Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 21, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2020 | |
Entity File Number | 001-32410 | |
Entity Registrant Name | CELANESE CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 98-0420726 | |
Entity Address, Address Line One | 222 W. Las Colinas Blvd., Suite 900N | |
Entity Address, City or Town | Irving | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75039-5421 | |
City Area Code | 972 | |
Local Phone Number | 443-4000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Small Reporting Company | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 118,228,898 | |
Entity Central Index Key | 0001306830 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | CE | |
Security Exchange Name | NYSE | |
Senior Unsecured Notes Due 2023 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.125% Senior Notes due 2023 | |
Trading Symbol | CE /23 | |
Security Exchange Name | NYSE | |
Senior Unsecured Notes Due 2025 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.250% Senior Notes due 2025 | |
Trading Symbol | CE /25 | |
Security Exchange Name | NYSE | |
Senior Unsecured Notes Due 2027 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 2.125% Senior Notes due 2027 | |
Trading Symbol | CE /27 | |
Security Exchange Name | NYSE |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statement of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net sales | $ 1,460 | $ 1,687 |
Cost of sales | (1,112) | (1,234) |
Gross profit | 348 | 453 |
Selling, general and administrative expenses | (125) | (120) |
Amortization of intangible assets | (5) | (6) |
Research and development expenses | (17) | (16) |
Other (charges) gains, net | (6) | 4 |
Foreign exchange gain (loss), net | (1) | 5 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 |
Operating profit (loss) | 194 | 320 |
Equity in net earnings (loss) of affiliates | 57 | 50 |
Non-operating pension and other postretirement employee benefit (expense) income | 28 | 17 |
Interest expense | (28) | (31) |
Interest income | 2 | 1 |
Dividend income - equity investments | 37 | 32 |
Other income (expense), net | 2 | (4) |
Earnings (loss) from continuing operations before tax | 292 | 385 |
Income tax (provision) benefit | (65) | (46) |
Earnings (loss) from continuing operations | 227 | 339 |
Earnings (loss) from operation of discontinued operations | (7) | (1) |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | (7) | (1) |
Net earnings (loss) | 220 | 338 |
Net (earnings) loss attributable to noncontrolling interests | (2) | (1) |
Net earnings (loss) attributable to Celanese Corporation | 218 | 337 |
Amounts attributable to Celanese Corporation | ||
Earnings (loss) from continuing operations | 225 | 338 |
Earnings (loss) from discontinued operations | (7) | (1) |
Net earnings (loss) | $ 218 | $ 337 |
Earnings (loss) per common share - basic | ||
Continuing operations | $ 1.89 | $ 2.65 |
Discontinued operations | (0.06) | (0.01) |
Net earnings (loss) - basic | 1.83 | 2.64 |
Earnings (loss) per common share - diluted | ||
Continuing operations | 1.88 | 2.64 |
Discontinued operations | (0.06) | (0.01) |
Net earnings (loss) - diluted | $ 1.82 | $ 2.63 |
Weighted average shares - basic | 119,251,689 | 127,542,328 |
Weighted average shares - diluted | 119,899,844 | 128,215,700 |
Unaudited Interim Consolidate_2
Unaudited Interim Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net earnings (loss) | $ 220 | $ 338 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation gain (loss) | (2) | 7 |
Gain (loss) on cash flow hedges | (39) | (3) |
Total other comprehensive income (loss), net of tax | (41) | 4 |
Total comprehensive income (loss), net of tax | 179 | 342 |
Comprehensive (income) loss attributable to noncontrolling interests | (2) | (1) |
Comprehensive income (loss) attributable to Celanese Corporation | $ 177 | $ 341 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Current Assets | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 570 | $ 463 | |
Trade receivables - third party and affiliates (net of allowance for doubtful accounts - 2020: $10; 2019: $9; variable interest entity restricted - 2020: $4; 2019: $6) | 853 | 850 | |
Non-trade receivables, net | 307 | 331 | |
Inventories | 1,036 | 1,038 | |
Marketable securities | 38 | 40 | |
Other assets | 51 | 43 | |
Total current assets | 2,855 | 2,765 | |
Investments in affiliates | 981 | 975 | |
Property, plant and equipment (net of accumulated depreciation - 2020: $3,001; 2019: $2,957; variable interest entity restricted - 2020: $619; 2019: $622) | 3,678 | 3,713 | |
Operating Lease, Right-of-Use Asset | 201 | 203 | |
Deferred income taxes | 91 | 96 | |
Other assets (variable interest entity restricted - 2020: $17; 2019: $9) | 381 | 338 | |
Goodwill | 1,056 | [1] | 1,074 |
Intangible assets (variable interest entity restricted - 2020: $22; 2019: $22) | 302 | 312 | |
Total assets | 9,545 | 9,476 | |
Current Liabilities | |||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 749 | 496 | |
Trade payables - third party and affiliates | 724 | 780 | |
Other liabilities | 422 | 461 | |
Income taxes payable | 33 | 17 | |
Total current liabilities | 1,928 | 1,754 | |
Long-term debt, net of unamortized deferred financing costs | 3,356 | 3,409 | |
Deferred income taxes | 258 | 257 | |
Uncertain tax positions | 161 | 165 | |
Benefit obligations | 568 | 589 | |
Operating Lease, Liability, Noncurrent | 175 | 181 | |
Other liabilities | 263 | 223 | |
Commitments and Contingencies | |||
Stockholders' Equity | |||
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2020 and 2019: 0 issued and outstanding) | 0 | 0 | |
Common stock, $0.0001 par value, 400,000,000 shares authorized (2020: 169,356,294 issued and 118,228,898 outstanding; 2019: 168,973,172 issued and 119,555,207 outstanding) | 0 | 0 | |
Treasury stock, at cost (2020: 51,127,396 shares; 2019: 49,417,965 shares) | (3,996) | (3,846) | |
Additional paid-in capital | 242 | 254 | |
Retained earnings | 6,543 | 6,399 | |
Accumulated other comprehensive income (loss), net | (341) | (300) | |
Total Celanese Corporation stockholders' equity | 2,448 | 2,507 | |
Noncontrolling interests | 388 | 391 | |
Total equity | 2,836 | 2,898 | |
Total liabilities and equity | $ 9,545 | $ 9,476 | |
[1] | There were $0 million of accumulated impairment losses as of March 31, 2020 . |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 570 | $ 463 |
Current Assets | ||
Allowance for doubtful accounts - trade receivables | 10 | 9 |
Trade receivables - third party and affiliates | 853 | 850 |
Nontrade Receivables, Current | 307 | 331 |
Accumulated depreciation | 3,001 | 2,957 |
Property, plant and equipment (net of accumulated depreciation - 2020: $3,001; 2019: $2,957; variable interest entity restricted - 2020: $619; 2019: $622) | 3,678 | 3,713 |
Other assets | 381 | 338 |
Intangible assets (variable interest entity restricted - 2020: $22; 2019: $22) | $ 302 | $ 312 |
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 | 51,127,396 | 49,417,965 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 169,356,294 | 168,973,172 |
Common stock, shares outstanding | 118,228,898 | 119,555,207 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 37 | $ 57 |
Current Assets | ||
Trade receivables - third party and affiliates | 4 | 6 |
Property, plant and equipment (net of accumulated depreciation - 2020: $3,001; 2019: $2,957; variable interest entity restricted - 2020: $619; 2019: $622) | 619 | 622 |
Other assets | 17 | 9 |
Intangible assets (variable interest entity restricted - 2020: $22; 2019: $22) | $ 22 | $ 22 |
Unaudited Interim Consolidate_3
Unaudited Interim Consolidated Statement Equity - USD ($) $ in Millions | Total | 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, 2018 | 128,095,849 | 40,323,105 | |||||
Total Celanese Corporation stockholders' equity at Dec. 31, 2018 | $ 0 | $ (2,849) | $ 233 | $ 5,847 | $ (247) | ||
Stock option exercises, shares | 9,937 | ||||||
Stock-based compensation, net of tax | (8) | ||||||
Stock option exercises | $ 0 | (1) | |||||
Stock awards, shares | 478,997 | ||||||
Stock awards | $ 0 | ||||||
Purchases of treasury stock, shares | (1,972,291) | (1,972,291) | 1,972,291 | ||||
Purchases of treasury stock, including related fees | $ (200) | $ 0 | $ (200) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | (9,937) | ||||||
Stock-based compensation, net of tax | $ 1 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 337 | 337 | |||||
Common stock dividends | (70) | ||||||
Other comprehensive income (loss), net of tax | 4 | 4 | |||||
Balance as of the end of the period, shares at Mar. 31, 2019 | 126,612,492 | 42,285,459 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest at Dec. 31, 2018 | $ 395 | ||||||
Net earnings (loss) attributable to noncontrolling interests | 1 | 1 | |||||
(Distributions to) contributions from noncontrolling interests | (4) | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest at Mar. 31, 2019 | 392 | ||||||
Total Celanese Corporation stockholders' equity at Mar. 31, 2019 | 3,047 | $ 0 | $ (3,048) | 224 | 6,114 | (243) | |
Balance as of the end of the period at Mar. 31, 2019 | 3,439 | ||||||
Balance as of the beginning of the period, shares at Dec. 31, 2019 | 119,555,207 | 49,417,965 | |||||
Balance as of the beginning of the period at Dec. 31, 2019 | 2,898 | ||||||
Total Celanese Corporation stockholders' equity at Dec. 31, 2019 | $ 2,507 | $ 0 | $ (3,846) | 254 | 6,399 | (300) | |
Stock option exercises, shares | 0 | ||||||
Stock-based compensation, net of tax | (12) | ||||||
Stock option exercises | $ 0 | 0 | |||||
Stock awards, shares | 383,122 | ||||||
Stock awards | $ 0 | ||||||
Purchases of treasury stock, shares | (1,709,431) | (1,709,431) | 1,709,431 | ||||
Purchases of treasury stock, including related fees | $ (150) | $ 0 | $ (150) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 0 | ||||||
Stock-based compensation, net of tax | $ 0 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 218 | 218 | |||||
Common stock dividends | (74) | ||||||
Other comprehensive income (loss), net of tax | (41) | (41) | |||||
Balance as of the end of the period, shares at Mar. 31, 2020 | 118,228,898 | 51,127,396 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest at Dec. 31, 2019 | 391 | 391 | |||||
Net earnings (loss) attributable to noncontrolling interests | 2 | 2 | |||||
(Distributions to) contributions from noncontrolling interests | (5) | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest at Mar. 31, 2020 | 388 | $ 388 | |||||
Total Celanese Corporation stockholders' equity at Mar. 31, 2020 | 2,448 | $ 0 | $ (3,996) | $ 242 | $ 6,543 | $ (341) | |
Balance as of the end of the period at Mar. 31, 2020 | $ 2,836 |
Unaudited Interim Consolidate_4
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities | ||
Net earnings (loss) | $ 220 | $ 338 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities | ||
Asset impairments | 4 | 0 |
Depreciation, amortization and accretion | 86 | 84 |
Pension and postretirement net periodic benefit cost | (25) | (15) |
Pension and postretirement contributions | (12) | (12) |
Deferred income taxes, net | (7) | (5) |
Stock-based compensation | 10 | 14 |
Undistributed earnings in unconsolidated affiliates | (11) | 21 |
Other, net | 4 | 6 |
Operating cash provided by (used in) discontinued operations | 5 | 0 |
Changes in operating assets and liabilities | ||
Trade receivables - third party and affiliates, net | (11) | 6 |
Inventories | (11) | 40 |
Other assets | 42 | (23) |
Trade payables - third party and affiliates | 1 | (81) |
Other liabilities | (36) | (66) |
Net cash provided by (used in) operating activities | 259 | 307 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (119) | (79) |
Acquisitions, net of cash acquired | 0 | (91) |
Other, net | (9) | (7) |
Net cash provided by (used in) investing activities | (128) | (177) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (39) | 197 |
Proceeds from short-term borrowings | 300 | 0 |
Repayments of short-term borrowings | 0 | (12) |
Repayments of long-term debt | (9) | (7) |
Purchases of treasury stock, including related fees | (167) | (212) |
Common stock dividends | (74) | (70) |
Distributions to noncontrolling interests | (5) | (4) |
Other, net | (22) | (22) |
Net cash provided by (used in) financing activities | (16) | (130) |
Exchange rate effects on cash and cash equivalents | (8) | 2 |
Net increase (decrease) in cash and cash equivalents | 107 | 2 |
Cash and cash equivalents as of beginning of period | 463 | 439 |
Cash and cash equivalents as of end of period | $ 570 | $ 441 |
Description of the Company and
Description of the Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Company and Basis of Presentation | Description of the Company and Basis of Presentation Description of the Company Celanese Corporation and its subsidiaries (collectively, the "Company") is a global chemical and specialty materials company. The Company produces high performance engineered polymers that are used in a variety of high-value applications, as well as acetyl products, which are intermediate chemicals, for nearly all major industries. The Company also engineers and manufactures a wide variety of products essential to everyday living. The Company's broad product portfolio serves a diverse set of end-use applications including automotive, chemical additives, construction, consumer and industrial adhesives, consumer and medical, energy storage, filtration, food and beverage, paints and coatings, paper and packaging, performance industrial and textiles. Definitions In this Quarterly Report on Form 10-Q ("Quarterly Report"), the term "Celanese" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The term "Celanese US" refers to the Company's subsidiary, Celanese US Holdings LLC, a Delaware limited liability company, and not its subsidiaries. Basis of Presentation The unaudited interim consolidated financial statements for the three months ended March 31, 2020 and 2019 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, 2019 , filed on February 6, 2020 with the SEC as part of the Company's Annual Report on Form 10-K. Operating results for the three months ended March 31, 2020 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. 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
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 March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The new guidance provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The guidance applies only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adoption on its financial statements and related disclosures. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The new guidance simplifies the accounting for income taxes by removing certain exceptions to the general principles in FASB Accounting Standards Codification ("ASC") Topic 740, Income Taxes ("Topic 740"). The guidance also clarifies and amends existing guidance under Topic 740. January 1, 2021. Early adoption is permitted. The Company has completed its assessment and will adopt the new guidance effective January 1, 2021. The adoption of the new guidance will not have a material impact to the Company. |
Ventures and Variable Interest
Ventures and Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
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. 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 Chain 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 37 57 Trade receivables, net - third party and affiliates 7 12 Non-trade receivables, net 2 — Property, plant and equipment (net of accumulated depreciation - 2020: $185; 2019: $174) 619 622 Other assets 17 9 Intangible assets (net of accumulated amortization - 2020: $4; 2019: $4) 22 22 Total assets (1) 704 722 Trade payables 8 24 Other liabilities (2) 9 5 Total debt 3 4 Deferred income taxes 4 4 Total liabilities 24 37 ______________________________ (1) Joint venture 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 finance lease obligations. The entities are not consolidated because the Company is not the primary beneficiary of the entities as it does not have the power to direct the activities of the entities that most significantly impact the entities' economic performance. The Company's maximum exposure to loss as a result of its involvement with these VIEs as of March 31, 2020 , 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 28 31 Trade payables 29 30 Current installments of long-term debt 16 16 Long-term debt 36 41 Total liabilities 81 87 Maximum exposure to loss 104 113 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 16 ). |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories As of As of (In $ millions) Finished goods 720 718 Work-in-process 72 76 Raw materials and supplies 244 244 Total 1,036 1,038 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, net | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | Goodwill and Intangible Assets, Net Goodwill Engineered Materials Acetate Tow Acetyl Chain Total (In $ millions) As of December 31, 2019 727 148 199 1,074 Exchange rate changes (13 ) (1 ) (4 ) (18 ) As of March 31, 2020 (1) 714 147 195 1,056 ______________________________ (1) There were $0 million of accumulated impairment losses as of March 31, 2020 . 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, 2019 42 667 44 56 809 Exchange rate changes (1 ) (12 ) — — (13 ) As of March 31, 2020 41 655 44 56 796 Accumulated Amortization As of December 31, 2019 (35 ) (504 ) (35 ) (38 ) (612 ) Amortization — (4 ) (1 ) — (5 ) Exchange rate changes 1 9 — — 10 As of March 31, 2020 (34 ) (499 ) (36 ) (38 ) (607 ) Net book value 7 156 8 18 189 Indefinite-lived intangible assets are as follows: Trademarks and Trade Names (In $ millions) As of December 31, 2019 115 Exchange rate changes (2 ) As of March 31, 2020 113 During the three months ended March 31, 2020 , the Company did not renew or extend any intangible assets. Estimated amortization expense for the succeeding five fiscal years is as follows: (In $ millions) 2021 20 2022 19 2023 17 2024 16 2025 16 |
