Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 11, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CELANESE CORPORATION | |
Entity Central Index Key | 1,306,830 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 139,453,306 | |
Entity Current Reporting Status | Yes |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statement of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net sales | $ 1,471 | $ 1,404 |
Cost of sales | (1,119) | (1,014) |
Gross profit | 352 | 390 |
Selling, general and administrative expenses | (83) | (80) |
Amortization of intangible assets | (4) | (2) |
Research and development expenses | (17) | (19) |
Other (charges) gains, net | (55) | (5) |
Foreign exchange gain (loss), net | 0 | 3 |
Gain (loss) on disposition of businesses and assets, net | (1) | 0 |
Operating profit (loss) | 192 | 287 |
Equity in net earnings (loss) of affiliates | 47 | 38 |
Interest expense | (29) | (33) |
Refinancing expense | 0 | (2) |
Interest income | 0 | 1 |
Dividend income - cost investments | 29 | 27 |
Other income (expense), net | 1 | 0 |
Earnings (loss) from continuing operations before tax | 240 | 318 |
Income tax (provision) benefit | (56) | (60) |
Earnings (loss) from continuing operations | 184 | 258 |
Earnings (loss) from operation of discontinued operations | 0 | 1 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 1 |
Net earnings (loss) | 184 | 259 |
Net (earnings) loss attributable to noncontrolling interests | (1) | (2) |
Net earnings (loss) attributable to Celanese Corporation | 183 | 257 |
Amounts attributable to Celanese Corporation | ||
Earnings (loss) from continuing operations | 183 | 256 |
Earnings (loss) from discontinued operations | 0 | 1 |
Net earnings (loss) | $ 183 | $ 257 |
Earnings (loss) per common share - basic | ||
Continuing operations | $ 1.30 | $ 1.74 |
Discontinued operations | 0 | 0 |
Net earnings (loss) - basic | 1.30 | 1.74 |
Earnings (loss) per common share - diluted | ||
Continuing operations | 1.30 | 1.73 |
Discontinued operations | 0 | 0 |
Net earnings (loss) - diluted | $ 1.30 | $ 1.73 |
Weighted average shares - basic | 140,643,860 | 147,413,234 |
Weighted average shares - diluted | 140,997,403 | 148,131,114 |
Unaudited Interim Consolidated3
Unaudited Interim Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net earnings (loss) | $ 184 | $ 259 |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities | 0 | 1 |
Foreign currency translation | 28 | 64 |
Gain (loss) on cash flow hedges | (2) | 0 |
Pension and postretirement benefits | 5 | 0 |
Total other comprehensive income (loss), net of tax | 31 | 65 |
Total comprehensive income (loss), net of tax | 215 | 324 |
Comprehensive (income) loss attributable to noncontrolling interests | (1) | (2) |
Comprehensive income (loss) attributable to Celanese Corporation | $ 214 | $ 322 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents (variable interest entity restricted - 2017: $13; 2016: $18) | $ 501 | $ 638 |
Trade receivables - third party and affiliates (net of allowance for doubtful accounts - 2017: $6; 2016: $6; variable interest entity restricted - 2017: $5; 2016: $4) | 886 | 801 |
Non-trade receivables, net | 216 | 223 |
Inventories | 717 | 720 |
Marketable securities, at fair value | 31 | 30 |
Other assets | 38 | 60 |
Total current assets | 2,389 | 2,472 |
Investments in affiliates | 874 | 852 |
Property, plant and equipment (net of accumulated depreciation - 2017: $2,307; 2016: $2,239; variable interest entity restricted - 2017: $724; 2016: $734) | 3,571 | 3,577 |
Deferred income taxes | 154 | 159 |
Other assets (variable interest entity restricted - 2017: $8; 2016: $9) | 308 | 307 |
Goodwill | 800 | 796 |
Intangible assets (net of accumulated amortization - 2017: $531; 2016: $524; variable interest entity restricted - 2017: $26; 2016: $26) | 192 | 194 |
Total assets | 8,288 | 8,357 |
Current Liabilities | ||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 107 | 118 |
Trade payables - third party and affiliates | 615 | 625 |
Other liabilities | 262 | 322 |
Income taxes payable | 31 | 12 |
Total current liabilities | 1,015 | 1,077 |
Long-term debt, net of unamortized deferred financing costs | 2,851 | 2,890 |
Deferred income taxes | 140 | 130 |
Uncertain tax positions | 138 | 131 |
Benefit obligations | 866 | 893 |
Other liabilities | 237 | 215 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2017 and 2016: 0 issued and outstanding) | 0 | 0 |
Treasury stock, at cost (2017: 28,412,876 shares; 2016: 26,950,910 shares) | (1,662) | (1,531) |
Additional paid-in capital | 149 | 157 |
Retained earnings | 4,451 | 4,320 |
Accumulated other comprehensive income (loss), net | (327) | (358) |
Total Celanese Corporation stockholders' equity | 2,611 | 2,588 |
Noncontrolling interests | 430 | 433 |
Total equity | 3,041 | 3,021 |
Total liabilities and equity | 8,288 | 8,357 |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2017: 167,965,429 issued and 139,552,553 outstanding; 2016: 167,611,357 issued and 140,660,447 outstanding) | ||
Stockholders' Equity | ||
Common stock | 0 | 0 |
Series B common stock, $0.0001 par value, 100,000,000 shares authorized (2017 and 2016: 0 issued and outstanding) | ||
Stockholders' Equity | ||
Common stock | $ 0 | $ 0 |
Unaudited Consolidated Balance5
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 501 | $ 638 |
Allowance for doubtful accounts - trade receivables | 6 | 6 |
Trade receivables - third party and affiliates | 886 | 801 |
Accumulated depreciation | 2,307 | 2,239 |
Property, plant and equipment (net of accumulated depreciation - 2017: $2,307; 2016: $2,239; variable interest entity restricted - 2017: $724; 2016: $734) | 3,571 | 3,577 |
Other assets | 308 | 307 |
Accumulated amortization | 531 | 524 |
Intangible assets (net of accumulated amortization - 2017: $531; 2016: $524; variable interest entity restricted - 2017: $26; 2016: $26) | $ 192 | $ 194 |
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 | 28,412,876 | 26,950,910 |
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2017: 167,965,429 issued and 139,552,553 outstanding; 2016: 167,611,357 issued and 140,660,447 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 | 167,965,429 | 167,611,357 |
Common stock, shares outstanding | 139,552,553 | 140,660,447 |
Series B common stock, $0.0001 par value, 100,000,000 shares authorized (2017 and 2016: 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 | $ 13 | $ 18 |
Trade receivables - third party and affiliates | 5 | 4 |
Property, plant and equipment (net of accumulated depreciation - 2017: $2,307; 2016: $2,239; variable interest entity restricted - 2017: $724; 2016: $734) | 724 | 734 |
Other assets | 8 | 9 |
Intangible assets (net of accumulated amortization - 2017: $531; 2016: $524; variable interest entity restricted - 2017: $26; 2016: $26) | $ 26 | $ 26 |
Unaudited Interim Consolidated6
Unaudited Interim Consolidated Statement Equity - 3 months ended Mar. 31, 2017 - 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, 2016 | 140,660,447 | 26,950,910 | |||||
Balance as of the beginning of the period at Dec. 31, 2016 | $ 3,021 | ||||||
Total Celanese Corporation stockholders' equity at Dec. 31, 2016 | $ 2,588 | $ 0 | $ (1,531) | $ 157 | $ 4,320 | $ (358) | |
Stock option exercises, shares | 12,500 | ||||||
Stock option exercises, net of tax | $ 0 | 0 | |||||
Purchases of treasury stock, shares | (1,461,966) | ||||||
Purchases of treasury stock, including related fees | $ 0 | ||||||
Stock awards, shares | 341,572 | ||||||
Stock awards | $ 0 | ||||||
Purchases of treasury stock, shares | 1,461,966 | 1,461,966 | |||||
Purchases of treasury stock, including related fees | $ (131) | $ (131) | |||||
Stock-based compensation, net of tax | (8) | ||||||
Cumulative effect adjustment from adoption of new accounting standard (Note 2) | (1) | ||||||
Net earnings (loss) attributable to Celanese Corporation | 183 | 183 | |||||
Series A common stock dividends | (51) | ||||||
Other comprehensive income (loss), net of tax | 31 | 31 | |||||
Balance as of the end of the period, shares at Mar. 31, 2017 | 139,552,553 | 28,412,876 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest at Dec. 31, 2016 | 433 | $ 433 | |||||
Net earnings (loss) attributable to noncontrolling interests | 1 | 1 | |||||
(Distributions to) contributions from noncontrolling interests | (4) | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest at Mar. 31, 2017 | 430 | $ 430 | |||||
Total Celanese Corporation stockholders' equity at Mar. 31, 2017 | 2,611 | $ 0 | $ (1,662) | $ 149 | $ 4,451 | $ (327) | |
Balance as of the end of the period at Mar. 31, 2017 | $ 3,041 |
Unaudited Interim Consolidated7
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Activities | ||
Net earnings (loss) | $ 184 | $ 259 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | ||
Asset impairments | 0 | 0 |
Depreciation, amortization and accretion | 72 | 74 |
Pension and postretirement net periodic benefit cost | (20) | (13) |
Pension and postretirement contributions | (11) | (14) |
Deferred income taxes, net | 14 | (2) |
(Gain) loss on disposition of businesses and assets, net | 1 | 0 |
Stock-based compensation | 10 | 10 |
Undistributed earnings in unconsolidated affiliates | 3 | (1) |
Other, net | 2 | 4 |
Operating cash provided by (used in) discontinued operations | (1) | (1) |
Changes in operating assets and liabilities | ||
Trade receivables - third party and affiliates, net | (79) | (111) |
Inventories | 9 | 29 |
Other assets | 21 | 40 |
Trade payables - third party and affiliates | 6 | (8) |
Other liabilities | (19) | 21 |
Net cash provided by (used in) operating activities | 192 | 287 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (62) | (70) |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 1 | 0 |
Other, net | (3) | (5) |
Net cash provided by (used in) investing activities | (64) | (75) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 6 | (344) |
Proceeds from short-term borrowings | 7 | 8 |
Repayments of short-term borrowings | (29) | (63) |
Proceeds from long-term debt | 0 | 170 |
Repayments of long-term debt | (53) | (177) |
Purchases of treasury stock, including related fees | (128) | 0 |
Stock option exercises | 0 | 1 |
Series A common stock dividends | (51) | (44) |
(Distributions to) contributions from noncontrolling interests | (4) | 0 |
Other, net | (18) | (24) |
Net cash provided by (used in) financing activities | (270) | (473) |
Exchange rate effects on cash and cash equivalents | 5 | 10 |
Net increase (decrease) in cash and cash equivalents | (137) | (251) |
Cash and cash equivalents as of beginning of period | 638 | 967 |
Cash and cash equivalents as of end of period | $ 501 | $ 716 |
Description of the Company and
Description of the Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Company and Basis of Presentation | Description of the Company and Basis of Presentation Description of the Company Celanese Corporation and its subsidiaries (collectively, the "Company") is a global technology and specialty materials company. The Company's business involves processing chemical raw materials, such as methanol, carbon monoxide and ethylene, and natural products, including wood pulp, into value-added chemicals, thermoplastic polymers and other chemical-based products. Definitions In this Quarterly Report on Form 10-Q ("Quarterly Report"), the term "Celanese" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The term "Celanese US" refers to the Company's subsidiary, Celanese US Holdings LLC, a Delaware limited liability company, and not its subsidiaries. Basis of Presentation The unaudited interim consolidated financial statements for the three months ended March 31, 2017 and 2016 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, 2016 , filed on February 10, 2017 with the SEC as part of the Company's Annual Report on Form 10-K. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the entire year. In the ordinary course of business, the Company enters into contracts and agreements relative to a number of topics, including acquisitions, dispositions, joint ventures, supply agreements, product sales and other arrangements. The Company endeavors to describe those contracts or agreements that are material to its business, results of operations or financial position. The Company may also describe some arrangements that are not material but in which the Company believes investors may have an interest or which may have been included in a Form 8-K filing. Investors should not assume the Company has described all contracts and agreements relative to the Company's business in this Quarterly Report. For those consolidated ventures in which the Company owns or is exposed to less than 100% of the economics, the outside stockholders' interests are shown as noncontrolling interests. The Company has reclassified certain prior period amounts to conform to the current period's presentation. Estimates and Assumptions The preparation of unaudited interim consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of Net sales, expenses and allocated charges during the reporting period. Significant estimates pertain to impairments of goodwill, intangible assets and other long-lived assets, purchase price allocations, restructuring costs and other (charges) gains, net, income taxes, pension and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates. Change in accounting policy regarding share-based compensation Historically, the Company recognized share-based compensation net of estimated forfeitures over the vesting period of the respective grant. Effective January 1, 2017, the Company elected to change its accounting policy to recognize forfeitures as they occur. The new forfeiture policy election was adopted using a modified retrospective approach with a cumulative effect adjustment of $1 million to Retained earnings as of January 1, 2017. See Note 2 - Recent Accounting Pronouncements for further information. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Recent Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The new guidance clarifies the presentation and classification of the components of net periodic benefit costs in the consolidated statement of operations. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adoption on its financial statements and related disclosures. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory. The new guidance requires the income tax consequences of an intra-entity transfer of assets other than inventory to be recognized when the transfer occurs rather than deferring until an outside sale has occurred. January 1, 2018. Early adoption is permitted. The Company does not expect adoption will have a material impact on its financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. The new guidance clarifies the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. January 1, 2018. Early adoption is permitted. The Company does not expect adoption will have a material impact on its financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The new guidance simplifies several aspects of the accounting for share-based payment transactions, including the timing of recognizing income tax consequences, classification of awards as either equity or liabilities, calculation of compensation expense and classification on the statement of cash flows. January 1, 2017. Early adoption is permitted. The Company adopted the new guidance effective January 1, 2017, as part of the FASB's simplification initiative. The adoption of the new guidance did not have a material impact to the Company. The Company changed its accounting policy regarding the recognition of stock-based compensation expense as part of the adoption ( Note 1 ). In February 2016, the FASB issued ASU 2016-02, Leases. The new guidance supersedes the lease guidance under FASB Accounting Standards Codification ("ASC") Topic 840, Leases, resulting in the creation of FASB ASC Topic 842, Leases. The guidance 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. January 1, 2019. Early adoption is permitted. The Company is currently evaluating its population of leases, and is continuing to assess all potential impacts of the standard, but currently believes the most significant impact relates to its accounting for manufacturing and logistics equipment, and real estate operating leases. The Company anticipates recognition of additional assets and corresponding liabilities related to leases upon adoption. The Company plans to adopt the standard effective January 1, 2019. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. Since that date, the FASB has issued additional ASUs clarifying certain aspects of ASU 2014-09. The new guidance 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. The new guidance provides alternative methods of adoption. Subsequent guidance issued after May 2014 did not change the core principle of ASU 2014-09. January 1, 2018. Earlier adoption was permitted, but not before December 15, 2016. The Company is currently scoping its revenue contracts to assess the potential impact on its consolidated financial statements. The Company plans to adopt the revenue guidance effective January 1, 2018, although it has not yet selected a transition method. The Company currently does not expect the adoption to have a material impact on its consolidated financial statements, as a majority of its revenue transactions are recognized when product is delivered. |
