Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 12, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CELANESE CORPORATION | |
Entity Central Index Key | 1,306,830 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 147,445,193 | |
Entity Current Reporting Status | Yes |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statement of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net sales | $ 1,404 | $ 1,450 |
Cost of sales | (1,014) | (1,069) |
Gross profit | 390 | 381 |
Selling, general and administrative expenses | (80) | (98) |
Amortization of intangible assets | (2) | (3) |
Research and development expenses | (19) | (20) |
Other (charges) gains, net | (5) | (5) |
Foreign exchange gain (loss), net | 3 | 3 |
Gain (loss) on disposition of businesses and assets, net | 0 | (1) |
Operating profit (loss) | 287 | 257 |
Equity in net earnings (loss) of affiliates | 38 | 48 |
Interest expense | (33) | (27) |
Refinancing expense | (2) | 0 |
Interest income | 1 | 0 |
Dividend income - cost investments | 27 | 28 |
Other income (expense), net | 0 | 0 |
Earnings (loss) from continuing operations before tax | 318 | 306 |
Income tax (provision) benefit | (60) | (72) |
Earnings (loss) from continuing operations | 258 | 234 |
Earnings (loss) from operation of discontinued operations | 1 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 1 | 0 |
Net earnings (loss) | 259 | 234 |
Net (earnings) loss attributable to noncontrolling interests | (2) | 2 |
Net earnings (loss) attributable to Celanese Corporation | 257 | 236 |
Amounts attributable to Celanese Corporation | ||
Earnings (loss) from continuing operations | 256 | 236 |
Earnings (loss) from discontinued operations | 1 | 0 |
Net earnings (loss) | $ 257 | $ 236 |
Earnings (loss) per common share - basic | ||
Continuing operations | $ 1.74 | $ 1.54 |
Discontinued operations | 0 | 0 |
Net earnings (loss) - basic | 1.74 | 1.54 |
Earnings (loss) per common share - diluted | ||
Continuing operations | 1.73 | 1.53 |
Discontinued operations | 0 | 0 |
Net earnings (loss) - diluted | $ 1.73 | $ 1.53 |
Weighted average shares - basic | 147,413,234 | 153,216,510 |
Weighted average shares - diluted | 148,131,114 | 153,901,562 |
Unaudited Interim Consolidated3
Unaudited Interim Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net earnings (loss) | $ 259 | $ 234 |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities | 1 | 0 |
Foreign currency translation | 64 | (156) |
Gain (loss) on cash flow hedges | 0 | 2 |
Pension and postretirement benefits | 0 | (3) |
Total other comprehensive income (loss), net of tax | 65 | (157) |
Total comprehensive income (loss), net of tax | 324 | 77 |
Comprehensive (income) loss attributable to noncontrolling interests | (2) | 2 |
Comprehensive income (loss) attributable to Celanese Corporation | $ 322 | $ 79 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents (variable interest entity restricted - 2016: $18; 2015: $7) | $ 716 | $ 967 |
Trade receivables - third party and affiliates (net of allowance for doubtful accounts - 2016: $6; 2015: $6; variable interest entity restricted - 2016: $5; 2015: $6) | 830 | 706 |
Non-trade receivables, net | 212 | 285 |
Inventories | 667 | 682 |
Deferred income taxes | 0 | 68 |
Marketable securities, at fair value | 31 | 30 |
Other assets | 47 | 49 |
Total current assets | 2,503 | 2,787 |
Investments in affiliates | 870 | 838 |
Property, plant and equipment (net of accumulated depreciation - 2016: $2,132; 2015: $2,039; variable interest entity restricted - 2016: $763; 2015: $772) | 3,640 | 3,609 |
Deferred income taxes | 236 | 222 |
Other assets (variable interest entity restricted - 2016: $10; 2015: $13) | 296 | 300 |
Goodwill | 722 | 705 |
Intangible assets (net of accumulated amortization - 2016: $546; 2015: $528; variable interest entity restricted - 2016: $27; 2015: $27) | 125 | 125 |
Total assets | 8,392 | 8,586 |
Current Liabilities | ||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 116 | 513 |
Trade payables - third party and affiliates | 574 | 587 |
Other liabilities | 280 | 330 |
Deferred income taxes | 0 | 30 |
Income taxes payable | 125 | 90 |
Total current liabilities | 1,095 | 1,550 |
Long-term debt, net of unamortized deferred financing costs | 2,487 | 2,468 |
Deferred income taxes | 116 | 136 |
Uncertain tax positions | 176 | 167 |
Benefit obligations | 1,176 | 1,189 |
Other liabilities | $ 244 | $ 247 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2016 and 2015: 0 issued and outstanding) | $ 0 | $ 0 |
Treasury stock, at cost (2016 and 2015: 19,916,490 shares) | (1,031) | (1,031) |
Additional paid-in capital | 125 | 136 |
Retained earnings | 3,834 | 3,621 |
Accumulated other comprehensive income (loss), net | (283) | (348) |
Total Celanese Corporation stockholders' equity | 2,645 | 2,378 |
Noncontrolling interests | 453 | 451 |
Total equity | 3,098 | 2,829 |
Total liabilities and equity | 8,392 | 8,586 |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2016: 167,355,679 issued and 147,439,189 outstanding; 2015: 166,698,787 issued and 146,782,297 outstanding) | ||
Stockholders' Equity | ||
Common stock | 0 | 0 |
Series B common stock, $0.0001 par value, 100,000,000 shares authorized (2016 and 2015: 0 issued and outstanding) | ||
Stockholders' Equity | ||
Common stock | $ 0 | $ 0 |
Unaudited Consolidated Balance5
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 716 | $ 967 |
Allowance for doubtful accounts - trade receivables | 6 | 6 |
Trade receivables - third party and affiliates | 830 | 706 |
Accumulated depreciation | 2,132 | 2,039 |
Property, plant and equipment (net of accumulated depreciation - 2016: $2,132; 2015: $2,039; variable interest entity restricted - 2016: $763; 2015: $772) | 3,640 | 3,609 |
Other assets | 296 | 300 |
Finite-Lived Intangible Assets, Accumulated Amortization | 546 | 528 |
Intangible assets (net of accumulated amortization - 2016: $546; 2015: $528; variable interest entity restricted - 2016: $27; 2015: $27) | $ 125 | $ 125 |
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 | 19,916,490 | 19,916,490 |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2016: 167,355,679 issued and 147,439,189 outstanding; 2015: 166,698,787 issued and 146,782,297 outstanding) | ||
Stockholders' Equity | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 167,355,679 | 166,698,787 |
Common stock, shares outstanding | 147,439,189 | 146,782,297 |
Series B common stock, $0.0001 par value, 100,000,000 shares authorized (2016 and 2015: 0 issued and outstanding) | ||
Stockholders' Equity | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
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 | $ 7 | |
Trade receivables - third party and affiliates | $ 5 | 6 |
Property, plant and equipment (net of accumulated depreciation - 2016: $2,132; 2015: $2,039; variable interest entity restricted - 2016: $763; 2015: $772) | 772 | |
Other assets | 13 | |
Intangible assets (net of accumulated amortization - 2016: $546; 2015: $528; variable interest entity restricted - 2016: $27; 2015: $27) | $ 27 | $ 27 |
Unaudited Interim Consolidated6
Unaudited Interim Consolidated Statement Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Millions | Total | Series A Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Balance as of the beginning of the period, shares at Dec. 31, 2015 | 146,782,297 | 19,916,490 | |||||
Balance as of the beginning of the period at Dec. 31, 2015 | $ 2,829 | ||||||
Total Celanese Corporation stockholders' equity at Dec. 31, 2015 | 2,378 | $ 0 | $ (1,031) | $ 136 | $ 3,621 | $ (348) | |
Stockholders' Equity Attributable to Noncontrolling Interest at Dec. 31, 2015 | $ 451 | $ 451 | |||||
Stock option exercises, shares | 30,000 | ||||||
Stock option exercises, net of tax | $ 0 | 1 | |||||
Purchases of treasury stock, shares | 0 | ||||||
Purchases of treasury stock, including related fees | $ 0 | ||||||
Stock awards, shares | 626,892 | ||||||
Stock awards | $ 0 | ||||||
Purchases of treasury stock, shares | 0 | 0 | |||||
Purchases of treasury stock, including related fees | $ 0 | $ 0 | |||||
Stock-based compensation, net of tax | (12) | ||||||
Net earnings (loss) attributable to Celanese Corporation | 257 | 257 | |||||
Series A common stock dividends | (44) | ||||||
Other comprehensive income (loss), net of tax | 65 | 65 | |||||
Net earnings (loss) attributable to noncontrolling interests | 2 | 2 | |||||
Contributions from noncontrolling interests | 0 | ||||||
Balance as of the end of the period, shares at Mar. 31, 2016 | 147,439,189 | 19,916,490 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest at Mar. 31, 2016 | 453 | $ 453 | |||||
Total Celanese Corporation stockholders' equity at Mar. 31, 2016 | 2,645 | $ 0 | $ (1,031) | $ 125 | $ 3,834 | $ (283) | |
Balance as of the end of the period at Mar. 31, 2016 | $ 3,098 |
Unaudited Interim Consolidated7
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Activities | ||
Net earnings (loss) | $ 259 | $ 234 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | ||
Asset impairments | 0 | 0 |
Depreciation, amortization and accretion | 74 | 68 |
Pension and postretirement net periodic benefit cost | (13) | (12) |
Pension and postretirement contributions | (14) | (29) |
Deferred income taxes, net | (2) | 5 |
(Gain) loss on disposition of businesses and assets, net | 0 | 1 |
Stock-based compensation | 10 | 12 |
Undistributed earnings in unconsolidated affiliates | (1) | 39 |
Other, net | 4 | 3 |
Operating cash provided by (used in) discontinued operations | (1) | (1) |
Changes in operating assets and liabilities | ||
Trade receivables - third party and affiliates, net | (111) | (34) |
Inventories | 29 | 6 |
Other assets | 40 | 45 |
Trade payables - third party and affiliates | (8) | (58) |
Other liabilities | 21 | (9) |
Net cash provided by (used in) operating activities | 287 | 270 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (70) | (64) |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | (98) |
Other, net | (5) | (11) |
Net cash provided by (used in) investing activities | (75) | (173) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (344) | 4 |
Proceeds from short-term borrowings | 8 | 16 |
Repayments of short-term borrowings | (63) | (29) |
Proceeds from long-term debt | 170 | 0 |
Repayments of long-term debt | (177) | (6) |
Purchases of treasury stock, including related fees | 0 | 0 |
Stock option exercises | 1 | 0 |
Series A common stock dividends | (44) | (38) |
Contributions from noncontrolling interests | 0 | 80 |
Other, net | (24) | (10) |
Net cash provided by (used in) financing activities | (473) | 17 |
Exchange rate effects on cash and cash equivalents | 10 | (43) |
Net increase (decrease) in cash and cash equivalents | (251) | 71 |
Cash and cash equivalents as of beginning of period | 967 | 780 |
Cash and cash equivalents as of end of period | $ 716 | $ 851 |
Description of the Company and
Description of the Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Company and Basis of Presentation | Description of the Company and Basis of Presentation Description of the Company Celanese Corporation and its subsidiaries (collectively, the "Company") is a global technology and specialty materials company. The Company's business involves processing chemical raw materials, such as methanol, carbon monoxide and ethylene, and natural products, including wood pulp, into value-added chemicals, thermoplastic polymers and other chemical-based products. Definitions In this Quarterly Report on Form 10-Q ("Quarterly Report"), the term "Celanese" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The term "Celanese US" refers to the Company's subsidiary, Celanese US Holdings LLC, a Delaware limited liability company, and not its subsidiaries. Basis of Presentation The unaudited interim consolidated financial statements for the three months ended March 31, 2016 and 2015 contained in this Quarterly Report were prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") for all periods presented and include the accounts of the Company, its majority owned subsidiaries over which the Company exercises control and, when applicable, variable interest entities in which the Company is the primary beneficiary. The unaudited interim consolidated financial statements and other financial information included in this Quarterly Report, unless otherwise specified, have been presented to separately show the effects of discontinued operations. In the opinion of management, the accompanying unaudited consolidated balance sheets and related unaudited interim consolidated statements of operations, comprehensive income (loss), cash flows and equity include all adjustments, consisting only of normal recurring items necessary for their fair presentation in conformity with US GAAP. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP may have been condensed or omitted in accordance with rules and regulations of the Securities and Exchange Commission ("SEC"). These unaudited interim consolidated financial statements should be read in conjunction with the Company's consolidated financial statements as of and for the year ended December 31, 2015 , filed on February 5, 2016 with the SEC as part of the Company's Annual Report on Form 10-K. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the entire year. In the ordinary course of business, the Company enters into contracts and agreements relative to a number of topics, including acquisitions, dispositions, joint ventures, supply agreements, product sales and other arrangements. The Company endeavors to describe those contracts or agreements that are material to its business, results of operations or financial position. The Company may also describe some arrangements that are not material but in which the Company believes investors may have an interest or which may have been included in a Form 8-K filing. Investors should not assume the Company has described all contracts and agreements relative to the Company's business in this Quarterly Report. For those consolidated ventures in which the Company owns or is exposed to less than 100% of the economics, the outside stockholders' interests are shown as noncontrolling interests. The Company has reclassified certain prior period amounts to conform to the current period's presentation. Estimates and Assumptions The preparation of unaudited interim consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of 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. Change in estimate regarding pension and other postretirement benefits Beginning in 2016, the Company elected to change the method used to estimate the service and interest cost components of net periodic benefit cost for its significant defined benefit pension plans and other postretirement benefit plans. Previously, the Company estimated the service and interest cost components utilizing a single weighted average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. The Company has elected to use a full yield curve approach in the estimation of these components of net periodic benefit cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. This change improves the correlation between projected benefit cash flows and the corresponding yield curve spot rates and provides a more precise measurement of service and interest costs. This change does not affect the measurement of the Company's total benefit obligations as the change in service and interest cost will be completely offset in the annual actuarial (gain) loss reported. The Company has accounted for this change as a change in estimate and, accordingly, has accounted for it prospectively beginning in 2016. The Company's adoption of the full yield curve approach will reduce 2016 service and interest cost by approximately $29 million as compared to the previous method. The discount rates used to measure service and interest cost during 2016 and the discount rates that would have been used for service and interest cost under the Company's previous estimation methodology are as follows: Pension Benefits Postretirement Benefits US International US International (In percentages) Single weighted average discount rate approach Service and interest cost 4.2 2.6 4.0 3.6 Full yield curve approach (1) Service cost 4.5 3.1 4.2 3.8 Interest cost 3.4 2.2 3.1 3.1 ______________________________ (1) Represents the weighted average effective interest rate. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the potential impact of adopting ASU 2016-09 on its financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 supersedes the lease guidance under FASB Accounting Standards Codification ("ASC") Topic 840, Leases , resulting in the creation of FASB ASC Topic 842, Leases . ASU 2016-02 requires a lessee to recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for both finance and operating leases. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently assessing the potential impact of adopting ASU 2016-02 on its financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). ASU 2015-17 requires deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The Company has elected to early adopt ASU 2015-17 prospectively during the three months ended March 31, 2016 in accordance with the FASB's disclosure simplification initiatives. The adoption of this ASU resulted in a reclassification from current to noncurrent deferred tax assets and deferred tax liabilities of $68 million and $30 million , respectively. Prior periods were not adjusted. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory ("ASU 2015-11"). ASU 2015-11 applies to inventory that is measured using the first-in, first-out ("FIFO") or average cost method and requires measurement of that inventory at the lower of cost and net realizable value, instead of lower of cost or market. ASU 2015-11 further clarifies the definition of net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The Company early adopted ASU 2015-11 prospectively during the three months ended March 31, 2016 in accordance with the FASB's disclosure simplification initiatives. The adoption of this ASU did not have a material impact on the Company's financial statements or related disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") . ASU 2014-09 supersedes the revenue recognition requirements of FASB ASC Topic 605, Revenue Recognition and most industry-specific guidance throughout the ASC, 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, Deferral of the Effective Date ("ASU 2015-14"). ASU 2015-14 defers the effective date of ASU 2014-09 by one year to December 15, 2017 for fiscal years, and interim periods within those years, beginning after that date and permits early adoption of the standard, but not before the original effective date for fiscal years beginning after December 15, 2016. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08") clarifying the implementation guidance on principal versus agent considerations. Specifically, an entity is required to determine whether the nature of a promise is to provide the specified good or service itself (that is, the entity is a principal) or to arrange for the good or service to be provided to the customer by the other party (that is, the entity is an agent). The determination influences the timing and amount of revenue recognition. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing , clarifying the implementation guidance on identifying performance obligations and licensing. Specifically, the amendments reduce the cost and complexity of identifying promised goods or services and improves the guidance for determining whether promises are separately identifiable. The amendments also provide implementation guidance on determining whether an entity's promise to grant a license provides a customer with either a right to use the entity's intellectual property (which is satisfied at a point in time) or a right to access the entity's intellectual property (which is satisfied over time). The effective date and transition requirements for ASU 2016-08 and ASU 2016-10 are the same as the effective date and transition requirements for ASU 2014-09. The Company is currently assessing the potential impact of adopting ASU 2014-09, ASU 2016-08 and ASU 2016-10 on its financial statements and related disclosures. |
