Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 28, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Small Reporting Company | false | ||
Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 16,818,745,123 | ||
Entity Common Stock, Shares Outstanding | 108,029,161 | ||
Entity Central Index Key | 0001306830 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Trading Symbol | CE | ||
Security Exchange Name | NYSE | ||
Senior Unsecured Notes Due 2023 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.125% Senior Notes due 2023 | ||
Trading Symbol | CE /23 | ||
Security Exchange Name | NYSE | ||
Senior Unsecured Notes Due 2025 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.250% Senior Notes due 2025 | ||
Trading Symbol | CE /25 | ||
Security Exchange Name | NYSE | ||
Senior Unsecured Notes Due 2027 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2.125% Senior Notes due 2027 | ||
Trading Symbol | CE /27 | ||
Security Exchange Name | NYSE | ||
Senior Unsecured Notes Due 2028 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.625% Senior Notes due 2028 | ||
Trading Symbol | CE /28 | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Dallas, TX |
Auditor Firm ID | 185 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 8,537 | $ 5,655 | $ 6,297 |
Cost of sales | (5,855) | (4,362) | (4,691) |
Gross profit | 2,682 | 1,293 | 1,606 |
Selling, general and administrative expenses | (633) | (482) | (483) |
Amortization of intangible assets | (25) | (22) | (24) |
Research and development expenses | (86) | (74) | (67) |
Other (charges) gains, net | 3 | (39) | (203) |
Foreign exchange gain (loss), net | 2 | (5) | 7 |
Gain (loss) on disposition of businesses and assets, net | 3 | (7) | (2) |
Operating profit (loss) | 1,946 | 664 | 834 |
Equity in net earnings (loss) of affiliates | 146 | 134 | 182 |
Non-operating pension and other postretirement employee benefit (expense) income | 106 | 17 | (20) |
Interest expense | (91) | (109) | (115) |
Refinancing expense | (9) | 0 | (4) |
Interest income | 8 | 6 | 6 |
Dividend income - equity investments | 147 | 126 | 113 |
Gain (loss) on sale of investments in affiliates | 0 | 1,408 | 0 |
Other income (expense), net | (5) | 5 | (8) |
Earnings (loss) from continuing operations before tax | 2,248 | 2,251 | 988 |
Income tax (provision) benefit | (330) | (247) | (124) |
Earnings (loss) from continuing operations | 1,918 | 2,004 | 864 |
Earnings (loss) from operation of discontinued operations | (27) | (14) | (8) |
Income tax (provision) benefit from discontinued operations | 5 | 2 | 2 |
Earnings (loss) from discontinued operations | (22) | (12) | (6) |
Net earnings (loss) | 1,896 | 1,992 | 858 |
Net (earnings) loss attributable to noncontrolling interests | (6) | (7) | (6) |
Net earnings (loss) attributable to Celanese Corporation | 1,890 | 1,985 | 852 |
Amounts attributable to Celanese Corporation | |||
Earnings (loss) from continuing operations | 1,912 | 1,997 | 858 |
Earnings (loss) from discontinued operations | (22) | (12) | (6) |
Net earnings (loss) attributable to Celanese Corporation | $ 1,890 | $ 1,985 | $ 852 |
Earnings (loss) per common share - basic | |||
Continuing operations | $ 17.19 | $ 16.95 | $ 6.93 |
Discontinued operations | (0.20) | (0.10) | (0.05) |
Net earnings (loss) - basic | 16.99 | 16.85 | 6.88 |
Earnings (loss) per common share - diluted | |||
Continuing operations | 17.06 | 16.85 | 6.89 |
Discontinued operations | (0.20) | (0.10) | (0.05) |
Net earnings (loss) - diluted | $ 16.86 | $ 16.75 | $ 6.84 |
Weighted average shares - basic | 111,224,017 | 117,817,445 | 123,925,697 |
Weighted average shares - diluted | 112,084,412 | 118,481,376 | 124,651,759 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ 1,896 | $ 1,992 | $ 858 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation | (11) | (8) | (16) |
Gain (loss) on cash flow hedges | 13 | (18) | (30) |
Pension and postretirement benefits | (3) | (2) | (7) |
Total other comprehensive income (loss), net of tax | (1) | (28) | (53) |
Total comprehensive income (loss), net of tax | 1,895 | 1,964 | 805 |
Comprehensive (income) loss attributable to noncontrolling interests | (6) | (7) | (6) |
Comprehensive income (loss) attributable to Celanese Corporation | $ 1,889 | $ 1,957 | $ 799 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Current Assets | |||
Cash and cash equivalents | $ 536 | $ 955 | |
Trade receivables - third party and affiliates | 1,161 | 792 | |
Non-trade receivables, net | 506 | 450 | |
Inventories | 1,524 | 978 | |
Marketable securities | 10 | 533 | |
Other assets | 70 | 55 | |
Total current assets | 3,807 | 3,763 | |
Investments in affiliates | 823 | 820 | |
