Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 12, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CELANESE CORPORATION | |
Entity Central Index Key | 1,306,830 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 133,757,973 | |
Entity Current Reporting Status | Yes | |
Emerging Growth Company | false | |
Small Reporting Company | false |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statement of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net sales | $ 1,771 | $ 1,566 | $ 5,466 | $ 4,547 |
Cost of sales | (1,255) | (1,183) | (3,914) | (3,449) |
Gross profit | 516 | 383 | 1,552 | 1,098 |
Selling, general and administrative expenses | (129) | (133) | (412) | (353) |
Amortization of intangible assets | (5) | (5) | (18) | (14) |
Research and development expenses | (18) | (19) | (54) | (53) |
Other (charges) gains, net | 12 | 0 | 9 | (57) |
Foreign exchange gain (loss), net | 0 | 4 | 2 | 0 |
Gain (loss) on disposition of businesses and assets, net | (2) | (1) | (4) | (4) |
Operating profit (loss) | 374 | 229 | 1,075 | 617 |
Equity in net earnings (loss) of affiliates | 66 | 50 | 180 | 135 |
Non-operating pension and other postretirement employee benefit (expense) income | 25 | 23 | 77 | 67 |
Interest expense | (30) | (32) | (95) | (91) |
Interest income | 2 | 1 | 4 | 2 |
Dividend income - cost investments | 26 | 24 | 92 | 82 |
Other income (expense), net | (1) | (6) | 3 | (2) |
Earnings (loss) from continuing operations before tax | 462 | 289 | 1,336 | 810 |
Income tax (provision) benefit | (54) | (57) | (216) | (153) |
Earnings (loss) from continuing operations | 408 | 232 | 1,120 | 657 |
Earnings (loss) from operation of discontinued operations | (7) | (5) | (9) | (14) |
Income tax (provision) benefit from discontinued operations | 1 | 1 | 1 | 2 |
Earnings (loss) from discontinued operations | (6) | (4) | (8) | (12) |
Net earnings (loss) | 402 | 228 | 1,112 | 645 |
Net (earnings) loss attributable to noncontrolling interests | (1) | (2) | (4) | (5) |
Net earnings (loss) attributable to Celanese Corporation | 401 | 226 | 1,108 | 640 |
Amounts attributable to Celanese Corporation | ||||
Earnings (loss) from continuing operations | 407 | 230 | 1,116 | 652 |
Earnings (loss) from discontinued operations | (6) | (4) | (8) | (12) |
Net earnings (loss) | $ 401 | $ 226 | $ 1,108 | $ 640 |
Earnings (loss) per common share - basic | ||||
Continuing operations | $ 3.02 | $ 1.68 | $ 8.25 | $ 4.71 |
Discontinued operations | (0.04) | (0.03) | (0.06) | (0.09) |
Net earnings (loss) - basic | 2.98 | 1.65 | 8.19 | 4.62 |
Earnings (loss) per common share - diluted | ||||
Continuing operations | 3 | 1.68 | 8.18 | 4.69 |
Discontinued operations | (0.04) | (0.03) | (0.06) | (0.09) |
Net earnings (loss) - diluted | $ 2.96 | $ 1.65 | $ 8.12 | $ 4.60 |
Weighted average shares - basic | 134,519,301 | 136,579,077 | 135,336,704 | 138,599,330 |
Weighted average shares - diluted | 135,499,390 | 136,951,923 | 136,387,703 | 138,988,321 |
Unaudited Interim Consolidate_2
Unaudited Interim Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net earnings (loss) | $ 402 | $ 228 | $ 1,112 | $ 645 |
Other comprehensive income (loss), net of tax | ||||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | 0 | 0 | 0 | 1 |
Foreign currency translation gain (loss) | (35) | 42 | (52) | 148 |
Gain (loss) on cash flow hedges | 4 | 0 | 9 | (1) |
Pension and postretirement benefits gain (loss) | 0 | (1) | 1 | 4 |
Total other comprehensive income (loss), net of tax | (31) | 41 | (42) | 152 |
Total comprehensive income (loss), net of tax | 371 | 269 | 1,070 | 797 |
Comprehensive (income) loss attributable to noncontrolling interests | (1) | (2) | (4) | (5) |
Comprehensive income (loss) attributable to Celanese Corporation | $ 370 | $ 267 | $ 1,066 | $ 792 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Current Assets | |||
Cash and cash equivalents (variable interest entity restricted - 2018: $27; 2017: $19) | $ 703 | $ 576 | |
Trade receivables - third party and affiliates (net of allowance for doubtful accounts - 2018: $10; 2017: $9; variable interest entity restricted - 2018: $5; 2017: $5) | 1,086 | 986 | |
Non-trade receivables, net | 279 | 244 | |
Inventories | 1,033 | 900 | |
Marketable securities, at fair value | 31 | 32 | |
Other assets | 48 | 54 | |
Total current assets | 3,180 | 2,792 | |
Investments in affiliates | 981 | 976 | |
Property, plant and equipment (net of accumulated depreciation - 2018: $2,739; 2017: $2,584; variable interest entity restricted - 2018: $668; 2017: $697) | 3,699 | 3,762 | |
Deferred income taxes | 170 | 366 | |
Other assets (variable interest entity restricted - 2018: $4; 2017: $6) | 413 | 338 | |
Goodwill | 1,064 | [1] | 1,003 |
Intangible assets (variable interest entity restricted - 2018: $23; 2017: $25) | 317 | 301 | |
Total assets | 9,824 | 9,538 | |
Current Liabilities | |||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 229 | 326 | |
Trade payables - third party and affiliates | 819 | 807 | |
Other liabilities | 347 | 354 | |
Income taxes payable | 137 | 72 | |
Total current liabilities | 1,532 | 1,559 | |
Long-term debt, net of unamortized deferred financing costs | 3,196 | 3,315 | |
Deferred income taxes | 246 | 211 | |
Uncertain tax positions | 154 | 156 | |
Benefit obligations | 547 | 585 | |
Other liabilities | 206 | 413 | |
Commitments and Contingencies | |||
Stockholders' Equity | |||
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2018 and 2017: 0 issued and outstanding) | 0 | 0 | |
Common stock | 0 | 0 | |
Treasury stock, at cost (2018: 34,568,471 shares; 2017: 32,387,713 shares) | (2,281) | (2,031) | |
Additional paid-in capital | 222 | 175 | |
Retained earnings | 5,819 | 4,920 | |
Accumulated other comprehensive income (loss), net | (219) | (177) | |
Total Celanese Corporation stockholders' equity | 3,541 | 2,887 | |
Noncontrolling interests | 402 | 412 | |
Total equity | 3,943 | 3,299 | |
Total liabilities and equity | $ 9,824 | $ 9,538 | |
[1] | There were $0 million of accumulated impairment losses as of September 30, 2018. |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 703 | $ 576 |
Allowance for doubtful accounts - trade receivables | 10 | 9 |
Trade receivables - third party and affiliates | 1,086 | 986 |
Nontrade Receivables, Current | 279 | 244 |
Accumulated depreciation | 2,739 | 2,584 |
Property, plant and equipment (net of accumulated depreciation - 2018: $2,739; 2017: $2,584; variable interest entity restricted - 2018: $668; 2017: $697) | 3,699 | 3,762 |
Other assets | 413 | 338 |
Intangible assets (variable interest entity restricted - 2018: $23; 2017: $25) | $ 317 | $ 301 |
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 | 34,568,471 | 32,387,713 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 168,299,980 | 168,156,969 |
Common stock, shares outstanding | 133,731,509 | 135,769,256 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Current Assets | ||
Cash and cash equivalents | $ 27 | $ 19 |
Trade receivables - third party and affiliates | 5 | 5 |
Nontrade Receivables, Current | 0 | 0 |
Property, plant and equipment (net of accumulated depreciation - 2018: $2,739; 2017: $2,584; variable interest entity restricted - 2018: $668; 2017: $697) | 668 | 697 |
Other assets | 4 | 6 |
Intangible assets (variable interest entity restricted - 2018: $23; 2017: $25) | $ 23 | $ 25 |
Unaudited Interim Consolidate_3
Unaudited Interim Consolidated Statement Equity - 9 months ended Sep. 30, 2018 - 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, 2017 | 135,769,256 | 32,387,713 | ||||||
Balance as of the beginning of the period at Dec. 31, 2017 | $ 3,299 | |||||||
Total Celanese Corporation stockholders' equity at Dec. 31, 2017 | $ 2,887 | $ 0 | $ (2,031) | $ 175 | $ 4,920 | $ (177) | ||
Stock option exercises, shares | 0 | |||||||
Stock option exercises | $ 0 | |||||||
Purchases of treasury stock, shares | (2,180,758) | |||||||
Purchases of treasury stock | $ 0 | |||||||
Stock awards, shares | 143,011 | |||||||
Stock awards | $ 0 | |||||||
Purchases of treasury stock, shares | 2,179,058 | [1] | 2,180,758 | |||||
Purchases of treasury stock, including related fees | $ (250) | $ (250) | ||||||
Stock-based compensation, net of tax | 47 | |||||||
Net earnings (loss) attributable to Celanese Corporation | 1,108 | 1,108 | ||||||
Common stock dividends | (209) | |||||||
Other comprehensive income (loss), net of tax | (42) | (42) | ||||||
Balance as of the end of the period, shares at Sep. 30, 2018 | 133,731,509 | 34,568,471 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest at Dec. 31, 2017 | 412 | $ 412 | ||||||
Net earnings (loss) attributable to noncontrolling interests | 4 | 4 | ||||||
(Distributions to) contributions from noncontrolling interests | (14) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest at Sep. 30, 2018 | 402 | $ 402 | ||||||
Total Celanese Corporation stockholders' equity at Sep. 30, 2018 | 3,541 | $ 0 | $ (2,281) | $ 222 | $ 5,819 | $ (219) | ||
Balance as of the end of the period at Sep. 30, 2018 | $ 3,943 | |||||||
[1] | Excludes 1,700 common shares reacquired pursuant to an employee clawback agreement. |
Unaudited Interim Consolidate_4
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Activities | ||
Net earnings (loss) | $ 1,112 | $ 645 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | ||
Depreciation, amortization and accretion | 258 | 231 |
Pension and postretirement net periodic benefit cost | (69) | (60) |
Pension and postretirement contributions | (35) | (36) |
Deferred income taxes, net | 43 | (5) |
(Gain) loss on disposition of businesses and assets, net | 5 | 4 |
Stock-based compensation | 53 | 32 |
Undistributed earnings in unconsolidated affiliates | (19) | (19) |
Other, net | 18 | 8 |
Operating cash provided by (used in) discontinued operations | 4 | 7 |
Changes in operating assets and liabilities | ||
Trade receivables - third party and affiliates, net | (114) | (122) |
Inventories | (142) | (14) |
Other assets | (60) | (24) |
Trade payables - third party and affiliates | 44 | 41 |
Other liabilities | 97 | 57 |
Net cash provided by (used in) operating activities | 1,195 | 745 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (244) | (180) |
Acquisitions, net of cash acquired | (144) | (269) |
Proceeds from sale of businesses and assets, net | 13 | 1 |
Other, net | (34) | (9) |
Net cash provided by (used in) investing activities | (409) | (457) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (86) | 224 |
Proceeds from short-term borrowings | 44 | 150 |
Repayments of short-term borrowings | (62) | (91) |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | (56) | (65) |
Purchases of treasury stock, including related fees | (250) | (500) |
Proceeds from Stock Options Exercised | 0 | 1 |
Common stock dividends | (209) | (178) |
(Distributions to) contributions from noncontrolling interests | (14) | (18) |
Other, net | (6) | (19) |
Net cash provided by (used in) financing activities | (639) | (496) |
Exchange rate effects on cash and cash equivalents | (20) | 31 |
Net increase (decrease) in cash and cash equivalents | 127 | (177) |
Cash and cash equivalents as of beginning of period | 576 | 638 |
Cash and cash equivalents as of end of period | $ 703 | $ 461 |
Description of the Company and
Description of the Company and Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | |
Description of the Company and Basis of Presentation | Description of the Company and Basis of Presentation Description of the Company Celanese Corporation and its subsidiaries (collectively, the "Company") is a global technology and specialty materials company. The Company's business involves processing chemical raw materials, such as methanol, carbon monoxide and ethylene, and natural products, including wood pulp, into value-added chemicals, thermoplastic polymers and other chemical-based products. Definitions In this Quarterly Report on Form 10-Q ("Quarterly Report"), the term "Celanese" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The term "Celanese US" refers to the Company's subsidiary, Celanese US Holdings LLC, a Delaware limited liability company, and not its subsidiaries. Basis of Presentation The unaudited interim consolidated financial statements for the three and nine months ended September 30, 2018 and 2017 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 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, 2017 , filed on February 9, 2018 with the SEC as part of the Company's Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2018 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. During the three months ended March 31, 2018, the Company settled its dispute concerning the exercise of an option right by a partner in two of the Company's InfraServ equity affiliate investments. As a result of the settlement, the Company's ownership in InfraServ GmbH & Co. Gendorf KG and InfraServ GmbH & Co. Knapsack KG was reduced from 39% and 27% , to 30% and 22% , respectively. The Company has reclassified certain prior period amounts primarily due to (1) the adoption of ASU 2017-07 (defined below in Note 2 ) and (2) to conform to the presentation of the Company's current reportable segments ( Note 19 ). 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. |
InfraServ GmbH & Co. Gendorf KG [Member] | Maximum [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 39.00% |
InfraServ GmbH & Co. Gendorf KG [Member] | Minimum [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 30.00% |
InfraServ GmbH & Co. Knapsack KG [Member] | Maximum [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 27.00% |
InfraServ GmbH & Co. Knapsack KG [Member] | Minimum [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 22.00% |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2018 | |
Recent Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recent Accounting Pronouncements The following table provides a brief description of recent Accounting Standard Updates ("ASU") issued by the Financial Accounting Standards Board ("FASB"): Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In August 2018, the FASB issued ASU 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. The new guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing disclosures that no longer are considered cost beneficial, clarifying the specific requirements of disclosures and adding disclosure requirements identified as relevant. January 1, 2020. Early adoption is permitted. The Company is currently evaluating the impact of adoption on its financial statement disclosures. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The new guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adoption on its financial statements and related disclosures. In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities. The new guidance improves the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. January 1, 2019. Early adoption is permitted. The Company adopted the new guidance effective January 1, 2018, as part of the FASB's simplification initiative. The adoption of the new guidance did not have a material impact to the Company. 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. The Company adopted the new guidance effective January 1, 2018, using the retrospective transition method, as part of the FASB's simplification initiative. See Adoption of ASU 2017-07 section below for additional information. 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. The Company adopted the new guidance effective January 1, 2018, as part of the FASB's simplification initiative. The adoption of the new guidance did not have a material impact to the Company. 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. The Company adopted the new guidance effective January 1, 2018, as part of the FASB's simplification initiative. The adoption of the new guidance did not have a material impact to the Company. Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In February 2016, the FASB issued ASU 2016-02, Leases. Since that date, the FASB has issued additional ASUs clarifying certain aspects of ASU 2016-02. 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. Subsequent guidance issued after February 2016 did not change the core principle of ASU 2016-02. January 1, 2019. Early adoption is permitted. The Company has substantially completed evaluating its population of leases, and the most significant impact relates to its accounting for manufacturing and logistics equipment, and real estate operating leases. The Company currently anticipates recognition of additional assets and corresponding liabilities related to leases in the range of $150 - $200 million upon adoption. The Company plans to adopt the standard effective January 1, 2019, utilizing the modified retrospective transition method. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The new guidance updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. January 1, 2018. The Company adopted the new guidance effective January 1, 2018, using the modified retrospective approach, as part of the FASB's simplification initiative. The new guidance resulted in a cumulative-effect adjustment of less than $1 million to January 1, 2018 Retained earnings. 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. The Company adopted the new guidance effective January 1, 2018, using the modified retrospective approach, as part of the FASB's simplification initiative. The adoption of the new guidance resulted in less than $1 million impact to the consolidated financial statements and related disclosures (See Note 20 ). Adoption of ASU 2017-07 ASU 2017-07 requires an entity to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the statement of operations separately from the service cost component and outside a subtotal of Operating profit (loss). The new guidance represents a change in accounting principle. The Company adopted ASU 2017-07 on January 1, 2018 using the retrospective transition method. The adoption of this accounting standard resulted in a change in certain previously reported amounts, as follows: Three Months Ended September 30, 2017 As previously reported Adoption of ASU 2017-07 As Adjusted (In $ millions) Cost of sales (1,181 ) (2 ) (1,183 ) Selling, general and administrative expenses (112 ) (21 ) (133 ) Operating profit (loss) 252 (23 ) 229 Non-operating pension and other postretirement employee benefit (expense) income — 23 23 Nine Months Ended September 30, 2017 As previously reported Adoption of ASU 2017-07 As Adjusted (In $ millions) Cost of sales (3,443 ) (6 ) (3,449 ) Selling, general and administrative expenses (291 ) (62 ) (353 ) Other (charges) gains, net (58 ) 1 (57 ) Operating profit (loss) 684 (67 ) 617 Non-operating pension and other postretirement employee benefit (expense) income — 67 67 The adoption of this accounting standard had no impact on the previously reported Earnings (loss) from continuing operations or Net earnings (loss) for this period. |
Acquisitions, Dispositions and
Acquisitions, Dispositions and Plant Closures | 9 Months Ended |
Sep. 30, 2018 | |
Acquisitions, Dispositions and Plant Closures [Abstract] | |
Acquisitions, Dispositions and Plant Closures [Text Block] | Acquisitions, Dispositions and Plant Closures Acquisitions • Omni Plastics On February 1, 2018, using cash on hand and borrowings under the Company's senior unsecured revolving credit facility, the Company acquired 100% of the ownership interests of Omni Plastics, L.L.C. and its subsidiaries ("Omni Plastics"). Omni Plastics specializes in custom compounding of various engineered thermoplastic materials. The acquisition further strengthens the Company's global asset base by adding compounding capacity in the Americas. The acquisition was accounted for as a business combination and the acquired operations are included in the Engineered Materials segment. Pro forma financial information since the respective acquisition date has not been provided as the acquisition did not have a material impact on the Company's financial information. 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 excess of the purchase price over the aggregate fair values was recorded as goodwill. The Company calculated the fair value of the assets acquired using the income, market or cost approach (or a combination thereof). Fair values were determined based on Level 3 inputs including estimated future cash flows, discount rates, royalty rates, growth rates, sales projections, retention rates and terminal values, all of which require significant management judgment and are susceptible to change. The purchase price allocation is based upon 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. However, any subsequent measurement period adjustments are not expected to have a material impact on the Company's results of operations. The preliminary purchase price allocation for the Omni Plastics acquisition is as follows: As of February 1, 2018 (In $ millions) Cash and cash equivalents 2 Trade receivables - third party and affiliates 12 Inventories 13 Property, plant and equipment, net 19 Intangible assets ( Note 7 ) 35 Goodwill (1) ( Note 7 ) 84 Other assets 1 Total fair value of assets acquired 166 Trade payables - third party and affiliates (8 ) Total debt (12 ) Total fair value of liabilities assumed (20 ) Net assets acquired 146 ______________________________ (1) Goodwill consists of expected revenue and operating synergies resulting from the acquisition, all of which is deductible for income tax purposes. The amount of pro forma Net earnings (loss) of Omni Plastics included in the Company's unaudited interim consolidated statement of operations was less than 1% (unaudited) of its consolidated Net earnings (loss) had the acquisition occurred as of the beginning of 2018. The amount of Omni Plastics' Net earnings (loss) consolidated by the Company since the acquisition date was not material. • Acetate Tow Joint Venture In June 2017, Celanese, through various subsidiaries, entered into an agreement with affiliates of The Blackstone Group L.P. (the "Blackstone Entities") to form a joint venture which would combine substantially all of the operations of the Company's cellulose derivatives business and the operations of the Rhodia Acetow cellulose acetate business formerly operated by Solvay S.A. and acquired by the Blackstone Entities in June 2017. The parties were subsequently unable to reach an agreement with the European Commission on acceptable conditions to allow the proposed joint venture to proceed. The demands by the European Commission eliminated the advantages at the heart of the transaction. As a result, on March 19, 2018, the Company and the Blackstone Entities abandoned their agreement to form the proposed joint venture. • Nilit Plastics In May 2017, using cash on hand and borrowings under the Company's senior unsecured revolving credit facility, the Company acquired the nylon compounding division of Nilit Group ("Nilit"), an independent producer of high performance nylon resins, fibers and compounds. Celanese acquired the nylon compounding product portfolio, customer agreements and manufacturing, technology and commercial facilities. The acquisition of Nilit 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 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. During the measurement period, the Company made certain adjustments to its purchase price allocation to adjust taxes and working capital, which resulted in a $2 million reduction to goodwill initially recorded. Plant Closures • Ocotlán, Mexico On June 6, 2018, the Company announced the consolidation of its global acetate manufacturing operations by initiating the closure of its acetate tow manufacturing unit in Ocotlán, Mexico in 2018. The acetate flake unit will remain operational and is unaffected by these actions. The Ocotlán, Mexico operations are included in the Company's Acetate Tow segment. The exit costs and shutdown costs related to the closure of the Ocotlán, Mexico acetate tow manufacturing unit ( Note 14 ) are as follows: Nine Months Ended (In $ millions) Restructuring (1) 2 Accelerated depreciation expense 12 Loss on disposition of assets, net 1 Total 15 ______________________________ (1) Included in Other (charges) gains, net in the unaudited interim consolidated statement of operations. The Company expects to incur additional exit and shutdown costs of approximately $5 million , primarily related to accelerated depreciation, through the remainder of 2018. |
Ventures and Variable Interest
Ventures and Variable Interest Entities | 9 Months Ended |
Sep. 30, 2018 | |
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 27 19 Trade receivables, net - third party and affiliate 10 9 Property, plant and equipment (net of accumulated depreciation - 2018: $120; 2017: $90) 668 697 Intangible assets (net of accumulated amortization - 2018: $3; 2017: $2) 23 25 Other assets 4 6 Total assets (1) 732 756 Trade payables 13 16 Other liabilities (2) 4 4 Total debt 5 5 Deferred income taxes 3 3 Total liabilities 25 28 ______________________________ (1) Assets can only be used to settle the obligations of Fairway. (2) Primarily represents amounts owed by Fairway to the Company for reimbursement of expenditures. Nonconsolidated Variable Interest Entities The Company holds variable interests in entities that supply certain raw materials and services to the Company. The variable interests primarily relate to cost-plus contractual arrangements with the suppliers and recovery of capital expenditures for certain plant assets plus a rate of return on such assets. Liabilities for such supplier recoveries of capital expenditures have been recorded as capital lease obligations. The entities are not consolidated because the Company is not the primary beneficiary of the entities as it does not have the power to direct the activities of the entities that most significantly impact the entities' economic performance. The Company's maximum exposure to loss as a result of its involvement with these VIEs as of September 30, 2018 , 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 46 53 Trade payables 29 25 Current installments of long-term debt 13 18 Long-term debt 62 76 Total liabilities 104 119 Maximum exposure to loss 141 164 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 18 ). |