Ventures and Variable Interest
Ventures and Variable Interest Entities | 3 Months Ended |
Mar. 31, 2016 | |
Ventures and Variable Interest Entities [Abstract] | |
Ventures and Variable Interest Entities | Ventures and Variable Interest Entities Consolidated Variable Interest Entities In February 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 methanol unit utilizes natural gas in the US Gulf Coast region as a feedstock and benefits from the existing infrastructure at the Company's Clear Lake facility. Both Mitsui and the Company supply their own natural gas to Fairway in exchange for methanol tolling under a cost-plus off-take arrangement. The Company determined that Fairway is a variable interest entity ("VIE") in which the Company is the primary beneficiary. Under the terms of the joint venture agreements, the Company provides site services and day-to-day operations for the methanol facility. In addition, the joint venture agreements provide that the Company indemnifies Mitsui for environmental obligations that exceed a specified threshold, as well as an equity option between the partners. Accordingly, the Company consolidates the venture and records a noncontrolling interest for the share of the venture owned by Mitsui. Fairway is included in the Company's Acetyl Intermediates segment. The carrying amount of the assets and liabilities associated with Fairway included in the unaudited consolidated balance sheets are as follows: As of As of (In $ millions) Cash and cash equivalents 18 7 Trade receivables, net - third party & affiliate 10 12 Property, plant and equipment (net of accumulated depreciation - 2016: $20; 2015: $10) 763 772 Intangible assets (net of accumulated amortization - 2016: $0; 2015: $0) 27 27 Other assets 10 13 Total assets (1) 828 831 Trade payables 7 9 Other liabilities (2) 3 5 Long-term debt 5 5 Deferred income taxes 2 2 Total liabilities 17 21 ______________________________ (1) Assets can only be used to settle the obligations of Fairway. (2) Primarily represents amounts owed by Fairway to the Company 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 March 31, 2016 relates primarily to the recovery of capital expenditures for certain property, plant and equipment. The carrying amount of the assets and liabilities associated with the obligations to nonconsolidated VIEs, as well as the maximum exposure to loss relating to these nonconsolidated VIEs are as follows: As of As of (In $ millions) Property, plant and equipment, net 70 73 Trade payables 52 47 Current installments of long-term debt 10 10 Long-term debt 106 109 Total liabilities 168 166 Maximum exposure to loss 267 268 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 16 ). |
Marketable Securities, at Fair
Marketable Securities, at Fair Value | 3 Months Ended |
Mar. 31, 2016 | |
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 9 ) as follows: As of As of (In $ millions) Amortized cost 31 30 Gross unrealized gain — — Gross unrealized loss — — Fair value 31 30 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories As of As of (In $ millions) Finished goods 491 498 Work-in-process 39 43 Raw materials and supplies 137 141 Total 667 682 |
Current Other Liabilities
Current Other Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Other Liabilities, Current [Abstract] | |
Current Other Liabilities | Current Other Liabilities As of As of (In $ millions) Asset retirement obligations 8 10 Benefit obligations ( Note 9 ) 31 31 Customer rebates 27 45 Derivatives ( Note 14 ) 3 2 Environmental ( Note 10 ) 13 11 Insurance 9 10 Interest 16 16 Restructuring ( Note 12 ) 26 30 Salaries and benefits 68 109 Sales and use tax/foreign withholding tax payable 21 13 Other 58 53 Total 280 330 |
Noncurrent Other Liabilities
Noncurrent Other Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Other Liabilities, Noncurrent [Abstract] | |
Noncurrent Other Liabilities | Noncurrent Other Liabilities As of As of (In $ millions) Asset retirement obligations 24 26 Deferred proceeds 44 43 Deferred revenue 12 13 Environmental ( Note 10 ) 58 61 Income taxes payable 7 7 Insurance 50 50 Other 49 47 Total 244 247 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of As of (In $ millions) Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates Current installments of long-term debt 58 56 Short-term borrowings, including amounts due to affiliates (1) 58 52 Revolving credit facility (2) — 350 Accounts receivable securitization facility (3) — 55 Total 116 513 ______________________________ (1) The weighted average interest rate was 2.8% and 3.3% as of March 31, 2016 and December 31, 2015 , respectively. (2) The weighted average interest rate was 1.8% as of December 31, 2015 . (3) The weighted average interest rate was 0.8% as of December 31, 2015 . As of As of (In $ millions) Long-Term Debt Senior credit facilities - Term C-2 loan due 2016 31 30 Senior credit facilities - Term C-3 loan due 2018 883 878 Senior unsecured notes due 2019, interest rate of 3.250% 342 327 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 5.70% to 6.70% — 169 Refunding loan for pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00% 170 — Obligations under capital leases due at various dates through 2054 237 238 Subtotal 2,563 2,542 Unamortized debt issuance costs (1) (18 ) (18 ) Current installments of long-term debt (58 ) (56 ) Total 2,487 2,468 ______________________________ (1) Related to the Company's long-term debt, excluding obligations under capital leases. 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 September 2014 €300 3.250 April 15 October 15 October 15, 2019 4.625% Notes November 2012 $500 4.625 March 15 September 15 November 15, 2022 5.875% Notes May 2011 $400 5.875 June 15 December 15 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, "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. Senior Credit Facilities In September 2014, Celanese US, Celanese and the Subsidiary Guarantors entered into an amendment agreement with the lenders under Celanese US's existing senior secured credit facilities in order to amend and restate the amended credit agreement dated September 16, 2013 (as amended and restated by the 2014 amendment agreement, the "Amended Credit Agreement"). Under the Amended Credit Agreement, all of the US dollar-denominated Term C-2 term loans and all but €28 million of the Euro-denominated Term C-2 term loans under the 2013 amended credit agreement were converted into, or refinanced by, the Term C-3 loan facility with an extended maturity date of October 2018 . The non-extended portions of the Term C-2 loan facility continue to have a maturity date of October 2016 . In addition, the maturity date of the Company's revolving credit facility was extended to October 2018 and the facility was increased to $900 million . Accordingly, the Amended Credit Agreement consists of the Term C-2 loan facility, the Term C-3 loan facility and a $900 million revolving credit facility. As of March 31, 2016 , 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 March 31, 2016 , the margin for borrowings under the revolving credit facility was 1.5% above LIBOR. The margin for borrowings under the revolving credit facility is subject to increase or decrease in certain circumstances based on changes in the corporate credit ratings of Celanese or Celanese US. Term loan borrowings under the Amended Credit Agreement are subject to amortization at 1% of the initial principal amount per annum, payable quarterly. In addition, the Company pays quarterly commitment fees on the unused portions of the revolving credit facility of 0.25% per annum. The Amended Credit Agreement is guaranteed by Celanese and certain domestic subsidiaries of Celanese US and is secured by a lien on substantially all assets of Celanese US and such guarantors, subject to certain agreed exceptions (including for certain real property and certain shares of foreign subsidiaries), pursuant to the Guarantee and Collateral Agreement dated April 2, 2007. As a condition to borrowing funds or requesting letters of credit be issued under the revolving credit facility, the Company's first lien senior secured leverage ratio (as calculated as of the last day of the most recent fiscal quarter for which financial statements have been delivered under the revolving facility) cannot exceed the threshold as specified below. Further, the Company's first lien senior secured leverage ratio must be maintained at or below that threshold while any amounts are outstanding under the revolving credit facility. The Company's amended first lien senior secured leverage ratios under the revolving credit facility are as follows: As of March 31, 2016 Maximum Estimate Estimate, If Fully Drawn 3.90 0.67 1.30 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. Pollution Control and Industrial Revenue Bonds On March 3, 2016, the State of Wisconsin Public Finance Authority ("PFA") completed an offering of exempt facilities refunding revenue bonds ("Bonds"), the proceeds of which were loaned to Celanese US and used to repay the pollution control and industrial revenue bonds previously issued for the benefit of the Company. The Bonds were issued under an indenture between the PFA and Wells Fargo Bank, National Association, as trustee. Payment of the principal, redemption premium, if any, and interest on the Bonds is unconditionally guaranteed by Celanese and certain of its subsidiaries. The loan agreement in the amount of $170 million between the PFA and Celanese US contains covenants substantially similar to those applicable to the Senior Notes. In connection with the refinancing, the Company recorded deferred financing costs of $2 million during the three months ended March 31, 2016, which are being amortized over the terms of the Bonds. The Company accelerated amortization of deferred financing costs and other refinancing expenses of $2 million related to the refinancing, which are included in Refinancing expense in the unaudited interim consolidated statements of operations. The Company is in compliance with all of the covenants related to its debt agreements as of March 31, 2016 . Accounts Receivable Securitization Facility In August 2013, the Company entered into a US accounts receivable securitization facility pursuant to (i) a Purchase and Sale Agreement ("Sale Agreement") among certain US subsidiaries of the Company (each an "Originator"), Celanese International Corporation ("CIC") and CE Receivables LLC, a wholly-owned, "bankruptcy remote" special purpose subsidiary of an Originator ("Transferor") and (ii) a Receivables Purchase Agreement ("Purchase Agreement"), among CIC, as servicer, the Transferor, various third-party purchasers (collectively, "Purchasers") and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrator ("Administrator"). The Purchase Agreement expires in 2016 , but may be extended for successive one year terms by agreement of the parties. All of the Transferor's assets have been pledged to the Administrator in support of its obligations under the Purchase Agreement. The Company's balances available for borrowing are as follows: As of (In $ millions) Revolving Credit Facility Borrowings outstanding — (1) Letters of credit issued — Available for borrowing 900 Accounts Receivable Securitization Facility Borrowings outstanding — (2) Letters of credit issued 52 Available for borrowing 61 Total borrowing base 113 Maximum borrowing base 120 (3) ______________________________ (1) The Company borrowed $245 million and repaid $595 million during the three months ended March 31, 2016 . (2) The Company repaid $55 million during the three months ended March 31, 2016 . (3) Outstanding accounts receivable transferred by the Originators to the Transferor was $136 million . |
Benefit Obligations
Benefit Obligations | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Obligations | Benefit Obligations Beginning in 2016, the Company elected to use a full yield curve approach in the estimation of the service and interest cost components of net periodic benefit cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows ( Note 1 ). The Company's adoption of the full yield curve approach will reduce 2016 service and interest cost by approximately $29 million as compared to the previous method. The components of net periodic benefit cost are as follows: Three Months Ended March 31, 2016 2015 Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 2 — 3 — Interest cost 28 1 35 1 Expected return on plan assets (44 ) — (52 ) — Amortization of prior service cost (credit), net — (1 ) — — Special termination benefit 1 — 1 — Total (13 ) — (13 ) 1 Benefit obligation funding is as follows: As of Total Expected 2016 (In $ millions) Cash contributions to defined benefit pension plans 7 23 Benefit payments to nonqualified pension plans 6 22 Benefit payments to other postretirement benefit plans 1 4 Cash contributions to German multiemployer defined benefit pension plans (1) 2 8 ______________________________ (1) The Company makes contributions based on specified percentages of employee contributions. The Company's estimates of its US defined benefit pension plan contributions reflect the provisions of the Pension Protection Act of 2006. |
Environmental
Environmental | 3 Months Ended |
Mar. 31, 2016 | |
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 As of (In $ millions) Demerger obligations ( Note 16 ) 20 22 Divestiture obligations ( Note 16 ) 17 17 Active sites 18 18 US Superfund sites 13 13 Other environmental remediation reserves 3 2 Total 71 72 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 16 ). The Company provides for such obligations when the event of loss is probable and reasonably estimable. The Company believes that environmental remediation costs will not have a material adverse effect on the financial position of the Company, but may have a material adverse effect on the results of operations or cash flows in any given period. US Superfund Sites In the US, the Company may be subject to substantial claims brought by US federal or state regulatory agencies or private individuals pursuant to statutory authority or common law. In particular, the Company has a potential liability under the US Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, and related state laws (collectively referred to as "Superfund") for investigation and cleanup costs at certain sites. At most of these sites, numerous companies, including the Company, or one of its predecessor companies, have been notified that the US Environmental Protection Agency ("EPA"), state governing bodies or private individuals consider such companies to be potentially responsible parties ("PRP") under Superfund or related laws. The proceedings relating to these sites are in various stages. The cleanup process has not been completed at most sites, and the status of the insurance coverage for some of these proceedings is uncertain. Consequently, the Company cannot accurately determine its ultimate liability for investigation or cleanup costs at these sites. As events progress at each site for which it has been named a PRP, the Company accrues, as appropriate, a liability for site cleanup. Such liabilities include all costs that are probable and can be reasonably estimated. In establishing these liabilities, the Company considers its shipment of waste to a site, its percentage of total waste shipped to the site, the types of wastes involved, the conclusions of any studies, the magnitude of any remedial actions that may be necessary and the number and viability of other PRPs. Often the Company joins with other PRPs to sign joint defense agreements that settle, among PRPs, each party's percentage allocation of costs at the site. Although the ultimate liability may differ from the estimate, the Company routinely reviews the liabilities and revises the estimate, as appropriate, based on the most current information available. One such site is the Lower Passaic River Study Area, which is the lower 17-mile stretch of the Passaic River ("Site"). 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") at the Site in order to identify the levels of contaminants and potential cleanup actions. Work on the RI/FS is ongoing, with a goal to complete it in 2017. On March 3, 2016, the EPA issued its final record of decision concerning the remediation of the lower 8.3 miles of the Site ("Lower 8.3 Miles"). The Company owned and/or operated facilities in the vicinity of the Lower 8.3 Miles, but has found no evidence that it contributed any of the primary contaminants of concern to the Passaic River. Pursuant to the decision, the Lower 8.3 Miles must be dredged bank to bank and an engineered cap must be installed at an estimated cost of approximately $1.4 billion . The Company is vigorously defending this matter and currently believes that its ultimate allocable share of the cleanup costs, estimated at less than 1% , will not be material. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