Acquisitions, Dispositions and
Acquisitions, Dispositions and Plant Closures Acquisitions, Dispositions and Plant Closures | 3 Months Ended |
Mar. 31, 2017 | |
Acquisitions, Dispositions and Plant Closures [Abstract] | |
Acquisitions, Dispositions and Plant Closures [Text Block] | Acquisitions, Dispositions and Plant Closures Acquisitions • SO.F.TER. S.p.A. In December 2016, the Company acquired 100% of the stock of the Forli, Italy based SO.F.TER. S.p.A. ("SOFTER"), a leading thermoplastic compounder. The acquisition of SOFTER increases the Company's global engineered materials product platforms, extends the operational model, technical and industry solutions capabilities and expands project pipelines. The acquisition was accounted for as a business combination and the acquired operations are included in the Advanced Engineered Materials segment. The Company allocated the purchase price of the acquisition to identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The purchase price allocation was based on preliminary information and is subject to change if additional information about the facts and circumstances that existed at the acquisition date becomes available. The final fair value of the net assets acquired may result in adjustments to the assets and liabilities, including goodwill. During the three months ended March 31, 2017, the Company made adjustments to its purchase price allocation which primarily resulted in an increase of $3 million in property, plant and equipment and a reduction to goodwill of the same amount. Any subsequent measurement period adjustments are not expected to have a material impact on the Company's results of operations. • Nilit Plastics On February 1, 2017, the Company signed a definitive agreement to acquire the nylon compounding division of Nilit Group, an independent producer of high performance nylon, resins, fibers and compounds. Subject to closing conditions, Celanese will acquire Nilit Plastics' nylon compounding product portfolio, customer agreements and manufacturing, technology and commercial facilities. The acquisition will be funded from cash on hand and 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 second quarter of 2017, subject to regulatory approvals and other customary closing conditions, and does not expect the acquisition to be material to its 2017 financial position or results of operations. |
Ventures and Variable Interest
Ventures and Variable Interest Entities | 3 Months Ended |
Mar. 31, 2017 | |
Ventures and Variable Interest Entities [Abstract] | |
Ventures and Variable Interest Entities | Ventures and Variable Interest Entities Consolidated Variable Interest Entities The Company has 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 13 18 Trade receivables, net - third party & affiliate 10 8 Property, plant and equipment (net of accumulated depreciation - 2017: $60; 2016: $50) 724 734 Intangible assets (net of accumulated amortization - 2017: $1; 2016: $1) 26 26 Other assets 8 9 Total assets (1) 781 795 Trade payables 7 15 Other liabilities (2) 2 2 Total debt 5 5 Deferred income taxes 3 2 Total liabilities 17 24 ______________________________ (1) Assets can only be used to settle the obligations of Fairway. (2) Primarily represents amounts owed by Fairway to the Company for reimbursement of expenditures. Nonconsolidated Variable Interest Entities The Company holds variable interests in entities that supply certain raw materials and services to the Company. The variable interests primarily relate to cost-plus contractual arrangements with the suppliers and recovery of capital expenditures for certain plant assets plus a rate of return on such assets. Liabilities for such supplier recoveries of capital expenditures have been recorded as capital lease obligations. The entities are not consolidated because the Company is not the primary beneficiary of the entities as it does not have the power to direct the activities of the entities that most significantly impact the entities' economic performance. The Company's maximum exposure to loss as a result of its involvement with these VIEs as of March 31, 2017 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 58 60 Trade payables 38 53 Current installments of long-term debt 10 10 Long-term debt 88 91 Restructuring reserves ( Note 13 ) 27 — Total liabilities 163 154 Maximum exposure to loss 221 240 The difference between the total liabilities associated with obligations to nonconsolidated VIEs and the maximum exposure to loss primarily represents take-or-pay obligations for services included in the Company's unconditional purchase obligations ( Note 17 ). |
Marketable Securities, at Fair
Marketable Securities, at Fair Value | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities, at Fair Value | Marketable Securities, at Fair Value The Company's nonqualified trusts hold available-for-sale securities for funding requirements of the Company's nonqualified pension plans ( Note 10 ) as follows: As of As of (In $ millions) Amortized cost 31 30 Gross unrealized gain — — Gross unrealized loss — — Fair value 31 30 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories As of As of (In $ millions) Finished goods 508 506 Work-in-process 41 45 Raw materials and supplies 168 169 Total 717 720 |
Current Other Liabilities
Current Other Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Other Liabilities, Current [Abstract] | |
Current Other Liabilities | Current Other Liabilities As of As of (In $ millions) Asset retirement obligations 19 9 Benefit obligations ( Note 10 ) 31 31 Customer rebates 31 51 Derivatives ( Note 15 ) 3 3 Environmental ( Note 11 ) 13 14 Insurance 5 6 Interest 21 15 Restructuring ( Note 13 ) 14 16 Salaries and benefits 53 97 Sales and use tax/foreign withholding tax payable 21 21 Other 51 59 Total 262 322 |
Noncurrent Other Liabilities
Noncurrent Other Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Other Liabilities, Noncurrent [Abstract] | |
Noncurrent Other Liabilities | Noncurrent Other Liabilities As of As of (In $ millions) Asset retirement obligations 10 20 Deferred proceeds 41 41 Deferred revenue 9 9 Environmental ( Note 11 ) 50 50 Income taxes payable 6 6 Insurance 48 46 Restructuring ( Note 13 ) 20 — Other 53 43 Total 237 215 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
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 34 27 Short-term borrowings, including amounts due to affiliates (1) 73 68 Short-term SOFTER bank loans ( Note 3 ) (2) — 23 Total 107 118 ______________________________ (1) The weighted average interest rate was 2.9% and 3.1% as of March 31, 2017 and December 31, 2016 , respectively. (2) The weighted average interest rate was 1.2% as of December 31, 2016 . As of As of (In $ millions) Long-Term Debt Senior unsecured term loan due 2021 (1) 500 500 Senior unsecured notes due 2019, interest rate of 3.250% 321 316 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% 800 788 Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00% 169 170 SOFTER bank loans due at various dates through 2021 ( Note 3 ) (2) — 47 Obligations under capital leases due at various dates through 2054 215 217 Subtotal 2,905 2,938 Unamortized debt issuance costs (3) (20 ) (21 ) Current installments of long-term debt (34 ) (27 ) Total 2,851 2,890 ______________________________ (1) The margin for borrowings under the senior unsecured term loan due 2021 was 1.5% above LIBOR at current Company credit ratings. (2) The weighted average interest rate was 1.6% as of December 31, 2016 . (3) 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 ("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 Credit Agreement is guaranteed by Celanese, Celanese US and substantially all of its domestic subsidiaries (the "Subsidiary Guarantors"). 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 — Letters of credit issued — Available for borrowing (1) 1,000 ______________________________ (1) The margin for borrowings under the senior unsecured revolving credit facility was 1.5% above LIBOR at current Company credit ratings. 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 on a senior unsecured basis by Celanese and the Subsidiary Guarantors. 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, expires in July 2019. 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 — Letters of credit issued 45 Available for borrowing 58 Total borrowing base 103 Maximum borrowing base (1) 120 ______________________________ (1) Outstanding accounts receivable transferred to the SPE was $173 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 March 31, 2017 . |
Benefit Obligations
Benefit Obligations | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Obligations | Benefit Obligations The components of net periodic benefit cost are as follows: Three Months Ended March 31, 2017 2016 Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 2 — 2 — Interest cost 27 — 28 1 Expected return on plan assets (49 ) — (44 ) — Amortization of prior service cost (credit), net — — — (1 ) Special termination benefit — — 1 — Total (20 ) — (13 ) — Benefit obligation funding is as follows: As of Total Expected 2017 (In $ millions) Cash contributions to defined benefit pension plans 5 20 Benefit payments to nonqualified pension plans 5 22 Benefit payments to other postretirement benefit plans 1 4 Cash contributions to German multiemployer defined benefit pension plans (1) 2 7 ______________________________ (1) The Company makes contributions based on specified percentages of employee contributions. The Company's estimates of its US defined benefit pension plan contributions reflect the provisions of the Pension Protection Act of 2006. |
Environmental
Environmental | 3 Months Ended |
Mar. 31, 2017 | |
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 ongoing 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 17 ) 17 18 Divestiture obligations ( Note 17 ) 16 16 Active sites 17 16 US Superfund sites 11 11 Other environmental remediation reserves 2 3 Total 63 64 Remediation Due to its industrial history and through retained contractual and legal obligations, the Company has the obligation to remediate specific areas on its own sites as well as on divested, demerger, orphan or US Superfund sites (as defined below). In addition, as part of the demerger agreement between the Company and Hoechst AG ("Hoechst"), a specified portion of the responsibility for environmental liabilities from a number of Hoechst divestitures was transferred to the Company ( Note 17 ). The Company provides for such obligations when the event of loss is probable and reasonably estimable. The Company believes that environmental remediation costs will not have a material adverse effect on the financial position of the Company, but may have a material adverse effect on the results of operations or cash flows in any given period. US Superfund Sites In the US, the Company may be subject to substantial claims brought by US federal or state regulatory agencies or private individuals pursuant to statutory authority or common law. In particular, the Company has a potential liability under the US Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, and related state laws (collectively referred to as "Superfund") for investigation and cleanup costs at certain sites. At most of these sites, numerous companies, including the Company, or one of its predecessor companies, have been notified that the US Environmental Protection Agency ("EPA"), state governing bodies or private individuals consider such companies to be potentially responsible parties ("PRP") under Superfund or related laws. The proceedings relating to these sites are in various stages. The cleanup process has not been completed at most sites, and the status of the insurance coverage for some of these proceedings is uncertain. Consequently, the Company cannot accurately determine its ultimate liability for investigation or cleanup costs at these sites. As events progress at each site for which it has been named a PRP, the Company accrues, as appropriate, a liability for site cleanup. Such liabilities include all costs that are probable and can be reasonably estimated. In establishing these liabilities, the Company considers the contaminants of concern, the potential impact thereof, the relationship of the contaminants of concern to its current and historic operations, 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 Diamond Alkali Superfund Site, which is comprised of a number of sub-sites, including the Lower Passaic River Study Area, which is the lower 17-mile stretch of the Passaic River ("Lower Passaic River Site"), and the Newark Bay Area. The Company and 70 other companies are parties to a May 2007 Administrative Order on Consent with the EPA to perform a Remedial Investigation/Feasibility Study ("RI/FS") at the Lower Passaic River Site in order to identify the levels of contaminants and potential cleanup actions, including the potential migration of contaminants between the Lower Passaic River Site and the Newark Bay Area. Work on the RI/FS is ongoing, with a goal to complete it in 2018. In March 2016, the EPA issued its final Record of Decision concerning the remediation of the lower 8.3 miles of the Lower Passaic River Site ("Lower 8.3 Miles"). 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 EPA estimated cost of approximately $1.4 billion . 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. The Company is vigorously defending this matter and currently believes that its ultimate allocable share of the cleanup costs with respect to the Lower Passaic River Site, estimated at less than 1% , will not be material. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
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 2016 20 0.36 1.44 May 2016 Treasury Stock Three Months Ended Total From 2017 2016 Shares repurchased 1,461,966 — 35,804,182 Average purchase price per share $ 89.95 $ — $ 54.93 Shares repurchased (in $ millions) $ 131 $ — $ 1,966 Aggregate Board of Directors repurchase authorizations during the period (in $ millions) (1) $ — $ — $ 2,366 ______________________________ (1) These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program began in February 2008 and does not have an expiration date. The purchase of treasury stock reduces the number of shares outstanding. The repurchased shares may be used by the Company for compensation programs utilizing the Company's stock and other corporate purposes. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders' equity. Other Comprehensive Income (Loss), Net Three Months Ended March 31, 2017 2016 Gross Income Net Gross Income Net (In $ millions) Unrealized gain (loss) on marketable securities — — — 1 — 1 Foreign currency translation 28 — 28 70 (6 ) 64 Gain (loss) on cash flow hedges (2 ) — (2 ) — — — Pension and postretirement benefits 5 — 5 — — — Total 31 — 31 71 (6 ) 65 Adjustments to Accumulated other comprehensive income (loss), net, are as follows: Unrealized Gain (Loss) on Marketable Securities ( Note 5 ) Foreign Currency Translation Gain (Loss) on Cash Flow Hedges ( Note 15 ) Pension and Postretirement Benefits ( Note 10 ) Accumulated Other Comprehensive Income (Loss), Net (In $ millions) As of December 31, 2016 1 (350 ) 3 (12 ) (358 ) Other comprehensive income (loss) before reclassifications — 28 (1 ) 5 32 Amounts reclassified from accumulated other comprehensive income (loss) — — (1 ) — (1 ) Income tax (provision) benefit — — — — — As of March 31, 2017 1 (322 ) 1 (7 ) (327 ) |