Marketable Securities, at Fair
Marketable Securities, at Fair Value | 9 Months Ended |
Sep. 30, 2018 | |
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 11 ) as follows: As of As of (In $ millions) Amortized cost 31 32 Gross unrealized gain — — Gross unrealized loss — — Fair value 31 32 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories As of As of (In $ millions) Finished goods 673 591 Work-in-process 63 57 Raw materials and supplies 297 252 Total 1,033 900 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, net | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | Goodwill and Intangible Assets, Net Goodwill Engineered Materials Acetate Tow Industrial Specialties Acetyl Intermediates Total (In $ millions) As of December 31, 2017 643 149 40 171 1,003 Acquisitions ( Note 3 ) 84 — — — 84 Exchange rate changes (16 ) — (1 ) (6 ) (23 ) As of September 30, 2018 (1) 711 149 39 165 1,064 ______________________________ (1) There were $0 million of accumulated impairment losses as of September 30, 2018 . The Company assesses the recoverability of the carrying amount of its reporting unit goodwill either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. In connection with the Company's annual goodwill impairment assessment, the Company did not record an impairment loss to goodwill during the nine months ended September 30, 2018 as the estimated fair value for each of the Company's reporting units exceeded the carrying amount of the underlying assets by a substantial margin. Intangible Assets, Net Finite-lived intangible assets are as follows: Licenses Customer- Related Intangible Assets Developed Technology Covenants Not to Compete and Other Total (In $ millions) Gross Asset Value As of December 31, 2017 38 640 45 54 777 Acquisitions ( Note 3 ) — 32 — 3 35 (1) Renewals 6 (2) — — — 6 Exchange rate changes (2 ) (17 ) (1 ) — (20 ) As of September 30, 2018 42 655 44 57 798 Accumulated Amortization As of December 31, 2017 (33 ) (496 ) (30 ) (32 ) (591 ) Amortization (2 ) (12 ) (3 ) (1 ) (18 ) Exchange rate changes 2 13 1 — 16 As of September 30, 2018 (33 ) (495 ) (32 ) (33 ) (593 ) Net book value 9 160 12 24 205 ______________________________ (1) Represents intangible assets acquired related to Omni Plastics ( Note 3 ) with a weighted average amortization period of 11 years . (2) During the nine months ended September 30, 2018, the Company extended a research and development technology agreement license, which will be amortized over a period of 5 years. Indefinite-lived intangible assets are as follows: Trademarks and Trade Names (In $ millions) As of December 31, 2017 115 Acquisitions ( Note 3 ) — Accumulated impairment losses — Exchange rate changes (3 ) As of September 30, 2018 112 The Company assesses the recoverability of the carrying amount of its indefinite-lived intangible assets either qualitatively or by utilizing the relief from royalty method under the income approach annually during the third quarter of its fiscal year using June 30 balances or whenever events or change in circumstances indicate that the carrying amount of the assets may not be fully recoverable. In connection with the Company's annual indefinite-lived intangible assets impairment assessment, the Company did not record an impairment loss to indefinite-lived intangible assets during the nine months ended September 30, 2018 as the estimated fair value of each of the Company's indefinite-lived intangible assets exceeded the carrying amount of the underlying assets by a substantial margin. Estimated amortization expense for the succeeding five fiscal years is as follows: (In $ millions) 2019 22 2020 20 2021 19 2022 17 2023 14 |
Current Other Liabilities
Current Other Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Other Liabilities, Current [Abstract] | |
Current Other Liabilities | Current Other Liabilities As of As of (In $ millions) Asset retirement obligations 4 19 Benefit obligations ( Note 11 ) 30 30 Customer rebates ( Note 20 ) 65 65 Derivatives ( Note 16 ) 3 3 Environmental ( Note 12 ) 25 14 Insurance 4 5 Interest 21 17 Restructuring ( Note 14 ) 8 5 Salaries and benefits 109 113 Sales and use tax/foreign withholding tax payable 31 16 Other 47 67 Total 347 354 |
Noncurrent Other Liabilities
Noncurrent Other Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Other Liabilities, Noncurrent [Abstract] | |
Noncurrent Other Liabilities | Noncurrent Other Liabilities As of As of (In $ millions) Asset retirement obligations 15 7 Deferred proceeds 45 47 Deferred revenue ( Note 20 ) 7 6 Environmental ( Note 12 ) 51 59 Income taxes payable — 197 Insurance 40 43 Other 48 54 Total 206 413 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
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 74 63 Short-term borrowings, including amounts due to affiliates (1) 78 86 Revolving credit facility (2) — 97 Accounts receivable securitization facility (3) 77 80 Total 229 326 ______________________________ (1) The weighted average interest rate was 3.3% and 3.4% as of September 30, 2018 and December 31, 2017 , respectively. (2) The weighted average interest rate was 4.1% as of December 31, 2017 . (3) The weighted average interest rate was 2.9% and 2.1% as of September 30, 2018 and December 31, 2017 , respectively. As of As of (In $ millions) Long-Term Debt Senior unsecured term loan due 2021 (1) 475 494 Senior unsecured notes due 2019, interest rate of 3.250% 347 360 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% 866 897 Senior unsecured notes due 2025, interest rate of 1.250% 346 359 Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00% 169 169 Nilit bank loans due at various dates through 2026 (2) 10 11 Obligations under capital leases due at various dates through 2054 173 208 Subtotal 3,286 3,398 Unamortized debt issuance costs (3) (16 ) (20 ) Current installments of long-term debt (74 ) (63 ) Total 3,196 3,315 ______________________________ (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 1.3% and 1.3% as of September 30, 2018 and December 31, 2017 , respectively. (3) Related to the Company's long-term debt, excluding obligations under capital leases. Senior Credit Facilities In July 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 (1) — Letters of credit issued — Available for borrowing (2) 1,000 ______________________________ (1) The Company borrowed $640 million and repaid $737 million under its senior unsecured revolving credit facility during the nine months ended September 30, 2018 . (2) 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. All of the SPE's assets have been pledged to the administrative agent in support of the SPE's obligations under the facility. The Company's debt balances and amounts available for borrowing under its securitization facility are as follows: As of (In $ millions) Accounts Receivable Securitization Facility Borrowings outstanding (1) 77 Letters of credit issued 29 Available for borrowing 5 Total borrowing base 111 Maximum borrowing base (2) 120 ______________________________ (1) The Company borrowed $25 million and repaid $28 million during the nine months ended September 30, 2018 . (2) Outstanding accounts receivable transferred to the SPE was $185 million . Other Financing Arrangements On June 25, 2018, the Company entered into a factoring agreement with a global financial institution to sell certain accounts receivable on a non-recourse basis. These transactions are treated as a sale and are accounted for as a reduction in accounts receivable because the agreement transfers effective control over and risk related to the receivables to the buyer. The Company has no continuing involvement in the transferred receivables, other than collection and administrative responsibilities and, once sold, the accounts receivable are no longer available to satisfy creditors in the event of bankruptcy. The Company de-recognized $40 million and $38 million of accounts receivable during the three months ended June 30, 2018 and September 30, 2018 , respectively. 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 covenants related to its debt agreements as of September 30, 2018 . |
Benefit Obligations
Benefit Obligations | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Benefit Obligations | Benefit Obligations The components of net periodic benefit cost are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Pension Post-retirement Pension Post-retirement Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 2 — 2 1 7 — 6 1 Interest cost 26 1 27 — 78 2 80 1 Expected return on plan assets (52 ) — (50 ) — (157 ) — (148 ) — Amortization of prior service cost (credit), net — — — — — — — (1 ) Special termination benefit — — — — 1 — 1 — Total (24 ) 1 (21 ) 1 (71 ) 2 (61 ) 1 Benefit obligation funding is as follows: As of Total Expected 2018 (In $ millions) Cash contributions to defined benefit pension plans 17 23 Benefit payments to nonqualified pension plans 17 21 Benefit payments to other postretirement benefit plans 1 5 Cash contributions to German multiemployer defined benefit pension plans (1) 6 8 ______________________________ (1) The Company makes contributions based on specified percentages of employee contributions. The Company's estimates of its US defined benefit pension plan contributions reflect the provisions of the Pension Protection Act of 2006. |
Environmental
Environmental | 9 Months Ended |
Sep. 30, 2018 | |
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 18 ) 31 28 Divestiture obligations ( Note 18 ) 17 17 Active sites 15 15 US Superfund sites 11 11 Other environmental remediation reserves 2 2 Total 76 73 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 18 ). Certain of these sites, at which the Company maintains continuing involvement, were and continue to be designated as discontinued operations when closed. 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 ("LPRSA"), 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 contaminants of concern to the Passaic River. On June 30, 2018, Occidental Chemical Corporation ("OCC") , the successor to the Diamond Alkali Company, sued a subsidiary of the Company and 119 other parties alleging claims for joint and several damages, contribution and declaratory relief under Section 107 and 113 of Superfund for costs to clean up the LPRSA portion of the Diamond Alkali Superfund Site, Occidental Chemical Corporation v. 21st Century Fox America, Inc., et al, No. 2:18-CV-11273-JLL-JAD (U.S. District Court New Jersey), alleging that each of the defendants owned or operated a facility that contributed contamination to the LPRSA. With respect to the Company, the OCC lawsuit is limited to the former Celanese facility that Essex County, New Jersey has agreed to indemnify the Company for and does not change the Company's estimated liability for LPRSA cleanup costs. The Company is vigorously defending these matters 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 to the Company's results of operations, cash flows or financial position. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock On September 17, 2018, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment (the "Certificate of Amendment") to its Second Amended and Restated Certificate of Incorporation, as amended, to remove all references to the Company's Series B Common Stock, par value $0.0001 per share, therefrom and to redesignate the Company's Series A Common Stock, par value $0.0001 per share, as "Common Stock." Following the filing of the Certificate of Amendment, the Company no longer has series of its class of 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 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 2017 28 0.46 1.84 May 2017 April 2018 17 0.54 2.16 May 2018 The Company declared a quarterly cash dividend of $0.54 per share on its Common Stock on October 17, 2018, amounting to $72 million . The cash dividend will be paid on November 8, 2018 to holders of record as of October 29, 2018. Treasury Stock Nine Months Ended Total From 2018 2017 Shares repurchased 2,179,058 (1) 5,436,803 41,958,077 Average purchase price per share $ 114.73 $ 91.97 $ 61.62 Shares repurchased (in $ millions) $ 250 $ 500 $ 2,585 Aggregate Board of Directors repurchase authorizations during the period (in $ millions) (2) $ — $ 1,500 $ 3,866 ______________________________ (1) Excludes 1,700 common shares reacquired pursuant to an employee clawback agreement. (2) These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program began in February 2008 and does not have an expiration date. The purchase of treasury stock reduces the number of shares outstanding. The repurchased shares may be used by the Company for compensation programs utilizing the Company's stock and other corporate purposes. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders' equity. Other Comprehensive Income (Loss), Net Three Months Ended September 30, 2018 2017 Gross Amount Income Tax (Provision) Benefit Net Amount Gross Amount Income Tax (Provision) Benefit Net (In $ millions) Unrealized gain (loss) on marketable securities — — — — — — Foreign currency translation gain (loss) (31 ) (4 ) (35 ) 44 (2 ) 42 Gain (loss) on cash flow hedges 4 — 4 — — — Pension and postretirement benefits gain (loss) — — — (1 ) — (1 ) Total (27 ) (4 ) (31 ) 43 (2 ) 41 Nine Months Ended September 30, 2018 2017 Gross Income Net Gross Income Net (In $ millions) Unrealized gain (loss) on marketable securities — — — 1 — 1 Foreign currency translation gain (loss) (58 ) 6 (52 ) 143 5 148 Gain (loss) on cash flow hedges 8 1 9 (1 ) — (1 ) Pension and postretirement benefits gain (loss) 1 — 1 4 — 4 Total (49 ) 7 (42 ) 147 5 152 Adjustments to Accumulated other comprehensive income (loss), net, are as follows: Foreign Currency Translation Gain (Loss) Gain (Loss) on Cash Flow Hedges ( Note 16 ) Pension and Postretirement Benefits Gain (Loss) ( Note 11 ) Accumulated Other Comprehensive Income (Loss), Net (In $ millions) As of December 31, 2017 (176 ) 2 (3 ) (177 ) Other comprehensive income (loss) before reclassifications (58 ) 9 1 (48 ) Amounts reclassified from accumulated other comprehensive income (loss) — (1 ) — (1 ) Income tax (provision) benefit 6 1 — 7 As of September 30, 2018 (228 ) 11 (2 ) (219 ) |
Other (Charges) Gains, Net
Other (Charges) Gains, Net | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Other (Charges) Gains, Net | Other (Charges) Gains, Net Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (In $ millions) Restructuring (1 ) — (4 ) (3 ) InfraServ ownership change — — — (4 ) Plant/office closures 13 — 13 (50 ) Total 12 — 9 (57 ) During the three and nine months ended September 30, 2018 , the Company recorded a $13 million gain within plant/office closures related to a non-income tax receivable refund from Nanjing, China, in its Acetyl Intermediates segment. During the nine months ended September 30, 2018 and 2017 , the Company recorded $4 million and $3 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 nine months ended September 30, 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 $50 million of plant/office closure costs primarily consisting of a $24 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: Engineered Materials Acetate Tow Industrial Specialties Acetyl Intermediates Other Total (In $ millions) Employee Termination Benefits As of December 31, 2017 1 — — 1 1 3 Additions — 2 3 — — 5 Cash payments (1 ) — — — — (1 ) Other changes — — — — (1 ) (1 ) Exchange rate changes — — — — — — As of September 30, 2018 — 2 3 1 — 6 Other Plant/Office Closures As of December 31, 2017 — — — 2 — 2 Additions — — — — — — Cash payments — — — — — — Other changes — — — — — — Exchange rate changes — — — — — — As of September 30, 2018 — — — 2 — 2 Total — 2 3 3 — 8 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Three Months Ended Nine Months Ended 2018 2017 2018 2017 (In percentages) Effective income tax rate 12 20 16 19 The lower effective income tax rate for the three and nine months ended September 30, 2018 compared to the same period in 2017 is primarily due to the release of valuation allowances on net deferred tax assets in China and Singapore, reduction of the US statutory tax rate due to new tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the "TCJA") and reduced losses not providing tax benefits in certain jurisdictions, partially offset by increases in valuation allowances offsetting US foreign tax credits due to the provisions of the TCJA. In December 2017, the TCJA was enacted and was effective January 1, 2018. ASC 740, Accounting for Income Taxes , requires companies to recognize the effects of tax law changes in the period of enactment. This overhaul of the US tax law made a number of substantial changes, including the reduction of the corporate tax rate from 35% to 21%, establishing a dividends received deduction for dividends paid by foreign subsidiaries to the US, elimination or limitation of certain deductions (interest, domestic production activities and executive compensation), imposing a mandatory tax on previously unrepatriated earnings accumulated offshore since 1986 and establishing global minimum income tax and base erosion tax provisions related to offshore activities and affiliated party payments. Due to the timing of the new tax law and the substantial changes it brings, the SEC issued Staff Accounting Bulletin No. 118 ("SAB 118"), which provides registrants a measurement period to report the impact of the new US tax law. During the measurement period, provisional amounts for the effects of the law are recorded to the extent a reasonable estimate can be made. To the extent that all information necessary is not available, prepared or analyzed, companies may recognize provisional estimated amounts for a period of up to one year following enactment of the TCJA. For year-end 2017, the Company recorded provisional amounts for impacts of the new tax law including: the deemed repatriation tax on post 1986 accumulated earnings and profits, the deferred tax rate change effect of the new law, gross foreign tax credit carryforwards and related valuation allowances to offset foreign tax credit carryforwards. Certain items or estimates that result in impacts of the TCJA being provisional include: detailed foreign earnings calculations for 2017 and 2018, projected foreign cash balances for certain foreign subsidiaries and finalized computations of foreign tax credit availability. Finally, the Company considers it likely that further technical guidance regarding certain components of the new provisions included in the TCJA, as well as clarity regarding state income tax conformity to current federal tax code, may be issued. During the three months ended September 30, 2018 , the Company recorded a benefit for increases to provisional amounts for foreign tax credits net of associated valuation allowances of $9 million and a benefit for increases to provisional amounts for the deferred tax rate change effect of the TCJA of $7 million . The Company also recorded a decrease to the provisional amount for deemed repatriation tax under the TCJA of $4 million . However, this decrease did not have any impact on the unaudited interim consolidated statement of operations, as it will be offset by US foreign tax credit carryforwards. The changes in provisional amounts are primarily due to refined estimates of foreign source income and expense apportionment during the credit carryforward period, refined estimates of foreign tax credits generated during the carryforward period, revised calculations of the deemed repatriation tax due to the issuance of proposed guidance and revised estimates of 2017 temporary items as part of the annual tax return preparation process. The Company will continue to refine provisional amounts for the impacts of the TCJA as more refined information and further guidance become available. The Company evaluates its deferred tax assets on a quarterly basis to determine whether a valuation allowance is necessary. Realization of deferred tax assets ultimately depends on the existence of sufficient taxable income in the applicable carryback or carryforward periods. Changes in the Company's estimates of future taxable income and prudent and feasible tax planning strategies will affect the estimate of the realization of the tax benefits of these foreign tax carryforwards. As such, the Company is currently evaluating tax planning strategies to enable use of the Company's foreign tax credit carryforwards that may decrease the Company's effective tax rate in future periods as the valuation allowance is reversed. During the nine months ended September 30, 2018 , the Company's uncertain tax positions decreased $2 million , primarily due to favorable technical clarifications in Germany and foreign currency exchange fluctuations, partially offset by an increase in US positions. 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 January 2018, the Company received proposed pre-tax adjustments for its 2011 and 2012 audit cycle in the amount of $198 million . In the event the Company is wholly unsuccessful in its defense and absent expected offsetting adjustments from foreign tax authorities, the proposed adjustments would result in the consumption of approximately $136 million of prior foreign tax credit carryforwards, which are substantially offset with a valuation allowance due to uncertain recoverability. The Company believes these proposed adjustments to be without merit and is vigorously defending its position. The Company has initiated the appeal process for the 2009 and 2010 examination years. As negotiations progress, the Company will evaluate its position and will record any anticipated impacts accordingly. The Company does not currently anticipate a material impact from the appeals process related to the 2009 and 2010 examination years. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Derivatives Designated As Hedges 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 1,050 1,050 Cash Flow Hedges In September 2018, the Company entered into a forward-starting interest rate swap to mitigate the risk of variability in the benchmark interest rate for an expected debt issuance in 2021. The swap was designated as a cash flow hedge and will be settled upon debt issuance. The total notional amount of the forward-starting interest rate swap designated as a cash flow hedge is as follows: As of As of (In $ millions) Total 400 — 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 693 740 Information regarding changes in the fair value of the Company's derivative and non-derivative instruments is as follows: Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Three Months Ended September 30, Statement of Operations Classification 2018 2017 2018 2017 (In $ millions) Designated as Cash Flow Hedges Commodity swaps 2 — — 1 Cost of sales Interest rate swaps 2 — — — Interest expense Foreign currency forwards — — — (1 ) Cost of sales Total 4 — — — Designated as Net Investment Hedges Foreign currency denominated debt ( Note 10 ) 9 (30 ) — — N/A Total 9 (30 ) — — Not Designated as Hedges Foreign currency forwards and swaps — — (2 ) — Foreign exchange gain (loss), net; Other income (expense), net Total — — (2 ) — Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Nine Months Ended September 30, Statement of Operations Classification 2018 2017 2018 2017 (In $ millions) Designated as Cash Flow Hedges Commodity swaps 6 1 1 3 Cost of sales Interest rate swaps 2 — — — Interest expense Foreign currency forwards 1 (1 ) — (1 ) Cost of sales Total 9 — 1 2 Designated as Net Investment Hedges Foreign currency denominated debt ( Note 10 ) 44 (99 ) — — N/A Total 44 (99 ) — — Not Designated as Hedges Foreign currency forwards and swaps — — 15 (2 ) Foreign exchange gain (loss), net; Other income (expense), net Total — — 15 (2 ) See Note 17 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 24 13 Gross amount offset in the consolidated balance sheets 9 4 Net amount presented in the consolidated balance sheets 15 9 Gross amount not offset in the consolidated balance sheets 2 3 Net amount 13 6 As of As of (In $ millions) Derivative Liabilities Gross amount recognized 12 7 Gross amount offset in the consolidated balance sheets 9 4 Net amount presented in the consolidated balance sheets 3 3 Gross amount not offset in the consolidated balance sheets 2 3 Net amount 1 — |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