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 Stock Cash Dividend Annual Common Stock Cash Dividend Effective Date (In percentages) (In $ per share) April 2015 20 0.30 1.20 May 2015 Treasury Stock Three Months Ended Total From 2016 2015 Shares repurchased — — 27,307,796 Average purchase price per share $ — $ — $ 48.90 Cash paid for repurchased shares (in millions) $ — $ — $ 1,335 Aggregate Board of Directors repurchase authorizations during the period (in millions) (1) $ — $ — $ 2,366 ______________________________ (1) These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program began in February 2008 and does not have an expiration date. 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 Three Months Ended March 31, 2016 2015 Gross Income Net Gross Income Net (In $ millions) Unrealized gain (loss) on marketable securities 1 — 1 — — — Foreign currency translation 70 (6 ) 64 (150 ) (6 ) (156 ) Gain (loss) on cash flow hedges — — — 3 (1 ) 2 Pension and postretirement benefits — — — — (3 ) (3 ) Total 71 (6 ) 65 (147 ) (10 ) (157 ) Adjustments to Accumulated other comprehensive income (loss), net, are as follows: Unrealized Gain (Loss) on Marketable Securities ( Note 4 ) Foreign Currency Translation Gain (Loss) on Cash Flow Hedges ( Note 14 ) Pension and Postretirement Benefits ( Note 9 ) Accumulated Other Comprehensive Income (Loss), Net (In $ millions) As of December 31, 2015 1 (339 ) (2 ) (8 ) (348 ) Other comprehensive income (loss) before reclassifications 1 70 — (1 ) 70 Amounts reclassified from accumulated other comprehensive income (loss) — — — 1 1 Income tax (provision) benefit — (6 ) — — (6 ) As of March 31, 2016 2 (275 ) (2 ) (8 ) (283 ) |
Other (Charges) Gains, Net
Other (Charges) Gains, Net | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Other (Charges) Gains, Net | Other (Charges) Gains, Net Three Months Ended March 31, 2016 2015 (In $ millions) Employee termination benefits (5 ) (1) (4 ) Commercial disputes — (1 ) Total (5 ) (5 ) ______________________________ (1) Includes $1 million of special termination benefits included in Benefit obligations in the unaudited consolidated balance sheets and is included in the Company's Other Activities segment. During the three months ended March 31, 2016 and 2015, the Company recorded $5 million and $4 million , respectively, of employee termination benefits primarily related to the Company's ongoing efforts to align its businesses around its core value drivers. During the three months ended March 31, 2015, the Company also recorded $1 million of damages in connection with the settlement of a claim by a raw materials supplier. The commercial dispute resolution is included in the Acetyl Intermediates segment. The changes in the restructuring reserves by business segment are as follows: Advanced Engineered Materials Consumer Specialties Industrial Specialties Acetyl Intermediates Other Total (In $ millions) Employee Termination Benefits As of December 31, 2015 3 14 6 1 6 30 Additions 1 — 1 — 2 4 Cash payments (2 ) (2 ) (4 ) — (1 ) (9 ) Other changes — — — — — — Exchange rate changes — 1 — — — 1 As of March 31, 2016 2 13 3 1 7 26 Other Plant/Office Closures As of December 31, 2015 — — — — — — Additions — — — — — — Cash payments — — — — — — Other changes — — — — — — Exchange rate changes — — — — — — As of March 31, 2016 — — — — — — Total 2 13 3 1 7 26 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Three Months Ended 2016 2015 (In percentages) Effective income tax rate 19 24 In 2015, the Company established a centralized European headquarters for the purpose of improving the operational efficiencies and profitability of its European operations and certain global product lines. These activities have a direct impact on the Company's mix of earnings and product flows and will result in both favorable and unfavorable tax impacts in the jurisdictions in which the Company operates. The lower effective income tax rate for the three months ended March 31, 2016 is primarily due to decreases in losses that provide no tax benefit and favorable changes in the mix of jurisdictional earnings partially attributable to the implementation of the Company's centralized European headquarters. For the three months ended March 31, 2016 , the Company's uncertain tax positions increased $11 million , primarily due to exchange rate fluctuations. The Company's US tax returns for the years 2009 through 2012 are currently under audit by the US Internal Revenue Service and certain of the Company's subsidiaries are under audit in jurisdictions outside of the US. The Company does not expect any material changes in the unrecognized tax benefits within the next twelve months related to the settlement of one or more of these audits or lapse of applicable statutes of limitations. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Interest Rate Swaps During 2014, the Company fixed the LIBOR portion of its US dollar denominated variable rate borrowings ( Note 8 ) with interest rate swap derivative arrangements. The interest rate swaps with a notional value of $500 million expired on January 2, 2016. Foreign Currency Forwards and Swaps Gross notional values of the foreign currency forwards and swaps are as follows: As of As of (In $ millions) Total 457 502 Cross-currency Swaps In March 2015, the Company settled its cross-currency swap agreements with notional values of $250 million / €193 million , expiring September 11, 2020 , and $225 million / €162 million , expiring April 17, 2019 , in exchange for cash of $88 million . The Company recorded a net loss of $1 million , which is included in Other income (expense), net in the unaudited interim consolidated statement of operations. The Company classifies cash flows from derivative instruments designated as cash flow hedges in the same category of the consolidated statement of cash flows as the cash flows from the items being hedged. Accordingly, the settlement of the cross-currency swap agreements is included in Net cash provided by (used in) operating activities in the unaudited interim consolidated statement of cash flows for the three months ended March 31, 2015 . Information regarding changes in the fair value of the Company's derivative and non-derivative instruments is as follows: Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Three Months Ended March 31, Statement of Operations Classification 2016 2015 2016 2015 (In $ millions) Designated as Cash Flow Hedges Cross-currency swaps — — — 46 Other income (expense), net; Interest expense Total — — — 46 Designated as Net Investment Hedges 3.250% Notes (1) (5 ) 41 — — Foreign currency translation Term C-2 and Term C-3 loans (2) (1 ) 8 — — Foreign currency translation Total (6 ) 49 — — Not Designated as Hedges Foreign currency forwards and swaps — — 7 (68 ) Foreign exchange gain (loss), net; Other income (expense), net Total — — 7 (68 ) ______________________________ (1) During the three months ended March 31, 2016, the Company dedesignated €260 million of its 3.250% Notes as a net investment hedge. (2) During the three months ended December 31, 2015, the Company dedesignated the Euro-based principal amount of its Term C-3 loan as a net investment hedge. See Note 15 - Fair Value Measurements for further information regarding the fair value of the Company's derivative instruments. Certain of the Company's foreign currency forwards and swaps 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. Information regarding the gross amounts of the Company's derivative instruments and the amounts offset in the unaudited consolidated balance sheets is as follows: As of As of (In $ millions) Derivative Assets Gross amount recognized 4 2 Gross amount offset in the consolidated balance sheets — — Net amount presented in the consolidated balance sheets 4 2 Gross amount not offset in the consolidated balance sheets 2 — Net amount 2 2 As of As of (In $ millions) Derivative Liabilities Gross amount recognized 3 2 Gross amount offset in the consolidated balance sheets — — Net amount presented in the consolidated balance sheets 3 2 Gross amount not offset in the consolidated balance sheets 2 — Net amount 1 2 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
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 as follows: Derivatives. Derivative financial instruments, including interest rate swaps, cross-currency swaps and foreign currency forwards and swaps, 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 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Balance Sheet Classification (In $ millions) As of March 31, 2016 Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 4 4 Current Other assets Total assets — 4 4 Designated as Net Investment Hedges 3.250% Notes (1) — — — Long-term Debt Term C-2 loans (1) — — — Long-term Debt Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (3 ) (3 ) Current Other liabilities Total liabilities — (3 ) (3 ) As of December 31, 2015 Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 2 2 Current Other assets Total assets — 2 2 Designated as a Net Investment Hedge 3.250% Notes (1) — — — Long-term Debt Term C-2 loans (1) — — — Long-term Debt Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (2 ) (2 ) Current Other liabilities Total liabilities — (2 ) (2 ) ______________________________ (1) Included in the unaudited consolidated balance sheets at carrying amount. Carrying values and fair values of financial instruments that are not carried at fair value are as follows: Fair Value Measurement Carrying Amount Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total (In $ millions) As of March 31, 2016 Cost investments 151 — — — Insurance contracts in nonqualified trusts 55 55 — 55 Long-term debt, including current installments of long-term debt 2,563 2,397 237 2,634 As of December 31, 2015 Cost investments 151 — — — Insurance contracts in nonqualified trusts 55 55 — 55 Long-term debt, including current installments of long-term debt 2,542 2,348 238 2,586 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 March 31, 2016 and December 31, 2015 , 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 | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments 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. The Company has accrued for all probable and reasonably estimable losses associated with all known matters or claims. 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 10 ). 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 March 31, 2016 are $72 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 10 ). 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 $202 million as of March 31, 2016 . 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 March 31, 2016 , the Company had unconditional purchase obligations of $2.9 billion , which extend through 2036 . 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, taxes, 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 and, based on the current facts, does not believe any outcomes from these matters would be material to our results of operations, cash flows or financial position. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Advanced Engineered Materials Consumer Specialties Industrial Specialties Acetyl Intermediates Other Activities Eliminations Consolidated (In $ millions) Three Months Ended March 31, 2016 Net sales 350 244 253 663 (1) — (106 ) 1,404 Other (charges) gains, net (1 ) — (1 ) — (3 ) — (5 ) Operating profit (loss) 88 78 31 114 (24 ) — 287 Equity in net earnings (loss) of affiliates 31 1 — 1 5 — 38 Depreciation and amortization 24 11 8 27 3 — 73 Capital expenditures 19 9 18 9 3 — 58 (2) As of March 31, 2016 Goodwill and intangible assets, net 344 253 49 201 — — 847 Total assets 2,445 1,471 758 2,360 1,358 — 8,392 Three Months Ended March 31, 2015 Net sales 343 227 282 713 (1) — (115 ) 1,450 Other (charges) gains, net (1 ) — (1 ) (1 ) (2 ) — (5 ) Operating profit (loss) 59 62 29 131 (24 ) — 257 Equity in net earnings (loss) of affiliates 43 — — 1 4 — 48 Depreciation and amortization 25 11 10 19 2 — 67 Capital expenditures 17 26 6 96 1 — 146 (2) As of December 31, 2015 Goodwill and intangible assets, net 338 249 49 194 — — 830 Total assets 2,324 1,458 747 2,387 1,670 — 8,586 ______________________________ (1) Net sales for Acetyl Intermediates includes intersegment sales of $106 million and $115 million for the three months ended March 31, 2016 and 2015 , respectively. (2) Includes a decrease in accrued capital expenditures of $12 million and $16 million for the three months ended March 31, 2016 and 2015 , respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Three Months Ended 2016 2015 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 256 236 Earnings (loss) from discontinued operations 1 — Net earnings (loss) 257 236 Weighted average shares - basic 147,413,234 153,216,510 Incremental shares attributable to equity awards 717,880 685,052 Weighted average shares - diluted 148,131,114 153,901,562 During the three months ended March 31, 2016 and 2015 , there were no anti-dilutive equity awards excluded from the computation of diluted net earnings per share. |
Consolidating Guarantor Financi
Consolidating Guarantor Financial Information | 3 Months Ended |
Mar. 31, 2016 | |
Consolidating Guarantor Financial Information [Abstract] | |
Consolidating Guarantor Financial Information | Consolidating Guarantor Financial Information The Senior Notes were issued by Celanese US ("Issuer") and are guaranteed by Celanese Corporation ("Parent Guarantor") and the Subsidiary Guarantors ( Note 8 ). 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 unaudited interim consolidating statements of cash flows for the three months ended March 31, 2016 and 2015 present such intercompany financing activities, contributions and dividends consistent with how such activity would be presented in a stand-alone statement of cash flows. The Company has not presented separate financial information and other disclosures for each of its Subsidiary Guarantors because it believes such financial information and other disclosures would not provide investors with any additional information that would be material in evaluating the sufficiency of the guarantees. The unaudited interim consolidating financial statements for the Parent Guarantor, the Issuer, the Subsidiary Guarantors and the non-guarantors are as follows: CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 583 1,139 (318 ) 1,404 Cost of sales — — (441 ) (891 ) 318 (1,014 ) Gross profit — — 142 248 — 390 Selling, general and administrative expenses — — (17 ) (63 ) — (80 ) Amortization of intangible assets — — (1 ) (1 ) — (2 ) Research and development expenses — — (8 ) (11 ) — (19 ) Other (charges) gains, net — — — (5 ) — (5 ) Foreign exchange gain (loss), net — — — 3 — 3 Gain (loss) on disposition of businesses and assets, net — — (1 ) 1 — — Operating profit (loss) — — 115 172 — 287 Equity in net earnings (loss) of affiliates 256 274 173 37 (702 ) 38 Interest expense — (15 ) (15 ) (8 ) 5 (33 ) Refinancing expense — — (2 ) — — (2 ) Interest income — 2 1 2 (4 ) 1 Dividend income - cost investments — — — 27 — 27 Other income (expense), net — — — — — — Earnings (loss) from continuing operations before tax 256 261 272 230 (701 ) 318 Income tax (provision) benefit — (5 ) (30 ) (25 ) — (60 ) Earnings (loss) from continuing operations 256 256 242 205 (701 ) 258 Earnings (loss) from operation of discontinued operations — — — 1 — 1 Income tax (provision) benefit from discontinued operations — — — — — — Earnings (loss) from discontinued operations — — — 1 — 1 Net earnings (loss) 256 256 242 206 (701 ) 259 Net (earnings) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Net earnings (loss) attributable to Celanese Corporation 256 256 242 204 (701 ) 257 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 658 1,133 (341 ) 1,450 Cost of sales — — (431 ) (984 ) 346 (1,069 ) Gross profit — — 227 149 5 381 Selling, general and administrative expenses — — (24 ) (74 ) — (98 ) Amortization of intangible assets — — (1 ) (2 ) — (3 ) Research and development expenses — — (10 ) (10 ) — (20 ) Other (charges) gains, net — — (3 ) (2 ) — (5 ) Foreign exchange gain (loss), net — — — 3 — 3 Gain (loss) on disposition of businesses and assets, net — — (2 ) 1 — (1 ) Operating profit (loss) — — 187 65 5 257 Equity in net earnings (loss) of affiliates 235 279 92 40 (598 ) 48 Interest expense — (43 ) (5 ) (12 ) 33 (27 ) Refinancing expense — — — — — — Interest income — 8 19 6 (33 ) — Dividend income - cost investments — — — 28 — 28 Other income (expense), net — — — — — — Earnings (loss) from continuing operations before tax 235 244 293 127 (593 ) 306 Income tax (provision) benefit 1 (9 ) (53 ) (10 ) (1 ) (72 ) Earnings (loss) from continuing operations 236 235 240 117 (594 ) 234 Earnings (loss) from operation of discontinued operations — — — — — — Income tax (provision) benefit from discontinued operations — — — — — — Earnings (loss) from discontinued operations — — — — — — Net earnings (loss) 236 235 240 117 (594 ) 234 Net (earnings) loss attributable to noncontrolling interests — — — 2 — 2 Net earnings (loss) attributable to Celanese Corporation 236 235 240 119 (594 ) 236 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 256 256 242 206 (701 ) 259 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities 1 1 — 1 (2 ) 1 Foreign currency translation 64 64 54 82 (200 ) 64 Gain (loss) on cash flow hedges — — — — — — Pension and postretirement benefits — — — 1 (1 ) — Total other comprehensive income (loss), net of tax 65 65 54 84 (203 ) 65 Total comprehensive income (loss), net of tax 321 321 296 290 (904 ) 324 Comprehensive (income) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Comprehensive income (loss) attributable to Celanese Corporation 321 321 296 288 (904 ) 322 Three Months Ended March 31, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 236 235 240 117 (594 ) 234 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities — — — — — — Foreign currency translation (156 ) (156 ) (170 ) (211 ) 537 (156 ) Gain (loss) on cash flow hedges 2 2 5 2 (9 ) 2 Pension and postretirement benefits (3 ) (3 ) (3 ) — 6 (3 ) Total other comprehensive income (loss), net of tax (157 ) (157 ) (168 ) (209 ) 534 (157 ) Total comprehensive income (loss), net of tax 79 78 72 (92 ) (60 ) 77 Comprehensive (income) loss attributable to noncontrolling interests — — — 2 — 2 Comprehensive income (loss) attributable to Celanese Corporation 79 78 72 (90 ) (60 ) 79 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of March 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents 1 — 345 370 — 716 Trade receivables - third party and affiliates — — 163 847 (180 ) 830 Non-trade receivables, net 38 586 269 302 (983 ) 212 Inventories, net — — 224 493 (50 ) 667 Deferred income taxes — — — — — — Marketable securities, at fair value — — 31 — — 31 Other assets — 67 24 72 (116 ) 47 Total current assets 39 653 1,056 2,084 (1,329 ) 2,503 Investments in affiliates 2,607 4,078 3,483 770 (10,068 ) 870 Property, plant and equipment, net — — 1,006 2,634 — 3,640 Deferred income taxes — — 195 66 (25 ) 236 Other assets — 280 149 228 (361 ) 296 Goodwill — — 314 408 — 722 Intangible assets, net — — 50 75 — 125 Total assets 2,646 5,011 6,253 6,265 (11,783 ) 8,392 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates — 40 136 178 (238 ) 116 Trade payables - third party and affiliates — — 235 519 (180 ) 574 Other liabilities 1 66 199 