Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 11, 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 | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 143,199,495 | |
Entity Current Reporting Status | Yes |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statement of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 1,323 | $ 1,413 | $ 4,078 | $ 4,340 |
Cost of sales | (968) | (1,110) | (2,995) | (3,281) |
Gross profit | 355 | 303 | 1,083 | 1,059 |
Selling, general and administrative expenses | (81) | (93) | (232) | (297) |
Amortization of intangible assets | (3) | (3) | (7) | (9) |
Research and development expenses | (20) | (19) | (58) | (98) |
Other (charges) gains, net | (3) | (4) | (12) | (19) |
Foreign exchange gain (loss), net | (1) | 3 | 1 | 3 |
Gain (loss) on disposition of businesses and assets, net | (1) | (1) | 1 | (8) |
Operating profit (loss) | 246 | 186 | 776 | 631 |
Equity in net earnings (loss) of affiliates | 41 | 50 | 114 | 138 |
Interest expense | (28) | (29) | (91) | (86) |
Refinancing expense | (4) | 0 | (6) | 0 |
Interest income | 0 | 0 | 1 | 1 |
Dividend income - cost investments | 26 | 26 | 82 | 80 |
Other income (expense), net | 0 | (8) | (2) | (6) |
Earnings (loss) from continuing operations before tax | 281 | 225 | 874 | 758 |
Income tax (provision) benefit | (15) | (74) | (127) | (170) |
Earnings (loss) from continuing operations | 266 | 151 | 747 | 588 |
Earnings (loss) from operation of discontinued operations | (4) | 0 | (3) | (3) |
Income tax (provision) benefit from discontinued operations | 1 | 0 | 1 | 1 |
Earnings (loss) from discontinued operations | (3) | 0 | (2) | (2) |
Net earnings (loss) | 263 | 151 | 745 | 586 |
Net (earnings) loss attributable to noncontrolling interests | (1) | 10 | (5) | 16 |
Net earnings (loss) attributable to Celanese Corporation | 262 | 161 | 740 | 602 |
Amounts attributable to Celanese Corporation | ||||
Earnings (loss) from continuing operations | 265 | 161 | 742 | 604 |
Earnings (loss) from discontinued operations | (3) | 0 | (2) | (2) |
Net earnings (loss) | $ 262 | $ 161 | $ 740 | $ 602 |
Earnings (loss) per common share - basic | ||||
Continuing operations | $ 1.84 | $ 1.07 | $ 5.08 | $ 3.97 |
Discontinued operations | (0.02) | 0 | (0.01) | (0.01) |
Net earnings (loss) - basic | 1.82 | 1.07 | 5.07 | 3.96 |
Earnings (loss) per common share - diluted | ||||
Continuing operations | 1.83 | 1.07 | 5.06 | 3.93 |
Discontinued operations | (0.02) | 0 | (0.01) | (0.01) |
Net earnings (loss) - diluted | $ 1.81 | $ 1.07 | $ 5.05 | $ 3.92 |
Weighted average shares - basic | 144,005,098 | 149,800,029 | 145,959,821 | 152,153,057 |
Weighted average shares - diluted | 144,601,465 | 151,004,081 | 146,585,560 | 153,420,449 |
Unaudited Interim Consolidated3
Unaudited Interim Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net earnings (loss) | $ 263 | $ 151 | $ 745 | $ 586 |
Other comprehensive income (loss), net of tax | ||||
Unrealized gain (loss) on marketable securities | (1) | 1 | 0 | 0 |
Foreign currency translation | (8) | (11) | 38 | (130) |
Gain (loss) on cash flow hedges | 0 | (1) | 1 | 2 |
Pension and postretirement benefits | 0 | 0 | (1) | 1 |
Total other comprehensive income (loss), net of tax | (9) | (11) | 38 | (127) |
Total comprehensive income (loss), net of tax | 254 | 140 | 783 | 459 |
Comprehensive (income) loss attributable to noncontrolling interests | (1) | 10 | (5) | 16 |
Comprehensive income (loss) attributable to Celanese Corporation | $ 253 | $ 150 | $ 778 | $ 475 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents (variable interest entity restricted - 2016: $22; 2015: $7) | $ 1,252 | $ 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) | 791 | 706 |
Non-trade receivables, net | 214 | 285 |
Inventories | 652 | 682 |
Deferred income taxes | 0 | 68 |
Marketable securities, at fair value | 34 | 30 |
Other assets | 35 | 49 |
Total current assets | 2,978 | 2,787 |
Investments in affiliates | 864 | 838 |
Property, plant and equipment (net of accumulated depreciation - 2016: $2,228; 2015: $2,039; variable interest entity restricted - 2016: $744; 2015: $772) | 3,578 | 3,609 |
Deferred income taxes | 222 | |
Deferred income taxes | 216 | |
Other assets (variable interest entity restricted - 2016: $9; 2015: $13) | 290 | 300 |
Goodwill | 712 | 705 |
Intangible assets (net of accumulated amortization - 2016: $542; 2015: $528; variable interest entity restricted - 2016: $26; 2015: $27) | 119 | 125 |
Total assets | 8,757 | 8,586 |
Current Liabilities | ||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 92 | 513 |
Trade payables - third party and affiliates | 591 | 587 |
Other liabilities | 299 | 330 |
Deferred income taxes | 0 | 30 |
Income taxes payable | 116 | 90 |
Total current liabilities | 1,098 | 1,550 |
Long-term debt, net of unamortized deferred financing costs | 2,923 | 2,468 |
Deferred income taxes | 136 | |
Deferred income taxes | 139 | |
Uncertain tax positions | 101 | 167 |
Benefit obligations | 1,124 | 1,189 |
Other liabilities | 221 | 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: 24,277,107 shares; 2015: 19,916,490 shares) | (1,331) | (1,031) |
Additional paid-in capital | 140 | 136 |
Retained earnings | 4,211 | 3,621 |
Accumulated other comprehensive income (loss), net | (310) | (348) |
Total Celanese Corporation stockholders' equity | 2,710 | 2,378 |
Noncontrolling interests | 441 | 451 |
Total equity | 3,151 | 2,829 |
Total liabilities and equity | 8,757 | 8,586 |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2016: 167,476,602 issued and 143,199,495 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 | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 1,252 | $ 967 |
Allowance for doubtful accounts - trade receivables | 6 | 6 |
Trade receivables - third party and affiliates | 791 | 706 |
Accumulated depreciation | 2,228 | 2,039 |
Property, plant and equipment (net of accumulated depreciation - 2016: $2,228; 2015: $2,039; variable interest entity restricted - 2016: $744; 2015: $772) | 3,578 | 3,609 |
Other assets | 290 | 300 |
Accumulated amortization | 542 | 528 |
Intangible assets (net of accumulated amortization - 2016: $542; 2015: $528; variable interest entity restricted - 2016: $26; 2015: $27) | $ 119 | $ 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 | 24,277,107 | 19,916,490 |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2016: 167,476,602 issued and 143,199,495 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 | 167,476,602 | 166,698,787 |
Common stock, shares outstanding | 143,199,495 | 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 | $ 22 | $ 7 |
Trade receivables - third party and affiliates | 5 | 6 |
Property, plant and equipment (net of accumulated depreciation - 2016: $2,228; 2015: $2,039; variable interest entity restricted - 2016: $744; 2015: $772) | 744 | 772 |
Other assets | 9 | 13 |
Intangible assets (net of accumulated amortization - 2016: $542; 2015: $528; variable interest entity restricted - 2016: $26; 2015: $27) | $ 26 | $ 27 |
Unaudited Interim Consolidated6
Unaudited Interim Consolidated Statement Equity - 9 months ended Sep. 30, 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) | |
Stock option exercises, shares | 93,520 | ||||||
Stock option exercises, net of tax | $ 0 | 3 | |||||
Purchases of treasury stock, shares | (4,360,617) | ||||||
Purchases of treasury stock, including related fees | $ 0 | ||||||
Stock awards, shares | 684,295 | ||||||
Stock awards | $ 0 | ||||||
Purchases of treasury stock, shares | 4,360,617 | 4,360,617 | |||||
Purchases of treasury stock, including related fees | $ (300) | $ (300) | |||||
Stock-based compensation, net of tax | 1 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 740 | 740 | |||||
Series A common stock dividends | (150) | ||||||
Other comprehensive income (loss), net of tax | 38 | 38 | |||||
Balance as of the end of the period, shares at Sep. 30, 2016 | 143,199,495 | 24,277,107 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest at Dec. 31, 2015 | 451 | $ 451 | |||||
Net earnings (loss) attributable to noncontrolling interests | 5 | 5 | |||||
(Distributions to) contributions from noncontrolling interests | (15) | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest at Sep. 30, 2016 | 441 | $ 441 | |||||
Total Celanese Corporation stockholders' equity at Sep. 30, 2016 | 2,710 | $ 0 | $ (1,331) | $ 140 | $ 4,211 | $ (310) | |
Balance as of the end of the period at Sep. 30, 2016 | $ 3,151 |
Unaudited Interim Consolidated7
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Activities | ||
Net earnings (loss) | $ 745 | $ 586 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | ||
Asset impairments | 1 | 1 |
Depreciation, amortization and accretion | 223 | 257 |
Pension and postretirement net periodic benefit cost | (40) | (37) |
Pension and postretirement contributions | (38) | (53) |
Deferred income taxes, net | 39 | 4 |
(Gain) loss on disposition of businesses and assets, net | 1 | 7 |
Stock-based compensation | 23 | 32 |
Undistributed earnings in unconsolidated affiliates | 2 | (16) |
Other, net | 11 | 6 |
Operating cash provided by (used in) discontinued operations | 0 | 3 |
Changes in operating assets and liabilities | ||
Trade receivables - third party and affiliates, net | (82) | (16) |
Inventories | 36 | 20 |
Other assets | 53 | 13 |
Trade payables - third party and affiliates | 16 | (98) |
Other liabilities | (50) | 17 |
Net cash provided by (used in) operating activities | 940 | 726 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (186) | (168) |
Acquisitions, net of cash acquired | 0 | (3) |
Proceeds from sale of businesses and assets, net | 8 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | (263) |
Other, net | (14) | (27) |
Net cash provided by (used in) investing activities | (192) | (461) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (347) | 346 |
Proceeds from short-term borrowings | 39 | 40 |
Repayments of short-term borrowings | (76) | (60) |
Proceeds from long-term debt | 1,509 | 0 |
Repayments of long-term debt | (1,095) | (18) |
Purchases of treasury stock, including related fees | (300) | (420) |
Stock option exercises | 3 | 2 |
Series A common stock dividends | (150) | (131) |
(Distributions to) contributions from noncontrolling interests | (15) | 187 |
Other, net | (35) | (10) |
Net cash provided by (used in) financing activities | (467) | (64) |
Exchange rate effects on cash and cash equivalents | 4 | (29) |
Net increase (decrease) in cash and cash equivalents | 285 | 172 |
Cash and cash equivalents as of beginning of period | 967 | 780 |
Cash and cash equivalents as of end of period | $ 1,252 | $ 952 |
Description of the Company and
Description of the Company and Basis of Presentation | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 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. Goodwill and Other Intangible Assets The Company assesses the recoverability of the carrying amount of its reporting unit goodwill either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. In connection with the Company's annual goodwill impairment assessment, the Company did not record an impairment loss to goodwill during the nine months ended September 30, 2016 as the estimated fair value for each of the Company's reporting units exceeded the carrying amount of the underlying assets by a substantial margin. The Company assesses the recoverability of the carrying amount of its indefinite-lived intangible assets either qualitatively or by utilizing the relief from royalty method under the income approach annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. In connection with the Company's annual indefinite-lived intangible assets impairment assessment, the Company did not record an impairment loss to indefinite-lived intangible assets during the nine months ended September 30, 2016 as the estimated fair value of each of the Company's indefinite-lived intangible assets exceeded the carrying value of the underlying assets by a substantial margin. The Company's trademarks and trade names have an indefinite life. For the nine months ended September 30, 2016, the Company did not renew or extend any intangible assets. 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 | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-15, Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 clarifies the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently assessing the potential impact of ASU 2016-15 on its financial statements and related disclosures. In March 2016, the FASB issued 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 does not expect the adoption of ASU 2016-09 to have a material impact 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 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 as of March 31, 2016 of $68 million and $30 million , respectively. Prior periods were not adjusted. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") . 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. Since that date, the FASB has issued additional ASUs clarifying certain aspects of ASU 2014-09. The core principle of ASU 2014-09 was not changed by the additional guidance. The Company is currently assessing the potential impact of adopting ASU 2014-09 on its financial statements and related disclosures. |
Ventures and Variable Interest
Ventures and Variable Interest Entities | 9 Months Ended |
Sep. 30, 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 22 7 Trade receivables, net - third party & affiliate 10 12 Property, plant and equipment (net of accumulated depreciation - 2016: $40; 2015: $10) 744 772 Intangible assets (net of accumulated amortization - 2016: $1; 2015: $0) 26 27 Other assets 9 13 Total assets (1) 811 831 Trade payables 15 9 Other liabilities (2) 3 5 Long-term debt 5 5 Deferred income taxes 2 2 Total liabilities 25 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 September 30, 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 65 73 Trade payables 51 47 Current installments of long-term debt 11 10 Long-term debt 97 109 Total liabilities 159 166 Maximum exposure to loss 250 268 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 | 9 Months Ended |
Sep. 30, 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 34 30 Gross unrealized gain — — Gross unrealized loss — — Fair value 34 30 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories As of As of (In $ millions) Finished goods 477 498 Work-in-process 43 43 Raw materials and supplies 132 141 Total 652 682 |
Current Other Liabilities
Current Other Liabilities | 9 Months Ended |
Sep. 30, 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 40 45 Derivatives ( Note 14 ) 1 2 Environmental ( Note 10 ) 15 11 Insurance 6 10 Interest 17 16 Restructuring ( Note 12 ) 20 30 Salaries and benefits 88 109 Sales and use tax/foreign withholding tax payable 24 13 Uncertain tax positions ( Note 13 ) — — Other 49 53 Total 299 330 |
Noncurrent Other Liabilities
Noncurrent Other Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Other Liabilities, Noncurrent [Abstract] | |
Noncurrent Other Liabilities | Noncurrent Other Liabilities As of As of (In $ millions) Asset retirement obligations 22 26 Deferred proceeds 43 43 Deferred revenue 10 13 Environmental ( Note 10 ) 54 61 Income taxes payable 6 7 Insurance 46 50 Other 40 47 Total 221 247 |
Debt
Debt | 9 Months Ended |
Sep. 30, 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 19 56 Short-term borrowings, including amounts due to affiliates (1) 73 52 Revolving credit facility (2) — 350 Accounts receivable securitization facility (3) — 55 Total 92 513 ______________________________ (1) The weighted average interest rate was 3.0% and 3.3% as of September 30, 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 (1) — 30 Senior credit facilities - Term C-3 loan due 2018 (2) — 878 Senior unsecured term loan due 2021 (3) 500 — Senior unsecured notes due 2019, interest rate of 3.250% 335 327 Senior unsecured notes due 2021, interest rate of 5.875% 400 400 Senior unsecured notes due 2022, interest rate of 4.625% 500 500 Senior unsecured notes due 2023, interest rate of 1.125% 835 — Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 5.70% to 6.70% — 169 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 224 238 Subtotal 2,964 2,542 Unamortized debt issuance costs (4) (22 ) (18 ) Current installments of long-term debt (19 ) (56 ) Total 2,923 2,468 ______________________________ (1) The margin for borrowings under the Term C-2 loan facility was 2.0% above the Euro Interbank Offered Rate ("EURIBOR"). (2) 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. (3) The margin for borrowings under the senior unsecured term loan due 2021 was 1.5% above LIBOR. (4) Related to the Company's long-term debt, excluding obligations under capital leases. Senior Credit Facilities On July 15, 2016, Celanese, Celanese US and certain subsidiaries entered into a new senior credit agreement ("New Credit Agreement") consisting of a $500 million senior unsecured term loan and a $1.0 billion senior unsecured revolving credit facility (with a letter of credit sublimit), each maturing in 2021. The proceeds from the new senior unsecured term loan and $409 million of borrowings under the new senior unsecured revolving credit facility were used to repay the Company's Term C-2 and C-3 loans under its existing senior secured credit facilities. The New Credit Agreement is guaranteed by Celanese, Celanese US and substantially all of its domestic subsidiaries (the "Subsidiary Guarantors"). In connection with entering into the New Credit Agreement, the Company recorded deferred financing costs of $5 million during the three months ended September 30, 2016, which are being amortized through 2021. The Company accelerated amortization of deferred financing costs and other expenses of $4 million related to the senior secured credit facilities, which are included in Refinancing expense in the unaudited interim consolidated statements of operations during the three months ended September 30, 2016. The Company's debt balances and amounts available for borrowing under its senior unsecured revolving credit facility are as follows: As of (In $ millions) Revolving Credit Facility Borrowings outstanding (1) — Letters of credit issued — Available for borrowing (2) 1,000 ______________________________ (1) The Company borrowed $409 million and repaid $411 million under its new senior unsecured revolving credit facility during the three months ended September 30, 2016. The Company borrowed $245 million and repaid $595 million under its previous secured revolving credit facility during the nine months ended September 30, 2016 . (2) The margin for borrowings under the senior unsecured revolving credit facility was 1.5% above LIBOR. Senior Notes The Company has outstanding senior unsecured notes, issued in public offerings registered under the Securities Act of 1933 ("Securities Act"), as amended (collectively, the "Senior Notes"). The Senior Notes were issued by Celanese US and are guaranteed by Celanese and the Subsidiary Guarantors. On September 26, 2016, Celanese US completed an offering of €750 million in principal amount of 1.125% senior unsecured notes due September 26, 2023 (the "1.125% Notes") in a public offering registered under the Securities Act. The 1.125% Notes were issued under a base indenture dated May 6, 2011. The 1.125% Notes were issued at a discount to par at a price of 99.713% , which is being amortized to Interest expense in the unaudited interim consolidated statements of operations over the term of the 1.125% Notes. Net proceeds from the sale of the 1.125% Notes were used to repay $411 million of outstanding borrowings under the new senior unsecured revolving credit facility and for general corporate purposes. Deferred financing costs of $6 million were recorded during the three months ended September 30, 2016 , which are being amortized over the term of the 1.125% Notes. Pollution Control and Industrial Revenue Bonds On March 3, 2016, the State of Wisconsin Public Finance Authority completed an offering of pollution control and industrial revenue 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. 