Other (Charges) Gains, Net
Other (Charges) Gains, Net | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Other (Charges) Gains, Net | Other (Charges) Gains, Net Three Months Ended March 31, 2017 2016 (In $ millions) Employee termination benefits (2 ) (5 ) Other plant/office closures (53 ) — Total (55 ) (5 ) During the three months ended March 31, 2017 and 2016 , the Company recorded $2 million and $5 million , respectively, of employee termination benefits primarily related to the Company's ongoing efforts to align its businesses around its core value drivers. During the three months ended March 31, 2017, the Company provided notice of termination of a contract with a key raw materials supplier at its ethanol production unit in Nanjing, China. As a result, the Company recorded an estimated $53 million of plant/office closure costs primarily consisting of a $27 million contract termination charge and an $18 million reduction to its non-income tax receivable. The Nanjing, China ethanol production unit 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, 2016 1 9 2 1 3 16 Additions — 1 — — 1 2 Cash payments — (1 ) (1 ) — (3 ) (5 ) Other changes — (8 ) — — — (8 ) Exchange rate changes — — — — — — As of March 31, 2017 1 1 1 1 1 5 Other Plant/Office Closures As of December 31, 2016 — — — — — — Additions — — — 29 — 29 Cash payments — — — — — — Other changes — — — — — — Exchange rate changes — — — — — — As of March 31, 2017 — — — 29 — 29 Total 1 1 1 30 1 34 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Three Months Ended March 31, 2017 2016 (In percentages) Effective income tax rate 23 19 The higher effective income tax rate for the three months ended March 31, 2017 compared to the same period in 2016 is primarily due to losses in jurisdictions with no tax benefit. The increase in losses primarily relates to the Company's notice of termination of a contract with a key raw materials supplier at its ethanol production unit in Nanjing, China ( Note 13 ). For the three months ended March 31, 2017 , the Company's uncertain tax positions increased $7 million , primarily due to legislative changes in certain foreign jurisdictions and foreign exchange rate fluctuations. The Company's US tax returns for the years 2009 through 2012 are currently under audit by the US Internal Revenue Service and certain of the Company's subsidiaries are under audit in jurisdictions outside of the US. 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 | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments 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 850 850 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 457 508 Information regarding changes in the fair value of the Company's derivative and non-derivative instruments during the three months ended March 31, 2017 and 2016 is as follows: Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Three Months Ended March 31, Statement of Operations Classification 2017 2016 2017 2016 (In $ millions) Designated as Cash Flow Hedges Commodity swaps (1 ) — 1 — Cost of sales Total (1 ) — 1 — Designated as Net Investment Hedges Foreign currency denominated debt ( Note 9 ) (13 ) (6 ) — — N/A Total (13 ) (6 ) — — Not Designated as Hedges Foreign currency forwards and swaps — — 1 7 Foreign exchange gain (loss), net; Other income (expense), net Total — — 1 7 See Note 16 - 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 7 14 Gross amount offset in the consolidated balance sheets 2 4 Net amount presented in the consolidated balance sheets 5 10 Gross amount not offset in the consolidated balance sheets 1 2 Net amount 4 8 As of As of (In $ millions) Derivative Liabilities Gross amount recognized 5 7 Gross amount offset in the consolidated balance sheets 2 4 Net amount presented in the consolidated balance sheets 3 3 Gross amount not offset in the consolidated balance sheets 1 2 Net amount 2 1 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 Derivatives Designated as Cash Flow Hedges Commodity swaps — 3 3 Current Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 2 2 Current Other assets Total assets — 5 5 Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (3 ) (3 ) Current Other liabilities Total liabilities — (3 ) (3 ) As of December 31, 2016 Derivatives Designated as Cash Flow Hedges Commodity swaps — 5 5 Current Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 5 5 Current Other assets Total assets — 10 10 Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (3 ) (3 ) Current Other liabilities Total liabilities — (3 ) (3 ) Carrying values and fair values of financial instruments that are not carried at fair value are as follows: Fair Value Measurement Carrying Amount Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total (In $ millions) As of March 31, 2017 Cost investments 158 — — — Insurance contracts in nonqualified trusts 49 49 — 49 Long-term debt, including current installments of long-term debt 2,905 2,796 215 3,011 As of December 31, 2016 Cost investments 155 — — — Insurance contracts in nonqualified trusts 49 49 — 49 Long-term debt, including current installments of long-term debt 2,938 2,826 217 3,043 In general, the cost investments included in the table above are not publicly traded and their fair values are not readily determinable; however, the Company believes the carrying values approximate or are less than the fair values. Insurance contracts in nonqualified trusts consist of long-term fixed income securities, which are valued using independent vendor pricing models with observable inputs in the active market and therefore represent a Level 2 fair value measurement. The fair value of long-term debt is based on valuations from third-party banks and market quotations and is classified as Level 2 in the fair value measurement hierarchy. The fair value of obligations under capital leases, which are included in long-term debt, is based on lease payments and discount rates, which are not observable in the market and therefore represents a Level 3 fair value measurement. As of March 31, 2017 and December 31, 2016 , the fair values of cash and cash equivalents, receivables, trade payables, short-term borrowings and the current installments of long-term debt approximate carrying values due to the short-term nature of these instruments. These items have been excluded from the table with the exception of the current installments of long-term debt. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
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 11 ). The Company's obligation to indemnify Hoechst, and its legal successors, is capped under Category B at €250 million . If and to the extent the environmental damage should exceed €750 million in aggregate, the Company's obligation to indemnify Hoechst and its legal successors applies, but is then limited to 33.33% of the remediation cost without further limitations. Cumulative payments under the divestiture agreements as of March 31, 2017 are $76 million . Most of the divestiture agreements have become time barred and/or any notified environmental damage claims have been partially settled. The Company has also undertaken in the demerger agreement to indemnify Hoechst and its legal successors for (i) 33.33% of any and all Category A liabilities that result from Hoechst being held as the responsible party pursuant to public law or current or future environmental law or by third parties pursuant to private or public law related to contamination and (ii) liabilities that Hoechst is required to discharge, including tax liabilities, which are associated with businesses that were included in the demerger but were not demerged due to legal restrictions on the transfers of such items. These indemnities do not provide for any monetary or time limitations. The Company has not been requested by Hoechst to make any payments in connection with this indemnification. Accordingly, the Company has not made any payments to Hoechst and its legal successors. Based on the Company's evaluation of currently available information, including the lack of requests for indemnification, the Company cannot estimate the Possible Loss for the remaining demerger obligations, if any, in excess of amounts accrued. • Divestiture Obligations The Company and its predecessor companies agreed to indemnify third-party purchasers of former businesses and assets for various pre-closing conditions, as well as for breaches of representations, warranties and covenants. Such liabilities also include environmental liability, product liability, antitrust and other liabilities. These indemnifications and guarantees represent standard contractual terms associated with typical divestiture agreements and, other than environmental liabilities, the Company does not believe that they expose the Company to any significant risk ( Note 11 ). The Company has divested numerous businesses, investments and facilities through agreements containing indemnifications or guarantees to the purchasers. Many of the obligations contain monetary and/or time limitations, which extend through 2037 . The aggregate amount of outstanding indemnifications and guarantees provided for under these agreements is $124 million as of March 31, 2017 . 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. Additionally, the Company has other outstanding commitments representing maintenance and service agreements, energy and utility agreements, consulting contracts and software agreements. As of March 31, 2017 , the Company had unconditional purchase obligations of $2.0 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 or competition compliance, 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 the Company's results of operations, cash flows or financial position. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Advanced Engineered Materials Consumer Specialties Industrial Specialties Acetyl Intermediates Other Activities Eliminations Consolidated (In $ millions) Three Months Ended March 31, 2017 Net sales 487 218 245 (1) 619 (1) — (98 ) 1,471 Other (charges) gains, net ( Note 13 ) — (1 ) — (53 ) (1 ) — (55 ) Operating profit (loss) 98 68 25 27 (26 ) — 192 Equity in net earnings (loss) of affiliates 42 1 — 1 3 — 47 Depreciation and amortization 24 11 8 26 2 — 71 Capital expenditures 10 6 4 20 1 — 41 (2) As of March 31, 2017 Goodwill and intangible assets, net 516 245 46 185 — — 992 Total assets 2,803 1,300 775 2,576 834 — 8,288 Three Months Ended March 31, 2016 Net sales 350 244 253 (1) 663 (1) — (106 ) 1,404 Other (charges) gains, net ( Note 13 ) (1 ) — (1 ) — (3 ) — (5 ) Operating profit (loss) 88 78 31 114 (24 ) — 287 Equity in net earnings (loss) of affiliates 31 1 — 1 5 — 38 Depreciation and amortization 24 11 8 27 3 — 73 Capital expenditures 19 9 18 9 3 — 58 (2) As of December 31, 2016 Goodwill and intangible assets, net 517 244 46 183 — — 990 Total assets 2,792 1,324 758 2,440 1,043 — 8,357 ______________________________ (1) Net sales for Acetyl Intermediates and Industrial Specialties include intersegment sales of $97 million and $1 million , respectively, for the three months ended March 31, 2017 and $106 million and $0 million , respectively, for the three months ended March 31, 2016 . (2) Includes a decrease in accrued capital expenditures of $21 million and $12 million for the three months ended March 31, 2017 and 2016 , respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Three Months Ended 2017 2016 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 183 256 Earnings (loss) from discontinued operations — 1 Net earnings (loss) 183 257 Weighted average shares - basic 140,643,860 147,413,234 Incremental shares attributable to equity awards 353,543 717,880 Weighted average shares - diluted 140,997,403 148,131,114 During the three months ended March 31, 2017 and 2016 , there were no anti-dilutive equity awards excluded from the computation of diluted net earnings per share. |
Consolidating Guarantor Financi
Consolidating Guarantor Financial Information | 3 Months Ended |
Mar. 31, 2017 | |
Consolidating Guarantor Financial Information [Abstract] | |
Consolidating Guarantor Financial Information | Consolidating Guarantor Financial Information The Senior Notes were issued by Celanese US ("Issuer") and are guaranteed by Celanese Corporation ("Parent Guarantor") and the Subsidiary Guarantors ( Note 9 ). The Issuer and Subsidiary Guarantors are 100% owned subsidiaries of the Parent Guarantor. The Parent Guarantor and Subsidiary Guarantors have guaranteed the Notes fully and unconditionally and jointly and severally. For cash management purposes, the Company transfers cash between the Parent Guarantor, Issuer, Subsidiary Guarantors and non-guarantors through intercompany financing arrangements, contributions or declaration of dividends between the respective parent and its subsidiaries. The transfer of cash under these activities facilitates the ability of the recipient to make specified third-party payments for principal and interest on the Company's outstanding debt, Common Stock dividends and Common Stock repurchases. The unaudited interim consolidating statements of cash flows for the three months ended March 31, 2017 and 2016 present such intercompany financing activities, contributions and dividends consistent with how such activity would be presented in a stand-alone statement of cash flows. The Company has not presented separate financial information and other disclosures for each of its Subsidiary Guarantors because it believes such financial information and other disclosures would not provide investors with any additional information that would be material in evaluating the sufficiency of the guarantees. The unaudited interim consolidating financial statements for the Parent Guarantor, the Issuer, the Subsidiary Guarantors and the non-guarantors are as follows: CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 589 1,177 (295 ) 1,471 Cost of sales — — (443 ) (966 ) 290 (1,119 ) Gross profit — — 146 211 (5 ) 352 Selling, general and administrative expenses — — (16 ) (67 ) — (83 ) Amortization of intangible assets — — (1 ) (3 ) — (4 ) Research and development expenses — — (7 ) (10 ) — (17 ) Other (charges) gains, net — — (6 ) (49 ) — (55 ) Foreign exchange gain (loss), net — — — — — — Gain (loss) on disposition of businesses and assets, net — — (2 ) 1 — (1 ) Operating profit (loss) — — 114 83 (5 ) 192 Equity in net earnings (loss) of affiliates 183 174 101 43 (454 ) 47 Interest expense — (6 ) (23 ) (7 ) 7 (29 ) Refinancing expense — — — — — — Interest income — 6 1 — (7 ) — Dividend income - cost investments — — — 29 — 29 Other income (expense), net — — — 1 — 1 Earnings (loss) from continuing operations before tax 183 174 193 149 (459 ) 240 Income tax (provision) benefit — 9 (63 ) 1 (3 ) (56 ) Earnings (loss) from continuing operations 183 183 130 150 (462 ) 184 Earnings (loss) from operation of discontinued operations — — — — — — Income tax (provision) benefit from discontinued operations — — — — — — Earnings (loss) from discontinued operations — — — — — — Net earnings (loss) 183 183 130 150 (462 ) 184 Net (earnings) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Net earnings (loss) attributable to Celanese Corporation 183 183 130 149 (462 ) 183 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 583 1,139 (318 ) 1,404 Cost of sales — — (441 ) (891 ) 318 (1,014 ) Gross profit — — 142 248 — 390 Selling, general and administrative expenses — — (17 ) (63 ) — (80 ) Amortization of intangible assets — — (1 ) (1 ) — (2 ) Research and development expenses — — (8 ) (11 ) — (19 ) Other (charges) gains, net — — — (5 ) — (5 ) Foreign exchange gain (loss), net — — — 3 — 3 Gain (loss) on disposition of businesses and assets, net — — (1 ) 1 — — Operating profit (loss) — — 115 172 — 287 Equity in net earnings (loss) of affiliates 256 274 173 37 (702 ) 38 Interest expense — (15 ) (15 ) (8 ) 5 (33 ) Refinancing expense — — (2 ) — — (2 ) Interest income — 2 1 2 (4 ) 1 Dividend income - cost investments — — — 27 — 27 Other income (expense), net — — — — — — Earnings (loss) from continuing operations before tax 256 261 272 230 (701 ) 318 Income tax (provision) benefit — (5 ) (30 ) (25 ) — (60 ) Earnings (loss) from continuing operations 256 256 242 205 (701 ) 258 Earnings (loss) from operation of discontinued operations — — — 1 — 1 Income tax (provision) benefit from discontinued operations — — — — — — Earnings (loss) from discontinued operations — — — 1 — 1 Net earnings (loss) 