319 (305 ) 280 Deferred income taxes — — — — — — Income taxes payable — — 562 120 (557 ) 125 Total current liabilities 1 106 1,132 1,136 (1,280 ) 1,095 Noncurrent Liabilities Long-term debt — 2,268 403 185 (369 ) 2,487 Deferred income taxes — 22 — 119 (25 ) 116 Uncertain tax positions — 8 30 138 — 176 Benefit obligations — — 940 236 — 1,176 Other liabilities — — 91 153 — 244 Total noncurrent liabilities — 2,298 1,464 831 (394 ) 4,199 Total Celanese Corporation stockholders' equity 2,645 2,607 3,657 3,845 (10,109 ) 2,645 Noncontrolling interests — — — 453 — 453 Total equity 2,645 2,607 3,657 4,298 (10,109 ) 3,098 Total liabilities and equity 2,646 5,011 6,253 6,265 (11,783 ) 8,392 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of December 31, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — — 21 946 — 967 Trade receivables - third party and affiliates — — 132 722 (148 ) 706 Non-trade receivables, net 37 580 298 522 (1,152 ) 285 Inventories, net — — 258 474 (50 ) 682 Deferred income taxes — — 19 68 (19 ) 68 Marketable securities, at fair value — — 30 — — 30 Other assets — 12 28 40 (31 ) 49 Total current assets 37 592 786 2,772 (1,400 ) 2,787 Investments in affiliates 2,341 3,947 3,909 738 (10,097 ) 838 Property, plant and equipment, net — — 1,001 2,608 — 3,609 Deferred income taxes — 2 178 42 — 222 Other assets — 418 151 227 (496 ) 300 Goodwill — — 314 391 — 705 Intangible assets, net — — 51 74 — 125 Total assets 2,378 4,959 6,390 6,852 (11,993 ) 8,586 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates — 479 181 213 (360 ) 513 Trade payables - third party and affiliates — — 240 495 (148 ) 587 Other liabilities — 28 281 283 (262 ) 330 Deferred income taxes — 26 — 23 (19 ) 30 Income taxes payable — — 537 116 (563 ) 90 Total current liabilities — 533 1,239 1,130 (1,352 ) 1,550 Noncurrent Liabilities Long-term debt — 2,078 706 187 (503 ) 2,468 Deferred income taxes — — — 136 — 136 Uncertain tax positions — 7 29 131 — 167 Benefit obligations — — 960 229 — 1,189 Other liabilities — — 93 155 (1 ) 247 Total noncurrent liabilities — 2,085 1,788 838 (504 ) 4,207 Total Celanese Corporation stockholders' equity 2,378 2,341 3,363 4,433 (10,137 ) 2,378 Noncontrolling interests — — — 451 — 451 Total equity 2,378 2,341 3,363 4,884 (10,137 ) 2,829 Total liabilities and equity 2,378 4,959 6,390 6,852 (11,993 ) 8,586 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 44 47 (1 ) 309 (112 ) 287 Investing Activities Capital expenditures on property, plant and equipment — — (38 ) (32 ) — (70 ) Acquisitions, net of cash acquired — — — — — — Proceeds from sale of businesses and assets, net — — — — — — Capital expenditures related to Fairway Methanol LLC — — — — — — Return of capital from subsidiary — 136 734 — (870 ) — Contributions to subsidiary — — — — — — Intercompany loan receipts (disbursements) — 138 3 90 (231 ) — Other, net — — (3 ) (2 ) — (5 ) Net cash provided by (used in) investing activities — 274 696 56 (1,101 ) (75 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — (353 ) 6 — 3 (344 ) Proceeds from short-term borrowings — — — 8 — 8 Repayments of short-term borrowings — — — (63 ) — (63 ) Proceeds from long-term debt — 250 325 — (405 ) 170 Repayments of long-term debt — (172 ) (634 ) (4 ) 633 (177 ) Purchases of treasury stock, including related fees — — — — — — Dividends to parent — (44 ) (68 ) — 112 — Contributions from parent — — — — — — Stock option exercises 1 — — — — 1 Series A common stock dividends (44 ) — — — — (44 ) Return of capital to parent — — — (870 ) 870 — Contributions from noncontrolling interests — — — — — — Other, net — (2 ) — (22 ) — (24 ) Net cash provided by (used in) financing activities (43 ) (321 ) (371 ) (951 ) 1,213 (473 ) Exchange rate effects on cash and cash equivalents — — — 10 — 10 Net increase (decrease) in cash and cash equivalents 1 — 324 (576 ) — (251 ) Cash and cash equivalents as of beginning of period — — 21 946 — 967 Cash and cash equivalents as of end of period 1 — 345 370 — 716 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 38 18 79 211 (76 ) 270 Investing Activities Capital expenditures on property, plant and equipment — — (39 ) (25 ) — (64 ) Acquisitions, net of cash acquired — — — — — — Proceeds from sale of businesses and assets, net — — — — — — Capital expenditures related to Fairway Methanol LLC — — (5 ) (93 ) — (98 ) Return of capital from subsidiary — — — — — — Contributions to subsidiary — — (16 ) — 16 — Intercompany loan receipts (disbursements) — 1 (21 ) — 20 — Other, net — — (9 ) (2 ) — (11 ) Net cash provided by (used in) investing activities — 1 (90 ) (120 ) 36 (173 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — 21 5 (1 ) (21 ) 4 Proceeds from short-term borrowings — — — 16 — 16 Repayments of short-term borrowings — — — (29 ) — (29 ) Proceeds from long-term debt — — — — — — Repayments of long-term debt — (2 ) (1 ) (4 ) 1 (6 ) Purchases of treasury stock, including related fees — — — — — — Dividends to parent — (38 ) (38 ) — 76 — Contributions from parent — — — 16 (16 ) — Stock option exercises — — — — — — Series A common stock dividends (38 ) — — — — (38 ) Return of capital to parent — — — — — — Contributions from noncontrolling interests — — — 80 — 80 Other, net — — (9 ) (1 ) — (10 ) Net cash provided by (used in) financing activities (38 ) (19 ) (43 ) 77 40 17 Exchange rate effects on cash and cash equivalents — — — (43 ) — (43 ) Net increase (decrease) in cash and cash equivalents — — (54 ) 125 — 71 Cash and cash equivalents as of beginning of period — — 110 670 — 780 Cash and cash equivalents as of end of period — — 56 795 — 851 |
Description of the Company an27
Description of the Company and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Estimates and Assumptions | Estimates and Assumptions The preparation of unaudited interim consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of 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. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Change in estimate regarding pension and other postretirement benefits Beginning in 2016, the Company elected to change the method used to estimate the service and interest cost components of net periodic benefit cost for its significant defined benefit pension plans and other postretirement benefit plans. Previously, the Company estimated the service and interest cost components utilizing a single weighted average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. The Company has elected to use a full yield curve approach in the estimation of these components of net periodic benefit cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. This change improves the correlation between projected benefit cash flows and the corresponding yield curve spot rates and provides a more precise measurement of service and interest costs. This change does not affect the measurement of the Company's total benefit obligations as the change in service and interest cost will be completely offset in the annual actuarial (gain) loss reported. The Company has accounted for this change as a change in estimate and, accordingly, has accounted for it prospectively beginning in 2016. The Company's adoption of the full yield curve approach will reduce 2016 service and interest cost by approximately $29 million as compared to the previous method. The discount rates used to measure service and interest cost during 2016 and the discount rates that would have been used for service and interest cost under the Company's previous estimation methodology are as follows: Pension Benefits Postretirement Benefits US International US International (In percentages) Single weighted average discount rate approach Service and interest cost 4.2 2.6 4.0 3.6 Full yield curve approach (1) Service cost 4.5 3.1 4.2 3.8 Interest cost 3.4 2.2 3.1 3.1 ______________________________ (1) Represents the weighted average effective interest rate. |
Schedule of Assumptions Used [Table Text Block] | The discount rates used to measure service and interest cost during 2016 and the discount rates that would have been used for service and interest cost under the Company's previous estimation methodology are as follows: Pension Benefits Postretirement Benefits US International US International (In percentages) Single weighted average discount rate approach Service and interest cost 4.2 2.6 4.0 3.6 Full yield curve approach (1) Service cost 4.5 3.1 4.2 3.8 Interest cost 3.4 2.2 3.1 3.1 ______________________________ (1) Represents the weighted average effective interest rate. |
Ventures and Variable Interes28
Ventures and Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entity, Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The carrying amount of the assets and liabilities associated with Fairway included in the unaudited consolidated balance sheets are as follows: As of As of (In $ millions) Cash and cash equivalents 18 7 Trade receivables, net - third party & affiliate 10 12 Property, plant and equipment (net of accumulated depreciation - 2016: $20; 2015: $10) 763 772 Intangible assets (net of accumulated amortization - 2016: $0; 2015: $0) 27 27 Other assets 10 13 Total assets (1) 828 831 Trade payables 7 9 Other liabilities (2) 3 5 Long-term debt 5 5 Deferred income taxes 2 2 Total liabilities 17 21 ______________________________ (1) Assets can only be used to settle the obligations of Fairway. (2) Primarily represents amounts owed by Fairway to the Company for reimbursement of expenditures. |
Variable Interest Entity, Not Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The carrying amount of the assets and liabilities associated with the obligations to nonconsolidated VIEs, as well as the maximum exposure to loss relating to these nonconsolidated VIEs are as follows: As of As of (In $ millions) Property, plant and equipment, net 70 73 Trade payables 52 47 Current installments of long-term debt 10 10 Long-term debt 106 109 Total liabilities 168 166 Maximum exposure to loss 267 268 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 16 ). |
Marketable Securities, at Fai29
Marketable Securities, at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities | The Company's nonqualified trusts hold available-for-sale securities for funding requirements of the Company's nonqualified pension plans ( Note 9 ) as follows: As of As of (In $ millions) Amortized cost 31 30 Gross unrealized gain — — Gross unrealized loss — — Fair value 31 30 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of As of (In $ millions) Finished goods 491 498 Work-in-process 39 43 Raw materials and supplies 137 141 Total 667 682 |
Current Other Liabilities (Tabl
Current Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Liabilities, Current [Abstract] | |
Schedule of Current Other Liabilities | As of As of (In $ millions) Asset retirement obligations 8 10 Benefit obligations ( Note 9 ) 31 31 Customer rebates 27 45 Derivatives ( Note 14 ) 3 2 Environmental ( Note 10 ) 13 11 Insurance 9 10 Interest 16 16 Restructuring ( Note 12 ) 26 30 Salaries and benefits 68 109 Sales and use tax/foreign withholding tax payable 21 13 Other 58 53 Total 280 330 |
Noncurrent Other Liabilities (T
Noncurrent Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule of Noncurrent Other Liabilities | As of As of (In $ millions) Asset retirement obligations 24 26 Deferred proceeds 44 43 Deferred revenue 12 13 Environmental ( Note 10 ) 58 61 Income taxes payable 7 7 Insurance 50 50 Other 49 47 Total 244 247 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | As of As of (In $ millions) Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates Current installments of long-term debt 58 56 Short-term borrowings, including amounts due to affiliates (1) 58 52 Revolving credit facility (2) — 350 Accounts receivable securitization facility (3) — 55 Total 116 513 ______________________________ (1) The weighted average interest rate was 2.8% and 3.3% as of March 31, 2016 and December 31, 2015 , respectively. (2) The weighted average interest rate was 1.8% as of December 31, 2015 . (3) The weighted average interest rate was 0.8% as of December 31, 2015 . |
Schedule of Long-term Debt | As of As of (In $ millions) Long-Term Debt Senior credit facilities - Term C-2 loan due 2016 31 30 Senior credit facilities - Term C-3 loan due 2018 883 878 Senior unsecured notes due 2019, interest rate of 3.250% 342 327 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 5.70% to 6.70% — 169 Refunding loan for pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00% 170 — Obligations under capital leases due at various dates through 2054 237 238 Subtotal 2,563 2,542 Unamortized debt issuance costs (1) (18 ) (18 ) Current installments of long-term debt (58 ) (56 ) Total 2,487 2,468 ______________________________ (1) Related to the Company's long-term debt, excluding obligations under capital leases. |
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 September 2014 €300 3.250 April 15 October 15 October 15, 2019 4.625% Notes November 2012 $500 4.625 March 15 September 15 November 15, 2022 5.875% Notes May 2011 $400 5.875 June 15 December 15 June 15, 2021 |
Schedule of First Lien Senior Secured Leverage Ratios | The Company's amended first lien senior secured leverage ratios under the revolving credit facility are as follows: As of March 31, 2016 Maximum Estimate Estimate, If Fully Drawn 3.90 0.67 1.30 |
Schedule of Balances Available for Borrowing | The Company's balances available for borrowing are as follows: As of (In $ millions) Revolving Credit Facility Borrowings outstanding — (1) Letters of credit issued — Available for borrowing 900 Accounts Receivable Securitization Facility Borrowings outstanding — (2) Letters of credit issued 52 Available for borrowing 61 Total borrowing base 113 Maximum borrowing base 120 (3) ______________________________ (1) The Company borrowed $245 million and repaid $595 million during the three months ended March 31, 2016 . (2) The Company repaid $55 million during the three months ended March 31, 2016 . (3) Outstanding accounts receivable transferred by the Originators to the Transferor was $136 million . |
Benefit Obligations (Tables)
Benefit Obligations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Benefit Costs Recognized | The components of net periodic benefit cost are as follows: Three Months Ended March 31, 2016 2015 Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 2 — 3 — Interest cost 28 1 35 1 Expected return on plan assets (44 ) — (52 ) — Amortization of prior service cost (credit), net — (1 ) — — Special termination benefit 1 — 1 — Total (13 ) — (13 ) 1 |
Schedule of Company Commitments to Fund Benefit Obligations | Benefit obligation funding is as follows: As of Total Expected 2016 (In $ millions) Cash contributions to defined benefit pension plans 7 23 Benefit payments to nonqualified pension plans 6 22 Benefit payments to other postretirement benefit plans 1 4 Cash contributions to German multiemployer defined benefit pension plans (1) 2 8 ______________________________ (1) The Company makes contributions based on specified percentages of employee contributions. |
Environmental (Tables)
Environmental (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Remediation Reserves | The components of environmental remediation reserves are as follows: As of As of (In $ millions) Demerger obligations ( Note 16 ) 20 22 Divestiture obligations ( Note 16 ) 17 17 Active sites 18 18 US Superfund sites 13 13 Other environmental remediation reserves 3 2 Total 71 72 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Stock Cash Dividend Annual Common Stock Cash Dividend Effective Date (In percentages) (In $ per share) April 2015 20 0.30 1.20 May 2015 |
Schedule of Treasury Stock | Three Months Ended Total From 2016 2015 Shares repurchased — — 27,307,796 Average purchase price per share $ — $ — $ 48.90 Cash paid for repurchased shares (in millions) $ — $ — $ 1,335 Aggregate Board of Directors repurchase authorizations during the period (in millions) (1) $ — $ — $ 2,366 ______________________________ (1) These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program began in February 2008 and does not have an expiration date. |
Schedule of Components of Other Comprehensive Income (Loss), Net | Three Months Ended March 31, 2016 2015 Gross Income Net Gross Income Net (In $ millions) Unrealized gain (loss) on marketable securities 1 — 1 — — — Foreign currency translation 70 (6 ) 64 (150 ) (6 ) (156 ) Gain (loss) on cash flow hedges — — — 3 (1 ) 2 Pension and postretirement benefits — — — — (3 ) (3 ) Total 71 (6 ) 65 (147 ) (10 ) (157 ) |
Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net | Adjustments to Accumulated other comprehensive income (loss), net, are as follows: Unrealized Gain (Loss) on Marketable Securities ( Note 4 ) Foreign Currency Translation Gain (Loss) on Cash Flow Hedges ( Note 14 ) Pension and Postretirement Benefits ( Note 9 ) Accumulated Other Comprehensive Income (Loss), Net (In $ millions) As of December 31, 2015 1 (339 ) (2 ) (8 ) (348 ) Other comprehensive income (loss) before reclassifications 1 70 — (1 ) 70 Amounts reclassified from accumulated other comprehensive income (loss) — — — 1 1 Income tax (provision) benefit — (6 ) — — (6 ) As of March 31, 2016 2 (275 ) (2 ) (8 ) (283 ) |
Other (Charges) Gains, Net (Tab
Other (Charges) Gains, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Other (Charges) Gains, Net | Three Months Ended March 31, 2016 2015 (In $ millions) Employee termination benefits (5 ) (1) (4 ) Commercial disputes — (1 ) Total (5 ) (5 ) ______________________________ (1) Includes $1 million of special termination benefits included in Benefit obligations in the unaudited consolidated balance sheets and is included in the Company's Other Activities segment. |
Schedule of Restructuring Reserves | The changes in the restructuring reserves by business segment are as follows: Advanced Engineered Materials Consumer Specialties Industrial Specialties Acetyl Intermediates Other Total (In $ millions) Employee Termination Benefits As of December 31, 2015 3 14 6 1 6 30 Additions 1 — 1 — 2 4 Cash payments (2 ) (2 ) (4 ) — (1 ) (9 ) Other changes — — — — — — Exchange rate changes — 1 — — — 1 As of March 31, 2016 2 13 3 1 7 26 Other Plant/Office Closures As of December 31, 2015 — — — — — — Additions — — — — — — Cash payments — — — — — — Other changes — — — — — — Exchange rate changes — — — — — — As of March 31, 2016 — — — — — — Total 2 13 3 1 7 26 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Tax Rate | Three Months Ended 2016 2015 (In percentages) Effective income tax rate 19 24 |
Derivative Financial Instrume39
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Foreign Currency Derivatives | Gross notional values of the foreign currency forwards and swaps are as follows: As of As of (In $ millions) Total 457 502 |