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 expenses of $2 million related to the refinancing, which are included in Refinancing expense in the unaudited interim consolidated statements of operations. Accounts Receivable Securitization Facility The Company has a US accounts receivable securitization facility involving receivables of certain of its domestic subsidiaries of the Company transferred to a wholly-owned, "bankruptcy remote" special purpose subsidiary of the Company ("SPE"). The securitization facility, which permits cash borrowings and letters of credit, was scheduled to expire on August 28, 2016, but may be extended for successive one year terms by agreement of the parties. All of the SPE's assets have been pledged to the administrative agent in support of the SPE's obligations under the facility. On July 8, 2016, certain of the Company's subsidiaries entered into an amendment of the accounts receivable securitization facility ("Amendment"), extending its maturity to July 2019 and decreasing the available amount to $120 million . The Company's debt balances and amounts available for borrowing under its securitization facility are as follows: As of (In $ millions) Accounts Receivable Securitization Facility Borrowings outstanding (1) — Letters of credit issued 52 Available for borrowing 53 Total borrowing base 105 Maximum borrowing base (2) 120 ______________________________ (1) The Company repaid $55 million during the nine months ended September 30, 2016 . (2) Outstanding accounts receivable transferred to the SPE was $154 million . Covenants The Company's material financing arrangements contain customary covenants, including the maintenance of certain financial ratios, events of default and change of control provisions. 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. The Company is in compliance with all of the covenants related to its debt agreements as of September 30, 2016 . |
Benefit Obligations
Benefit Obligations | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Pension Post-retirement Pension Post-retirement Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 2 — 4 — 6 — 10 1 Interest cost 28 1 34 1 84 2 105 2 Expected return on plan assets (44 ) — (53 ) — (132 ) — (158 ) — Recognized actuarial (gain) loss — — — — — — — 1 Amortization of prior service cost (credit), net — (1 ) — — — (3 ) — — Special termination benefit — — 1 — 3 — 2 — Total (14 ) — (14 ) 1 (39 ) (1 ) (41 ) 4 Benefit obligation funding is as follows: As of Total Expected 2016 (In $ millions) Cash contributions to defined benefit pension plans 18 23 Benefit payments to nonqualified pension plans 17 22 Benefit payments to other postretirement benefit plans 3 4 Cash contributions to German multiemployer defined benefit pension plans (1) 5 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 | 9 Months Ended |
Sep. 30, 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, establish standards for the treatment, storage and disposal of solid and hazardous wastes, and impose record keeping and notification requirements. Failure to timely comply with these laws and regulations may expose the Company to penalties. The Company believes that it is in substantial compliance with all applicable environmental laws and regulations and engages in an on going process of updating its controls to mitigate compliance risks. 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 12 13 Other environmental remediation reserves 2 2 Total 69 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 EPA's Record of 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 | 9 Months Ended |
Sep. 30, 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 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 April 2016 20 0.36 1.44 May 2016 Treasury Stock Nine Months Ended Total From 2016 2015 Shares repurchased 4,360,617 6,640,601 31,668,413 Average purchase price per share $ 68.80 $ 63.31 $ 51.64 Cash paid for repurchased shares (in millions) $ 300 $ 420 $ 1,635 Aggregate Board of Directors repurchase authorizations during the period (in millions) (1) $ — $ 1,000 $ 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 September 30, 2016 2015 Gross Amount Income Tax (Provision) Benefit Net Amount Gross Amount Income Tax (Provision) Benefit Net (In $ millions) Unrealized gain (loss) on marketable securities (1 ) — (1 ) 1 — 1 Foreign currency translation (2 ) (6 ) (8 ) (8 ) (3 ) (11 ) Gain (loss) on cash flow hedges — — — (1 ) — (1 ) Pension and postretirement benefits — — — — — — Total (3 ) (6 ) (9 ) (8 ) (3 ) (11 ) Nine Months Ended September 30, 2016 2015 Gross Income Net Gross Income Net (In $ millions) Unrealized gain (loss) on marketable securities — — — 1 (1 ) — Foreign currency translation 51 (13 ) 38 (125 ) (5 ) (130 ) Gain (loss) on cash flow hedges 1 — 1 3 (1 ) 2 Pension and postretirement benefits (1 ) — (1 ) — 1 1 Total 51 (13 ) 38 (121 ) (6 ) (127 ) 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 — 51 1 — 52 Amounts reclassified from accumulated other comprehensive income (loss) — — — (1 ) (1 ) Income tax (provision) benefit — (13 ) — — (13 ) As of September 30, 2016 1 (301 ) (1 ) (9 ) (310 ) |
Other (Charges) Gains, Net
Other (Charges) Gains, Net | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Other (Charges) Gains, Net | Other (Charges) Gains, Net Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In $ millions) Employee termination benefits (3 ) (6 ) (11 ) (1) (20 ) Asset impairments — (1 ) (1 ) (1 ) Commercial disputes — 3 — 2 Total (3 ) (4 ) (12 ) (19 ) ______________________________ (1) Includes $3 million of special termination benefits included in Benefit obligations in the unaudited consolidated balance sheets. 2016 During the nine months ended September 30, 2016 and 2015, the Company recorded $11 million and $20 million , respectively, of employee termination benefits primarily related to the Company's ongoing efforts to align its businesses around its core value drivers. 2015 During the three months ended September 30, 2015, the Company recorded $6 million and $4 million , respectively, in accelerated depreciation related to the Company's vinyl acetate ethylene ("VAE") emulsions unit in Meredosia, Illinois and its VAE and conventional emulsions units in Tarragona, Spain. The accelerated depreciation is included in Cost of sales in the unaudited interim consolidated statements of operations and is included in the Company's Industrial Specialties segment. During the nine months ended September 30, 2015, the Company also recorded $39 million in accelerated depreciation expense related to property, plant and equipment no longer in use at the Company's ethanol technology development unit in Clear Lake, Texas. The Company believes that further development of its ethanol technology can be achieved through the utilization of other existing assets. The accelerated depreciation is included in Research and development expenses in the unaudited interim consolidated statements of operations and is included in the Company's 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 1 3 8 Cash payments (2 ) (5 ) (6 ) (1 ) (4 ) (18 ) Other changes — — — — — — Exchange rate changes — — — — — — As of September 30, 2016 2 10 2 1 5 20 Other Plant/Office Closures As of December 31, 2015 — — — — — — Additions — — — — — — Cash payments — — — — — — Other changes — — — — — — Exchange rate changes — — — — — — As of September 30, 2016 — — — — — — Total 2 10 2 1 5 20 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In percentages) Effective income tax rate 5 33 15 22 The lower effective income tax rate for the three and nine months ended September 30, 2016 compared to the same period in 2015 is primarily due to remeasurement of prior year tax positions due to audit closures and technical clarifications in certain jurisdictions of $52 million . For the nine months ended September 30, 2016 , the Company's uncertain tax positions decreased $61 million , primarily due to audit closures in the US and in certain foreign jurisdictions. The Company's US tax returns for the years 2009 through 2012 are currently under audit by the US Internal Revenue Service and certain of the Company's subsidiaries are under audit in jurisdictions outside of the US. In connection with the Company's US federal income tax audit for 2009 and 2010, the Company has received $192 million of proposed pre-tax adjustments related to various intercompany charges. In the event the Company is wholly unsuccessful in its defense, an actual tax assessment would result in the consumption of up to $67 million of prior foreign tax credit carryforwards. The Company believes these proposed adjustments to be without merit and is vigorously defending its position. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Cash Flow Hedges 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 nine months ended September 30, 2015 . Net Investment Hedges The Company uses derivative instruments, such as foreign currency forwards, and non-derivative financial instruments, such as foreign currency denominated debt, that may give rise to foreign currency transaction gains or losses to hedge the foreign currency exposure of net investments in foreign operations. Accordingly, the effective portion of gains and losses from remeasurement of derivative and non-derivative financial instruments is included in foreign currency translation within Accumulated other comprehensive income (loss), net in the unaudited consolidated balance sheets. Gains and losses are reclassified to earnings in the period the hedged investment is sold or liquidated. The total notional amount of foreign currency denominated debt designated as a net investment hedge of net investments in foreign operations are as follows: As of As of (In € millions) Total 940 328 Derivatives Not Designated As Hedges Foreign Currency Forwards and Swaps Gross notional values of the foreign currency forwards and swaps not designated as hedges are as follows: As of As of (In $ millions) Total 490 502 No significant changes in the fair value of the Company's derivative and non-derivative instruments occurred during the three months ended September 30, 2016 and 2015 . Information regarding changes in the fair value of the Company's derivative and non-derivative instruments during the nine months ended September 30, 2016 and 2015 is as follows: Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Nine Months Ended September 30, 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 Foreign currency denominated debt ( Note 8 ) 2 28 — — N/A Total 2 28 — — Not Designated as Hedges Foreign currency forwards and swaps — — 12 (68 ) Foreign exchange gain (loss), net; Other income (expense), net Total — — 12 (68 ) See Note 15 - Fair Value Measurements for further information regarding the fair value of the Company's derivative instruments. Certain of the Company's commodity swaps and 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 5 2 Gross amount offset in the consolidated balance sheets 1 — Net amount presented in the consolidated balance sheets 4 2 Gross amount not offset in the consolidated balance sheets 1 — Net amount 3 2 As of As of (In $ millions) Derivative Liabilities Gross amount recognized 2 2 Gross amount offset in the consolidated balance sheets 1 — Net amount presented in the consolidated balance sheets 1 2 Gross amount not offset in the consolidated balance sheets 1 — Net amount — 2 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 commodity 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 spot 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 commodity 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 September 30, 2016 Derivatives Designated as Cash Flow Hedges Commodity swaps — 1 1 Current Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 3 3 Current Other assets Total assets — 4 4 Designated as Net Investment Hedges Foreign currency denominated debt (1) — — — Long-term debt Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (1 ) (1 ) Current Other liabilities Total liabilities — (1 ) (1 ) 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 Foreign currency denominated debt (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 September 30, 2016 Cost investments 148 — — — Insurance contracts in nonqualified trusts 49 49 — 49 Long-term debt, including current installments of long-term debt 2,964 2,910 224 3,134 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 September 30, 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2016 are $74 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 September 30, 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 September 30, 2016 , the Company had unconditional purchase obligations of $2.6 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 the outcomes from these matters would be material to our results of operations, cash flows or financial position. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 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 September 30, 2016 Net sales 365 225 245 (1) 589 (1) — (101 ) 1,323 Other (charges) gains, net ( Note 12 ) — (1 ) — (1 ) (1 ) — (3 ) Operating profit (loss) 93 68 25 83 (23 ) — 246 Equity in net earnings (loss) of affiliates 33 1 — 1 6 — 41 Depreciation and amortization 22 12 9 27 2 — 72 Capital expenditures 14 11 15 17 3 — 60 (2) Three Months Ended September 30, 2015 Net sales 326 247 274 (1) 680 (1) — (114 ) 1,413 Other (charges) gains, net ( Note 12 ) (2 ) — — — (2 ) — (4 ) Operating profit (loss) 58 77 19 54 (22 ) — 186 Equity in net earnings (loss) of affiliates 43 1 — 2 4 — 50 Depreciation and amortization 26 15 20 17 2 — 80 Capital expenditures 17 13 13 52 2 — 97 (2) ______________________________ (1) Net sales for Acetyl Intermediates and Industrial Specialties include intersegment sales of $100 million and $1 million , respectively, for the three months ended September 30, 2016 and $114 million and $0 million , respectively, for the three months ended September 30, 2015 . (2) Includes an increase in accrued capital expenditures of $2 million and a decrease of $7 million for the three months ended September 30, 2016 and 2015 , respectively. Advanced Engineered Materials Consumer Specialties Industrial Specialties Acetyl Intermediates Other Activities Eliminations Consolidated (In $ millions) Nine Months Ended September 30, 2016 Net sales 1,080 704 760 (1) 1,844 (1) — (310 ) 4,078 Other (charges) gains, net ( Note 12 ) (2 ) (1 ) (3 ) (2 ) (4 ) — (12 ) Operating profit (loss) 263 226 85 274 (73 ) 1 776 Equity in net earnings (loss) of affiliates 91 2 — 4 17 — 114 Depreciation and amortization 71 34 25 81 7 — 218 Capital expenditures 52 29 45 40 8 — 174 (2) As of September 30, 2016 Goodwill and intangible assets, net 340 250 47 194 — — 831 Total assets 2,476 1,475 790 2,431 1,585 — 8,757 Nine Months Ended September 30, 2015 Net sales 1,015 723 843 (1) 2,100 (1) — (341 ) 4,340 Other (charges) gains, net ( Note 12 ) (6 ) (1 ) (2 ) (2 ) (8 ) — (19 ) Operating profit (loss) 184 216 76 239 (84 ) — 631 Equity in net earnings (loss) of affiliates 117 2 — 4 15 — 138 Depreciation and amortization 75 38 39 (3) 93 (3) 7 — 252 Capital expenditures 50 50 32 260 4 — 396 (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 and Industrial Specialties include intersegment sales of $308 million and $2 million , respectively, for the nine months ended September 30, 2016 and $341 million and $0 million , respectively, for the nine months ended September 30, 2015 . (2) Includes a decrease in accrued capital expenditures of $12 million and $35 million for the nine months ended September 30, 2016 and 2015 , respectively. (3) See Note 12 - Other (Charges) Gains, Net for further information. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 265 161 742 604 Earnings (loss) from discontinued operations (3 ) — (2 ) (2 ) Net earnings (loss) 262 161 740 602 Weighted average shares - basic 144,005,098 149,800,029 145,959,821 152,153,057 Incremental shares attributable to equity awards 596,367 1,204,052 625,739 1,267,392 Weighted average shares - diluted 144,601,465 151,004,081 146,585,560 153,420,449 During the three and nine months ended September 30, 2016 , there were no anti-dilutive equity awards excluded from the computation of diluted net earnings per share. During the same periods in 2015, there were 15,079 and 45,393 equity award shares, respectively, excluded from the computation of diluted net earnings per share. |