Current Other Liabilities
Current Other Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities, Current [Abstract] | |
Current Other Liabilities | urrent Other Liabilities As of As of (In $ millions) Asset retirement obligations 4 6 Benefit obligations ( Note 9 ) 28 28 Customer rebates 35 63 Derivatives ( Note 14 ) 8 8 Environmental ( Note 10 ) 19 12 Insurance 5 6 Interest 25 29 Legal ( Note 16 ) 94 105 Operating leases 29 29 Restructuring ( Note 12 ) 13 13 Salaries and benefits 72 89 Sales and use tax/foreign withholding tax payable 58 35 Other 32 38 Total 422 461 |
Noncurrent Other Liabilities
Noncurrent Other Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities, Noncurrent [Abstract] | |
Noncurrent Other Liabilities | Noncurrent Other Liabilities As of As of (In $ millions) Asset retirement obligations 14 13 Deferred proceeds 42 43 Deferred revenue ( Note 18 ) 6 6 Derivatives ( Note 14 ) 94 50 Environmental ( Note 10 ) 45 49 Insurance 36 34 Other 26 28 Total 263 223 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
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 26 28 Short-term borrowings, including amounts due to affiliates (1) 361 81 Revolving credit facility (2) 247 272 Accounts receivable securitization facility (3) 115 115 Total 749 496 ______________________________ (1) The weighted average interest rate was 1.8% and 2.3% as of March 31, 2020 and December 31, 2019 , respectively. During the three months ended March 31, 2020 , the Company entered into an aggregate of $300 million in short-term, bilateral term loans. (2) The weighted average interest rate was 1.3% and 1.6% as of March 31, 2020 and December 31, 2019 , respectively. (3) The weighted average interest rate was 2.3% and 2.4% as of March 31, 2020 and December 31, 2019 , respectively. As of As of (In $ millions) Long-Term Debt 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% 821 841 Senior unsecured notes due 2024, interest rate of 3.500% 499 499 Senior unsecured notes due 2025, interest rate of 1.250% 329 337 Senior unsecured notes due 2027, interest rate of 2.125% 544 558 Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00% 167 167 Bank loans due at various dates through 2026 (1) 8 9 Obligations under finance leases due at various dates through 2054 132 144 Subtotal 3,400 3,455 Unamortized debt issuance costs (2) (18 ) (18 ) Current installments of long-term debt (26 ) (28 ) Total 3,356 3,409 ______________________________ (1) The weighted average interest rate was 1.3% and 1.3% as of March 31, 2020 and December 31, 2019 , respectively. (2) Related to the Company's long-term debt, excluding obligations under finance leases. Senior Credit Facilities The Company has a senior credit agreement (the "Credit Agreement") consisting of a $1.25 billion senior unsecured revolving credit facility (with a letter of credit sublimit), maturing in 2024. 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) 247 Letters of credit issued — Available for borrowing (2) 1,003 ______________________________ (1) The Company borrowed $355 million and repaid $373 million under its senior unsecured revolving credit facility during the three months ended March 31, 2020 . (2) The margin for borrowings under the senior unsecured revolving credit facility was 1.25% above LIBOR or EURIBOR 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. Celanese US may redeem some or all of each of the Senior Notes, prior to their respective maturity dates, at a redemption price of 100% of the principal amount, plus a "make-whole" premium as specified in the applicable indenture, plus accrued and unpaid interest, if any, to the redemption date. 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 2020. 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 115 Letters of credit issued — Available for borrowing 5 Total borrowing base 120 Maximum borrowing base (1) 120 ______________________________ (1) Outstanding accounts receivable transferred to the SPE was $171 million . Other Financing Arrangements The Company has 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 $69 million and $257 million of accounts receivable under this factoring agreement as of March 31, 2020 and December 31, 2019 , 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 of the covenants related to its debt agreements as of March 31, 2020 . |
Benefit Obligations
Benefit Obligations | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Benefit Obligations | Benefit Obligations The components of net periodic benefit cost are as follows: Three Months Ended March 31, 2020 2019 Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 3 — 2 — Interest cost 21 1 29 — Expected return on plan assets (50 ) — (46 ) — Total (26 ) 1 (15 ) — Benefit obligation funding is as follows: As of Total Expected 2020 (In $ millions) Cash contributions to defined benefit pension plans 6 23 Benefit payments to nonqualified pension plans 5 20 Benefit payments to other postretirement benefit plans 1 5 Cash contributions to German multiemployer defined benefit pension plans (1) 2 8 ______________________________ (1) The Company makes contributions based on specified percentages of employee contributions. The Company's estimates of its US defined benefit pension plan contributions reflect the provisions of the Pension Protection Act of 2006. |
Environmental
Environmental | 3 Months Ended |
Mar. 31, 2020 | |
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 liabilities are as follows: As of As of (In $ millions) Demerger obligations ( Note 16 ) 28 23 Divestiture obligations ( Note 16 ) 11 12 Active sites 12 13 US Superfund sites 11 11 Other environmental remediation liabilities 2 2 Total 64 61 Remediation Due to its industrial history and through retained contractual and legal obligations, the Company has the obligation to remediate specific areas on its own sites as well as on divested, demerger, orphan or US Superfund sites (as defined below). In addition, as part of the demerger agreement between the Company and Hoechst AG ("Hoechst"), a specified portion of the responsibility for environmental liabilities from a number of Hoechst divestitures was transferred to the Company ( Note 16 ). 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 any probable and reasonably estimable liabilities. 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. 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 | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock The Company's Board of Directors follows a policy of declaring, subject to legally available funds, a quarterly cash dividend on each share of the Company's Common Stock, unless the Company's Board of Directors, in its sole discretion, determines otherwise. The amount available to the Company to pay cash dividends is not currently restricted by its existing senior credit facility and its indentures governing its senior unsecured notes. Any decision to declare and pay dividends in the future will be made at the discretion of the Company's Board of Directors and will depend on, among other things, the results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Company's Board of Directors may deem relevant. 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 2019 15 0.62 2.48 May 2019 The Company declared a quarterly cash dividend of $0.62 per share on its Common Stock on April 15, 2020, amounting to $73 million . The cash dividend will be paid on May 7, 2020 to holders of record as of April 27, 2020. Treasury Stock The Company's Board of Directors authorizes repurchases of Common Stock from time to time. These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program does not have an expiration date. Three Months Ended Total From 2020 2019 Shares repurchased 1,709,431 1,972,291 58,588,409 Average purchase price per share $ 87.87 $ 101.41 $ 73.44 Shares repurchased (in $ millions) $ 150 $ 200 $ 4,303 Aggregate Board of Directors repurchase authorizations during the period (in $ millions) $ — $ — $ 5,366 The purchase of treasury stock reduces the number of shares outstanding. The repurchased shares may be used by the Company for compensation programs utilizing the Company's stock and other corporate purposes. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders' equity. Other Comprehensive Income (Loss), Net Three Months Ended March 31, 2020 2019 Gross Amount Income Tax (Provision) Benefit Net Amount Gross Amount Income Tax (Provision) Benefit Net (In $ millions) Foreign currency translation gain (loss) 10 (12 ) (2 ) 13 (6 ) 7 Gain (loss) on cash flow hedges (51 ) 12 (39 ) (3 ) — (3 ) Total (41 ) — (41 ) 10 (6 ) 4 Adjustments to Accumulated other comprehensive income (loss), net, are as follows: Foreign Currency Translation Gain (Loss) Gain (Loss) on Cash Flow Hedges ( Note 14 ) Pension and Postretirement Benefits Gain (Loss) ( Note 9 ) Accumulated Other Comprehensive Income (Loss), Net (In $ millions) As of December 31, 2019 (252 ) (38 ) (10 ) (300 ) Other comprehensive income (loss) before reclassifications 10 (51 ) — (41 ) Income tax (provision) benefit (12 ) 12 — — As of March 31, 2020 (254 ) (77 ) (10 ) (341 ) |
Other (Charges) Gains, Net
Other (Charges) Gains, Net | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Other (Charges) Gains, Net | Other (Charges) Gains, Net Three Months Ended 2020 2019 (In $ millions) Restructuring (6 ) 1 Asset impairments (4 ) — Plant/office closures (1 ) (1 ) Commercial disputes 5 4 Total (6 ) 4 During the three months ended March 31, 2020 , the Company recorded $6 million of employee termination benefits primarily related to Company-wide business optimization projects. During the three months ended March 31, 2020 , the Company recorded a $4 million long-lived asset impairment loss related to the closure of its manufacturing operations in Lebanon, Tennessee. The long-lived asset impairment loss was measured at the date of impairment to write-down the related property, plant and equipment and was included in the Company's Engineered Materials segment. During the three months ended March 31, 2020 , the Company recorded a $5 million gain within commercial disputes related to the receipt of a settlement claim from a previous acquisition that was included within the Company's Engineered Materials segment. During the three months ended March 31, 2019 , the Company recorded a $15 million gain within commercial disputes related to a settlement from a previous acquisition that was included within the Company's Engineered Materials segment. The Company also recorded an $11 million loss within commercial disputes related to a settlement with a former third-party customer, which was included within the Company's Other Activities segment. The changes in the restructuring liabilities by business segment are as follows: Engineered Materials Acetate Tow Acetyl Chain Other Total (In $ millions) Employee Termination Benefits As of December 31, 2019 5 3 — 5 13 Additions 1 — — 5 6 Cash payments (2 ) (2 ) — (2 ) (6 ) As of March 31, 2020 4 1 — 8 13 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Three Months Ended 2020 2019 (In percentages) Effective income tax rate 22 12 The higher effective income tax rate for the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to the impact of functional currency differences in offshore jurisdictions and changes in the jurisdictional mix of earnings. Due to the Tax Cuts and Jobs Act ("TCJA") and uncertainty as to future foreign source income, the Company previously recorded a valuation allowance on a substantial portion of its foreign tax credits. The Company is currently evaluating tax planning strategies that would allow utilization of the Company's foreign tax credit carryforwards. Implementation of these strategies in future periods could reduce the level of valuation allowance that is needed, thereby decreasing the Company's effective tax rate. The US Treasury issued additional final and proposed guidance supplementing the TCJA provisions in 2019, which the Company does not expect to have a material impact on current or future income tax expense. As a result, the Company will continue to monitor its expected impacts on the Company's filing positions and will record the impacts as discrete income tax expense adjustments in the period that the guidance is finalized. In response to the global pandemic related to the outbreak of a novel coronavirus ("COVID-19"), various global taxing authorities passed or are considering relief initiatives to aid tax payers from an effective tax rate or cash flow perspective. For example, on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was enacted in the US in response to the global pandemic. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses, temporary changes to the prior and future limitations on interest deductions, temporary suspension of certain payment requirements for the employer portion of social security taxes, technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property and the creation of certain refundable employee retention credits. The Company does not currently expect the CARES Act to have a material impact on its tax expense. In Germany, taxpayers are allowed to apply for a deferral of corporate income tax payments for 2020. The Company will continue to monitor global legislative and regulatory developments related to COVID-19 and will record the associated tax impacts as discrete events in the periods that guidance is finalized or the Company is able to estimate an impact. The Company's 2013 through 2015 tax years are under joint examination by the US, German and Dutch taxing authorities. The examinations are in the preliminary data gathering phase. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Derivatives Designated As Hedges Net Investment Hedges The total notional amount of foreign currency denominated debt and cross-currency swaps designated as net investment hedges are as follows: As of As of (In € millions) Total 1,578 1,578 Cash Flow Hedges 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 400 400 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 575 692 Information regarding changes in the fair value of the Company's derivative and non-derivative instruments is as follows: Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Three Months Ended March 31, Statement of Operations Classification 2020 2019 2020 2019 (In $ millions) Designated as Cash Flow Hedges Commodity swaps — 10 — 2 Cost of sales Interest rate swaps (51 ) (11 ) — — Interest expense Total (51 ) (1 ) — 2 Designated as Net Investment Hedges Foreign currency denominated debt ( Note 8 ) 37 39 — — N/A Cross-currency swaps 30 — — — N/A Total 67 39 — — Not Designated as Hedges Foreign currency forwards and swaps — — 19 (3 ) Foreign exchange gain (loss), net; Other income (expense), net Total — — 19 (3 ) See Note 15 for additional information regarding the fair value of the Company's derivative instruments. Certain of the Company's commodity swaps, interest rate swaps, cross-currency 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 55 16 Gross amount offset in the consolidated balance sheets 8 1 Net amount presented in the consolidated balance sheets 47 15 Gross amount not offset in the consolidated balance sheets 2 8 Net amount 45 7 As of As of (In $ millions) Derivative Liabilities Gross amount recognized 110 59 Gross amount offset in the consolidated balance sheets 8 1 Net amount presented in the consolidated balance sheets 102 58 Gross amount not offset in the consolidated balance sheets 2 8 Net amount 100 50 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