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) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Three Months Ended March 31, Statement of Operations Classification 2016 2015 2016 2015 (In $ millions) Designated as Cash Flow Hedges Cross-currency swaps — — — 46 Other income (expense), net; Interest expense Total — — — 46 Designated as Net Investment Hedges 3.250% Notes (1) (5 ) 41 — — Foreign currency translation Term C-2 and Term C-3 loans (2) (1 ) 8 — — Foreign currency translation Total (6 ) 49 — — Not Designated as Hedges Foreign currency forwards and swaps — — 7 (68 ) Foreign exchange gain (loss), net; Other income (expense), net Total — — 7 (68 ) ______________________________ (1) During the three months ended March 31, 2016, the Company dedesignated €260 million of its 3.250% Notes as a net investment hedge. (2) During the three months ended December 31, 2015, the Company dedesignated the Euro-based principal amount of its Term C-3 loan as a net investment hedge. |
Offsetting Assets | Information regarding the gross amounts of the Company's derivative instruments and the amounts offset in the unaudited consolidated balance sheets is as follows: As of As of (In $ millions) Derivative Assets Gross amount recognized 4 2 Gross amount offset in the consolidated balance sheets — — Net amount presented in the consolidated balance sheets 4 2 Gross amount not offset in the consolidated balance sheets 2 — Net amount 2 2 |
Offsetting Liabilities | As of As of (In $ millions) Derivative Liabilities Gross amount recognized 3 2 Gross amount offset in the consolidated balance sheets — — Net amount presented in the consolidated balance sheets 3 2 Gross amount not offset in the consolidated balance sheets 2 — Net amount 1 2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Fair Value Measurement Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Balance Sheet Classification (In $ millions) As of March 31, 2016 Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 4 4 Current Other assets Total assets — 4 4 Designated as Net Investment Hedges 3.250% Notes (1) — — — Long-term Debt Term C-2 loans (1) — — — Long-term Debt Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (3 ) (3 ) Current Other liabilities Total liabilities — (3 ) (3 ) As of December 31, 2015 Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 2 2 Current Other assets Total assets — 2 2 Designated as a Net Investment Hedge 3.250% Notes (1) — — — Long-term Debt Term C-2 loans (1) — — — Long-term Debt Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (2 ) (2 ) Current Other liabilities Total liabilities — (2 ) (2 ) ______________________________ (1) Included in the unaudited consolidated balance sheets at carrying amount. |
Schedule of Carrying Values and Fair Values of Financial Instruments | Carrying values and fair values of financial instruments that are not carried at fair value are as follows: Fair Value Measurement Carrying Amount Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total (In $ millions) As of March 31, 2016 Cost investments 151 — — — Insurance contracts in nonqualified trusts 55 55 — 55 Long-term debt, including current installments of long-term debt 2,563 2,397 237 2,634 As of December 31, 2015 Cost investments 151 — — — Insurance contracts in nonqualified trusts 55 55 — 55 Long-term debt, including current installments of long-term debt 2,542 2,348 238 2,586 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Business Segments | Advanced Engineered Materials Consumer Specialties Industrial Specialties Acetyl Intermediates Other Activities Eliminations Consolidated (In $ millions) Three Months Ended March 31, 2016 Net sales 350 244 253 663 (1) — (106 ) 1,404 Other (charges) gains, net (1 ) — (1 ) — (3 ) — (5 ) Operating profit (loss) 88 78 31 114 (24 ) — 287 Equity in net earnings (loss) of affiliates 31 1 — 1 5 — 38 Depreciation and amortization 24 11 8 27 3 — 73 Capital expenditures 19 9 18 9 3 — 58 (2) As of March 31, 2016 Goodwill and intangible assets, net 344 253 49 201 — — 847 Total assets 2,445 1,471 758 2,360 1,358 — 8,392 Three Months Ended March 31, 2015 Net sales 343 227 282 713 (1) — (115 ) 1,450 Other (charges) gains, net (1 ) — (1 ) (1 ) (2 ) — (5 ) Operating profit (loss) 59 62 29 131 (24 ) — 257 Equity in net earnings (loss) of affiliates 43 — — 1 4 — 48 Depreciation and amortization 25 11 10 19 2 — 67 Capital expenditures 17 26 6 96 1 — 146 (2) As of December 31, 2015 Goodwill and intangible assets, net 338 249 49 194 — — 830 Total assets 2,324 1,458 747 2,387 1,670 — 8,586 ______________________________ (1) Net sales for Acetyl Intermediates includes intersegment sales of $106 million and $115 million for the three months ended March 31, 2016 and 2015 , respectively. (2) Includes a decrease in accrued capital expenditures of $12 million and $16 million for the three months ended March 31, 2016 and 2015 , respectively. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share | Three Months Ended 2016 2015 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 256 236 Earnings (loss) from discontinued operations 1 — Net earnings (loss) 257 236 Weighted average shares - basic 147,413,234 153,216,510 Incremental shares attributable to equity awards 717,880 685,052 Weighted average shares - diluted 148,131,114 153,901,562 |
Consolidating Guarantor Finan43
Consolidating Guarantor Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Consolidating Guarantor Financial Information [Abstract] | |
Schedule of Consolidating Statement of Operations | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 583 1,139 (318 ) 1,404 Cost of sales — — (441 ) (891 ) 318 (1,014 ) Gross profit — — 142 248 — 390 Selling, general and administrative expenses — — (17 ) (63 ) — (80 ) Amortization of intangible assets — — (1 ) (1 ) — (2 ) Research and development expenses — — (8 ) (11 ) — (19 ) Other (charges) gains, net — — — (5 ) — (5 ) Foreign exchange gain (loss), net — — — 3 — 3 Gain (loss) on disposition of businesses and assets, net — — (1 ) 1 — — Operating profit (loss) — — 115 172 — 287 Equity in net earnings (loss) of affiliates 256 274 173 37 (702 ) 38 Interest expense — (15 ) (15 ) (8 ) 5 (33 ) Refinancing expense — — (2 ) — — (2 ) Interest income — 2 1 2 (4 ) 1 Dividend income - cost investments — — — 27 — 27 Other income (expense), net — — — — — — Earnings (loss) from continuing operations before tax 256 261 272 230 (701 ) 318 Income tax (provision) benefit — (5 ) (30 ) (25 ) — (60 ) Earnings (loss) from continuing operations 256 256 242 205 (701 ) 258 Earnings (loss) from operation of discontinued operations — — — 1 — 1 Income tax (provision) benefit from discontinued operations — — — — — — Earnings (loss) from discontinued operations — — — 1 — 1 Net earnings (loss) 256 256 242 206 (701 ) 259 Net (earnings) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Net earnings (loss) attributable to Celanese Corporation 256 256 242 204 (701 ) 257 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 658 1,133 (341 ) 1,450 Cost of sales — — (431 ) (984 ) 346 (1,069 ) Gross profit — — 227 149 5 381 Selling, general and administrative expenses — — (24 ) (74 ) — (98 ) Amortization of intangible assets — — (1 ) (2 ) — (3 ) Research and development expenses — — (10 ) (10 ) — (20 ) Other (charges) gains, net — — (3 ) (2 ) — (5 ) Foreign exchange gain (loss), net — — — 3 — 3 Gain (loss) on disposition of businesses and assets, net — — (2 ) 1 — (1 ) Operating profit (loss) — — 187 65 5 257 Equity in net earnings (loss) of affiliates 235 279 92 40 (598 ) 48 Interest expense — (43 ) (5 ) (12 ) 33 (27 ) Refinancing expense — — — — — — Interest income — 8 19 6 (33 ) — Dividend income - cost investments — — — 28 — 28 Other income (expense), net — — — — — — Earnings (loss) from continuing operations before tax 235 244 293 127 (593 ) 306 Income tax (provision) benefit 1 (9 ) (53 ) (10 ) (1 ) (72 ) Earnings (loss) from continuing operations 236 235 240 117 (594 ) 234 Earnings (loss) from operation of discontinued operations — — — — — — Income tax (provision) benefit from discontinued operations — — — — — — Earnings (loss) from discontinued operations — — — — — — Net earnings (loss) 236 235 240 117 (594 ) 234 Net (earnings) loss attributable to noncontrolling interests — — — 2 — 2 Net earnings (loss) attributable to Celanese Corporation 236 235 240 119 (594 ) 236 |
Schedule of Consolidating Statements of Comprehensive Income (Loss) | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 256 256 242 206 (701 ) 259 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities 1 1 — 1 (2 ) 1 Foreign currency translation 64 64 54 82 (200 ) 64 Gain (loss) on cash flow hedges — — — — — — Pension and postretirement benefits — — — 1 (1 ) — Total other comprehensive income (loss), net of tax 65 65 54 84 (203 ) 65 Total comprehensive income (loss), net of tax 321 321 296 290 (904 ) 324 Comprehensive (income) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Comprehensive income (loss) attributable to Celanese Corporation 321 321 296 288 (904 ) 322 Three Months Ended March 31, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 236 235 240 117 (594 ) 234 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities — — — — — — Foreign currency translation (156 ) (156 ) (170 ) (211 ) 537 (156 ) Gain (loss) on cash flow hedges 2 2 5 2 (9 ) 2 Pension and postretirement benefits (3 ) (3 ) (3 ) — 6 (3 ) Total other comprehensive income (loss), net of tax (157 ) (157 ) (168 ) (209 ) 534 (157 ) Total comprehensive income (loss), net of tax 79 78 72 (92 ) (60 ) 77 Comprehensive (income) loss attributable to noncontrolling interests — — — 2 — 2 Comprehensive income (loss) attributable to Celanese Corporation 79 78 72 (90 ) (60 ) 79 |
Schedule of Consolidating Balance Sheet | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of March 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents 1 — 345 370 — 716 Trade receivables - third party and affiliates — — 163 847 (180 ) 830 Non-trade receivables, net 38 586 269 302 (983 ) 212 Inventories, net — — 224 493 (50 ) 667 Deferred income taxes — — — — — — Marketable securities, at fair value — — 31 — — 31 Other assets — 67 24 72 (116 ) 47 Total current assets 39 653 1,056 2,084 (1,329 ) 2,503 Investments in affiliates 2,607 4,078 3,483 770 (10,068 ) 870 Property, plant and equipment, net — — 1,006 2,634 — 3,640 Deferred income taxes — — 195 66 (25 ) 236 Other assets — 280 149 228 (361 ) 296 Goodwill — — 314 408 — 722 Intangible assets, net — — 50 75 — 125 Total assets 2,646 5,011 6,253 6,265 (11,783 ) 8,392 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates — 40 136 178 (238 ) 116 Trade payables - third party and affiliates — — 235 519 (180 ) 574 Other liabilities 1 66 199 319 (305 ) 280 Deferred income taxes — — — — — — Income taxes payable — — 562 120 (557 ) 125 Total current liabilities 1 106 1,132 1,136 (1,280 ) 1,095 Noncurrent Liabilities Long-term debt — 2,268 403 185 (369 ) 2,487 Deferred income taxes — 22 — 119 (25 ) 116 Uncertain tax positions — 8 30 138 — 176 Benefit obligations — — 940 236 — 1,176 Other liabilities — — 91 153 — 244 Total noncurrent liabilities — 2,298 1,464 831 (394 ) 4,199 Total Celanese Corporation stockholders' equity 2,645 2,607 3,657 3,845 (10,109 ) 2,645 Noncontrolling interests — — — 453 — 453 Total equity 2,645 2,607 3,657 4,298 (10,109 ) 3,098 Total liabilities and equity 2,646 5,011 6,253 6,265 (11,783 ) 8,392 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of December 31, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — — 21 946 — 967 Trade receivables - third party and affiliates — — 132 722 (148 ) 706 Non-trade receivables, net 37 580 298 522 (1,152 ) 285 Inventories, net — — 258 474 (50 ) 682 Deferred income taxes — — 19 68 (19 ) 68 Marketable securities, at fair value — — 30 — — 30 Other assets — 12 28 40 (31 ) 49 Total current assets 37 592 786 2,772 (1,400 ) 2,787 Investments in affiliates 2,341 3,947 3,909 738 (10,097 ) 838 Property, plant and equipment, net — — 1,001 2,608 — 3,609 Deferred income taxes — 2 178 42 — 222 Other assets — 418 151 227 (496 ) 300 Goodwill — — 314 391 — 705 Intangible assets, net — — 51 74 — 125 Total assets 2,378 4,959 6,390 6,852 (11,993 ) 8,586 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates — 479 181 213 (360 ) 513 Trade payables - third party and affiliates — — 240 495 (148 ) 587 Other liabilities — 28 281 283 (262 ) 330 Deferred income taxes — 26 — 23 (19 ) 30 Income taxes payable — — 537 116 (563 ) 90 Total current liabilities — 533 1,239 1,130 (1,352 ) 1,550 Noncurrent Liabilities Long-term debt — 2,078 706 187 (503 ) 2,468 Deferred income taxes — — — 136 — 136 Uncertain tax positions — 7 29 131 — 167 Benefit obligations — — 960 229 — 1,189 Other liabilities — — 93 155 (1 ) 247 Total noncurrent liabilities — 2,085 1,788 838 (504 ) 4,207 Total Celanese Corporation stockholders' equity 2,378 2,341 3,363 4,433 (10,137 ) 2,378 Noncontrolling interests — — — 451 — 451 Total equity 2,378 2,341 3,363 4,884 (10,137 ) 2,829 Total liabilities and equity 2,378 4,959 6,390 6,852 (11,993 ) 8,586 |
Schedule of Consolidating Statement of Cash Flows | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 44 47 (1 ) 309 (112 ) 287 Investing Activities Capital expenditures on property, plant and equipment — — (38 ) (32 ) — (70 ) Acquisitions, net of cash acquired — — — — — — Proceeds from sale of businesses and assets, net — — — — — — Capital expenditures related to Fairway Methanol LLC — — — — — — Return of capital from subsidiary — 136 734 — (870 ) — Contributions to subsidiary — — — — — — Intercompany loan receipts (disbursements) — 138 3 90 (231 ) — Other, net — — (3 ) (2 ) — (5 ) Net cash provided by (used in) investing activities — 274 696 56 (1,101 ) (75 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — (353 ) 6 — 3 (344 ) Proceeds from short-term borrowings — — — 8 — 8 Repayments of short-term borrowings — — — (63 ) — (63 ) Proceeds from long-term debt — 250 325 — (405 ) 170 Repayments of long-term debt — (172 ) (634 ) (4 ) 633 (177 ) Purchases of treasury stock, including related fees — — — — — — Dividends to parent — (44 ) (68 ) — 112 — Contributions from parent — — — — — — Stock option exercises 1 — — — — 1 Series A common stock dividends (44 ) — — — — (44 ) Return of capital to parent — — — (870 ) 870 — Contributions from noncontrolling interests — — — — — — Other, net — (2 ) — (22 ) — (24 ) Net cash provided by (used in) financing activities (43 ) (321 ) (371 ) (951 ) 1,213 (473 ) Exchange rate effects on cash and cash equivalents — — — 10 — 10 Net increase (decrease) in cash and cash equivalents 1 — 324 (576 ) — (251 ) Cash and cash equivalents as of beginning of period — — 21 946 — 967 Cash and cash equivalents as of end of period 1 — 345 370 — 716 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 38 18 79 211 (76 ) 270 Investing Activities Capital expenditures on property, plant and equipment — — (39 ) (25 ) — (64 ) Acquisitions, net of cash acquired — — — — — — Proceeds from sale of businesses and assets, net — — — — — — Capital expenditures related to Fairway Methanol LLC — — (5 ) (93 ) — (98 ) Return of capital from subsidiary — — — — — — Contributions to subsidiary — — (16 ) — 16 — Intercompany loan receipts (disbursements) — 1 (21 ) — 20 — Other, net — — (9 ) (2 ) — (11 ) Net cash provided by (used in) investing activities — 1 (90 ) (120 ) 36 (173 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — 21 5 (1 ) (21 ) 4 Proceeds from short-term borrowings — — — 16 — 16 Repayments of short-term borrowings — — — (29 ) — (29 ) Proceeds from long-term debt — — — — — — Repayments of long-term debt — (2 ) (1 ) (4 ) 1 (6 ) Purchases of treasury stock, including related fees — — — — — — Dividends to parent — (38 ) (38 ) — 76 — Contributions from parent — — — 16 (16 ) — Stock option exercises — — — — — — Series A common stock dividends (38 ) — — — — (38 ) Return of capital to parent — — — — — — Contributions from noncontrolling interests — — — 80 — 80 Other, net — — (9 ) (1 ) — (10 ) Net cash provided by (used in) financing activities (38 ) (19 ) (43 ) 77 40 17 Exchange rate effects on cash and cash equivalents — — — (43 ) — (43 ) Net increase (decrease) in cash and cash equivalents — — (54 ) 125 — 71 Cash and cash equivalents as of beginning of period — — 110 670 — 780 Cash and cash equivalents as of end of period — — 56 795 — 851 |
Description of the Company an44
Description of the Company and Basis of Presentation Description of Company and Basis of Presentation (Schedule of Changes in Pension Estimate) (Details) - Change in Assumptions for Pension Plans [Member] | Dec. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2016 |
Scenario, Forecast [Member] | |||
Change in Accounting Estimate [Line Items] | |||
Change in Accounting Estimate, Financial Effect | 29 | ||
Interest Cost [Member] | United States Pension Plan of US Entity [Member] | |||
Change in Accounting Estimate [Line Items] | |||
Service and interest cost | 3.40% | ||
Interest Cost [Member] | Foreign Pension Plan [Member] | |||
Change in Accounting Estimate [Line Items] | |||
Service and interest cost | 2.20% | ||
Interest Cost [Member] | United States Postretirement Benefit Plan of US Entity [Member] | |||
Change in Accounting Estimate [Line Items] | |||
Service and interest cost | 3.10% | ||
Interest Cost [Member] | Foreign Postretirement Benefit Plan [Member] | |||
Change in Accounting Estimate [Line Items] | |||
Service and interest cost | 3.10% | ||
Service and Interest Cost [Member] | United States Pension Plan of US Entity [Member] | |||
Change in Accounting Estimate [Line Items] | |||
Service and interest cost | 4.20% | ||
Service and Interest Cost [Member] | Foreign Pension Plan [Member] | |||
Change in Accounting Estimate [Line Items] | |||
Service and interest cost | 2.60% | ||
Service and Interest Cost [Member] | United States Postretirement Benefit Plan of US Entity [Member] | |||
Change in Accounting Estimate [Line Items] | |||
Service and interest cost | 4.00% | ||
Service and Interest Cost [Member] | Foreign Postretirement Benefit Plan [Member] | |||
Change in Accounting Estimate [Line Items] | |||
Service and interest cost | 3.60% | ||
Service Cost [Member] | United States Pension Plan of US Entity [Member] | |||
Change in Accounting Estimate [Line Items] | |||
Service and interest cost | 4.50% | ||
Service Cost [Member] | Foreign Pension Plan [Member] | |||
Change in Accounting Estimate [Line Items] | |||
Service and interest cost | 3.10% | ||
Service Cost [Member] | United States Postretirement Benefit Plan of US Entity [Member] | |||
Change in Accounting Estimate [Line Items] | |||
Service and interest cost | 4.20% | ||
Service Cost [Member] | Foreign Postretirement Benefit Plan [Member] | |||
Change in Accounting Estimate [Line Items] | |||
Service and interest cost | 3.80% |
Recent Accounting Pronounceme45