Property, plant and equipment (net of accumulated depreciation - 2021: $3,484; 2020: $3,279) | 4,193 | 3,939 | |
Operating lease right-of-use assets | 236 | 232 | |
Deferred income taxes | 248 | 259 | |
Other assets | 521 | 411 | |
Goodwill | 1,412 | [1] | 1,166 |
Intangible assets, net | 735 | 319 | |
Total assets | 11,975 | 10,909 | |
Current Liabilities | |||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 791 | 496 | |
Trade payables - third party and affiliates | 1,160 | 797 | |
Other liabilities | 473 | 680 | |
Income taxes payable | 81 | 0 | |
Total current liabilities | 2,505 | 1,973 | |
Long-term debt, net of unamortized deferred financing costs | 3,176 | 3,227 | |
Deferred income taxes | 555 | 509 | |
Uncertain tax positions | 280 | 240 | |
Benefit obligations | 558 | 643 | |
Operating lease liabilities | 200 | 208 | |
Other liabilities | 164 | 214 | |
Commitments and Contingencies | |||
Stockholders' Equity | |||
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2021 and 2020: 0 issued and outstanding) | 0 | 0 | |
Common stock, $0.0001 par value, 400,000,000 shares authorized (2021: 169,760,024 issued and 108,023,735 outstanding; 2020: 169,402,979 issued and 114,168,464 outstanding) | 0 | 0 | |
Treasury stock, at cost (2021: 61,736,289 shares; 2020: 55,234,515 shares) | (5,492) | (4,494) | |
Additional paid-in capital | 333 | 257 | |
Retained earnings | 9,677 | 8,091 | |
Accumulated other comprehensive income (loss), net | (329) | (328) | |
Total Celanese Corporation stockholders' equity | 4,189 | 3,526 | |
Noncontrolling interests | 348 | 369 | |
Total equity | 4,537 | 3,895 | |
Total liabilities and equity | $ 11,975 | $ 10,909 | |
[1] | There were no accumulated impairment losses as of December 31, 2021. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 3,484 | $ 3,279 |
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 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 169,760,024 | 169,402,979 |
Common stock, shares outstanding | 108,023,735 | 114,168,464 |
Treasury stock, shares | 61,736,289 | 55,234,515 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | Noncontrolling Interests [Member] |
Shares, Issued | 128,095,849 | 40,323,105 | |||||
Balance as of the beginning of the period at Dec. 31, 2018 | $ 395 | ||||||
Balance as of the beginning of the year at Dec. 31, 2018 | $ 0 | $ (2,849) | $ 233 | $ 5,847 | $ (247) | ||
Stock option exercises, net of tax | $ 0 | (1) | |||||
Stock option exercises, shares | 14,045 | ||||||
Stock awards, shares | 611,580 | ||||||
Stock awards | $ 0 | ||||||
Purchases of treasury stock, shares | 9,166,267 | 9,166,267 | (9,166,267) | ||||
Purchases of treasury stock, including related fees | $ (1,000) | $ 0 | $ (1,000) | ||||
Stock-based compensation, net of tax | 3 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 852 | 852 | |||||
Common stock dividends | (300) | ||||||
Other comprehensive income (loss), net of tax | (53) | (53) | |||||
Balance as of the end of the year at Dec. 31, 2019 | 2,507 | $ 0 | $ (3,846) | 254 | 6,399 | (300) | |
Balance as of the end of the period, shares at Dec. 31, 2019 | 119,555,207 | 49,417,965 | |||||
Net earnings (loss) attributable to noncontrolling interests | (6) | (6) | |||||
Balance as of the end of the period at Dec. 31, 2019 | 391 | ||||||
Total equity at Dec. 31, 2019 | $ 2,898 | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | (71,407) | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 22 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (10) | ||||||
Shares, Issued | 119,555,207 | 49,417,965 | |||||
Stock option exercises, net of tax | $ 0 | 0 | |||||
Stock option exercises, shares | 0 | ||||||
Stock awards, shares | 502,330 | ||||||
Stock awards | $ 0 | ||||||
Purchases of treasury stock, shares | 5,889,073 | 5,889,073 | (5,889,073) | ||||
Purchases of treasury stock, including related fees | $ (650) | $ 0 | $ (650) | ||||
Stock-based compensation, net of tax | 2 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 1,985 | 1,985 | |||||
Common stock dividends | (293) | ||||||
Other comprehensive income (loss), net of tax | (28) | (28) | |||||
Balance as of the end of the year at Dec. 31, 2020 | 3,526 | $ 0 | $ (4,494) | 257 | 8,091 | (328) | |
Balance as of the end of the period, shares at Dec. 31, 2020 | 114,168,464 | 55,234,515 | |||||
Net earnings (loss) attributable to noncontrolling interests | (7) | (7) | |||||
Balance as of the end of the period at Dec. 31, 2020 | 369 | 369 | |||||
Total equity at Dec. 31, 2020 | $ 3,895 | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | (72,523) | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 3 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (29) | ||||||