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 include interest rate swaps, commodity swaps, cross-currency swaps and foreign currency forwards and swaps and are valued in the market using discounted cash flow techniques. These techniques incorporate Level 1 and Level 2 fair value measurement inputs such as interest rates and foreign currency exchange rates. These market inputs are utilized in the discounted cash flow calculation considering the instrument's term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation for interest rate swaps, commodity swaps, cross-currency swaps and foreign currency forwards and swaps are observable in the active markets and are classified as Level 2 in the fair value measurement hierarchy. Fair Value Measurement Quoted Prices Significant Total Balance Sheet Classification (In $ millions) As of March 31, 2020 Designated as Net Investment Hedges Cross-currency swaps — 14 14 Current Other assets Cross-currency swaps — 26 26 Noncurrent Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 7 7 Current Other assets Total assets — 47 47 Derivatives Designated as Cash Flow Hedges Interest rate swaps — (91 ) (91 ) Noncurrent Other liabilities Commodity swaps — (4 ) (4 ) Current Other liabilities Commodity swaps — (3 ) (3 ) Noncurrent Other liabilities Derivatives Designated as Net Investment Hedges Cross-currency swaps — (2 ) (2 ) Current Other liabilities Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (2 ) (2 ) Current Other liabilities Total liabilities — (102 ) (102 ) Fair Value Measurement Quoted Prices Significant Total Balance Sheet Classification (In $ millions) As of December 31, 2019 Derivatives Designated as Net Investment Hedges Cross-currency swaps — 13 13 Current Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 2 2 Current Other assets Total assets — 15 15 Derivatives Designated as Cash Flow Hedges Interest rate swaps — (40 ) (40 ) Noncurrent Other liabilities Commodity swaps — (4 ) (4 ) Current Other liabilities Commodity swaps — (3 ) (3 ) Noncurrent Other liabilities Derivatives Designated as Net Investment Hedges Cross-currency swaps — (1 ) (1 ) Current Other liabilities Cross-currency swaps — (7 ) (7 ) Noncurrent Other liabilities Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (3 ) (3 ) Current Other liabilities Total liabilities — (58 ) (58 ) Carrying values and fair values of financial instruments that are not carried at fair value are as follows: Fair Value Measurement Carrying Amount Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total (In $ millions) As of March 31, 2020 Equity investments without readily determinable fair values 170 — — — Insurance contracts in nonqualified trusts 36 36 — 36 Long-term debt, including current installments of long-term debt 3,400 3,180 132 3,312 As of December 31, 2019 Equity investments without readily determinable fair values 170 — — — Insurance contracts in nonqualified trusts 35 35 — 35 Long-term debt, including current installments of long-term debt 3,455 3,456 144 3,600 In general, the equity 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 finance leases, which are included in long-term debt, is based on lease payments and discount rates, which are not observable in the market and therefore represents a Level 3 fair value measurement. As of March 31, 2020 , and December 31, 2019 , the fair values of cash and cash equivalents, receivables, marketable securities, trade payables, short-term borrowings and the current installments of long-term debt approximate carrying values due to the short-term nature of these instruments. These items have been excluded from the table with the exception of the current installments of long-term debt. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Guarantees The Company has agreed to guarantee or indemnify third parties for environmental and other liabilities pursuant to a variety of agreements, including asset and business divestiture agreements, leases, settlement agreements and various agreements with affiliated companies. Although many of these obligations contain monetary and/or time limitations, others do not provide such limitations. The Company has accrued for all probable and reasonably estimable losses associated with all known matters or claims. These known obligations include the following: • Demerger Obligations In connection with the Hoechst demerger, the Company agreed to indemnify Hoechst, and its legal successors, for various liabilities under the demerger agreement, including for environmental liabilities associated with contamination arising either from environmental damage in general ("Category A") or under 19 divestiture agreements entered into by Hoechst prior to the demerger ("Category B") ( Note 10 ). The Company's obligation to indemnify Hoechst, and its legal successors, is capped under Category B at €250 million . If and to the extent the environmental damage should exceed €750 million in aggregate, the Company's obligation to indemnify Hoechst and its legal successors applies, but is then limited to 33.33% of the remediation cost without further limitations. Cumulative payments under the divestiture agreements as of March 31, 2020 are $93 million . Though the Company is significantly under its obligation cap under Category B, 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 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 10 ). The Company has divested numerous businesses, investments and facilities through agreements containing indemnifications or guarantees to the purchasers. Many of the obligations contain monetary and/or time limitations, which extend through 2037. The aggregate amount of outstanding indemnifications and guarantees provided for under these agreements is $116 million as of March 31, 2020 . 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 remaining divestiture obligations, if any, in excess of amounts accrued. Purchase Obligations In the normal course of business, the Company enters into various purchase commitments for goods and services. The Company maintains a number of "take-or-pay" contracts for purchases of raw materials, utilities and other services. Certain of the contracts contain a contract termination buy-out provision that allows for the Company to exit the contracts for amounts less than the remaining take-or-pay obligations. Additionally, the Company has other outstanding commitments representing maintenance and service agreements, energy and utility agreements, consulting contracts and software agreements. As of March 31, 2020 , the Company had unconditional purchase obligations of $1.1 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, 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 current and legacy stockholders, past waste disposal practices and release of chemicals into the environment. The Company is actively defending those matters where the Company is named as a defendant and, based on the current facts, does not believe the outcomes from these matters would be material to the Company's results of operations, cash flows or financial position. European Commission Investigation 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 past ethylene purchases. Based on information learned from the European Commission regarding its investigation, Celanese recorded a reserve of $89 million in 2019. The Company is continuing to cooperate with the European Commission. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Engineered Materials Acetate Tow Acetyl Chain Other Activities Eliminations Consolidated (In $ millions) Three Months Ended March 31, 2020 Net sales 563 129 799 — (31 ) (1) 1,460 Other (charges) gains, net ( Note 12 ) — (1 ) — (5 ) — (6 ) Operating profit (loss) 102 27 135 (70 ) — 194 Equity in net earnings (loss) of affiliates 53 — 1 3 — 57 Depreciation and amortization 34 8 39 4 — 85 Capital expenditures 24 10 43 9 — 86 (2) As of March 31, 2020 Goodwill and intangible assets, net 977 152 229 — — 1,358 Total assets 4,112 947 3,457 1,029 — 9,545 Three Months Ended March 31, 2019 Net sales 663 166 889 — (31 ) (1) 1,687 Other (charges) gains, net ( Note 12 ) 15 — — (11 ) — 4 Operating profit (loss) 144 40 202 (66 ) — 320 Equity in net earnings (loss) of affiliates 46 — 1 3 — 50 Depreciation and amortization 32 10 38 3 — 83 Capital expenditures 16 8 26 4 — 54 (2) As of December 31, 2019 Goodwill and intangible assets, net 999 153 234 — — 1,386 Total assets 4,125 977 3,489 885 — 9,476 ______________________________ (1) Includes intersegment sales primarily related to the Acetyl Chain. (2) Includes a decrease in accrued capital expenditures of $33 million and $25 million for the three months ended March 31, 2020 and 2019 , respectively. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue | Revenue Recognition 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 March 31, 2020 , the Company had $662 million of remaining performance obligations related to take-or-pay contracts. The Company expects to recognize approximately $156 million of its remaining performance obligations as Net sales in 2020, $185 million in 2021, $115 million in 2022 and the balance thereafter. 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 7 ). The Company does not have any material contract assets as of March 31, 2020 . 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 Acetyl Chain business segment by leveraging its ability to sell chemicals externally to end-use markets or downstream to its emulsion polymers business. 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 2020 2019 (In $ millions) Engineered Materials North America 162 196 Europe and Africa 260 302 Asia-Pacific 123 148 South America 18 17 Total 563 663 Acetate Tow North America 21 34 Europe and Africa 71 63 Asia-Pacific 32 60 South America 5 9 Total 129 166 Acetyl Chain North America 274 286 Europe and Africa 266 294 Asia-Pacific 207 256 South America 21 22 Total (1) 768 858 ______________________________ (1) Excludes intersegment sales of $31 million and $31 million for the three months ended March 31, 2020 and 2019 , respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Three Months Ended 2020 2019 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 225 338 Earnings (loss) from discontinued operations (7 ) (1 ) Net earnings (loss) 218 337 Weighted average shares - basic 119,251,689 127,542,328 Incremental shares attributable to equity awards (1) 648,155 673,372 Weighted average shares - diluted 119,899,844 128,215,700 ______________________________ (1) Excludes 63,384 and 0 equity awards shares for the three months ended March 31, 2020 and 2019 , respectively, as their effect would have been antidilutive. |
Consolidating Guarantor Financi
Consolidating Guarantor Financial Information | 3 Months Ended |
Mar. 31, 2020 | |
Consolidating Guarantor Financial Information [Abstract] | |
Consolidating Guarantor Financial Information | Consolidating Guarantor Financial Information The Senior Notes were issued by Celanese US ("Issuer") and are guaranteed by Celanese Corporation ("Parent Guarantor") and the Subsidiary Guarantors ( Note 8 ). The Issuer and Subsidiary Guarantors are 100% owned subsidiaries of the Parent Guarantor. The Parent Guarantor and Subsidiary Guarantors have guaranteed the Notes fully and unconditionally and jointly and severally. For cash management purposes, the Company transfers cash between the Parent Guarantor, Issuer, Subsidiary Guarantors and non-guarantors through intercompany financing arrangements, contributions or declaration of dividends between the respective parent and its subsidiaries. The transfer of cash under these activities facilitates the ability of the recipient to make specified third-party payments for principal and interest on the Company's outstanding debt, Common Stock dividends and Common Stock repurchases. The unaudited interim consolidating statements of cash flows for the three months ended March 31, 2020 and 2019 present such intercompany financing activities, contributions and dividends consistent with how such activity would be presented in a stand-alone statement of cash flows. The Company has not presented separate financial information and other disclosures for each of its Subsidiary Guarantors because it believes such financial information and other disclosures would not provide investors with any additional information that would be material in evaluating the sufficiency of the guarantees. The unaudited interim consolidating financial statements for the Parent Guarantor, the Issuer, the Subsidiary Guarantors and the non-guarantors are as follows: CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2020 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 560 1,203 (303 ) 1,460 Cost of sales — — (460 ) (946 ) 294 (1,112 ) Gross profit — — 100 257 (9 ) 348 Selling, general and administrative expenses — — (54 ) (71 ) — (125 ) Amortization of intangible assets — — (2 ) (3 ) — (5 ) Research and development expenses — — (7 ) (10 ) — (17 ) Other (charges) gains, net — — (8 ) 2 — (6 ) Foreign exchange gain (loss), net — — (1 ) — — (1 ) Gain (loss) on disposition of businesses and assets, net — — (2 ) 2 — — Operating profit (loss) — — 26 177 (9 ) 194 Equity in net earnings (loss) of affiliates 226 222 188 51 (630 ) 57 Non-operating pension and other postretirement employee benefit (expense) income — — 25 3 — 28 Interest expense (8 ) (9 ) (30 ) (5 ) 24 (28 ) Interest income — 13 10 4 (25 ) 2 Dividend income - equity investments — — — 36 1 37 Other income (expense), net — 8 1 (7 ) — 2 Earnings (loss) from continuing operations before tax 218 234 220 259 (639 ) 292 Income tax (provision) benefit — (8 ) 5 (63 ) 1 (65 ) Earnings (loss) from continuing operations 218 226 225 196 (638 ) 227 Earnings (loss) from operation of discontinued operations — — — (7 ) — (7 ) Income tax (provision) benefit from discontinued operations — — — — — — Earnings (loss) from discontinued operations — — — (7 ) — (7 ) Net earnings (loss) 218 226 225 189 (638 ) 220 Net (earnings) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Net earnings (loss) attributable to Celanese Corporation 218 226 225 187 (638 ) 218 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2019 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 624 1,373 (310 ) 1,687 Cost of sales — — (458 ) (1,077 ) 301 (1,234 ) Gross profit — — 166 296 (9 ) 453 Selling, general and administrative expenses — — (40 ) (80 ) — (120 ) Amortization of intangible assets — — (2 ) (4 ) — (6 ) Research and development expenses — — (6 ) (10 ) — (16 ) Other (charges) gains, net — — — 4 — 4 Foreign exchange gain (loss), net — — — 5 — 5 Gain (loss) on disposition of businesses and assets, net — — (2 ) 2 — — Operating profit (loss) — — 116 213 (9 ) 320 Equity in net earnings (loss) of affiliates 337 337 217 43 (884 ) 50 Non-operating pension and other postretirement employee benefit (expense) income — — 15 2 — 17 Interest expense — (10 ) (31 ) (7 ) 17 (31 ) Interest income — 13 2 3 (17 ) 1 Dividend income - equity investments — — — 32 — 32 Other income (expense), net — 1 — (5 ) — (4 ) Earnings (loss) from continuing operations before tax 337 341 319 281 (893 ) 385 Income tax (provision) benefit — (4 ) (7 ) (36 ) 1 (46 ) Earnings (loss) from continuing operations 337 337 312 245 (892 ) 339 Earnings (loss) from operation of discontinued operations — — (1 ) — — (1 ) Income tax (provision) benefit from discontinued operations — — — — — — Earnings (loss) from discontinued operations — — (1 ) — — (1 ) Net earnings (loss) 337 337 311 245 (892 ) 338 Net (earnings) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Net earnings (loss) attributable to Celanese Corporation 337 337 311 244 (892 ) 337 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2020 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 218 226 225 189 (638 ) 220 Other comprehensive income (loss), net of tax Foreign currency translation gain (loss) (2 ) (2 ) (44 ) (54 ) 100 (2 ) Gain (loss) on cash flow hedges (39 ) (39 ) (1 ) — 40 (39 ) Total other comprehensive income (loss), net of tax (41 ) (41 ) (45 ) (54 ) 140 (41 ) Total comprehensive income (loss), net of tax 177 185 180 135 (498 ) 179 Comprehensive (income) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Comprehensive income (loss) attributable to Celanese Corporation 177 185 180 133 (498 ) 177 Three Months Ended March 31, 2019 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 337 337 311 245 (892 ) 338 Other comprehensive income (loss), net of tax Foreign currency translation gain (loss) 7 7 (18 ) (24 ) 35 7 Gain (loss) on cash flow hedges (3 ) (3 ) 6 8 (11 ) (3 ) Total other comprehensive income (loss), net of tax 4 4 (12 ) (16 ) 24 4 Total comprehensive income (loss), net of tax 341 341 299 229 (868 ) 342 Comprehensive (income) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Comprehensive income (loss) attributable to Celanese Corporation 341 341 299 228 (868 ) 341 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of March 31, 2020 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — 20 21 529 — 570 Trade receivables - third party and affiliates — — 131 866 (144 ) 853 Non-trade receivables, net 57 1,521 2,136 786 (4,193 ) 307 Inventories, net — — 366 725 (55 ) 1,036 Marketable securities — — 22 16 — 38 Other assets — 43 14 55 (61 ) 51 Total current assets 57 1,584 2,690 2,977 (4,453 ) 2,855 Investments in affiliates 4,236 5,375 4,316 851 (13,797 ) 981 Property, plant and equipment, net — — 1,476 2,202 — 3,678 Operating lease right-of-use assets — — 51 150 — 201 Deferred income taxes — — — 96 (5 ) 91 Other assets — 1,683 224 435 (1,961 ) 381 Goodwill — — 399 657 — 1,056 Intangible assets, net — — 123 179 — 302 Total assets 4,293 8,642 9,279 7,547 (20,216 ) 9,545 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates 1,845 720 1,384 361 (3,561 ) 749 Trade payables - third party and affiliates — — 299 569 (144 ) 724 Other liabilities — 70 162 383 (193 ) 422 Income taxes payable — — 436 97 (500 ) 33 Total current liabilities 1,845 790 2,281 1,410 (4,398 ) 1,928 Noncurrent Liabilities Long-term debt — 3,516 1,677 90 (1,927 ) 3,356 Deferred income taxes — 7 101 155 (5 ) 258 Uncertain tax positions — 2 — 169 (10 ) 161 Benefit obligations — — 252 316 — 568 Operating lease liabilities — — 41 134 — 175 Other liabilities — 91 90 115 (33 ) 263 Total noncurrent liabilities — 3,616 2,161 979 (1,975 ) 4,781 Total Celanese Corporation stockholders' equity 2,448 4,236 4,837 4,770 (13,843 ) 2,448 Noncontrolling interests — — — 388 — 388 Total equity 2,448 4,236 4,837 5,158 (13,843 ) 2,836 Total liabilities and equity 4,293 8,642 9,279 7,547 (20,216 ) 9,545 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of December 31, 2019 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — — 16 447 — 463 Trade receivables - third party and affiliates — — 122 851 (123 ) 850 Non-trade receivables, net 56 1,188 1,925 743 (3,581 ) 331 Inventories, net — — 360 725 (47 ) 1,038 Marketable securities — — 24 16 — 40 Other assets — 36 11 38 (42 ) 43 Total current assets 56 1,224 2,458 2,820 (3,793 ) 2,765 Investments in affiliates 4,064 5,217 4,206 841 (13,353 ) 975 Property, plant and equipment, net — — 1,461 2,252 — 3,713 Operating lease right-of-use assets — — 50 153 — 203 Deferred income taxes — — — 101 (5 ) 96 Other assets — 1,661 195 445 (1,963 ) 338 Goodwill — — 399 675 — 1,074 Intangible assets, net — — 125 187 — 312 Total assets 4,120 8,102 8,894 7,474 (19,114 ) 9,476 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates 1,596 374 1,089 385 (2,948 ) 496 Trade payables - third party and affiliates 17 — 333 553 (123 ) 780 Other liabilities — 49 188 397 (173 ) 461 Income taxes payable — — 439 80 (502 ) 17 Total current liabilities 1,613 423 2,049 1,415 (3,746 ) 1,754 Noncurrent Liabilities Long-term