Recent Accounting Pronouncements Deferred Tax Reclassification (Details) - New Accounting Pronouncement, Early Adoption, Effect [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Current deferred income tax asset [Member] | |
New Accounting Pronouncement, Early Adoption [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 68 |
Current deferred income tax liability [Member] | |
New Accounting Pronouncement, Early Adoption [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 30 |
Ventures and Variable Interes46
Ventures and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | ||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents | $ 716 | $ 967 | $ 851 | $ 780 | ||
Trade receivables - third party and affiliates | 830 | 706 | ||||
Property, plant and equipment (net of accumulated depreciation - 2016: $20; 2015: $10) | 3,640 | 3,609 | ||||
Accumulated depreciation | 2,132 | 2,039 | ||||
Intangible assets (net of accumulated amortization - 2016: $0; 2015: $0) | 125 | 125 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 546 | 528 | ||||
Other assets | 296 | 300 | ||||
Total assets | 8,392 | 8,586 | ||||
Trade payables | 574 | 587 | ||||
Current liabilities | 1,095 | 1,550 | ||||
Deferred income taxes | 116 | 136 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents | 7 | |||||
Trade receivables - third party and affiliates | 5 | 6 | ||||
Property, plant and equipment (net of accumulated depreciation - 2016: $20; 2015: $10) | 772 | |||||
Intangible assets (net of accumulated amortization - 2016: $0; 2015: $0) | 27 | 27 | ||||
Other assets | 13 | |||||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Property, plant and equipment (net of accumulated depreciation - 2016: $20; 2015: $10) | 70 | 73 | ||||
Trade payables | 52 | 47 | ||||
Current installments of long-term debt | 10 | 10 | ||||
Long-term debt | 106 | 109 | ||||
Total liabilities | 168 | 166 | ||||
Maximum exposure to loss | 267 | 268 | ||||
Fairway Methanol LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents | 18 | 7 | ||||
Trade receivables - third party and affiliates | 10 | 12 | ||||
Property, plant and equipment (net of accumulated depreciation - 2016: $20; 2015: $10) | 763 | 772 | ||||
Accumulated depreciation | 20 | 10 | ||||
Intangible assets (net of accumulated amortization - 2016: $0; 2015: $0) | 27 | 27 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | ||||
Other assets | 10 | 13 | ||||
Total assets | 828 | 831 | [1] | |||
Trade payables | 7 | 9 | ||||
Current liabilities | [2] | 3 | 5 | |||
Long-term debt | 5 | 5 | ||||
Deferred income taxes | 2 | 2 | ||||
Total liabilities | $ 17 | $ 21 | ||||
[1] | Assets can only be used to settle the obligations of Fairway. | |||||
[2] | Primarily represents amounts owed by Fairway to the Company for reimbursement of expenditures. |
Ventures and Variable Interes47
Ventures and Variable Interest Entities (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entity, Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Ownership percentage | 50.00% |
Marketable Securities, at Fai48
Marketable Securities, at Fair Value (Schedule of Available-for-sale Securities) (Details) - Investments [Member] - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 31,000,000 | $ 30,000,000 |
Gross unrealized gain | 0 | 0 |
Gross unrealized loss | 0 | 0 |
Fair value | $ 31,000,000 | $ 30,000,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 491 | $ 498 |
Work-in-process | 39 | 43 |
Raw materials and supplies | 137 | 141 |
Total | $ 667 | $ 682 |
Current Other Liabilities (Deta
Current Other Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Other Liabilities, Current [Abstract] | ||
Asset retirement obligations | $ 8 | $ 10 |
Benefit obligations (Note 9) | 31 | 31 |
Customer rebates | 27 | 45 |
Derivatives (Note 14) | 3 | 2 |
Environmental (Note 10) | 13 | 11 |
Insurance | 9 | 10 |
Interest | 16 | 16 |
Restructuring (Note 12) | 26 | 30 |
Salaries and benefits | 68 | 109 |
Sales and use tax/foreign withholding tax payable | 21 | 13 |
Other | 58 | 53 |
Total | $ 280 | $ 330 |
Noncurrent Other Liabilities (D
Noncurrent Other Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Other Liabilities, Noncurrent [Abstract] | ||
Asset retirement obligations | $ 24 | $ 26 |
Deferred proceeds | 44 | 43 |
Deferred revenue | 12 | 13 |
Environmental (Note 10) | 58 | 61 |
Income taxes payable | 7 | 7 |
Insurance | 50 | 50 |
Other | 49 | 47 |
Total | $ 244 | $ 247 |
Debt (Schedule of Short-term De
Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | ||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||||
Current installments of long-term debt | $ 58 | $ 56 | ||
Short-term borrowings, including amounts due to affiliates | [1] | 58 | 52 | |
Total | $ 116 | $ 513 | ||
Weighted average interest rate, short-term borrowings | 2.80% | 3.30% | ||
Revolving Credit Facility [Member] | ||||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||||
Line of credit, current | [3] | $ 0 | [2] | $ 350 |
Weighted average interest rate for lines of credit | 1.80% | |||
Accounts Receivable Securitization Facility [Member] | ||||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||||
Line of credit, current | [5] | $ 0 | [4] | $ 55 |
Weighted average interest rate for lines of credit | 0.80% | |||
[1] | The weighted average interest rate was 2.8% and 3.3% as of March 31, 2016 and December 31, 2015, respectively. | |||
[2] | The Company borrowed $245 million and repaid $595 million during the three months ended March 31, 2016. | |||
[3] | The weighted average interest rate was 1.8% as of December 31, 2015. | |||
[4] | The Company repaid $55 million during the three months ended March 31, 2016. | |||
[5] | The weighted average interest rate was 0.8% as of December 31, 2015. |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) € in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2014EUR (€) | |
Long-Term Debt | |||
Subtotal | $ 2,563 | $ 2,542 | |
Current installments of long-term debt | (58) | (56) | |
Total | 2,487 | 2,468 | |
Long-term Debt [Member] | |||
Long-Term Debt | |||
Deferred Finance Costs, Net | (18) | (18) | |
Term C-2 Loan Facility [Member] | |||
Long-Term Debt | |||
Senior credit facilities - Term loans | $ 31 | 30 | € 28 |
Credit facility, expiration date | Oct. 15, 2016 | ||
Term C-3 Loan Facility [Member] | |||
Long-Term Debt | |||
Senior credit facilities - Term loans | $ 883 | 878 | |
Credit facility, expiration date | Oct. 15, 2018 | ||
Senior Unsecured Notes Due 2019 [Member] | |||
Long-Term Debt | |||
Senior unsecured notes | $ 342 | 327 | |
Interest rate | 3.25% | ||
Date of maturity | Oct. 15, 2019 | ||
Senior Unsecured Notes Due 2021 [Member] | |||
Long-Term Debt | |||
Senior unsecured notes | $ 400 | 400 | |
Interest rate | 5.875% | ||
Date of maturity | Jun. 15, 2021 | ||
Senior Unsecured Notes Due 2022 [Member] | |||
Long-Term Debt | |||
Senior unsecured notes | $ 500 | 500 | |
Interest rate | 4.625% | ||
Date of maturity | Nov. 15, 2022 | ||
Pollution Control and Industrial Revenue Bonds [Member] | |||
Long-Term Debt | |||
Refunding revenue and pollution control debt | $ 0 | 169 | |
Interest rate, stated percentage range, minimum | 5.70% | ||
Interest rate, stated percentage range, maximum | 6.70% | ||
Year of maturity, range end | Dec. 31, 2030 | ||
Refunding loan for pollution control and industrial revenue bonds [Member] | |||
Long-Term Debt | |||
Refunding revenue and pollution control debt | $ 170 | 0 | |
Interest rate, stated percentage range, minimum | 4.05% | ||
Interest rate, stated percentage range, maximum | 5.00% | ||
Year of maturity, range end | Dec. 31, 2030 | ||
Obligations Under Capital Leases [Member] | |||
Long-Term Debt | |||
Capital lease obligations | $ 237 | $ 238 | |
Year of maturity, range end | Dec. 31, 2054 |
Debt (Schedule of Senior Notes)
Debt (Schedule of Senior Notes) (Details) € in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2016EUR (€) | |
Senior Unsecured Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | € | € 300 | |
Interest rate | 3.25% | 3.25% |
Date of maturity | Oct. 15, 2019 | |
Senior Unsecured Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 500 | |
Interest rate | 4.625% | 4.625% |
Date of maturity | Nov. 15, 2022 | |
Senior Unsecured Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 400 | |
Interest rate | 5.875% | 5.875% |
Date of maturity | Jun. 15, 2021 |
Debt (Senior Notes and Senior C
Debt (Senior Notes and Senior Credit Facilities Narrative) (Details) € in Millions, $ in Millions | Mar. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2014EUR (€) |
Term C-3 Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured Debt | $ 883 | $ 883 | $ 878 | ||
Term C-3 Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Estimated margin | 2.25% | ||||
Term C-3 Loan Facility [Member] | European Interbank Offered Rate (EURIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Estimated margin | 2.25% | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing base | $ 900 | $ 900 | $ 900 | ||
Amortization rate of initial principal amount per annum payable quarterly | 1.00% | ||||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% | ||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Estimated margin | 1.50% | ||||
Term C-2 Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured Debt | $ 31 | $ 31 | $ 30 | € 28 | |
Term C-2 Loan Facility [Member] | European Interbank Offered Rate (EURIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Estimated margin | 2.00% | ||||
Amended Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Cross default covenant to other debt | $ 50 | $ 50 |
Debt (Schedule of First Lien Se
Debt (Schedule of First Lien Senior Secured Leverage Ratios) (Details) - Revolving Credit Facility [Member] | Mar. 31, 2016 |
Debt Instrument [Line Items] | |
Maximum Secured leverage ratio | 3.90 |
Secured leverage ratio estimate | 0.67 |
Secured leverage ratio estimate if fully drawn | 1.30 |
Debt (Pollution Control and Ind
Debt (Pollution Control and Industrial Revenue Bonds) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Refinancing expense | $ 2 | $ 0 | |
Refunding loan for pollution control and industrial revenue bonds [Member] | |||
Debt Instrument [Line Items] | |||
Refunding revenue and pollution control debt | 170 | $ 0 | |
Deferred Finance Costs, Gross | (2) | ||
Pollution Control and Industrial Revenue Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Refinancing expense | 2 | ||
Refunding revenue and pollution control debt | $ 0 | $ 169 |
Debt (Schedule of Balances Avai
Debt (Schedule of Balances Available for Borrowings)(Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | [2] | $ 0 | [1] | $ 350 | |
Letters of credit issued | 0 | ||||
Available for borrowing | 900 | ||||
Maximum borrowing base | 900 | $ 900 | |||
Proceeds from lines of credit | 245 | ||||
Repayments of lines of credit | 595 | ||||
Accounts Receivable Securitization Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | [4] | 0 | [3] | $ 55 | |
Letters of credit issued | 52 | ||||
Available for borrowing | 61 | ||||
Total borrowing base | 113 | ||||
Maximum borrowing base | [5] | 120 | |||
Repayments of lines of credit | 55 | ||||
Outstanding accounts receivable transferred by the Originators to the Transferor | $ 136 | ||||
[1] | The Company borrowed $245 million and repaid $595 million during the three months ended March 31, 2016. | ||||
[2] | The weighted average interest rate was 1.8% as of December 31, 2015. | ||||
[3] | The Company repaid $55 million during the three months ended March 31, 2016. | ||||
[4] | The weighted average interest rate was 0.8% as of December 31, 2015. | ||||
[5] | Outstanding accounts receivable transferred by the Originators to the Transferor was $136Â million. |
Benefit Obligations (Schedule o
Benefit Obligations (Schedule of Net Periodic Benefit Costs Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 2 | $ 3 |
Interest cost | 28 | 35 |
Expected return on plan assets | (44) | (52) |
Amortization of prior service cost (credit), net | 0 | 0 |
Special termination benefit | 1 | 1 |
Total | (13) | (13) |
Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 1 | 1 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit), net | (1) | 0 |
Special termination benefit | 0 | 0 |
Total | $ 0 | $ 1 |
Benefit Obligations (Schedule60
Benefit Obligations (Schedule of Company Commitments to Fund Benefit Obligations) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($) | ||
Multiemployer Plans, Pension [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | $ 2 | [1] |
Total expected contributions in current fiscal year | 8 | [1] |
Cash Contributions to Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 7 | |
Total expected contributions in current fiscal year | 23 | |
Other Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 6 | |
Total expected contributions in current fiscal year | 22 | |
Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 1 | |
Total expected contributions in current fiscal year | $ 4 | |
[1] | The Company makes contributions based on specified percentages of employee contributions. |
Benefit Obligations (Narrative)
Benefit Obligations (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Change in Assumptions for Pension Plans [Member] | Scenario, Forecast [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Change in Accounting Estimate, Financial Effect | 29 |
Environmental (Schedule of Envi
Environmental (Schedule of Environmental Remediation Reserves) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Environmental Remediation Obligations [Abstract] | ||
Demerger obligations (Note 16) | $ 20 | $ 22 |
Divestiture obligations (Note 16) | 17 | 17 |
Active sites | 18 | 18 |
US Superfund sites | 13 | 13 |
Other environmental remediation reserves | 3 | 2 |
Total | $ 71 | $ 72 |
Environmental (US Superfund Sit
Environmental (US Superfund Sites Narrative) (Details) - Passaic River, New Jersey [Member] $ in Billions | Mar. 03, 2016USD ($) | Mar. 31, 2016 |
Site Contingency [Line Items] | ||
Number of parties included in USEPA order | 70 | |
Cost of EPA's plan estimate | $ 1.4 | |
Environmental Liability Percentage | 1.00% |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Dividend Increases) (Details) | 1 Months Ended |
Apr. 30, 2015$ / shares | |
Stockholders' Equity Note [Abstract] | |
Common stock, dividends, rate increase, percent | 20.00% |
Quarterly Common Stock Cash Dividend | $ 0.30 |
Annual Common Stock Cash Dividend | $ 1.20 |
Stockholders' Equity (Schedul65
Stockholders' Equity (Schedule of Treasury Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 98 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | ||
Class of Stock [Line Items] | ||||
Shares repurchased | 0 | 0 | 27,307,796 | |
Average purchase price per share | $ 0 | $ 0 | $ 48.90 | |
Cash paid for repurchased shares (in millions) | $ 0 | $ 0 | $ 1,335 | |
Aggregate Board of Directors repurchase authorizations (in millions) | [1] | $ 0 | $ 0 | $ 2,366 |
[1] | These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program began in February 2008 and does not have an expiration date. |
Stockholders' Equity (Schedul66
Stockholders' Equity (Schedule of Components of Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | $ 1 | $ 0 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 0 | 0 |
Unrealized gain (loss) on marketable securities | 1 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 70 | (150) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (6) | (6) |
Foreign currency translation | 64 | (156) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Cash Flow Hedges Arising During Period, before Tax | 0 | 3 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Cash Flow Hedges Arising During Period, Tax | 0 | (1) |
Gain (loss) on cash flow hedges | 0 | 2 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | 0 | (3) |
Pension and postretirement benefits | 0 | (3) |
Other Comprehensive Income (Loss), before Tax | 71 | (147) |
Income tax (provision) benefit | (6) | (10) |
Total other comprehensive income (loss), net of tax | $ 65 | $ (157) |
Stockholders' Equity (Schedul67
Stockholders' Equity (Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2015 | $ (348) | |
Other comprehensive income (loss) before reclassifications | 70 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 1 | |
Income tax (provision) benefit | (6) | $ (10) |
As of March 31, 2016 | (283) | |
Unrealized Gain (Loss) on Marketable Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2015 | 1 | |
Other comprehensive income (loss) before reclassifications | 1 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Income tax (provision) benefit | 0 | |
As of March 31, 2016 | 2 | |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2015 | (339) | |
Other comprehensive income (loss) before reclassifications | 70 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Income tax (provision) benefit | (6) | |
As of March 31, 2016 | (275) | |
Gain (Loss) from Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2015 | (2) | |
Other comprehensive income (loss) before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Income tax (provision) benefit | 0 | |
As of March 31, 2016 | (2) | |
Pension and Postretirement Benefits [Member] | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2015 | (8) | |
Other comprehensive income (loss) before reclassifications | (1) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 1 | |
Income tax (provision) benefit | 0 | |
As of March 31, 2016 | $ (8) |
Other (Charges) Gains, Net (Sch
Other (Charges) Gains, Net (Schedule of Other (Charges) Gains, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Restructuring Cost and Reserve [Line Items] | |||
Employee termination benefits | $ (5) | [1] | $ (4) |
Commercial disputes | 0 | (1) | |
Total | (5) | $ (5) | |
Pension Plan [Member] | Other Activities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
One time termination benefits included in Benefit Obligation | $ (1) | ||
[1] | Includes $1Â million of special termination benefits included in Benefit obligations in the unaudited consolidated balance sheets and is included in the Company's Other Activities segment. |
Other (Charges) Gains, Net (S69
Other (Charges) Gains, Net (Schedule of Restructuring Reserves) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
As of March 31, 2016 | $ 26 |
Total | 26 |
Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 30 |
Additions | 4 |
Cash payments | (9) |
Other changes | 0 |
Exchange rate changes | 1 |
As of March 31, 2016 | 26 |
Total | 30 |
Plant/Office Closures [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2016 | 0 |
Total | 0 |
Advanced Engineered Materials [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of March 31, 2016 | 2 |
Total | 2 |
Advanced Engineered Materials [Member] | Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 3 |
Additions | 1 |
Cash payments | (2) |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2016 | 2 |
Total | 3 |