Consolidating Guarantor Financi
Consolidating Guarantor Financial Information | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 September 30, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 544 1,052 (273 ) 1,323 Cost of sales — — (414 ) (824 ) 270 (968 ) Gross profit — — 130 228 (3 ) 355 Selling, general and administrative expenses — — (19 ) (62 ) — (81 ) Amortization of intangible assets — — (1 ) (2 ) — (3 ) Research and development expenses — — (8 ) (12 ) — (20 ) Other (charges) gains, net — — — (3 ) — (3 ) Foreign exchange gain (loss), net — — — (1 ) — (1 ) Gain (loss) on disposition of businesses and assets, net — — (3 ) 2 — (1 ) Operating profit (loss) — — 99 150 (3 ) 246 Equity in net earnings (loss) of affiliates 262 250 169 36 (676 ) 41 Interest expense — (5 ) (20 ) (7 ) 4 (28 ) Refinancing expense — (4 ) — — — (4 ) Interest income — 3 — 1 (4 ) — Dividend income - cost investments — — — 26 — 26 Other income (expense), net — — 1 (1 ) — — Earnings (loss) from continuing operations before tax 262 244 249 205 (679 ) 281 Income tax (provision) benefit — 18 (23 ) (11 ) 1 (15 ) Earnings (loss) from continuing operations 262 262 226 194 (678 ) 266 Earnings (loss) from operation of discontinued operations — — (2 ) (2 ) — (4 ) Income tax (provision) benefit from discontinued operations — — — 1 — 1 Earnings (loss) from discontinued operations — — (2 ) (1 ) — (3 ) Net earnings (loss) 262 262 224 193 (678 ) 263 Net (earnings) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Net earnings (loss) attributable to Celanese Corporation 262 262 224 192 (678 ) 262 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended September 30, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 553 1,119 (259 ) 1,413 Cost of sales — — (424 ) (974 ) 288 (1,110 ) Gross profit — — 129 145 29 303 Selling, general and administrative expenses — — (22 ) (71 ) — (93 ) Amortization of intangible assets — — (1 ) (2 ) — (3 ) Research and development expenses — — (9 ) (10 ) — (19 ) Other (charges) gains, net — — 1 (5 ) — (4 ) Foreign exchange gain (loss), net — — — 3 — 3 Gain (loss) on disposition of businesses and assets, net — — (2 ) 1 — (1 ) Operating profit (loss) — — 96 61 29 186 Equity in net earnings (loss) of affiliates 161 173 77 47 (408 ) 50 Interest expense — (23 ) (2 ) (8 ) 4 (29 ) Refinancing expense — — — — — — Interest income — 2 — 2 (4 ) — Dividend income - cost investments — — — 26 — 26 Other income (expense), net — (1 ) 1 (8 ) — (8 ) Earnings (loss) from continuing operations before tax 161 151 172 120 (379 ) 225 Income tax (provision) benefit — 10 (30 ) (45 ) (9 ) (74 ) Earnings (loss) from continuing operations 161 161 142 75 (388 ) 151 Earnings (loss) from operation of discontinued operations — — — — — — Income tax (provision) benefit from discontinued operations — — — — — — Earnings (loss) from discontinued operations — — — — — — Net earnings (loss) 161 161 142 75 (388 ) 151 Net (earnings) loss attributable to noncontrolling interests — — — 10 — 10 Net earnings (loss) attributable to Celanese Corporation 161 161 142 85 (388 ) 161 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 1,663 3,264 (849 ) 4,078 Cost of sales — — (1,270 ) (2,580 ) 855 (2,995 ) Gross profit — — 393 684 6 1,083 Selling, general and administrative expenses — — (41 ) (191 ) — (232 ) Amortization of intangible assets — — (3 ) (4 ) — (7 ) Research and development expenses — — (24 ) (34 ) — (58 ) Other (charges) gains, net — — (1 ) (11 ) — (12 ) Foreign exchange gain (loss), net — — — 1 — 1 Gain (loss) on disposition of businesses and assets, net — — (6 ) 7 — 1 Operating profit (loss) — — 318 452 6 776 Equity in net earnings (loss) of affiliates 740 742 472 107 (1,947 ) 114 Interest expense — (11 ) (71 ) (21 ) 12 (91 ) Refinancing expense — (4 ) (2 ) — — (6 ) Interest income — 7 2 4 (12 ) 1 Dividend income - cost investments — — — 82 — 82 Other income (expense), net — (1 ) 1 (2 ) — (2 ) Earnings (loss) from continuing operations before tax 740 733 720 622 (1,941 ) 874 Income tax (provision) benefit — 7 (63 ) (70 ) (1 ) (127 ) Earnings (loss) from continuing operations 740 740 657 552 (1,942 ) 747 Earnings (loss) from operation of discontinued operations — — (2 ) (1 ) — (3 ) Income tax (provision) benefit from discontinued operations — — — 1 — 1 Earnings (loss) from discontinued operations — — (2 ) — — (2 ) Net earnings (loss) 740 740 655 552 (1,942 ) 745 Net (earnings) loss attributable to noncontrolling interests — — — (5 ) — (5 ) Net earnings (loss) attributable to Celanese Corporation 740 740 655 547 (1,942 ) 740 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 1,885 3,426 (971 ) 4,340 Cost of sales — — (1,329 ) (2,969 ) 1,017 (3,281 ) Gross profit — — 556 457 46 1,059 Selling, general and administrative expenses — — (75 ) (222 ) — (297 ) Amortization of intangible assets — — (4 ) (5 ) — (9 ) Research and development expenses — — (68 ) (30 ) — (98 ) Other (charges) gains, net — — (2 ) (17 ) — (19 ) Foreign exchange gain (loss), net — — — 3 — 3 Gain (loss) on disposition of businesses and assets, net — — (5 ) (3 ) — (8 ) Operating profit (loss) — — 402 183 46 631 Equity in net earnings (loss) of affiliates 602 696 283 122 (1,565 ) 138 Interest expense — (107 ) (15 ) (28 ) 64 (86 ) Refinancing expense — — — — — — Interest income — 15 39 11 (64 ) 1 Dividend income - cost investments — — — 80 — 80 Other income (expense), net — (1 ) 2 (7 ) — (6 ) Earnings (loss) from continuing operations before tax 602 603 711 361 (1,519 ) 758 Income tax (provision) benefit — (1 ) (112 ) (46 ) (11 ) (170 ) Earnings (loss) from continuing operations 602 602 599 315 (1,530 ) 588 Earnings (loss) from operation of discontinued operations — — (3 ) — — (3 ) Income tax (provision) benefit from discontinued operations — — 1 — — 1 Earnings (loss) from discontinued operations — — (2 ) — — (2 ) Net earnings (loss) 602 602 597 315 (1,530 ) 586 Net (earnings) loss attributable to noncontrolling interests — — — 16 — 16 Net earnings (loss) attributable to Celanese Corporation 602 602 597 331 (1,530 ) 602 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 262 262 224 193 (678 ) 263 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities (1 ) (1 ) — (1 ) 2 (1 ) Foreign currency translation (8 ) (8 ) (8 ) (4 ) 20 (8 ) Gain (loss) on cash flow hedges — — — — — — Pension and postretirement benefits — — — — — — Total other comprehensive income (loss), net of tax (9 ) (9 ) (8 ) (5 ) 22 (9 ) Total comprehensive income (loss), net of tax 253 253 216 188 (656 ) 254 Comprehensive (income) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Comprehensive income (loss) attributable to Celanese Corporation 253 253 216 187 (656 ) 253 Three Months Ended September 30, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 161 161 142 75 (388 ) 151 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities 1 1 1 1 (3 ) 1 Foreign currency translation (11 ) (11 ) 4 (7 ) 14 (11 ) Gain (loss) on cash flow hedges (1 ) (1 ) (1 ) (1 ) 3 (1 ) Pension and postretirement benefits — — — — — — Total other comprehensive income (loss), net of tax (11 ) (11 ) 4 (7 ) 14 (11 ) Total comprehensive income (loss), net of tax 150 150 146 68 (374 ) 140 Comprehensive (income) loss attributable to noncontrolling interests — — — 10 — 10 Comprehensive income (loss) attributable to Celanese Corporation 150 150 146 78 (374 ) 150 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 740 740 655 552 (1,942 ) 745 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities — — — — — — Foreign currency translation 38 38 28 54 (120 ) 38 Gain (loss) on cash flow hedges 1 1 1 1 (3 ) 1 Pension and postretirement benefits (1 ) (1 ) (1 ) 1 1 (1 ) Total other comprehensive income (loss), net of tax 38 38 28 56 (122 ) 38 Total comprehensive income (loss), net of tax 778 778 683 608 (2,064 ) 783 Comprehensive (income) loss attributable to noncontrolling interests — — — (5 ) — (5 ) Comprehensive income (loss) attributable to Celanese Corporation 778 778 683 603 (2,064 ) 778 Nine Months Ended September 30, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 602 602 597 315 (1,530 ) 586 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities — — — — — — Foreign currency translation (130 ) (130 ) (110 ) (144 ) 384 (130 ) Gain (loss) on cash flow hedges 2 2 5 2 (9 ) 2 Pension and postretirement benefits 1 1 — 4 (5 ) 1 Total other comprehensive income (loss), net of tax (127 ) (127 ) (105 ) (138 ) 370 (127 ) Total comprehensive income (loss), net of tax 475 475 492 177 (1,160 ) 459 Comprehensive (income) loss attributable to noncontrolling interests — — — 16 — 16 Comprehensive income (loss) attributable to Celanese Corporation 475 475 492 193 (1,160 ) 475 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of September 30, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — 2 652 598 — 1,252 Trade receivables - third party and affiliates — — 122 808 (139 ) 791 Non-trade receivables, net 38 545 233 307 (909 ) 214 Inventories, net — — 228 469 (45 ) 652 Deferred income taxes — — — — — — Marketable securities, at fair value — — 34 — — 34 Other assets — 13 15 40 (33 ) 35 Total current assets 38 560 1,284 2,222 (1,126 ) 2,978 Investments in affiliates 2,672 4,181 3,689 764 (10,442 ) 864 Property, plant and equipment, net — — 1,025 2,553 — 3,578 Deferred income taxes — — 153 65 (2 ) 216 Other assets — 705 144 229 (788 ) 290 Goodwill — — 314 398 — 712 Intangible assets, net — — 49 70 — 119 Total assets 2,710 5,446 6,658 6,301 (12,358 ) 8,757 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates — — 136 210 (254 ) 92 Trade payables - third party and affiliates — 1 254 475 (139 ) 591 Other liabilities — 29 174 222 (126 ) 299 Deferred income taxes — — — — — — Income taxes payable — — 574 103 (561 ) 116 Total current liabilities — 30 1,138 1,010 (1,080 ) 1,098 Noncurrent Liabilities Long-term debt — 2,717 822 172 (788 ) 2,923 Deferred income taxes — 27 — 114 (2 ) 139 Uncertain tax positions — — — 111 (10 ) 101 Benefit obligations — — 900 224 — 1,124 Other liabilities — — 76 145 — 221 Total noncurrent liabilities — 2,744 1,798 766 (800 ) 4,508 Total Celanese Corporation stockholders' equity 2,710 2,672 3,722 4,084 (10,478 ) 2,710 Noncontrolling interests — — — 441 — 441 Total equity 2,710 2,672 3,722 4,525 (10,478 ) 3,151 Total liabilities and equity 2,710 5,446 6,658 6,301 (12,358 ) 8,757 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 Nine Months Ended September 30, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 447 437 299 602 (845 ) 940 Investing Activities Capital expenditures on property, plant and equipment — — (100 ) (86 ) — (186 ) Acquisitions, net of cash acquired — — — — — — Proceeds from sale of businesses and assets, net — — 1 7 — 8 Capital expenditures related to Fairway Methanol LLC — — — — — — Return of capital from subsidiary — 145 750 — (895 ) — Contributions to subsidiary — — — — — — Intercompany loan receipts (disbursements) — (283 ) (9 ) 90 202 — Other, net — — (9 ) (5 ) — (14 ) Net cash provided by (used in) investing activities — (138 ) 633 6 (693 ) (192 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — (344 ) 6 — (9 ) (347 ) Proceeds from short-term borrowings — — — 39 — 39 Repayments of short-term borrowings — — — (76 ) — (76 ) Proceeds from long-term debt — 1,589 746 — (826 ) 1,509 Repayments of long-term debt — (1,082 ) (635 ) (11 ) 633 (1,095 ) Purchases of treasury stock, including related fees (300 ) — — — — (300 ) Dividends to parent — (447 ) (398 ) — 845 — Contributions from parent — — — — — — Stock option exercises 3 — — — — 3 Series A common stock dividends (150 ) — — — — (150 ) Return of capital to parent — — — (895 ) 895 — (Distributions to) contributions from noncontrolling interests — — — (15 ) — (15 ) Other, net — (13 ) (20 ) (2 ) — (35 ) Net cash provided by (used in) financing activities (447 ) (297 ) (301 ) (960 ) 1,538 (467 ) Exchange rate effects on cash and cash equivalents — — — 4 — 4 Net increase (decrease) in cash and cash equivalents — 2 631 (348 ) — 285 Cash and cash equivalents as of beginning of period — — 21 946 — 967 Cash and cash equivalents as of end of period — 2 652 598 — 1,252 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 549 507 406 380 (1,116 ) 726 Investing Activities Capital expenditures on property, plant and equipment — — (100 ) (68 ) — (168 ) Acquisitions, net of cash acquired — — (3 ) — — (3 ) Proceeds from sale of businesses and assets, net — — — — — — Capital expenditures related to Fairway Methanol LLC — — (19 ) (244 ) — (263 ) Return of capital from subsidiary — — — — — — Contributions to subsidiary — — (92 ) — 92 — Intercompany loan receipts (disbursements) — (342 ) (29 ) (15 ) 386 — Other, net — — (12 ) (15 ) — (27 ) Net cash provided by (used in) investing activities — (342 ) (255 ) (342 ) 478 (461 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — 374 2 (1 ) (29 ) 346 Proceeds from short-term borrowings — — — 40 — 40 Repayments of short-term borrowings — — — (60 ) — (60 ) Proceeds from long-term debt — 15 345 — (360 ) — Repayments of long-term debt — (7 ) (3 ) (11 ) 3 (18 ) Purchases of treasury stock, including related fees (420 ) — — — — (420 ) Dividends to parent — (547 ) (569 ) — 1,116 — Contributions from parent — — — 92 (92 ) — Stock option exercises 2 — — — — 2 Series A common stock dividends (131 ) — — — — (131 ) Return of capital to parent — — — — — — (Distributions to) contributions from noncontrolling interests — — — 187 — 187 Other, net — — (9 ) (1 ) — (10 ) Net cash provided by (used in) financing activities (549 ) (165 ) (234 ) 246 638 (64 ) Exchange rate effects on cash and cash equivalents — — — (29 ) — (29 ) Net increase (decrease) in cash and cash equivalents — — (83 ) 255 — 172 Cash and cash equivalents as of beginning of period — — 110 670 — 780 Cash and cash equivalents as of end of period — — 27 925 — 952 |
Subsequent Events
Subsequent Events | 9 Months Ended | |
Sep. 30, 2016 | Oct. 13, 2016 | |
Subsequent Event [Line Items] | ||
Subsequent Events [Text Block] | Subsequent Events On October 13, 2016, the Company signed a definitive agreement to purchase 100% of the stock of SO.F.TER. Group, based in Forli, Italy, which includes its comprehensive product portfolio of engineering thermoplastics and thermoplastic elastomers, as well as all of its manufacturing, technology and commercial facilities and customer agreements. The acquisition will be funded from cash on hand or from borrowings under the Company's senior unsecured revolving credit facility. The acquired operations will be included in the Advanced Engineered Materials segment. The Company expects the acquisition to close in the fourth quarter of 2016, subject to regulatory approvals and other customary closing conditions, and does not expect the acquisition to be material to its 2016 financial position or results of operations. | |
So.F.teR. Group [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Description of the Company an28
Description of the Company and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Estimates and Assumptions, Policy [Policy Text Block] | 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. |
Goodwill and Other Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets The Company assesses the recoverability of the carrying amount of its reporting unit goodwill either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. In connection with the Company's annual goodwill impairment assessment, the Company did not record an impairment loss to goodwill during the nine months ended September 30, 2016 as the estimated fair value for each of the Company's reporting units exceeded the carrying amount of the underlying assets by a substantial margin. The Company assesses the recoverability of the carrying amount of its indefinite-lived intangible assets either qualitatively or by utilizing the relief from royalty method under the income approach annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. In connection with the Company's annual indefinite-lived intangible assets impairment assessment, the Company did not record an impairment loss to indefinite-lived intangible assets during the nine months ended September 30, 2016 as the estimated fair value of each of the Company's indefinite-lived intangible assets exceeded the carrying value of the underlying assets by a substantial margin. The Company's trademarks and trade names have an indefinite life. For the nine months ended September 30, 2016, the Company did not renew or extend any intangible assets. |
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 Interes29
Ventures and Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 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 22 7 Trade receivables, net - third party & affiliate 10 12 Property, plant and equipment (net of accumulated depreciation - 2016: $40; 2015: $10) 744 772 Intangible assets (net of accumulated amortization - 2016: $1; 2015: $0) 26 27 Other assets 9 13 Total assets (1) 811 831 Trade payables 15 9 Other liabilities (2) 3 5 Long-term debt 5 5 Deferred income taxes 2 2 Total liabilities 25 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 65 73 Trade payables 51 47 Current installments of long-term debt 11 10 Long-term debt 97 109 Total liabilities 159 166 Maximum exposure to loss 250 268 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 Fai30
Marketable Securities, at Fair Value (Tables) | 9 Months Ended |
Sep. 30, 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 34 30 Gross unrealized gain — — Gross unrealized loss — — Fair value 34 30 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of As of (In $ millions) Finished goods 477 498 Work-in-process 43 43 Raw materials and supplies 132 141 Total 652 682 |
Current Other Liabilities (Tabl