debt — 3,565 1,677 101 (1,934 ) 3,409 Deferred income taxes — 3 101 158 (5 ) 257 Uncertain tax positions — — — 169 (4 ) 165 Benefit obligations — — 257 332 — 589 Operating lease liabilities — — 40 140 1 181 Other liabilities — 47 93 118 (35 ) 223 Total noncurrent liabilities — 3,615 2,168 1,018 (1,977 ) 4,824 Total Celanese Corporation stockholders' equity 2,507 4,064 4,677 4,650 (13,391 ) 2,507 Noncontrolling interests — — — 391 — 391 Total equity 2,507 4,064 4,677 5,041 (13,391 ) 2,898 Total liabilities and equity 4,120 8,102 8,894 7,474 (19,114 ) 9,476 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2020 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 241 (280 ) 129 169 — 259 Investing Activities Capital expenditures on property, plant and equipment — — (69 ) (50 ) — (119 ) Return of capital from subsidiary — — 5 — (5 ) — Intercompany loan receipts (disbursements) — — (19 ) — 19 — Other, net — — — (9 ) — (9 ) Net cash provided by (used in) investing activities — — (83 ) (59 ) 14 (128 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — — (20 ) — (19 ) (39 ) Proceeds from short-term borrowings — 300 — — — 300 Repayments of long-term debt — — (1 ) (8 ) — (9 ) Purchases of treasury stock, including related fees (167 ) — — — — (167 ) Common stock dividends (74 ) — — — — (74 ) Return of capital to parent — — — (5 ) 5 — Distributions to noncontrolling interests — — — (5 ) — (5 ) Other, net — — (20 ) (2 ) — (22 ) Net cash provided by (used in) financing activities (241 ) 300 (41 ) (20 ) (14 ) (16 ) Exchange rate effects on cash and cash equivalents — — — (8 ) — (8 ) Net increase (decrease) in cash and cash equivalents — 20 5 82 — 107 Cash and cash equivalents as of beginning of period — — 16 447 — 463 Cash and cash equivalents as of end of period — 20 21 529 — 570 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2019 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 282 26 1,032 528 (1,561 ) 307 Investing Activities Capital expenditures on property, plant and equipment — — (42 ) (37 ) — (79 ) Acquisitions, net of cash acquired — — (31 ) (60 ) — (91 ) Return of capital from subsidiary — — 4 — (4 ) — Intercompany loan receipts (disbursements) — — (646 ) — 646 — Other, net — — 2 (9 ) — (7 ) Net cash provided by (used in) investing activities — — (713 ) (106 ) 642 (177 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — 246 (9 ) (4 ) (36 ) 197 Proceeds from short-term borrowings — — — 610 (610 ) — Repayments of short-term borrowings — — — (12 ) — (12 ) Repayments of long-term debt — — — (7 ) — (7 ) Purchases of treasury stock, including related fees (212 ) — — — — (212 ) Dividends to parent — (272 ) (251 ) (1,038 ) 1,561 — Common stock dividends (70 ) — — — — (70 ) Return of capital to parent — — — (4 ) 4 — Distributions to noncontrolling interests — — — (4 ) — (4 ) Other, net — — (20 ) (2 ) — (22 ) Net cash provided by (used in) financing activities (282 ) (26 ) (280 ) (461 ) 919 (130 ) Exchange rate effects on cash and cash equivalents — — — 2 — 2 Net increase (decrease) in cash and cash equivalents — — 39 (37 ) — 2 Cash and cash equivalents as of beginning of period — — 30 409 — 439 Cash and cash equivalents as of end of period — — 69 372 — 441 |
Description of the Company an_2
Description of the Company and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
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. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The new guidance provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The guidance applies only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adoption on its financial statements and related disclosures. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The new guidance simplifies the accounting for income taxes by removing certain exceptions to the general principles in FASB Accounting Standards Codification ("ASC") Topic 740, Income Taxes ("Topic 740"). The guidance also clarifies and amends existing guidance under Topic 740. January 1, 2021. Early adoption is permitted. The Company has completed its assessment and will adopt the new guidance effective January 1, 2021. The adoption of the new guidance will not have a material impact to the Company. |
Ventures and Variable Interes_2
Ventures and Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Ventures and Variable Interest Entities [Abstract] | |
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 28 31 Trade payables 29 30 Current installments of long-term debt 16 16 Long-term debt 36 41 Total liabilities 81 87 Maximum exposure to loss 104 113 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 37 57 Trade receivables, net - third party and affiliates 7 12 Non-trade receivables, net 2 — Property, plant and equipment (net of accumulated depreciation - 2020: $185; 2019: $174) 619 622 Other assets 17 9 Intangible assets (net of accumulated amortization - 2020: $4; 2019: $4) 22 22 Total assets (1) 704 722 Trade payables 8 24 Other liabilities (2) 9 5 Total debt 3 4 Deferred income taxes 4 4 Total liabilities 24 37 ______________________________ (1) Joint venture 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. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of As of (In $ millions) Finished goods 720 718 Work-in-process 72 76 Raw materials and supplies 244 244 Total 1,036 1,038 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Indefinite-lived Intangible Assets [Line Items] | |
Schedule of Goodwill [Table Text Block] | Engineered Materials Acetate Tow Acetyl Chain Total (In $ millions) As of December 31, 2019 727 148 199 1,074 Exchange rate changes (13 ) (1 ) (4 ) (18 ) As of March 31, 2020 (1) 714 147 195 1,056 ______________________________ (1) There were $0 million of accumulated impairment losses as of March 31, 2020 . |
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, 2019 42 667 44 56 809 Exchange rate changes (1 ) (12 ) — — (13 ) As of March 31, 2020 41 655 44 56 796 Accumulated Amortization As of December 31, 2019 (35 ) (504 ) (35 ) (38 ) (612 ) Amortization — (4 ) (1 ) — (5 ) Exchange rate changes 1 9 — — 10 As of March 31, 2020 (34 ) (499 ) (36 ) (38 ) (607 ) Net book value 7 156 8 18 189 |
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, 2019 115 Exchange rate changes (2 ) As of March 31, 2020 113 |
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) 2021 20 2022 19 2023 17 2024 16 2025 16 |
Current Other Liabilities (Tabl
Current Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities, Current [Abstract] | |
Schedule of Current Other Liabilities | As of As of (In $ millions) Asset retirement obligations 4 6 Benefit obligations ( Note 9 ) 28 28 Customer rebates 35 63 Derivatives ( Note 14 ) 8 8 Environmental ( Note 10 ) 19 12 Insurance 5 6 Interest 25 29 Legal ( Note 16 ) 94 105 Operating leases 29 29 Restructuring ( Note 12 ) 13 13 Salaries and benefits 72 89 Sales and use tax/foreign withholding tax payable 58 35 Other 32 38 Total 422 461 |
Noncurrent Other Liabilities (T
Noncurrent Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule of Noncurrent Other Liabilities | As of As of (In $ millions) Asset retirement obligations 14 13 Deferred proceeds 42 43 Deferred revenue ( Note 18 ) 6 6 Derivatives ( Note 14 ) 94 50 Environmental ( Note 10 ) 45 49 Insurance 36 34 Other 26 28 Total 263 223 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 26 28 Short-term borrowings, including amounts due to affiliates (1) 361 81 Revolving credit facility (2) 247 272 Accounts receivable securitization facility (3) 115 115 Total 749 496 ______________________________ (1) The weighted average interest rate was 1.8% and 2.3% as of March 31, 2020 and December 31, 2019 , respectively. During the three months ended March 31, 2020 , the Company entered into an aggregate of $300 million in short-term, bilateral term loans. (2) The weighted average interest rate was 1.3% and 1.6% as of March 31, 2020 and December 31, 2019 , respectively. (3) The weighted average interest rate was 2.3% and 2.4% as of March 31, 2020 and December 31, 2019 , respectively. |
Schedule of Long-term Debt | As of As of (In $ millions) Long-Term Debt 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% 821 841 Senior unsecured notes due 2024, interest rate of 3.500% 499 499 Senior unsecured notes due 2025, interest rate of 1.250% 329 337 Senior unsecured notes due 2027, interest rate of 2.125% 544 558 Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00% 167 167 Bank loans due at various dates through 2026 (1) 8 9 Obligations under finance leases due at various dates through 2054 132 144 Subtotal 3,400 3,455 Unamortized debt issuance costs (2) (18 ) (18 ) Current installments of long-term debt (26 ) (28 ) Total 3,356 3,409 ______________________________ (1) The weighted average interest rate was 1.3% and 1.3% as of March 31, 2020 and December 31, 2019 , respectively. (2) Related to the Company's long-term debt, excluding obligations under finance 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 115 Letters of credit issued — Available for borrowing 5 Total borrowing base 120 Maximum borrowing base (1) 120 ______________________________ (1) Outstanding accounts receivable transferred to the SPE was $171 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) 247 Letters of credit issued — Available for borrowing (2) 1,003 ______________________________ (1) The Company borrowed $355 million and repaid $373 million under its senior unsecured revolving credit facility during the three months ended March 31, 2020 . (2) The margin for borrowings under the senior unsecured revolving credit facility was 1.25% |
Benefit Obligations (Tables)
Benefit Obligations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Costs Recognized | The components of net periodic benefit cost are as follows: Three Months Ended March 31, 2020 2019 Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 3 — 2 — Interest cost 21 1 29 — Expected return on plan assets (50 ) — (46 ) — Total (26 ) 1 (15 ) — |
Schedule of Company Commitments to Fund Benefit Obligations | Benefit obligation funding is as follows: As of Total Expected 2020 (In $ millions) Cash contributions to defined benefit pension plans 6 23 Benefit payments to nonqualified pension plans 5 20 Benefit payments to other postretirement benefit plans 1 5 Cash contributions to German multiemployer defined benefit pension plans (1) 2 8 ______________________________ (1) The Company makes contributions based on specified percentages of employee contributions. |
Environmental (Tables)
Environmental (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Remediation Reserves | The components of environmental remediation liabilities are as follows: As of As of (In $ millions) Demerger obligations ( Note 16 ) 28 23 Divestiture obligations ( Note 16 ) 11 12 Active sites 12 13 US Superfund sites 11 11 Other environmental remediation liabilities 2 2 Total 64 61 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 2019 15 0.62 2.48 May 2019 |
Schedule of Treasury Stock | Three Months Ended Total From 2020 2019 Shares repurchased 1,709,431 1,972,291 58,588,409 Average purchase price per share $ 87.87 $ 101.41 $ 73.44 Shares repurchased (in $ millions) $ 150 $ 200 $ 4,303 Aggregate Board of Directors repurchase authorizations during the period (in $ millions) $ — $ — $ 5,366 |
Schedule of Components of Other Comprehensive Income (Loss), Net | Three Months Ended March 31, 2020 2019 Gross Amount Income Tax (Provision) Benefit Net Amount Gross Amount Income Tax (Provision) Benefit Net (In $ millions) Foreign currency translation gain (loss) 10 (12 ) (2 ) 13 (6 ) 7 Gain (loss) on cash flow hedges (51 ) 12 (39 ) (3 ) — (3 ) Total (41 ) — (41 ) 10 (6 ) 4 |
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 14 ) Pension and Postretirement Benefits Gain (Loss) ( Note 9 ) Accumulated Other Comprehensive Income (Loss), Net (In $ millions) As of December 31, 2019 (252 ) (38 ) (10 ) (300 ) Other comprehensive income (loss) before reclassifications 10 (51 ) — (41 ) Income tax (provision) benefit (12 ) 12 — — As of March 31, 2020 (254 ) (77 ) (10 ) (341 ) |
Other (Charges) Gains, Net (Tab
Other (Charges) Gains, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Other (Charges) Gains, Net | Three Months Ended 2020 2019 (In $ millions) Restructuring (6 ) 1 Asset impairments (4 ) — Plant/office closures (1 ) (1 ) Commercial disputes 5 4 Total (6 ) 4 |
Schedule of Restructuring Reserve by Type of Cost | The changes in the restructuring liabilities by business segment are as follows: Engineered Materials Acetate Tow Acetyl Chain Other Total (In $ millions) Employee Termination Benefits As of December 31, 2019 5 3 — 5 13 Additions 1 — — 5 6 Cash payments (2 ) (2 ) — (2 ) (6 ) As of March 31, 2020 4 1 — 8 13 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Tax Rate | Three Months Ended 2020 2019 (In percentages) Effective income tax rate 22 12 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, Statement of Operations Classification 2020 2019 2020 2019 (In $ millions) Designated as Cash Flow Hedges Commodity swaps — 10 — 2 Cost of sales Interest rate swaps (51 ) (11 ) — — Interest expense Total (51 ) (1 ) — 2 Designated as Net Investment Hedges Foreign currency denominated debt ( Note 8 ) 37 39 — — N/A Cross-currency swaps 30 — — — N/A Total 67 39 — — Not Designated as Hedges Foreign currency forwards and swaps — — 19 (3 ) Foreign exchange gain (loss), net; Other income (expense), net Total — — 19 (3 ) |
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 55 16 Gross amount offset in the consolidated balance sheets 8 1 Net amount presented in the consolidated balance sheets 47 15 Gross amount not offset in the consolidated balance sheets 2 8 Net amount 45 7 |
Offsetting Liabilities | As of As of (In $ millions) Derivative Liabilities Gross amount recognized 110 59 Gross amount offset in the consolidated balance sheets 8 1 Net amount presented in the consolidated balance sheets 102 58 Gross amount not offset in the consolidated balance sheets 2 8 Net amount 100 50 |
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 and cross-currency swaps designated as net investment hedges are as follows: As of As of (In € millions) Total 1,578 1,578 |
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 400 400 |
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 575 692 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Fair Value Measurement Quoted Prices Significant Total Balance Sheet Classification (In $ millions) As of March 31, 2020 Designated as Net Investment Hedges Cross-currency swaps — 14 14 Current Other assets Cross-currency swaps — 26 26 Noncurrent Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 7 7 Current Other assets Total assets — 47 47 Derivatives Designated as Cash Flow Hedges Interest rate swaps — (91 ) (91 ) Noncurrent Other liabilities Commodity swaps — (4 ) (4 ) Current Other liabilities Commodity swaps — (3 ) (3 ) Noncurrent Other liabilities Derivatives Designated as Net Investment Hedges Cross-currency swaps — (2 ) (2 ) Current Other liabilities Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (2 ) (2 ) Current Other liabilities Total liabilities — (102 ) (102 ) Fair Value Measurement Quoted Prices Significant Total Balance Sheet Classification (In $ millions) As of December 31, 2019 Derivatives Designated as Net Investment Hedges Cross-currency swaps — 13 13 Current Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 2 2 Current Other assets Total assets — 15 15 Derivatives Designated as Cash Flow Hedges Interest rate swaps — (40 ) (40 ) Noncurrent Other liabilities Commodity swaps — (4 ) (4 ) Current Other liabilities Commodity swaps — (3 ) (3 ) Noncurrent Other liabilities Derivatives Designated as Net Investment Hedges Cross-currency swaps — (1 ) (1 ) Current Other liabilities Cross-currency swaps — (7 ) (7 ) Noncurrent Other liabilities Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (3 ) (3 ) Current Other liabilities Total liabilities — (58 ) (58 ) |
Schedule of Carrying Values and Fair Values of Financial Instruments | Carrying values and fair values of financial instruments that are not carried at fair value are as follows: Fair Value Measurement Carrying Amount Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total (In $ millions) As of March 31, 2020 Equity investments without readily determinable fair values 170 — — — Insurance contracts in nonqualified trusts 36 36 — 36 Long-term debt, including current installments of long-term debt 3,400 3,180 132 3,312 As of December 31, 2019 Equity investments without readily determinable fair values 170 — — — Insurance contracts in nonqualified trusts 35 35 — 35 Long-term debt, including current installments of long-term debt 3,455 3,456 144 3,600 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Business Segments | Engineered Materials Acetate Tow Acetyl Chain Other Activities Eliminations Consolidated (In $ millions) Three Months Ended March 31, 2020 Net sales 563 129 799 — (31 ) (1) 1,460 Other (charges) gains, net ( Note 12 ) — (1 ) — (5 ) — (6 ) Operating profit (loss) 102 27 135 (70 ) — 194 Equity in net earnings (loss) of affiliates 53 — 1 3 — 57 Depreciation and amortization 34 8 39 4 — 85 Capital expenditures 24 10 43 9 — 86 (2) As of March 31, 2020 Goodwill and intangible assets, net 977 152 229 — — 1,358 Total assets 4,112 947 3,457 1,029 — 9,545 Three Months Ended March 31, 2019 Net sales 663 166 889 — (31 ) (1) 1,687 Other (charges) gains, net ( Note 12 ) 15 — — (11 ) — 4 Operating profit (loss) 144 40 202 (66 ) — 320 Equity in net earnings (loss) of affiliates 46 — 1 3 — 50 Depreciation and amortization 32 10 38 3 — 83 Capital expenditures 16 8 26 4 — 54 (2) As of December 31, 2019 Goodwill and intangible assets, net 999 153 234 — — 1,386 Total assets 4,125 977 3,489 885 — 9,476 ______________________________ (1) Includes intersegment sales primarily related to the Acetyl Chain. (2) Includes a decrease in accrued capital expenditures of $33 million and $25 million for the three months ended March 31, 2020 and 2019 , respectively. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 2020 2019 (In $ millions) Engineered Materials North America 162 196 Europe and Africa 260 302 Asia-Pacific 123 148 South America 18 17 Total 563 663 Acetate Tow North America 21 34 Europe and Africa 71 63 Asia-Pacific 32 60 South America 5 9 Total 129 166 Acetyl Chain North America 274 286 Europe and Africa 266 294 Asia-Pacific 207 256 South America 21 22 Total (1) 768 858 ______________________________ (1) Excludes intersegment sales of $31 million and $31 million for the three months ended March 31, 2020 and 2019 , respectively. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share | Three Months Ended 2020 2019 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 225 338 Earnings (loss) from discontinued operations (7 ) (1 ) Net earnings (loss) 218 337 Weighted average shares - basic 119,251,689 127,542,328 Incremental shares attributable to equity awards (1) 648,155 673,372 Weighted average shares - diluted 119,899,844 128,215,700 ______________________________ (1) Excludes 63,384 and 0 equity awards shares for the three months ended March 31, 2020 and 2019 , respectively, as their effect would have been antidilutive. |