Advanced Engineered Materials [Member] | Plant/Office Closures [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2016 | 0 |
Total | 0 |
Consumer Specialties [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of March 31, 2016 | 13 |
Total | 13 |
Consumer Specialties [Member] | Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 14 |
Additions | 0 |
Cash payments | (2) |
Other changes | 0 |
Exchange rate changes | 1 |
As of March 31, 2016 | 13 |
Total | 14 |
Consumer Specialties [Member] | Plant/Office Closures [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2016 | 0 |
Total | 0 |
Industrial Specialties [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of March 31, 2016 | 3 |
Total | 3 |
Industrial Specialties [Member] | Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 6 |
Additions | 1 |
Cash payments | (4) |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2016 | 3 |
Total | 6 |
Industrial Specialties [Member] | Plant/Office Closures [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2016 | 0 |
Total | 0 |
Acetyl Intermediates [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of March 31, 2016 | 1 |
Total | 1 |
Acetyl Intermediates [Member] | Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 1 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2016 | 1 |
Total | 1 |
Acetyl Intermediates [Member] | Plant/Office Closures [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2016 | 0 |
Total | 0 |
Other Activities [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of March 31, 2016 | 7 |
Total | 7 |
Other Activities [Member] | Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 6 |
Additions | 2 |
Cash payments | (1) |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2016 | 7 |
Total | 6 |
Other Activities [Member] | Plant/Office Closures [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2016 | 0 |
Total | $ 0 |
Other (Charges) Gains, Net (Nar
Other (Charges) Gains, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Other (Charges) Gains, Net [Line Items] | |||
Commercial disputes | $ 0 | $ (1) | |
Employee termination benefits | $ (5) | [1] | (4) |
Acetyl Intermediates [Member] | |||
Other (Charges) Gains, Net [Line Items] | |||
Commercial disputes | $ (1) | ||
[1] | Includes $1Â million of special termination benefits included in Benefit obligations in the unaudited consolidated balance sheets and is included in the Company's Other Activities segment. |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate) (Details) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 19.00% | 24.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | $ 11 |
Derivative Financial Instrume73
Derivative Financial Instruments (Schedule of Interest Rate Swap Derivatives) (Details) $ in Millions | Jan. 02, 2016USD ($) |
Interest Rate Swap [Member] | Swap Derivative 1 Point 02 Percent Maturing January 2, 2016 [Member] | |
Derivative [Line Items] | |
Notional Value | $ 500 |
Derivative Financial Instrume74
Derivative Financial Instruments (Schedule of Notional Amounts of Foreign Currency Derivatives) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Notional Value | $ 457 | $ 502 |
Derivative Financial Instrume75
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Cross Currency Swap Derivatives) (Details) - Mar. 31, 2015 € in Millions, $ in Millions | USD ($) | EUR (€) |
Derivative [Line Items] | ||
Derivative, Cash Received on Hedge | $ 88 | |
Gain (Loss) on Derivative Instruments, Net, Pretax | 1 | |
Swap Derivative 3 Point 62 Percent Maturing April 17, 2019 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 225 | |
Swap Derivative 2 Point 77 Percent Maturing April 17, 2019 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | € | € 162 | |
Swap Derivative 4 Point 27 Percent Maturing September 11, 2020 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 250 | |
Swap Derivative 2 Point 63 Percent Maturing September 11, 2020 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | € | € 193 |
Derivative Financial Instrume76
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 0 | $ 0 | |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 46 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | 0 | |
Gain (Loss) Recognized in Earnings (Loss) | 7 | (68) | |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | 0 | |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 46 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | 0 | |
Gain (Loss) Recognized in Earnings (Loss) | 7 | (68) | |
Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | (6) | 49 | |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 | |
Senior Unsecured Notes Due 2019 [Member] | Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | [1] | (5) | 41 |
Gain (Loss) Recognized in Earnings (Loss) | [1] | $ 0 | 0 |
Senior Unsecured Notes Due 2019 [Member] | Net Investment Hedging [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Description of Net Investments Hedged | 260 | ||
Term C-2 and C-3 Loan Facilities [Member] | Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | [2] | $ (1) | 8 |
Gain (Loss) Recognized in Earnings (Loss) | [2] | $ 0 | $ 0 |
[1] | During the three months ended March 31, 2016, the Company dedesignated €260 million of its 3.250% Notes as a net investment hedge. | ||
[2] | During the three months ended December 31, 2015, the Company dedesignated the Euro-based principal amount of its Term C-3 loan as a net investment hedge. |
Derivative Financial Instrume77
Derivative Financial Instruments (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative Assets [Abstract] | ||
Gross amount recognized | $ 4 | $ 2 |
Gross amount offset in the consolidated balance sheets | 0 | 0 |
Net amount presented in the consolidated balance sheets | 4 | 2 |
Gross amount not offset in the consolidated balance sheets | 2 | 0 |
Net amount | $ 2 | $ 2 |
Derivative Financial Instrume78
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative Liabilities [Abstract] | ||
Gross amount recognized | $ 3 | $ 2 |
Gross amount offset in the consolidated balance sheets | 0 | 0 |
Net amount presented in the consolidated balance sheets | 3 | 2 |
Gross amount not offset in the consolidated balance sheets | 2 | 0 |
Net amount | $ 1 | $ 2 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | $ 4 | $ 2 | |
Total liabilities | (3) | (2) | |
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 | 0 | 0 | |
Total liabilities | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 4 | 2 | |
Total liabilities | (3) | (2) | |
Current Other Assets [Member] | Not Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency forwards and swaps | 4 | 2 | |
Current Other Assets [Member] | Not Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency forwards and swaps | 0 | 0 | |
Current Other Assets [Member] | Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency forwards and swaps | 4 | 2 | |
Current Other liabilities [Member] | Not Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency forwards and swaps | (3) | (2) | |
Current Other liabilities [Member] | Not Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency forwards and swaps | 0 | 0 | |
Current Other liabilities [Member] | Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency forwards and swaps | (3) | (2) | |
Senior Unsecured Notes Due 2019 [Member] | Net Investment Hedging [Member] | Long-term Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net Investment Hedge | [1] | 0 | 0 |
Senior Unsecured Notes Due 2019 [Member] | Net Investment Hedging [Member] | Long-term Debt [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] | |||
Net Investment Hedge | [1] | 0 | 0 |
Senior Unsecured Notes Due 2019 [Member] | Net Investment Hedging [Member] | Long-term Debt [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net Investment Hedge | [1] | 0 | 0 |
Term C-2 Loan Facility [Member] | Net Investment Hedging [Member] | Long-term Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net Investment Hedge | [1] | 0 | 0 |
Term C-2 Loan Facility [Member] | Net Investment Hedging [Member] | Long-term Debt [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] | |||
Net Investment Hedge | [1] | 0 | 0 |
Term C-2 Loan Facility [Member] | Net Investment Hedging [Member] | Long-term Debt [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net Investment Hedge | [1] | $ 0 | $ 0 |
[1] | Included in the unaudited consolidated balance sheets at carrying amount. |
Fair Value Measurements (Sche80
Fair Value Measurements (Schedule of Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost investments, carrying amount | $ 151 | $ 151 |
Cost investments, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, carrying amount | 55 | 55 |
Insurance contracts in nonqualified trusts, fair value | 55 | 55 |
Long-term debt, including current installments of long-term debt, carrying amount | 2,563 | 2,542 |
Long-term debt, including current installments of long-term debt, fair value | 2,634 | 2,586 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost investments, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, fair value | 55 | 55 |
Long-term debt, including current installments of long-term debt, fair value | 2,397 | 2,348 |
Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost investments, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, fair value | 0 | 0 |
Long-term debt, including current installments of long-term debt, fair value | $ 237 | $ 238 |
Commitments and Contingencies (
Commitments and Contingencies (Guarantees - Demerger and Divesture Obligations Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | 197 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016EUR (€) | |
Indemnification Agreements Hoechst [Member] | |||
Loss Contingencies [Line Items] | |||
Number of divestiture agreements | 19 | 19 | 19 |
Indemnification amount | € | € 250 | ||
Indemnification ceiling amount | € | € 750 | ||
Indemnification percentage exceeding ceiling amount | 33.33% | 33.33% | 33.33% |
Loss contingency accrual, carrying value, payments | $ | $ 72 | ||
Indemnification percentage, other | 33.33% | 33.33% | 33.33% |
Divestiture Agreements [Member] | |||
Loss Contingencies [Line Items] | |||
Term of divestiture obligations | 2,037 | ||
Guarantor obligations, maximum exposure | $ | $ 202 | $ 202 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Purchase Obligations Narrative) (Details) $ in Billions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded unconditional purchase obligations | $ 2.9 |
Term of unrecorded unconditional purchase obligations | 2,036 |
Segment Information (Schedule o
Segment Information (Schedule of Business Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,404 | $ 1,450 | ||
Other (charges) gains, net | (5) | (5) | ||
Operating profit (loss) | 287 | 257 | ||
Equity in net earnings (loss) of affiliates | 38 | 48 | ||
Depreciation and amortization | 73 | 67 | ||
Capital expenditures | [1] | 58 | 146 | |
Goodwill and intangible assets, net | 847 | $ 830 | ||
Total assets | 8,392 | 8,586 | ||
Increase (decrease) in accrued capital expenditures | (12) | (16) | ||
Operating Segments [Member] | Advanced Engineered Materials [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 350 | 343 | ||
Other (charges) gains, net | (1) | (1) | ||
Operating profit (loss) | 88 | 59 | ||
Equity in net earnings (loss) of affiliates | 31 | 43 | ||
Depreciation and amortization | 24 | 25 | ||
Capital expenditures | 19 | 17 | ||
Goodwill and intangible assets, net | 344 | 338 | ||
Total assets | 2,445 | 2,324 | ||
Operating Segments [Member] | Consumer Specialties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 244 | 227 | ||
Other (charges) gains, net | 0 | 0 | ||
Operating profit (loss) | 78 | 62 | ||
Equity in net earnings (loss) of affiliates | 1 | 0 | ||
Depreciation and amortization | 11 | 11 | ||
Capital expenditures | 9 | 26 | ||
Goodwill and intangible assets, net | 253 | 249 | ||
Total assets | 1,471 | 1,458 | ||
Operating Segments [Member] | Industrial Specialties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 253 | 282 | ||
Other (charges) gains, net | (1) | (1) | ||
Operating profit (loss) | 31 | 29 | ||
Equity in net earnings (loss) of affiliates | 0 | 0 | ||
Depreciation and amortization | 8 | 10 | ||
Capital expenditures | 18 | 6 | ||
Goodwill and intangible assets, net | 49 | 49 | ||
Total assets | 758 | 747 | ||
Operating Segments [Member] | Acetyl Intermediates [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [2] | 663 | 713 | |
Other (charges) gains, net | 0 | (1) | ||
Operating profit (loss) | 114 | 131 | ||
Equity in net earnings (loss) of affiliates | 1 | 1 | ||
Depreciation and amortization | 27 | 19 | ||
Capital expenditures | 9 | 96 | ||
Goodwill and intangible assets, net | 201 | 194 | ||
Total assets | 2,360 | 2,387 | ||
Corporate, Non-Segment [Member] | Other Activities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | ||
Other (charges) gains, net | (3) | (2) | ||
Operating profit (loss) | (24) | (24) | ||
Equity in net earnings (loss) of affiliates | 5 | 4 | ||
Depreciation and amortization | 3 | 2 | ||
Capital expenditures | 3 | 1 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Total assets | 1,358 | 1,670 | ||
Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (106) | (115) | ||
Other (charges) gains, net | 0 | 0 | ||
Operating profit (loss) | 0 | 0 | ||
Equity in net earnings (loss) of affiliates | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Capital expenditures | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Total assets | 0 | $ 0 | ||
Eliminations [Member] | Acetyl Intermediates [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 106 | $ 115 | ||
[1] | Includes a decrease in accrued capital expenditures of $12 million and $16 million for the three months ended March 31, 2016 and 2015, respectively. | |||
[2] | Net sales for Acetyl Intermediates includes intersegment sales of $106 million and $115 million for the three months ended March 31, 2016 and 2015, respectively. |
Earnings (Loss) Per Share (Sche
Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Amounts attributable to Celanese Corporation | ||
Earnings (loss) from continuing operations | $ 256 | $ 236 |
Earnings (loss) from discontinued operations | 1 | 0 |
Net earnings (loss) | $ 257 | $ 236 |
Weighted average shares - basic | 147,413,234 | 153,216,510 |
Incremental shares attributable to equity awards | 717,880 | 685,052 |
Weighted average shares - diluted | 148,131,114 | 153,901,562 |
Earnings (Loss) Per Share Earni
Earnings (Loss) Per Share Earnings (Loss) Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Consolidating Guarantor Finan86
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | $ 1,404 | $ 1,450 |
Cost of sales | (1,014) | (1,069) |
Gross profit | 390 | 381 |
Selling, general and administrative expenses | (80) | (98) |
Amortization of intangible assets | (2) | (3) |
Research and development expenses | (19) | (20) |
Other (charges) gains, net | (5) | (5) |
Foreign exchange gain (loss), net | 3 | 3 |
Gain (loss) on disposition of businesses and assets, net | 0 | (1) |
Operating profit (loss) | 287 | 257 |
Equity in net earnings (loss) of affiliates | 38 | 48 |
Interest expense | (33) | (27) |
Refinancing expense | (2) | 0 |
Interest income | 1 | 0 |
Dividend income - cost investments | 27 | 28 |
Other income (expense), net | 0 | 0 |
Earnings (loss) from continuing operations before tax | 318 | 306 |
Income tax (provision) benefit | (60) | (72) |
Earnings (loss) from continuing operations | 258 | 234 |
Earnings (loss) from operation of discontinued operations | 1 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 1 | 0 |
Net earnings (loss) | 259 | 234 |
Net (earnings) loss attributable to noncontrolling interests | (2) | 2 |
Net earnings (loss) attributable to Celanese Corporation | 257 | 236 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Research and development expenses | 0 | 0 |
Other (charges) gains, net | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 |
Operating profit (loss) | 0 | 0 |
Equity in net earnings (loss) of affiliates | 256 | 235 |
Interest expense | 0 | 0 |
Refinancing expense | 0 | 0 |
Interest income | 0 | 0 |
Dividend income - cost investments | 0 | 0 |
Other income (expense), net | 0 | 0 |
Earnings (loss) from continuing operations before tax | 256 | 235 |
Income tax (provision) benefit | 0 | 1 |
Earnings (loss) from continuing operations | 256 | 236 |
Earnings (loss) from operation of discontinued operations | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 |
Net earnings (loss) | 256 | 236 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 256 | 236 |
Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Research and development expenses | 0 | 0 |
Other (charges) gains, net | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 |
Operating profit (loss) | 0 | 0 |
Equity in net earnings (loss) of affiliates | 274 | 279 |
Interest expense | (15) | (43) |
Refinancing expense | 0 | 0 |
Interest income | 2 | 8 |
Dividend income - cost investments | 0 | 0 |
Other income (expense), net | 0 | 0 |
Earnings (loss) from continuing operations before tax | 261 | 244 |
Income tax (provision) benefit | (5) | (9) |
Earnings (loss) from continuing operations | 256 | 235 |
Earnings (loss) from operation of discontinued operations | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 |
Net earnings (loss) | 256 | 235 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 256 | 235 |
Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 583 | 658 |
Cost of sales | (441) | (431) |
Gross profit | 142 | 227 |
Selling, general and administrative expenses | (17) | (24) |
Amortization of intangible assets | (1) | (1) |
Research and development expenses | (8) | (10) |
Other (charges) gains, net | 0 | (3) |
Foreign exchange gain (loss), net | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | (1) | (2) |
Operating profit (loss) | 115 | 187 |
Equity in net earnings (loss) of affiliates | 173 | 92 |
Interest expense | (15) | (5) |
Refinancing expense | (2) | 0 |
Interest income | 1 | 19 |
Dividend income - cost investments | 0 | 0 |
Other income (expense), net | 0 | 0 |
Earnings (loss) from continuing operations before tax | 272 | 293 |
Income tax (provision) benefit | (30) | (53) |
Earnings (loss) from continuing operations | 242 | 240 |
Earnings (loss) from operation of discontinued operations | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 |
Net earnings (loss) | 242 | 240 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 242 | 240 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 1,139 | 1,133 |
Cost of sales | (891) | (984) |
Gross profit | 248 | 149 |
Selling, general and administrative expenses | (63) | (74) |
Amortization of intangible assets | (1) | (2) |
Research and development expenses | (11) | (10) |
Other (charges) gains, net | (5) | (2) |
Foreign exchange gain (loss), net | 3 | 3 |