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, interest rate 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, interest rate swaps and foreign currency forwards and swaps are observable in the active markets and are classified as Level 2 in the fair value measurement hierarchy. Fair Value Measurement Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Balance Sheet Classification (In $ millions) As of September 30, 2018 Derivatives Designated as Cash Flow Hedges Commodity swaps — 6 6 Current Other assets Commodity swaps — 3 3 Noncurrent Other assets Interest rate swap — 2 2 Noncurrent Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 4 4 Current Other assets Total assets — 15 15 Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (3 ) (3 ) Current Other liabilities Total liabilities — (3 ) (3 ) As of December 31, 2017 Derivatives Designated as Cash Flow Hedges Commodity swaps — 2 2 Current Other assets Commodity swaps — 2 2 Noncurrent Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 5 5 Current Other assets Total assets — 9 9 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 September 30, 2018 Cost investments 165 — — — Insurance contracts in nonqualified trusts 40 40 — 40 Long-term debt, including current installments of long-term debt 3,286 3,171 173 3,344 As of December 31, 2017 Cost investments 159 — — — Insurance contracts in nonqualified trusts 42 42 — 42 Long-term debt, including current installments of long-term debt 3,398 3,299 208 3,507 In general, the cost investments included in the table above are not publicly traded and their fair values are not readily determinable. The Company believes the carrying values approximate fair value. Insurance contracts in nonqualified trusts consist of long-term fixed income securities, which are valued using independent vendor pricing models with observable inputs in the active market and therefore represent a Level 2 fair value measurement. The fair value of long-term debt is based on valuations from third-party banks and market quotations and is classified as Level 2 in the fair value measurement hierarchy. The fair value of obligations under capital leases, which are included in long-term debt, is based on lease payments and discount rates, which are not observable in the market and therefore represents a Level 3 fair value measurement. As of September 30, 2018 , and December 31, 2017 , the fair values of cash and cash equivalents, receivables, trade payables, short-term borrowings and the current installments of long-term debt approximate carrying values due to the short-term nature of these instruments. These items have been excluded from the table with the exception of the current installments of long-term debt. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
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 12 ). The Company's obligation to indemnify Hoechst, and its legal successors, is capped under Category B at €250 million . If and to the extent the environmental damage should exceed €750 million in aggregate, the Company's obligation to indemnify Hoechst and its legal successors applies, but is then limited to 33.33% of the remediation cost without further limitations. Cumulative payments under the divestiture agreements as of September 30, 2018 , are $84 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 significant risk ( Note 12 ). 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 $122 million as of September 30, 2018 . 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 September 30, 2018 , the Company had unconditional purchase obligations of $1.5 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, insurance coverage disputes, commercial contracts, employment, antitrust or competition compliance, intellectual property, personal injury and other actions in tort, workers' compensation, chemical exposure, asbestos exposure, taxes, trade compliance, 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 will be material to the Company's results of operations, cash flows or financial position. European Commission In May 2017, the Company learned that the European Commission opened a competition law investigation involving certain subsidiaries of the Company with respect to certain ethylene purchases. The Company is cooperating with the European Commission. Because the investigation is on-going, and the many uncertainties and variables involved, the Company is unable at this time to determine the outcome of this investigation and whether, and in what amount, any potential fines would be assessed. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Effective January 1, 2018, the Company reorganized its operating and reportable segments to align with recent structural and management reporting changes. The change reflects the movement of its food ingredients business from the Consumer Specialties reportable segment into the Engineered Materials reportable segment. The former Consumer Specialties reportable segment was renamed the Acetate Tow segment, and the former Advanced Engineered Materials reportable segment was renamed the Engineered Materials segment. This reorganization better reflects how the Company manages its food ingredients' related products commercially. Engineered Materials and food ingredients are both project-based models which focus on delivering customized solutions and are led by the same senior management team. Engineered Materials Acetate Tow Industrial Specialties Acetyl Intermediates Other Activities Eliminations Consolidated (In $ millions) Three Months Ended September 30, 2018 Net sales 642 158 273 (1) 835 (2) — (137 ) 1,771 Other (charges) gains, net ( Note 14 ) — (1 ) (1 ) 13 1 — 12 Operating profit (loss) 124 26 19 268 (63 ) — 374 Equity in net earnings (loss) of affiliates 62 — — 2 2 — 66 Depreciation and amortization 31 21 10 26 2 — 90 Capital expenditures 25 9 5 34 2 — 75 (3) Three Months Ended September 30, 2017 - As Adjusted ( Note 2 ) Net sales 573 157 264 (1) 684 (2) — (112 ) 1,566 Other (charges) gains, net ( Note 14 ) — — — — — — — Operating profit (loss) 105 45 19 128 (68 ) — 229 Equity in net earnings (loss) of affiliates 47 — — 1 2 — 50 Depreciation and amortization 30 10 10 26 4 — 80 Capital expenditures 19 9 6 36 4 — 74 (3) ______________________________ (1) Includes intersegment sales of $0 million and $1 million for the three months ended September 30, 2018 and 2017 , respectively. (2) Includes intersegment sales of $137 million and $111 million for the three months ended September 30, 2018 and 2017 , respectively. (3) Includes a decrease in accrued capital expenditures of $4 million and an increase of $10 million for the three months ended September 30, 2018 and 2017 , respectively. Engineered Materials Acetate Tow Industrial Specialties Acetyl Intermediates Other Activities Eliminations Consolidated (In $ millions) Nine Months Ended September 30, 2018 Net sales 1,971 488 835 (1) 2,567 (2) — (395 ) 5,466 Other (charges) gains, net ( Note 14 ) — (2 ) (3 ) 13 1 — 9 Operating profit (loss) 365 111 64 750 (214 ) (1 ) 1,075 Equity in net earnings (loss) of affiliates 169 — — 5 6 — 180 Depreciation and amortization 96 44 29 78 8 — 255 Capital expenditures 72 19 14 108 7 — 220 (3) As of September 30, 2018 Goodwill and intangible assets, net 984 154 44 199 — — 1,381 Total assets 4,056 1,078 850 2,719 1,121 — 9,824 Nine Months Ended September 30, 2017 - As Adjusted ( Note 2 ) Net sales 1,633 511 771 (1) 1,952 (2) — (320 ) 4,547 Other (charges) gains, net ( Note 14 ) (2 ) (2 ) — (50 ) (3 ) — (57 ) Operating profit (loss) 314 148 70 264 (179 ) — 617 Equity in net earnings (loss) of affiliates 128 — — 4 3 — 135 Depreciation and amortization 82 30 28 78 8 — 226 Capital expenditures 43 22 16 84 8 — 173 (3) As of December 31, 2017 Goodwill and intangible assets, net 902 154 46 202 — — 1,304 Total assets 3,866 1,163 861 2,657 991 — 9,538 ______________________________ (1) Includes intersegment sales of $3 million and $3 million for the nine months ended September 30, 2018 and 2017 , respectively. (2) Includes intersegment sales of $392 million and $317 million for the nine months ended September 30, 2018 and 2017 , respectively. (3) Includes a decrease in accrued capital expenditures of $24 million and $7 million for the nine months ended September 30, 2018 and 2017 , respectively. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue | Revenue Recognition Accounting Policies Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied. The majority of the Company's contracts have a single performance obligation to transfer products. Accordingly, the Company recognizes revenue when title and risk of loss have been transferred to the customer, generally at the time of shipment of products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated, formula, list or fixed price. The Company sells its products both directly to customers and through distributors generally under agreements with payment terms typically less than 90 days. The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the good. As such, shipping and handling fees billed to customers in a sales transaction are recorded in Net sales and shipping and handling costs incurred are recorded in Cost of sales. The Company has elected to exclude from Net sales any value add, sales and other taxes which it collects concurrent with revenue-producing activities. These accounting policy elections are consistent with the manner in which the Company historically recorded shipping and handling fees and taxes. The adoption of ASU 2014-09 ( Note 2 ) resulted in an immaterial impact to the individual financial statement line items of the Company's unaudited interim consolidated statement of operations during the three and nine months ended September 30, 2018 . Contract Estimates The nature of certain of the Company's contracts gives rise to variable consideration, which may be constrained, including retrospective volume-based rebates to certain customers. The Company issues retrospective volume-based rebates to customers when they purchase a certain volume level, and the rebates are applied retroactively to prior purchases. The Company also issues prospective volume-based rebates to customers when they purchase a certain volume level, and the rebates are applied to future purchases. Prospective volume-based rebates represent a material right within the contract and therefore are considered to be separate performance obligations. For both retrospective and prospective volume-based rebates, the Company estimates the level of volumes based on anticipated purchases at the beginning of the period and records a rebate accrual for each purchase toward the requisite rebate volume. These estimated rebates are included in the transaction price of the Company's contracts with customers as a reduction to Net sales and are included in Current Other liabilities in the unaudited consolidated balance sheets ( Note 8 ). This methodology is consistent with the manner in which the Company historically estimated and recorded volume-based rebates. The majority of the Company's revenue is derived from contracts (i) with an original expected length of one year or less and (ii) contracts for which it recognizes revenue at the amount in which it has the right to invoice as product is delivered. The Company has elected the practical expedient not to disclose the value of remaining performance obligations associated with these types of contracts. However, the Company has certain contracts that represent take-or-pay revenue arrangements in which the Company's performance obligations extend over multiple years. As of September 30, 2018 , the Company had $867 million of remaining performance obligations related to take-or-pay contracts. The Company expects to recognize approximately $144 million of its remaining performance obligations as Net sales in 2018, $234 million in 2019, an additional $ 182 million in 2020 and the balance thereafter. The Company has certain contracts which contain performance obligations which are immaterial in the context of the contract with the customer. The Company has elected the practical expedient not to assess whether these promised goods or services are performance obligations. Contract Balances Contract liabilities primarily relate to advances or deposits received from the Company's customers before revenue is recognized. These amounts are recorded as deferred revenue and are included in Noncurrent Other liabilities in the unaudited consolidated balance sheets ( Note 9 ). The Company does not have any material contract assets as of September 30, 2018 . Disaggregated Revenue In general, the Company's business segmentation is aligned according to the nature and economic characteristics of its products and customer relationships and provides meaningful disaggregation of each business segment's results of operations. The Company manages its Engineered Materials business segment through its project management pipeline, which is comprised of a broad range of projects which are solutions-based and are tailored to each customers' unique needs. Projects are identified and selected based on success rate and may involve a number of different polymers per project for use in multiple end-use applications. Therefore, the Company is agnostic toward products and end-use markets for the Engineered Materials business segment. Within the Acetate Tow business segment, the Company's primary product is acetate tow, which is managed through contracts with a few major tobacco companies and accounts for a significant amount of filters used in cigarette production worldwide. The Company manages its Industrial Specialties and Acetyl Intermediates business segments by leveraging its ability to sell chemicals externally to end-use markets or downstream to its emulsion polymers business (within its Industrial Specialties segment). Decisions to sell externally and geographically or downstream and along the acetyl chain are based on market demand, trade flows and maximizing the value of its chemicals. Therefore, the Company's strategic focus is on executing within this integrated chain model and less on driving product-specific revenue. Further disaggregation of Net sales by business segment and geographic destination is as follows: Three Months Ended Nine Months Ended 2018 (In $ millions) Engineered Materials North America 197 567 Europe and Africa 277 945 Asia-Pacific 145 403 South America 23 56 Total 642 1,971 Acetate Tow North America 30 98 Europe and Africa 78 196 Asia-Pacific 44 163 South America 6 31 Total 158 488 Industrial Specialties North America 93 274 Europe and Africa 126 400 Asia-Pacific 49 145 South America 5 13 Total (1) 273 832 Acetyl Intermediates North America 205 599 Europe and Africa 176 558 Asia-Pacific 292 936 South America 25 82 Total (2) 698 2,175 ______________________________ (1) Excludes intersegment sales of $0 million and $3 million for the three and nine months ended September 30, 2018 , respectively. (2) Excludes intersegment sales of $137 million and $392 million for the three and nine months ended September 30, 2018 , respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Three Months Ended Nine Months Ended 2018 2017 2018 2017 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 407 230 1,116 652 Earnings (loss) from discontinued operations (6 ) (4 ) (8 ) (12 ) Net earnings (loss) 401 226 1,108 640 Weighted average shares - basic 134,519,301 136,579,077 135,336,704 138,599,330 Incremental shares attributable to equity awards 980,089 372,846 1,050,999 388,991 Weighted average shares - diluted 135,499,390 136,951,923 136,387,703 138,988,321 During the three and nine months ended September 30, 2018 and 2017 , there were no anti-dilutive equity awards excluded from the computation of diluted net earnings per share. |
Consolidating Guarantor Financi
Consolidating Guarantor Financial Information | 9 Months Ended |
Sep. 30, 2018 | |
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 10 ). The Issuer and Subsidiary Guarantors are 100% owned subsidiaries of the Parent Guarantor. The Parent Guarantor and Subsidiary Guarantors have guaranteed the Notes fully and unconditionally and jointly and severally. For cash management purposes, the Company transfers cash between the Parent Guarantor, Issuer, Subsidiary Guarantors and non-guarantors through intercompany financing arrangements, contributions or declaration of dividends between the respective parent and its subsidiaries. The transfer of cash under these activities facilitates the ability of the recipient to make specified third-party payments for principal and interest on the Company's outstanding debt, Common Stock dividends and Common Stock repurchases. The unaudited interim consolidating statements of cash flows for the nine months ended September 30, 2018 and 2017 present such intercompany financing activities, contributions and dividends consistent with how such activity would be presented in a stand-alone statement of cash flows. The Company has not presented separate financial information and other disclosures for each of its Subsidiary Guarantors because it believes such financial information and other disclosures would not provide investors with any additional information that would be material in evaluating the sufficiency of the guarantees. The unaudited interim consolidating financial statements for the Parent Guarantor, the Issuer, the Subsidiary Guarantors and the non-guarantors are as follows: CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended September 30, 2018 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 565 1,483 (277 ) 1,771 Cost of sales — — (432 ) (1,105 ) 282 (1,255 ) Gross profit — — 133 378 5 516 Selling, general and administrative expenses — — (46 ) (83 ) — (129 ) Amortization of intangible assets — — (1 ) (4 ) — (5 ) Research and development expenses — — (7 ) (11 ) — (18 ) Other (charges) gains, net — — — 12 — 12 Foreign exchange gain (loss), net — (3 ) — 3 — — Gain (loss) on disposition of businesses and assets, net — — (3 ) 1 — (2 ) Operating profit (loss) — (3 ) 76 296 5 374 Equity in net earnings (loss) of affiliates 401 411 286 64 (1,096 ) 66 Non-operating pension and other postretirement employee benefit (expense) income — — 23 3 (1 ) 25 Interest expense — (5 ) (33 ) (8 ) 16 (30 ) Interest income — 13 1 3 (15 ) 2 Dividend income - cost investments — — — 25 1 26 Other income (expense), net — — 1 (1 ) (1 ) (1 ) Earnings (loss) from continuing operations before tax 401 416 354 382 (1,091 ) 462 Income tax (provision) benefit — (15 ) (10 ) (28 ) (1 ) (54 ) Earnings (loss) from continuing operations 401 401 344 354 (1,092 ) 408 Earnings (loss) from operation of discontinued operations — — (1 ) (6 ) — (7 ) Income tax (provision) benefit from discontinued operations — — — 1 — 1 Earnings (loss) from discontinued operations — — (1 ) (5 ) — (6 ) Net earnings (loss) 401 401 343 349 (1,092 ) 402 Net (earnings) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Net earnings (loss) attributable to Celanese Corporation 401 401 343 348 (1,092 ) 401 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended September 30, 2017 - As Adjusted ( Note 2 ) Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 527 1,314 (275 ) 1,566 Cost of sales — — (407 ) (1,042 ) 266 (1,183 ) Gross profit — — 120 272 (9 ) 383 Selling, general and administrative expenses — — (54 ) (79 ) — (133 ) Amortization of intangible assets — — (1 ) (4 ) — (5 ) Research and development expenses — — (9 ) (10 ) — (19 ) Other (charges) gains, net — — — — — — Foreign exchange gain (loss), net — — — 4 — 4 Gain (loss) on disposition of businesses and assets, net — — (2 ) 1 — (1 ) Operating profit (loss) — — 54 184 (9 ) 229 Equity in net earnings (loss) of affiliates 226 233 175 45 (629 ) 50 Non-operating pension and other postretirement employee benefit (expense) income — — 20 3 — 23 Interest expense — (5 ) (28 ) (8 ) 9 (32 ) Interest income — 7 1 2 (9 ) 1 Dividend income - cost investments — — — 26 (2 ) 24 Other income (expense), net — (2 ) — (4 ) — (6 ) Earnings (loss) from continuing operations before tax 226 233 222 248 (640 ) 289 Income tax (provision) benefit — (7 ) (68 ) 17 1 (57 ) Earnings (loss) from continuing operations 226 226 154 265 (639 ) 232 Earnings (loss) from operation of discontinued operations — — — (5 ) — (5 ) Income tax (provision) benefit from discontinued operations — — — 1 — 1 Earnings (loss) from discontinued operations — — — (4 ) — (4 ) Net earnings (loss) 226 226 154 261 (639 ) 228 Net (earnings) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Net earnings (loss) attributable to Celanese Corporation 226 226 154 259 (639 ) 226 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2018 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 1,733 4,621 (888 ) 5,466 Cost of sales — — (1,337 ) (3,470 ) 893 (3,914 ) Gross profit — — 396 1,151 5 1,552 Selling, general and administrative expenses — — (156 ) (256 ) — (412 ) Amortization of intangible assets — — (3 ) (15 ) — (18 ) Research and development expenses — — (22 ) (32 ) — (54 ) Other (charges) gains, net — — — 9 — 9 Foreign exchange gain (loss), net — (3 ) — 5 — 2 Gain (loss) on disposition of businesses and assets, net — — (8 ) 4 — (4 ) Operating profit (loss) — (3 ) 207 866 5 1,075 Equity in net earnings (loss) of affiliates 1,108 1,112 872 170 (3,082 ) 180 Non-operating pension and other postretirement employee benefit (expense) income — — 70 8 (1 ) 77 Interest expense — (15 ) (93 ) (25 ) 38 (95 ) Interest income — 31 5 7 (39 ) 4 Dividend income - cost investments — — — 89 3 92 Other income (expense), net — — 1 3 (1 ) 3 Earnings (loss) from continuing operations before tax 1,108 1,125 1,062 1,118 (3,077 ) 1,336 Income tax (provision) benefit — (17 ) (115 ) (83 ) (1 ) (216 ) Earnings (loss) from continuing operations 1,108 1,108 947 1,035 (3,078 ) 1,120 Earnings (loss) from operation of discontinued operations — — (2 ) (7 ) — (9 ) Income tax (provision) benefit from discontinued operations — — — 1 — 1 Earnings (loss) from discontinued operations — — (2 ) (6 ) — (8 ) Net earnings (loss) 1,108 1,108 945 1,029 (3,078 ) 1,112 Net (earnings) loss attributable to noncontrolling interests — — — (4 ) — (4 ) Net earnings (loss) attributable to Celanese Corporation 1,108 1,108 945 1,025 (3,078 ) 1,108 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2017 - As Adjusted ( Note 2 ) Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 1,679 3,713 (845 ) 4,547 Cost of sales — — (1,311 ) (2,974 ) 836 (3,449 ) Gross profit — — 368 739 (9 ) 1,098 Selling, general and administrative expenses — — (132 ) (221 ) — (353 ) Amortization of intangible assets — — (3 ) (11 ) — (14 ) Research and development expenses — — (23 ) (30 ) — (53 ) Other (charges) gains, net — — (7 ) (50 ) — (57 ) Foreign exchange gain (loss), net — — — — — — Gain (loss) on disposition of businesses and assets, net — — (6 ) 2 — (4 ) Operating profit (loss) — — 197 429 (9 ) 617 Equity in net earnings (loss) of affiliates 640 640 439 122 (1,706 ) 135 Non-operating pension and other postretirement employee benefit (expense) income — — 60 7 — 67 Interest expense — (17 ) (75 ) (23 ) 24 (91 ) Interest income — 19 3 4 (24 ) 2 Dividend income - cost investments — — — 85 (3 ) 82 Other income (expense), net — (3 ) 1 — — (2 ) Earnings (loss) from continuing operations before tax 640 639 625 624 (1,718 ) 810 Income tax (provision) benefit — 1 (139 ) (16 ) 1 (153 ) Earnings (loss) from continuing operations 640 640 486 608 (1,717 ) 657 Earnings (loss) from operation of discontinued operations — — — (14 ) — (14 ) Income tax (provision) benefit from discontinued operations — — — 2 — 2 Earnings (loss) from discontinued operations — — — (12 ) — (12 ) Net earnings (loss) 640 640 486 596 (1,717 ) 645 Net (earnings) loss attributable to noncontrolling interests — — — (5 ) — (5 ) Net earnings (loss) attributable to Celanese Corporation 640 640 486 591 (1,717 ) 640 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2018 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 401 401 343 349 (1,092 ) 402 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities — — 1 — (1 ) — Foreign currency translation gain (loss) (35 ) (35 ) (31 ) (37 ) 103 (35 ) Gain (loss) on cash flow hedges 4 4 2 2 (8 ) 4 Pension and postretirement benefits gain (loss) — — — — — — Total other comprehensive income (loss), net of tax (31 ) (31 ) (28 ) (35 ) 94 (31 ) Total comprehensive income (loss), net of tax 370 370 315 314 (998 ) 371 Comprehensive (income) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Comprehensive income (loss) attributable to Celanese Corporation 370 370 315 313 (998 ) 370 Three Months Ended September 30, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 226 226 154 261 (639 ) 228 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities — — — — — — Foreign currency translation gain (loss) 42 42 65 74 (181 ) 42 Gain (loss) on cash flow hedges — — — — — — Pension and postretirement benefits gain (loss) (1 ) (1 ) (1 ) — 2 (1 ) Total other comprehensive income (loss), net of tax 41 41 64 74 (179 ) 41 Total comprehensive income (loss), net of tax 267 267 218 335 (818 ) 269 Comprehensive (income) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Comprehensive income (loss) attributable to Celanese Corporation 267 267 218 333 (818 ) 267 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2018 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 1,108 1,108 945 1,029 (3,078 ) 1,112 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities — — 6 13 (19 ) — Foreign currency translation gain (loss) (52 ) (52 ) (77 ) (95 ) 224 (52 ) Gain (loss) on cash flow hedges 9 9 6 7 (22 ) 9 Pension and postretirement benefits gain (loss) 1 1 1 1 (3 ) 1 Total other comprehensive income (loss), net of tax (42 ) (42 ) (64 ) (74 ) 180 (42 ) Total comprehensive income (loss), net of tax 1,066 1,066 881 955 (2,898 ) 1,070 Comprehensive (income) loss attributable to noncontrolling interests — — — (4 ) — (4 ) Comprehensive income (loss) attributable to Celanese Corporation 1,066 1,066 881 951 (2,898 ) 1,066 Nine Months Ended September 30, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 640 640 486 596 (1,717 ) 645 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities 1 1 1 1 (3 ) 