Consolidating Guarantor Finan_2
Consolidating Guarantor Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Consolidating Guarantor Financial Information [Abstract] | |
Schedule of Consolidating Statement of Operations | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2020 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 560 1,203 (303 ) 1,460 Cost of sales — — (460 ) (946 ) 294 (1,112 ) Gross profit — — 100 257 (9 ) 348 Selling, general and administrative expenses — — (54 ) (71 ) — (125 ) Amortization of intangible assets — — (2 ) (3 ) — (5 ) Research and development expenses — — (7 ) (10 ) — (17 ) Other (charges) gains, net — — (8 ) 2 — (6 ) Foreign exchange gain (loss), net — — (1 ) — — (1 ) Gain (loss) on disposition of businesses and assets, net — — (2 ) 2 — — Operating profit (loss) — — 26 177 (9 ) 194 Equity in net earnings (loss) of affiliates 226 222 188 51 (630 ) 57 Non-operating pension and other postretirement employee benefit (expense) income — — 25 3 — 28 Interest expense (8 ) (9 ) (30 ) (5 ) 24 (28 ) Interest income — 13 10 4 (25 ) 2 Dividend income - equity investments — — — 36 1 37 Other income (expense), net — 8 1 (7 ) — 2 Earnings (loss) from continuing operations before tax 218 234 220 259 (639 ) 292 Income tax (provision) benefit — (8 ) 5 (63 ) 1 (65 ) Earnings (loss) from continuing operations 218 226 225 196 (638 ) 227 Earnings (loss) from operation of discontinued operations — — — (7 ) — (7 ) Income tax (provision) benefit from discontinued operations — — — — — — Earnings (loss) from discontinued operations — — — (7 ) — (7 ) Net earnings (loss) 218 226 225 189 (638 ) 220 Net (earnings) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Net earnings (loss) attributable to Celanese Corporation 218 226 225 187 (638 ) 218 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2019 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net sales — — 624 1,373 (310 ) 1,687 Cost of sales — — (458 ) (1,077 ) 301 (1,234 ) Gross profit — — 166 296 (9 ) 453 Selling, general and administrative expenses — — (40 ) (80 ) — (120 ) Amortization of intangible assets — — (2 ) (4 ) — (6 ) Research and development expenses — — (6 ) (10 ) — (16 ) Other (charges) gains, net — — — 4 — 4 Foreign exchange gain (loss), net — — — 5 — 5 Gain (loss) on disposition of businesses and assets, net — — (2 ) 2 — — Operating profit (loss) — — 116 213 (9 ) 320 Equity in net earnings (loss) of affiliates 337 337 217 43 (884 ) 50 Non-operating pension and other postretirement employee benefit (expense) income — — 15 2 — 17 Interest expense — (10 ) (31 ) (7 ) 17 (31 ) Interest income — 13 2 3 (17 ) 1 Dividend income - equity investments — — — 32 — 32 Other income (expense), net — 1 — (5 ) — (4 ) Earnings (loss) from continuing operations before tax 337 341 319 281 (893 ) 385 Income tax (provision) benefit — (4 ) (7 ) (36 ) 1 (46 ) Earnings (loss) from continuing operations 337 337 312 245 (892 ) 339 Earnings (loss) from operation of discontinued operations — — (1 ) — — (1 ) Income tax (provision) benefit from discontinued operations — — — — — — Earnings (loss) from discontinued operations — — (1 ) — — (1 ) Net earnings (loss) 337 337 311 245 (892 ) 338 Net (earnings) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Net earnings (loss) attributable to Celanese Corporation 337 337 311 244 (892 ) 337 |
Schedule of Consolidating Statements of Comprehensive Income (Loss) | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2020 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 218 226 225 189 (638 ) 220 Other comprehensive income (loss), net of tax Foreign currency translation gain (loss) (2 ) (2 ) (44 ) (54 ) 100 (2 ) Gain (loss) on cash flow hedges (39 ) (39 ) (1 ) — 40 (39 ) Total other comprehensive income (loss), net of tax (41 ) (41 ) (45 ) (54 ) 140 (41 ) Total comprehensive income (loss), net of tax 177 185 180 135 (498 ) 179 Comprehensive (income) loss attributable to noncontrolling interests — — — (2 ) — (2 ) Comprehensive income (loss) attributable to Celanese Corporation 177 185 180 133 (498 ) 177 Three Months Ended March 31, 2019 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net earnings (loss) 337 337 311 245 (892 ) 338 Other comprehensive income (loss), net of tax Foreign currency translation gain (loss) 7 7 (18 ) (24 ) 35 7 Gain (loss) on cash flow hedges (3 ) (3 ) 6 8 (11 ) (3 ) Total other comprehensive income (loss), net of tax 4 4 (12 ) (16 ) 24 4 Total comprehensive income (loss), net of tax 341 341 299 229 (868 ) 342 Comprehensive (income) loss attributable to noncontrolling interests — — — (1 ) — (1 ) Comprehensive income (loss) attributable to Celanese Corporation 341 341 299 228 (868 ) 341 |
Schedule of Consolidating Balance Sheet | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of March 31, 2020 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — 20 21 529 — 570 Trade receivables - third party and affiliates — — 131 866 (144 ) 853 Non-trade receivables, net 57 1,521 2,136 786 (4,193 ) 307 Inventories, net — — 366 725 (55 ) 1,036 Marketable securities — — 22 16 — 38 Other assets — 43 14 55 (61 ) 51 Total current assets 57 1,584 2,690 2,977 (4,453 ) 2,855 Investments in affiliates 4,236 5,375 4,316 851 (13,797 ) 981 Property, plant and equipment, net — — 1,476 2,202 — 3,678 Operating lease right-of-use assets — — 51 150 — 201 Deferred income taxes — — — 96 (5 ) 91 Other assets — 1,683 224 435 (1,961 ) 381 Goodwill — — 399 657 — 1,056 Intangible assets, net — — 123 179 — 302 Total assets 4,293 8,642 9,279 7,547 (20,216 ) 9,545 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates 1,845 720 1,384 361 (3,561 ) 749 Trade payables - third party and affiliates — — 299 569 (144 ) 724 Other liabilities — 70 162 383 (193 ) 422 Income taxes payable — — 436 97 (500 ) 33 Total current liabilities 1,845 790 2,281 1,410 (4,398 ) 1,928 Noncurrent Liabilities Long-term debt — 3,516 1,677 90 (1,927 ) 3,356 Deferred income taxes — 7 101 155 (5 ) 258 Uncertain tax positions — 2 — 169 (10 ) 161 Benefit obligations — — 252 316 — 568 Operating lease liabilities — — 41 134 — 175 Other liabilities — 91 90 115 (33 ) 263 Total noncurrent liabilities — 3,616 2,161 979 (1,975 ) 4,781 Total Celanese Corporation stockholders' equity 2,448 4,236 4,837 4,770 (13,843 ) 2,448 Noncontrolling interests — — — 388 — 388 Total equity 2,448 4,236 4,837 5,158 (13,843 ) 2,836 Total liabilities and equity 4,293 8,642 9,279 7,547 (20,216 ) 9,545 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATING BALANCE SHEET As of December 31, 2019 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) ASSETS Current Assets Cash and cash equivalents — — 16 447 — 463 Trade receivables - third party and affiliates — — 122 851 (123 ) 850 Non-trade receivables, net 56 1,188 1,925 743 (3,581 ) 331 Inventories, net — — 360 725 (47 ) 1,038 Marketable securities — — 24 16 — 40 Other assets — 36 11 38 (42 ) 43 Total current assets 56 1,224 2,458 2,820 (3,793 ) 2,765 Investments in affiliates 4,064 5,217 4,206 841 (13,353 ) 975 Property, plant and equipment, net — — 1,461 2,252 — 3,713 Operating lease right-of-use assets — — 50 153 — 203 Deferred income taxes — — — 101 (5 ) 96 Other assets — 1,661 195 445 (1,963 ) 338 Goodwill — — 399 675 — 1,074 Intangible assets, net — — 125 187 — 312 Total assets 4,120 8,102 8,894 7,474 (19,114 ) 9,476 LIABILITIES AND EQUITY Current Liabilities Short-term borrowings and current installments of long-term debt - third party and affiliates 1,596 374 1,089 385 (2,948 ) 496 Trade payables - third party and affiliates 17 — 333 553 (123 ) 780 Other liabilities — 49 188 397 (173 ) 461 Income taxes payable — — 439 80 (502 ) 17 Total current liabilities 1,613 423 2,049 1,415 (3,746 ) 1,754 Noncurrent Liabilities Long-term debt — 3,565 1,677 101 (1,934 ) 3,409 Deferred income taxes — 3 101 158 (5 ) 257 Uncertain tax positions — — — 169 (4 ) 165 Benefit obligations — — 257 332 — 589 Operating lease liabilities — — 40 140 1 181 Other liabilities — 47 93 118 (35 ) 223 Total noncurrent liabilities — 3,615 2,168 1,018 (1,977 ) 4,824 Total Celanese Corporation stockholders' equity 2,507 4,064 4,677 4,650 (13,391 ) 2,507 Noncontrolling interests — — — 391 — 391 Total equity 2,507 4,064 4,677 5,041 (13,391 ) 2,898 Total liabilities and equity 4,120 8,102 8,894 7,474 (19,114 ) 9,476 |
Schedule of Consolidating Statement of Cash Flows | CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2020 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 241 (280 ) 129 169 — 259 Investing Activities Capital expenditures on property, plant and equipment — — (69 ) (50 ) — (119 ) Return of capital from subsidiary — — 5 — (5 ) — Intercompany loan receipts (disbursements) — — (19 ) — 19 — Other, net — — — (9 ) — (9 ) Net cash provided by (used in) investing activities — — (83 ) (59 ) 14 (128 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — — (20 ) — (19 ) (39 ) Proceeds from short-term borrowings — 300 — — — 300 Repayments of long-term debt — — (1 ) (8 ) — (9 ) Purchases of treasury stock, including related fees (167 ) — — — — (167 ) Common stock dividends (74 ) — — — — (74 ) Return of capital to parent — — — (5 ) 5 — Distributions to noncontrolling interests — — — (5 ) — (5 ) Other, net — — (20 ) (2 ) — (22 ) Net cash provided by (used in) financing activities (241 ) 300 (41 ) (20 ) (14 ) (16 ) Exchange rate effects on cash and cash equivalents — — — (8 ) — (8 ) Net increase (decrease) in cash and cash equivalents — 20 5 82 — 107 Cash and cash equivalents as of beginning of period — — 16 447 — 463 Cash and cash equivalents as of end of period — 20 21 529 — 570 CELANESE CORPORATION AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2019 Parent Guarantor Issuer Subsidiary Guarantors Non- Guarantors Eliminations Consolidated (In $ millions) Net cash provided by (used in) operating activities 282 26 1,032 528 (1,561 ) 307 Investing Activities Capital expenditures on property, plant and equipment — — (42 ) (37 ) — (79 ) Acquisitions, net of cash acquired — — (31 ) (60 ) — (91 ) Return of capital from subsidiary — — 4 — (4 ) — Intercompany loan receipts (disbursements) — — (646 ) — 646 — Other, net — — 2 (9 ) — (7 ) Net cash provided by (used in) investing activities — — (713 ) (106 ) 642 (177 ) Financing Activities Net change in short-term borrowings with maturities of 3 months or less — 246 (9 ) (4 ) (36 ) 197 Proceeds from short-term borrowings — — — 610 (610 ) — Repayments of short-term borrowings — — — (12 ) — (12 ) Repayments of long-term debt — — — (7 ) — (7 ) Purchases of treasury stock, including related fees (212 ) — — — — (212 ) Dividends to parent — (272 ) (251 ) (1,038 ) 1,561 — Common stock dividends (70 ) — — — — (70 ) Return of capital to parent — — — (4 ) 4 — Distributions to noncontrolling interests — — — (4 ) — (4 ) Other, net — — (20 ) (2 ) — (22 ) Net cash provided by (used in) financing activities (282 ) (26 ) (280 ) (461 ) 919 (130 ) Exchange rate effects on cash and cash equivalents — — — 2 — 2 Net increase (decrease) in cash and cash equivalents — — 39 (37 ) — 2 Cash and cash equivalents as of beginning of period — — 30 409 — 439 Cash and cash equivalents as of end of period — — 69 372 — 441 |
Ventures and Variable Interes_3
Ventures and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | $ 570 | $ 463 | $ 441 | $ 439 | |
Trade receivables - third party and affiliates | 853 | 850 | |||
Non-trade receivables, net | 307 | 331 | |||
Property, plant and equipment (net of accumulated depreciation - 2020: $185; 2019: $174) | 3,678 | 3,713 | |||
Accumulated depreciation | 3,001 | 2,957 | |||
Intangible assets (net of accumulated amortization - 2020: $4; 2019: $4) | 302 | 312 | |||
Accumulated amortization | 607 | 612 | |||
Other assets | 381 | 338 | |||
Total assets | 9,545 | 9,476 | |||
Trade payables | 724 | 780 | |||
Other liabilities | 1,928 | 1,754 | |||
Deferred income taxes | 258 | 257 | |||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 37 | 57 | |||
Trade receivables - third party and affiliates | 4 | 6 | |||
Property, plant and equipment (net of accumulated depreciation - 2020: $185; 2019: $174) | 619 | 622 | |||
Intangible assets (net of accumulated amortization - 2020: $4; 2019: $4) | 22 | 22 | |||
Other assets | 17 | 9 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Fairway Methanol LLC [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 37 | 57 | |||
Trade receivables - third party and affiliates | 7 | 12 | |||
Non-trade receivables, net | 2 | 0 | |||
Property, plant and equipment (net of accumulated depreciation - 2020: $185; 2019: $174) | 619 | 622 | |||
Accumulated depreciation | 185 | 174 | |||
Intangible assets (net of accumulated amortization - 2020: $4; 2019: $4) | 22 | 22 | |||
Accumulated amortization | 4 | 4 | |||
Other assets | 17 | 9 | |||
Total assets | [1] | 704 | 722 | ||
Trade payables | 8 | 24 | |||
Other liabilities | [2] | 9 | 5 | ||
Long-term debt | 3 | 4 | |||
Deferred income taxes | 4 | 4 | |||
Total liabilities | 24 | 37 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Property, plant and equipment (net of accumulated depreciation - 2020: $185; 2019: $174) | 28 | 31 | |||
Trade payables | 29 | 30 | |||
Long-term debt | 36 | 41 | |||
Total liabilities | 81 | 87 | |||
Current installments of long-term debt | 16 | 16 | |||
Maximum exposure to loss | $ 104 | $ 113 | |||
[1] | ssets 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 |
Mar. 31, 2020 | |
Variable Interest Entity, Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Ownership percentage | 50.00% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 720 | $ 718 |
Work-in-process | 72 | 76 |
Raw materials and supplies | 244 | 244 |
Total | $ 1,036 | $ 1,038 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, net (Schedule of Goodwill) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($) | ||
Goodwill [Line Items] | ||
As of December 31, 2019 | $ 1,074 | |
Exchange rate changes | (18) | |
As of March 31, 2019 | 1,056 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |
Engineered Materials | ||
Goodwill [Line Items] | ||
As of December 31, 2019 | 727 | |
Exchange rate changes | (13) | |
As of March 31, 2019 | 714 | [1] |
Acetate Tow | ||
Goodwill [Line Items] | ||
As of December 31, 2019 | 148 | |
Exchange rate changes | (1) | |
As of March 31, 2019 | 147 | [1] |
Acetyl Chain | ||
Goodwill [Line Items] | ||
As of December 31, 2019 | 199 | |
Exchange rate changes | (4) | |
As of March 31, 2019 | $ 195 | [1] |
[1] | There were $0 million of accumulated impairment losses as of March 31, 2020 . |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, net (Schedule of Finite-lived intangible assets) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2019 | $ 809 | |
Exchange rate changes | (13) | |
As of March 31, 2020 | 796 | |
As of December 31, 2019 | (612) | |
Amortization | (5) | $ (6) |
Exchange rate changes | 10 | |
As of March 31, 2020 | (607) | |
Net book value | 189 | |
Licensing Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2019 | 42 | |
Exchange rate changes | (1) | |
As of March 31, 2020 | 41 | |
As of December 31, 2019 | (35) | |
Amortization | 0 | |
Exchange rate changes | 1 | |
As of March 31, 2020 | (34) | |
Net book value | 7 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2019 | 667 | |
Exchange rate changes | (12) | |
As of March 31, 2020 | 655 | |
As of December 31, 2019 | (504) | |
Amortization | (4) | |
Exchange rate changes | 9 | |
As of March 31, 2020 | (499) | |
Net book value | 156 | |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2019 | 44 | |
Exchange rate changes | 0 | |
As of March 31, 2020 | 44 | |
As of December 31, 2019 | (35) | |
Amortization | (1) | |
Exchange rate changes | 0 | |
As of March 31, 2020 | (36) | |
Net book value | 8 | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2019 | 56 | |
Exchange rate changes | 0 | |
As of March 31, 2020 | 56 | |
As of December 31, 2019 | (38) | |
Amortization | 0 | |
Exchange rate changes | 0 | |
As of March 31, 2020 | (38) | |
Net book value | $ 18 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, net (Schedule of Indefinite-lived intangible assets) (Details) - Trademarks and Trade Names [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
As of December 31, 2019 | $ 115 |
Exchange rate changes | (2) |
As of March 31, 2020 | $ 113 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, net (Schedule of Future amortization expense) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 20 |