256 256 242 206 (701 ) 259 Net (earnings) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Net earnings (loss) attributable to Celanese Corporation 256 256 242 204 (701 ) 257 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 183 183 130 150 (462 ) 184 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities — — — — — — Foreign currency translation 28 28 30 39 (97 ) 28 Gain (loss) on cash flow hedges (2 ) (2 ) (2 ) (2 ) 6 (2 ) Pension and postretirement benefits 5 5 4 6 (15 ) 5 Total other comprehensive income (loss), net of tax 31 31 32 43 (106 ) 31 Total comprehensive income (loss), net of tax 214 214 162 193 (568 ) 215 Comprehensive (income) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Comprehensive income (loss) attributable to Celanese Corporation 214 214 162 192 (568 ) 214 Three Months Ended March 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 256 256 242 206 (701 ) 259 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities 1 1 — 1 (2 ) 1 Foreign currency translation 64 64 54 82 (200 ) 64 Gain (loss) on cash flow hedges — — — — — — Pension and postretirement benefits — — — 1 (1 ) — Total other comprehensive income (loss), net of tax 65 65 54 84 (203 ) 65 Total comprehensive income (loss), net of tax 321 321 296 290 (904 ) 324 Comprehensive (income) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Comprehensive income (loss) attributable to Celanese Corporation 321 321 296 288 (904 ) 322 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of March 31, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — — 56 445 — 501 Trade receivables - third party and affiliates — — 137 919 (170 ) 886 Non-trade receivables, net 40 516 257 317 (914 ) 216 Inventories, net — — 249 517 (49 ) 717 Marketable securities, at fair value — — 31 — — 31 Other assets — 34 10 54 (60 ) 38 Total current assets 40 550 740 2,252 (1,193 ) 2,389 Investments in affiliates 2,575 4,052 3,642 769 (10,164 ) 874 Property, plant and equipment, net — — 1,059 2,512 — 3,571 Deferred income taxes — — 84 80 (10 ) 154 Other assets — 705 130 160 (687 ) 308 Goodwill — — 314 486 — 800 Intangible assets, net — — 47 145 — 192 Total assets 2,615 5,307 6,016 6,404 (12,054 ) 8,288 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates — 13 140 254 (300 ) 107 Trade payables - third party and affiliates 4 — 258 523 (170 ) 615 Other liabilities — 49 136 221 (144 ) 262 Income taxes payable — — 511 48 (528 ) 31 Total current liabilities 4 62 1,045 1,046 (1,142 ) 1,015 Noncurrent Liabilities Long-term debt — 2,657 727 161 (694 ) 2,851 Deferred income taxes — 13 — 137 (10 ) 140 Uncertain tax positions — — 4 136 (2 ) 138 Benefit obligations — — 610 256 — 866 Other liabilities — — 65 173 (1 ) 237 Total noncurrent liabilities — 2,670 1,406 863 (707 ) 4,232 Total Celanese Corporation stockholders' equity 2,611 2,575 3,565 4,065 (10,205 ) 2,611 Noncontrolling interests — — — 430 — 430 Total equity 2,611 2,575 3,565 4,495 (10,205 ) 3,041 Total liabilities and equity 2,615 5,307 6,016 6,404 (12,054 ) 8,288 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of December 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — — 51 587 — 638 Trade receivables - third party and affiliates — — 107 819 (125 ) 801 Non-trade receivables, net 40 499 249 308 (873 ) 223 Inventories, net — — 239 526 (45 ) 720 Marketable securities, at fair value — — 30 — — 30 Other assets — 42 25 76 (83 ) 60 Total current assets 40 541 701 2,316 (1,126 ) 2,472 Investments in affiliates 2,548 4,029 3,655 752 (10,132 ) 852 Property, plant and equipment, net — — 1,049 2,528 — 3,577 Deferred income taxes — — 91 86 (18 ) 159 Other assets — 705 133 156 (687 ) 307 Goodwill — — 314 482 — 796 Intangible assets, net — — 48 146 — 194 Total assets 2,588 5,275 5,991 6,466 (11,963 ) 8,357 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates — 6 133 250 (271 ) 118 Trade payables - third party and affiliates — — 226 524 (125 ) 625 Other liabilities — 58 167 262 (165 ) 322 Income taxes payable — — 454 75 (517 ) 12 Total current liabilities — 64 980 1,111 (1,078 ) 1,077 Noncurrent Liabilities Long-term debt — 2,647 727 210 (694 ) 2,890 Deferred income taxes — 16 — 132 (18 ) 130 Uncertain tax positions — — 3 130 (2 ) 131 Benefit obligations — — 636 257 — 893 Other liabilities — — 74 142 (1 ) 215 Total noncurrent liabilities — 2,663 1,440 871 (715 ) 4,259 Total Celanese Corporation stockholders' equity 2,588 2,548 3,571 4,051 (10,170 ) 2,588 Noncontrolling interests — — — 433 — 433 Total equity 2,588 2,548 3,571 4,484 (10,170 ) 3,021 Total liabilities and equity 2,588 5,275 5,991 6,466 (11,963 ) 8,357 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 179 196 210 130 (523 ) 192 Investing Activities Capital expenditures on property, plant and equipment — — (42 ) (20 ) — (62 ) Acquisitions, net of cash acquired — (11 ) — — 11 — Proceeds from sale of businesses and assets, net — — — 12 (11 ) 1 Return of capital from subsidiary — — 5 — (5 ) — Contributions to subsidiary — — — — — — Intercompany loan receipts (disbursements) — — 7 — (7 ) — Other, net — — — (3 ) — (3 ) Net cash provided by (used in) investing activities — (11 ) (30 ) (11 ) (12 ) (64 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — (7 ) 6 — 7 6 Proceeds from short-term borrowings — — — 7 — 7 Repayments of short-term borrowings — — — (29 ) — (29 ) Proceeds from long-term debt — — — — — — Repayments of long-term debt — — — (53 ) — (53 ) Purchases of treasury stock, including related fees (128 ) — — — — (128 ) Dividends to parent — (178 ) (165 ) (180 ) 523 — Contributions from parent — — — — — — Stock option exercises — — — — — — Series A common stock dividends (51 ) — — — — (51 ) Return of capital to parent — — — (5 ) 5 — (Distributions to) contributions from noncontrolling interests — — — (4 ) — (4 ) Other, net — — (16 ) (2 ) — (18 ) Net cash provided by (used in) financing activities (179 ) (185 ) (175 ) (266 ) 535 (270 ) Exchange rate effects on cash and cash equivalents — — — 5 — 5 Net increase (decrease) in cash and cash equivalents — — 5 (142 ) — (137 ) Cash and cash equivalents as of beginning of period — — 51 587 — 638 Cash and cash equivalents as of end of period — — 56 445 — 501 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 44 47 (1 ) 309 (112 ) 287 Investing Activities Capital expenditures on property, plant and equipment — — (38 ) (32 ) — (70 ) Acquisitions, net of cash acquired — — — — — — Proceeds from sale of businesses and assets, net — — — — — — Return of capital from subsidiary — 136 734 — (870 ) — Contributions to subsidiary — — — — — — Intercompany loan receipts (disbursements) — 138 3 90 (231 ) — Other, net — — (3 ) (2 ) — (5 ) Net cash provided by (used in) investing activities — 274 696 56 (1,101 ) (75 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — (353 ) 6 — 3 (344 ) Proceeds from short-term borrowings — — — 8 — 8 Repayments of short-term borrowings — — — (63 ) — (63 ) Proceeds from long-term debt — 250 325 — (405 ) 170 Repayments of long-term debt — (172 ) (634 ) (4 ) 633 (177 ) Purchases of treasury stock, including related fees — — — — — — Dividends to parent — (44 ) (68 ) — 112 — Contributions from parent — — — — — — Stock option exercises 1 — — — — 1 Series A common stock dividends (44 ) — — — — (44 ) Return of capital to parent — — — (870 ) 870 — (Distributions to) contributions from noncontrolling interests — — — — — — Other, net — (2 ) — (22 ) — (24 ) Net cash provided by (used in) financing activities (43 ) (321 ) (371 ) (951 ) 1,213 (473 ) Exchange rate effects on cash and cash equivalents — — — 10 — 10 Net increase (decrease) in cash and cash equivalents 1 — 324 (576 ) — (251 ) Cash and cash equivalents as of beginning of period — — 21 946 — 967 Cash and cash equivalents as of end of period 1 — 345 370 — 716 |
Description of the Company an28
Description of the Company and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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. |
Accounting Changes [Text Block] | Change in accounting policy regarding share-based compensation Historically, the Company recognized share-based compensation net of estimated forfeitures over the vesting period of the respective grant. Effective January 1, 2017, the Company elected to change its accounting policy to recognize forfeitures as they occur. The new forfeiture policy election was adopted using a modified retrospective approach with a cumulative effect adjustment of $1 million to Retained earnings as of January 1, 2017. See Note 2 - Recent Accounting Pronouncements for further information. |
Ventures and Variable Interes29
Ventures and Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 13 18 Trade receivables, net - third party & affiliate 10 8 Property, plant and equipment (net of accumulated depreciation - 2017: $60; 2016: $50) 724 734 Intangible assets (net of accumulated amortization - 2017: $1; 2016: $1) 26 26 Other assets 8 9 Total assets (1) 781 795 Trade payables 7 15 Other liabilities (2) 2 2 Total debt 5 5 Deferred income taxes 3 2 Total liabilities 17 24 ______________________________ (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 58 60 Trade payables 38 53 Current installments of long-term debt 10 10 Long-term debt 88 91 Restructuring reserves ( Note 13 ) 27 — Total liabilities 163 154 Maximum exposure to loss 221 240 The difference between the total liabilities associated with obligations to nonconsolidated VIEs and the maximum exposure to loss primarily represents take-or-pay obligations for services included in the Company's unconditional purchase obligations ( Note 17 ). |
Marketable Securities, at Fai30
Marketable Securities, at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 10 ) as follows: As of As of (In $ millions) Amortized cost 31 30 Gross unrealized gain — — Gross unrealized loss — — Fair value 31 30 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of As of (In $ millions) Finished goods 508 506 Work-in-process 41 45 Raw materials and supplies 168 169 Total 717 720 |
Current Other Liabilities (Tabl
Current Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Other Liabilities, Current [Abstract] | |
Schedule of Current Other Liabilities | As of As of (In $ millions) Asset retirement obligations 19 9 Benefit obligations ( Note 10 ) 31 31 Customer rebates 31 51 Derivatives ( Note 15 ) 3 3 Environmental ( Note 11 ) 13 14 Insurance 5 6 Interest 21 15 Restructuring ( Note 13 ) 14 16 Salaries and benefits 53 97 Sales and use tax/foreign withholding tax payable 21 21 Other 51 59 Total 262 322 |
Noncurrent Other Liabilities (T
Noncurrent Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule of Noncurrent Other Liabilities | As of As of (In $ millions) Asset retirement obligations 10 20 Deferred proceeds 41 41 Deferred revenue 9 9 Environmental ( Note 11 ) 50 50 Income taxes payable 6 6 Insurance 48 46 Restructuring ( Note 13 ) 20 — Other 53 43 Total 237 215 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 34 27 Short-term borrowings, including amounts due to affiliates (1) 73 68 Short-term SOFTER bank loans ( Note 3 ) (2) — 23 Total 107 118 ______________________________ (1) The weighted average interest rate was 2.9% and 3.1% as of March 31, 2017 and December 31, 2016 , respectively. (2) The weighted average interest rate was 1.2% as of December 31, 2016 . |
Schedule of Long-term Debt | As of As of (In $ millions) Long-Term Debt Senior unsecured term loan due 2021 (1) 500 500 Senior unsecured notes due 2019, interest rate of 3.250% 321 316 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% 800 788 Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00% 169 170 SOFTER bank loans due at various dates through 2021 ( Note 3 ) (2) — 47 Obligations under capital leases due at various dates through 2054 215 217 Subtotal 2,905 2,938 Unamortized debt issuance costs (3) (20 ) (21 ) Current installments of long-term debt (34 ) (27 ) Total 2,851 2,890 ______________________________ (1) The margin for borrowings under the senior unsecured term loan due 2021 was 1.5% above LIBOR at current Company credit ratings. (2) The weighted average interest rate was 1.6% as of December 31, 2016 . (3) 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 — Letters of credit issued 45 Available for borrowing 58 Total borrowing base 103 Maximum borrowing base (1) 120 ______________________________ (1) Outstanding accounts receivable transferred to the SPE was $173 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 — Letters of credit issued — Available for borrowing (1) 1,000 ______________________________ (1) The margin for borrowings under the senior unsecured revolving credit facility was 1.5% above LIBOR |
Benefit Obligations (Tables)
Benefit Obligations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Benefit Costs Recognized | The components of net periodic benefit cost are as follows: Three Months Ended March 31, 2017 2016 Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 2 — 2 — Interest cost 27 — 28 1 Expected return on plan assets (49 ) — (44 ) — Amortization of prior service cost (credit), net — — — (1 ) Special termination benefit — — 1 — Total (20 ) — (13 ) — |
Schedule of Company Commitments to Fund Benefit Obligations | Benefit obligation funding is as follows: As of Total Expected 2017 (In $ millions) Cash contributions to defined benefit pension plans 5 20 Benefit payments to nonqualified pension plans 5 22 Benefit payments to other postretirement benefit plans 1 4 Cash contributions to German multiemployer defined benefit pension plans (1) 2 7 ______________________________ (1) The Company makes contributions based on specified percentages of employee contributions. |
Environmental (Tables)
Environmental (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 17 ) 17 18 Divestiture obligations ( Note 17 ) 16 16 Active sites 17 16 US Superfund sites 11 11 Other environmental remediation reserves 2 3 Total 63 64 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 2016 20 0.36 1.44 May 2016 |
Schedule of Treasury Stock | Three Months Ended Total From 2017 2016 Shares repurchased 1,461,966 — 35,804,182 Average purchase price per share $ 89.95 $ — $ 54.93 Shares repurchased (in $ millions) $ 131 $ — $ 1,966 Aggregate Board of Directors repurchase authorizations during the period (in $ millions) (1) $ — $ — $ 2,366 ______________________________ (1) These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program began in February 2008 and does not have an expiration date. |
Schedule of Components of Other Comprehensive Income (Loss), Net | Three Months Ended March 31, 2017 2016 Gross Income Net Gross Income Net (In $ millions) Unrealized gain (loss) on marketable securities — — — 1 — 1 Foreign currency translation 28 — 28 70 (6 ) 64 Gain (loss) on cash flow hedges (2 ) — (2 ) — — — Pension and postretirement benefits 5 — 5 — — — Total 31 — 31 71 (6 ) 65 |
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 5 ) Foreign Currency Translation Gain (Loss) on Cash Flow Hedges ( Note 15 ) Pension and Postretirement Benefits ( Note 10 ) Accumulated Other Comprehensive Income (Loss), Net (In $ millions) As of December 31, 2016 1 (350 ) 3 (12 ) (358 ) Other comprehensive income (loss) before reclassifications — 28 (1 ) 5 32 Amounts reclassified from accumulated other comprehensive income (loss) — — (1 ) — (1 ) Income tax (provision) benefit — — — — — As of March 31, 2017 1 (322 ) 1 (7 ) (327 ) |
Other (Charges) Gains, Net (Tab
Other (Charges) Gains, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Other (Charges) Gains, Net | Three Months Ended March 31, 2017 2016 (In $ millions) Employee termination benefits (2 ) (5 ) Other plant/office closures (53 ) — Total (55 ) (5 ) |
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, 2016 1 9 2 1 3 16 Additions — 1 — — 1 2 Cash payments — (1 ) (1 ) — (3 ) (5 ) Other changes — (8 ) — — — (8 ) Exchange rate changes — — — — — — As of March 31, 2017 1 1 1 1 1 5 Other Plant/Office Closures As of December 31, 2016 — — — — — — Additions — — — 29 — 29 Cash payments — — — — — — Other changes — — — — — — Exchange rate changes — — — — — — As of March 31, 2017 — — — 29 — 29 Total 1 1 1 30 1 34 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Tax Rate | Three Months Ended March 31, 2017 2016 (In percentages) Effective income tax rate 23 19 |
Derivative Financial Instrume40
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative [Line Items] | |