1 Foreign currency translation gain (loss) 148 148 191 232 (571 ) 148 Gain (loss) on cash flow hedges (1 ) (1 ) (1 ) (1 ) 3 (1 ) Pension and postretirement benefits gain (loss) 4 4 3 6 (13 ) 4 Total other comprehensive income (loss), net of tax 152 152 194 238 (584 ) 152 Total comprehensive income (loss), net of tax 792 792 680 834 (2,301 ) 797 Comprehensive (income) loss attributable to noncontrolling interests — — — (5 ) — (5 ) Comprehensive income (loss) attributable to Celanese Corporation 792 792 680 829 (2,301 ) 792 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of September 30, 2018 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — 14 46 643 — 703 Trade receivables - third party and affiliates — — 122 1,098 (134 ) 1,086 Non-trade receivables, net 37 515 257 444 (974 ) 279 Inventories, net — — 301 775 (43 ) 1,033 Marketable securities, at fair value — — 31 — — 31 Other assets — 22 16 57 (47 ) 48 Total current assets 37 551 773 3,017 (1,198 ) 3,180 Investments in affiliates 3,504 4,736 4,729 860 (12,848 ) 981 Property, plant and equipment, net — — 1,228 2,471 — 3,699 Deferred income taxes — 17 — 175 (22 ) 170 Other assets — 1,621 260 479 (1,947 ) 413 Goodwill — — 314 750 — 1,064 Intangible assets, net — — 101 216 — 317 Total assets 3,541 6,925 7,405 7,968 (16,015 ) 9,824 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates — 50 176 268 (265 ) 229 Trade payables - third party and affiliates — — 303 650 (134 ) 819 Other liabilities — 45 296 298 (292 ) 347 Income taxes payable — — 495 104 (462 ) 137 Total current liabilities — 95 1,270 1,320 (1,153 ) 1,532 Noncurrent Liabilities Long-term debt — 3,326 1,580 203 (1,913 ) 3,196 Deferred income taxes — — 67 201 (22 ) 246 Uncertain tax positions — — 10 146 (2 ) 154 Benefit obligations — — 265 282 — 547 Other liabilities — — 105 142 (41 ) 206 Total noncurrent liabilities — 3,326 2,027 974 (1,978 ) 4,349 Total Celanese Corporation stockholders' equity 3,541 3,504 4,108 5,272 (12,884 ) 3,541 Noncontrolling interests — — — 402 — 402 Total equity 3,541 3,504 4,108 5,674 (12,884 ) 3,943 Total liabilities and equity 3,541 6,925 7,405 7,968 (16,015 ) 9,824 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of December 31, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — — 230 346 — 576 Trade receivables - third party and affiliates — — 89 988 (91 ) 986 Non-trade receivables, net 38 482 279 385 (940 ) 244 Inventories, net — — 277 672 (49 ) 900 Marketable securities, at fair value — — 32 — — 32 Other assets — 60 12 93 (111 ) 54 Total current assets 38 542 919 2,484 (1,191 ) 2,792 Investments in affiliates 2,850 4,283 3,916 861 (10,934 ) 976 Property, plant and equipment, net — — 1,145 2,617 — 3,762 Deferred income taxes — 6 206 158 (4 ) 366 Other assets — 1,295 171 165 (1,293 ) 338 Goodwill — — 314 689 — 1,003 Intangible assets, net — — 48 253 — 301 Total assets 2,888 6,126 6,719 7,227 (13,422 ) 9,538 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates — 76 148 369 (267 ) 326 Trade payables - third party and affiliates — 1 300 598 (92 ) 807 Other liabilities — 71 302 273 (292 ) 354 Income taxes payable — — 471 92 (491 ) 72 Total current liabilities — 148 1,221 1,332 (1,142 ) 1,559 Noncurrent Liabilities Long-term debt — 3,128 1,254 233 (1,300 ) 3,315 Deferred income taxes — — — 215 (4 ) 211 Uncertain tax positions — — 1 157 (2 ) 156 Benefit obligations — — 277 308 — 585 Other liabilities — — 255 158 — 413 Total noncurrent liabilities — 3,128 1,787 1,071 (1,306 ) 4,680 Total Celanese Corporation stockholders' equity 2,888 2,850 3,711 4,412 (10,974 ) 2,887 Noncontrolling interests — — — 412 — 412 Total equity 2,888 2,850 3,711 4,824 (10,974 ) 3,299 Total liabilities and equity 2,888 6,126 6,719 7,227 (13,422 ) 9,538 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2018 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 459 567 224 1,015 (1,070 ) 1,195 Investing Activities Capital expenditures on property, plant and equipment — — (163 ) (81 ) — (244 ) Acquisitions, net of cash acquired — — (144 ) — — (144 ) Proceeds from sale of businesses and assets, net — — — 13 — 13 Return of capital from subsidiary — — 225 — (225 ) — Contributions to subsidiary — — (16 ) — 16 — Intercompany loan receipts (disbursements) — (327 ) (12 ) (285 ) 624 — Other, net — — (7 ) (27 ) — (34 ) Net cash provided by (used in) investing activities — (327 ) (117 ) (380 ) 415 (409 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — (33 ) 11 (52 ) (12 ) (86 ) Proceeds from short-term borrowings — — — 44 — 44 Repayments of short-term borrowings — — — (62 ) — (62 ) Proceeds from long-term debt — 285 327 — (612 ) — Repayments of long-term debt — (19 ) (13 ) (24 ) — (56 ) Purchases of treasury stock, including related fees (250 ) — — — — (250 ) Dividends to parent — (459 ) (611 ) — 1,070 — Contributions from parent — — — 16 (16 ) — Common stock dividends (209 ) — — — — (209 ) Return of capital to parent — — — (225 ) 225 — (Distributions to) contributions from noncontrolling interests — — — (14 ) — (14 ) Other, net — — (5 ) (1 ) — (6 ) Net cash provided by (used in) financing activities (459 ) (226 ) (291 ) (318 ) 655 (639 ) Exchange rate effects on cash and cash equivalents — — — (20 ) — (20 ) Net increase (decrease) in cash and cash equivalents — 14 (184 ) 297 — 127 Cash and cash equivalents as of beginning of period — — 230 346 — 576 Cash and cash equivalents as of end of period — 14 46 643 — 703 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 677 623 571 403 (1,529 ) 745 Investing Activities Capital expenditures on property, plant and equipment — — (122 ) (58 ) — (180 ) Acquisitions, net of cash acquired — (11 ) (12 ) (265 ) 19 (269 ) Proceeds from sale of businesses and assets, net — — — 20 (19 ) 1 Return of capital from subsidiary — — 18 — (18 ) — Contributions to subsidiary — — — — — — Intercompany loan receipts (disbursements) — (174 ) (25 ) — 199 — Other, net — — (1 ) (8 ) — (9 ) Net cash provided by (used in) investing activities — (185 ) (142 ) (311 ) 181 (457 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — 245 5 (1 ) (25 ) 224 Proceeds from short-term borrowings — — — 150 — 150 Repayments of short-term borrowings — — — (91 ) — (91 ) Proceeds from long-term debt — — 174 — (174 ) — Repayments of long-term debt — — (1 ) (64 ) — (65 ) Purchases of treasury stock, including related fees (500 ) — — — — (500 ) Dividends to parent — (678 ) (571 ) (280 ) 1,529 — Stock option exercises 1 — — — — 1 Common stock dividends (178 ) — — — — (178 ) Return of capital to parent — — — (18 ) 18 — (Distributions to) contributions from noncontrolling interests — — — (18 ) — (18 ) Other, net — — (17 ) (2 ) — (19 ) Net cash provided by (used in) financing activities (677 ) (433 ) (410 ) (324 ) 1,348 (496 ) Exchange rate effects on cash and cash equivalents — — — 31 — 31 Net increase (decrease) in cash and cash equivalents — 5 19 (201 ) — (177 ) Cash and cash equivalents as of beginning of period — — 51 587 — 638 Cash and cash equivalents as of end of period — 5 70 386 — 461 |
Subsequent Event (Notes)
Subsequent Event (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event On October 10, 2018, the Company signed a definitive agreement to acquire Next Polymers Ltd., an India based engineering thermoplastics compounder. The acquisition will be funded from cash on hand or from borrowings under the Company's senior unsecured revolving credit facility. The acquired operations will be included in the Engineered Materials segment. The Company expects the acquisition to close in the first quarter of 2019, subject to customary closing conditions, and does not expect the acquisition to be material to its 2019 financial position or results of operations. |
Description of the Company an_2
Description of the Company and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Estimates and Assumptions | Estimates and Assumptions The preparation of unaudited interim consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of Net sales, expenses and allocated charges during the reporting period. Significant estimates pertain to impairments of goodwill, intangible assets and other long-lived assets, purchase price allocations, restructuring costs and other (charges) gains, net, income taxes, pension and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates. |
Revenue Recognition (Policies)
Revenue Recognition (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Accounting Policies Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied. The majority of the Company's contracts have a single performance obligation to transfer products. Accordingly, the Company recognizes revenue when title and risk of loss have been transferred to the customer, generally at the time of shipment of products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated, formula, list or fixed price. The Company sells its products both directly to customers and through distributors generally under agreements with payment terms typically less than 90 days. |
Shipping and Handling Cost, Policy [Policy Text Block] | The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the good. As such, shipping and handling fees billed to customers in a sales transaction are recorded in Net sales and shipping and handling costs incurred are recorded in Cost of sales. |
Revenue, Transaction Price Measurement, Tax Exclusion [Policy Text Block] | The Company has elected to exclude from Net sales any value add, sales and other taxes which it collects concurrent with revenue-producing activities. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides a brief description of recent Accounting Standard Updates ("ASU") issued by the Financial Accounting Standards Board ("FASB"): Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In August 2018, the FASB issued ASU 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. The new guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing disclosures that no longer are considered cost beneficial, clarifying the specific requirements of disclosures and adding disclosure requirements identified as relevant. January 1, 2020. Early adoption is permitted. The Company is currently evaluating the impact of adoption on its financial statement disclosures. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The new guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adoption on its financial statements and related disclosures. In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities. The new guidance improves the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. January 1, 2019. Early adoption is permitted. The Company adopted the new guidance effective January 1, 2018, as part of the FASB's simplification initiative. The adoption of the new guidance did not have a material impact to the Company. 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. The Company adopted the new guidance effective January 1, 2018, using the retrospective transition method, as part of the FASB's simplification initiative. See Adoption of ASU 2017-07 section below for additional information. 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. The Company adopted the new guidance effective January 1, 2018, as part of the FASB's simplification initiative. The adoption of the new guidance did not have a material impact to the Company. 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. The Company adopted the new guidance effective January 1, 2018, as part of the FASB's simplification initiative. The adoption of the new guidance did not have a material impact to the Company. Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In February 2016, the FASB issued ASU 2016-02, Leases. Since that date, the FASB has issued additional ASUs clarifying certain aspects of ASU 2016-02. 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. Subsequent guidance issued after February 2016 did not change the core principle of ASU 2016-02. January 1, 2019. Early adoption is permitted. The Company has substantially completed evaluating its population of leases, and the most significant impact relates to its accounting for manufacturing and logistics equipment, and real estate operating leases. The Company currently anticipates recognition of additional assets and corresponding liabilities related to leases in the range of $150 - $200 million upon adoption. The Company plans to adopt the standard effective January 1, 2019, utilizing the modified retrospective transition method. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The new guidance updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. January 1, 2018. The Company adopted the new guidance effective January 1, 2018, using the modified retrospective approach, as part of the FASB's simplification initiative. The new guidance resulted in a cumulative-effect adjustment of less than $1 million to January 1, 2018 Retained earnings. 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. The Company adopted the new guidance effective January 1, 2018, using the modified retrospective approach, as part of the FASB's simplification initiative. The adoption of the new guidance resulted in less than $1 million impact to the consolidated financial statements and related disclosures (See Note 20 ). |
Schedule of Error Corrections and Prior Period Adjustments | The adoption of this accounting standard resulted in a change in certain previously reported amounts, as follows: Three Months Ended September 30, 2017 As previously reported Adoption of ASU 2017-07 As Adjusted (In $ millions) Cost of sales (1,181 ) (2 ) (1,183 ) Selling, general and administrative expenses (112 ) (21 ) (133 ) Operating profit (loss) 252 (23 ) 229 Non-operating pension and other postretirement employee benefit (expense) income — 23 23 Nine Months Ended September 30, 2017 As previously reported Adoption of ASU 2017-07 As Adjusted (In $ millions) Cost of sales (3,443 ) (6 ) (3,449 ) Selling, general and administrative expenses (291 ) (62 ) (353 ) Other (charges) gains, net (58 ) 1 (57 ) Operating profit (loss) 684 (67 ) 617 Non-operating pension and other postretirement employee benefit (expense) income — 67 67 |
Acquisitions, Dispositions an_2
Acquisitions, Dispositions and Plant Closures (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Acquisitions, Dispositions and Plant Closures [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The exit costs and shutdown costs related to the closure of the Ocotlán, Mexico acetate tow manufacturing unit ( Note 14 ) are as follows: Nine Months Ended (In $ millions) Restructuring (1) 2 Accelerated depreciation expense 12 Loss on disposition of assets, net 1 Total 15 ______________________________ (1) Included in Other (charges) gains, net in the unaudited interim consolidated statement of operations. |
Acquisitions, Dispositions and Plant Closures [Text Block] | Acquisitions, Dispositions and Plant Closures Acquisitions • Omni Plastics On February 1, 2018, using cash on hand and borrowings under the Company's senior unsecured revolving credit facility, the Company acquired 100% of the ownership interests of Omni Plastics, L.L.C. and its subsidiaries ("Omni Plastics"). Omni Plastics specializes in custom compounding of various engineered thermoplastic materials. The acquisition further strengthens the Company's global asset base by adding compounding capacity in the Americas. The acquisition was accounted for as a business combination and the acquired operations are included in the Engineered Materials segment. Pro forma financial information since the respective acquisition date has not been provided as the acquisition did not have a material impact on the Company's financial information. 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 excess of the purchase price over the aggregate fair values was recorded as goodwill. The Company calculated the fair value of the assets acquired using the income, market or cost approach (or a combination thereof). Fair values were determined based on Level 3 inputs including estimated future cash flows, discount rates, royalty rates, growth rates, sales projections, retention rates and terminal values, all of which require significant management judgment and are susceptible to change. The purchase price allocation is based upon 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. However, any subsequent measurement period adjustments are not expected to have a material impact on the Company's results of operations. The preliminary purchase price allocation for the Omni Plastics acquisition is as follows: As of February 1, 2018 (In $ millions) Cash and cash equivalents 2 Trade receivables - third party and affiliates 12 Inventories 13 Property, plant and equipment, net 19 Intangible assets ( Note 7 ) 35 Goodwill (1) ( Note 7 ) 84 Other assets 1 Total fair value of assets acquired 166 Trade payables - third party and affiliates (8 ) Total debt (12 ) Total fair value of liabilities assumed (20 ) Net assets acquired 146 ______________________________ (1) Goodwill consists of expected revenue and operating synergies resulting from the acquisition, all of which is deductible for income tax purposes. The amount of pro forma Net earnings (loss) of Omni Plastics included in the Company's unaudited interim consolidated statement of operations was less than 1% (unaudited) of its consolidated Net earnings (loss) had the acquisition occurred as of the beginning of 2018. The amount of Omni Plastics' Net earnings (loss) consolidated by the Company since the acquisition date was not material. • Acetate Tow Joint Venture In June 2017, Celanese, through various subsidiaries, entered into an agreement with affiliates of The Blackstone Group L.P. (the "Blackstone Entities") to form a joint venture which would combine substantially all of the operations of the Company's cellulose derivatives business and the operations of the Rhodia Acetow cellulose acetate business formerly operated by Solvay S.A. and acquired by the Blackstone Entities in June 2017. The parties were subsequently unable to reach an agreement with the European Commission on acceptable conditions to allow the proposed joint venture to proceed. The demands by the European Commission eliminated the advantages at the heart of the transaction. As a result, on March 19, 2018, the Company and the Blackstone Entities abandoned their agreement to form the proposed joint venture. • Nilit Plastics In May 2017, using cash on hand and borrowings under the Company's senior unsecured revolving credit facility, the Company acquired the nylon compounding division of Nilit Group ("Nilit"), an independent producer of high performance nylon resins, fibers and compounds. Celanese acquired the nylon compounding product portfolio, customer agreements and manufacturing, technology and commercial facilities. The acquisition of Nilit 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 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. During the measurement period, the Company made certain adjustments to its purchase price allocation to adjust taxes and working capital, which resulted in a $2 million reduction to goodwill initially recorded. Plant Closures • Ocotlán, Mexico On June 6, 2018, the Company announced the consolidation of its global acetate manufacturing operations by initiating the closure of its acetate tow manufacturing unit in Ocotlán, Mexico in 2018. The acetate flake unit will remain operational and is unaffected by these actions. The Ocotlán, Mexico operations are included in the Company's Acetate Tow segment. The exit costs and shutdown costs related to the closure of the Ocotlán, Mexico acetate tow manufacturing unit ( Note 14 ) are as follows: Nine Months Ended (In $ millions) Restructuring (1) 2 Accelerated depreciation expense 12 Loss on disposition of assets, net 1 Total 15 ______________________________ (1) Included in Other (charges) gains, net in the unaudited interim consolidated statement of operations. The Company expects to incur additional exit and shutdown costs of approximately $5 million , primarily related to accelerated depreciation, through the remainder of 2018. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The preliminary purchase price allocation for the Omni Plastics acquisition is as follows: As of February 1, 2018 (In $ millions) Cash and cash equivalents 2 Trade receivables - third party and affiliates 12 Inventories 13 Property, plant and equipment, net 19 Intangible assets ( Note 7 ) 35 Goodwill (1) ( Note 7 ) 84 Other assets 1 Total fair value of assets acquired 166 Trade payables - third party and affiliates (8 ) Total debt (12 ) Total fair value of liabilities assumed (20 ) Net assets acquired 146 ______________________________ (1) Goodwill consists of expected revenue and operating synergies resulting from the acquisition, all of which is deductible for income tax purposes. |
Ventures and Variable Interes_2
Ventures and Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 27 19 Trade receivables, net - third party and affiliate 10 9 Property, plant and equipment (net of accumulated depreciation - 2018: $120; 2017: $90) 668 697 Intangible assets (net of accumulated amortization - 2018: $3; 2017: $2) 23 25 Other assets 4 6 Total assets (1) 732 756 Trade payables 13 16 Other liabilities (2) 4 4 Total debt 5 5 Deferred income taxes 3 3 Total liabilities 25 28 ______________________________ (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 46 53 Trade payables 29 25 Current installments of long-term debt 13 18 Long-term debt 62 76 Total liabilities 104 119 Maximum exposure to loss 141 164 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 18 ). |
Marketable Securities, at Fai_2
Marketable Securities, at Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 11 ) as follows: As of As of (In $ millions) Amortized cost 31 32 Gross unrealized gain — — Gross unrealized loss — — Fair value 31 32 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of As of (In $ millions) Finished goods 673 591 Work-in-process 63 57 Raw materials and supplies 297 252 Total 1,033 900 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Engineered Materials Acetate Tow Industrial Specialties Acetyl Intermediates Total (In $ millions) As of December 31, 2017 643 149 40 171 1,003 Acquisitions ( Note 3 ) 84 — — — 84 Exchange rate changes (16 ) — (1 ) (6 ) (23 ) As of September 30, 2018 (1) 711 149 39 165 1,064 ______________________________ (1) There were $0 million of accumulated impairment losses as of September 30, 2018 . |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Finite-lived intangible assets are as follows: Licenses Customer- Related Intangible Assets Developed Technology Covenants Not to Compete and Other Total (In $ millions) Gross Asset Value As of December 31, 2017 38 640 45 54 777 Acquisitions ( Note 3 ) — 32 — 3 35 (1) Renewals 6 (2) — — — 6 Exchange rate changes (2 ) (17 ) (1 ) — (20 ) As of September 30, 2018 42 655 44 57 798 Accumulated Amortization As of December 31, 2017 (33 ) (496 ) (30 ) (32 ) (591 ) Amortization (2 ) (12 ) (3 ) (1 ) (18 ) Exchange rate changes 2 13 1 — 16 As of September 30, 2018 (33 ) (495 ) (32 ) (33 ) (593 ) Net book value 9 160 12 24 205 ______________________________ (1) Represents intangible assets acquired related to Omni Plastics ( Note 3 ) with a weighted average amortization period of 11 years . |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Indefinite-lived intangible assets are as follows: Trademarks and Trade Names (In $ millions) As of December 31, 2017 115 Acquisitions ( Note 3 ) — Accumulated impairment losses — Exchange rate changes (3 ) As of September 30, 2018 112 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense for the succeeding five fiscal years is as follows: (In $ millions) 2019 22 2020 20 2021 19 2022 17 2023 14 |
Current Other Liabilities (Tabl
Current Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Liabilities, Current [Abstract] | |
Schedule of Current Other Liabilities | As of As of (In $ millions) Asset retirement obligations 4 19 Benefit obligations ( Note 11 ) 30 30 Customer rebates ( Note 20 ) 65 65 Derivatives ( Note 16 ) 3 3 Environmental ( Note 12 ) 25 14 Insurance 4 5 Interest 21 17 Restructuring ( Note 14 ) 8 5 Salaries and benefits 109 113 Sales and use tax/foreign withholding tax payable 31 16 Other 47 67 Total 347 354 |
Noncurrent Other Liabilities (T
Noncurrent Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule of Noncurrent Other Liabilities | As of As of (In $ millions) Asset retirement obligations 15 7 Deferred proceeds 45 47 Deferred revenue ( Note 20 ) 7 6 Environmental ( Note 12 ) 51 59 Income taxes payable — 197 Insurance 40 43 Other 48 54 Total 206 413 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 74 63 Short-term borrowings, including amounts due to affiliates (1) 78 86 Revolving credit facility (2) — 97 Accounts receivable securitization facility (3) 77 80 Total 229 326 ______________________________ (1) The weighted average interest rate was 3.3% and 3.4% as of September 30, 2018 and December 31, 2017 , respectively. (2) The weighted average interest rate was 4.1% as of December 31, 2017 . (3) The weighted average interest rate was 2.9% and 2.1% as of September 30, 2018 and December 31, 2017 , respectively. |