Current Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 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 40 45 Derivatives ( Note 14 ) 1 2 Environmental ( Note 10 ) 15 11 Insurance 6 10 Interest 17 16 Restructuring ( Note 12 ) 20 30 Salaries and benefits 88 109 Sales and use tax/foreign withholding tax payable 24 13 Uncertain tax positions ( Note 13 ) — — Other 49 53 Total 299 330 |
Noncurrent Other Liabilities (T
Noncurrent Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule of Noncurrent Other Liabilities | As of As of (In $ millions) Asset retirement obligations 22 26 Deferred proceeds 43 43 Deferred revenue 10 13 Environmental ( Note 10 ) 54 61 Income taxes payable 6 7 Insurance 46 50 Other 40 47 Total 221 247 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Line of Credit Facility [Line Items] | |
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 19 56 Short-term borrowings, including amounts due to affiliates (1) 73 52 Revolving credit facility (2) — 350 Accounts receivable securitization facility (3) — 55 Total 92 513 ______________________________ (1) The weighted average interest rate was 3.0% and 3.3% as of September 30, 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 (1) — 30 Senior credit facilities - Term C-3 loan due 2018 (2) — 878 Senior unsecured term loan due 2021 (3) 500 — Senior unsecured notes due 2019, interest rate of 3.250% 335 327 Senior unsecured notes due 2021, interest rate of 5.875% 400 400 Senior unsecured notes due 2022, interest rate of 4.625% 500 500 Senior unsecured notes due 2023, interest rate of 1.125% 835 — Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 5.70% to 6.70% — 169 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 224 238 Subtotal 2,964 2,542 Unamortized debt issuance costs (4) (22 ) (18 ) Current installments of long-term debt (19 ) (56 ) Total 2,923 2,468 ______________________________ (1) The margin for borrowings under the Term C-2 loan facility was 2.0% above the Euro Interbank Offered Rate ("EURIBOR"). (2) 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. (3) The margin for borrowings under the senior unsecured term loan due 2021 was 1.5% above LIBOR. (4) Related to the Company's long-term debt, excluding obligations under capital leases. |
Accounts Receivable Securitization Facility [Member] | |
Line of Credit Facility [Line Items] | |
Schedule of Balances Available for Borrowing | The Company's debt balances and amounts available for borrowing under its securitization facility are as follows: As of (In $ millions) Accounts Receivable Securitization Facility Borrowings outstanding (1) — Letters of credit issued 52 Available for borrowing 53 Total borrowing base 105 Maximum borrowing base (2) 120 ______________________________ (1) The Company repaid $55 million during the nine months ended September 30, 2016 . (2) Outstanding accounts receivable transferred to the SPE was $154 million . |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Schedule of Balances Available for Borrowing | The Company's debt balances and amounts available for borrowing under its senior unsecured revolving credit facility are as follows: As of (In $ millions) Revolving Credit Facility Borrowings outstanding (1) — Letters of credit issued — Available for borrowing (2) 1,000 ______________________________ (1) The Company borrowed $409 million and repaid $411 million under its new senior unsecured revolving credit facility during the three months ended September 30, 2016. The Company borrowed $245 million and repaid $595 million under its previous secured revolving credit facility during the nine months ended September 30, 2016 . (2) The margin for borrowings under the senior unsecured revolving credit facility was 1.5% above LIBOR. |
Benefit Obligations (Tables)
Benefit Obligations (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Pension Post-retirement Pension Post-retirement Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 2 — 4 — 6 — 10 1 Interest cost 28 1 34 1 84 2 105 2 Expected return on plan assets (44 ) — (53 ) — (132 ) — (158 ) — Recognized actuarial (gain) loss — — — — — — — 1 Amortization of prior service cost (credit), net — (1 ) — — — (3 ) — — Special termination benefit — — 1 — 3 — 2 — Total (14 ) — (14 ) 1 (39 ) (1 ) (41 ) 4 |
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 18 23 Benefit payments to nonqualified pension plans 17 22 Benefit payments to other postretirement benefit plans 3 4 Cash contributions to German multiemployer defined benefit pension plans (1) 5 8 ______________________________ (1) The Company makes contributions based on specified percentages of employee contributions. |
Environmental (Tables)
Environmental (Tables) | 9 Months Ended |
Sep. 30, 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 12 13 Other environmental remediation reserves 2 2 Total 69 72 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 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 April 2016 20 0.36 1.44 May 2016 |
Schedule of Treasury Stock | Nine Months Ended Total From 2016 2015 Shares repurchased 4,360,617 6,640,601 31,668,413 Average purchase price per share $ 68.80 $ 63.31 $ 51.64 Cash paid for repurchased shares (in millions) $ 300 $ 420 $ 1,635 Aggregate Board of Directors repurchase authorizations during the period (in millions) (1) $ — $ 1,000 $ 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 September 30, 2016 2015 Gross Amount Income Tax (Provision) Benefit Net Amount Gross Amount Income Tax (Provision) Benefit Net (In $ millions) Unrealized gain (loss) on marketable securities (1 ) — (1 ) 1 — 1 Foreign currency translation (2 ) (6 ) (8 ) (8 ) (3 ) (11 ) Gain (loss) on cash flow hedges — — — (1 ) — (1 ) Pension and postretirement benefits — — — — — — Total (3 ) (6 ) (9 ) (8 ) (3 ) (11 ) Nine Months Ended September 30, 2016 2015 Gross Income Net Gross Income Net (In $ millions) Unrealized gain (loss) on marketable securities — — — 1 (1 ) — Foreign currency translation 51 (13 ) 38 (125 ) (5 ) (130 ) Gain (loss) on cash flow hedges 1 — 1 3 (1 ) 2 Pension and postretirement benefits (1 ) — (1 ) — 1 1 Total 51 (13 ) 38 (121 ) (6 ) (127 ) |
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 — 51 1 — 52 Amounts reclassified from accumulated other comprehensive income (loss) — — — (1 ) (1 ) Income tax (provision) benefit — (13 ) — — (13 ) As of September 30, 2016 1 (301 ) (1 ) (9 ) (310 ) |
Other (Charges) Gains, Net (Tab
Other (Charges) Gains, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Other (Charges) Gains, Net | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In $ millions) Employee termination benefits (3 ) (6 ) (11 ) (1) (20 ) Asset impairments — (1 ) (1 ) (1 ) Commercial disputes — 3 — 2 Total (3 ) (4 ) (12 ) (19 ) ______________________________ (1) Includes $3 million of special termination benefits included in Benefit obligations in the unaudited consolidated balance sheets. |
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 1 3 8 Cash payments (2 ) (5 ) (6 ) (1 ) (4 ) (18 ) Other changes — — — — — — Exchange rate changes — — — — — — As of September 30, 2016 2 10 2 1 5 20 Other Plant/Office Closures As of December 31, 2015 — — — — — — Additions — — — — — — Cash payments — — — — — — Other changes — — — — — — Exchange rate changes — — — — — — As of September 30, 2016 — — — — — — Total 2 10 2 1 5 20 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Tax Rate | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In percentages) Effective income tax rate 5 33 15 22 |
Derivative Financial Instrume40
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative [Line Items] | |
Schedule of Changes in Fair Value of Derivatives | in the fair value of the Company's derivative and non-derivative instruments occurred during the three months ended September 30, 2016 and 2015 . Information regarding changes in the fair value of the Company's derivative and non-derivative instruments during the nine months ended September 30, 2016 and 2015 is as follows: Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Nine Months Ended September 30, 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 Foreign currency denominated debt ( Note 8 ) 2 28 — — N/A Total 2 28 — — Not Designated as Hedges Foreign currency forwards and swaps — — 12 (68 ) Foreign exchange gain (loss), net; Other income (expense), net Total — — 12 (68 ) |
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 5 2 Gross amount offset in the consolidated balance sheets 1 — Net amount presented in the consolidated balance sheets 4 2 Gross amount not offset in the consolidated balance sheets 1 — Net amount 3 2 |
Offsetting Liabilities | As of As of (In $ millions) Derivative Liabilities Gross amount recognized 2 2 Gross amount offset in the consolidated balance sheets 1 — Net amount presented in the consolidated balance sheets 1 2 Gross amount not offset in the consolidated balance sheets 1 — Net amount — 2 |
Net Investment Hedging [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Derivative and Nonderivative Instruments | The total notional amount of foreign currency denominated debt designated as a net investment hedge of net investments in foreign operations are as follows: As of As of (In € millions) Total 940 328 |
Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Derivative and Nonderivative Instruments | Gross notional values of the foreign currency forwards and swaps not designated as hedges are as follows: As of As of (In $ millions) Total 490 502 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2016 Derivatives Designated as Cash Flow Hedges Commodity swaps — 1 1 Current Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 3 3 Current Other assets Total assets — 4 4 Designated as Net Investment Hedges Foreign currency denominated debt (1) — — — Long-term debt Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (1 ) (1 ) Current Other liabilities Total liabilities — (1 ) (1 ) 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 Foreign currency denominated debt (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 September 30, 2016 Cost investments 148 — — — Insurance contracts in nonqualified trusts 49 49 — 49 Long-term debt, including current installments of long-term debt 2,964 2,910 224 3,134 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) | 9 Months Ended |
Sep. 30, 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 September 30, 2016 Net sales 365 225 245 (1) 589 (1) — (101 ) 1,323 Other (charges) gains, net ( Note 12 ) — (1 ) — (1 ) (1 ) — (3 ) Operating profit (loss) 93 68 25 83 (23 ) — 246 Equity in net earnings (loss) of affiliates 33 1 — 1 6 — 41 Depreciation and amortization 22 12 9 27 2 — 72 Capital expenditures 14 11 15 17 3 — 60 (2) Three Months Ended September 30, 2015 Net sales 326 247 274 (1) 680 (1) — (114 ) 1,413 Other (charges) gains, net ( Note 12 ) (2 ) — — — (2 ) — (4 ) Operating profit (loss) 58 77 19 54 (22 ) — 186 Equity in net earnings (loss) of affiliates 43 1 — 2 4 — 50 Depreciation and amortization 26 15 20 17 2 — 80 Capital expenditures 17 13 13 52 2 — 97 (2) ______________________________ (1) Net sales for Acetyl Intermediates and Industrial Specialties include intersegment sales of $100 million and $1 million , respectively, for the three months ended September 30, 2016 and $114 million and $0 million , respectively, for the three months ended September 30, 2015 . (2) Includes an increase in accrued capital expenditures of $2 million and a decrease of $7 million for the three months ended September 30, 2016 and 2015 , respectively. Advanced Engineered Materials Consumer Specialties Industrial Specialties Acetyl Intermediates Other Activities Eliminations Consolidated (In $ millions) Nine Months Ended September 30, 2016 Net sales 1,080 704 760 (1) 1,844 (1) — (310 ) 4,078 Other (charges) gains, net ( Note 12 ) (2 ) (1 ) (3 ) (2 ) (4 ) — (12 ) Operating profit (loss) 263 226 85 274 (73 ) 1 776 Equity in net earnings (loss) of affiliates 91 2 — 4 17 — 114 Depreciation and amortization 71 34 25 81 7 — 218 Capital expenditures 52 29 45 40 8 — 174 (2) As of September 30, 2016 Goodwill and intangible assets, net 340 250 47 194 — — 831 Total assets 2,476 1,475 790 2,431 1,585 — 8,757 Nine Months Ended September 30, 2015 Net sales 1,015 723 843 (1) 2,100 (1) — (341 ) 4,340 Other (charges) gains, net ( Note 12 ) (6 ) (1 ) (2 ) (2 ) (8 ) — (19 ) Operating profit (loss) 184 216 76 239 (84 ) — 631 Equity in net earnings (loss) of affiliates 117 2 — 4 15 — 138 Depreciation and amortization 75 38 39 (3) 93 (3) 7 — 252 Capital expenditures 50 50 32 260 4 — 396 (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 and Industrial Specialties include intersegment sales of $308 million and $2 million , respectively, for the nine months ended September 30, 2016 and $341 million and $0 million , respectively, for the nine months ended September 30, 2015 . (2) Includes a decrease in accrued capital expenditures of $12 million and $35 million for the nine months ended September 30, 2016 and 2015 , respectively. (3) See Note 12 - Other (Charges) Gains, Net for further information. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share | Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 265 161 742 604 Earnings (loss) from discontinued operations (3 ) — (2 ) (2 ) Net earnings (loss) 262 161 740 602 Weighted average shares - basic 144,005,098 149,800,029 145,959,821 152,153,057 Incremental shares attributable to equity awards 596,367 1,204,052 625,739 1,267,392 Weighted average shares - diluted 144,601,465 151,004,081 146,585,560 153,420,449 |
Consolidating Guarantor Finan44
Consolidating Guarantor Financial Information (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 544 1,052 (273 ) 1,323 Cost of sales — — (414 ) (824 ) 270 (968 ) Gross profit — — 130 228 (3 ) 355 Selling, general and administrative expenses — — (19 ) (62 ) — (81 ) Amortization of intangible assets — — (1 ) (2 ) — (3 ) Research and development expenses — — (8 ) (12 ) — (20 ) Other (charges) gains, net — — — (3 ) — (3 ) Foreign exchange gain (loss), net — — — (1 ) — (1 ) Gain (loss) on disposition of businesses and assets, net — — (3 ) 2 — (1 ) Operating profit (loss) — — 99 150 (3 ) 246 Equity in net earnings (loss) of affiliates 262 250 169 36 (676 ) 41 Interest expense — (5 ) (20 ) (7 ) 4 (28 ) Refinancing expense — (4 ) — — — (4 ) Interest income — 3 — 1 (4 ) — Dividend income - cost investments — — — 26 — 26 Other income (expense), net — — 1 (1 ) — — Earnings (loss) from continuing operations before tax 262 244 249 205 (679 ) 281 Income tax (provision) benefit — 18 (23 ) (11 ) 1 (15 ) Earnings (loss) from continuing operations 262 262 226 194 (678 ) 266 Earnings (loss) from operation of discontinued operations — — (2 ) (2 ) — (4 ) Income tax (provision) benefit from discontinued operations — — — 1 — 1 Earnings (loss) from discontinued operations — — (2 ) (1 ) — (3 ) Net earnings (loss) 262 262 224 193 (678 ) 263 Net (earnings) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Net earnings (loss) attributable to Celanese Corporation 262 262 224 192 (678 ) 262 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended September 30, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 553 1,119 (259 ) 1,413 Cost of sales — — (424 ) (974 ) 288 (1,110 ) Gross profit — — 129 145 29 303 Selling, general and administrative expenses — — (22 ) (71 ) — (93 ) Amortization of intangible assets — — (1 ) (2 ) — (3 ) Research and development expenses — — (9 ) (10 ) — (19 ) Other (charges) gains, net — — 1 (5 ) — (4 ) Foreign exchange gain (loss), net — — — 3 — 3 Gain (loss) on disposition of businesses and assets, net — — (2 ) 1 — (1 ) Operating profit (loss) — — 96 61 29 186 Equity in net earnings (loss) of affiliates 161 173 77 47 (408 ) 50 Interest expense — (23 ) (2 ) (8 ) 4 (29 ) Refinancing expense — — — — — — Interest income — 2 — 2 (4 ) — Dividend income - cost investments — — — 26 — 26 Other income (expense), net — (1 ) 1 (8 ) — (8 ) Earnings (loss) from continuing operations before tax 161 151 172 120 (379 ) 225 Income tax (provision) benefit — 10 (30 ) (45 ) (9 ) (74 ) Earnings (loss) from continuing operations 161 161 142 75 (388 ) 151 Earnings (loss) from operation of discontinued operations — — — — — — Income tax (provision) benefit from discontinued operations — — — — — — Earnings (loss) from discontinued operations — — — — — — Net earnings (loss) 161 161 142 75 (388 ) 151 Net (earnings) loss attributable to noncontrolling interests — — — 10 — 10 Net earnings (loss) attributable to Celanese Corporation 161 161 142 85 (388 ) 161 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 1,663 3,264 (849 ) 4,078 Cost of sales — — (1,270 ) (2,580 ) 855 (2,995 ) Gross profit — — 393 684 6 1,083 Selling, general and administrative expenses — — (41 ) (191 ) — (232 ) Amortization of intangible assets — — (3 ) (4 ) — (7 ) Research and development expenses — — (24 ) (34 ) — (58 ) Other (charges) gains, net — — (1 ) (11 ) — (12 ) Foreign exchange gain (loss), net — — — 1 — 1 Gain (loss) on disposition of businesses and assets, net — — (6 ) 7 — 1 Operating profit (loss) — — 318 452 6 776 Equity in net earnings (loss) of affiliates 740 742 472 107 (1,947 ) 114 Interest expense — (11 ) (71 ) (21 ) 12 (91 ) Refinancing expense — (4 ) (2 ) — — (6 ) Interest income — 7 2 4 (12 ) 1 Dividend income - cost investments — — — 82 — 82 Other income (expense), net — (1 ) 1 (2 ) — (2 ) Earnings (loss) from continuing operations before tax 740 733 720 622 (1,941 ) 874 Income tax (provision) benefit — 7 (63 ) (70 ) (1 ) (127 ) Earnings (loss) from continuing operations 740 740 657 552 (1,942 ) 747 Earnings (loss) from operation of discontinued operations — — (2 ) (1 ) — (3 ) Income tax (provision) benefit from discontinued operations — — — 1 — 1 Earnings (loss) from discontinued operations — — (2 ) — — (2 ) Net earnings (loss) 740 740 655 552 (1,942 ) 745 Net (earnings) loss attributable to noncontrolling interests — — — (5 ) — (5 ) Net earnings (loss) attributable to Celanese Corporation 740 740 655 547 (1,942 ) 740 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 1,885 3,426 (971 ) 4,340 Cost of sales — — (1,329 ) (2,969 ) 1,017 (3,281 ) Gross profit — — 556 457 46 1,059 Selling, general and administrative expenses — — (75 ) (222 ) — (297 ) Amortization of intangible assets — — (4 ) (5 ) — (9 ) Research and development expenses — — (68 ) (30 ) — (98 ) Other (charges) gains, net — — (2 ) (17 ) — (19 ) Foreign exchange gain (loss), net — — — 3 — 3 Gain (loss) on disposition of businesses and assets, net — — (5 ) (3 ) — (8 ) Operating profit (loss) — — 402 183 46 631 Equity in net earnings (loss) of affiliates 602 696 283 122 (1,565 ) 138 Interest expense — (107 ) (15 ) (28 ) 64 (86 ) Refinancing expense — — — — — — Interest income — 15 39 11 (64 ) 1 Dividend income - cost investments — — — 80 — 80 Other income (expense), net — (1 ) 2 (7 ) — (6 ) Earnings (loss) from continuing operations before tax 602 603 711 361 (1,519 ) 758 Income tax (provision) benefit — (1 ) (112 ) (46 ) (11 ) (170 ) Earnings (loss) from continuing operations 602 602 599 315 (1,530 ) 588 Earnings (loss) from operation of discontinued operations — — (3 ) — — (3 ) Income tax (provision) benefit from discontinued operations — — 1 — — 1 Earnings (loss) from discontinued operations — — (2 ) — — (2 ) Net earnings (loss) 602 602 597 315 (1,530 ) 586 Net (earnings) loss attributable to noncontrolling interests — — — 16 — 16 Net earnings (loss) attributable to Celanese Corporation 602 602 597 331 (1,530 ) 602 |