Schedule of Changes in Fair Value of Derivatives | Information regarding changes in the fair value of the Company's derivative and non-derivative instruments during the three months ended March 31, 2017 and 2016 is as follows: Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Three Months Ended March 31, Statement of Operations Classification 2017 2016 2017 2016 (In $ millions) Designated as Cash Flow Hedges Commodity swaps (1 ) — 1 — Cost of sales Total (1 ) — 1 — Designated as Net Investment Hedges Foreign currency denominated debt ( Note 9 ) (13 ) (6 ) — — N/A Total (13 ) (6 ) — — Not Designated as Hedges Foreign currency forwards and swaps — — 1 7 Foreign exchange gain (loss), net; Other income (expense), net Total — — 1 7 |
Offsetting Assets | 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 sin |
Offsetting Liabilities | gle 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 7 14 Gross amount offset in the consolidated balance sheets 2 4 Net amount presented in the consolidated balance sheets 5 10 Gross amount not offset in the consolidated balance sheets 1 2 Net amount 4 8 As of As of (In $ millions) Derivative Liabilities Gross amount recognized 5 7 Gross amount offset in the consolidated balance sheets 2 4 Net amount presented in the consolidated balance sheets 3 3 Gross amount not offset in the consolidated balance sheets 1 2 Net amount 2 1 |
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 850 850 |
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 457 508 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Fair Value Measurement Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Balance Sheet Classification (In $ millions) As of March 31, 2017 Derivatives Designated as Cash Flow Hedges Commodity swaps — 3 3 Current Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 2 2 Current Other assets Total assets — 5 5 Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (3 ) (3 ) Current Other liabilities Total liabilities — (3 ) (3 ) As of December 31, 2016 Derivatives Designated as Cash Flow Hedges Commodity swaps — 5 5 Current Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 5 5 Current Other assets Total assets — 10 10 Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (3 ) (3 ) Current Other liabilities Total liabilities — (3 ) (3 ) |
Schedule of Carrying Values and Fair Values of Financial Instruments | Carrying values and fair values of financial instruments that are not carried at fair value are as follows: Fair Value Measurement Carrying Amount Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total (In $ millions) As of March 31, 2017 Cost investments 158 — — — Insurance contracts in nonqualified trusts 49 49 — 49 Long-term debt, including current installments of long-term debt 2,905 2,796 215 3,011 As of December 31, 2016 Cost investments 155 — — — Insurance contracts in nonqualified trusts 49 49 — 49 Long-term debt, including current installments of long-term debt 2,938 2,826 217 3,043 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Business Segments | Advanced Engineered Materials Consumer Specialties Industrial Specialties Acetyl Intermediates Other Activities Eliminations Consolidated (In $ millions) Three Months Ended March 31, 2017 Net sales 487 218 245 (1) 619 (1) — (98 ) 1,471 Other (charges) gains, net ( Note 13 ) — (1 ) — (53 ) (1 ) — (55 ) Operating profit (loss) 98 68 25 27 (26 ) — 192 Equity in net earnings (loss) of affiliates 42 1 — 1 3 — 47 Depreciation and amortization 24 11 8 26 2 — 71 Capital expenditures 10 6 4 20 1 — 41 (2) As of March 31, 2017 Goodwill and intangible assets, net 516 245 46 185 — — 992 Total assets 2,803 1,300 775 2,576 834 — 8,288 Three Months Ended March 31, 2016 Net sales 350 244 253 (1) 663 (1) — (106 ) 1,404 Other (charges) gains, net ( Note 13 ) (1 ) — (1 ) — (3 ) — (5 ) Operating profit (loss) 88 78 31 114 (24 ) — 287 Equity in net earnings (loss) of affiliates 31 1 — 1 5 — 38 Depreciation and amortization 24 11 8 27 3 — 73 Capital expenditures 19 9 18 9 3 — 58 (2) As of December 31, 2016 Goodwill and intangible assets, net 517 244 46 183 — — 990 Total assets 2,792 1,324 758 2,440 1,043 — 8,357 ______________________________ (1) Net sales for Acetyl Intermediates and Industrial Specialties include intersegment sales of $97 million and $1 million , respectively, for the three months ended March 31, 2017 and $106 million and $0 million , respectively, for the three months ended March 31, 2016 . (2) Includes a decrease in accrued capital expenditures of $21 million and $12 million for the three months ended March 31, 2017 and 2016 , respectively. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share | Three Months Ended 2017 2016 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 183 256 Earnings (loss) from discontinued operations — 1 Net earnings (loss) 183 257 Weighted average shares - basic 140,643,860 147,413,234 Incremental shares attributable to equity awards 353,543 717,880 Weighted average shares - diluted 140,997,403 148,131,114 |
Consolidating Guarantor Finan44
Consolidating Guarantor Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Consolidating Guarantor Financial Information [Abstract] | |
Schedule of Consolidating Statement of Operations | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 589 1,177 (295 ) 1,471 Cost of sales — — (443 ) (966 ) 290 (1,119 ) Gross profit — — 146 211 (5 ) 352 Selling, general and administrative expenses — — (16 ) (67 ) — (83 ) Amortization of intangible assets — — (1 ) (3 ) — (4 ) Research and development expenses — — (7 ) (10 ) — (17 ) Other (charges) gains, net — — (6 ) (49 ) — (55 ) Foreign exchange gain (loss), net — — — — — — Gain (loss) on disposition of businesses and assets, net — — (2 ) 1 — (1 ) Operating profit (loss) — — 114 83 (5 ) 192 Equity in net earnings (loss) of affiliates 183 174 101 43 (454 ) 47 Interest expense — (6 ) (23 ) (7 ) 7 (29 ) Refinancing expense — — — — — — Interest income — 6 1 — (7 ) — Dividend income - cost investments — — — 29 — 29 Other income (expense), net — — — 1 — 1 Earnings (loss) from continuing operations before tax 183 174 193 149 (459 ) 240 Income tax (provision) benefit — 9 (63 ) 1 (3 ) (56 ) Earnings (loss) from continuing operations 183 183 130 150 (462 ) 184 Earnings (loss) from operation of discontinued operations — — — — — — Income tax (provision) benefit from discontinued operations — — — — — — Earnings (loss) from discontinued operations — — — — — — Net earnings (loss) 183 183 130 150 (462 ) 184 Net (earnings) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Net earnings (loss) attributable to Celanese Corporation 183 183 130 149 (462 ) 183 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 583 1,139 (318 ) 1,404 Cost of sales — — (441 ) (891 ) 318 (1,014 ) Gross profit — — 142 248 — 390 Selling, general and administrative expenses — — (17 ) (63 ) — (80 ) Amortization of intangible assets — — (1 ) (1 ) — (2 ) Research and development expenses — — (8 ) (11 ) — (19 ) Other (charges) gains, net — — — (5 ) — (5 ) Foreign exchange gain (loss), net — — — 3 — 3 Gain (loss) on disposition of businesses and assets, net — — (1 ) 1 — — Operating profit (loss) — — 115 172 — 287 Equity in net earnings (loss) of affiliates 256 274 173 37 (702 ) 38 Interest expense — (15 ) (15 ) (8 ) 5 (33 ) Refinancing expense — — (2 ) — — (2 ) Interest income — 2 1 2 (4 ) 1 Dividend income - cost investments — — — 27 — 27 Other income (expense), net — — — — — — Earnings (loss) from continuing operations before tax 256 261 272 230 (701 ) 318 Income tax (provision) benefit — (5 ) (30 ) (25 ) — (60 ) Earnings (loss) from continuing operations 256 256 242 205 (701 ) 258 Earnings (loss) from operation of discontinued operations — — — 1 — 1 Income tax (provision) benefit from discontinued operations — — — — — — Earnings (loss) from discontinued operations — — — 1 — 1 Net earnings (loss) 256 256 242 206 (701 ) 259 Net (earnings) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Net earnings (loss) attributable to Celanese Corporation 256 256 242 204 (701 ) 257 |
Schedule of Consolidating Statements of Comprehensive Income (Loss) | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 183 183 130 150 (462 ) 184 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities — — — — — — Foreign currency translation 28 28 30 39 (97 ) 28 Gain (loss) on cash flow hedges (2 ) (2 ) (2 ) (2 ) 6 (2 ) Pension and postretirement benefits 5 5 4 6 (15 ) 5 Total other comprehensive income (loss), net of tax 31 31 32 43 (106 ) 31 Total comprehensive income (loss), net of tax 214 214 162 193 (568 ) 215 Comprehensive (income) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Comprehensive income (loss) attributable to Celanese Corporation 214 214 162 192 (568 ) 214 Three Months Ended March 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 256 256 242 206 (701 ) 259 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities 1 1 — 1 (2 ) 1 Foreign currency translation 64 64 54 82 (200 ) 64 Gain (loss) on cash flow hedges — — — — — — Pension and postretirement benefits — — — 1 (1 ) — Total other comprehensive income (loss), net of tax 65 65 54 84 (203 ) 65 Total comprehensive income (loss), net of tax 321 321 296 290 (904 ) 324 Comprehensive (income) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Comprehensive income (loss) attributable to Celanese Corporation 321 321 296 288 (904 ) 322 |
Schedule of Consolidating Balance Sheet | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of March 31, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — — 56 445 — 501 Trade receivables - third party and affiliates — — 137 919 (170 ) 886 Non-trade receivables, net 40 516 257 317 (914 ) 216 Inventories, net — — 249 517 (49 ) 717 Marketable securities, at fair value — — 31 — — 31 Other assets — 34 10 54 (60 ) 38 Total current assets 40 550 740 2,252 (1,193 ) 2,389 Investments in affiliates 2,575 4,052 3,642 769 (10,164 ) 874 Property, plant and equipment, net — — 1,059 2,512 — 3,571 Deferred income taxes — — 84 80 (10 ) 154 Other assets — 705 130 160 (687 ) 308 Goodwill — — 314 486 — 800 Intangible assets, net — — 47 145 — 192 Total assets 2,615 5,307 6,016 6,404 (12,054 ) 8,288 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates — 13 140 254 (300 ) 107 Trade payables - third party and affiliates 4 — 258 523 (170 ) 615 Other liabilities — 49 136 221 (144 ) 262 Income taxes payable — — 511 48 (528 ) 31 Total current liabilities 4 62 1,045 1,046 (1,142 ) 1,015 Noncurrent Liabilities Long-term debt — 2,657 727 161 (694 ) 2,851 Deferred income taxes — 13 — 137 (10 ) 140 Uncertain tax positions — — 4 136 (2 ) 138 Benefit obligations — — 610 256 — 866 Other liabilities — — 65 173 (1 ) 237 Total noncurrent liabilities — 2,670 1,406 863 (707 ) 4,232 Total Celanese Corporation stockholders' equity 2,611 2,575 3,565 4,065 (10,205 ) 2,611 Noncontrolling interests — — — 430 — 430 Total equity 2,611 2,575 3,565 4,495 (10,205 ) 3,041 Total liabilities and equity 2,615 5,307 6,016 6,404 (12,054 ) 8,288 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of December 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — — 51 587 — 638 Trade receivables - third party and affiliates — — 107 819 (125 ) 801 Non-trade receivables, net 40 499 249 308 (873 ) 223 Inventories, net — — 239 526 (45 ) 720 Marketable securities, at fair value — — 30 — — 30 Other assets — 42 25 76 (83 ) 60 Total current assets 40 541 701 2,316 (1,126 ) 2,472 Investments in affiliates 2,548 4,029 3,655 752 (10,132 ) 852 Property, plant and equipment, net — — 1,049 2,528 — 3,577 Deferred income taxes — — 91 86 (18 ) 159 Other assets — 705 133 156 (687 ) 307 Goodwill — — 314 482 — 796 Intangible assets, net — — 48 146 — 194 Total assets 2,588 5,275 5,991 6,466 (11,963 ) 8,357 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates — 6 133 250 (271 ) 118 Trade payables - third party and affiliates — — 226 524 (125 ) 625 Other liabilities — 58 167 262 (165 ) 322 Income taxes payable — — 454 75 (517 ) 12 Total current liabilities — 64 980 1,111 (1,078 ) 1,077 Noncurrent Liabilities Long-term debt — 2,647 727 210 (694 ) 2,890 Deferred income taxes — 16 — 132 (18 ) 130 Uncertain tax positions — — 3 130 (2 ) 131 Benefit obligations — — 636 257 — 893 Other liabilities — — 74 142 (1 ) 215 Total noncurrent liabilities — 2,663 1,440 871 (715 ) 4,259 Total Celanese Corporation stockholders' equity 2,588 2,548 3,571 4,051 (10,170 ) 2,588 Noncontrolling interests — — — 433 — 433 Total equity 2,588 2,548 3,571 4,484 (10,170 ) 3,021 Total liabilities and equity 2,588 5,275 5,991 6,466 (11,963 ) 8,357 |
Schedule of Consolidating Statement of Cash Flows | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 179 196 210 130 (523 ) 192 Investing Activities Capital expenditures on property, plant and equipment — — (42 ) (20 ) — (62 ) Acquisitions, net of cash acquired — (11 ) — — 11 — Proceeds from sale of businesses and assets, net — — — 12 (11 ) 1 Return of capital from subsidiary — — 5 — (5 ) — Contributions to subsidiary — — — — — — Intercompany loan receipts (disbursements) — — 7 — (7 ) — Other, net — — — (3 ) — (3 ) Net cash provided by (used in) investing activities — (11 ) (30 ) (11 ) (12 ) (64 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — (7 ) 6 — 7 6 Proceeds from short-term borrowings — — — 7 — 7 Repayments of short-term borrowings — — — (29 ) — (29 ) Proceeds from long-term debt — — — — — — Repayments of long-term debt — — — (53 ) — (53 ) Purchases of treasury stock, including related fees (128 ) — — — — (128 ) Dividends to parent — (178 ) (165 ) (180 ) 523 — Contributions from parent — — — — — — Stock option exercises — — — — — — Series A common stock dividends (51 ) — — — — (51 ) Return of capital to parent — — — (5 ) 5 — (Distributions to) contributions from noncontrolling interests — — — (4 ) — (4 ) Other, net — — (16 ) (2 ) — (18 ) Net cash provided by (used in) financing activities (179 ) (185 ) (175 ) (266 ) 535 (270 ) Exchange rate effects on cash and cash equivalents — — — 5 — 5 Net increase (decrease) in cash and cash equivalents — — 5 (142 ) — (137 ) Cash and cash equivalents as of beginning of period — — 51 587 — 638 Cash and cash equivalents as of end of period — — 56 445 — 501 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2016 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 44 47 (1 ) 309 (112 ) 287 Investing Activities Capital expenditures on property, plant and equipment — — (38 ) (32 ) — (70 ) Acquisitions, net of cash acquired — — — — — — Proceeds from sale of businesses and assets, net — — — — — — Return of capital from subsidiary — 136 734 — (870 ) — Contributions to subsidiary — — — — — — Intercompany loan receipts (disbursements) — 138 3 90 (231 ) — Other, net — — (3 ) (2 ) — (5 ) Net cash provided by (used in) investing activities — 274 696 56 (1,101 ) (75 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — (353 ) 6 — 3 (344 ) Proceeds from short-term borrowings — — — 8 — 8 Repayments of short-term borrowings — — — (63 ) — (63 ) Proceeds from long-term debt — 250 325 — (405 ) 170 Repayments of long-term debt — (172 ) (634 ) (4 ) 633 (177 ) Purchases of treasury stock, including related fees — — — — — — Dividends to parent — (44 ) (68 ) — 112 — Contributions from parent — — — — — — Stock option exercises 1 — — — — 1 Series A common stock dividends (44 ) — — — — (44 ) Return of capital to parent — — — (870 ) 870 — (Distributions to) contributions from noncontrolling interests — — — — — — Other, net — (2 ) — (22 ) — (24 ) Net cash provided by (used in) financing activities (43 ) (321 ) (371 ) (951 ) 1,213 (473 ) Exchange rate effects on cash and cash equivalents — — — 10 — 10 Net increase (decrease) in cash and cash equivalents 1 — 324 (576 ) — (251 ) Cash and cash equivalents as of beginning of period — — 21 946 — 967 Cash and cash equivalents as of end of period 1 — 345 370 — 716 |
Description of the Company an45
Description of the Company and Basis of Presentation (Schedule of Changes in Accounting Policy Regarding Share-based Compensation) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Retained Earnings [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative effect adjustment from adoption of new accounting standard (Note 2) | $ (1) |
Acquisitions, Dispositions an46
Acquisitions, Dispositions and Plant Closures Acquisitions, Dispositions and Plant Closures (Details) - Advanced Engineered Materials [Member] - So.F.teR. Group [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 01, 2016 | |
Business Acquisition [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |
Goodwill, Purchase Accounting Adjustments | $ (3) |
Ventures and Variable Interes47
Ventures and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | $ 501 | $ 638 | $ 716 | $ 967 | |
Trade receivables - third party and affiliates | 886 | 801 | |||
Property, plant and equipment (net of accumulated depreciation - 2017: $60; 2016: $50) | 3,571 | 3,577 | |||
Accumulated depreciation | 2,307 | 2,239 | |||
Intangible assets (net of accumulated amortization - 2017: $1; 2016: $1) | 192 | 194 | |||
Accumulated amortization | 531 | 524 | |||
Other assets | 308 | 307 | |||
Total assets | 8,288 | 8,357 | |||
Trade payables | 615 | 625 | |||
Other liabilities | 1,015 | 1,077 | |||
Restructuring reserves (Note 13) | 34 | ||||
Deferred income taxes | 140 | 130 | |||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 13 | 18 | |||
Trade receivables - third party and affiliates | 5 | 4 | |||
Property, plant and equipment (net of accumulated depreciation - 2017: $60; 2016: $50) | 724 | 734 | |||
Intangible assets (net of accumulated amortization - 2017: $1; 2016: $1) | 26 | 26 | |||
Other assets | 8 | 9 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Property, plant and equipment (net of accumulated depreciation - 2017: $60; 2016: $50) | 58 | 60 | |||
Trade payables | 38 | 53 | |||
Current installments of long-term debt | 10 | 10 | |||
Long-term debt | 88 | 91 | |||
Restructuring reserves (Note 13) | 27 | 0 | |||
Total liabilities | 163 | 154 | |||
Maximum exposure to loss | 221 | 240 | |||
Fairway Methanol LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 13 | 18 | |||
Trade receivables - third party and affiliates | 10 | 8 | |||
Property, plant and equipment (net of accumulated depreciation - 2017: $60; 2016: $50) | 724 | 734 | |||
Accumulated depreciation | 60 | 50 | |||
Intangible assets (net of accumulated amortization - 2017: $1; 2016: $1) | 26 | 26 | |||
Accumulated amortization | 1 | 1 | |||
Other assets | 8 | 9 | |||
Total assets | [1] | 781 | 795 | ||
Trade payables | 7 | 15 | |||
Other liabilities | [2] | 2 | 2 | ||
Long-term debt | 5 | 5 | |||
Deferred income taxes | 3 | 2 | |||
Total liabilities | 17 | 24 | |||
Acetyl Intermediates [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Restructuring reserves (Note 13) | 30 | ||||
Plant/Office Closures [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Restructuring reserves (Note 13) | 29 | 0 | |||
Plant/Office Closures [Member] | Acetyl Intermediates [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Restructuring reserves (Note 13) | $ 29 | $ 0 | |||
[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 |
Mar. 31, 2017 | |
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 31 | $ 30 |
Gross unrealized gain | 0 | 0 |
Gross unrealized loss | 0 | 0 |
Fair value | $ 31 | $ 30 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 508 | $ 506 |
Work-in-process | 41 | 45 |
Raw materials and supplies | 168 | 169 |
Total | $ 717 | $ 720 |
Current Other Liabilities (Deta
Current Other Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Other Liabilities, Current [Abstract] | ||
Asset retirement obligations | $ 19 | $ 9 |
Benefit obligations (Note 10) | 31 | 31 |
Customer rebates | 31 | 51 |
Derivatives (Note 15) | 3 | 3 |
Environmental (Note 11) | 13 | 14 |
Insurance | 5 | 6 |
Interest | 21 | 15 |
Restructuring (Note 13) | 14 | 16 |
Salaries and benefits | 53 | 97 |
Sales and use tax/foreign withholding tax payable | 21 | 21 |
Other | 51 | 59 |
Total | $ 262 | $ 322 |
Noncurrent Other Liabilities (D
Noncurrent Other Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Other Liabilities, Noncurrent [Abstract] | ||
Asset retirement obligations | $ 10 | $ 20 |
Deferred proceeds | 41 | 41 |
Deferred revenue | 9 | 9 |
Environmental (Note 11) | 50 | 50 |
Income taxes payable | 6 | 6 |
Insurance | 48 | 46 |
Restructuring Reserve, Noncurrent | 20 | 0 |
Other | 53 | 43 |
Total | $ 237 | $ 215 |
Debt (Schedule of Short-term De
Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Current installments of long-term debt | $ 34 | $ 27 | |
Short-term borrowings, including amounts due to affiliates | [1] | 73 | 68 |
Total | $ 107 | $ 118 | |
Weighted average interest rate, short-term borrowings | 2.90% | 3.10% | |
Bank Loans Acquired from SOFTER [Member] | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Short-term Bank Loans and Notes Payable | [2] | $ 0 | $ 23 |
Weighted average interest rate, short-term borrowings | 1.20% | ||
Secured Debt [Member] | Accounts Receivable Securitization Facility [Member] | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Borrowings outstanding | $ 0 | ||
[1] | The weighted average interest rate was 2.9% and 3.1% as of March 31, 2017 and December 31, 2016, respectively. | ||
[2] | The weighted average interest rate was 1.2% as of December 31, 2016. |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Jul. 15, 2016 | |
Long-Term Debt | ||||
Subtotal | $ 2,905 | $ 2,938 | ||
Current installments of long-term debt | (34) | (27) | ||
Total | 2,851 | 2,890 | ||
Long-term Debt [Member] | ||||
Long-Term Debt | ||||
Unamortized debt issuance costs | [1] | (20) | (21) | |
Senior Unsecured Term Loan Due 2021 [Member] | ||||
Long-Term Debt | ||||
Senior unsecured debt | [2] | $ 500 | 500 | $ 500 |
Date of maturity | Jul. 15, 2021 | |||
Senior Unsecured Notes Due 2019 [Member] | ||||
Long-Term Debt | ||||
Senior unsecured debt | $ 321 | 316 | ||
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 | $ 800 | 788 | ||
Interest rate | 1.125% | |||
Date of maturity | Sep. 26, 2023 | |||
Refunding loan for pollution control and industrial revenue bonds [Member] | ||||
Long-Term Debt | ||||
Other long-term debt | $ 169 | $ 170 | ||
Date of maturity | Dec. 31, 2030 | |||
Bank Loans Acquired from SOFTER [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Weighted Average Interest Rate | 1.60% | |||
Long-Term Debt | ||||
Other long-term debt | [3] | $ 0 | $ 47 | |
Date of maturity | Dec. 31, 2021 | |||
Obligations Under Capital Leases [Member] | ||||
Long-Term Debt | ||||
Capital lease obligations | $ 215 | $ 217 | ||
Date of maturity | Dec. 31, 2054 | |||
Minimum [Member] | Refunding loan for pollution control and industrial revenue bonds [Member] | ||||
Long-Term Debt | ||||
Interest rate | 4.05% | |||
Maximum [Member] | Refunding loan for pollution control and industrial revenue bonds [Member] | ||||
Long-Term Debt | ||||
Interest rate | 5.00% | |||
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 senior unsecured term loan due 2021 was 1.5% above LIBOR at current Company credit ratings. | |||
[3] | The weighted average interest rate was 1.6% as of December 31, 2016. |
Debt (Senior Credit Facilities
Debt (Senior Credit Facilities Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Jul. 15, 2016 | |
Senior Unsecured Term Loan Due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | [1] | $ 500 | $ 500 | $ 500 |
Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing base | [2] | $ 1,000 | ||
[1] | The margin for borrowings under the senior unsecured term loan due 2021 was 1.5% above LIBOR at current Company credit ratings. | |||
[2] | The margin for borrowings under the senior unsecured revolving credit facility was 1.5% above LIBOR at current Company credit ratings. |
Debt Debt (Schedule of Revolvin
Debt Debt (Schedule of Revolving Credit Facility) (Details) - Senior Unsecured Revolving Credit Facility [Member] - Revolving Credit Facility [Member] $ in Millions | Mar. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | ||
Borrowings outstanding | $ 0 | |
Letters of credit issued | 0 | |
Available for borrowing | $ 1,000 | [1] |
London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
[1] | The margin for borrowings under the senior unsecured revolving credit facility was 1.5% above LIBOR at current Company credit ratings. |
Debt (Schedule of Accounts Rece
Debt (Schedule of Accounts Receivable Securitization Facility)(Details) - Secured Debt [Member] - Accounts Receivable Securitization Facility [Member] $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($) | ||
Debt Instrument [Line Items] | ||
Borrowings outstanding | $ 0 | |
Letters of credit issued | 45 | |
Available for borrowing | 58 | |
Total borrowing base | 103 | |
Maximum borrowing base | 120 | [1] |
Outstanding accounts receivable transferred by the Originators to the Transferor | $ 173 | |
[1] | Outstanding accounts receivable transferred to the SPE was $173Â million. |
Benefit Obligations (Schedule o
Benefit Obligations (Schedule of Net Periodic Benefit Costs Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 2 | $ 2 |
Interest cost | 27 | 28 |
Expected return on plan assets | (49) | (44) |
Recognized actuarial (gain) loss | 0 | 0 |
Amortization of prior service cost (credit), net | 0 | 0 |
Special termination benefit | 0 | 1 |
Total | (20) | (13) |
Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 0 | 1 |
Expected return on plan assets | 0 | 0 |
Recognized actuarial (gain) loss | 0 | 0 |
Amortization of prior service cost (credit), net | 0 | (1) |
Special termination benefit | 0 | 0 |
Total | $ 0 | $ 0 |
Benefit Obligations (Schedule59
Benefit Obligations (Schedule of Company Commitments to Fund Benefit Obligations) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($) | ||
Multiemployer Plans, Pension [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | $ 2 | [1] |
Total expected contributions in current fiscal year | 7 | [1] |
Cash Contributions to Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 5 | |
Total expected contributions in current fiscal year | 20 | |
Other Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 5 | |
Total expected contributions in current fiscal year | 22 | |
Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 1 | |
Total expected contributions in current fiscal year | $ 4 | |
[1] | The Company makes contributions based on specified percentages of employee contributions. |
Environmental (Schedule of Envi
Environmental (Schedule of Environmental Remediation Reserves) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Environmental Remediation Obligations [Abstract] | ||
Demerger obligations (Note 17) | $ 17 | $ 18 |
Divestiture obligations (Note 17) | 16 | 16 |
Active sites | 17 | 16 |
US Superfund sites | 11 | 11 |
Other environmental remediation reserves | 2 | 3 |
Total | $ 63 | $ 64 |
Environmental (US Superfund Sit
Environmental (US Superfund Sites Narrative) (Details) - Passaic River, New Jersey [Member] $ in Billions | Mar. 03, 2016USD ($) | Mar. 31, 2017 |
Site Contingency [Line Items] | ||
Number of parties included in USEPA order | 70 | |
Cost of EPA's plan estimate | $ 1.4 | |
Environmental Liability Percentage | 1.00% |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Dividend Increases) (Details) | 1 Months Ended |
Apr. 30, 2016$ / shares | |
Stockholders' Equity Note [Abstract] | |
Common stock, dividends, rate increase, percent | 20.00% |
Quarterly Common Stock Cash Dividend | $ 0.36 |
Annual Common Stock Cash Dividend | $ 1.44 |
Stockholders' Equity (Schedul63
Stockholders' Equity (Schedule of Treasury Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 110 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | ||
Class of Stock [Line Items] | ||||
Shares repurchased | 1,461,966 | 0 | 35,804,182 | |
Average purchase price per share | $ 89.95 | $ 0 | $ 54.93 | |
Shares repurchased (in $ millions) | $ 131 | $ 0 | $ 1,966 | |
Aggregate Board of Directors repurchase authorizations (in $ millions) | [1] | $ 0 | $ 0 | $ 2,366 |
[1] | These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program began in February 2008 and does not have an expiration date. |
Stockholders' Equity (Schedul64
Stockholders' Equity (Schedule of Components of Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | $ 0 | $ 1 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 0 | 0 |
Unrealized gain (loss) on marketable securities | 0 | 1 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 28 | 70 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 0 | (6) |
Foreign currency translation | 28 | 64 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Cash Flow Hedges Arising During Period, before Tax | (2) | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Cash Flow Hedges Arising During Period, Tax | 0 | 0 |
Gain (loss) on cash flow hedges | (2) | 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 5 | 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | 0 | 0 |
Pension and postretirement benefits | 5 | 0 |
Other Comprehensive Income (Loss), before Tax | 31 | 71 |
Income tax (provision) benefit | 0 | (6) |
Total other comprehensive income (loss), net of tax | $ 31 | $ 65 |
Stockholders' Equity (Schedul65
Stockholders' Equity (Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2016 | $ (358) | |
Other comprehensive income (loss) before reclassifications | 32 | |
Amounts reclassified from accumulated other comprehensive income (loss) | (1) | |
Income tax (provision) benefit | 0 | $ (6) |
As of March 31, 2017 | (327) | |
Unrealized Gain (Loss) on Marketable Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2016 | 1 | |
Other comprehensive income (loss) before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Income tax (provision) benefit | 0 | |
As of March 31, 2017 | 1 | |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2016 | (350) | |
Other comprehensive income (loss) before reclassifications | 28 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Income tax (provision) benefit | 0 | |
As of March 31, 2017 | (322) | |
Gain (Loss) from Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2016 | 3 | |
Other comprehensive income (loss) before reclassifications | (1) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (1) | |
Income tax (provision) benefit | 0 | |
As of March 31, 2017 | 1 | |
Pension and Postretirement Benefits [Member] | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2016 | (12) | |
Other comprehensive income (loss) before reclassifications | 5 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Income tax (provision) benefit | 0 | |
As of March 31, 2017 | $ (7) |
Other (Charges) Gains, Net (Sch
Other (Charges) Gains, Net (Schedule of Other (Charges) Gains, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Employee termination benefits | $ (2) | $ (5) |
Other plant/office closures | (53) | 0 |
Other (charges) gains, net | $ (55) | $ (5) |
Other (Charges) Gains, Net (S67
Other (Charges) Gains, Net (Schedule of Restructuring Reserves) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
As of March 31, 2017 | $ 34 |
Total | 34 |
Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2016 | 16 |
Additions | 2 |
Cash payments | (5) |
Other changes | (8) |
Exchange rate changes | 0 |
As of March 31, 2017 | 5 |
Total | 16 |
Plant/Office Closures [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2016 | 0 |
Additions | 29 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2017 | 29 |
Total | 0 |
Advanced Engineered Materials [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of March 31, 2017 | 1 |
Total | 1 |
Advanced Engineered Materials [Member] | Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2016 | 1 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2017 | 1 |
Total | 1 |
Advanced Engineered Materials [Member] | Plant/Office Closures [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2016 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2017 | 0 |
Total | 0 |
Consumer Specialties [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of March 31, 2017 | 1 |
Total | 1 |
Consumer Specialties [Member] | Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2016 | 9 |
Additions | 1 |
Cash payments | (1) |
Other changes | (8) |
Exchange rate changes | 0 |
As of March 31, 2017 | 1 |
Total | 9 |
Consumer Specialties [Member] | Plant/Office Closures [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2016 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2017 | 0 |
Total | 0 |
Industrial Specialties [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of March 31, 2017 | 1 |
Total | 1 |
Industrial Specialties [Member] | Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2016 | 2 |
Additions | 0 |
Cash payments | (1) |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2017 | 1 |
Total | 2 |
Industrial Specialties [Member] | Plant/Office Closures [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2016 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2017 | 0 |