Schedule of Long-term Debt | As of As of (In $ millions) Long-Term Debt Senior unsecured term loan due 2021 (1) 475 494 Senior unsecured notes due 2019, interest rate of 3.250% 347 360 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% 866 897 Senior unsecured notes due 2025, interest rate of 1.250% 346 359 Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00% 169 169 Nilit bank loans due at various dates through 2026 (2) 10 11 Obligations under capital leases due at various dates through 2054 173 208 Subtotal 3,286 3,398 Unamortized debt issuance costs (3) (16 ) (20 ) Current installments of long-term debt (74 ) (63 ) Total 3,196 3,315 ______________________________ (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 1.3% and 1.3% as of September 30, 2018 and December 31, 2017 , respectively. (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 (1) 77 Letters of credit issued 29 Available for borrowing 5 Total borrowing base 111 Maximum borrowing base (2) 120 ______________________________ (1) The Company borrowed $25 million and repaid $28 million during the nine months ended September 30, 2018 . (2) Outstanding accounts receivable transferred to the SPE was $185 million . |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Schedule of Balances Available for Borrowing | The Company's debt balances and amounts available for borrowing under its senior unsecured revolving credit facility are as follows: As of (In $ millions) Revolving Credit Facility Borrowings outstanding (1) — Letters of credit issued — Available for borrowing (2) 1,000 ______________________________ (1) The Company borrowed $640 million and repaid $737 million under its senior unsecured revolving credit facility during the nine months ended September 30, 2018 . (2) The margin for borrowings under the senior unsecured revolving credit facility was 1.5% above LIBOR at current Company credit ratings. |
Benefit Obligations (Tables)
Benefit Obligations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Costs Recognized | The components of net periodic benefit cost are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Pension Post-retirement Pension Post-retirement Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 2 — 2 1 7 — 6 1 Interest cost 26 1 27 — 78 2 80 1 Expected return on plan assets (52 ) — (50 ) — (157 ) — (148 ) — Amortization of prior service cost (credit), net — — — — — — — (1 ) Special termination benefit — — — — 1 — 1 — Total (24 ) 1 (21 ) 1 (71 ) 2 (61 ) 1 |
Schedule of Company Commitments to Fund Benefit Obligations | Benefit obligation funding is as follows: As of Total Expected 2018 (In $ millions) Cash contributions to defined benefit pension plans 17 23 Benefit payments to nonqualified pension plans 17 21 Benefit payments to other postretirement benefit plans 1 5 Cash contributions to German multiemployer defined benefit pension plans (1) 6 8 |
Environmental (Tables)
Environmental (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 18 ) 31 28 Divestiture obligations ( Note 18 ) 17 17 Active sites 15 15 US Superfund sites 11 11 Other environmental remediation reserves 2 2 Total 76 73 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 2017 28 0.46 1.84 May 2017 April 2018 17 0.54 2.16 May 2018 |
Schedule of Treasury Stock | Nine Months Ended Total From 2018 2017 Shares repurchased 2,179,058 (1) 5,436,803 41,958,077 Average purchase price per share $ 114.73 $ 91.97 $ 61.62 Shares repurchased (in $ millions) $ 250 $ 500 $ 2,585 Aggregate Board of Directors repurchase authorizations during the period (in $ millions) (2) $ — $ 1,500 $ 3,866 ______________________________ (1) Excludes 1,700 common shares reacquired pursuant to an employee clawback agreement. (2) These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program began in February 2008 and does not have an expiration date. |
Schedule of Components of Other Comprehensive Income (Loss), Net | Three Months Ended September 30, 2018 2017 Gross Amount Income Tax (Provision) Benefit Net Amount Gross Amount Income Tax (Provision) Benefit Net (In $ millions) Unrealized gain (loss) on marketable securities — — — — — — Foreign currency translation gain (loss) (31 ) (4 ) (35 ) 44 (2 ) 42 Gain (loss) on cash flow hedges 4 — 4 — — — Pension and postretirement benefits gain (loss) — — — (1 ) — (1 ) Total (27 ) (4 ) (31 ) 43 (2 ) 41 Nine Months Ended September 30, 2018 2017 Gross Income Net Gross Income Net (In $ millions) Unrealized gain (loss) on marketable securities — — — 1 — 1 Foreign currency translation gain (loss) (58 ) 6 (52 ) 143 5 148 Gain (loss) on cash flow hedges 8 1 9 (1 ) — (1 ) Pension and postretirement benefits gain (loss) 1 — 1 4 — 4 Total (49 ) 7 (42 ) 147 5 152 |
Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net | Adjustments to Accumulated other comprehensive income (loss), net, are as follows: Foreign Currency Translation Gain (Loss) Gain (Loss) on Cash Flow Hedges ( Note 16 ) Pension and Postretirement Benefits Gain (Loss) ( Note 11 ) Accumulated Other Comprehensive Income (Loss), Net (In $ millions) As of December 31, 2017 (176 ) 2 (3 ) (177 ) Other comprehensive income (loss) before reclassifications (58 ) 9 1 (48 ) Amounts reclassified from accumulated other comprehensive income (loss) — (1 ) — (1 ) Income tax (provision) benefit 6 1 — 7 As of September 30, 2018 (228 ) 11 (2 ) (219 ) |
Other (Charges) Gains, Net (Tab
Other (Charges) Gains, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Other (Charges) Gains, Net | Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (In $ millions) Restructuring (1 ) — (4 ) (3 ) InfraServ ownership change — — — (4 ) Plant/office closures 13 — 13 (50 ) Total 12 — 9 (57 ) |
Schedule of Restructuring Reserves | The changes in the restructuring reserves by business segment are as follows: Engineered Materials Acetate Tow Industrial Specialties Acetyl Intermediates Other Total (In $ millions) Employee Termination Benefits As of December 31, 2017 1 — — 1 1 3 Additions — 2 3 — — 5 Cash payments (1 ) — — — — (1 ) Other changes — — — — (1 ) (1 ) Exchange rate changes — — — — — — As of September 30, 2018 — 2 3 1 — 6 Other Plant/Office Closures As of December 31, 2017 — — — 2 — 2 Additions — — — — — — Cash payments — — — — — — Other changes — — — — — — Exchange rate changes — — — — — — As of September 30, 2018 — — — 2 — 2 Total — 2 3 3 — 8 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Tax Rate | Three Months Ended Nine Months Ended 2018 2017 2018 2017 (In percentages) Effective income tax rate 12 20 16 19 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 is as follows: Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Three Months Ended September 30, Statement of Operations Classification 2018 2017 2018 2017 (In $ millions) Designated as Cash Flow Hedges Commodity swaps 2 — — 1 Cost of sales Interest rate swaps 2 — — — Interest expense Foreign currency forwards — — — (1 ) Cost of sales Total 4 — — — Designated as Net Investment Hedges Foreign currency denominated debt ( Note 10 ) 9 (30 ) — — N/A Total 9 (30 ) — — Not Designated as Hedges Foreign currency forwards and swaps — — (2 ) — Foreign exchange gain (loss), net; Other income (expense), net Total — — (2 ) — Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Nine Months Ended September 30, Statement of Operations Classification 2018 2017 2018 2017 (In $ millions) Designated as Cash Flow Hedges Commodity swaps 6 1 1 3 Cost of sales Interest rate swaps 2 — — — Interest expense Foreign currency forwards 1 (1 ) — (1 ) Cost of sales Total 9 — 1 2 Designated as Net Investment Hedges Foreign currency denominated debt ( Note 10 ) 44 (99 ) — — N/A Total 44 (99 ) — — Not Designated as Hedges Foreign currency forwards and swaps — — 15 (2 ) Foreign exchange gain (loss), net; Other income (expense), net Total — — 15 (2 ) |
Offsetting Assets | Information regarding the gross amounts of the Company's derivative instruments and the amounts offset in the unaudited consolidated balance sheets is as follows: As of As of (In $ millions) Derivative Assets Gross amount recognized 24 13 Gross amount offset in the consolidated balance sheets 9 4 Net amount presented in the consolidated balance sheets 15 9 Gross amount not offset in the consolidated balance sheets 2 3 Net amount 13 6 |
Offsetting Liabilities | As of As of (In $ millions) Derivative Liabilities Gross amount recognized 12 7 Gross amount offset in the consolidated balance sheets 9 4 Net amount presented in the consolidated balance sheets 3 3 Gross amount not offset in the consolidated balance sheets 2 3 Net amount 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 1,050 1,050 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Derivative and Nonderivative Instruments | The total notional amount of the forward-starting interest rate swap designated as a cash flow hedge is as follows: As of As of (In $ millions) Total 400 — |
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 693 740 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Fair Value Measurement Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Balance Sheet Classification (In $ millions) As of September 30, 2018 Derivatives Designated as Cash Flow Hedges Commodity swaps — 6 6 Current Other assets Commodity swaps — 3 3 Noncurrent Other assets Interest rate swap — 2 2 Noncurrent Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 4 4 Current Other assets Total assets — 15 15 Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (3 ) (3 ) Current Other liabilities Total liabilities — (3 ) (3 ) As of December 31, 2017 Derivatives Designated as Cash Flow Hedges Commodity swaps — 2 2 Current Other assets Commodity swaps — 2 2 Noncurrent Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 5 5 Current Other assets Total assets — 9 9 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 September 30, 2018 Cost investments 165 — — — Insurance contracts in nonqualified trusts 40 40 — 40 Long-term debt, including current installments of long-term debt 3,286 3,171 173 3,344 As of December 31, 2017 Cost investments 159 — — — Insurance contracts in nonqualified trusts 42 42 — 42 Long-term debt, including current installments of long-term debt 3,398 3,299 208 3,507 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Business Segments | Engineered Materials Acetate Tow Industrial Specialties Acetyl Intermediates Other Activities Eliminations Consolidated (In $ millions) Nine Months Ended September 30, 2018 Net sales 1,971 488 835 (1) 2,567 (2) — (395 ) 5,466 Other (charges) gains, net ( Note 14 ) — (2 ) (3 ) 13 1 — 9 Operating profit (loss) 365 111 64 750 (214 ) (1 ) 1,075 Equity in net earnings (loss) of affiliates 169 — — 5 6 — 180 Depreciation and amortization 96 44 29 78 8 — 255 Capital expenditures 72 19 14 108 7 — 220 (3) As of September 30, 2018 Goodwill and intangible assets, net 984 154 44 199 — — 1,381 Total assets 4,056 1,078 850 2,719 1,121 — 9,824 Nine Months Ended September 30, 2017 - As Adjusted ( Note 2 ) Net sales 1,633 511 771 (1) 1,952 (2) — (320 ) 4,547 Other (charges) gains, net ( Note 14 ) (2 ) (2 ) — (50 ) (3 ) — (57 ) Operating profit (loss) 314 148 70 264 (179 ) — 617 Equity in net earnings (loss) of affiliates 128 — — 4 3 — 135 Depreciation and amortization 82 30 28 78 8 — 226 Capital expenditures 43 22 16 84 8 — 173 (3) As of December 31, 2017 Goodwill and intangible assets, net 902 154 46 202 — — 1,304 Total assets 3,866 1,163 861 2,657 991 — 9,538 ______________________________ (1) Includes intersegment sales of $3 million and $3 million for the nine months ended September 30, 2018 and 2017 , respectively. (2) Includes intersegment sales of $392 million and $317 million for the nine months ended September 30, 2018 and 2017 , respectively. (3) Includes a decrease in accrued capital expenditures of $24 million and $7 million for the nine months ended September 30, 2018 and 2017 , respectively. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments | Further disaggregation of Net sales by business segment and geographic destination is as follows: Three Months Ended Nine Months Ended 2018 (In $ millions) Engineered Materials North America 197 567 Europe and Africa 277 945 Asia-Pacific 145 403 South America 23 56 Total 642 1,971 Acetate Tow North America 30 98 Europe and Africa 78 196 Asia-Pacific 44 163 South America 6 31 Total 158 488 Industrial Specialties North America 93 274 Europe and Africa 126 400 Asia-Pacific 49 145 South America 5 13 Total (1) 273 832 Acetyl Intermediates North America 205 599 Europe and Africa 176 558 Asia-Pacific 292 936 South America 25 82 Total (2) 698 2,175 ______________________________ (1) Excludes intersegment sales of $0 million and $3 million for the three and nine months ended September 30, 2018 , respectively. (2) Excludes intersegment sales of $137 million and $392 million for the three and nine months ended September 30, 2018 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share | Three Months Ended Nine Months Ended 2018 2017 2018 2017 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 407 230 1,116 652 Earnings (loss) from discontinued operations (6 ) (4 ) (8 ) (12 ) Net earnings (loss) 401 226 1,108 640 Weighted average shares - basic 134,519,301 136,579,077 135,336,704 138,599,330 Incremental shares attributable to equity awards 980,089 372,846 1,050,999 388,991 Weighted average shares - diluted 135,499,390 136,951,923 136,387,703 138,988,321 |
Consolidating Guarantor Finan_2
Consolidating Guarantor Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Consolidating Guarantor Financial Information [Abstract] | |
Schedule of Consolidating Statement of Operations | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended September 30, 2018 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 565 1,483 (277 ) 1,771 Cost of sales — — (432 ) (1,105 ) 282 (1,255 ) Gross profit — — 133 378 5 516 Selling, general and administrative expenses — — (46 ) (83 ) — (129 ) Amortization of intangible assets — — (1 ) (4 ) — (5 ) Research and development expenses — — (7 ) (11 ) — (18 ) Other (charges) gains, net — — — 12 — 12 Foreign exchange gain (loss), net — (3 ) — 3 — — Gain (loss) on disposition of businesses and assets, net — — (3 ) 1 — (2 ) Operating profit (loss) — (3 ) 76 296 5 374 Equity in net earnings (loss) of affiliates 401 411 286 64 (1,096 ) 66 Non-operating pension and other postretirement employee benefit (expense) income — — 23 3 (1 ) 25 Interest expense — (5 ) (33 ) (8 ) 16 (30 ) Interest income — 13 1 3 (15 ) 2 Dividend income - cost investments — — — 25 1 26 Other income (expense), net — — 1 (1 ) (1 ) (1 ) Earnings (loss) from continuing operations before tax 401 416 354 382 (1,091 ) 462 Income tax (provision) benefit — (15 ) (10 ) (28 ) (1 ) (54 ) Earnings (loss) from continuing operations 401 401 344 354 (1,092 ) 408 Earnings (loss) from operation of discontinued operations — — (1 ) (6 ) — (7 ) Income tax (provision) benefit from discontinued operations — — — 1 — 1 Earnings (loss) from discontinued operations — — (1 ) (5 ) — (6 ) Net earnings (loss) 401 401 343 349 (1,092 ) 402 Net (earnings) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Net earnings (loss) attributable to Celanese Corporation 401 401 343 348 (1,092 ) 401 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended September 30, 2017 - As Adjusted ( Note 2 ) Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 527 1,314 (275 ) 1,566 Cost of sales — — (407 ) (1,042 ) 266 (1,183 ) Gross profit — — 120 272 (9 ) 383 Selling, general and administrative expenses — — (54 ) (79 ) — (133 ) Amortization of intangible assets — — (1 ) (4 ) — (5 ) Research and development expenses — — (9 ) (10 ) — (19 ) Other (charges) gains, net — — — — — — Foreign exchange gain (loss), net — — — 4 — 4 Gain (loss) on disposition of businesses and assets, net — — (2 ) 1 — (1 ) Operating profit (loss) — — 54 184 (9 ) 229 Equity in net earnings (loss) of affiliates 226 233 175 45 (629 ) 50 Non-operating pension and other postretirement employee benefit (expense) income — — 20 3 — 23 Interest expense — (5 ) (28 ) (8 ) 9 (32 ) Interest income — 7 1 2 (9 ) 1 Dividend income - cost investments — — — 26 (2 ) 24 Other income (expense), net — (2 ) — (4 ) — (6 ) Earnings (loss) from continuing operations before tax 226 233 222 248 (640 ) 289 Income tax (provision) benefit — (7 ) (68 ) 17 1 (57 ) Earnings (loss) from continuing operations 226 226 154 265 (639 ) 232 Earnings (loss) from operation of discontinued operations — — — (5 ) — (5 ) Income tax (provision) benefit from discontinued operations — — — 1 — 1 Earnings (loss) from discontinued operations — — — (4 ) — (4 ) Net earnings (loss) 226 226 154 261 (639 ) 228 Net (earnings) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Net earnings (loss) attributable to Celanese Corporation 226 226 154 259 (639 ) 226 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2018 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 1,733 4,621 (888 ) 5,466 Cost of sales — — (1,337 ) (3,470 ) 893 (3,914 ) Gross profit — — 396 1,151 5 1,552 Selling, general and administrative expenses — — (156 ) (256 ) — (412 ) Amortization of intangible assets — — (3 ) (15 ) — (18 ) Research and development expenses — — (22 ) (32 ) — (54 ) Other (charges) gains, net — — — 9 — 9 Foreign exchange gain (loss), net — (3 ) — 5 — 2 Gain (loss) on disposition of businesses and assets, net — — (8 ) 4 — (4 ) Operating profit (loss) — (3 ) 207 866 5 1,075 Equity in net earnings (loss) of affiliates 1,108 1,112 872 170 (3,082 ) 180 Non-operating pension and other postretirement employee benefit (expense) income — — 70 8 (1 ) 77 Interest expense — (15 ) (93 ) (25 ) 38 (95 ) Interest income — 31 5 7 (39 ) 4 Dividend income - cost investments — — — 89 3 92 Other income (expense), net — — 1 3 (1 ) 3 Earnings (loss) from continuing operations before tax 1,108 1,125 1,062 1,118 (3,077 ) 1,336 Income tax (provision) benefit — (17 ) (115 ) (83 ) (1 ) (216 ) Earnings (loss) from continuing operations 1,108 1,108 947 1,035 (3,078 ) 1,120 Earnings (loss) from operation of discontinued operations — — (2 ) (7 ) — (9 ) Income tax (provision) benefit from discontinued operations — — — 1 — 1 Earnings (loss) from discontinued operations — — (2 ) (6 ) — (8 ) Net earnings (loss) 1,108 1,108 945 1,029 (3,078 ) 1,112 Net (earnings) loss attributable to noncontrolling interests — — — (4 ) — (4 ) Net earnings (loss) attributable to Celanese Corporation 1,108 1,108 945 1,025 (3,078 ) 1,108 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2017 - As Adjusted ( Note 2 ) Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 1,679 3,713 (845 ) 4,547 Cost of sales — — (1,311 ) (2,974 ) 836 (3,449 ) Gross profit — — 368 739 (9 ) 1,098 Selling, general and administrative expenses — — (132 ) (221 ) — (353 ) Amortization of intangible assets — — (3 ) (11 ) — (14 ) Research and development expenses — — (23 ) (30 ) — (53 ) Other (charges) gains, net — — (7 ) (50 ) — (57 ) Foreign exchange gain (loss), net — — — — — — Gain (loss) on disposition of businesses and assets, net — — (6 ) 2 — (4 ) Operating profit (loss) — — 197 429 (9 ) 617 Equity in net earnings (loss) of affiliates 640 640 439 122 (1,706 ) 135 Non-operating pension and other postretirement employee benefit (expense) income — — 60 7 — 67 Interest expense — (17 ) (75 ) (23 ) 24 (91 ) Interest income — 19 3 4 (24 ) 2 Dividend income - cost investments — — — 85 (3 ) 82 Other income (expense), net — (3 ) 1 — — (2 ) Earnings (loss) from continuing operations before tax 640 639 625 624 (1,718 ) 810 Income tax (provision) benefit — 1 (139 ) (16 ) 1 (153 ) Earnings (loss) from continuing operations 640 640 486 608 (1,717 ) 657 Earnings (loss) from operation of discontinued operations — — — (14 ) — (14 ) Income tax (provision) benefit from discontinued operations — — — 2 — 2 Earnings (loss) from discontinued operations — — — (12 ) — (12 ) Net earnings (loss) 640 640 486 596 (1,717 ) 645 Net (earnings) loss attributable to noncontrolling interests — — — (5 ) — (5 ) Net earnings (loss) attributable to Celanese Corporation 640 640 486 591 (1,717 ) 640 |
Schedule of Consolidating Statements of Comprehensive Income (Loss) | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2018 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 401 401 343 349 (1,092 ) 402 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities — — 1 — (1 ) — Foreign currency translation gain (loss) (35 ) (35 ) (31 ) (37 ) 103 (35 ) Gain (loss) on cash flow hedges 4 4 2 2 (8 ) 4 Pension and postretirement benefits gain (loss) — — — — — — Total other comprehensive income (loss), net of tax (31 ) (31 ) (28 ) (35 ) 94 (31 ) Total comprehensive income (loss), net of tax 370 370 315 314 (998 ) 371 Comprehensive (income) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Comprehensive income (loss) attributable to Celanese Corporation 370 370 315 313 (998 ) 370 Three Months Ended September 30, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 226 226 154 261 (639 ) 228 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities — — — — — — Foreign currency translation gain (loss) 42 42 65 74 (181 ) 42 Gain (loss) on cash flow hedges — — — — — — Pension and postretirement benefits gain (loss) (1 ) (1 ) (1 ) — 2 (1 ) Total other comprehensive income (loss), net of tax 41 41 64 74 (179 ) 41 Total comprehensive income (loss), net of tax 267 267 218 335 (818 ) 269 Comprehensive (income) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Comprehensive income (loss) attributable to Celanese Corporation 267 267 218 333 (818 ) 267 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2018 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 1,108 1,108 945 1,029 (3,078 ) 1,112 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities — — 6 13 (19 ) — Foreign currency translation gain (loss) (52 ) (52 ) (77 ) (95 ) 224 (52 ) Gain (loss) on cash flow hedges 9 9 6 7 (22 ) 9 Pension and postretirement benefits gain (loss) 1 1 1 1 (3 ) 1 Total other comprehensive income (loss), net of tax (42 ) (42 ) (64 ) (74 ) 180 (42 ) Total comprehensive income (loss), net of tax 1,066 1,066 881 955 (2,898 ) 1,070 Comprehensive (income) loss attributable to noncontrolling interests — — — (4 ) — (4 ) Comprehensive income (loss) attributable to Celanese Corporation 1,066 1,066 881 951 (2,898 ) 1,066 Nine Months Ended September 30, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 640 640 486 596 (1,717 ) 645 Other comprehensive income (loss), net of tax Unrealized gain (loss) on marketable securities 1 1 1 1 (3 ) 1 Foreign currency translation gain (loss) 148 148 191 232 (571 ) 148 Gain (loss) on cash flow hedges (1 ) (1 ) (1 ) (1 ) 3 (1 ) Pension and postretirement benefits gain (loss) 4 4 3 6 (13 ) 4 Total other comprehensive income (loss), net of tax 152 152 194 238 (584 ) 152 Total comprehensive income (loss), net of tax 792 792 680 834 (2,301 ) 797 Comprehensive (income) loss attributable to noncontrolling interests — — — (5 ) — (5 ) Comprehensive income (loss) attributable to Celanese Corporation 792 792 680 829 (2,301 ) 792 |
Schedule of Consolidating Balance Sheet | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of September 30, 2018 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — 14 46 643 — 703 Trade receivables - third party and affiliates — — 122 1,098 (134 ) 1,086 Non-trade receivables, net 37 515 257 444 (974 ) 279 Inventories, net — — 301 775 (43 ) 1,033 Marketable securities, at fair value — — 31 — — 31 Other assets — 22 16 57 (47 ) 48 Total current assets 37 551 773 3,017 (1,198 ) 3,180 Investments in affiliates 3,504 4,736 4,729 860 (12,848 ) 981 Property, plant and equipment, net — — 1,228 2,471 — 3,699 Deferred income taxes — 17 — 175 (22 ) 170 Other assets — 1,621 260 479 (1,947 ) 413 Goodwill — — 314 750 — 1,064 Intangible assets, net — — 101 216 — 317 Total assets 3,541 6,925 7,405 7,968 (16,015 ) 9,824 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates — 50 176 268 (265 ) 229 Trade payables - third party and affiliates — — 303 650 (134 ) 819 Other liabilities — 45 296 298 (292 ) 347 Income taxes payable — — 495 104 (462 ) 137 Total current liabilities — 95 1,270 1,320 (1,153 ) 1,532 Noncurrent Liabilities Long-term debt — 3,326 1,580 203 (1,913 ) 3,196 Deferred income taxes — — 67 201 (22 ) 246 Uncertain tax positions — — 10 146 (2 ) 154 Benefit obligations — — 265 282 — 547 Other liabilities — — 105 142 (41 ) 206 Total noncurrent liabilities — 3,326 2,027 974 (1,978 ) 4,349 Total Celanese Corporation stockholders' equity 3,541 3,504 4,108 5,272 (12,884 ) 3,541 Noncontrolling interests — — — 402 — 402 Total equity 3,541 3,504 4,108 5,674 (12,884 ) 3,943 Total liabilities and equity 3,541 6,925 7,405 7,968 (16,015 ) 9,824 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of December 31, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — — 230 346 — 576 Trade receivables - third party and affiliates — — 89 988 (91 ) 986 Non-trade receivables, net 38 482 279 385 (940 ) 244 Inventories, net — — 277 672 (49 ) 900 Marketable securities, at fair value — — 32 — — 32 Other assets — 60 12 93 (111 ) 54 Total current assets 38 542 919 2,484 (1,191 ) 2,792 Investments in affiliates 2,850 4,283 3,916 861 (10,934 ) 976 Property, plant and equipment, net — — 1,145 2,617 — 3,762 Deferred income taxes — 6 206 158 (4 ) 366 Other assets — 1,295 171 165 (1,293 ) 338 Goodwill — — 314 689 — 1,003 Intangible assets, net — — 48 253 — 301 Total assets 2,888 6,126 6,719 7,227 (13,422 ) 9,538 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates — 76 148 369 (267 ) 326 Trade payables - third party and affiliates — 1 300 598 (92 ) 807 Other liabilities — 71 302 273 (292 ) 354 Income taxes payable — — 471 92 (491 ) 72 Total current liabilities — 148 1,221 1,332 (1,142 ) 1,559 Noncurrent Liabilities Long-term debt — 3,128 1,254 233 (1,300 ) 3,315 Deferred income taxes — — — 215 (4 ) 211 Uncertain tax positions — — 1 157 (2 ) 156 Benefit obligations — — 277 308 — 585 Other liabilities — — 255 158 — 413 Total noncurrent liabilities — 3,128 1,787 1,071 (1,306 ) 4,680 Total Celanese Corporation stockholders' equity 2,888 2,850 3,711 4,412 (10,974 ) 2,887 Noncontrolling interests — — — 412 — 412 Total equity 2,888 2,850 3,711 4,824 (10,974 ) 3,299 Total liabilities and equity 2,888 6,126 6,719 7,227 (13,422 ) 9,538 |