Schedule of Consolidating Statements of Comprehensive Income (Loss) | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 262 262 224 193 (678 ) 263 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities (1 ) (1 ) — (1 ) 2 (1 ) Foreign currency translation (8 ) (8 ) (8 ) (4 ) 20 (8 ) Gain (loss) on cash flow hedges — — — — — — Pension and postretirement benefits — — — — — — Total other comprehensive income (loss), net of tax (9 ) (9 ) (8 ) (5 ) 22 (9 ) Total comprehensive income (loss), net of tax 253 253 216 188 (656 ) 254 Comprehensive (income) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Comprehensive income (loss) attributable to Celanese Corporation 253 253 216 187 (656 ) 253 Three Months Ended September 30, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 161 161 142 75 (388 ) 151 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities 1 1 1 1 (3 ) 1 Foreign currency translation (11 ) (11 ) 4 (7 ) 14 (11 ) Gain (loss) on cash flow hedges (1 ) (1 ) (1 ) (1 ) 3 (1 ) Pension and postretirement benefits — — — — — — Total other comprehensive income (loss), net of tax (11 ) (11 ) 4 (7 ) 14 (11 ) Total comprehensive income (loss), net of tax 150 150 146 68 (374 ) 140 Comprehensive (income) loss attributable to noncontrolling interests — — — 10 — 10 Comprehensive income (loss) attributable to Celanese Corporation 150 150 146 78 (374 ) 150 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 740 740 655 552 (1,942 ) 745 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities — — — — — — Foreign currency translation 38 38 28 54 (120 ) 38 Gain (loss) on cash flow hedges 1 1 1 1 (3 ) 1 Pension and postretirement benefits (1 ) (1 ) (1 ) 1 1 (1 ) Total other comprehensive income (loss), net of tax 38 38 28 56 (122 ) 38 Total comprehensive income (loss), net of tax 778 778 683 608 (2,064 ) 783 Comprehensive (income) loss attributable to noncontrolling interests — — — (5 ) — (5 ) Comprehensive income (loss) attributable to Celanese Corporation 778 778 683 603 (2,064 ) 778 Nine Months Ended September 30, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 602 602 597 315 (1,530 ) 586 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities — — — — — — Foreign currency translation (130 ) (130 ) (110 ) (144 ) 384 (130 ) Gain (loss) on cash flow hedges 2 2 5 2 (9 ) 2 Pension and postretirement benefits 1 1 — 4 (5 ) 1 Total other comprehensive income (loss), net of tax (127 ) (127 ) (105 ) (138 ) 370 (127 ) Total comprehensive income (loss), net of tax 475 475 492 177 (1,160 ) 459 Comprehensive (income) loss attributable to noncontrolling interests — — — 16 — 16 Comprehensive income (loss) attributable to Celanese Corporation 475 475 492 193 (1,160 ) 475 |
Schedule of Consolidating Balance Sheet | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of September 30, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — 2 652 598 — 1,252 Trade receivables - third party and affiliates — — 122 808 (139 ) 791 Non-trade receivables, net 38 545 233 307 (909 ) 214 Inventories, net — — 228 469 (45 ) 652 Deferred income taxes — — — — — — Marketable securities, at fair value — — 34 — — 34 Other assets — 13 15 40 (33 ) 35 Total current assets 38 560 1,284 2,222 (1,126 ) 2,978 Investments in affiliates 2,672 4,181 3,689 764 (10,442 ) 864 Property, plant and equipment, net — — 1,025 2,553 — 3,578 Deferred income taxes — — 153 65 (2 ) 216 Other assets — 705 144 229 (788 ) 290 Goodwill — — 314 398 — 712 Intangible assets, net — — 49 70 — 119 Total assets 2,710 5,446 6,658 6,301 (12,358 ) 8,757 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates — — 136 210 (254 ) 92 Trade payables - third party and affiliates — 1 254 475 (139 ) 591 Other liabilities — 29 174 222 (126 ) 299 Deferred income taxes — — — — — — Income taxes payable — — 574 103 (561 ) 116 Total current liabilities — 30 1,138 1,010 (1,080 ) 1,098 Noncurrent Liabilities Long-term debt — 2,717 822 172 (788 ) 2,923 Deferred income taxes — 27 — 114 (2 ) 139 Uncertain tax positions — — — 111 (10 ) 101 Benefit obligations — — 900 224 — 1,124 Other liabilities — — 76 145 — 221 Total noncurrent liabilities — 2,744 1,798 766 (800 ) 4,508 Total Celanese Corporation stockholders' equity 2,710 2,672 3,722 4,084 (10,478 ) 2,710 Noncontrolling interests — — — 441 — 441 Total equity 2,710 2,672 3,722 4,525 (10,478 ) 3,151 Total liabilities and equity 2,710 5,446 6,658 6,301 (12,358 ) 8,757 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 Nine Months Ended September 30, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 447 437 299 602 (845 ) 940 Investing Activities Capital expenditures on property, plant and equipment — — (100 ) (86 ) — (186 ) Acquisitions, net of cash acquired — — — — — — Proceeds from sale of businesses and assets, net — — 1 7 — 8 Capital expenditures related to Fairway Methanol LLC — — — — — — Return of capital from subsidiary — 145 750 — (895 ) — Contributions to subsidiary — — — — — — Intercompany loan receipts (disbursements) — (283 ) (9 ) 90 202 — Other, net — — (9 ) (5 ) — (14 ) Net cash provided by (used in) investing activities — (138 ) 633 6 (693 ) (192 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — (344 ) 6 — (9 ) (347 ) Proceeds from short-term borrowings — — — 39 — 39 Repayments of short-term borrowings — — — (76 ) — (76 ) Proceeds from long-term debt — 1,589 746 — (826 ) 1,509 Repayments of long-term debt — (1,082 ) (635 ) (11 ) 633 (1,095 ) Purchases of treasury stock, including related fees (300 ) — — — — (300 ) Dividends to parent — (447 ) (398 ) — 845 — Contributions from parent — — — — — — Stock option exercises 3 — — — — 3 Series A common stock dividends (150 ) — — — — (150 ) Return of capital to parent — — — (895 ) 895 — (Distributions to) contributions from noncontrolling interests — — — (15 ) — (15 ) Other, net — (13 ) (20 ) (2 ) — (35 ) Net cash provided by (used in) financing activities (447 ) (297 ) (301 ) (960 ) 1,538 (467 ) Exchange rate effects on cash and cash equivalents — — — 4 — 4 Net increase (decrease) in cash and cash equivalents — 2 631 (348 ) — 285 Cash and cash equivalents as of beginning of period — — 21 946 — 967 Cash and cash equivalents as of end of period — 2 652 598 — 1,252 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2015 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 549 507 406 380 (1,116 ) 726 Investing Activities Capital expenditures on property, plant and equipment — — (100 ) (68 ) — (168 ) Acquisitions, net of cash acquired — — (3 ) — — (3 ) Proceeds from sale of businesses and assets, net — — — — — — Capital expenditures related to Fairway Methanol LLC — — (19 ) (244 ) — (263 ) Return of capital from subsidiary — — — — — — Contributions to subsidiary — — (92 ) — 92 — Intercompany loan receipts (disbursements) — (342 ) (29 ) (15 ) 386 — Other, net — — (12 ) (15 ) — (27 ) Net cash provided by (used in) investing activities — (342 ) (255 ) (342 ) 478 (461 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — 374 2 (1 ) (29 ) 346 Proceeds from short-term borrowings — — — 40 — 40 Repayments of short-term borrowings — — — (60 ) — (60 ) Proceeds from long-term debt — 15 345 — (360 ) — Repayments of long-term debt — (7 ) (3 ) (11 ) 3 (18 ) Purchases of treasury stock, including related fees (420 ) — — — — (420 ) Dividends to parent — (547 ) (569 ) — 1,116 — Contributions from parent — — — 92 (92 ) — Stock option exercises 2 — — — — 2 Series A common stock dividends (131 ) — — — — (131 ) Return of capital to parent — — — — — — (Distributions to) contributions from noncontrolling interests — — — 187 — 187 Other, net — — (9 ) (1 ) — (10 ) Net cash provided by (used in) financing activities (549 ) (165 ) (234 ) 246 638 (64 ) Exchange rate effects on cash and cash equivalents — — — (29 ) — (29 ) Net increase (decrease) in cash and cash equivalents — — (83 ) 255 — 172 Cash and cash equivalents as of beginning of period — — 110 670 — 780 Cash and cash equivalents as of end of period — — 27 925 — 952 |
Description of the Company an45
Description of the Company and Basis of Presentation Description of Company and Basis of Presentation (Schedule of Changes in Pension Estimate) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2016 |
Change in Accounting Estimate [Line Items] | ||||
Pension and postretirement net periodic benefit cost | $ (40) | $ (37) | ||
Change in Assumptions for Pension Plans [Member] | Scenario, Forecast [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Pension and postretirement net periodic benefit cost | $ (29) | |||
Interest Cost [Member] | Change in Assumptions for Pension Plans [Member] | United States Pension Plan of US Entity [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Service and interest cost | 3.40% | |||
Interest Cost [Member] | Change in Assumptions for Pension Plans [Member] | Foreign Pension Plan [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Service and interest cost | 2.20% | |||
Interest Cost [Member] | Change in Assumptions for Pension Plans [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] | Change in Assumptions for Pension Plans [Member] | Foreign Postretirement Benefit Plan [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Service and interest cost | 3.10% | |||
Service and Interest Cost [Member] | Change in Assumptions for Pension Plans [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] | Change in Assumptions for Pension Plans [Member] | Foreign Pension Plan [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Service and interest cost | 2.60% | |||
Service and Interest Cost [Member] | Change in Assumptions for Pension Plans [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] | Change in Assumptions for Pension Plans [Member] | Foreign Postretirement Benefit Plan [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Service and interest cost | 3.60% | |||
Service Cost [Member] | Change in Assumptions for Pension Plans [Member] | United States Pension Plan of US Entity [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Service and interest cost | 4.50% | |||
Service Cost [Member] | Change in Assumptions for Pension Plans [Member] | Foreign Pension Plan [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Service and interest cost | 3.10% | |||
Service Cost [Member] | Change in Assumptions for Pension Plans [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] | Change in Assumptions for Pension Plans [Member] | Foreign Postretirement Benefit Plan [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Service and interest cost | 3.80% |
Recent Accounting Pronounceme46
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 Interes47
Ventures and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | $ 1,252 | $ 967 | $ 952 | $ 780 | |
Trade receivables - third party and affiliates | 791 | 706 | |||
Property, plant and equipment (net of accumulated depreciation - 2016: $40; 2015: $10) | 3,578 | 3,609 | |||
Accumulated depreciation | 2,228 | 2,039 | |||
Intangible assets (net of accumulated amortization - 2016: $1; 2015: $0) | 119 | 125 | |||
Accumulated amortization | 542 | 528 | |||
Other assets | 290 | 300 | |||
Total assets | 8,757 | 8,586 | |||
Trade payables | 591 | 587 | |||
Current liabilities | 1,098 | 1,550 | |||
Deferred income taxes | 139 | ||||
Deferred income taxes | 136 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 22 | 7 | |||
Trade receivables - third party and affiliates | 5 | 6 | |||
Property, plant and equipment (net of accumulated depreciation - 2016: $40; 2015: $10) | 744 | 772 | |||
Intangible assets (net of accumulated amortization - 2016: $1; 2015: $0) | 26 | 27 | |||
Other assets | 9 | 13 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Property, plant and equipment (net of accumulated depreciation - 2016: $40; 2015: $10) | 65 | 73 | |||
Trade payables | 51 | 47 | |||
Current installments of long-term debt | 11 | 10 | |||
Long-term debt | 97 | 109 | |||
Total liabilities | 159 | 166 | |||
Maximum exposure to loss | 250 | 268 | |||
Fairway Methanol LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 22 | 7 | |||
Trade receivables - third party and affiliates | 10 | 12 | |||
Property, plant and equipment (net of accumulated depreciation - 2016: $40; 2015: $10) | 744 | 772 | |||
Accumulated depreciation | 40 | 10 | |||
Intangible assets (net of accumulated amortization - 2016: $1; 2015: $0) | 26 | 27 | |||
Accumulated amortization | 1 | 0 | |||
Other assets | 9 | 13 | |||
Total assets | [1] | 811 | 831 | ||
Trade payables | 15 | 9 | |||
Current liabilities | [2] | 3 | 5 | ||
Long-term debt | 5 | 5 | |||
Deferred income taxes | 2 | ||||
Deferred income taxes | 2 | ||||
Total liabilities | $ 25 | $ 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 Interes48
Ventures and Variable Interest Entities (Narrative) (Details) | 3 Months Ended |
Sep. 30, 2016 | |
Variable Interest Entity, Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Ownership percentage | 50.00% |
Marketable Securities, at Fai49
Marketable Securities, at Fair Value (Schedule of Available-for-sale Securities) (Details) - Investments [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 34 | $ 30 |
Gross unrealized gain | 0 | 0 |
Gross unrealized loss | 0 | 0 |
Fair value | $ 34 | $ 30 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 477 | $ 498 |
Work-in-process | 43 | 43 |
Raw materials and supplies | 132 | 141 |
Total | $ 652 | $ 682 |
Current Other Liabilities (Deta
Current Other Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Other Liabilities, Current [Abstract] | ||
Asset retirement obligations | $ 8 | $ 10 |
Benefit obligations (Note 9) | 31 | 31 |
Customer rebates | 40 | 45 |
Derivatives (Note 14) | 1 | 2 |
Environmental (Note 10) | 15 | 11 |
Insurance | 6 | 10 |
Interest | 17 | 16 |
Restructuring (Note 12) | 20 | 30 |
Salaries and benefits | 88 | 109 |
Sales and use tax/foreign withholding tax payable | 24 | 13 |
Uncertain tax positions (Note 13) | 0 | 0 |
Other | 49 | 53 |
Total | $ 299 | $ 330 |
Noncurrent Other Liabilities (D
Noncurrent Other Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Other Liabilities, Noncurrent [Abstract] | ||
Asset retirement obligations | $ 22 | $ 26 |
Deferred proceeds | 43 | 43 |
Deferred revenue | 10 | 13 |
Environmental (Note 10) | 54 | 61 |
Income taxes payable | 6 | 7 |
Insurance | 46 | 50 |
Other | 40 | 47 |
Total | $ 221 | $ 247 |
Debt (Schedule of Short-term De
Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Current installments of long-term debt | $ 19 | $ 56 | |
Short-term borrowings, including amounts due to affiliates | [1] | 73 | 52 |
Total | $ 92 | $ 513 | |
Weighted average interest rate, short-term borrowings | 3.00% | 3.30% | |
Accounts Receivable Securitization Facility [Member] | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Borrowings outstanding | [2] | $ 55 | |
Secured Debt [Member] | Accounts Receivable Securitization Facility [Member] | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Borrowings outstanding | [2],[3] | $ 0 | |
Weighted average interest rate for lines of credit | 0.80% | ||
Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Borrowings outstanding | [4] | $ 0 | $ 350 |
Weighted average interest rate for lines of credit | 1.80% | ||
[1] | The weighted average interest rate was 3.0% and 3.3% as of September 30, 2016 and December 31, 2015, respectively. | ||
[2] | The weighted average interest rate was 0.8% as of December 31, 2015. | ||
[3] | The Company repaid $55 million during the nine months ended September 30, 2016. | ||
[4] | The weighted average interest rate was 1.8% as of December 31, 2015. |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Jul. 15, 2016 | Dec. 31, 2015 | |
Long-Term Debt | ||||
Subtotal | $ 2,964 | $ 2,542 | ||
Current installments of long-term debt | (19) | (56) | ||
Total | 2,923 | 2,468 | ||
Long-term Debt [Member] | ||||
Long-Term Debt | ||||
Unamortized debt issuance costs | [1] | (22) | (18) | |
Term C-2 Loan Facility [Member] | ||||
Long-Term Debt | ||||
Senior credit facilities - Term loans | [2] | $ 0 | 30 | |
Credit facility, expiration date | Oct. 15, 2016 | |||
Term C-3 Loan Facility [Member] | ||||
Long-Term Debt | ||||
Senior credit facilities - Term loans | [3] | $ 0 | 878 | |
Credit facility, expiration date | Oct. 15, 2018 | |||
Senior Unsecured Term Loan Due 2021 [Member] | ||||
Long-Term Debt | ||||
Senior unsecured debt | [4] | $ 500 | $ 500 | 0 |
Date of maturity | Jul. 15, 2021 | |||
Senior Unsecured Notes Due 2019 [Member] | ||||
Long-Term Debt | ||||
Senior unsecured debt | $ 335 | 327 | ||
Interest rate | 3.25% | |||
Date of maturity | Oct. 15, 2019 | |||
Senior Unsecured Notes Due 2021 [Member] | ||||
Long-Term Debt | ||||
Senior unsecured debt | $ 400 | 400 | ||