Total | 0 |
Acetyl Intermediates [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of March 31, 2017 | 30 |
Total | 30 |
Acetyl Intermediates [Member] | Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2016 | 1 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2017 | 1 |
Total | 1 |
Acetyl Intermediates [Member] | Plant/Office Closures [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2016 | 0 |
Additions | 29 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2017 | 29 |
Total | 0 |
Other Activities [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of March 31, 2017 | 1 |
Total | 1 |
Other Activities [Member] | Employee Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2016 | 3 |
Additions | 1 |
Cash payments | (3) |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2017 | 1 |
Total | 3 |
Other Activities [Member] | Plant/Office Closures [Member] | |
Restructuring Cost and Reserve [Line Items] | |
As of December 31, 2016 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of March 31, 2017 | 0 |
Total | $ 0 |
Other (Charges) Gains, Net (Nar
Other (Charges) Gains, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Other plant/office closures | $ 53 | $ 0 |
Employee termination benefits | 2 | $ 5 |
Acetyl Intermediates [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Other plant/office closures | 53 | |
Acetyl Intermediates [Member] | Contract Termination [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Other plant/office closures | 27 | |
Acetyl Intermediates [Member] | Non-income tax receivable adjustment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Other plant/office closures | $ 18 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate) (Details) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 23.00% | 19.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | $ 7 |
Income Tax Examination, pre-tax adjustments proposed | 192 |
Income Tax Examination, Estimate of Possible Loss | $ 67 |
Derivative Financial Instrume71
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Net Investment Hedges) (Details) - EUR (€) € in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Nonderivative Instruments | € 850 | € 850 |
Derivative Financial Instrume72
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Foreign Currency Forwards) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Notional Value | $ 457 | $ 508 |
Derivative Financial Instrume73
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ (1) | $ 0 |
Gain (Loss) Recognized in Earnings (Loss) | 1 | 0 |
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) | 1 | 7 |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | (1) | 0 |
Gain (Loss) Recognized in Earnings (Loss) | 1 | 0 |
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) | 1 | 7 |
Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | (13) | (6) |
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) | (13) | (6) |
Gain (Loss) Recognized in Earnings (Loss) | $ 0 | $ 0 |
Derivative Financial Instrume74
Derivative Financial Instruments (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative Assets [Abstract] | ||
Gross amount recognized | $ 7 | $ 14 |
Gross amount offset in the consolidated balance sheets | 2 | 4 |
Net amount presented in the consolidated balance sheets | 5 | 10 |
Gross amount not offset in the consolidated balance sheets | 1 | 2 |
Net amount | $ 4 | $ 8 |
Derivative Financial Instrume75
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative Liabilities [Abstract] | ||
Gross amount recognized | $ 5 | $ 7 |
Gross amount offset in the consolidated balance sheets | 2 | 4 |
Net amount presented in the consolidated balance sheets | 3 | 3 |
Gross amount not offset in the consolidated balance sheets | 1 | 2 |
Net amount | $ 2 | $ 1 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 4 | $ 8 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 5 | 10 |
Total liabilities | (3) | (3) |
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 | 5 | 10 |
Total liabilities | (3) | (3) |
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 | 3 | 5 |
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 | 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 | 3 | 5 |
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 | 2 | 5 |
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 | 2 | 5 |
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 | (3) | (3) |
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 | $ (3) | $ (3) |
Fair Value Measurements (Sche77
Fair Value Measurements (Schedule of Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost investments, carrying amount | $ 158 | $ 155 |
Cost investments, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, carrying amount | 49 | 49 |
Insurance contracts in nonqualified trusts, fair value | 49 | 49 |
Long-term debt, including current installments of long-term debt, carrying amount | 2,905 | 2,938 |
Long-term debt, including current installments of long-term debt, fair value | 3,011 | 3,043 |
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 | 49 |
Long-term debt, including current installments of long-term debt, fair value | 2,796 | 2,826 |
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 | $ 215 | $ 217 |
Commitments and Contingencies (
Commitments and Contingencies (Guarantees - Demerger and Divesture Obligations Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | 209 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2017EUR (€) | |
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 | $ | $ 76 | ||
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 | $ | $ 124 | $ 124 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Purchase Obligations Narrative) (Details) $ in Billions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Unrecorded unconditional purchase obligations | $ 2 |
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 | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,471 | $ 1,404 | ||
Other (charges) gains, net (Note 13) | (55) | (5) | ||
Operating profit (loss) | 192 | 287 | ||
Equity in net earnings (loss) of affiliates | 47 | 38 | ||
Depreciation and amortization | 71 | 73 | ||
Capital expenditures | [1] | 41 | 58 | |
Goodwill and intangible assets, net | 992 | $ 990 | ||
Total assets | 8,288 | 8,357 | ||
Increase (decrease) in accrued capital expenditures | (21) | (12) | ||
Operating Segments [Member] | Advanced Engineered Materials [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 487 | 350 | ||
Other (charges) gains, net (Note 13) | 0 | (1) | ||
Operating profit (loss) | 98 | 88 | ||
Equity in net earnings (loss) of affiliates | 42 | 31 | ||
Depreciation and amortization | 24 | 24 | ||
Capital expenditures | 10 | 19 | ||
Goodwill and intangible assets, net | 516 | 517 | ||
Total assets | 2,803 | 2,792 | ||
Operating Segments [Member] | Consumer Specialties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 218 | 244 | ||
Other (charges) gains, net (Note 13) | (1) | 0 | ||
Operating profit (loss) | 68 | 78 | ||
Equity in net earnings (loss) of affiliates | 1 | 1 | ||
Depreciation and amortization | 11 | 11 | ||
Capital expenditures | 6 | 9 | ||
Goodwill and intangible assets, net | 245 | 244 | ||
Total assets | 1,300 | 1,324 | ||
Operating Segments [Member] | Industrial Specialties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [2] | 245 | 253 | |
Other (charges) gains, net (Note 13) | 0 | (1) | ||
Operating profit (loss) | 25 | 31 | ||
Equity in net earnings (loss) of affiliates | 0 | 0 | ||
Depreciation and amortization | 8 | 8 | ||
Capital expenditures | 4 | 18 | ||
Goodwill and intangible assets, net | 46 | 46 | ||
Total assets | 775 | 758 | ||
Operating Segments [Member] | Acetyl Intermediates [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [2] | 619 | 663 | |
Other (charges) gains, net (Note 13) | (53) | 0 | ||
Operating profit (loss) | 27 | 114 | ||
Equity in net earnings (loss) of affiliates | 1 | 1 | ||
Depreciation and amortization | 26 | 27 | ||
Capital expenditures | 20 | 9 | ||
Goodwill and intangible assets, net | 185 | 183 | ||
Total assets | 2,576 | 2,440 | ||
Corporate, Non-Segment [Member] | Other Activities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | ||
Other (charges) gains, net (Note 13) | (1) | (3) | ||
Operating profit (loss) | (26) | (24) | ||
Equity in net earnings (loss) of affiliates | 3 | 5 | ||
Depreciation and amortization | 2 | 3 | ||
Capital expenditures | 1 | 3 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Total assets | 834 | 1,043 | ||
Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (98) | (106) | ||
Other (charges) gains, net (Note 13) | 0 | 0 | ||
Operating profit (loss) | 0 | 0 | ||
Equity in net earnings (loss) of affiliates | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Capital expenditures | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Total assets | 0 | $ 0 | ||
Eliminations [Member] | Industrial Specialties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1 | 0 | ||
Eliminations [Member] | Acetyl Intermediates [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 97 | $ 106 | ||
[1] | Includes a decrease in accrued capital expenditures of $21 million and $12 million for the three months ended March 31, 2017 and 2016, respectively. | |||
[2] | Net sales for Acetyl Intermediates and Industrial Specialties include intersegment sales of $97 million and $1 million, respectively, for the three months ended March 31, 2017 and $106 million and $0 million, respectively, for the three months ended March 31, 2016. |
Earnings (Loss) Per Share (Sche
Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Amounts attributable to Celanese Corporation | ||
Earnings (loss) from continuing operations | $ 183 | $ 256 |
Earnings (loss) from discontinued operations | 0 | 1 |
Net earnings (loss) | $ 183 | $ 257 |
Weighted average shares - basic | 140,643,860 | 147,413,234 |
Incremental shares attributable to equity awards | 353,543 | 717,880 |
Weighted average shares - diluted | 140,997,403 | 148,131,114 |
Earnings (Loss) Per Share Earni
Earnings (Loss) Per Share Earnings (Loss) Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Consolidating Guarantor Finan83
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | $ 1,471 | $ 1,404 |
Cost of sales | (1,119) | (1,014) |
Gross profit | 352 | 390 |
Selling, general and administrative expenses | (83) | (80) |
Amortization of intangible assets | (4) | (2) |
Research and development expenses | (17) | (19) |
Other (charges) gains, net | (55) | (5) |
Foreign exchange gain (loss), net | 0 | 3 |
Gain (loss) on disposition of businesses and assets, net | (1) | 0 |
Operating profit (loss) | 192 | 287 |
Equity in net earnings (loss) of affiliates | 47 | 38 |
Interest expense | (29) | (33) |
Refinancing expense | 0 | (2) |
Interest income | 0 | 1 |
Dividend income - cost investments | 29 | 27 |
Other income (expense), net | 1 | 0 |
Earnings (loss) from continuing operations before tax | 240 | 318 |
Income tax (provision) benefit | (56) | (60) |
Earnings (loss) from continuing operations | 184 | 258 |
Earnings (loss) from operation of discontinued operations | 0 | 1 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 1 |
Net earnings (loss) | 184 | 259 |
Net (earnings) loss attributable to noncontrolling interests | (1) | (2) |
Net earnings (loss) attributable to Celanese Corporation | 183 | 257 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Research and development expenses | 0 | 0 |
Other (charges) gains, net | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 |
Operating profit (loss) | 0 | 0 |
Equity in net earnings (loss) of affiliates | 183 | 256 |
Interest expense | 0 | 0 |
Refinancing expense | 0 | 0 |
Interest income | 0 | 0 |
Dividend income - cost investments | 0 | 0 |
Other income (expense), net | 0 | 0 |
Earnings (loss) from continuing operations before tax | 183 | 256 |
Income tax (provision) benefit | 0 | 0 |
Earnings (loss) from continuing operations | 183 | 256 |
Earnings (loss) from operation of discontinued operations | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 |
Net earnings (loss) | 183 | 256 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 183 | 256 |
Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Research and development expenses | 0 | 0 |
Other (charges) gains, net | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 |
Operating profit (loss) | 0 | 0 |
Equity in net earnings (loss) of affiliates | 174 | 274 |
Interest expense | (6) | (15) |
Refinancing expense | 0 | 0 |
Interest income | 6 | 2 |
Dividend income - cost investments | 0 | 0 |
Other income (expense), net | 0 | 0 |
Earnings (loss) from continuing operations before tax | 174 | 261 |
Income tax (provision) benefit | 9 | (5) |
Earnings (loss) from continuing operations | 183 | 256 |
Earnings (loss) from operation of discontinued operations | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 |
Net earnings (loss) | 183 | 256 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 183 | 256 |
Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 589 | 583 |
Cost of sales | (443) | (441) |
Gross profit | 146 | 142 |
Selling, general and administrative expenses | (16) | (17) |
Amortization of intangible assets | (1) | (1) |
Research and development expenses | (7) | (8) |
Other (charges) gains, net | (6) | 0 |
Foreign exchange gain (loss), net | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | (2) | (1) |
Operating profit (loss) | 114 | 115 |
Equity in net earnings (loss) of affiliates | 101 | 173 |
Interest expense | (23) | (15) |
Refinancing expense | 0 | (2) |
Interest income | 1 | 1 |
Dividend income - cost investments | 0 | 0 |
Other income (expense), net | 0 | 0 |
Earnings (loss) from continuing operations before tax | 193 | 272 |
Income tax (provision) benefit | (63) | (30) |
Earnings (loss) from continuing operations | 130 | 242 |
Earnings (loss) from operation of discontinued operations | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 |
Net earnings (loss) | 130 | 242 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 130 | 242 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 1,177 | 1,139 |
Cost of sales | (966) | (891) |
Gross profit | 211 | 248 |
Selling, general and administrative expenses | (67) | (63) |
Amortization of intangible assets | (3) | (1) |
Research and development expenses | (10) | (11) |
Other (charges) gains, net | (49) | (5) |
Foreign exchange gain (loss), net | 0 | 3 |
Gain (loss) on disposition of businesses and assets, net | 1 | 1 |
Operating profit (loss) | 83 | 172 |
Equity in net earnings (loss) of affiliates | 43 | 37 |
Interest expense | (7) | (8) |
Refinancing expense | 0 | 0 |
Interest income | 0 | 2 |
Dividend income - cost investments | 29 | 27 |
Other income (expense), net | 1 | 0 |
Earnings (loss) from continuing operations before tax | 149 | 230 |
Income tax (provision) benefit | 1 | (25) |
Earnings (loss) from continuing operations | 150 | 205 |
Earnings (loss) from operation of discontinued operations | 0 | 1 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 1 |
Net earnings (loss) | 150 | 206 |
Net (earnings) loss attributable to noncontrolling interests | (1) | (2) |
Net earnings (loss) attributable to Celanese Corporation | 149 | 204 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | (295) | (318) |
Cost of sales | 290 | 318 |
Gross profit | (5) | 0 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Research and development expenses | 0 | 0 |
Other (charges) gains, net | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 |
Operating profit (loss) | (5) | 0 |
Equity in net earnings (loss) of affiliates | (454) | (702) |
Interest expense | 7 | 5 |
Refinancing expense | 0 | 0 |
Interest income | (7) | (4) |
Dividend income - cost investments | 0 | 0 |
Other income (expense), net | 0 | 0 |
Earnings (loss) from continuing operations before tax | (459) | (701) |
Income tax (provision) benefit | (3) | 0 |
Earnings (loss) from continuing operations | (462) | (701) |
Earnings (loss) from operation of discontinued operations | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 |
Net earnings (loss) | (462) | (701) |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | $ (462) | $ (701) |
Consolidating Guarantor Finan84
Consolidating Guarantor Financial Information (Schedule of Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | $ 184 | $ 259 |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities | 0 | 1 |
Foreign currency translation | 28 | 64 |