Schedule of Consolidating Statement of Cash Flows | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2018 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 459 567 224 1,015 (1,070 ) 1,195 Investing Activities Capital expenditures on property, plant and equipment — — (163 ) (81 ) — (244 ) Acquisitions, net of cash acquired — — (144 ) — — (144 ) Proceeds from sale of businesses and assets, net — — — 13 — 13 Return of capital from subsidiary — — 225 — (225 ) — Contributions to subsidiary — — (16 ) — 16 — Intercompany loan receipts (disbursements) — (327 ) (12 ) (285 ) 624 — Other, net — — (7 ) (27 ) — (34 ) Net cash provided by (used in) investing activities — (327 ) (117 ) (380 ) 415 (409 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — (33 ) 11 (52 ) (12 ) (86 ) Proceeds from short-term borrowings — — — 44 — 44 Repayments of short-term borrowings — — — (62 ) — (62 ) Proceeds from long-term debt — 285 327 — (612 ) — Repayments of long-term debt — (19 ) (13 ) (24 ) — (56 ) Purchases of treasury stock, including related fees (250 ) — — — — (250 ) Dividends to parent — (459 ) (611 ) — 1,070 — Contributions from parent — — — 16 (16 ) — Common stock dividends (209 ) — — — — (209 ) Return of capital to parent — — — (225 ) 225 — (Distributions to) contributions from noncontrolling interests — — — (14 ) — (14 ) Other, net — — (5 ) (1 ) — (6 ) Net cash provided by (used in) financing activities (459 ) (226 ) (291 ) (318 ) 655 (639 ) Exchange rate effects on cash and cash equivalents — — — (20 ) — (20 ) Net increase (decrease) in cash and cash equivalents — 14 (184 ) 297 — 127 Cash and cash equivalents as of beginning of period — — 230 346 — 576 Cash and cash equivalents as of end of period — 14 46 643 — 703 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2017 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 677 623 571 403 (1,529 ) 745 Investing Activities Capital expenditures on property, plant and equipment — — (122 ) (58 ) — (180 ) Acquisitions, net of cash acquired — (11 ) (12 ) (265 ) 19 (269 ) Proceeds from sale of businesses and assets, net — — — 20 (19 ) 1 Return of capital from subsidiary — — 18 — (18 ) — Contributions to subsidiary — — — — — — Intercompany loan receipts (disbursements) — (174 ) (25 ) — 199 — Other, net — — (1 ) (8 ) — (9 ) Net cash provided by (used in) investing activities — (185 ) (142 ) (311 ) 181 (457 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — 245 5 (1 ) (25 ) 224 Proceeds from short-term borrowings — — — 150 — 150 Repayments of short-term borrowings — — — (91 ) — (91 ) Proceeds from long-term debt — — 174 — (174 ) — Repayments of long-term debt — — (1 ) (64 ) — (65 ) Purchases of treasury stock, including related fees (500 ) — — — — (500 ) Dividends to parent — (678 ) (571 ) (280 ) 1,529 — Stock option exercises 1 — — — — 1 Common stock dividends (178 ) — — — — (178 ) Return of capital to parent — — — (18 ) 18 — (Distributions to) contributions from noncontrolling interests — — — (18 ) — (18 ) Other, net — — (17 ) (2 ) — (19 ) Net cash provided by (used in) financing activities (677 ) (433 ) (410 ) (324 ) 1,348 (496 ) Exchange rate effects on cash and cash equivalents — — — 31 — 31 Net increase (decrease) in cash and cash equivalents — 5 19 (201 ) — (177 ) Cash and cash equivalents as of beginning of period — — 51 587 — 638 Cash and cash equivalents as of end of period — 5 70 386 — 461 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements Revenue recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cost of Goods and Services Sold | $ 1,255 | $ 1,183 | $ 3,914 | $ 3,449 | ||
Selling, General and Administrative Expense | (129) | (133) | (412) | (353) | ||
Other (charges) gains, net | 12 | 0 | 9 | (57) | ||
Operating Income (Loss) | 374 | 229 | 1,075 | 617 | ||
Non-operating pension and other postretirement employee benefit (expense) income | (25) | (23) | (77) | (67) | ||
Retained earnings | 5,819 | 5,819 | $ 4,920 | |||
Accounting Standards Update 2017-07 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cost of Goods and Services Sold | (2) | (6) | ||||
Selling, General and Administrative Expense | 21 | 62 | ||||
Other (charges) gains, net | (1) | |||||
Operating Income (Loss) | (23) | (67) | ||||
Non-operating pension and other postretirement employee benefit (expense) income | $ (23) | $ (67) | ||||
Accounting Standards Update 2016-01 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1 | |||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Retained earnings | $ 1 | |||||
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating Lease, Liability | 150 | 150 | ||||
Operating Lease, Right-of-Use Asset | 150 | 150 | ||||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating Lease, Liability | 200 | 200 | ||||
Operating Lease, Right-of-Use Asset | $ 200 | $ 200 |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements Pension Restatement ASU Adoption (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cost of Goods and Services Sold | $ (1,255) | $ (1,183) | $ (3,914) | $ (3,449) |
Selling, General and Administrative Expense | (129) | (133) | (412) | (353) |
Other (charges) gains, net | 12 | 0 | 9 | (57) |
Operating Income (Loss) | 374 | 229 | 1,075 | 617 |
Non-operating pension and other postretirement employee benefit (expense) income | $ 25 | 23 | $ 77 | 67 |
Accounting Standards Update 2017-07 [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cost of Goods and Services Sold | 2 | 6 | ||
Selling, General and Administrative Expense | 21 | 62 | ||
Other (charges) gains, net | (1) | |||
Operating Income (Loss) | (23) | (67) | ||
Non-operating pension and other postretirement employee benefit (expense) income | 23 | 67 | ||
Previously Reported [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cost of Goods and Services Sold | (1,181) | (3,443) | ||
Selling, General and Administrative Expense | (112) | (291) | ||
Other (charges) gains, net | (58) | |||
Operating Income (Loss) | 252 | 684 | ||
Non-operating pension and other postretirement employee benefit (expense) income | $ 0 | $ 0 |
Acquisitions, Dispositions an_3
Acquisitions, Dispositions and Plant Closures (Details) - USD ($) $ in Millions | Sep. 30, 2018 | [1] | Feb. 01, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,064 | $ 1,003 | |||
Omni Plastics [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Cash and cash equivalents | $ 2 | ||||
Trade receivables - third party and affiliates | 12 | ||||
Inventories | 13 | ||||
Property, plant and equipment, net | 19 | ||||
Intangible assets (Note 7) | 35 | ||||
Goodwill | [2] | 84 | |||
Other assets | 1 | ||||
Total fair value of assets acquired | 166 | ||||
Trade payables - third party and affiliates | (8) | ||||
Total debt | (12) | ||||
Total fair value of liabilities assumed | (20) | ||||
Net assets acquired | $ 146 | ||||
Business Combination, Net Earnings as a Percent of Acquirer's Net earnings | 1.00% | ||||
Engineered Materials [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 711 | $ 643 | |||
[1] | There were $0 million of accumulated impairment losses as of September 30, 2018. | ||||
[2] | Goodwill consists of expected revenue and operating synergies resulting from the acquisition, all of which is deductible for income tax purposes. |
Acquisitions, Dispositions an_4
Acquisitions, Dispositions and Plant Closures (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 03, 2018 | Feb. 01, 2018 | |
Omni Plastics [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Net Earnings as a Percent of Acquirer's Net earnings | 1.00% | |
Advanced Engineered Materials [Member] | Nylon compounding division of Nilit Group [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill, Purchase Accounting Adjustments | $ 2 |
Acquisitions, Dispositions an_5
Acquisitions, Dispositions and Plant Closures Plant Closures (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | $ 1 | $ 0 | $ 4 | $ 3 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (2) | $ (1) | (4) | $ (4) | |
Ocotlán, Mexico [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | [1] | 2 | |||
Restructuring and Related Cost, Accelerated Depreciation | 12 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (1) | ||||
Plant Shutdown Costs | 15 | ||||
Restructuring and Related Cost, Expected Cost | $ 5 | $ 5 | |||
[1] | Included in Other (charges) gains, net in the unaudited interim consolidated statement of operations. |
Ventures and Variable Interes_3
Ventures and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | $ 703 | $ 576 | $ 461 | $ 638 | |
Trade receivables - third party and affiliates | 1,086 | 986 | |||
Property, plant and equipment (net of accumulated depreciation - 2018: $120; 2017: $90) | 3,699 | 3,762 | |||
Accumulated depreciation | 2,739 | 2,584 | |||
Intangible assets (net of accumulated amortization - 2018: $3; 2017: $2) | 317 | 301 | |||
Accumulated amortization | 593 | 591 | |||
Other assets | 413 | 338 | |||
Total assets | 9,824 | 9,538 | |||
Trade payables | 819 | 807 | |||
Other liabilities | 1,532 | 1,559 | |||
Deferred income taxes | 246 | 211 | |||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 27 | 19 | |||
Trade receivables - third party and affiliates | 5 | 5 | |||
Property, plant and equipment (net of accumulated depreciation - 2018: $120; 2017: $90) | 668 | 697 | |||
Intangible assets (net of accumulated amortization - 2018: $3; 2017: $2) | 23 | 25 | |||
Other assets | 4 | 6 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Property, plant and equipment (net of accumulated depreciation - 2018: $120; 2017: $90) | 46 | 53 | |||
Trade payables | 29 | 25 | |||
Long-term debt | 62 | 76 | |||
Total liabilities | 104 | 119 | |||
Current installments of long-term debt | 13 | 18 | |||
Maximum exposure to loss | 141 | 164 | |||
Fairway Methanol LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 27 | 19 | |||
Trade receivables - third party and affiliates | 10 | 9 | |||
Property, plant and equipment (net of accumulated depreciation - 2018: $120; 2017: $90) | 668 | 697 | |||
Accumulated depreciation | 120 | 90 | |||
Intangible assets (net of accumulated amortization - 2018: $3; 2017: $2) | 23 | 25 | |||
Accumulated amortization | 3 | 2 | |||
Other assets | 4 | 6 | |||
Total assets | [1] | 732 | 756 | ||
Trade payables | 13 | 16 | |||
Other liabilities | [2] | 4 | 4 | ||
Long-term debt | 5 | 5 | |||
Deferred income taxes | 3 | 3 | |||
Total liabilities | $ 25 | $ 28 | |||
[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 Interes_4
Ventures and Variable Interest Entities (Narrative) (Details) | 3 Months Ended |
Sep. 30, 2018 | |
Variable Interest Entity, Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Ownership percentage | 50.00% |
Marketable Securities, at Fai_3
Marketable Securities, at Fair Value (Schedule of Available-for-sale Securities) (Details) - Investments [Member] - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 31 | $ 32 |
Gross unrealized gain | 0 | 0 |
Gross unrealized loss | 0 | 0 |
Fair value | $ 31 | $ 32 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 673 | $ 591 |
Work-in-process | 63 | 57 |
Raw materials and supplies | 297 | 252 |
Total | $ 1,033 | $ 900 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, net (Schedule of Goodwill) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($) | ||
Goodwill [Line Items] | ||
As of December 31, 2017 | $ 1,003 | |
Acquisitions (Note 3) | 84 | |
Exchange rate changes | (23) | |
As of June 30, 2017 | 1,064 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |
Engineered Materials [Member] | ||
Goodwill [Line Items] | ||
As of December 31, 2017 | 643 | |
Acquisitions (Note 3) | 84 | |
Exchange rate changes | (16) | |
As of June 30, 2017 | 711 | [1] |
Consumer Specialties [Member] | ||
Goodwill [Line Items] | ||
As of December 31, 2017 | 149 | |
Acquisitions (Note 3) | 0 | |
Exchange rate changes | 0 | |
As of June 30, 2017 | 149 | [1] |
Industrial Specialties [Member] | ||
Goodwill [Line Items] | ||
As of December 31, 2017 | 40 | |
Acquisitions (Note 3) | 0 | |
Exchange rate changes | (1) | |
As of June 30, 2017 | 39 | [1] |
Acetyl Intermediates [Member] | ||
Goodwill [Line Items] | ||
As of December 31, 2017 | 171 | |
Acquisitions (Note 3) | 0 | |
Exchange rate changes | (6) | |
As of June 30, 2017 | $ 165 | [1] |
[1] | There were $0 million of accumulated impairment losses as of September 30, 2018. |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, net (Schedule of Finite-lived intangible assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Finite-Lived Intangible Assets [Line Items] | |||||
As of December 31, 2017 | $ 777 | ||||
Acquisitions (Note 3) | [1] | 35 | |||
Finite-Lived Intangible Assets, Cost Incurred to Renew or Extend | 6 | ||||
Exchange rate changes | (20) | ||||
As of September 30, 2018 | $ 798 | 798 | |||
As of December 31, 2017 | (591) | ||||
Amortization | (5) | $ (5) | (18) | $ (14) | |
Exchange rate changes | 16 | ||||
As of September 30, 2018 | (593) | (593) | |||
Net book value | 205 | 205 | |||
Licensing Agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
As of December 31, 2017 | 38 | ||||
Acquisitions (Note 3) | 0 | ||||
Finite-Lived Intangible Assets, Cost Incurred to Renew or Extend | [2] | 6 | |||
Exchange rate changes | (2) | ||||
As of September 30, 2018 | 42 | 42 | |||
As of December 31, 2017 | (33) | ||||
Amortization | (2) | ||||
Exchange rate changes | 2 | ||||
As of September 30, 2018 | (33) | (33) | |||
Net book value | 9 | $ 9 | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||
Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
As of December 31, 2017 | $ 640 | ||||
Acquisitions (Note 3) | 32 | ||||
Finite-Lived Intangible Assets, Cost Incurred to Renew or Extend | 0 | ||||
Exchange rate changes | (17) | ||||
As of September 30, 2018 | 655 | 655 | |||
As of December 31, 2017 | (496) | ||||
Amortization | (12) | ||||
Exchange rate changes | 13 | ||||
As of September 30, 2018 | (495) | (495) | |||
Net book value | 160 | 160 | |||
Developed Technology Rights [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
As of December 31, 2017 | 45 | ||||
Acquisitions (Note 3) | 0 | ||||
Finite-Lived Intangible Assets, Cost Incurred to Renew or Extend | 0 | ||||
Exchange rate changes | (1) | ||||
As of September 30, 2018 | 44 | 44 | |||
As of December 31, 2017 | (30) | ||||
Amortization | (3) | ||||
Exchange rate changes | 1 | ||||
As of September 30, 2018 | (32) | (32) | |||
Net book value | 12 | 12 | |||
Other Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
As of December 31, 2017 | 54 | ||||
Acquisitions (Note 3) | 3 | ||||
Finite-Lived Intangible Assets, Cost Incurred to Renew or Extend | 0 | ||||
Exchange rate changes | 0 | ||||
As of September 30, 2018 | 57 | 57 | |||
As of December 31, 2017 | (32) | ||||
Amortization | (1) | ||||
Exchange rate changes | 0 | ||||
As of September 30, 2018 | (33) | (33) | |||
Net book value | $ 24 | $ 24 | |||
Omni Plastics [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | ||||
[1] | Represents intangible assets acquired related to Omni Plastics (Note 3) with a weighted average amortization period of 11 years. | ||||
[2] | During the nine months ended September 30, 2018, the Company extended a research and development technology agreement license, which will be amortized over a period of 5 years. |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, net (Schedule of Indefinite-lived intangible assets) (Details) - Trademarks and Trade Names [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
As of December 31, 2017 | $ 115 |
Acquisitions (Note 3) | 0 |
Accumulated impairment losses | 0 |
Exchange rate changes | (3) |
As of September 30, 2018 | $ 112 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, net (Schedule of Future amortization expense) (Details) $ in Millions | Sep. 30, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 22 |
2,020 | 20 |
2,021 | 19 |
2,022 | 17 |
2,023 | $ 14 |
Current Other Liabilities (Deta
Current Other Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Other Liabilities, Current [Abstract] | ||
Asset retirement obligations | $ 4 | $ 19 |
Benefit obligations (Note 11) | 30 | 30 |
Customer rebates (Note 20) | 65 | 65 |
Derivatives (Note 16) | 3 | 3 |
Environmental (Note 12) | 25 | 14 |
Insurance | 4 | 5 |
Interest | 21 | 17 |
Restructuring (Note 14) | 8 | 5 |
Salaries and benefits | 109 | 113 |
Sales and use tax/foreign withholding tax payable | 31 | 16 |
Other | 47 | 67 |
Total | $ 347 | $ 354 |
Noncurrent Other Liabilities (D
Noncurrent Other Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Other Liabilities, Noncurrent [Abstract] | ||
Asset retirement obligations | $ 15 | $ 7 |
Deferred proceeds | 45 | 47 |
Deferred revenue (Note 20) | 7 | 6 |
Environmental (Note 12) | 51 | 59 |
Income taxes payable | 0 | 197 |
Insurance | 40 | 43 |
Other | 48 | 54 |
Total | $ 206 | $ 413 |
Debt (Schedule of Short-term De
Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Current installments of long-term debt | $ 74 | $ 63 | |
Short-term borrowings, including amounts due to affiliates | [1] | 78 | 86 |
Total | $ 229 | $ 326 | |
Weighted average interest rate, short-term borrowings | 3.30% | 3.40% | |
Revolving Credit Facility [Member] | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Weighted average interest rate, short-term borrowings | 4.10% | ||
Accounts Receivable Securitization Facility [Member] | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Borrowings outstanding | [2] | $ 77 | $ 80 |
Weighted average interest rate, short-term borrowings | 2.90% | 2.10% | |
Secured Debt [Member] | Accounts Receivable Securitization Facility [Member] | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Borrowings outstanding | [3] | $ 77 | |
Revolving Credit Facility [Member] | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Borrowings outstanding | [4] | 0 | $ 97 |
Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Borrowings outstanding | [5] | $ 0 | |
[1] | The weighted average interest rate was 3.3% and 3.4% as of September 30, 2018 and December 31, 2017, respectively. | ||
[2] | The weighted average interest rate was 2.9% and 2.1% as of September 30, 2018 and December 31, 2017, respectively. | ||
[3] | The Company borrowed $25 million and repaid $28 million during the nine months ended September 30, 2018. | ||
[4] | The weighted average interest rate was 4.1% as of December 31, 2017. | ||
[5] | The Company borrowed $640 million and repaid $737 million under its senior unsecured revolving credit facility during the nine months ended September 30, 2018. |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Jul. 15, 2016 | |
Long-Term Debt | ||||
Subtotal | $ 3,286 | $ 3,398 | ||
Unamortized debt issuance costs | [1] | (16) | (20) | |
Current installments of long-term debt | (74) | (63) | ||
Total | 3,196 | 3,315 | ||
Senior Unsecured Term Loan Due 2021 [Member] | ||||
Long-Term Debt | ||||
Senior unsecured debt | [2] | $ 475 | 494 | $ 500 |
Date of maturity | Jul. 15, 2021 | |||
Senior Unsecured Notes Due 2019 [Member] | ||||
Long-Term Debt | ||||
Senior unsecured debt | $ 347 | 360 | ||
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 | $ 866 | 897 | ||
Interest rate | 1.125% | |||
Date of maturity | Sep. 26, 2023 | |||
Senior Unsecured Notes Due 2025 [Member] | ||||
Long-Term Debt | ||||
Senior unsecured debt | $ 346 | 359 | ||
Interest rate | 1.25% | |||
Date of maturity | Dec. 11, 2025 | |||
Refunding loan for pollution control and industrial revenue bonds [Member] | ||||
Long-Term Debt | ||||
Other long-term debt | $ 169 | $ 169 | ||
Date of maturity | Dec. 31, 2030 | |||
Nylon compounding division of Nilit Group [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.30% | 1.30% | ||
Long-Term Debt | ||||
Other long-term debt | [3] | $ 10 | $ 11 | |
Date of maturity | Dec. 31, 2026 | |||
Obligations Under Capital Leases [Member] | ||||
Long-Term Debt | ||||
Capital lease obligations | $ 173 | $ 208 | ||
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 1.3% and 1.3% as of September 30, 2018 and December 31, 2017, respectively. |
Debt (Senior Credit Facilities
Debt (Senior Credit Facilities Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Jul. 15, 2016 | |
Senior Unsecured Term Loan Due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | [1] | $ 475 | $ 494 | $ 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 (Schedule of Revolving Cre
Debt (Schedule of Revolving Credit Facility) (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions | Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | ||||
Borrowings outstanding | [1] | $ 0 | $ 0 | $ 97 |
Senior Unsecured Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Proceeds from Lines of Credit | 640 | |||
Repayments of Lines of Credit | 737 | |||
Borrowings outstanding | [2] | 0 | 0 | |
Letters of credit issued | 0 | 0 | ||
Available for borrowing | [3] | $ 1,000 | $ 1,000 | |
London Interbank Offered Rate (LIBOR) [Member] | Senior Unsecured Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
[1] | The weighted average interest rate was 4.1% as of December 31, 2017. | |||
[2] | The Company borrowed $640 million and repaid $737 million under its senior unsecured revolving credit facility during the nine months ended September 30, 2018. | |||
[3] | The margin for borrowings under the senior unsecured revolving credit facility was 1.5% above LIBOR at current Company credit ratings. |
Debt (Schedule of Accounts Rece
Debt (Schedule of Accounts Receivable Securitization Facility) (Details) - Accounts Receivable Securitization Facility [Member] - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2017 | ||
Debt Instrument [Line Items] | |||
Borrowings outstanding | [1] | $ 77 | $ 80 |
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding | [2] | 77 | |
Letters of credit issued | 29 | ||
Available for borrowing | 5 | ||
Total borrowing base | 111 | ||
Maximum borrowing base | [3] | 120 | |
Proceeds from Issuance of Debt | 25 | ||
Repayments of Lines of Credit | 28 | ||
Outstanding accounts receivable transferred by the Originators to the Transferor | $ 185 | ||
[1] | The weighted average interest rate was 2.9% and 2.1% as of September 30, 2018 and December 31, 2017, respectively. | ||
[2] | The Company borrowed $25 million and repaid $28 million during the nine months ended September 30, 2018. | ||
[3] | Outstanding accounts receivable transferred to the SPE was $185 million. |
Debt Other Financing Arrangemen
Debt Other Financing Arrangement (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Jun. 30, 2018 |
Other Financing Arrangements [Abstract] | ||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | $ 38 | $ 40 |
Benefit Obligations (Schedule o
Benefit Obligations (Schedule of Net Periodic Benefit Costs Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2 | $ 2 | $ 7 | $ 6 |
Interest cost | 26 | 27 | 78 | 80 |
Expected return on plan assets | (52) | (50) | (157) | (148) |
Amortization of prior service cost (credit), net | 0 | 0 | 0 | 0 |
Special termination benefit | 0 | 0 | 1 | 1 |
Total | (24) | (21) | (71) | (61) |
Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 1 | 0 | 1 |
Interest cost | 1 | 0 | 2 | 1 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit), net | 0 | 0 | 0 | (1) |
Special termination benefit | 0 | 0 | 0 | 0 |
Total | $ 1 | $ 1 | $ 2 | $ 1 |
Benefit Obligations (Schedule_2
Benefit Obligations (Schedule of Company Commitments to Fund Benefit Obligations) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($) | ||
Multiemployer Plans, Pension [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | $ 6 | [1] |
Total expected contributions in current fiscal year | 8 | [1] |
Cash Contributions to Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 17 | |
Total expected contributions in current fiscal year | 23 | |
Other Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 17 | |
Total expected contributions in current fiscal year | 21 | |
Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 1 | |
Total expected contributions in current fiscal year | $ 5 | |
[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 | Sep. 30, 2018 | Dec. 31, 2017 |
Environmental Remediation Obligations [Abstract] | ||
Demerger obligations (Note 18) | $ 31 | $ 28 |
Divestiture obligations (Note 18) | 17 | 17 |
Active sites | 15 | 15 |
US Superfund sites | 11 | 11 |
Other environmental remediation reserves | 2 | 2 |
Total | $ 76 | $ 73 |
Environmental (US Superfund Sit
Environmental (US Superfund Sites Narrative) (Details) - Passaic River, New Jersey [Member] $ in Billions | Mar. 31, 2016USD ($) | Sep. 30, 2018 |
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) - USD ($) $ / shares in Units, $ in Millions | Oct. 17, 2018 | Apr. 30, 2018 | Apr. 30, 2017 | Sep. 30, 2018 | Sep. 17, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common stock, dividends, rate increase, percent | 17.00% | 28.00% | ||||
Quarterly Common Stock Cash Dividend | $ 0.54 | $ 0.46 | ||||
Annual Common Stock Cash Dividend | $ 2.16 | $ 1.84 | ||||
Series B common stock, $0.0001 par value, 100,000,000 shares authorized (2018 and 2017: 0 issued and outstanding) | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | |||||
Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.54 | |||||
Dividends, Common Stock, Cash | $ 72 |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule of Treasury Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | 128 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | |||