2022 | 19 |
2023 | 17 |
2024 | 16 |
2025 | $ 16 |
Current Other Liabilities (Deta
Current Other Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Other Liabilities, Current [Abstract] | ||
Asset retirement obligations | $ 4 | $ 6 |
Benefit obligations (Note 9) | 28 | 28 |
Customer rebates | 35 | 63 |
Derivatives (Note 14) | 8 | 8 |
Environmental (Note 10) | 19 | 12 |
Insurance | 5 | 6 |
Interest | 25 | 29 |
Loss Contingency, Accrual, Current | 94 | 105 |
Operating leases | 29 | 29 |
Restructuring (Note 12) | 13 | 13 |
Salaries and benefits | 72 | 89 |
Sales and use tax/foreign withholding tax payable | 58 | 35 |
Other | 32 | 38 |
Total | $ 422 | $ 461 |
Noncurrent Other Liabilities (D
Noncurrent Other Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Other Liabilities, Noncurrent [Abstract] | ||
Asset retirement obligations | $ 14 | $ 13 |
Deferred proceeds | 42 | 43 |
Deferred revenue (Note 18) | 6 | 6 |
Derivatives (Note 14) | 94 | 50 |
Environmental (Note 10) | 45 | 49 |
Insurance | 36 | 34 |
Other | 26 | 28 |
Total | $ 263 | $ 223 |
Debt (Schedule of Short-term De
Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Current installments of long-term debt | $ 26 | $ 28 | |
Short-term borrowings, including amounts due to affiliates | [1] | 361 | 81 |
Total | $ 749 | $ 496 | |
Weighted average interest rate, short-term borrowings | 1.80% | 2.30% | |
Loans Payable [Member] | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Short-term borrowings, including amounts due to affiliates | [1] | $ 300 | |
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 | 1.30% | 1.60% | |
Accounts Receivable Securitization Facility [Member] | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Borrowings outstanding | [2] | $ 115 | $ 115 |
Weighted average interest rate, short-term borrowings | 2.30% | 2.40% | |
Revolving Credit Facility [Member] | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Borrowings outstanding | [3] | $ 247 | $ 272 |
[1] | The weighted average interest rate was 1.8% and 2.3% as of March 31, 2020 and December 31, 2019 | ||
[2] | The weighted average interest rate was 2.3% and 2.4% as of March 31, 2020 and December 31, 2019 , respectively. | ||
[3] | The weighted average interest rate was 1.3% and 1.6% as of March 31, 2020 and December 31, 2019 , respectively. |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Long-Term Debt | |||
Finance Lease, Liability | $ 132 | $ 144 | |
Subtotal | 3,400 | 3,455 | |
Unamortized debt issuance costs | [1] | (18) | (18) |
Current installments of long-term debt | (26) | (28) | |
Total | 3,356 | 3,409 | |
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 | $ 821 | 841 | |
Interest rate | 1.125% | ||
Date of maturity | Sep. 26, 2023 | ||
Senior Unsecured Notes Due 2024 [Member] | |||
Long-Term Debt | |||
Senior unsecured debt | $ 499 | 499 | |
Interest rate | 3.50% | ||
Date of maturity | May 8, 2024 | ||
Senior Unsecured Notes Due 2025 [Member] | |||
Long-Term Debt | |||
Senior unsecured debt | $ 329 | 337 | |
Interest rate | 1.25% | ||
Date of maturity | Dec. 11, 2025 | ||
Senior Unsecured Notes Due 2027 [Member] | |||
Long-Term Debt | |||
Senior unsecured debt | $ 544 | 558 | |
Interest rate | 2.125% | ||
Date of maturity | Mar. 1, 2027 | ||
Refunding loan for pollution control and industrial revenue bonds [Member] | |||
Long-Term Debt | |||
Other long-term debt | $ 167 | $ 167 | |
Date of maturity | Dec. 31, 2030 | ||
Loans Payable [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 | [2] | $ 8 | $ 9 |
Date of maturity | Dec. 31, 2026 | ||
Obligations Under Capital Leases [Member] | |||
Long-Term Debt | |||
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% | ||
[1] | Related to the Company's long-term debt, excluding obligations under finance leases. | ||
[2] | The weighted average interest rate was 1.3% and 1.3% as of March 31, 2020 and December 31, 2019 , respectively. |
Debt (Senior Credit Facilities
Debt (Senior Credit Facilities Narrative) (Details) $ in Millions | Mar. 31, 2020USD ($) | |
Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing base | $ 1,250 | [1] |
[1] | The margin for borrowings under the senior unsecured revolving credit facility was 1.25% above LIBOR or EURIBOR at current Company credit ratings. |
Debt (Schedule of Revolving Cre
Debt (Schedule of Revolving Credit Facility) (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | ||||
Borrowings outstanding | [1] | $ 247 | $ 247 | $ 272 |
Senior Unsecured Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Proceeds from Lines of Credit | 355 | |||
Repayments of Lines of Credit | 373 | |||
Borrowings outstanding | [2] | 247 | 247 | |
Letters of credit issued | 0 | 0 | ||
Available for borrowing | [3] | $ 1,003 | $ 1,003 | |
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 | 1.25% | |||
[1] | The weighted average interest rate was 1.3% and 1.6% as of March 31, 2020 and December 31, 2019 , respectively. | |||
[2] | The Company borrowed $355 million and repaid $373 million under its senior unsecured revolving credit facility during the three months ended March 31, 2020 . | |||
[3] | The margin for borrowings under the senior unsecured revolving credit facility was 1.25% above LIBOR or EURIBOR at current Company credit ratings. |
Debt (Schedule of Senior Notes)
Debt (Schedule of Senior Notes) (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Debt (Schedule of Accounts Rece
Debt (Schedule of Accounts Receivable Securitization Facility) (Details) - Accounts Receivable Securitization Facility [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | |||
Borrowings outstanding | [1] | $ 115 | $ 115 |
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding | 115 | ||
Letters of credit issued | 0 | ||
Available for borrowing | 5 | ||
Total borrowing base | 120 | ||
Maximum borrowing base | [2] | 120 | |
Outstanding accounts receivable transferred by the Originators to the Transferor | $ 171 | ||
[1] | The weighted average interest rate was 2.3% and 2.4% as of March 31, 2020 and December 31, 2019 , respectively. | ||
[2] | Outstanding accounts receivable transferred to the SPE was $171 million . |
Debt Other Financing Arrangemen
Debt Other Financing Arrangement (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Other Financing Arrangements [Abstract] | ||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | $ 69 | $ 257 |
Benefit Obligations (Schedule o
Benefit Obligations (Schedule of Net Periodic Benefit Costs Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3 | $ 2 |
Interest cost | 21 | 29 |
Expected return on plan assets | (50) | (46) |
Total | (26) | (15) |
Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 1 | 0 |
Expected return on plan assets | 0 | 0 |
Total | $ 1 | $ 0 |
Benefit Obligations (Schedule_2
Benefit Obligations (Schedule of Company Commitments to Fund Benefit Obligations) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($) | ||
Multiemployer Plans, Pension [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | $ 2 | [1] |
Total expected contributions in current fiscal year | 8 | [1] |
Cash Contributions to Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 6 | |
Total expected contributions in current fiscal year | 23 | |
Other Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 5 | |
Total expected contributions in current fiscal year | 20 | |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Environmental Remediation Obligations [Abstract] | ||
Demerger obligations (Note 16) | $ 28 | $ 23 |
Divestiture obligations (Note 16) | 11 | 12 |
Active sites | 12 | 13 |
US Superfund sites | 11 | 11 |
Other environmental remediation liabilities | 2 | 2 |
Total | $ 64 | $ 61 |
Environmental (US Superfund Sit
Environmental (US Superfund Sites Narrative) (Details) - Passaic River, New Jersey [Member] $ in Billions | Mar. 31, 2016USD ($) | Mar. 31, 2020 |
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 | Apr. 15, 2020 | Apr. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||
Common stock, dividends, rate increase, percent | 15.00% | |||
Quarterly Common Stock Cash Dividend | $ 0.62 | |||
Annual Common Stock Cash Dividend | $ 2.48 | |||
Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.62 | |||
Dividends, Common Stock, Cash | $ 73 |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule of Treasury Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 146 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | |
Class of Stock [Line Items] | |||
Shares repurchased | 1,709,431 | 1,972,291 | 58,588,409 |
Average purchase price per share | $ 87.87 | $ 101.41 | $ 73.44 |
Shares repurchased (in $ millions) | $ 150 | $ 200 | $ 4,303 |
Aggregate Board of Directors repurchase authorizations (in $ millions) | $ 0 | $ 0 | $ 5,366 |
Stockholders' Equity (Schedul_3
Stockholders' Equity (Schedule of Components of Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | ||
Foreign currency translation gain (loss), gross amount | $ 10 | $ 13 |
Foreign currency translation gain (loss), income tax (provision) benefit | (12) | (6) |
Foreign currency translation gain (loss), net | (2) | 7 |
Gain (loss) on cash flow hedges, gross amount | (51) | (3) |
Gain (loss) on cash flow hedges, income tax (provision) benefit | 12 | 0 |
Gain (loss) on cash flow hedges, net | (39) | (3) |
Other Comprehensive Income (Loss), before Tax | (41) | 10 |
Income tax (provision) benefit | 0 | (6) |
Total other comprehensive income (loss), net of tax | $ (41) | $ 4 |
Stockholders' Equity (Schedul_4
Stockholders' Equity (Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2019 | $ (300) | |
Other comprehensive income (loss) before reclassifications | (41) | |
Income tax (provision) benefit | 0 | $ (6) |
As of March 31, 2020 | (341) | |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2019 | (252) | |
Other comprehensive income (loss) before reclassifications | 10 | |
Income tax (provision) benefit | (12) | |
As of March 31, 2020 | (254) | |
Gain (Loss) from Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2019 | (38) | |
Other comprehensive income (loss) before reclassifications | (51) | |
Income tax (provision) benefit | 12 | |
As of March 31, 2020 | (77) | |
Pension and Postretirement Benefits [Member] | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2019 | (10) | |
Other comprehensive income (loss) before reclassifications | 0 | |
Income tax (provision) benefit | 0 | |
As of March 31, 2020 | $ (10) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 15, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | |||||
Aggregate Board of Directors repurchase authorizations (in $ millions) | $ 0 | $ 0 | $ 5,366 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.62 | ||||
Dividends, Common Stock, Cash | $ 73 |
Other (Charges) Gains, Net (Sch
Other (Charges) Gains, Net (Schedule of Other (Charges) Gains, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | $ (6) | $ 1 |
Asset impairments | (4) | 0 |
Plant/office closures | (1) | (1) |
Commercial disputes | 5 | 4 |
Total | (6) | 4 |
Restructuring Reserve [Roll Forward] | ||
Additions | 6 | (1) |
Engineered Materials | ||
Restructuring Cost and Reserve [Line Items] | ||
Commercial disputes | 15 | |
Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Commercial disputes | $ 11 | |
Employee Termination Benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | (6) | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 13 | |
Additions | 6 | |
Cash payments | (6) | |
Ending balance | 13 | |
Employee Termination Benefits | Engineered Materials | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | (1) | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 5 | |
Additions | 1 | |
Cash payments | (2) | |
Ending balance | 4 | |
Employee Termination Benefits | Acetate Tow | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | 0 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 3 | |
Additions | 0 | |
Cash payments | (2) | |
Ending balance | 1 | |
Employee Termination Benefits | Acetyl Chain | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | 0 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 0 | |
Additions | 0 | |
Cash payments | 0 | |
Ending balance | 0 | |
Employee Termination Benefits | Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | (5) | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 5 | |
Additions | 5 | |
Cash payments | (2) | |
Ending balance | $ 8 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate) (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 22.00% | 12.00% |
Derivative Financial Instrume_3
Derivative Financial Instruments (Schedule of Interest Rate Swap Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 400 | $ 400 |
Derivative Financial Instrume_4
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Net Investment Hedges) (Details) - EUR (€) € in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Nonderivative Instruments | € 1,578 | € 1,578 |
Derivative Financial Instrume_5
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Foreign Currency Forwards) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 575 | $ 692 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ (51) | $ (3) |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | 0 |
Gain (Loss) Recognized in Earnings (Loss) | 19 | (3) |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | 0 |
Gain (Loss) Recognized in Earnings (Loss) | 19 | (3) |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | (51) | (1) |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 2 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | 10 |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 2 |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | (51) | (11) |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 |
Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 67 | 39 |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 |
Net Investment Hedging [Member] | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 30 | 0 |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 37 | 39 |
Gain (Loss) Recognized in Earnings (Loss) | $ 0 | $ 0 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Assets [Abstract] | ||
Gross amount recognized | $ 55 | $ 16 |
Gross amount offset in the consolidated balance sheets | 8 | 1 |
Net amount presented in the consolidated balance sheets | 47 | 15 |
Gross amount not offset in the consolidated balance sheets | 2 | 8 |
Net amount | $ 45 | $ 7 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Liabilities [Abstract] | ||
Gross amount recognized | $ 110 | $ 59 |
Gross amount offset in the consolidated balance sheets | 8 | 1 |
Net amount presented in the consolidated balance sheets | 102 | 58 |
Gross amount not offset in the consolidated balance sheets | 2 | 8 |
Net amount | $ 100 | $ 50 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swaps | $ (100) | $ (50) |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 47 | 15 |
Total liabilities | (102) | (58) |
Fair Value, 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, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 47 | 15 |
Total liabilities | (102) | (58) |
Current Other Assets [Member] | Fair Value, 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 | 7 | 2 |
Current Other Assets [Member] | Fair Value, 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, 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 | 7 | 2 |
Current Other liabilities [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (2) | (3) |
Current Other liabilities [Member] | Fair Value, 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, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (2) | (3) |
Cash Flow Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | (91) | (40) |
Cash Flow Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | 0 |
Cash Flow Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | (91) | (40) |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swaps | (3) | (3) |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, 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] | ||
Commodity swaps | 0 | 0 |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, 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] | ||
Commodity swaps | (3) | (3) |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Current Other liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swaps | (4) | (4) |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Current Other liabilities [Member] | Fair Value, 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] | ||
Commodity swaps | 0 | 0 |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Current Other liabilities [Member] | Fair Value, 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] | ||
Commodity swaps | (4) | (4) |
Currency Swap [Member] | Net Investment Hedging [Member] | Current Other Assets [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 14 | 13 |
Currency Swap [Member] | Net Investment Hedging [Member] | Current Other Assets [Member] | Fair Value, 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] | ||
Foreign currency forwards and swaps | 0 | 0 |
Currency Swap [Member] | Net Investment Hedging [Member] | Current Other Assets [Member] | Fair Value, 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] | ||
Foreign currency forwards and swaps | 14 | 13 |
Currency Swap [Member] | Net Investment Hedging [Member] | Other Noncurrent Assets [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 26 | |
Currency Swap [Member] | Net Investment Hedging [Member] | Other Noncurrent Assets [Member] | Fair Value, 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] | ||
Foreign currency forwards and swaps | 0 | |
Currency Swap [Member] | Net Investment Hedging [Member] | Other Noncurrent Assets [Member] | Fair Value, 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] | ||