Gain (loss) on disposition of businesses and assets, net | 1 | 1 |
Operating profit (loss) | 172 | 65 |
Equity in net earnings (loss) of affiliates | 37 | 40 |
Interest expense | (8) | (12) |
Refinancing expense | 0 | 0 |
Interest income | 2 | 6 |
Dividend income - cost investments | 27 | 28 |
Other income (expense), net | 0 | 0 |
Earnings (loss) from continuing operations before tax | 230 | 127 |
Income tax (provision) benefit | (25) | (10) |
Earnings (loss) from continuing operations | 205 | 117 |
Earnings (loss) from operation of discontinued operations | 1 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 1 | 0 |
Net earnings (loss) | 206 | 117 |
Net (earnings) loss attributable to noncontrolling interests | (2) | 2 |
Net earnings (loss) attributable to Celanese Corporation | 204 | 119 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | (318) | (341) |
Cost of sales | 318 | 346 |
Gross profit | 0 | 5 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Research and development expenses | 0 | 0 |
Other (charges) gains, net | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 |
Operating profit (loss) | 0 | 5 |
Equity in net earnings (loss) of affiliates | (702) | (598) |
Interest expense | 5 | 33 |
Refinancing expense | 0 | 0 |
Interest income | (4) | (33) |
Dividend income - cost investments | 0 | 0 |
Other income (expense), net | 0 | 0 |
Earnings (loss) from continuing operations before tax | (701) | (593) |
Income tax (provision) benefit | 0 | (1) |
Earnings (loss) from continuing operations | (701) | (594) |
Earnings (loss) from operation of discontinued operations | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 |
Net earnings (loss) | (701) | (594) |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | $ (701) | $ (594) |
Consolidating Guarantor Finan87
Consolidating Guarantor Financial Information (Schedule of Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | $ 259 | $ 234 |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities | 1 | 0 |
Foreign currency translation | 64 | (156) |
Gain (loss) on cash flow hedges | 0 | 2 |
Pension and postretirement benefits | 0 | (3) |
Total other comprehensive income (loss), net of tax | 65 | (157) |
Total comprehensive income (loss), net of tax | 324 | 77 |
Comprehensive (income) loss attributable to noncontrolling interests | (2) | 2 |
Comprehensive income (loss) attributable to Celanese Corporation | 322 | 79 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | 256 | 236 |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities | 1 | 0 |
Foreign currency translation | 64 | (156) |
Gain (loss) on cash flow hedges | 0 | 2 |
Pension and postretirement benefits | 0 | (3) |
Total other comprehensive income (loss), net of tax | 65 | (157) |
Total comprehensive income (loss), net of tax | 321 | 79 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 321 | 79 |
Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | 256 | 235 |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities | 1 | 0 |
Foreign currency translation | 64 | (156) |
Gain (loss) on cash flow hedges | 0 | 2 |
Pension and postretirement benefits | 0 | (3) |
Total other comprehensive income (loss), net of tax | 65 | (157) |
Total comprehensive income (loss), net of tax | 321 | 78 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 321 | 78 |
Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | 242 | 240 |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities | 0 | 0 |
Foreign currency translation | 54 | (170) |
Gain (loss) on cash flow hedges | 0 | 5 |
Pension and postretirement benefits | 0 | (3) |
Total other comprehensive income (loss), net of tax | 54 | (168) |
Total comprehensive income (loss), net of tax | 296 | 72 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 296 | 72 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | 206 | 117 |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities | 1 | 0 |
Foreign currency translation | 82 | (211) |
Gain (loss) on cash flow hedges | 0 | 2 |
Pension and postretirement benefits | 1 | 0 |
Total other comprehensive income (loss), net of tax | 84 | (209) |
Total comprehensive income (loss), net of tax | 290 | (92) |
Comprehensive (income) loss attributable to noncontrolling interests | (2) | 2 |
Comprehensive income (loss) attributable to Celanese Corporation | 288 | (90) |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | (701) | (594) |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities | (2) | 0 |
Foreign currency translation | (200) | 537 |
Gain (loss) on cash flow hedges | 0 | (9) |
Pension and postretirement benefits | (1) | 6 |
Total other comprehensive income (loss), net of tax | (203) | 534 |
Total comprehensive income (loss), net of tax | (904) | (60) |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | $ (904) | $ (60) |
Consolidating Guarantor Finan88
Consolidating Guarantor Financial Information (Schedule of Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||||
Cash and cash equivalents | $ 716 | $ 967 | $ 851 | $ 780 |
Trade receivables - third party and affiliates | 830 | 706 | ||
Non-trade receivables, net | 212 | 285 | ||
Inventories, net | 667 | 682 | ||
Deferred income taxes | 0 | 68 | ||
Marketable securities, at fair value | 31 | 30 | ||
Other assets | 47 | 49 | ||
Total current assets | 2,503 | 2,787 | ||
Investments in affiliates | 870 | 838 | ||
Property, Plant and Equipment, Net | 3,640 | 3,609 | ||
Deferred income taxes | 236 | 222 | ||
Other assets | 296 | 300 | ||
Goodwill | 722 | 705 | ||
Intangible Assets, Net (Excluding Goodwill) | 125 | 125 | ||
Total assets | 8,392 | 8,586 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 116 | 513 | ||
Trade payables - third party and affiliates | 574 | 587 | ||
Other liabilities | 280 | 330 | ||
Deferred income taxes | 0 | 30 | ||
Income taxes payable | 125 | 90 | ||
Total current liabilities | 1,095 | 1,550 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 2,487 | 2,468 | ||
Deferred income taxes | 116 | 136 | ||
Uncertain tax positions | 176 | 167 | ||
Benefit obligations | 1,176 | 1,189 | ||
Other liabilities | 244 | 247 | ||
Total noncurrent liabilities | 4,199 | 4,207 | ||
Total Celanese Corporation stockholders' equity | 2,645 | 2,378 | ||
Noncontrolling interests | 453 | 451 | ||
Total equity | 3,098 | 2,829 | ||
Total liabilities and equity | 8,392 | 8,586 | ||
Parent Guarantor [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 1 | 0 | 0 | 0 |
Trade receivables - third party and affiliates | 0 | 0 | ||
Non-trade receivables, net | 38 | 37 | ||
Inventories, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Marketable securities, at fair value | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total current assets | 39 | 37 | ||
Investments in affiliates | 2,607 | 2,341 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Total assets | 2,646 | 2,378 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 0 | 0 | ||
Trade payables - third party and affiliates | 0 | 0 | ||
Other liabilities | 1 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 1 | 0 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 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 | 2,645 | 2,378 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 2,645 | 2,378 | ||
Total liabilities and equity | 2,646 | 2,378 | ||
Issuer [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade receivables - third party and affiliates | 0 | 0 | ||
Non-trade receivables, net | 586 | 580 | ||
Inventories, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Marketable securities, at fair value | 0 | 0 | ||
Other assets | 67 | 12 | ||
Total current assets | 653 | 592 | ||
Investments in affiliates | 4,078 | 3,947 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred income taxes | 0 | 2 | ||
Other assets | 280 | 418 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Total assets | 5,011 | 4,959 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 40 | 479 | ||
Trade payables - third party and affiliates | 0 | 0 | ||
Other liabilities | 66 | 28 | ||
Deferred income taxes | 0 | 26 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 106 | 533 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 2,268 | 2,078 | ||
Deferred income taxes | 22 | 0 | ||
Uncertain tax positions | 8 | 7 | ||
Benefit obligations | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total noncurrent liabilities | 2,298 | 2,085 | ||
Total Celanese Corporation stockholders' equity | 2,607 | 2,341 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 2,607 | 2,341 | ||
Total liabilities and equity | 5,011 | 4,959 | ||
Subsidiary Guarantors [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 345 | 21 | 56 | 110 |
Trade receivables - third party and affiliates | 163 | 132 | ||
Non-trade receivables, net | 269 | 298 | ||
Inventories, net | 224 | 258 | ||
Deferred income taxes | 0 | 19 | ||
Marketable securities, at fair value | 31 | 30 | ||
Other assets | 24 | 28 | ||
Total current assets | 1,056 | 786 | ||
Investments in affiliates | 3,483 | 3,909 | ||
Property, Plant and Equipment, Net | 1,006 | 1,001 | ||
Deferred income taxes | 195 | 178 | ||
Other assets | 149 | 151 | ||
Goodwill | 314 | 314 | ||
Intangible Assets, Net (Excluding Goodwill) | 50 | 51 | ||
Total assets | 6,253 | 6,390 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 136 | 181 | ||
Trade payables - third party and affiliates | 235 | 240 | ||
Other liabilities | 199 | 281 | ||
Deferred income taxes | 0 | 0 | ||
Income taxes payable | 562 | 537 | ||
Total current liabilities | 1,132 | 1,239 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 403 | 706 | ||
Deferred income taxes | 0 | 0 | ||
Uncertain tax positions | 30 | 29 | ||
Benefit obligations | 940 | 960 | ||
Other liabilities | 91 | 93 | ||
Total noncurrent liabilities | 1,464 | 1,788 | ||
Total Celanese Corporation stockholders' equity | 3,657 | 3,363 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 3,657 | 3,363 | ||
Total liabilities and equity | 6,253 | 6,390 | ||
Non-Guarantors [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 370 | 946 | 795 | 670 |
Trade receivables - third party and affiliates | 847 | 722 | ||
Non-trade receivables, net | 302 | 522 | ||
Inventories, net | 493 | 474 | ||
Deferred income taxes | 0 | 68 | ||
Marketable securities, at fair value | 0 | 0 | ||
Other assets | 72 | 40 | ||
Total current assets | 2,084 | 2,772 | ||
Investments in affiliates | 770 | 738 | ||
Property, Plant and Equipment, Net | 2,634 | 2,608 | ||
Deferred income taxes | 66 | 42 | ||
Other assets | 228 | 227 | ||
Goodwill | 408 | 391 | ||
Intangible Assets, Net (Excluding Goodwill) | 75 | 74 | ||
Total assets | 6,265 | 6,852 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 178 | 213 | ||
Trade payables - third party and affiliates | 519 | 495 | ||
Other liabilities | 319 | 283 | ||
Deferred income taxes | 0 | 23 | ||
Income taxes payable | 120 | 116 | ||
Total current liabilities | 1,136 | 1,130 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 185 | 187 | ||
Deferred income taxes | 119 | 136 | ||
Uncertain tax positions | 138 | 131 | ||
Benefit obligations | 236 | 229 | ||
Other liabilities | 153 | 155 | ||
Total noncurrent liabilities | 831 | 838 | ||
Total Celanese Corporation stockholders' equity | 3,845 | 4,433 | ||
Noncontrolling interests | 453 | 451 | ||
Total equity | 4,298 | 4,884 | ||
Total liabilities and equity | 6,265 | 6,852 | ||
Eliminations [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Trade receivables - third party and affiliates | (180) | (148) | ||
Non-trade receivables, net | (983) | (1,152) | ||
Inventories, net | (50) | (50) | ||
Deferred income taxes | 0 | (19) | ||
Marketable securities, at fair value | 0 | 0 | ||
Other assets | (116) | (31) | ||
Total current assets | (1,329) | (1,400) | ||
Investments in affiliates | (10,068) | (10,097) | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred income taxes | (25) | 0 | ||
Other assets | (361) | (496) | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Total assets | (11,783) | (11,993) | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | (238) | (360) | ||
Trade payables - third party and affiliates | (180) | (148) | ||
Other liabilities | (305) | (262) | ||
Deferred income taxes | 0 | (19) | ||
Income taxes payable | (557) | (563) | ||
Total current liabilities | (1,280) | (1,352) | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | (369) | (503) | ||
Deferred income taxes | (25) | 0 | ||
Uncertain tax positions | 0 | 0 | ||
Benefit obligations | 0 | 0 | ||
Other liabilities | 0 | (1) | ||
Total noncurrent liabilities | (394) | (504) | ||
Total Celanese Corporation stockholders' equity | (10,109) | (10,137) | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | (10,109) | (10,137) | ||
Total liabilities and equity | $ (11,783) | $ (11,993) |
Consolidating Guarantor Finan89
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ 287 | $ 270 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (70) | (64) |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | (98) |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 |
Other, net | (5) | (11) |
Net cash provided by (used in) investing activities | (75) | (173) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (344) | 4 |
Proceeds from short-term borrowings | 8 | 16 |
Repayments of short-term borrowings | (63) | (29) |
Proceeds from long-term debt | 170 | 0 |
Repayments of long-term debt | (177) | (6) |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | 0 | 0 |
Contributions from parent | 0 | 0 |
Stock option exercises | 1 | 0 |
Series A common stock dividends | (44) | (38) |
Return of capital to parent | 0 | 0 |
Contributions from noncontrolling interests | 0 | 80 |
Other, net | (24) | (10) |
Net cash provided by (used in) financing activities | (473) | 17 |
Exchange rate effects on cash and cash equivalents | 10 | (43) |
Net increase (decrease) in cash and cash equivalents | (251) | 71 |
Cash and cash equivalents as of beginning of period | 967 | 780 |
Cash and cash equivalents as of end of period | 716 | 851 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 44 | 38 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | 0 |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 0 | 0 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | 0 | 0 |
Contributions from parent | 0 | 0 |
Stock option exercises | 1 | 0 |
Series A common stock dividends | (44) | (38) |
Return of capital to parent | 0 | 0 |
Contributions from noncontrolling interests | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | (43) | (38) |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 1 | 0 |
Cash and cash equivalents as of beginning of period | 0 | 0 |
Cash and cash equivalents as of end of period | 1 | 0 |
Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 47 | 18 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | 0 |
Return of capital from subsidiary | 136 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 138 | 1 |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | 274 | 1 |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (353) | 21 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 250 | 0 |
Repayments of long-term debt | (172) | (2) |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | (44) | (38) |
Contributions from parent | 0 | 0 |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | 0 | 0 |
Contributions from noncontrolling interests | 0 | 0 |
Other, net | (2) | 0 |
Net cash provided by (used in) financing activities | (321) | (19) |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents as of beginning of period | 0 | 0 |
Cash and cash equivalents as of end of period | 0 | 0 |
Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (1) | 79 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (38) | (39) |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | (5) |
Return of capital from subsidiary | 734 | 0 |
Contributions to subsidiary | 0 | (16) |
Intercompany loan receipts (disbursements) | 3 | (21) |
Other, net | (3) | (9) |
Net cash provided by (used in) investing activities | 696 | (90) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 6 | 5 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 325 | 0 |
Repayments of long-term debt | (634) | (1) |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | (68) | (38) |
Contributions from parent | 0 | 0 |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | 0 | 0 |
Contributions from noncontrolling interests | 0 | 0 |
Other, net | 0 | (9) |
Net cash provided by (used in) financing activities | (371) | (43) |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 324 | (54) |
Cash and cash equivalents as of beginning of period | 21 | 110 |
Cash and cash equivalents as of end of period | 345 | 56 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 309 | 211 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (32) | (25) |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | (93) |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 90 | 0 |
Other, net | (2) | (2) |
Net cash provided by (used in) investing activities | 56 | (120) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 0 | (1) |
Proceeds from short-term borrowings | 8 | 16 |
Repayments of short-term borrowings | (63) | (29) |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | (4) | (4) |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | 0 | 0 |
Contributions from parent | 0 | 16 |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | (870) | 0 |
Contributions from noncontrolling interests | 0 | 80 |
Other, net | (22) | (1) |
Net cash provided by (used in) financing activities | (951) | 77 |
Exchange rate effects on cash and cash equivalents | 10 | (43) |
Net increase (decrease) in cash and cash equivalents | (576) | 125 |
Cash and cash equivalents as of beginning of period | 946 | 670 |
Cash and cash equivalents as of end of period | 370 | 795 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (112) | (76) |
Investing Activities | ||
Capital expenditures on property, plant and equipment | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | 0 |
Return of capital from subsidiary | (870) | 0 |
Contributions to subsidiary | 0 | 16 |
Intercompany loan receipts (disbursements) | (231) | 20 |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | (1,101) | 36 |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 3 | (21) |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | (405) | 0 |
Repayments of long-term debt | 633 | 1 |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | 112 | 76 |
Contributions from parent | 0 | (16) |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | 870 | 0 |
Contributions from noncontrolling interests | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | 1,213 | 40 |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents as of beginning of period | 0 | 0 |
Cash and cash equivalents as of end of period | $ 0 | $ 0 |