Gain (loss) on cash flow hedges | (2) | 0 |
Pension and postretirement benefits | 5 | 0 |
Total other comprehensive income (loss), net of tax | 31 | 65 |
Total comprehensive income (loss), net of tax | 215 | 324 |
Comprehensive (income) loss attributable to noncontrolling interests | (1) | (2) |
Comprehensive income (loss) attributable to Celanese Corporation | 214 | 322 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | 183 | 256 |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities | 0 | 1 |
Foreign currency translation | 28 | 64 |
Gain (loss) on cash flow hedges | (2) | 0 |
Pension and postretirement benefits | 5 | 0 |
Total other comprehensive income (loss), net of tax | 31 | 65 |
Total comprehensive income (loss), net of tax | 214 | 321 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 214 | 321 |
Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | 183 | 256 |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities | 0 | 1 |
Foreign currency translation | 28 | 64 |
Gain (loss) on cash flow hedges | (2) | 0 |
Pension and postretirement benefits | 5 | 0 |
Total other comprehensive income (loss), net of tax | 31 | 65 |
Total comprehensive income (loss), net of tax | 214 | 321 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 214 | 321 |
Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | 130 | 242 |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities | 0 | 0 |
Foreign currency translation | 30 | 54 |
Gain (loss) on cash flow hedges | (2) | 0 |
Pension and postretirement benefits | 4 | 0 |
Total other comprehensive income (loss), net of tax | 32 | 54 |
Total comprehensive income (loss), net of tax | 162 | 296 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 162 | 296 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | 150 | 206 |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities | 0 | 1 |
Foreign currency translation | 39 | 82 |
Gain (loss) on cash flow hedges | (2) | 0 |
Pension and postretirement benefits | 6 | 1 |
Total other comprehensive income (loss), net of tax | 43 | 84 |
Total comprehensive income (loss), net of tax | 193 | 290 |
Comprehensive (income) loss attributable to noncontrolling interests | (1) | (2) |
Comprehensive income (loss) attributable to Celanese Corporation | 192 | 288 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | (462) | (701) |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities | 0 | (2) |
Foreign currency translation | (97) | (200) |
Gain (loss) on cash flow hedges | 6 | 0 |
Pension and postretirement benefits | (15) | (1) |
Total other comprehensive income (loss), net of tax | (106) | (203) |
Total comprehensive income (loss), net of tax | (568) | (904) |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | $ (568) | $ (904) |
Consolidating Guarantor Finan85
Consolidating Guarantor Financial Information (Schedule of Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||||
Cash and cash equivalents | $ 501 | $ 638 | $ 716 | $ 967 |
Trade receivables - third party and affiliates | 886 | 801 | ||
Non-trade receivables, net | 216 | 223 | ||
Inventories, net | 717 | 720 | ||
Marketable securities, at fair value | 31 | 30 | ||
Other assets | 38 | 60 | ||
Total current assets | 2,389 | 2,472 | ||
Investments in affiliates | 874 | 852 | ||
Property, Plant and Equipment, Net | 3,571 | 3,577 | ||
Deferred income taxes | 154 | 159 | ||
Other assets | 308 | 307 | ||
Goodwill | 800 | 796 | ||
Intangible Assets, Net (Excluding Goodwill) | 192 | 194 | ||
Total assets | 8,288 | 8,357 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 107 | 118 | ||
Trade payables - third party and affiliates | 615 | 625 | ||
Other liabilities | 262 | 322 | ||
Income taxes payable | 31 | 12 | ||
Total current liabilities | 1,015 | 1,077 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 2,851 | 2,890 | ||
Deferred income taxes | 140 | 130 | ||
Uncertain tax positions | 138 | 131 | ||
Benefit obligations | 866 | 893 | ||
Other liabilities | 237 | 215 | ||
Total noncurrent liabilities | 4,232 | 4,259 | ||
Total Celanese Corporation stockholders' equity | 2,611 | 2,588 | ||
Noncontrolling interests | 430 | 433 | ||
Total equity | 3,041 | 3,021 | ||
Total liabilities and equity | 8,288 | 8,357 | ||
Parent Guarantor [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | 1 | 0 |
Trade receivables - third party and affiliates | 0 | 0 | ||
Non-trade receivables, net | 40 | 40 | ||
Inventories, net | 0 | 0 | ||
Marketable securities, at fair value | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total current assets | 40 | 40 | ||
Investments in affiliates | 2,575 | 2,548 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Total assets | 2,615 | 2,588 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 0 | 0 | ||
Trade payables - third party and affiliates | 4 | 0 | ||
Other liabilities | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 4 | 0 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Uncertain tax positions | 0 | 0 | ||
Benefit obligations | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total noncurrent liabilities | 0 | 0 | ||
Total Celanese Corporation stockholders' equity | 2,611 | 2,588 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 2,611 | 2,588 | ||
Total liabilities and equity | 2,615 | 2,588 | ||
Issuer [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade receivables - third party and affiliates | 0 | 0 | ||
Non-trade receivables, net | 516 | 499 | ||
Inventories, net | 0 | 0 | ||
Marketable securities, at fair value | 0 | 0 | ||
Other assets | 34 | 42 | ||
Total current assets | 550 | 541 | ||
Investments in affiliates | 4,052 | 4,029 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other assets | 705 | 705 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Total assets | 5,307 | 5,275 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 13 | 6 | ||
Trade payables - third party and affiliates | 0 | 0 | ||
Other liabilities | 49 | 58 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 62 | 64 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 2,657 | 2,647 | ||
Deferred income taxes | 13 | 16 | ||
Uncertain tax positions | 0 | 0 | ||
Benefit obligations | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total noncurrent liabilities | 2,670 | 2,663 | ||
Total Celanese Corporation stockholders' equity | 2,575 | 2,548 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 2,575 | 2,548 | ||
Total liabilities and equity | 5,307 | 5,275 | ||
Subsidiary Guarantors [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 56 | 51 | 345 | 21 |
Trade receivables - third party and affiliates | 137 | 107 | ||
Non-trade receivables, net | 257 | 249 | ||
Inventories, net | 249 | 239 | ||
Marketable securities, at fair value | 31 | 30 | ||
Other assets | 10 | 25 | ||
Total current assets | 740 | 701 | ||
Investments in affiliates | 3,642 | 3,655 | ||
Property, Plant and Equipment, Net | 1,059 | 1,049 | ||
Deferred income taxes | 84 | 91 | ||
Other assets | 130 | 133 | ||
Goodwill | 314 | 314 | ||
Intangible Assets, Net (Excluding Goodwill) | 47 | 48 | ||
Total assets | 6,016 | 5,991 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 140 | 133 | ||
Trade payables - third party and affiliates | 258 | 226 | ||
Other liabilities | 136 | 167 | ||
Income taxes payable | 511 | 454 | ||
Total current liabilities | 1,045 | 980 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 727 | 727 | ||
Deferred income taxes | 0 | 0 | ||
Uncertain tax positions | 4 | 3 | ||
Benefit obligations | 610 | 636 | ||
Other liabilities | 65 | 74 | ||
Total noncurrent liabilities | 1,406 | 1,440 | ||
Total Celanese Corporation stockholders' equity | 3,565 | 3,571 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 3,565 | 3,571 | ||
Total liabilities and equity | 6,016 | 5,991 | ||
Non-Guarantors [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 445 | 587 | 370 | 946 |
Trade receivables - third party and affiliates | 919 | 819 | ||
Non-trade receivables, net | 317 | 308 | ||
Inventories, net | 517 | 526 | ||
Marketable securities, at fair value | 0 | 0 | ||
Other assets | 54 | 76 | ||
Total current assets | 2,252 | 2,316 | ||
Investments in affiliates | 769 | 752 | ||
Property, Plant and Equipment, Net | 2,512 | 2,528 | ||
Deferred income taxes | 80 | 86 | ||
Other assets | 160 | 156 | ||
Goodwill | 486 | 482 | ||
Intangible Assets, Net (Excluding Goodwill) | 145 | 146 | ||
Total assets | 6,404 | 6,466 | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 254 | 250 | ||
Trade payables - third party and affiliates | 523 | 524 | ||
Other liabilities | 221 | 262 | ||
Income taxes payable | 48 | 75 | ||
Total current liabilities | 1,046 | 1,111 | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | 161 | 210 | ||
Deferred income taxes | 137 | 132 | ||
Uncertain tax positions | 136 | 130 | ||
Benefit obligations | 256 | 257 | ||
Other liabilities | 173 | 142 | ||
Total noncurrent liabilities | 863 | 871 | ||
Total Celanese Corporation stockholders' equity | 4,065 | 4,051 | ||
Noncontrolling interests | 430 | 433 | ||
Total equity | 4,495 | 4,484 | ||
Total liabilities and equity | 6,404 | 6,466 | ||
Eliminations [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Trade receivables - third party and affiliates | (170) | (125) | ||
Non-trade receivables, net | (914) | (873) | ||
Inventories, net | (49) | (45) | ||
Marketable securities, at fair value | 0 | 0 | ||
Other assets | (60) | (83) | ||
Total current assets | (1,193) | (1,126) | ||
Investments in affiliates | (10,164) | (10,132) | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred income taxes | (10) | (18) | ||
Other assets | (687) | (687) | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Total assets | (12,054) | (11,963) | ||
Current Liabilities | ||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | (300) | (271) | ||
Trade payables - third party and affiliates | (170) | (125) | ||
Other liabilities | (144) | (165) | ||
Income taxes payable | (528) | (517) | ||
Total current liabilities | (1,142) | (1,078) | ||
Noncurrent Liabilities | ||||
Long-term debt, net of unamortized deferred financing costs | (694) | (694) | ||
Deferred income taxes | (10) | (18) | ||
Uncertain tax positions | (2) | (2) | ||
Benefit obligations | 0 | 0 | ||
Other liabilities | (1) | (1) | ||
Total noncurrent liabilities | (707) | (715) | ||
Total Celanese Corporation stockholders' equity | (10,205) | (10,170) | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | (10,205) | (10,170) | ||
Total liabilities and equity | $ (12,054) | $ (11,963) |
Consolidating Guarantor Finan86
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ 192 | $ 287 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (62) | (70) |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 1 | 0 |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 |
Other, net | (3) | (5) |
Net cash provided by (used in) investing activities | (64) | (75) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 6 | (344) |
Proceeds from short-term borrowings | 7 | 8 |
Repayments of short-term borrowings | (29) | (63) |
Proceeds from long-term debt | 0 | 170 |
Repayments of long-term debt | (53) | (177) |
Purchases of treasury stock, including related fees | (128) | 0 |
Dividends to parent | 0 | 0 |
Contributions from parent | 0 | 0 |
Stock option exercises | 0 | 1 |
Series A common stock dividends | (51) | (44) |
Return of capital to parent | 0 | 0 |
(Distributions to) contributions from noncontrolling interests | (4) | 0 |
Other, net | (18) | (24) |
Net cash provided by (used in) financing activities | (270) | (473) |
Exchange rate effects on cash and cash equivalents | 5 | 10 |
Net increase (decrease) in cash and cash equivalents | (137) | (251) |
Cash and cash equivalents as of beginning of period | 638 | 967 |
Cash and cash equivalents as of end of period | 501 | 716 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 179 | 44 |
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 |
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 | (128) | 0 |
Dividends to parent | 0 | 0 |
Contributions from parent | 0 | 0 |
Stock option exercises | 0 | 1 |
Series A common stock dividends | (51) | (44) |
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 | (179) | (43) |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 1 |
Cash and cash equivalents as of beginning of period | 0 | 0 |
Cash and cash equivalents as of end of period | 0 | 1 |
Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 196 | 47 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | 0 | 0 |
Acquisitions, net of cash acquired | (11) | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 |
Return of capital from subsidiary | 0 | 136 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 138 |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | (11) | 274 |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (7) | (353) |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 0 | 250 |
Repayments of long-term debt | 0 | (172) |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | (178) | (44) |
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 | 0 | (2) |
Net cash provided by (used in) financing activities | (185) | (321) |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents as of beginning of period | 0 | 0 |
Cash and cash equivalents as of end of period | 0 | 0 |
Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 210 | (1) |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (42) | (38) |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 |
Return of capital from subsidiary | 5 | 734 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 7 | 3 |
Other, net | 0 | (3) |
Net cash provided by (used in) investing activities | (30) | 696 |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 6 | 6 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 0 | 325 |
Repayments of long-term debt | 0 | (634) |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | (165) | (68) |
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 | (16) | 0 |
Net cash provided by (used in) financing activities | (175) | (371) |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 5 | 324 |
Cash and cash equivalents as of beginning of period | 51 | 21 |
Cash and cash equivalents as of end of period | 56 | 345 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 130 | 309 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (20) | (32) |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sale of businesses and assets, net | 12 | 0 |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 90 |
Other, net | (3) | (2) |
Net cash provided by (used in) investing activities | (11) | 56 |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 0 | 0 |
Proceeds from short-term borrowings | 7 | 8 |
Repayments of short-term borrowings | (29) | (63) |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | (53) | (4) |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | (180) | 0 |
Contributions from parent | 0 | 0 |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | (5) | (870) |
(Distributions to) contributions from noncontrolling interests | (4) | 0 |
Other, net | (2) | (22) |
Net cash provided by (used in) financing activities | (266) | (951) |
Exchange rate effects on cash and cash equivalents | 5 | 10 |
Net increase (decrease) in cash and cash equivalents | (142) | (576) |
Cash and cash equivalents as of beginning of period | 587 | 946 |
Cash and cash equivalents as of end of period | 445 | 370 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (523) | (112) |
Investing Activities | ||
Capital expenditures on property, plant and equipment | 0 | 0 |
Acquisitions, net of cash acquired | 11 | 0 |
Proceeds from sale of businesses and assets, net | (11) | 0 |
Return of capital from subsidiary | (5) | (870) |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | (7) | (231) |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | (12) | (1,101) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 7 | 3 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 0 | (405) |
Repayments of long-term debt | 0 | 633 |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | 523 | 112 |
Contributions from parent | 0 | 0 |
Stock option exercises | 0 | 0 |
Series A common stock dividends | 0 | 0 |
Return of capital to parent | 5 | 870 |
(Distributions to) contributions from noncontrolling interests | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | 535 | 1,213 |
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 |