Shares, Issued | 114,168,464 | 55,234,515 | |||||
Stock option exercises, net of tax | $ 0 | 0 | |||||
Stock option exercises, shares | 0 | ||||||
Stock awards, shares | 411,649 | ||||||
Stock awards | $ 0 | ||||||
Purchases of treasury stock, shares | 6,556,378 | 6,556,378 | (6,556,378) | ||||
Purchases of treasury stock, including related fees | $ (1,000) | $ 0 | $ (1,000) | ||||
Stock-based compensation, net of tax | 2 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 1,890 | 1,890 | |||||
Common stock dividends | (304) | ||||||
Other comprehensive income (loss), net of tax | (1) | (1) | |||||
Balance as of the end of the year at Dec. 31, 2021 | 4,189 | $ 0 | $ (5,492) | 333 | $ 9,677 | $ (329) | |
Balance as of the end of the period, shares at Dec. 31, 2021 | 108,023,735 | 61,736,289 | |||||
Net earnings (loss) attributable to noncontrolling interests | (6) | (6) | |||||
Balance as of the end of the period at Dec. 31, 2021 | 348 | 348 | |||||
Total equity at Dec. 31, 2021 | $ 4,537 | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | (54,604) | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 76 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (27) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Cash Flows [Abstract] | |||
Net earnings (loss) | $ 1,896 | $ 1,992 | $ 858 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities | |||
Asset impairments | 2 | 31 | 83 |
Depreciation, amortization and accretion | 378 | 356 | 356 |
Pension and postretirement net periodic benefit cost | (136) | (99) | (58) |
Pension and postretirement contributions | (51) | (48) | (47) |
Actuarial (gain) loss on pension and postretirement plans | 41 | 96 | 87 |
Pension curtailments and settlements, net | 3 | (1) | 0 |
Deferred income taxes, net | 13 | 77 | (31) |
(Gain) loss on disposition of businesses and assets, net | (5) | 3 | 3 |
Stock-based compensation | 95 | 28 | 48 |
Undistributed earnings in unconsolidated affiliates | (34) | 13 | (14) |
Gain on Sale of Investments | 0 | (1,408) | 0 |
Other, net | 28 | 18 | 18 |
Operating cash provided by (used in) discontinued operations | 15 | 5 | 0 |
Changes in operating assets and liabilities | |||
Trade receivables - third party and affiliates, net | (396) | 141 | 165 |
Inventories | (367) | 124 | 6 |
Other assets | (80) | 60 | (9) |
Trade payables - third party and affiliates | 353 | (6) | (59) |
Other liabilities | 2 | (39) | 48 |
Net cash provided by (used in) operating activities | 1,757 | 1,343 | 1,454 |
Investing Activities | |||
Capital expenditures on property, plant and equipment | (467) | (364) | (370) |
Acquisitions, net of cash acquired | (1,142) | (100) | (91) |
Proceeds from sale of businesses and assets, net | 27 | 21 | 1 |
Proceeds from Sale of Equity Method Investments | 0 | 1,575 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 516 | 43 | 0 |
Purchases of marketable securities | 0 | (544) | (16) |
Other, net | (53) | (39) | (17) |
Net cash provided by (used in) investing activities | (1,119) | 592 | (493) |
Financing Activities | |||
Net change in short-term borrowings with maturities of 3 months or less | 206 | (287) | 247 |
Proceeds from short-term borrowings | 0 | 311 | 117 |
Repayments of short-term borrowings | (6) | (466) | (91) |
Proceeds from long-term debt | 990 | 0 | 499 |
Repayments of long-term debt | (786) | (30) | (360) |
Purchases of treasury stock, including related fees | (1,000) | (650) | (996) |
Stock option exercises | 0 | 0 | (1) |
Common stock dividends | (304) | (293) | (300) |
(Distributions to) contributions from noncontrolling interests | (27) | (29) | (10) |
Other, net | (43) | (27) | (40) |
Net cash provided by (used in) financing activities | (1,042) | (1,471) | (935) |
Exchange rate effects on cash and cash equivalents | (15) | 28 | (2) |
Net increase (decrease) in cash and cash equivalents | (419) | 492 | 24 |
Cash and cash equivalents as of beginning of period | 955 | 463 | 439 |
Cash and cash equivalents as of end of period | 536 | 955 | 463 |
Payments for (Proceeds from) Hedge, Financing Activities | $ (72) | $ 0 | $ 0 |
Description of the Company and
Description of the Company and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
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 Annual Report on Form 10-K ("Annual Report"), the term "Celanese" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The term "Celanese U.S." refers to the Company's subsidiary, Celanese US Holdings LLC, a Delaware limited liability company, and not its subsidiaries. Basis of Presentation The consolidated financial statements contained in this Annual Report were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. 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 consolidated financial statements and other financial information included in this Annual Report, unless otherwise specified, have been presented to separately show the effects of discontinued operations. 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 Annual 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. |