Interest rate | 5.875% | |||
Date of maturity | Jun. 15, 2021 | |||
Senior Unsecured Notes Due 2022 [Member] | ||||
Long-Term Debt | ||||
Senior unsecured debt | $ 500 | 500 | ||
Interest rate | 4.625% | |||
Date of maturity | Nov. 15, 2022 | |||
Senior Unsecured Notes Due 2023 [Member] | ||||
Long-Term Debt | ||||
Senior unsecured debt | $ 835 | 0 | ||
Interest rate | 1.125% | |||
Date of maturity | Sep. 26, 2023 | |||
Pollution Control and Industrial Revenue Bonds [Member] | ||||
Long-Term Debt | ||||
Pollution control and industrial revenue bonds | $ 0 | 169 | ||
Date of maturity | Dec. 31, 2030 | |||
Refunding loan for pollution control and industrial revenue bonds [Member] | ||||
Long-Term Debt | ||||
Pollution control and industrial revenue bonds | $ 170 | 0 | ||
Date of maturity | Dec. 31, 2030 | |||
Obligations Under Capital Leases [Member] | ||||
Long-Term Debt | ||||
Capital lease obligations | $ 224 | $ 238 | ||
Date of maturity | Dec. 31, 2054 | |||
Minimum [Member] | Pollution Control and Industrial Revenue Bonds [Member] | ||||
Long-Term Debt | ||||
Interest rate | 5.70% | |||
Minimum [Member] | Refunding loan for pollution control and industrial revenue bonds [Member] | ||||
Long-Term Debt | ||||
Interest rate | 4.05% | |||
Maximum [Member] | Pollution Control and Industrial Revenue Bonds [Member] | ||||
Long-Term Debt | ||||
Interest rate | 6.70% | |||
Maximum [Member] | Refunding loan for pollution control and industrial revenue bonds [Member] | ||||
Long-Term Debt | ||||
Interest rate | 5.00% | |||
European Interbank Offered Rate [Member] | Term C-2 Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
European Interbank Offered Rate [Member] | Term C-3 Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
London Interbank Offered Rate (LIBOR) [Member] | Term C-3 Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
London Interbank Offered Rate (LIBOR) [Member] | Senior Unsecured Term Loan Due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
[1] | Related to the Company's long-term debt, excluding obligations under capital leases. | |||
[2] | The margin for borrowings under the Term C-2 loan facility was 2.0% above the Euro Interbank Offered Rate ("EURIBOR"). | |||
[3] | 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. | |||
[4] | The margin for borrowings under the senior unsecured term loan due 2021 was 1.5% above LIBOR. |
Debt (Senior Credit Facilities
Debt (Senior Credit Facilities Narrative) (Details) - USD ($) $ in Millions | Jul. 15, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||||
Refinancing expense | $ 4 | $ 0 | $ 6 | $ 0 | |||
Senior Unsecured Term Loan Due 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured debt | [1] | $ 500 | 500 | 500 | $ 0 | ||
Senior Unsecured Term Loan Due 2021 and Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Issuance Costs, Gross | [1] | 5 | 5 | ||||
Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Refinancing expense | [1] | $ 4 | |||||
Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing base | [2] | 1,000 | |||||
Proceeds from lines of credit | $ 409 | $ 409 | |||||
[1] | The margin for borrowings under the senior unsecured term loan due 2021 was 1.5% above LIBOR. | ||||||
[2] | The margin for borrowings under the senior unsecured revolving credit facility was 1.5% above LIBOR. |
Debt Debt (Schedule of Revolvin
Debt Debt (Schedule of Revolving Credit Facility) (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Jul. 15, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Senior Unsecured Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Borrowings outstanding | [1] | $ 0 | $ 0 | ||
Letters of credit issued | 0 | 0 | |||
Available for borrowing | [2] | 1,000 | 1,000 | ||
Proceeds from lines of credit | $ 409 | 409 | |||
Repayments of lines of credit | 411 | ||||
Senior Secured Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Borrowings outstanding | [3] | $ 0 | 0 | $ 350 | |
Proceeds from lines of credit | 245 | ||||
Repayments of lines of credit | $ 595 | ||||
London Interbank Offered Rate (LIBOR) [Member] | Senior Unsecured Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
[1] | The Company borrowed $409 million and repaid $411 million under its new senior unsecured revolving credit facility during the three months ended September 30, 2016. The Company borrowed $245 million and repaid $595 million under its previous secured revolving credit facility during the nine months ended September 30, 2016. | ||||
[2] | The margin for borrowings under the senior unsecured revolving credit facility was 1.5% above LIBOR. | ||||
[3] | The weighted average interest rate was 1.8% as of December 31, 2015. |
Debt (Schedule of Senior Notes)
Debt (Schedule of Senior Notes) (Details) € in Millions, $ in Millions | 9 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 26, 2016USD ($) | Sep. 26, 2016EUR (€) | ||
Senior Unsecured Notes Due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | € | [1] | € 750 | ||
Percentage of Face | 99.713% | 99.713% | ||
Debt Issuance Costs, Gross | [1] | $ 6 | ||
Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of lines of credit | $ 595 | |||
Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of lines of credit | $ 411 | |||
[1] | The Company borrowed $409 million and repaid $411 million under its new senior unsecured revolving credit facility during the three months ended September 30, 2016. The Company borrowed $245 million and repaid $595 million under its previous secured revolving credit facility during the nine months ended September 30, 2016. |
Debt (Pollution Control and Ind
Debt (Pollution Control and Industrial Revenue Bonds) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Debt Instrument [Line Items] | |||||
Refinancing expense | $ 4 | $ 0 | $ 6 | $ 0 | |
Refunding loan for pollution control and industrial revenue bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Issuance Costs, Gross | $ 2 | ||||
Pollution Control and Industrial Revenue Bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Refinancing expense | $ 2 |
Debt (Accounts Receivable Secur
Debt (Accounts Receivable Securitization Facility Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Jul. 08, 2016 | |
Accounts Receivable Securitization Facility [Member] | Secured Debt [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing base | [1] | $ 120 | $ 120 |
[1] | Outstanding accounts receivable transferred to the SPE was $154Â million. |
Debt (Schedule of Accounts Rece
Debt (Schedule of Accounts Receivable Securitization Facility)(Details) - Accounts Receivable Securitization Facility [Member] - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2016 | Jul. 08, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | ||||
Borrowings outstanding | [1] | $ 55 | ||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings outstanding | [1],[2] | $ 0 | ||
Letters of credit issued | 52 | |||
Available for borrowing | 53 | |||
Total borrowing base | 105 | |||
Maximum borrowing base | [3] | 120 | $ 120 | |
Repayments of lines of credit | 55 | |||
Outstanding accounts receivable transferred by the Originators to the Transferor | $ 154 | |||
[1] | The weighted average interest rate was 0.8% as of December 31, 2015. | |||
[2] | The Company repaid $55 million during the nine months ended September 30, 2016. | |||
[3] | Outstanding accounts receivable transferred to the SPE was $154Â million. |
Benefit Obligations (Schedule o
Benefit Obligations (Schedule of Net Periodic Benefit Costs Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2 | $ 4 | $ 6 | $ 10 |
Interest cost | 28 | 34 | 84 | 105 |
Expected return on plan assets | (44) | (53) | (132) | (158) |
Recognized actuarial (gain) loss | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit), net | 0 | 0 | 0 | 0 |
Special termination benefit | 0 | 1 | 3 | 2 |
Total | (14) | (14) | (39) | (41) |
Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 1 |
Interest cost | 1 | 1 | 2 | 2 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized actuarial (gain) loss | 0 | 0 | 0 | 1 |
Amortization of prior service cost (credit), net | (1) | 0 | (3) | 0 |
Special termination benefit | 0 | 0 | 0 | |
Total | $ 0 | $ 1 | $ (1) | $ 4 |
Benefit Obligations (Schedule62
Benefit Obligations (Schedule of Company Commitments to Fund Benefit Obligations) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2016USD ($) | ||
Multiemployer Plans, Pension [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | $ 5 | [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 | 18 | |
Total expected contributions in current fiscal year | 23 | |
Other Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 17 | |
Total expected contributions in current fiscal year | 22 | |
Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 3 | |
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) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension and postretirement net periodic benefit cost | $ (40) | $ (37) | |
Change in Assumptions for Pension Plans [Member] | Scenario, Forecast [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension and postretirement net periodic benefit cost | $ (29) |
Environmental (Schedule of Envi
Environmental (Schedule of Environmental Remediation Reserves) (Details) - USD ($) $ in Millions | Sep. 30, 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 | 12 | 13 |
Other environmental remediation reserves | 2 | 2 |
Total | $ 69 | $ 72 |
Environmental (US Superfund Sit
Environmental (US Superfund Sites Narrative) (Details) - Passaic River, New Jersey [Member] $ in Billions | Mar. 03, 2016USD ($) | Sep. 30, 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) - $ / shares | 1 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Stockholders' Equity Note [Abstract] | ||
Common stock, dividends, rate increase, percent | 20.00% | 20.00% |
Quarterly Common Stock Cash Dividend | $ 0.36 | $ 0.30 |
Annual Common Stock Cash Dividend | $ 1.44 | $ 1.20 |
Stockholders' Equity (Schedul67
Stockholders' Equity (Schedule of Treasury Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | 104 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | ||
Class of Stock [Line Items] | ||||
Shares repurchased | 4,360,617 | 6,640,601 | 31,668,413 | |
Average purchase price per share | $ 68.80 | $ 63.31 | $ 51.64 | |
Cash paid for repurchased shares (in millions) | $ 300 | $ 420 | $ 1,635 | |
Aggregate Board of Directors repurchase authorizations (in millions) | [1] | $ 0 | $ 1,000 | $ 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 (Schedul68
Stockholders' Equity (Schedule of Components of Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 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) | $ 1 | $ 0 | $ 1 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 0 | 0 | 0 | (1) |
Unrealized gain (loss) on marketable securities | (1) | 1 | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (2) | (8) | 51 | (125) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (6) | (3) | (13) | (5) |
Foreign currency translation | (8) | (11) | 38 | (130) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Cash Flow Hedges Arising During Period, before Tax | 0 | (1) | 1 | 3 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Cash Flow Hedges Arising During Period, Tax | 0 | 0 | 0 | (1) |
Gain (loss) on cash flow hedges | 0 | (1) | 1 | 2 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | 0 | (1) | 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | 0 | 0 | 0 | 1 |
Pension and postretirement benefits | 0 | 0 | (1) | 1 |
Other Comprehensive Income (Loss), before Tax | (3) | (8) | 51 | (121) |
Income tax (provision) benefit | (6) | (3) | (13) | (6) |
Total other comprehensive income (loss), net of tax | $ (9) | $ (11) | $ 38 | $ (127) |
Stockholders' Equity (Schedul69
Stockholders' Equity (Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||||
As of December 31, 2015 | $ (348) | |||
Other comprehensive income (loss) before reclassifications | 52 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (1) | |||
Income tax (provision) benefit | $ (6) | $ (3) | (13) | $ (6) |
As of September 30, 2016 | (310) | (310) | ||
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 | 0 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |||
Income tax (provision) benefit | 0 | |||
As of September 30, 2016 | 1 | 1 | ||
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||||
As of December 31, 2015 | (339) | |||
Other comprehensive income (loss) before reclassifications | 51 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |||
Income tax (provision) benefit | (13) | |||
As of September 30, 2016 | (301) | (301) | ||
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 | 1 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |||
Income tax (provision) benefit | 0 | |||
As of September 30, 2016 | (1) | (1) | ||
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 | 0 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (1) | |||
Income tax (provision) benefit | 0 | |||
As of September 30, 2016 | $ (9) | $ (9) |
Other (Charges) Gains, Net (Sch
Other (Charges) Gains, Net (Schedule of Other (Charges) Gains, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Restructuring Cost and Reserve [Line Items] | |||||
Employee termination benefits | $ (3) | $ (6) | $ (11) | [1] | $ (20) |
Asset impairments | 0 | (1) | (1) | (1) | |
Commercial disputes | 0 | 3 | 0 | 2 | |
Other (charges) gains, net | $ (3) | $ (4) | (12) | $ (19) | |
Pension Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
One time termination benefits included in Benefit Obligation | $ (3) | ||||
[1] | Includes $3Â million of special termination benefits included in Benefit obligations in the unaudited consolidated balance sheets. |
Other (Charges) Gains, Net (S71
Other (Charges) Gains, Net (Schedule of Restructuring Reserves) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
As of September 30, 2016 | $ 20 |
Total | 20 |
Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 30 |
Additions | 8 |
Cash payments | (18) |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 2016 | 20 |
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 September 30, 2016 | 0 |
Total | 0 |
Advanced Engineered Materials [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of September 30, 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 September 30, 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 September 30, 2016 | 0 |
Total | 0 |
Consumer Specialties [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of September 30, 2016 | 10 |
Total | 10 |
Consumer Specialties [Member] | Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 14 |
Additions | 1 |
Cash payments | (5) |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 2016 | 10 |
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 September 30, 2016 | 0 |
Total | 0 |
Industrial Specialties [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of September 30, 2016 | 2 |
Total | 2 |
Industrial Specialties [Member] | Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 6 |
Additions | 2 |
Cash payments | (6) |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 2016 | 2 |
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 September 30, 2016 | 0 |
Total | 0 |
Acetyl Intermediates [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of September 30, 2016 | 1 |
Total | 1 |
Acetyl Intermediates [Member] | Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 1 |
Additions | 1 |
Cash payments | (1) |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 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 September 30, 2016 | 0 |
Total | 0 |
Other Activities [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of September 30, 2016 | 5 |
Total | 5 |
Other Activities [Member] | Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2015 | 6 |
Additions | 3 |
Cash payments | (4) |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 2016 | 5 |
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 September 30, 2016 | 0 |
Total | $ 0 |
Other (Charges) Gains, Net (Nar
Other (Charges) Gains, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | [1] | Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||
Employee termination benefits | $ (3) | $ (6) | $ (11) | $ (20) | |
Meredosia, IL [Member] | Industrial Specialties [Member] | Cost of Sales [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Accelerated Depreciation | 6 | ||||
Tarragona, Spain [Member] | Industrial Specialties [Member] | Cost of Sales [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Accelerated Depreciation | $ 4 | ||||
[1] | Includes $3Â million of special termination benefits included in Benefit obligations in the unaudited consolidated balance sheets. |
Other (Charges) Gains, Net Othe
Other (Charges) Gains, Net Other (Charges) Gains, Net (Non-Restructuring Accelerated Depreciation) (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Clear Lake, TX [Member] | Acetyl Intermediates [Member] | Research and Development Expense [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Other Depreciation and Amortization | $ 39 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 5.00% | 33.00% | 15.00% | 22.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | |
Income Tax Disclosure [Abstract] | ||
Tax Adjustments, Settlements, and Unusual Provisions | $ 52 | $ 52 |
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 61 | |
Income Tax Examination, pre-tax adjustments proposed | $ 192 | 192 |
Income Tax Examination, Estimate of Possible Loss | $ 67 |
Derivative Financial Instrume76
Derivative Financial Instruments (Schedule of Cross-currency Swaps Narrative) (Details) - Mar. 31, 2015 € in Millions, $ in Millions | USD ($) | EUR (€) |
Swap Derivative 4 Point 27 Percent Maturing September 11, 2020 [Member] | ||
Derivative [Line Items] | ||
Notional Value | $ 250 | |
Swap Derivative 2 Point 63 Percent Maturing September 11, 2020 [Member] | ||
Derivative [Line Items] | ||
Notional Value | € | € 193 | |
Swap Derivative 3 Point 62 Percent Maturing April 17, 2019 [Member] | ||
Derivative [Line Items] | ||
Notional Value | 225 | |
Swap Derivative 2 Point 77 Percent Maturing April 17, 2019 [Member] | ||
