |
Capital expenditures related to Fairway Methanol LLC | -380 | 0 | 0 |
Return of capital from subsidiary | 0 | 0 | 0 |
Contributions to subsidiary | 0 | 0 | 0 |
Intercompany loan receipts (disbursements) | -75 | 0 | 0 |
Other, net | -8 | -13 | -59 |
Net cash provided by (used in) investing activities | -534 | -128 | -299 |
Financing Activities | |||
Short-term borrowings (repayments), net | -15 | -3 | -3 |
Proceeds from short-term borrowings | 62 | 177 | 71 |
Repayments of short-term borrowings | -91 | -123 | -71 |
Proceeds from long-term debt | 0 | 0 | 0 |
Repayments of long-term debt | -15 | -48 | -70 |
Purchases of treasury stock, including related fees | 0 | 0 | 0 |
Dividends to parent | -222 | -33 | 0 |
Contributions from parent | 213 | 20 | 3 |
Stock option exercises | 0 | 0 | 0 |
Series A common stock dividends | 0 | 0 | 0 |
Return of capital to parent | -79 | 0 | 0 |
Contributions from noncontrolling interests | 264 | 0 | 0 |
Other, net | 0 | -1 | -1 |
Net cash provided by (used in) financing activities | 117 | -11 | -71 |
Exchange rate effects on cash and cash equivalents | -46 | 11 | 6 |
Net increase (decrease) in cash and cash equivalents | -30 | 26 | 125 |
Cash and cash equivalents as of beginning of period | 700 | 674 | 549 |
Cash and cash equivalents as of end of period | 670 | 700 | 674 |
Consolidation Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | -1,002 | -491 | -70 |
Investing Activities | |||
Capital expenditures on property, plant and equipment | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 | 0 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | 0 | 0 |
Return of capital from subsidiary | -79 | 0 | 0 |
Contributions to subsidiary | 213 | 20 | 3 |
Intercompany loan receipts (disbursements) | 238 | 126 | 48 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 372 | 146 | 51 |
Financing Activities | |||
Short-term borrowings (repayments), net | -93 | -131 | -53 |
Proceeds from short-term borrowings | 0 | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 | 0 |
Proceeds from long-term debt | -150 | 0 | 0 |
Repayments of long-term debt | 5 | 5 | 5 |
Purchases of treasury stock, including related fees | 0 | 0 | 0 |
Dividends to parent | 1,002 | 491 | 70 |
Contributions from parent | -213 | -20 | -3 |
Stock option exercises | 0 | 0 | 0 |
Series A common stock dividends | 0 | 0 | 0 |
Return of capital to parent | 79 | 0 | 0 |
Contributions from noncontrolling interests | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 630 | 345 | 19 |
Exchange rate effects on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents as of beginning of period | 0 | 0 | 0 |
Cash and cash equivalents as of end of period | $0 | $0 | $0 |
Consolidating_Guarantor_Financ6
Consolidating Guarantor Financial Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Consolidating Guarantor Financial Information [Abstract] | |
Issuer and subsidiary guarantors, ownership percentage | 100.00% |