Foreign currency forwards and swaps | 26 | |
Currency Swap [Member] | Net Investment Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (7) | |
Currency Swap [Member] | Net Investment Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, 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] | ||
Foreign currency forwards and swaps | 0 | |
Currency Swap [Member] | Net Investment Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, 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] | ||
Foreign currency forwards and swaps | (7) | |
Currency Swap [Member] | Net Investment Hedging [Member] | Current Other liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (2) | (1) |
Currency Swap [Member] | Net Investment Hedging [Member] | Current Other liabilities [Member] | Fair Value, 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] | ||
Foreign currency forwards and swaps | 0 | 0 |
Currency Swap [Member] | Net Investment Hedging [Member] | Current Other liabilities [Member] | Fair Value, 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] | ||
Foreign currency forwards and swaps | $ (2) | $ (1) |
Fair Value Measurements (Sche_2
Fair Value Measurements (Schedule of Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity investments without readily determinable fair values, carrying amount | $ 170 | $ 170 |
Equity investments without readily determinable fair values, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, carrying amount | 36 | 35 |
Insurance contracts in nonqualified trusts, fair value | 36 | 35 |
Long-term debt, including current installments of long-term debt, carrying amount | 3,400 | 3,455 |
Long-term debt, including current installments of long-term debt, fair value | 3,312 | 3,600 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity investments without readily determinable fair values, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, fair value | 36 | 35 |
Long-term debt, including current installments of long-term debt, fair value | 3,180 | 3,456 |
Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity investments without readily determinable fair values, 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 | $ 132 | $ 144 |
Commitments and Contingencies (
Commitments and Contingencies (Guarantees - Demerger and Divesture Obligations Narrative) (Details) € in Millions, $ in Millions | 245 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2020EUR (€) | |
Indemnification Agreements Hoechst [Member] | ||
Loss Contingencies [Line Items] | ||
Number of divestiture agreements | 19 | 19 |
Indemnification amount | € | € 250 | |
Indemnification ceiling amount | € | € 750 | |
Indemnification percentage exceeding ceiling amount | 33.33% | 33.33% |
Loss contingency accrual, carrying value, payments | $ | $ 93 | |
Indemnification percentage, other | 33.33% | 33.33% |
Divestiture Agreements [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor obligations, maximum exposure | $ | $ 116 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Purchase Obligations Narrative) (Details) $ in Billions | Mar. 31, 2020USD ($) |
Long-term Purchase Commitment [Line Items] | |
Unrecorded unconditional purchase obligations | $ 1.1 |
Commitments and Contingencies_2
Commitments and Contingencies Commitments and Contingencies (European Commission Investigation) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
European Commission Investigation [Abstract] | |
Loss Contingency, Loss in Period | $ 89 |
Segment Information (Schedule o
Segment Information (Schedule of Business Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,460 | $ 1,687 | ||
Other (charges) gains, net (Note 14) | (6) | 4 | ||
Operating profit (loss) | 194 | 320 | ||
Equity in net earnings (loss) of affiliates | 57 | 50 | ||
Depreciation and amortization | 85 | 83 | ||
Capital expenditures | [1] | 86 | 54 | |
Goodwill and intangible assets, net | 1,358 | $ 1,386 | ||
Total assets | 9,545 | 9,476 | ||
Increase (decrease) in accrued capital expenditures | (33) | (25) | ||
Acetate Tow | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 129 | 166 | ||
Acetyl Chain | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [2] | 768 | 858 | |
Engineered Materials | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 563 | 663 | ||
Operating Segments [Member] | Acetate Tow | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 129 | 166 | ||
Other (charges) gains, net (Note 14) | (1) | 0 | ||
Operating profit (loss) | 27 | 40 | ||
Equity in net earnings (loss) of affiliates | 0 | 0 | ||
Depreciation and amortization | 8 | 10 | ||
Capital expenditures | 10 | 8 | ||
Goodwill and intangible assets, net | 152 | 153 | ||
Total assets | 947 | 977 | ||
Operating Segments [Member] | Acetyl Chain | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 799 | 889 | ||
Other (charges) gains, net (Note 14) | 0 | 0 | ||
Operating profit (loss) | 135 | 202 | ||
Equity in net earnings (loss) of affiliates | 1 | 1 | ||
Depreciation and amortization | 39 | 38 | ||
Capital expenditures | 43 | 26 | ||
Goodwill and intangible assets, net | 229 | 234 | ||
Total assets | 3,457 | 3,489 | ||
Operating Segments [Member] | Engineered Materials | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 563 | 663 | ||
Other (charges) gains, net (Note 14) | 0 | 15 | ||
Operating profit (loss) | 102 | 144 | ||
Equity in net earnings (loss) of affiliates | 53 | 46 | ||
Depreciation and amortization | 34 | 32 | ||
Capital expenditures | 24 | 16 | ||
Goodwill and intangible assets, net | 977 | 999 | ||
Total assets | 4,112 | 4,125 | ||
Corporate, Non-Segment [Member] | Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | ||
Other (charges) gains, net (Note 14) | (5) | (11) | ||
Operating profit (loss) | (70) | (66) | ||
Equity in net earnings (loss) of affiliates | 3 | 3 | ||
Depreciation and amortization | 4 | 3 | ||
Capital expenditures | 9 | 4 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Total assets | 1,029 | 885 | ||
Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [3] | (31) | (31) | |
Other (charges) gains, net (Note 14) | 0 | 0 | ||
Operating profit (loss) | 0 | 0 | ||
Equity in net earnings (loss) of affiliates | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Capital expenditures | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Total assets | 0 | $ 0 | ||
Eliminations [Member] | Acetyl Chain | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 31 | $ 31 | ||
[1] | Includes a decrease in accrued capital expenditures of $33 million and $25 million for the three months ended March 31, 2020 and 2019 , respectively. | |||
[2] | Excludes intersegment sales of $31 million and $31 million for the three months ended March 31, 2020 and 2019 , respectively. | |||
[3] | Includes intersegment sales primarily related to the Acetyl Chain. |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of net sales (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Revenue, Major Customer [Line Items] | |||
Net sales | $ 1,460 | $ 1,687 | |
Acetyl Chain | |||
Revenue, Major Customer [Line Items] | |||
Net sales | [1] | 768 | 858 |
Engineered Materials | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 563 | 663 | |
Acetate Tow | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 129 | 166 | |
Intersegment Eliminations [Member] | |||
Revenue, Major Customer [Line Items] | |||
Net sales | [2] | (31) | (31) |
Intersegment Eliminations [Member] | Acetyl Chain | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 31 | 31 | |
North America [Member] | Acetyl Chain | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 274 | 286 | |
North America [Member] | Engineered Materials | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 162 | 196 | |
North America [Member] | Acetate Tow | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 21 | 34 | |
Europe and Africa [Member] | Acetyl Chain | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 266 | 294 | |
Europe and Africa [Member] | Engineered Materials | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 260 | 302 | |
Europe and Africa [Member] | Acetate Tow | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 71 | 63 | |
Asia Pacific [Member] | Acetyl Chain | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 207 | 256 | |
Asia Pacific [Member] | Engineered Materials | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 123 | 148 | |
Asia Pacific [Member] | Acetate Tow | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 32 | 60 | |
South America [Member] | Acetyl Chain | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 21 | 22 | |
South America [Member] | Engineered Materials | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 18 | 17 | |
South America [Member] | Acetate Tow | |||
Revenue, Major Customer [Line Items] | |||
Net sales | $ 5 | $ 9 | |
[1] | Excludes intersegment sales of $31 million and $31 million for the three months ended March 31, 2020 and 2019 , respectively. | ||
[2] | Includes intersegment sales primarily related to the Acetyl Chain. |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligations (Details) $ in Millions | Mar. 31, 2020USD ($) |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 662 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 156 |
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]: 2021-01-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 185 |
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]: 2022-01-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 115 |
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 | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Amounts attributable to Celanese Corporation | |||
Earnings (loss) from continuing operations | $ 225 | $ 338 | |
Earnings (loss) from discontinued operations | (7) | (1) | |
Net earnings (loss) | $ 218 | $ 337 | |
Weighted average shares - basic | 119,251,689 | 127,542,328 | |
Incremental shares attributable to equity awards(1) | [1] | 648,155 | 673,372 |
Weighted average shares - diluted | 119,899,844 | 128,215,700 | |
[1] | Excludes 63,384 and 0 equity awards shares for the three months ended March 31, 2020 and 2019 , respectively, as their effect would have been antidilutive. |
Earnings (Loss) Per Share (Narr
Earnings (Loss) Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 63,384 | 0 |
Consolidating Guarantor Finan_3
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | $ 1,460 | $ 1,687 |
Cost of sales | (1,112) | (1,234) |
Gross profit | 348 | 453 |
Selling, general and administrative expenses | (125) | (120) |
Amortization of intangible assets | (5) | (6) |
Research and development expenses | (17) | (16) |
Other (charges) gains, net | (6) | 4 |
Foreign exchange gain (loss), net | (1) | 5 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 |
Operating profit (loss) | 194 | 320 |
Equity in net earnings (loss) of affiliates | 57 | 50 |
Non-operating pension and other postretirement employee benefit (expense) income | 28 | 17 |
Interest expense | (28) | (31) |
Interest income | 2 | 1 |
Dividend income - equity investments | 37 | 32 |
Other income (expense), net | 2 | (4) |
Earnings (loss) from continuing operations before tax | 292 | 385 |
Income tax (provision) benefit | (65) | (46) |
Earnings (loss) from continuing operations | 227 | 339 |
Earnings (loss) from operation of discontinued operations | (7) | (1) |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | (7) | (1) |
Net earnings (loss) | 220 | 338 |
Net (earnings) loss attributable to noncontrolling interests | (2) | (1) |
Net earnings (loss) attributable to Celanese Corporation | 218 | 337 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Research and development expenses | 0 | 0 |
Other (charges) gains, net | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 |
Operating profit (loss) | 0 | 0 |
Equity in net earnings (loss) of affiliates | 226 | 337 |
Non-operating pension and other postretirement employee benefit (expense) income | 0 | 0 |
Interest expense | (8) | 0 |
Interest income | 0 | 0 |
Dividend income - equity investments | 0 | 0 |
Other income (expense), net | 0 | 0 |
Earnings (loss) from continuing operations before tax | 218 | 337 |
Income tax (provision) benefit | 0 | 0 |
Earnings (loss) from continuing operations | 218 | 337 |
Earnings (loss) from operation of discontinued operations | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 |
Net earnings (loss) | 218 | 337 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 218 | 337 |
Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Research and development expenses | 0 | 0 |
Other (charges) gains, net | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 |
Operating profit (loss) | 0 | 0 |
Equity in net earnings (loss) of affiliates | 222 | 337 |
Non-operating pension and other postretirement employee benefit (expense) income | 0 | 0 |
Interest expense | (9) | (10) |
Interest income | 13 | 13 |
Dividend income - equity investments | 0 | 0 |
Other income (expense), net | 8 | 1 |
Earnings (loss) from continuing operations before tax | 234 | 341 |
Income tax (provision) benefit | (8) | (4) |
Earnings (loss) from continuing operations | 226 | 337 |
Earnings (loss) from operation of discontinued operations | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 |
Net earnings (loss) | 226 | 337 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 226 | 337 |
Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 560 | 624 |
Cost of sales | (460) | (458) |
Gross profit | 100 | 166 |
Selling, general and administrative expenses | (54) | (40) |
Amortization of intangible assets | (2) | (2) |
Research and development expenses | (7) | (6) |
Other (charges) gains, net | (8) | 0 |
Foreign exchange gain (loss), net | (1) | 0 |
Gain (loss) on disposition of businesses and assets, net | (2) | (2) |
Operating profit (loss) | 26 | 116 |
Equity in net earnings (loss) of affiliates | 188 | 217 |
Non-operating pension and other postretirement employee benefit (expense) income | 25 | 15 |
Interest expense | (30) | (31) |
Interest income | 10 | 2 |
Dividend income - equity investments | 0 | 0 |
Other income (expense), net | 1 | 0 |
Earnings (loss) from continuing operations before tax | 220 | 319 |
Income tax (provision) benefit | 5 | (7) |
Earnings (loss) from continuing operations | 225 | 312 |
Earnings (loss) from operation of discontinued operations | 0 | (1) |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | (1) |
Net earnings (loss) | 225 | 311 |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | 225 | 311 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 1,203 | 1,373 |
Cost of sales | (946) | (1,077) |
Gross profit | 257 | 296 |
Selling, general and administrative expenses | (71) | (80) |
Amortization of intangible assets | (3) | (4) |
Research and development expenses | (10) | (10) |
Other (charges) gains, net | 2 | 4 |
Foreign exchange gain (loss), net | 0 | 5 |
Gain (loss) on disposition of businesses and assets, net | 2 | 2 |
Operating profit (loss) | 177 | 213 |
Equity in net earnings (loss) of affiliates | 51 | 43 |
Non-operating pension and other postretirement employee benefit (expense) income | 3 | 2 |
Interest expense | (5) | (7) |
Interest income | 4 | 3 |
Dividend income - equity investments | 36 | 32 |
Other income (expense), net | (7) | (5) |
Earnings (loss) from continuing operations before tax | 259 | 281 |
Income tax (provision) benefit | (63) | (36) |
Earnings (loss) from continuing operations | 196 | 245 |
Earnings (loss) from operation of discontinued operations | (7) | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | (7) | 0 |
Net earnings (loss) | 189 | 245 |
Net (earnings) loss attributable to noncontrolling interests | (2) | (1) |
Net earnings (loss) attributable to Celanese Corporation | 187 | 244 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | (303) | (310) |
Cost of sales | 294 | 301 |
Gross profit | (9) | (9) |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Research and development expenses | 0 | 0 |
Other (charges) gains, net | 0 | 0 |
Foreign exchange gain (loss), net | 0 | 0 |
Gain (loss) on disposition of businesses and assets, net | 0 | 0 |
Operating profit (loss) | (9) | (9) |
Equity in net earnings (loss) of affiliates | (630) | (884) |
Non-operating pension and other postretirement employee benefit (expense) income | 0 | 0 |
Interest expense | 24 | 17 |
Interest income | (25) | (17) |
Dividend income - equity investments | 1 | 0 |
Other income (expense), net | 0 | 0 |
Earnings (loss) from continuing operations before tax | (639) | (893) |
Income tax (provision) benefit | 1 | 1 |
Earnings (loss) from continuing operations | (638) | (892) |
Earnings (loss) from operation of discontinued operations | 0 | 0 |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | 0 |
Net earnings (loss) | (638) | (892) |
Net (earnings) loss attributable to noncontrolling interests | 0 | 0 |
Net earnings (loss) attributable to Celanese Corporation | $ (638) | $ (892) |
Consolidating Guarantor Finan_4
Consolidating Guarantor Financial Information (Schedule of Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | $ 220 | $ 338 |
Foreign currency translation gain (loss) | (2) | 7 |
Gain (loss) on cash flow hedges | (39) | (3) |
Total other comprehensive income (loss), net of tax | (41) | 4 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 179 | 342 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (2) | (1) |
Comprehensive income (loss) attributable to Celanese Corporation | 177 | 341 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | 218 | 337 |
Foreign currency translation gain (loss) | (2) | 7 |
Gain (loss) on cash flow hedges | (39) | (3) |
Total other comprehensive income (loss), net of tax | (41) | 4 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 177 | 341 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 177 | 341 |
Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | 226 | 337 |
Foreign currency translation gain (loss) | (2) | 7 |
Gain (loss) on cash flow hedges | (39) | (3) |
Total other comprehensive income (loss), net of tax | (41) | 4 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 185 | 341 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 185 | 341 |
Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | 225 | 311 |
Foreign currency translation gain (loss) | (44) | (18) |
Gain (loss) on cash flow hedges | (1) | 6 |
Total other comprehensive income (loss), net of tax | (45) | (12) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 180 | 299 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | 180 | 299 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | 189 | 245 |
Foreign currency translation gain (loss) | (54) | (24) |
Gain (loss) on cash flow hedges | 0 | 8 |
Total other comprehensive income (loss), net of tax | (54) | (16) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 135 | 229 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (2) | (1) |
Comprehensive income (loss) attributable to Celanese Corporation | 133 | 228 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net earnings (loss) | (638) | (892) |
Foreign currency translation gain (loss) | 100 | 35 |
Gain (loss) on cash flow hedges | 40 | (11) |
Total other comprehensive income (loss), net of tax | 140 | 24 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (498) | (868) |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 |
Comprehensive income (loss) attributable to Celanese Corporation | $ (498) | $ (868) |
Consolidating Guarantor Finan_5
Consolidating Guarantor Financial Information (Schedule of Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Current Assets | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 570 | $ 463 | $ 441 | $ 439 | |
Trade receivables - third party and affiliates | 853 | 850 | |||
Non-trade receivables, net | 307 | 331 | |||
Inventories, net | 1,036 | 1,038 | |||
Marketable securities | 38 | 40 | |||
Other assets | 51 | 43 | |||
Total current assets | 2,855 | 2,765 | |||
Investments in affiliates | 981 | 975 | |||
Property, Plant and Equipment, Net | 3,678 | 3,713 | |||
Operating Lease, Right-of-Use Asset | 201 | 203 | |||
Deferred income taxes | 91 | 96 | |||
Other assets | 381 | 338 | |||
Goodwill | 1,056 | [1] | 1,074 | ||
Intangible Assets, Net (Excluding Goodwill) | 302 | 312 | |||
Total assets | 9,545 | 9,476 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 749 | 496 | |||
Trade payables - third party and affiliates | 724 | 780 | |||
Other liabilities | 422 | 461 | |||
Income taxes payable | 33 | 17 | |||
Total current liabilities | 1,928 | 1,754 | |||
Noncurrent Liabilities | |||||
Long-term debt, net of unamortized deferred financing costs | 3,356 | 3,409 | |||
Deferred income taxes | 258 | 257 | |||
Uncertain tax positions | 161 | 165 | |||
Benefit obligations | 568 | 589 | |||
Operating Lease, Liability, Noncurrent | 175 | 181 | |||
Other liabilities | 263 | 223 | |||
Total noncurrent liabilities | 4,781 | 4,824 | |||
Total Celanese Corporation stockholders' equity | 2,448 | 2,507 | 3,047 | ||
Noncontrolling interests | 388 | 391 | |||
Total equity | 2,836 | 2,898 | 3,439 | ||
Total liabilities and equity | 9,545 | 9,476 | |||
Parent Guarantor [Member] | |||||
Current Assets | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 | |
Trade receivables - third party and affiliates | 0 | 0 | |||
Non-trade receivables, net | 57 | 56 | |||
Inventories, net | 0 | 0 | |||
Marketable securities | 0 | 0 | |||
Other assets | 0 | 0 | |||
Total current assets | 57 | 56 | |||
Investments in affiliates | 4,236 | 4,064 | |||
Property, Plant and Equipment, Net | 0 | 0 | |||
Operating Lease, Right-of-Use Asset | 0 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Other assets | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | |||
Total assets | 4,293 | 4,120 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 1,845 | 1,596 | |||
Trade payables - third party and affiliates | 0 | 17 | |||
Other liabilities | 0 | 0 | |||
Income taxes payable | 0 | 0 | |||
Total current liabilities | 1,845 | 1,613 | |||
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 | |||
Operating Lease, Liability, Noncurrent | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Total noncurrent liabilities | 0 | 0 | |||
Total Celanese Corporation stockholders' equity | 2,448 | 2,507 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | 2,448 | 2,507 | |||
Total liabilities and equity | 4,293 | 4,120 | |||
Issuer [Member] | |||||
Current Assets | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 20 | 0 | 0 | 0 | |
Trade receivables - third party and affiliates | 0 | 0 | |||
Non-trade receivables, net | 1,521 | 1,188 | |||
Inventories, net | 0 | 0 | |||
Marketable securities | 0 | 0 | |||
Other assets | 43 | 36 | |||
Total current assets | 1,584 | 1,224 | |||
Investments in affiliates | 5,375 | 5,217 | |||
Property, Plant and Equipment, Net | 0 | 0 | |||
Operating Lease, Right-of-Use Asset | 0 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Other assets | 1,683 | 1,661 | |||
Goodwill | 0 | 0 | |||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | |||
Total assets | 8,642 | 8,102 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 720 | 374 | |||
Trade payables - third party and affiliates | 0 | 0 | |||
Other liabilities | 70 | 49 | |||
Income taxes payable | 0 | 0 | |||
Total current liabilities | 790 | 423 | |||
Noncurrent Liabilities | |||||
Long-term debt, net of unamortized deferred financing costs | 3,516 | 3,565 | |||
Deferred income taxes | 7 | 3 | |||
Uncertain tax positions | 2 | 0 | |||
Benefit obligations | 0 | 0 | |||
Operating Lease, Liability, Noncurrent | 0 | 0 | |||
Other liabilities | 91 | 47 | |||
Total noncurrent liabilities | 3,616 | 3,615 | |||
Total Celanese Corporation stockholders' equity | 4,236 | 4,064 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | 4,236 | 4,064 | |||
Total liabilities and equity | 8,642 | 8,102 | |||
Subsidiary Guarantors [Member] | |||||
Current Assets | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 21 | 16 | 69 | 30 | |
Trade receivables - third party and affiliates | 131 | 122 | |||
Non-trade receivables, net | 2,136 | 1,925 | |||
Inventories, net | 366 | 360 | |||
Marketable securities | 22 | 24 | |||
Other assets | 14 | 11 | |||
Total current assets | 2,690 | 2,458 | |||
Investments in affiliates | 4,316 | 4,206 | |||
Property, Plant and Equipment, Net | 1,476 | 1,461 | |||
Operating Lease, Right-of-Use Asset | 51 | 50 | |||
Deferred income taxes | 0 | 0 | |||
Other assets | 224 | 195 | |||
Goodwill | 399 | 399 | |||
Intangible Assets, Net (Excluding Goodwill) | 123 | 125 | |||
Total assets | 9,279 | 8,894 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 1,384 | 1,089 | |||
Trade payables - third party and affiliates | 299 | 333 | |||
Other liabilities | 162 | 188 | |||
Income taxes payable | 436 | 439 | |||
Total current liabilities | 2,281 | 2,049 | |||
Noncurrent Liabilities | |||||
Long-term debt, net of unamortized deferred financing costs | 1,677 | 1,677 | |||
Deferred income taxes | 101 | 101 | |||
Uncertain tax positions | 0 | 0 | |||
Benefit obligations | 252 | 257 | |||
Operating Lease, Liability, Noncurrent | 41 | 40 | |||
Other liabilities | 90 | 93 | |||
Total noncurrent liabilities | 2,161 | 2,168 | |||
Total Celanese Corporation stockholders' equity | 4,837 | 4,677 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | 4,837 | 4,677 | |||
Total liabilities and equity | 9,279 | 8,894 | |||
Non-Guarantors [Member] | |||||
Current Assets | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 529 | 447 | 372 | 409 | |
Trade receivables - third party and affiliates | 866 | 851 | |||
Non-trade receivables, net | 786 | 743 | |||
Inventories, net | 725 | 725 | |||
Marketable securities | 16 | 16 | |||
Other assets | 55 | 38 | |||
Total current assets | 2,977 | 2,820 | |||
Investments in affiliates | 851 | 841 | |||
Property, Plant and Equipment, Net | 2,202 | 2,252 | |||
Operating Lease, Right-of-Use Asset | 150 | 153 | |||
Deferred income taxes | 96 | 101 | |||
Other assets | 435 | 445 | |||
Goodwill | 657 | 675 | |||
Intangible Assets, Net (Excluding Goodwill) | 179 | 187 | |||
Total assets | 7,547 | 7,474 | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 361 | 385 | |||
Trade payables - third party and affiliates | 569 | 553 | |||
Other liabilities | 383 | 397 | |||
Income taxes payable | 97 | 80 | |||
Total current liabilities | 1,410 | 1,415 | |||
Noncurrent Liabilities | |||||
Long-term debt, net of unamortized deferred financing costs | 90 | 101 | |||
Deferred income taxes | 155 | 158 | |||
Uncertain tax positions | 169 | 169 | |||
Benefit obligations | 316 | 332 | |||
Operating Lease, Liability, Noncurrent | 134 | 140 | |||
Other liabilities | 115 | 118 | |||
Total noncurrent liabilities | 979 | 1,018 | |||
Total Celanese Corporation stockholders' equity | 4,770 | 4,650 | |||
Noncontrolling interests | 388 | 391 | |||
Total equity | 5,158 | 5,041 | |||
Total liabilities and equity | 7,547 | 7,474 | |||
Eliminations [Member] | |||||
Current Assets | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | $ 0 | $ 0 | |
Trade receivables - third party and affiliates | (144) | (123) | |||
Non-trade receivables, net | (4,193) | (3,581) | |||
Inventories, net | (55) | (47) | |||
Marketable securities | 0 | 0 | |||
Other assets | (61) | (42) | |||
Total current assets | (4,453) | (3,793) | |||
Investments in affiliates | (13,797) | (13,353) | |||
Property, Plant and Equipment, Net | 0 | 0 | |||
Operating Lease, Right-of-Use Asset | 0 | 0 | |||
Deferred income taxes | (5) | (5) | |||
Other assets | (1,961) | (1,963) | |||
Goodwill | 0 | 0 | |||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | |||
Total assets | (20,216) | (19,114) | |||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | (3,561) | (2,948) | |||
Trade payables - third party and affiliates | (144) | (123) | |||
Other liabilities | (193) | (173) | |||
Income taxes payable | (500) | (502) | |||
Total current liabilities | (4,398) | (3,746) | |||
Noncurrent Liabilities | |||||
Long-term debt, net of unamortized deferred financing costs | (1,927) | (1,934) | |||
Deferred income taxes | (5) | (5) | |||
Uncertain tax positions | (10) | (4) | |||
Benefit obligations | 0 | 0 | |||
Operating Lease, Liability, Noncurrent | 0 | 1 | |||
Other liabilities | (33) | (35) | |||
Total noncurrent liabilities | (1,975) | (1,977) | |||
Total Celanese Corporation stockholders' equity | (13,843) | (13,391) | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | (13,843) | (13,391) | |||
Total liabilities and equity | $ (20,216) | $ (19,114) | |||
[1] | There were $0 million of accumulated impairment losses as of March 31, 2020 . |
Consolidating Guarantor Finan_6
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 570 | $ 441 | $ 463 | $ 439 |
Net cash provided by (used in) operating activities | 259 | 307 | ||
Investing Activities | ||||
Capital expenditures on property, plant and equipment | (119) | (79) | ||
Acquisitions, net of cash acquired | 0 | (91) | ||
Return of capital from subsidiary | 0 | 0 | ||
Intercompany loan receipts (disbursements) | 0 | 0 | ||
Other, net | (9) | (7) | ||
Net cash provided by (used in) investing activities | (128) | (177) | ||
Financing Activities | ||||
Net change in short-term borrowings with maturities of 3 months or less | (39) | 197 | ||
Proceeds from short-term borrowings | 300 | 0 | ||
Repayments of short-term borrowings | 0 | (12) | ||
Repayments of long-term debt | (9) | (7) | ||
Purchases of treasury stock, including related fees | (167) | (212) | ||
Dividends to parent | 0 | |||
Common stock dividends | (74) | (70) | ||
Return of capital to parent | 0 | 0 | ||
Distributions to noncontrolling interests | (5) | (4) | ||
Other, net | (22) | (22) | ||
Net cash provided by (used in) financing activities | (16) | (130) | ||
Exchange rate effects on cash and cash equivalents | (8) | 2 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 107 | 2 | ||
Parent Guarantor [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 |
Net cash provided by (used in) operating activities | 241 | 282 | ||
Investing Activities | ||||
Capital expenditures on property, plant and equipment | 0 | 0 | ||
Acquisitions, net of cash acquired | 0 | |||
Return of capital from 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 | |||
Repayments of long-term debt | 0 | 0 | ||
Purchases of treasury stock, including related fees | (167) | (212) | ||
Dividends to parent | 0 | |||
Common stock dividends | (74) | (70) | ||
Return of capital to parent | 0 | 0 | ||
Distributions to noncontrolling interests | 0 | 0 | ||
Other, net | 0 | 0 | ||
Net cash provided by (used in) financing activities | (241) | (282) | ||
Exchange rate effects on cash and cash equivalents | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 0 | 0 | ||
Issuer [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 20 | 0 | 0 | 0 |
Net cash provided by (used in) operating activities | (280) | 26 | ||
Investing Activities | ||||
Capital expenditures on property, plant and equipment | 0 | 0 | ||
Acquisitions, net of cash acquired | 0 | |||
Return of capital from 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 | 246 | ||
Proceeds from short-term borrowings | 300 | 0 | ||
Repayments of short-term borrowings | 0 | |||
Repayments of long-term debt | 0 | 0 | ||
Purchases of treasury stock, including related fees | 0 | 0 | ||
Dividends to parent | (272) | |||
Common stock dividends | 0 | 0 | ||
Return of capital to parent | 0 | 0 | ||
Distributions to noncontrolling interests | 0 | 0 | ||
Other, net | 0 | 0 | ||
Net cash provided by (used in) financing activities | 300 | (26) | ||
Exchange rate effects on cash and cash equivalents | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 20 | 0 | ||
Subsidiary Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 21 | 69 | 16 | 30 |
Net cash provided by (used in) operating activities | 129 | 1,032 | ||
Investing Activities | ||||
Capital expenditures on property, plant and equipment | (69) | (42) | ||
Acquisitions, net of cash acquired | (31) | |||
Return of capital from subsidiary | 5 | 4 | ||
Intercompany loan receipts (disbursements) | (19) | (646) | ||
Other, net | 0 | 2 | ||
Net cash provided by (used in) investing activities | (83) | (713) | ||
Financing Activities | ||||
Net change in short-term borrowings with maturities of 3 months or less | (20) | (9) | ||
Proceeds from short-term borrowings | 0 | 0 | ||
Repayments of short-term borrowings | 0 | |||
Repayments of long-term debt | (1) | 0 | ||
Purchases of treasury stock, including related fees | 0 | 0 | ||
Dividends to parent | (251) | |||
Common stock dividends | 0 | 0 | ||
Return of capital to parent | 0 | 0 | ||
Distributions to noncontrolling interests | 0 | 0 | ||
Other, net | (20) | (20) | ||
Net cash provided by (used in) financing activities | (41) | (280) | ||
Exchange rate effects on cash and cash equivalents | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 5 | 39 | ||
Non-Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 529 | 372 | 447 | 409 |
Net cash provided by (used in) operating activities | 169 | 528 | ||
Investing Activities | ||||
Capital expenditures on property, plant and equipment | (50) | (37) | ||
Acquisitions, net of cash acquired | (60) | |||
Return of capital from subsidiary | 0 | 0 | ||
Intercompany loan receipts (disbursements) | 0 | 0 | ||
Other, net | (9) | (9) | ||
Net cash provided by (used in) investing activities | (59) | (106) | ||
Financing Activities | ||||
Net change in short-term borrowings with maturities of 3 months or less | 0 | (4) | ||
Proceeds from short-term borrowings | 0 | 610 | ||
Repayments of short-term borrowings | (12) | |||
Repayments of long-term debt | (8) | (7) | ||
Purchases of treasury stock, including related fees | 0 | 0 | ||
Dividends to parent | (1,038) | |||
Common stock dividends | 0 | 0 | ||
Return of capital to parent | (5) | (4) | ||
Distributions to noncontrolling interests | (5) | (4) | ||
Other, net | (2) | (2) | ||
Net cash provided by (used in) financing activities | (20) | (461) | ||
Exchange rate effects on cash and cash equivalents | (8) | 2 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 82 | (37) | ||
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | $ 0 | $ 0 |
Net cash provided by (used in) operating activities | 0 | (1,561) | ||
Investing Activities | ||||
Capital expenditures on property, plant and equipment | 0 | 0 | ||
Acquisitions, net of cash acquired | 0 | |||
Return of capital from subsidiary | (5) | (4) | ||
Intercompany loan receipts (disbursements) | 19 | 646 | ||
Other, net | 0 | 0 | ||
Net cash provided by (used in) investing activities | 14 | 642 | ||
Financing Activities | ||||
Net change in short-term borrowings with maturities of 3 months or less | (19) | (36) | ||
Proceeds from short-term borrowings | 0 | (610) | ||
Repayments of short-term borrowings | 0 | |||
Repayments of long-term debt | 0 | 0 | ||
Purchases of treasury stock, including related fees | 0 | 0 | ||
Dividends to parent | 1,561 | |||
Common stock dividends | 0 | 0 | ||
Return of capital to parent | 5 | 4 | ||
Distributions to noncontrolling interests | 0 | 0 | ||
Other, net | 0 | 0 | ||
Net cash provided by (used in) financing activities | (14) | 919 | ||
Exchange rate effects on cash and cash equivalents | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $ 0 | $ 0 |
Consolidating Guarantor Finan_7
Consolidating Guarantor Financial Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Consolidating Guarantor Financial Information (Narrative) [Abstract] | |
Equity Method Investments Ownership Percentage of Subsidiary | 100.00% |