Summary of Accounting Policies
Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Accounting Policies | Summary of Accounting Policies Critical Accounting Policies Recoverability of Goodwill and Indefinite-Lived Assets The Company assesses the recoverability of the carrying amount of its reporting unit goodwill and other indefinite-lived intangible assets either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. Recoverability of the carrying amount of goodwill is measured at the reporting unit level. The Company assesses the recoverability of finite-lived intangible assets in the same manner as for property, plant and equipment. Impairment losses are generally recorded in Other (charges) gains, net in the consolidated statements of operations. When assessing the recoverability of goodwill and other indefinite-lived intangible assets, the Company may first assess qualitative factors in determining whether it is more likely than not that the fair value of a reporting unit, including goodwill, or an other indefinite-lived intangible asset is less than its carrying amount. The qualitative evaluation is an assessment of multiple factors, including the current operating environment, financial performance and market considerations. The Company may elect to bypass this qualitative assessment for some or all of its reporting units or other indefinite-lived intangible assets and perform a quantitative test, based on management's judgment. In performing a quantitative analysis of goodwill, the Company measures the recoverability of goodwill for each reporting unit using a discounted cash flow model incorporating discount rates commensurate with the risks involved, which is classified as a Level 3 fair value measurement. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, tax rates, cash flow projections and terminal value rates. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. Discount rates used are similar to the rates estimated by the weighted average cost of capital ("WACC") considering any differences in company-specific risk factors. The Company may engage third-party valuation consultants to assist with this process. Management tests other indefinite-lived intangible assets for impairment quantitatively utilizing the relief from royalty method under the income approach to determine the estimated fair value for each indefinite-lived intangible asset, which is classified as a Level 3 fair value measurement. The relief from royalty method estimates the Company's theoretical royalty savings from ownership of the intangible asset. The key assumptions used in this model include discount rates, royalty rates, growth rates, tax rates, sales projections and terminal value rates. Discount rates, royalty rates, growth rates and sales projections are the assumptions most sensitive and susceptible to change as they require significant management judgment. Discount rates used are similar to the rates estimated by the WACC considering any differences in company-specific risk factors. Royalty rates are established by management and are periodically substantiated by third-party valuation consultants. Pension and Other Postretirement Obligations The Company recognizes a balance sheet asset or liability for each of its pension and other postretirement benefit plans equal to the plan's funded status as of a December 31 measurement date. The amounts recognized in the consolidated financial statements related to pension and other postretirement benefits are determined on an actuarial basis. Various assumptions are used in the calculation of the actuarial valuation of the employee benefit plans. These assumptions include the discount rate, compensation levels, expected long-term rates of return on plan assets and trends in health care costs. In addition, actuarial consultants use factors such as withdrawal and mortality rates to estimate the projected benefit obligation. The Company applies the long-term expected rate of return to the fair value of plan assets and immediately recognizes in operating results the change in fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each fiscal year and whenever a plan is required to be remeasured. Events requiring a plan remeasurement will be recognized in the quarter in which such remeasurement event occurs. The remaining components of pension and other