Class of Stock [Line Items] | |||||
Shares repurchased | 2,179,058 | [1] | 5,436,803 | 41,958,077 | |
Average purchase price per share | $ 114.73 | $ 91.97 | $ 61.62 | ||
Shares repurchased (in $ millions) | $ 250 | $ 500 | $ 2,585 | ||
Aggregate Board of Directors repurchase authorizations (in $ millions) | [2] | $ 0 | $ 1,500 | $ 3,866 | |
[1] | Excludes 1,700 common shares reacquired pursuant to an employee clawback agreement. | ||||
[2] | 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 (Schedul_3
Stockholders' Equity (Schedule of Components of Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | ||||
Unrealized gain (loss) on marketable securities, gross amount | $ 0 | $ 0 | $ 0 | $ 1 |
Unrealized gain (loss) on marketable securities, income tax (provision) benefit | 0 | 0 | 0 | 0 |
Unrealized gain (loss) on marketable securities, net | 0 | 0 | 0 | 1 |
Foreign currency translation gain (loss), gross amount | (31) | 44 | (58) | 143 |
Foreign currency translation gain (loss), income tax (provision) benefit | (4) | (2) | 6 | 5 |
Foreign currency translation gain (loss), net | (35) | 42 | (52) | 148 |
Gain (loss) on cash flow hedges, gross amount | 4 | 0 | 8 | (1) |
Gain (loss) on cash flow hedges, income tax (provision) benefit | 0 | 0 | 1 | 0 |
Gain (loss) on cash flow hedges, net | 4 | 0 | 9 | (1) |
Pension and postretirement benefits gain (loss), gross amount | 0 | (1) | 1 | 4 |
Pension and postretirement benefits gain (loss), income tax (provision) benefit | 0 | 0 | 0 | 0 |
Pension and postretirement benefits gain (loss), net | 0 | (1) | 1 | 4 |
Other Comprehensive Income (Loss), before Tax | (27) | 43 | (49) | 147 |
Income tax (provision) benefit | (4) | (2) | 7 | 5 |
Total other comprehensive income (loss), net of tax | $ (31) | $ 41 | $ (42) | $ 152 |
Stockholders' Equity (Schedul_4
Stockholders' Equity (Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||||
As of December 31, 2017 | $ (177) | |||
Other comprehensive income (loss) before reclassifications | (48) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (1) | |||
Income tax (provision) benefit | $ (4) | $ (2) | 7 | $ 5 |
As of September 30, 2018 | (219) | (219) | ||
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||||
As of December 31, 2017 | (176) | |||
Other comprehensive income (loss) before reclassifications | (58) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |||
Income tax (provision) benefit | 6 | |||
As of September 30, 2018 | (228) | (228) | ||
Gain (Loss) from Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||||
As of December 31, 2017 | 2 | |||
Other comprehensive income (loss) before reclassifications | 9 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (1) | |||
Income tax (provision) benefit | 1 | |||
As of September 30, 2018 | 11 | 11 | ||
Pension and Postretirement Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||||
As of December 31, 2017 | (3) | |||
Other comprehensive income (loss) before reclassifications | 1 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |||
Income tax (provision) benefit | 0 | |||
As of September 30, 2018 | $ (2) | $ (2) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - $ / shares | Sep. 30, 2018 | Sep. 17, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Series B common stock, $0.0001 par value, 100,000,000 shares authorized (2018 and 2017: 0 issued and outstanding) | |||
Class of Stock [Line Items] | |||
Common stock, par value | $ 0.0001 |
Other (Charges) Gains, Net (Sch
Other (Charges) Gains, Net (Schedule of Other (Charges) Gains, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | $ (1) | $ 0 | $ (4) | $ (3) |
Other plant/office closures | 13 | 0 | 13 | (50) |
Other (charges) gains, net | 12 | 0 | 9 | (57) |
Impairment of equity method investment | $ 0 | 0 | $ 0 | $ 4 |
Acetyl Intermediates [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other plant/office closures | (50) | |||
Contract Termination [Member] | Acetyl Intermediates [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other plant/office closures | (24) | |||
Non-income tax receivable adjustment [Member] | Acetyl Intermediates [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other plant/office closures | $ (18) |
Other (Charges) Gains, Net (S_2
Other (Charges) Gains, Net (Schedule of Restructuring Reserves) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Restructuring Reserve [Roll Forward] | |
As of September 30, 2018 | $ 8 |
Total | 8 |
Employee Termination Benefits [Member] | |
Restructuring Reserve [Roll Forward] | |
As of December 31, 2017 | 3 |
Additions | 5 |
Cash payments | (1) |
Other changes | (1) |
Exchange rate changes | 0 |
As of September 30, 2018 | 6 |
Total | 3 |
Plant/Office Closures [Member] | |
Restructuring Reserve [Roll Forward] | |
As of December 31, 2017 | 2 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 2018 | 2 |
Total | 2 |
Industrial Specialties [Member] | |
Restructuring Reserve [Roll Forward] | |
As of September 30, 2018 | 3 |
Total | 3 |
Industrial Specialties [Member] | Employee Termination Benefits [Member] | |
Restructuring Reserve [Roll Forward] | |
As of December 31, 2017 | 0 |
Additions | 3 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 2018 | 3 |
Total | 0 |
Industrial Specialties [Member] | Plant/Office Closures [Member] | |
Restructuring Reserve [Roll Forward] | |
As of December 31, 2017 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 2018 | 0 |
Total | 0 |
Acetyl Intermediates [Member] | |
Restructuring Reserve [Roll Forward] | |
As of September 30, 2018 | 3 |
Total | 3 |
Acetyl Intermediates [Member] | Employee Termination Benefits [Member] | |
Restructuring Reserve [Roll Forward] | |
As of December 31, 2017 | 1 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 2018 | 1 |
Total | 1 |
Acetyl Intermediates [Member] | Plant/Office Closures [Member] | |
Restructuring Reserve [Roll Forward] | |
As of December 31, 2017 | 2 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 2018 | 2 |
Total | 2 |
Other Activities [Member] | |
Restructuring Reserve [Roll Forward] | |
As of September 30, 2018 | 0 |
Total | 0 |
Other Activities [Member] | Employee Termination Benefits [Member] | |
Restructuring Reserve [Roll Forward] | |
As of December 31, 2017 | 1 |
Additions | 0 |
Cash payments | 0 |
Other changes | (1) |
Exchange rate changes | 0 |
As of September 30, 2018 | 0 |
Total | 1 |
Other Activities [Member] | Plant/Office Closures [Member] | |
Restructuring Reserve [Roll Forward] | |
As of December 31, 2017 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 2018 | 0 |
Total | 0 |
Engineered Materials [Member] | |
Restructuring Reserve [Roll Forward] | |
As of September 30, 2018 | 0 |
Total | 0 |
Engineered Materials [Member] | Employee Termination Benefits [Member] | |
Restructuring Reserve [Roll Forward] | |
As of December 31, 2017 | 1 |
Additions | 0 |
Cash payments | (1) |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 2018 | 0 |
Total | 1 |
Engineered Materials [Member] | Plant/Office Closures [Member] | |
Restructuring Reserve [Roll Forward] | |
As of December 31, 2017 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 2018 | 0 |
Total | 0 |
Acetate Tow [Member] | |
Restructuring Reserve [Roll Forward] | |
As of September 30, 2018 | 2 |
Total | 2 |
Acetate Tow [Member] | Employee Termination Benefits [Member] | |
Restructuring Reserve [Roll Forward] | |
As of December 31, 2017 | 0 |
Additions | 2 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 2018 | 2 |
Total | 0 |
Acetate Tow [Member] | Plant/Office Closures [Member] | |
Restructuring Reserve [Roll Forward] | |
As of December 31, 2017 | 0 |
Additions | 0 |
Cash payments | 0 |
Other changes | 0 |
Exchange rate changes | 0 |
As of September 30, 2018 | 0 |
Total | $ 0 |
Other (Charges) Gains, Net (Nar
Other (Charges) Gains, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Other plant/office closures | $ (13) | $ 0 | $ (13) | $ 50 |
Employee termination benefits | $ (1) | 0 | $ (4) | $ (3) |
Acetyl Intermediates [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other plant/office closures | 50 | |||
Acetyl Intermediates [Member] | Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other plant/office closures | 24 | |||
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) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | $ 9 | |||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Deferred Tax Liability, Provisional Income Tax (Expense) Benefit | 7 | |||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Transition Tax for Accumulated Foreign Earnings, Provisional Income Tax Expense (Benefit) Net | $ 4 | |||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 2 | |||
Effective income tax rate | 12.00% | 20.00% | 16.00% | 19.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Jan. 31, 2018 | |
Tax Credit Carryforward [Line Items] | ||
Income Tax Examination, pre-tax adjustments proposed | $ 192 | $ 198 |
Income Tax Examination, Estimate of Possible Loss | $ 136 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Schedule of Interest Rate Swap Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 400 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Net Investment Hedges) (Details) - EUR (€) € in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Nonderivative Instruments | € 1,050 | € 1,050 |
Derivative Financial Instrume_5
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Foreign Currency Forwards) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 693 | $ 740 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 4 | $ 0 | $ 8 | $ (1) |
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Gain (Loss) Recognized in Earnings (Loss) | (2) | 0 | 15 | (2) |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Gain (Loss) Recognized in Earnings (Loss) | (2) | 0 | 15 | (2) |
Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 4 | 0 | 9 | 0 |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 | 1 | 2 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 2 | 0 | 6 | 1 |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 1 | 1 | 3 |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | 0 | 1 | (1) |
Gain (Loss) Recognized in Earnings (Loss) | 0 | (1) | 0 | (1) |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 2 | 0 | 2 | 0 |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 | 0 | 0 |
Net Investment Hedging [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 9 | (30) | 44 | (99) |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 | 0 | 0 |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 9 | (30) | 44 | (99) |
Gain (Loss) Recognized in Earnings (Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative Assets [Abstract] | ||
Gross amount recognized | $ 24 | $ 13 |
Gross amount offset in the consolidated balance sheets | 9 | 4 |
Net amount presented in the consolidated balance sheets | 15 | 9 |
Gross amount not offset in the consolidated balance sheets | 2 | 3 |
Net amount | $ 13 | $ 6 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative Liabilities [Abstract] | ||
Gross amount recognized | $ 12 | $ 7 |
Gross amount offset in the consolidated balance sheets | 9 | 4 |
Net amount presented in the consolidated balance sheets | 3 | 3 |
Gross amount not offset in the consolidated balance sheets | 2 | 3 |
Net amount | $ 1 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 13 | $ 6 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 15 | 9 |
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 | 15 | 9 |
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 | 6 | 2 |
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 | 6 | 2 |
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 | 4 | 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 | 4 | 5 |
Other Noncurrent Assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 3 | 2 |
Other Noncurrent Assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Interest Rate Derivative Assets, at Fair Value | 0 | |
Other Noncurrent Assets [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 3 | 2 |
Interest Rate Derivative Assets, at Fair Value | 2 | |
Current Other liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (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 (Sche_2
Fair Value Measurements (Schedule of Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost investments, carrying amount | $ 165 | $ 159 |
Cost investments, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, carrying amount | 40 | 42 |
Insurance contracts in nonqualified trusts, fair value | 40 | 42 |
Long-term debt, including current installments of long-term debt, carrying amount | 3,286 | 3,398 |
Long-term debt, including current installments of long-term debt, fair value | 3,344 | 3,507 |
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 | 40 | 42 |
Long-term debt, including current installments of long-term debt, fair value | 3,171 | 3,299 |
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 | $ 173 | $ 208 |
Commitments and Contingencies (
Commitments and Contingencies (Guarantees - Demerger and Divesture Obligations Narrative) (Details) € in Millions, $ in Millions | 9 Months Ended | 227 Months Ended | |
Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2018EUR (€) | |
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 | $ | $ 84 | ||
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 | $ | $ 122 | $ 122 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Purchase Obligations Narrative) (Details) $ in Billions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Unrecorded unconditional purchase obligations | $ 1.5 |
Term of unrecorded unconditional purchase obligations | Dec. 31, 2036 |
Segment Information (Schedule o
Segment Information (Schedule of Business Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | $ 1,771 | $ 1,566 | $ 5,466 | $ 4,547 | ||||||
Other (charges) gains, net (Note 14) | 12 | 0 | 9 | (57) | ||||||
Operating profit (loss) | 374 | 229 | 1,075 | 617 | ||||||
Equity in net earnings (loss) of affiliates | 66 | 50 | 180 | 135 | ||||||
Depreciation and amortization | 90 | 80 | 255 | 226 | ||||||
Capital expenditures | 75 | [1] | 74 | [1] | 220 | [2] | 173 | [2] | ||
Goodwill and intangible assets, net | 1,381 | 1,381 | $ 1,304 | |||||||
Total assets | 9,824 | 9,824 | 9,538 | |||||||
Increase (decrease) in accrued capital expenditures | (4) | 10 | (24) | (7) | ||||||
Acetate Tow [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 158 | 488 | ||||||||
Industrial Specialties [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | [3] | 273 | 832 | |||||||
Acetyl Intermediates [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | [4] | 698 | 2,175 | |||||||
Engineered Materials [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 642 | 1,971 | ||||||||
Operating Segments [Member] | Acetate Tow [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 158 | 157 | 488 | 511 | ||||||
Other (charges) gains, net (Note 14) | (1) | 0 | (2) | (2) | ||||||
Operating profit (loss) | 26 | 45 | 111 | 148 | ||||||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | 0 | ||||||
Depreciation and amortization | 21 | 10 | 44 | 30 | ||||||
Capital expenditures | 9 | 9 | 19 | 22 | ||||||
Goodwill and intangible assets, net | 154 | 154 | 154 | |||||||
Total assets | 1,078 | 1,078 | 1,163 | |||||||
Operating Segments [Member] | Industrial Specialties [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 273 | [5] | 264 | [5] | 835 | [6] | 771 | [6] | ||
Other (charges) gains, net (Note 14) | (1) | 0 | (3) | 0 | ||||||
Operating profit (loss) | 19 | 19 | 64 | 70 | ||||||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | 0 | ||||||
Depreciation and amortization | 10 | 10 | 29 | 28 | ||||||
Capital expenditures | 5 | 6 | 14 | 16 | ||||||
Goodwill and intangible assets, net | 44 | 44 | 46 | |||||||
Total assets | 850 | 850 | 861 | |||||||
Operating Segments [Member] | Acetyl Intermediates [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 835 | [7] | 684 | [7] | 2,567 | [8] | 1,952 | [8] | ||
Other (charges) gains, net (Note 14) | 13 | 0 | (13) | 50 | ||||||
Operating profit (loss) | 268 | 128 | 750 | 264 | ||||||
Equity in net earnings (loss) of affiliates | 2 | 1 | 5 | 4 | ||||||
Depreciation and amortization | 26 | 26 | 78 | 78 | ||||||
Capital expenditures | 34 | 36 | 108 | 84 | ||||||
Goodwill and intangible assets, net | 199 | 199 | 202 | |||||||
Total assets | 2,719 | 2,719 | 2,657 | |||||||
Operating Segments [Member] | Engineered Materials [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 642 | 573 | 1,971 | 1,633 | ||||||
Other (charges) gains, net (Note 14) | 0 | 0 | 0 | 2 | ||||||
Operating profit (loss) | 124 | 105 | 365 | 314 | ||||||
Equity in net earnings (loss) of affiliates | 62 | 47 | 169 | 128 | ||||||
Depreciation and amortization | 31 | 30 | 96 | 82 | ||||||
Capital expenditures | 25 | 19 | 72 | 43 | ||||||
Goodwill and intangible assets, net | 984 | 984 | 902 | |||||||
Total assets | 4,056 | 4,056 | 3,866 | |||||||
Corporate, Non-Segment [Member] | Other Activities [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 0 | 0 | 0 | 0 | ||||||
Other (charges) gains, net (Note 14) | 1 | 0 | (1) | 3 | ||||||
Operating profit (loss) | (63) | (68) | (214) | (179) | ||||||
Equity in net earnings (loss) of affiliates | 2 | 2 | 6 | 3 | ||||||
Depreciation and amortization | 2 | 4 | 8 | 8 | ||||||
Capital expenditures | 2 | 4 | 7 | 8 | ||||||
Goodwill and intangible assets, net | 0 | 0 | 0 | |||||||
Total assets | 1,121 | 1,121 | 991 | |||||||
Eliminations [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | (137) | (112) | (395) | (320) | ||||||
Other (charges) gains, net (Note 14) | 0 | 0 | 0 | 0 | ||||||
Operating profit (loss) | 0 | 0 | (1) | 0 | ||||||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | 0 | ||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||||
Capital expenditures | 0 | 0 | 0 | 0 | ||||||
Goodwill and intangible assets, net | 0 | 0 | 0 | |||||||
Total assets | 0 | 0 | $ 0 | |||||||
Eliminations [Member] | Industrial Specialties [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 0 | 1 | 3 | 3 | ||||||
Eliminations [Member] | Acetyl Intermediates [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | $ 137 | $ 111 | $ 392 | $ 317 | ||||||
[1] | Includes a decrease in accrued capital expenditures of $4 million and an increase of $10 million for the three months ended September 30, 2018 and 2017, respectively. | |||||||||
[2] | Includes a decrease in accrued capital expenditures of $24 million and $7 million for the nine months ended September 30, 2018 and 2017, respectively. | |||||||||
[3] | Excludes intersegment sales of $0 million and $3 million for the three and nine months ended September 30, 2018, respectively. | |||||||||
[4] | Excludes intersegment sales of $137 million and $392 million for the three and nine months ended September 30, 2018, respectively. | |||||||||
[5] | Includes intersegment sales of $0 million and $1 million for the three months ended September 30, 2018 and 2017, respectively. | |||||||||
[6] | Includes intersegment sales of $3 million and $3 million for the nine months ended September 30, 2018 and 2017, respectively. | |||||||||
[7] | Includes intersegment sales of $137 million and $111 million for the three months ended September 30, 2018 and 2017, respectively. | |||||||||
[8] | Includes intersegment sales of $392 million and $317 million for the nine months ended September 30, 2018 and 2017, respectively. |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of net sales (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Revenue, Major Customer [Line Items] | |||||
Net sales | $ 1,771 | $ 1,566 | $ 5,466 | $ 4,547 | |
Engineered Materials [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 642 | 1,971 | |||
Acetate Tow [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 158 | 488 | |||
Industrial Specialties [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | [1] | 273 | 832 | ||
Acetyl Intermediates [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | [2] | 698 | 2,175 | ||
Intersegment Eliminations [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | (137) | (112) | (395) | (320) | |
Intersegment Eliminations [Member] | Industrial Specialties [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 0 | 1 | 3 | 3 | |
Intersegment Eliminations [Member] | Acetyl Intermediates [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 137 | $ 111 | 392 | $ 317 | |
North America [Member] | Engineered Materials [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 197 | 567 | |||
North America [Member] | Acetate Tow [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 30 | 98 | |||
North America [Member] | Industrial Specialties [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 93 | 274 | |||
North America [Member] | Acetyl Intermediates [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 205 | 599 | |||
Europe and Africa [Member] | Engineered Materials [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 277 | 945 | |||
Europe and Africa [Member] | Acetate Tow [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 78 | 196 | |||
Europe and Africa [Member] | Industrial Specialties [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 126 | 400 | |||
Europe and Africa [Member] | Acetyl Intermediates [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 176 | 558 | |||
Asia Pacific [Member] | Engineered Materials [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 145 | 403 | |||
Asia Pacific [Member] | Acetate Tow [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 44 | 163 | |||
Asia Pacific [Member] | Industrial Specialties [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 49 | 145 | |||
Asia Pacific [Member] | Acetyl Intermediates [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 292 | 936 | |||
South America [Member] | Engineered Materials [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 23 | 56 | |||
South America [Member] | Acetate Tow [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 6 | 31 | |||
South America [Member] | Industrial Specialties [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | 5 | 13 | |||
South America [Member] | Acetyl Intermediates [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Net sales | $ 25 | $ 82 | |||
[1] | Excludes intersegment sales of $0 million and $3 million for the three and nine months ended September 30, 2018, respectively. | ||||
[2] | Excludes intersegment sales of $137 million and $392 million for the three and nine months ended September 30, 2018, respectively. |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligations (Details) $ in Millions | Sep. 30, 2018USD ($) |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 867 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-01-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 144 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 234 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 182 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Earnings (Loss) Per Share (Sche
Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Amounts attributable to Celanese Corporation | ||||
Earnings (loss) from continuing operations | $ 407 | $ 230 | $ 1,116 | $ 652 |
Earnings (loss) from discontinued operations | (6) | (4) | (8) | (12) |
Net earnings (loss) | $ 401 | $ 226 | $ 1,108 | $ 640 |
Weighted average shares - basic | 134,519,301 | 136,579,077 | 135,336,704 | 138,599,330 |
Incremental shares attributable to equity awards | 980,089 | 372,846 | 1,050,999 | 388,991 |
Weighted average shares - diluted | 135,499,390 | 136,951,923 | 136,387,703 | 138,988,321 |
Earnings (Loss) Per Share (Narr
Earnings (Loss) Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Consolidating Guarantor Finan_3
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | $ 1,771 | $ 1,566 | $ 5,466 | $ 4,547 |
Cost of sales | (1,255) | (1,183) | (3,914) | (3,449) |
Gross profit | 516 | 383 | 1,552 | 1,098 |
Selling, general and administrative expenses | (129) | (133) | (412) | (353) |
Amortization of intangible assets | (5) | (5) | (18) | (14) |
Research and development expenses | (18) | (19) | (54) | (53) |
Other (charges) gains, net | 12 | 0 | 9 | (57) |
Foreign exchange gain (loss), net | 0 | 4 | 2 | 0 |
Gain (loss) on disposition of businesses and assets, net | (2) | (1) | (4) | (4) |
Operating profit (loss) | 374 | 229 | 1,075 | 617 |
Equity in net earnings (loss) of affiliates | 66 | 50 | 180 | 135 |
Non-operating pension and other postretirement employee benefit (expense) income | 25 | 23 | 77 | 67 |
Interest expense | (30) | (32) | (95) | (91) |
Interest income | 2 | 1 | 4 | 2 |
Dividend income - cost investments | 26 | 24 | 92 | 82 |
Other income (expense), net | (1) | (6) | 3 | (2) |
Earnings (loss) from continuing operations before tax | 462 | 289 | 1,336 | 810 |
Income tax (provision) benefit | (54) | (57) | (216) | (153) |
Earnings (loss) from continuing operations | 408 | 232 | 1,120 | 657 |
Earnings (loss) from operation of discontinued operations | (7) | (5) | (9) | (14) |
Income tax (provision) benefit from discontinued operations | 1 | 1 | 1 | 2 |
Earnings (loss) from discontinued operations | (6) | (4) | (8) | (12) |
Net earnings (loss) | 402 | 228 | 1,112 | 645 |
Net (earnings) loss attributable to noncontrolling interests | (1) | (2) | (4) | (5) |
Net earnings (loss) attributable to Celanese Corporation | 401 | 226 | 1,108 | 640 |
Parent Guarantor [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 | 0 |
Other (charges) gains, net | 0 | 0 | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 | 0 |
Operating profit (loss) | 0 | 0 | 0 | 0 |