Derivative [Line Items] | ||
Notional Value | € | € 162 | |
Cross Currency Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Cash Received on Hedge | 88 | |
Gain (Loss) on Derivative Instruments, Net, Pretax | $ 1 |
Derivative Financial Instrume77
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Net Investment Hedges) (Details) - EUR (€) € in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Nonderivative Instruments | € 940 | € 328 |
Derivative Financial Instrume78
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Foreign Currency Forwards) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Notional Value | $ 490 | $ 502 |
Derivative Financial Instrume79
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 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) | 12 | (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) | 12 | (68) |
Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 2 | 28 |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 2 | 28 |
Gain (Loss) Recognized in Earnings (Loss) | $ 0 | $ 0 |
Derivative Financial Instrume80
Derivative Financial Instruments (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Derivative Assets [Abstract] | ||
Gross amount recognized | $ 5 | $ 2 |
Gross amount offset in the consolidated balance sheets | 1 | 0 |
Net amount presented in the consolidated balance sheets | 4 | 2 |
Gross amount not offset in the consolidated balance sheets | 1 | 0 |
Net amount | $ 3 | $ 2 |
Derivative Financial Instrume81
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Derivative Liabilities [Abstract] | ||
Gross amount recognized | $ 2 | $ 2 |
Gross amount offset in the consolidated balance sheets | 1 | 0 |
Net amount presented in the consolidated balance sheets | 1 | 2 |
Gross amount not offset in the consolidated balance sheets | 1 | 0 |
Net amount | $ 0 | $ 2 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 3 | $ 2 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 4 | 2 | |
Total liabilities | (1) | (2) | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 0 | 0 | |
Total liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 4 | 2 | |
Total liabilities | (1) | (2) | |
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 1 | ||
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 1 | ||
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency forwards and swaps | 3 | 2 | |
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency forwards and swaps | 0 | 0 | |
Current Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency forwards and swaps | 3 | 2 | |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency forwards and swaps | (1) | (2) | |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency forwards and swaps | 0 | 0 | |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency forwards and swaps | (1) | (2) | |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | Long-term Debt [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net Investment Hedge | [1] | 0 | 0 |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | Long-term Debt [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net Investment Hedge | [1] | 0 | 0 |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | Long-term Debt [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net Investment Hedge | [1] | $ 0 | $ 0 |
[1] | Included in the unaudited consolidated balance sheets at carrying amount. |
Fair Value Measurements (Sche83
Fair Value Measurements (Schedule of Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost investments, carrying amount | $ 148 | $ 151 |
Cost investments, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, carrying amount | 49 | 55 |
Insurance contracts in nonqualified trusts, fair value | 49 | 55 |
Long-term debt, including current installments of long-term debt, carrying amount | 2,964 | 2,542 |
Long-term debt, including current installments of long-term debt, fair value | 3,134 | 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 | 49 | 55 |
Long-term debt, including current installments of long-term debt, fair value | 2,910 | 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 | $ 224 | $ 238 |
Commitments and Contingencies (
Commitments and Contingencies (Guarantees - Demerger and Divesture Obligations Narrative) (Details) € in Millions, $ in Millions | 9 Months Ended | 203 Months Ended | |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 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 | $ | $ 74 | ||
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 | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Unrecorded unconditional purchase obligations | $ 2.6 |
Term of unrecorded unconditional purchase obligations | Dec. 31, 2036 |
Segment Information (Schedule o
Segment Information (Schedule of Business Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | $ 1,323 | $ 1,413 | $ 4,078 | $ 4,340 | |||||
Other (charges) gains, net (Note 12) | (3) | (4) | (12) | (19) | |||||
Operating profit (loss) | 246 | 186 | 776 | 631 | |||||
Equity in net earnings (loss) of affiliates | 41 | 50 | 114 | 138 | |||||
Depreciation and amortization | 72 | 80 | 218 | 252 | |||||
Capital expenditures | 60 | [1] | 97 | [1] | 174 | [2] | 396 | [2] | |
Goodwill and intangible assets, net | 831 | 831 | $ 830 | ||||||
Total assets | 8,757 | 8,757 | 8,586 | ||||||
Increase (decrease) in accrued capital expenditures | 2 | (7) | (12) | (35) | |||||
Operating Segments [Member] | Advanced Engineered Materials [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 365 | 326 | 1,080 | 1,015 | |||||
Other (charges) gains, net (Note 12) | 0 | (2) | (2) | (6) | |||||
Operating profit (loss) | 93 | 58 | 263 | 184 | |||||
Equity in net earnings (loss) of affiliates | 33 | 43 | 91 | 117 | |||||
Depreciation and amortization | 22 | 26 | 71 | 75 | |||||
Capital expenditures | 14 | 17 | 52 | 50 | |||||
Goodwill and intangible assets, net | 340 | 340 | 338 | ||||||
Total assets | 2,476 | 2,476 | 2,324 | ||||||
Operating Segments [Member] | Consumer Specialties [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 225 | 247 | 704 | 723 | |||||
Other (charges) gains, net (Note 12) | (1) | 0 | (1) | (1) | |||||
Operating profit (loss) | 68 | 77 | 226 | 216 | |||||
Equity in net earnings (loss) of affiliates | 1 | 1 | 2 | 2 | |||||
Depreciation and amortization | 12 | 15 | 34 | 38 | |||||
Capital expenditures | 11 | 13 | 29 | 50 | |||||
Goodwill and intangible assets, net | 250 | 250 | 249 | ||||||
Total assets | 1,475 | 1,475 | 1,458 | ||||||
Operating Segments [Member] | Industrial Specialties [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 245 | [3] | 274 | [3] | 760 | [4] | 843 | [4] | |
Other (charges) gains, net (Note 12) | 0 | 0 | (3) | (2) | |||||
Operating profit (loss) | 25 | 19 | 85 | 76 | |||||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization | 9 | 20 | 25 | 39 | [5] | ||||
Capital expenditures | 15 | 13 | 45 | 32 | |||||
Goodwill and intangible assets, net | 47 | 47 | 49 | ||||||
Total assets | 790 | 790 | 747 | ||||||
Operating Segments [Member] | Acetyl Intermediates [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 589 | [3] | 680 | [3] | 1,844 | [4] | 2,100 | [4] | |
Other (charges) gains, net (Note 12) | (1) | 0 | (2) | (2) | |||||
Operating profit (loss) | 83 | 54 | 274 | 239 | |||||
Equity in net earnings (loss) of affiliates | 1 | 2 | 4 | 4 | |||||
Depreciation and amortization | 27 | 17 | 81 | 93 | [5] | ||||
Capital expenditures | 17 | 52 | 40 | 260 | |||||
Goodwill and intangible assets, net | 194 | 194 | 194 | ||||||
Total assets | 2,431 | 2,431 | 2,387 | ||||||
Corporate, Non-Segment [Member] | Other Activities [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 0 | 0 | 0 | 0 | |||||
Other (charges) gains, net (Note 12) | (1) | (2) | (4) | (8) | |||||
Operating profit (loss) | (23) | (22) | (73) | (84) | |||||
Equity in net earnings (loss) of affiliates | 6 | 4 | 17 | 15 | |||||
Depreciation and amortization | 2 | 2 | 7 | 7 | |||||
Capital expenditures | 3 | 2 | 8 | 4 | |||||
Goodwill and intangible assets, net | 0 | 0 | 0 | ||||||
Total assets | 1,585 | 1,585 | 1,670 | ||||||
Eliminations [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | (101) | (114) | (310) | (341) | |||||
Other (charges) gains, net (Note 12) | 0 | 0 | 0 | 0 | |||||
Operating profit (loss) | 0 | 0 | 1 | 0 | |||||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||||
Capital expenditures | 0 | 0 | 0 | 0 | |||||
Goodwill and intangible assets, net | 0 | 0 | 0 | ||||||
Total assets | 0 | 0 | $ 0 | ||||||
Eliminations [Member] | Industrial Specialties [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 1 | 0 | 2 | 0 | |||||
Eliminations [Member] | Acetyl Intermediates [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | $ 100 | $ 114 | $ 308 | $ 341 | |||||
[1] | Includes an increase in accrued capital expenditures of $2 million and a decrease of $7 million for the three months ended September 30, 2016 and 2015, respectively. | ||||||||
[2] | Includes a decrease in accrued capital expenditures of $12 million and $35 million for the nine months ended September 30, 2016 and 2015, respectively. | ||||||||
[3] | Net sales for Acetyl Intermediates and Industrial Specialties include intersegment sales of $100 million and $1 million, respectively, for the three months ended September 30, 2016 and $114 million and $0 million, respectively, for the three months ended September 30, 2015. | ||||||||
[4] | Net sales for Acetyl Intermediates and Industrial Specialties include intersegment sales of $308 million and $2 million, respectively, for the nine months ended September 30, 2016 and $341 million and $0 million, respectively, for the nine months ended September 30, 2015. | ||||||||
[5] | See Note 12 - Other (Charges) Gains, Net for further information. |
Earnings (Loss) Per Share (Sche
Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Amounts attributable to Celanese Corporation | ||||
Earnings (loss) from continuing operations | $ 265 | $ 161 | $ 742 | $ 604 |
Earnings (loss) from discontinued operations | (3) | 0 | (2) | (2) |
Net earnings (loss) | $ 262 | $ 161 | $ 740 | $ 602 |
Weighted average shares - basic | 144,005,098 | 149,800,029 | 145,959,821 | 152,153,057 |
Incremental shares attributable to equity awards | 596,367 | 1,204,052 | 625,739 | 1,267,392 |
Weighted average shares - diluted | 144,601,465 | 151,004,081 | 146,585,560 | 153,420,449 |
Earnings (Loss) Per Share Earni
Earnings (Loss) Per Share Earnings (Loss) Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 15,079 | 0 | 45,393 |
Consolidating Guarantor Finan89
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | $ 1,323 | $ 1,413 | $ 4,078 | $ 4,340 |
Cost of sales | (968) | (1,110) | (2,995) | (3,281) |
Gross profit | 355 | 303 | 1,083 | 1,059 |
Selling, general and administrative expenses | (81) | (93) | (232) | (297) |
Amortization of intangible assets | (3) | (3) | (7) | (9) |
Research and development expenses | (20) | (19) | (58) | (98) |
Other (charges) gains, net | (3) | (4) | (12) | (19) |
Foreign exchange gain (loss), net | (1) | 3 | 1 | 3 |
Gain (loss) on disposition of businesses and assets, net | (1) | (1) | 1 | (8) |
Operating profit (loss) | 246 | 186 | 776 | 631 |
Equity in net earnings (loss) of affiliates | 41 | 50 | 114 | 138 |
Interest expense | (28) | (29) | (91) | (86) |
Refinancing expense | (4) | 0 | (6) | 0 |
Interest income | 0 | 0 | 1 | 1 |
Dividend income - cost investments | 26 | 26 | 82 | 80 |
Other income (expense), net | 0 | (8) | (2) | (6) |
Earnings (loss) from continuing operations before tax | 281 | 225 | 874 | 758 |
Income tax (provision) benefit | (15) | (74) | (127) | (170) |
Earnings (loss) from continuing operations | 266 | 151 | 747 | 588 |
Earnings (loss) from operation of discontinued operations | (4) | 0 | (3) | (3) |
Income tax (provision) benefit from discontinued operations | 1 | 0 | 1 | 1 |
Earnings (loss) from discontinued operations | (3) | 0 | (2) | (2) |
Net earnings (loss) | 263 | 151 | 745 | 586 |
Net (earnings) loss attributable to noncontrolling interests | (1) | 10 | (5) | 16 |
Net earnings (loss) attributable to Celanese Corporation | 262 | 161 | 740 | 602 |
Parent Guarantor [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 | 0 |
Other (charges) gains, net | 0 | 0 | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 | 0 |
Operating profit (loss) | 0 | 0 | 0 | 0 |
Equity in net earnings (loss) of affiliates | 262 | 161 | 740 | 602 |
Interest expense | 0 | 0 | 0 | 0 |
Refinancing expense | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Dividend income - cost investments | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Earnings (loss) from continuing operations before tax | 262 | 161 | 740 | 602 |
Income tax (provision) benefit | 0 | 0 | 0 | 0 |
Earnings (loss) from continuing operations | 262 | 161 | 740 | 602 |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net earnings (loss) | 262 | 161 | 740 | 602 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 262 | 161 | 740 | 602 |
Issuer [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 | 0 |
Other (charges) gains, net | 0 | 0 | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 | 0 |
Operating profit (loss) | 0 | 0 | 0 | 0 |
Equity in net earnings (loss) of affiliates | 250 | 173 | 742 | 696 |
Interest expense | (5) | (23) | (11) | (107) |
Refinancing expense | (4) | 0 | (4) | 0 |
Interest income | 3 | 2 | 7 | 15 |
Dividend income - cost investments | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | (1) | (1) | (1) |
Earnings (loss) from continuing operations before tax | 244 | 151 | 733 | 603 |
Income tax (provision) benefit | 18 | 10 | 7 | (1) |
Earnings (loss) from continuing operations | 262 | 161 | 740 | 602 |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net earnings (loss) | 262 | 161 | 740 | 602 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 262 | 161 | 740 | 602 |
Subsidiary Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 544 | 553 | 1,663 | 1,885 |
Cost of sales | (414) | (424) | (1,270) | (1,329) |
Gross profit | 130 | 129 | 393 | 556 |
Selling, general and administrative expenses | (19) | (22) | (41) | (75) |
Amortization of intangible assets | (1) | (1) | (3) | (4) |
Research and development expenses | (8) | (9) | (24) | (68) |
Other (charges) gains, net | 0 | 1 | (1) | (2) |
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | (3) | (2) | (6) | (5) |
Operating profit (loss) | 99 | 96 | 318 | 402 |
Equity in net earnings (loss) of affiliates | 169 | 77 | 472 | 283 |
Interest expense | (20) | (2) | (71) | (15) |
Refinancing expense | 0 | 0 | (2) | 0 |
Interest income | 0 | 0 | 2 | 39 |
Dividend income - cost investments | 0 | 0 | 0 | 0 |
Other income (expense), net | 1 | 1 | 1 | 2 |
Earnings (loss) from continuing operations before tax | 249 | 172 | 720 | 711 |
Income tax (provision) benefit | (23) | (30) | (63) | (112) |
Earnings (loss) from continuing operations | 226 | 142 | 657 | 599 |
Earnings (loss) from operation of discontinued operations | (2) | 0 | (2) | (3) |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 1 |
Earnings (loss) from discontinued operations | (2) | 0 | (2) | (2) |
Net earnings (loss) | 224 | 142 | 655 | 597 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 224 | 142 | 655 | 597 |
Non-Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 1,052 | 1,119 | 3,264 | 3,426 |
Cost of sales | (824) | (974) | (2,580) | (2,969) |
Gross profit | 228 | 145 | 684 | 457 |
Selling, general and administrative expenses | (62) | (71) | (191) | (222) |
Amortization of intangible assets | (2) | (2) | (4) | (5) |
Research and development expenses | (12) | (10) | (34) | (30) |
Other (charges) gains, net | (3) | (5) | (11) | (17) |
Foreign exchange gain (loss), net | (1) | 3 | 1 | 3 |
Gain (loss) on disposition of businesses and assets, net | 2 | 1 | 7 | (3) |
Operating profit (loss) | 150 | 61 | 452 | 183 |
Equity in net earnings (loss) of affiliates | 36 | 47 | 107 | 122 |
Interest expense | (7) | (8) | (21) | (28) |
Refinancing expense | 0 | 0 | 0 | 0 |
Interest income | 1 | 2 | 4 | 11 |
Dividend income - cost investments | 26 | 26 | 82 | 80 |
Other income (expense), net | (1) | (8) | (2) | (7) |
Earnings (loss) from continuing operations before tax | 205 | 120 | 622 | 361 |
Income tax (provision) benefit | (11) | (45) | (70) | (46) |
Earnings (loss) from continuing operations | 194 | 75 | 552 | 315 |
Earnings (loss) from operation of discontinued operations | (2) | 0 | (1) | 0 |
Income tax (provision) benefit from discontinued operations | 1 | 0 | 1 | 0 |
Earnings (loss) from discontinued operations | (1) | 0 | 0 | 0 |
Net earnings (loss) | 193 | 75 | 552 | 315 |
Net (earnings) loss attributable to noncontrolling interests | (1) | 10 | (5) | 16 |
Net earnings (loss) attributable to Celanese Corporation | 192 | 85 | 547 | 331 |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | (273) | (259) | (849) | (971) |
Cost of sales | 270 | 288 | 855 | 1,017 |
Gross profit | (3) | 29 | 6 | 46 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 | 0 |
Other (charges) gains, net | 0 | 0 | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 | 0 |
Operating profit (loss) | (3) | 29 | 6 | 46 |
Equity in net earnings (loss) of affiliates | (676) | (408) | (1,947) | (1,565) |
Interest expense | 4 | 4 | 12 | 64 |
Refinancing expense | 0 | 0 | 0 | 0 |
Interest income | (4) | (4) | (12) | (64) |
Dividend income - cost investments | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Earnings (loss) from continuing operations before tax | (679) | (379) | (1,941) | (1,519) |
Income tax (provision) benefit | 1 | (9) | (1) | (11) |
Earnings (loss) from continuing operations | (678) | (388) | (1,942) | (1,530) |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net earnings (loss) | (678) | (388) | (1,942) | (1,530) |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | $ (678) | $ (388) | $ (1,942) | $ (1,530) |
Consolidating Guarantor Finan90
Consolidating Guarantor Financial Information (Schedule of Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (loss) | $ 263 | $ 151 | $ 745 | $ 586 |