Equity in net earnings (loss) of affiliates | 401 | 226 | 1,108 | 640 |
Non-operating pension and other postretirement employee benefit (expense) income | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Dividend income - cost investments | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Earnings (loss) from continuing operations before tax | 401 | 226 | 1,108 | 640 |
Income tax (provision) benefit | 0 | 0 | 0 | 0 |
Earnings (loss) from continuing operations | 401 | 226 | 1,108 | 640 |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net earnings (loss) | 401 | 226 | 1,108 | 640 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 401 | 226 | 1,108 | 640 |
Issuer [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 | 0 |
Other (charges) gains, net | 0 | 0 | 0 | 0 |
Foreign exchange gain (loss), net | (3) | 0 | (3) | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 | 0 |
Operating profit (loss) | (3) | 0 | (3) | 0 |
Equity in net earnings (loss) of affiliates | 411 | 233 | 1,112 | 640 |
Non-operating pension and other postretirement employee benefit (expense) income | 0 | 0 | 0 | 0 |
Interest expense | (5) | (5) | (15) | (17) |
Interest income | 13 | 7 | 31 | 19 |
Dividend income - cost investments | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | (2) | 0 | (3) |
Earnings (loss) from continuing operations before tax | 416 | 233 | 1,125 | 639 |
Income tax (provision) benefit | (15) | (7) | (17) | 1 |
Earnings (loss) from continuing operations | 401 | 226 | 1,108 | 640 |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net earnings (loss) | 401 | 226 | 1,108 | 640 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 401 | 226 | 1,108 | 640 |
Subsidiary Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 565 | 527 | 1,733 | 1,679 |
Cost of sales | (432) | (407) | (1,337) | (1,311) |
Gross profit | 133 | 120 | 396 | 368 |
Selling, general and administrative expenses | (46) | (54) | (156) | (132) |
Amortization of intangible assets | (1) | (1) | (3) | (3) |
Research and development expenses | (7) | (9) | (22) | (23) |
Other (charges) gains, net | 0 | 0 | 0 | (7) |
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | (3) | (2) | (8) | (6) |
Operating profit (loss) | 76 | 54 | 207 | 197 |
Equity in net earnings (loss) of affiliates | 286 | 175 | 872 | 439 |
Non-operating pension and other postretirement employee benefit (expense) income | 23 | 20 | 70 | 60 |
Interest expense | (33) | (28) | (93) | (75) |
Interest income | 1 | 1 | 5 | 3 |
Dividend income - cost investments | 0 | 0 | 0 | 0 |
Other income (expense), net | 1 | 0 | 1 | 1 |
Earnings (loss) from continuing operations before tax | 354 | 222 | 1,062 | 625 |
Income tax (provision) benefit | (10) | (68) | (115) | (139) |
Earnings (loss) from continuing operations | 344 | 154 | 947 | 486 |
Earnings (loss) from operation of discontinued operations | (1) | 0 | (2) | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | (1) | 0 | (2) | 0 |
Net earnings (loss) | 343 | 154 | 945 | 486 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 343 | 154 | 945 | 486 |
Non-Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 1,483 | 1,314 | 4,621 | 3,713 |
Cost of sales | (1,105) | (1,042) | (3,470) | (2,974) |
Gross profit | 378 | 272 | 1,151 | 739 |
Selling, general and administrative expenses | (83) | (79) | (256) | (221) |
Amortization of intangible assets | (4) | (4) | (15) | (11) |
Research and development expenses | (11) | (10) | (32) | (30) |
Other (charges) gains, net | 12 | 0 | 9 | (50) |
Foreign exchange gain (loss), net | 3 | 4 | 5 | 0 |
Gain (loss) on disposition of businesses and assets, net | 1 | 1 | 4 | 2 |
Operating profit (loss) | 296 | 184 | 866 | 429 |
Equity in net earnings (loss) of affiliates | 64 | 45 | 170 | 122 |
Non-operating pension and other postretirement employee benefit (expense) income | 3 | 3 | 8 | 7 |
Interest expense | (8) | (8) | (25) | (23) |
Interest income | 3 | 2 | 7 | 4 |
Dividend income - cost investments | 25 | 26 | 89 | 85 |
Other income (expense), net | (1) | (4) | 3 | 0 |
Earnings (loss) from continuing operations before tax | 382 | 248 | 1,118 | 624 |
Income tax (provision) benefit | (28) | 17 | (83) | (16) |
Earnings (loss) from continuing operations | 354 | 265 | 1,035 | 608 |
Earnings (loss) from operation of discontinued operations | (6) | (5) | (7) | (14) |
Income tax (provision) benefit from discontinued operations | 1 | 1 | 1 | 2 |
Earnings (loss) from discontinued operations | (5) | (4) | (6) | (12) |
Net earnings (loss) | 349 | 261 | 1,029 | 596 |
Net (earnings) loss attributable to noncontrolling interests | (1) | (2) | (4) | (5) |
Net earnings (loss) attributable to Celanese Corporation | 348 | 259 | 1,025 | 591 |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | (277) | (275) | (888) | (845) |
Cost of sales | 282 | 266 | 893 | 836 |
Gross profit | 5 | (9) | 5 | (9) |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 | 0 |
Other (charges) gains, net | 0 | 0 | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 | 0 | 0 |
Operating profit (loss) | 5 | (9) | 5 | (9) |
Equity in net earnings (loss) of affiliates | (1,096) | (629) | (3,082) | (1,706) |
Non-operating pension and other postretirement employee benefit (expense) income | (1) | 0 | (1) | 0 |
Interest expense | 16 | 9 | 38 | 24 |
Interest income | (15) | (9) | (39) | (24) |
Dividend income - cost investments | 1 | (2) | 3 | (3) |
Other income (expense), net | (1) | 0 | (1) | 0 |
Earnings (loss) from continuing operations before tax | (1,091) | (640) | (3,077) | (1,718) |
Income tax (provision) benefit | (1) | 1 | (1) | 1 |
Earnings (loss) from continuing operations | (1,092) | (639) | (3,078) | (1,717) |
Earnings (loss) from operation of discontinued operations | 0 | 0 | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net earnings (loss) | (1,092) | (639) | (3,078) | (1,717) |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | $ (1,092) | $ (639) | $ (3,078) | $ (1,717) |
Consolidating Guarantor Finan_4
Consolidating Guarantor Financial Information (Schedule of Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (loss) | $ 402 | $ 228 | $ 1,112 | $ 645 |
Other comprehensive income (loss), net of tax | ||||
Comprehensive income (loss) attributable to Celanese Corporation | 370 | 267 | 1,066 | 792 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | 0 | 0 | 0 | 1 |
Foreign currency translation gain (loss) | (35) | 42 | (52) | 148 |
Gain (loss) on cash flow hedges | 4 | 0 | 9 | (1) |
Pension and postretirement benefits gain (loss) | 0 | (1) | 1 | 4 |
Other Comprehensive Income (Loss), Net of Tax | (31) | 41 | (42) | 152 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 371 | 269 | 1,070 | 797 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (1) | (2) | (4) | (5) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 370 | 267 | 1,066 | 792 |
Parent Guarantor [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (loss) | 401 | 226 | 1,108 | 640 |
Other comprehensive income (loss), net of tax | ||||
Comprehensive income (loss) attributable to Celanese Corporation | 370 | 267 | 1,066 | 792 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | 0 | 0 | 0 | 1 |
Foreign currency translation gain (loss) | (35) | 42 | (52) | 148 |
Gain (loss) on cash flow hedges | 4 | 0 | 9 | (1) |
Pension and postretirement benefits gain (loss) | 0 | (1) | 1 | 4 |
Other Comprehensive Income (Loss), Net of Tax | (31) | 41 | (42) | 152 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 370 | 267 | 1,066 | 792 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 370 | 267 | 1,066 | 792 |
Issuer [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (loss) | 401 | 226 | 1,108 | 640 |
Other comprehensive income (loss), net of tax | ||||
Comprehensive income (loss) attributable to Celanese Corporation | 370 | 267 | 1,066 | 792 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | 0 | 0 | 0 | 1 |
Foreign currency translation gain (loss) | (35) | 42 | (52) | 148 |
Gain (loss) on cash flow hedges | 4 | 0 | 9 | (1) |
Pension and postretirement benefits gain (loss) | 0 | (1) | 1 | 4 |
Other Comprehensive Income (Loss), Net of Tax | (31) | 41 | (42) | 152 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 370 | 267 | 1,066 | 792 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 370 | 267 | 1,066 | 792 |
Subsidiary Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (loss) | 343 | 154 | 945 | 486 |
Other comprehensive income (loss), net of tax | ||||
Comprehensive income (loss) attributable to Celanese Corporation | 315 | 218 | 881 | 680 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | 1 | 0 | 6 | 1 |
Foreign currency translation gain (loss) | (31) | 65 | (77) | 191 |
Gain (loss) on cash flow hedges | 2 | 0 | 6 | (1) |
Pension and postretirement benefits gain (loss) | 0 | (1) | 1 | 3 |
Other Comprehensive Income (Loss), Net of Tax | (28) | 64 | (64) | 194 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 315 | 218 | 881 | 680 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 315 | 218 | 881 | 680 |
Non-Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (loss) | 349 | 261 | 1,029 | 596 |
Other comprehensive income (loss), net of tax | ||||
Comprehensive income (loss) attributable to Celanese Corporation | 313 | 333 | 951 | 829 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | 0 | 0 | 13 | 1 |
Foreign currency translation gain (loss) | (37) | 74 | (95) | 232 |
Gain (loss) on cash flow hedges | 2 | 0 | 7 | (1) |
Pension and postretirement benefits gain (loss) | 0 | 0 | 1 | 6 |
Other Comprehensive Income (Loss), Net of Tax | (35) | 74 | (74) | 238 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 314 | 335 | 955 | 834 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (1) | (2) | (4) | (5) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 313 | 333 | 951 | 829 |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (loss) | (1,092) | (639) | (3,078) | (1,717) |
Other comprehensive income (loss), net of tax | ||||
Comprehensive income (loss) attributable to Celanese Corporation | (998) | (818) | (2,898) | (2,301) |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | (1) | 0 | (19) | (3) |
Foreign currency translation gain (loss) | 103 | (181) | 224 | (571) |
Gain (loss) on cash flow hedges | (8) | 0 | (22) | 3 |
Pension and postretirement benefits gain (loss) | 0 | 2 | (3) | (13) |
Other Comprehensive Income (Loss), Net of Tax | 94 | (179) | 180 | (584) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (998) | (818) | (2,898) | (2,301) |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (998) | $ (818) | $ (2,898) | $ (2,301) |
Consolidating Guarantor Finan_5
Consolidating Guarantor Financial Information (Schedule of Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Current Assets | |||||
Cash and cash equivalents | $ 703 | $ 576 | $ 461 | $ 638 | |
Trade receivables - third party and affiliates | 1,086 | 986 | |||
Non-trade receivables, net | 279 | 244 | |||
Inventories, net | 1,033 | 900 | |||
Marketable securities, at fair value | 31 | 32 | |||
Other assets | 48 | 54 | |||
Total current assets | 3,180 | 2,792 | |||
Investments in affiliates | 981 | 976 | |||
Property, Plant and Equipment, Net | 3,699 | 3,762 | |||
Deferred income taxes | 170 | 366 | |||
Other assets | 413 | 338 | |||
Goodwill | 1,064 | [1] | 1,003 | ||
Intangible Assets, Net (Excluding Goodwill) | 317 | 301 | |||
Total assets | 9,824 | 9,538 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 229 | 326 | |||
Trade payables - third party and affiliates | 819 | 807 | |||
Other liabilities | 347 | 354 | |||
Income taxes payable | 137 | 72 | |||
Total current liabilities | 1,532 | 1,559 | |||
Noncurrent Liabilities | |||||
Long-term debt, net of unamortized deferred financing costs | 3,196 | 3,315 | |||
Deferred income taxes | 246 | 211 | |||
Uncertain tax positions | 154 | 156 | |||
Benefit obligations | 547 | 585 | |||
Other liabilities | 206 | 413 | |||
Total noncurrent liabilities | 4,349 | 4,680 | |||
Total Celanese Corporation stockholders' equity | 3,541 | 2,887 | |||
Noncontrolling interests | 402 | 412 | |||
Total equity | 3,943 | 3,299 | |||
Total liabilities and equity | 9,824 | 9,538 | |||
Parent Guarantor [Member] | |||||
Current Assets | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Trade receivables - third party and affiliates | 0 | 0 | |||
Non-trade receivables, net | 37 | 38 | |||
Inventories, net | 0 | 0 | |||
Marketable securities, at fair value | 0 | 0 | |||
Other assets | 0 | 0 | |||
Total current assets | 37 | 38 | |||
Investments in affiliates | 3,504 | 2,850 | |||
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 | 3,541 | 2,888 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 0 | 0 | |||
Trade payables - third party and affiliates | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Income taxes payable | 0 | 0 | |||
Total current liabilities | 0 | 0 | |||
Noncurrent Liabilities | |||||
Long-term debt, net of unamortized deferred financing costs | 0 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Uncertain tax positions | 0 | 0 | |||
Benefit obligations | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Total noncurrent liabilities | 0 | 0 | |||
Total Celanese Corporation stockholders' equity | 3,541 | 2,888 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | 3,541 | 2,888 | |||
Total liabilities and equity | 3,541 | 2,888 | |||
Issuer [Member] | |||||
Current Assets | |||||
Cash and cash equivalents | 14 | 0 | 5 | 0 | |
Trade receivables - third party and affiliates | 0 | 0 | |||
Non-trade receivables, net | 515 | 482 | |||
Inventories, net | 0 | 0 | |||
Marketable securities, at fair value | 0 | 0 | |||
Other assets | 22 | 60 | |||
Total current assets | 551 | 542 | |||
Investments in affiliates | 4,736 | 4,283 | |||
Property, Plant and Equipment, Net | 0 | 0 | |||
Deferred income taxes | 17 | 6 | |||
Other assets | 1,621 | 1,295 | |||
Goodwill | 0 | 0 | |||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | |||
Total assets | 6,925 | 6,126 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 50 | 76 | |||
Trade payables - third party and affiliates | 0 | 1 | |||
Other liabilities | 45 | 71 | |||
Income taxes payable | 0 | 0 | |||
Total current liabilities | 95 | 148 | |||
Noncurrent Liabilities | |||||
Long-term debt, net of unamortized deferred financing costs | 3,326 | 3,128 | |||
Deferred income taxes | 0 | 0 | |||
Uncertain tax positions | 0 | 0 | |||
Benefit obligations | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Total noncurrent liabilities | 3,326 | 3,128 | |||
Total Celanese Corporation stockholders' equity | 3,504 | 2,850 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | 3,504 | 2,850 | |||
Total liabilities and equity | 6,925 | 6,126 | |||
Subsidiary Guarantors [Member] | |||||
Current Assets | |||||
Cash and cash equivalents | 46 | 230 | 70 | 51 | |
Trade receivables - third party and affiliates | 122 | 89 | |||
Non-trade receivables, net | 257 | 279 | |||
Inventories, net | 301 | 277 | |||
Marketable securities, at fair value | 31 | 32 | |||
Other assets | 16 | 12 | |||
Total current assets | 773 | 919 | |||
Investments in affiliates | 4,729 | 3,916 | |||
Property, Plant and Equipment, Net | 1,228 | 1,145 | |||
Deferred income taxes | 0 | 206 | |||
Other assets | 260 | 171 | |||
Goodwill | 314 | 314 | |||
Intangible Assets, Net (Excluding Goodwill) | 101 | 48 | |||
Total assets | 7,405 | 6,719 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 176 | 148 | |||
Trade payables - third party and affiliates | 303 | 300 | |||
Other liabilities | 296 | 302 | |||
Income taxes payable | 495 | 471 | |||
Total current liabilities | 1,270 | 1,221 | |||
Noncurrent Liabilities | |||||
Long-term debt, net of unamortized deferred financing costs | 1,580 | 1,254 | |||
Deferred income taxes | 67 | 0 | |||
Uncertain tax positions | 10 | 1 | |||
Benefit obligations | 265 | 277 | |||
Other liabilities | 105 | 255 | |||
Total noncurrent liabilities | 2,027 | 1,787 | |||
Total Celanese Corporation stockholders' equity | 4,108 | 3,711 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | 4,108 | 3,711 | |||
Total liabilities and equity | 7,405 | 6,719 | |||
Non-Guarantors [Member] | |||||
Current Assets | |||||
Cash and cash equivalents | 643 | 346 | 386 | 587 | |
Trade receivables - third party and affiliates | 1,098 | 988 | |||
Non-trade receivables, net | 444 | 385 | |||
Inventories, net | 775 | 672 | |||
Marketable securities, at fair value | 0 | 0 | |||
Other assets | 57 | 93 | |||
Total current assets | 3,017 | 2,484 | |||
Investments in affiliates | 860 | 861 | |||
Property, Plant and Equipment, Net | 2,471 | 2,617 | |||
Deferred income taxes | 175 | 158 | |||
Other assets | 479 | 165 | |||
Goodwill | 750 | 689 | |||
Intangible Assets, Net (Excluding Goodwill) | 216 | 253 | |||
Total assets | 7,968 | 7,227 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 268 | 369 | |||
Trade payables - third party and affiliates | 650 | 598 | |||
Other liabilities | 298 | 273 | |||
Income taxes payable | 104 | 92 | |||
Total current liabilities | 1,320 | 1,332 | |||
Noncurrent Liabilities | |||||
Long-term debt, net of unamortized deferred financing costs | 203 | 233 | |||
Deferred income taxes | 201 | 215 | |||
Uncertain tax positions | 146 | 157 | |||
Benefit obligations | 282 | 308 | |||
Other liabilities | 142 | 158 | |||
Total noncurrent liabilities | 974 | 1,071 | |||
Total Celanese Corporation stockholders' equity | 5,272 | 4,412 | |||
Noncontrolling interests | 402 | 412 | |||
Total equity | 5,674 | 4,824 | |||
Total liabilities and equity | 7,968 | 7,227 | |||
Eliminations [Member] | |||||
Current Assets | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |
Trade receivables - third party and affiliates | (134) | (91) | |||
Non-trade receivables, net | (974) | (940) | |||
Inventories, net | (43) | (49) | |||
Marketable securities, at fair value | 0 | 0 | |||
Other assets | (47) | (111) | |||
Total current assets | (1,198) | (1,191) | |||
Investments in affiliates | (12,848) | (10,934) | |||
Property, Plant and Equipment, Net | 0 | 0 | |||
Deferred income taxes | (22) | (4) | |||
Other assets | (1,947) | (1,293) | |||
Goodwill | 0 | 0 | |||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | |||
Total assets | (16,015) | (13,422) | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | (265) | (267) | |||
Trade payables - third party and affiliates | (134) | (92) | |||
Other liabilities | (292) | (292) | |||
Income taxes payable | (462) | (491) | |||
Total current liabilities | (1,153) | (1,142) | |||
Noncurrent Liabilities | |||||
Long-term debt, net of unamortized deferred financing costs | (1,913) | (1,300) | |||
Deferred income taxes | (22) | (4) | |||
Uncertain tax positions | (2) | (2) | |||
Benefit obligations | 0 | 0 | |||
Other liabilities | (41) | 0 | |||
Total noncurrent liabilities | (1,978) | (1,306) | |||
Total Celanese Corporation stockholders' equity | (12,884) | (10,974) | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | (12,884) | (10,974) | |||
Total liabilities and equity | $ (16,015) | $ (13,422) | |||
[1] | There were $0 million of accumulated impairment losses as of September 30, 2018. |
Consolidating Guarantor Finan_6
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ 1,195 | $ 745 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (244) | (180) |
Acquisitions, net of cash acquired | (144) | (269) |
Proceeds from sale of businesses and assets, net | 13 | 1 |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 |
Other, net | (34) | (9) |
Net cash provided by (used in) investing activities | (409) | (457) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (86) | 224 |
Proceeds from short-term borrowings | 44 | 150 |
Repayments of short-term borrowings | (62) | (91) |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | (56) | (65) |
Purchases of treasury stock, including related fees | (250) | (500) |
Dividends to parent | 0 | 0 |
Contributions from parent | 0 | |
Proceeds from Stock Options Exercised | 0 | 1 |
Common stock dividends | (209) | (178) |
Return of capital to parent | 0 | 0 |
(Distributions to) contributions from noncontrolling interests | (14) | (18) |
Other, net | (6) | (19) |
Net cash provided by (used in) financing activities | (639) | (496) |
Exchange rate effects on cash and cash equivalents | (20) | 31 |
Net increase (decrease) in cash and cash equivalents | 127 | (177) |
Cash and cash equivalents as of beginning of period | 576 | 638 |
Cash and cash equivalents as of end of period | 703 | 461 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 459 | 677 |
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 | (250) | (500) |
Dividends to parent | 0 | 0 |
Contributions from parent | 0 | |
Proceeds from Stock Options Exercised | 1 | |
Common stock dividends | (209) | (178) |
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 | (459) | (677) |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents as of beginning of period | 0 | 0 |
Cash and cash equivalents as of end of period | 0 | 0 |
Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 567 | 623 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | 0 | 0 |
Acquisitions, net of cash acquired | 0 | (11) |
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) | (327) | (174) |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | (327) | (185) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (33) | 245 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 285 | 0 |
Repayments of long-term debt | (19) | 0 |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | (459) | (678) |
Contributions from parent | 0 | |
Proceeds from Stock Options Exercised | 0 | |
Common stock dividends | 0 | 0 |
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 | (226) | (433) |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 14 | 5 |
Cash and cash equivalents as of beginning of period | 0 | 0 |
Cash and cash equivalents as of end of period | 14 | 5 |
Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 224 | 571 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (163) | (122) |
Acquisitions, net of cash acquired | (144) | (12) |
Proceeds from sale of businesses and assets, net | 0 | 0 |
Return of capital from subsidiary | 225 | 18 |
Contributions to subsidiary | (16) | 0 |
Intercompany loan receipts (disbursements) | (12) | (25) |
Other, net | (7) | (1) |
Net cash provided by (used in) investing activities | (117) | (142) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 11 | 5 |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | 327 | 174 |
Repayments of long-term debt | (13) | (1) |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | (611) | (571) |
Contributions from parent | 0 | |
Proceeds from Stock Options Exercised | 0 | |
Common stock dividends | 0 | 0 |
Return of capital to parent | 0 | 0 |
(Distributions to) contributions from noncontrolling interests | 0 | 0 |
Other, net | (5) | (17) |
Net cash provided by (used in) financing activities | (291) | (410) |
Exchange rate effects on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (184) | 19 |
Cash and cash equivalents as of beginning of period | 230 | 51 |
Cash and cash equivalents as of end of period | 46 | 70 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 1,015 | 403 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (81) | (58) |
Acquisitions, net of cash acquired | 0 | (265) |
Proceeds from sale of businesses and assets, net | 13 | 20 |
Return of capital from subsidiary | 0 | 0 |
Contributions to subsidiary | 0 | 0 |
Intercompany loan receipts (disbursements) | (285) | 0 |
Other, net | (27) | (8) |
Net cash provided by (used in) investing activities | (380) | (311) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (52) | (1) |
Proceeds from short-term borrowings | 44 | 150 |
Repayments of short-term borrowings | (62) | (91) |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | (24) | (64) |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | 0 | (280) |
Contributions from parent | 16 | |
Proceeds from Stock Options Exercised | 0 | |
Common stock dividends | 0 | 0 |
Return of capital to parent | (225) | (18) |
(Distributions to) contributions from noncontrolling interests | (14) | (18) |
Other, net | (1) | (2) |
Net cash provided by (used in) financing activities | (318) | (324) |
Exchange rate effects on cash and cash equivalents | (20) | 31 |
Net increase (decrease) in cash and cash equivalents | 297 | (201) |
Cash and cash equivalents as of beginning of period | 346 | 587 |
Cash and cash equivalents as of end of period | 643 | 386 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (1,070) | (1,529) |
Investing Activities | ||
Capital expenditures on property, plant and equipment | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 19 |
Proceeds from sale of businesses and assets, net | 0 | (19) |
Return of capital from subsidiary | (225) | (18) |
Contributions to subsidiary | 16 | 0 |
Intercompany loan receipts (disbursements) | 624 | 199 |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | 415 | 181 |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (12) | (25) |
Proceeds from short-term borrowings | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from long-term debt | (612) | (174) |
Repayments of long-term debt | 0 | 0 |
Purchases of treasury stock, including related fees | 0 | 0 |
Dividends to parent | 1,070 | 1,529 |
Contributions from parent | (16) | |
Proceeds from Stock Options Exercised | 0 | |
Common stock dividends | 0 | 0 |
Return of capital to parent | 225 | 18 |
(Distributions to) contributions from noncontrolling interests | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | 655 | 1,348 |
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 |