Other comprehensive income (loss), net of tax | ||||
Unrealized gain (loss) on marketable securities | (1) | 1 | 0 | 0 |
Foreign currency translation | (8) | (11) | 38 | (130) |
Gain (loss) on cash flow hedges | 0 | (1) | 1 | 2 |
Pension and postretirement benefits | 0 | 0 | (1) | 1 |
Total other comprehensive income (loss), net of tax | (9) | (11) | 38 | (127) |
Total comprehensive income (loss), net of tax | 254 | 140 | 783 | 459 |
Comprehensive (income) loss attributable to noncontrolling interests | (1) | 10 | (5) | 16 |
Comprehensive income (loss) attributable to Celanese Corporation | 253 | 150 | 778 | 475 |
Parent Guarantor [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (loss) | 262 | 161 | 740 | 602 |
Other comprehensive income (loss), net of tax | ||||
Unrealized gain (loss) on marketable securities | (1) | 1 | 0 | 0 |
Foreign currency translation | (8) | (11) | 38 | (130) |
Gain (loss) on cash flow hedges | 0 | (1) | 1 | 2 |
Pension and postretirement benefits | 0 | 0 | (1) | 1 |
Total other comprehensive income (loss), net of tax | (9) | (11) | 38 | (127) |
Total comprehensive income (loss), net of tax | 253 | 150 | 778 | 475 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 253 | 150 | 778 | 475 |
Issuer [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (loss) | 262 | 161 | 740 | 602 |
Other comprehensive income (loss), net of tax | ||||
Unrealized gain (loss) on marketable securities | (1) | 1 | 0 | 0 |
Foreign currency translation | (8) | (11) | 38 | (130) |
Gain (loss) on cash flow hedges | 0 | (1) | 1 | 2 |
Pension and postretirement benefits | 0 | 0 | (1) | 1 |
Total other comprehensive income (loss), net of tax | (9) | (11) | 38 | (127) |
Total comprehensive income (loss), net of tax | 253 | 150 | 778 | 475 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 253 | 150 | 778 | 475 |
Subsidiary Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (loss) | 224 | 142 | 655 | 597 |
Other comprehensive income (loss), net of tax | ||||
Unrealized gain (loss) on marketable securities | 0 | 1 | 0 | 0 |
Foreign currency translation | (8) | 4 | 28 | (110) |
Gain (loss) on cash flow hedges | 0 | (1) | 1 | 5 |
Pension and postretirement benefits | 0 | 0 | (1) | 0 |
Total other comprehensive income (loss), net of tax | (8) | 4 | 28 | (105) |
Total comprehensive income (loss), net of tax | 216 | 146 | 683 | 492 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 216 | 146 | 683 | 492 |
Non-Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (loss) | 193 | 75 | 552 | 315 |
Other comprehensive income (loss), net of tax | ||||
Unrealized gain (loss) on marketable securities | (1) | 1 | 0 | 0 |
Foreign currency translation | (4) | (7) | 54 | (144) |
Gain (loss) on cash flow hedges | 0 | (1) | 1 | 2 |
Pension and postretirement benefits | 0 | 0 | 1 | 4 |
Total other comprehensive income (loss), net of tax | (5) | (7) | 56 | (138) |
Total comprehensive income (loss), net of tax | 188 | 68 | 608 | 177 |
Comprehensive (income) loss attributable to noncontrolling interests | (1) | 10 | (5) | 16 |
Comprehensive income (loss) attributable to Celanese Corporation | 187 | 78 | 603 | 193 |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (loss) | (678) | (388) | (1,942) | (1,530) |
Other comprehensive income (loss), net of tax | ||||
Unrealized gain (loss) on marketable securities | 2 | (3) | 0 | 0 |
Foreign currency translation | 20 | 14 | (120) | 384 |
Gain (loss) on cash flow hedges | 0 | 3 | (3) | (9) |
Pension and postretirement benefits | 0 | 0 | 1 | (5) |
Total other comprehensive income (loss), net of tax | 22 | 14 | (122) | 370 |
Total comprehensive income (loss), net of tax | (656) | (374) | (2,064) | (1,160) |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | $ (656) | $ (374) | $ (2,064) | $ (1,160) |
Consolidating Guarantor Finan91
Consolidating Guarantor Financial Information (Schedule of Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets | ||||
Cash and cash equivalents | $ 1,252 | $ 967 | $ 952 | $ 780 |
Trade receivables - third party and affiliates | 791 | 706 | ||
Non-trade receivables, net | 214 | 285 | ||
Inventories, net | 652 | 682 | ||
Deferred income taxes | 0 | 68 | ||
Marketable securities, at fair value | 34 | 30 | ||
Other assets | 35 | 49 | ||
Total current assets | 2,978 | 2,787 | ||
Investments in affiliates | 864 | 838 | ||
Property, Plant and Equipment, Net | 3,578 | 3,609 | ||
Deferred income taxes | 222 | |||
Deferred income taxes | 216 | |||
Other assets | 290 | 300 | ||
Goodwill | 712 | 705 | ||
Intangible Assets, Net (Excluding Goodwill) | 119 | 125 | ||
Total assets | 8,757 | 8,586 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 92 | 513 | ||
Trade payables - third party and affiliates | 591 | 587 | ||
Other liabilities | 299 | 330 | ||
Deferred income taxes | 0 | 30 | ||
Income taxes payable | 116 | 90 | ||
Total current liabilities | 1,098 | 1,550 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 2,923 | 2,468 | ||
Deferred income taxes | 136 | |||
Deferred income taxes | 139 | |||
Uncertain tax positions | 101 | 167 | ||
Benefit obligations | 1,124 | 1,189 | ||
Other liabilities | 221 | 247 | ||
Total noncurrent liabilities | 4,508 | 4,207 | ||
Total Celanese Corporation stockholders' equity | 2,710 | 2,378 | ||
Noncontrolling interests | 441 | 451 | ||
Total equity | 3,151 | 2,829 | ||
Total liabilities and equity | 8,757 | 8,586 | ||
Parent Guarantor [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 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 | 38 | 37 | ||
Investments in affiliates | 2,672 | 2,341 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred income taxes | 0 | |||
Deferred income taxes | 0 | |||
Other assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Total assets | 2,710 | 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 | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 0 | 0 | ||
Deferred income taxes | 0 | |||
Deferred income taxes | 0 | |||
Uncertain tax positions | 0 | 0 | ||
Benefit obligations | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total noncurrent liabilities | 0 | 0 | ||
Total Celanese Corporation stockholders' equity | 2,710 | 2,378 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 2,710 | 2,378 | ||
Total liabilities and equity | 2,710 | 2,378 | ||
Issuer [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 2 | 0 | 0 | 0 |
Trade receivables - third party and affiliates | 0 | 0 | ||
Non-trade receivables, net | 545 | 580 | ||
Inventories, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Marketable securities, at fair value | 0 | 0 | ||
Other assets | 13 | 12 | ||
Total current assets | 560 | 592 | ||
Investments in affiliates | 4,181 | 3,947 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred income taxes | 2 | |||
Deferred income taxes | 0 | |||
Other assets | 705 | 418 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Total assets | 5,446 | 4,959 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 0 | 479 | ||
Trade payables - third party and affiliates | 1 | 0 | ||
Other liabilities | 29 | 28 | ||
Deferred income taxes | 0 | 26 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 30 | 533 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 2,717 | 2,078 | ||
Deferred income taxes | 0 | |||
Deferred income taxes | 27 | |||
Uncertain tax positions | 0 | 7 | ||
Benefit obligations | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total noncurrent liabilities | 2,744 | 2,085 | ||
Total Celanese Corporation stockholders' equity | 2,672 | 2,341 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 2,672 | 2,341 | ||
Total liabilities and equity | 5,446 | 4,959 | ||
Subsidiary Guarantors [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 652 | 21 | 27 | 110 |
Trade receivables - third party and affiliates | 122 | 132 | ||
Non-trade receivables, net | 233 | 298 | ||
Inventories, net | 228 | 258 | ||
Deferred income taxes | 0 | 19 | ||
Marketable securities, at fair value | 34 | 30 | ||
Other assets | 15 | 28 | ||
Total current assets | 1,284 | 786 | ||
Investments in affiliates | 3,689 | 3,909 | ||
Property, Plant and Equipment, Net | 1,025 | 1,001 | ||
Deferred income taxes | 178 | |||
Deferred income taxes | 153 | |||
Other assets | 144 | 151 | ||
Goodwill | 314 | 314 | ||
Intangible Assets, Net (Excluding Goodwill) | 49 | 51 | ||
Total assets | 6,658 | 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 | 254 | 240 | ||
Other liabilities | 174 | 281 | ||
Deferred income taxes | 0 | 0 | ||
Income taxes payable | 574 | 537 | ||
Total current liabilities | 1,138 | 1,239 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 822 | 706 | ||
Deferred income taxes | 0 | |||
Deferred income taxes | 0 | |||
Uncertain tax positions | 0 | 29 | ||
Benefit obligations | 900 | 960 | ||
Other liabilities | 76 | 93 | ||
Total noncurrent liabilities | 1,798 | 1,788 | ||
Total Celanese Corporation stockholders' equity | 3,722 | 3,363 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 3,722 | 3,363 | ||
Total liabilities and equity | 6,658 | 6,390 | ||
Non-Guarantors [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 598 | 946 | 925 | 670 |
Trade receivables - third party and affiliates | 808 | 722 | ||
Non-trade receivables, net | 307 | 522 | ||
Inventories, net | 469 | 474 | ||
Deferred income taxes | 0 | 68 | ||
Marketable securities, at fair value | 0 | 0 | ||
Other assets | 40 | 40 | ||
Total current assets | 2,222 | 2,772 | ||
Investments in affiliates | 764 | 738 | ||
Property, Plant and Equipment, Net | 2,553 | 2,608 | ||
Deferred income taxes | 42 | |||
Deferred income taxes | 65 | |||
Other assets | 229 | 227 | ||
Goodwill | 398 | 391 | ||
Intangible Assets, Net (Excluding Goodwill) | 70 | 74 | ||
Total assets | 6,301 | 6,852 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 210 | 213 | ||
Trade payables - third party and affiliates | 475 | 495 | ||
Other liabilities | 222 | 283 | ||
Deferred income taxes | 0 | 23 | ||
Income taxes payable | 103 | 116 | ||
Total current liabilities | 1,010 | 1,130 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 172 | 187 | ||
Deferred income taxes | 136 | |||
Deferred income taxes | 114 | |||
Uncertain tax positions | 111 | 131 | ||
Benefit obligations | 224 | 229 | ||
Other liabilities | 145 | 155 | ||
Total noncurrent liabilities | 766 | 838 | ||
Total Celanese Corporation stockholders' equity | 4,084 | 4,433 | ||
Noncontrolling interests | 441 | 451 | ||
Total equity | 4,525 | 4,884 | ||
Total liabilities and equity | 6,301 | 6,852 | ||
Eliminations [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Trade receivables - third party and affiliates | (139) | (148) | ||
Non-trade receivables, net | (909) | (1,152) | ||
Inventories, net | (45) | (50) | ||
Deferred income taxes | 0 | (19) | ||
Marketable securities, at fair value | 0 | 0 | ||
Other assets | (33) | (31) | ||
Total current assets | (1,126) | (1,400) | ||
Investments in affiliates | (10,442) | (10,097) | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred income taxes | 0 | |||
Deferred income taxes | (2) | |||
Other assets | (788) | (496) | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Total assets | (12,358) | (11,993) | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | (254) | (360) | ||
Trade payables - third party and affiliates | (139) | (148) | ||
Other liabilities | (126) | (262) | ||
Deferred income taxes | 0 | (19) | ||
Income taxes payable | (561) | (563) | ||
Total current liabilities | (1,080) | (1,352) | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | (788) | (503) | ||
Deferred income taxes | 0 | |||
Deferred income taxes | (2) | |||
Uncertain tax positions | (10) | 0 | ||
Benefit obligations | 0 | 0 | ||
Other liabilities | 0 | (1) | ||
Total noncurrent liabilities | (800) | (504) | ||
Total Celanese Corporation stockholders' equity | (10,478) | (10,137) | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | (10,478) | (10,137) | ||
Total liabilities and equity | $ (12,358) | $ (11,993) |
Consolidating Guarantor Finan92
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ 940 | $ 726 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (186) | (168) |
Acquisitions, net of cash acquired | 0 | (3) |
Proceeds from sale of businesses and assets, net | 8 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | (263) |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 |
Other, net | (14) | (27) |
Net cash provided by (used in) investing activities | (192) | (461) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (347) | 346 |
Proceeds from short-term borrowings | 39 | 40 |
Repayments of short-term borrowings | (76) | (60) |
Proceeds from long-term debt | 1,509 | 0 |
Repayments of long-term debt | (1,095) | (18) |
Purchases of treasury stock, including related fees | (300) | (420) |
Dividends to parent | 0 | 0 |
Contributions from parent | 0 | 0 |
Stock option exercises | 3 | 2 |
Series A common stock dividends | (150) | (131) |
Return of capital to parent | 0 | 0 |
(Distributions to) contributions from noncontrolling interests | (15) | 187 |
Other, net | (35) | (10) |
Net cash provided by (used in) financing activities | (467) | (64) |
Exchange rate effects on cash and cash equivalents | 4 | (29) |
Net increase (decrease) in cash and cash equivalents | 285 | 172 |
Cash and cash equivalents as of beginning of period | 967 | 780 |
Cash and cash equivalents as of end of period | 1,252 | 952 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 447 | 549 |
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 | (300) | (420) |
Dividends to parent | 0 | 0 |
Contributions from parent | 0 | 0 |
Stock option exercises | 3 | 2 |
Series A common stock dividends | (150) | (131) |
Return of capital to parent | 0 | 0 |
(Distributions to) contributions from noncontrolling interests | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | (447) | (549) |
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 |
Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 437 | 507 |
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 | 145 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | (283) | (342) |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | (138) | (342) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (344) | 374 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 1,589 | 15 |
Repayments of long-term debt | (1,082) | (7) |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | (447) | (547) |
Contributions from parent | 0 | 0 |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | 0 | 0 |
(Distributions to) contributions from noncontrolling interests | 0 | 0 |
Other, net | (13) | 0 |
Net cash provided by (used in) financing activities | (297) | (165) |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 2 | 0 |
Cash and cash equivalents as of beginning of period | 0 | 0 |
Cash and cash equivalents as of end of period | 2 | 0 |
Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 299 | 406 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (100) | (100) |
Acquisitions, net of cash acquired | 0 | (3) |
Proceeds from sale of businesses and assets, net | 1 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | (19) |
Return of capital from subsidiary | 750 | 0 |
Contributions to subsidiary | 0 | (92) |
Intercompany loan receipts (disbursements) | (9) | (29) |
Other, net | (9) | (12) |
Net cash provided by (used in) investing activities | 633 | (255) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 6 | 2 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 746 | 345 |
Repayments of long-term debt | (635) | (3) |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | (398) | (569) |
Contributions from parent | 0 | 0 |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | 0 | 0 |
(Distributions to) contributions from noncontrolling interests | 0 | 0 |
Other, net | (20) | (9) |
Net cash provided by (used in) financing activities | (301) | (234) |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 631 | (83) |
Cash and cash equivalents as of beginning of period | 21 | 110 |
Cash and cash equivalents as of end of period | 652 | 27 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 602 | 380 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (86) | (68) |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 7 | 0 |
Capital expenditures related to Fairway Methanol LLC | 0 | (244) |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 90 | (15) |
Other, net | (5) | (15) |
Net cash provided by (used in) investing activities | 6 | (342) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 0 | (1) |
Proceeds from short-term borrowings | 39 | 40 |
Repayments of short-term borrowings | (76) | (60) |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | (11) | (11) |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | 0 | 0 |
Contributions from parent | 0 | 92 |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | (895) | 0 |
(Distributions to) contributions from noncontrolling interests | (15) | 187 |
Other, net | (2) | (1) |
Net cash provided by (used in) financing activities | (960) | 246 |
Exchange rate effects on cash and cash equivalents | 4 | (29) |
Net increase (decrease) in cash and cash equivalents | (348) | 255 |
Cash and cash equivalents as of beginning of period | 946 | 670 |
Cash and cash equivalents as of end of period | 598 | 925 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (845) | (1,116) |
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 | (895) | 0 |
Contributions to subsidiary | 0 | 92 |
Intercompany loan receipts (disbursements) | 202 | 386 |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | (693) | 478 |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (9) | (29) |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | (826) | (360) |
Repayments of long-term debt | 633 | 3 |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | 845 | 1,116 |
Contributions from parent | 0 | (92) |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | 895 | 0 |
(Distributions to) contributions from noncontrolling interests | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | 1,538 | 638 |
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 |