postretirement plan net periodic benefit costs are recorded on a quarterly basis. The Company allocates the service cost and amortization of prior service cost (or credit) components of its pension and postretirement plans to its business segments. Interest cost, expected return on assets and net actuarial gains and losses are considered financing activities managed at the corporate level and are recorded to Other Activities. The Company believes the expense allocation appropriately matches the cost incurred for active employees to the respective business segment. Other postretirement benefit plans provide medical and life insurance benefits to retirees who meet minimum age and service requirements. The key determinants of the accumulated postretirement benefit obligation are the discount rate and the health care cost trend rate. • Discount Rate As of the measurement date, the Company determines the appropriate discount rate used to calculate the present value of future cash flows currently expected to be required to settle the pension and other postretirement benefit obligations. The discount rate is generally based on the yield on high-quality corporate fixed-income securities. In the U.S., the rate used to discount pension and other postretirement benefit plan liabilities is based on a yield curve developed from market data of over 300 Aa-grade non-callable bonds at the measurement date. This yield curve has discount rates that vary based on the duration of the obligations. The estimated future cash flows for the pension and other benefit obligations were matched to the corresponding rates on the yield curve to derive a weighted average discount rate. Outside of the U.S., a similar approach of discounting pension and other postretirement benefit plan liabilities is used based on the high quality corporate bonds available in each market. There are some exceptions to this methodology, namely in locations where there is a sparse corporate bond market, and in such cases the discount rate takes into account yields of government bonds at the appropriate duration. • Expected Long-Term Rate of Return on Assets The Company determines the long-term expected rate of return on plan assets by considering the current target asset allocation, as well as the historical and expected rates of return on various asset categories in which the plans are invested. A single long-term expected rate of return on plan assets is then calculated for each plan as the weighted average of the target asset allocation and the long-term expected rate of return assumptions for each asset category within each plan. The expected rate of return is assessed annually. • Investment Policies and Strategies The investment objectives for the Company's pension plans are to earn, over a moving 20-year period, a long-term expected rate of return, net of investment fees and transaction costs, sufficient to satisfy the benefit obligations of the plan, while at the same time maintaining adequate liquidity to pay benefit obligations and proper expenses, and meet any other cash needs, in the short- to medium-term. The equity and debt securities objectives are to provide diversified exposure across the U.S. and global equity and fixed income markets, and to manage the risks and returns of the plans through the use of multiple managers and strategies. The fixed income strategies are designed to reduce liability-related interest rate risk by investing in bonds that match the duration and credit quality of the plan liabilities. Derivatives-based strategies may be used to mitigate investment risks. The financial objectives of the qualified pension plans are established in conjunction with a comprehensive review of each plan's liability structure. The Company's asset allocation policy is based on detailed asset/liability analysis. In developing investment policy and financial goals, consideration is given to each plan's demographics, the returns and risks associated with current and alternative investment strategies and the current and projected cash, expense and funding ratios of each plan. Investment policies must also comply with local statutory requirements as determined by each country. A formal asset/liability study of each plan is undertaken approximately every three to five years or whenever there has been a material change in plan demographics, benefit structure or funding status and investment market. The Company has adopted a long-term investment horizon such that the risk and duration of investment losses are weighed against the long-term potential for appreciation of assets. Although there cannot be complete assurance that these objectives will be realized, it is believed that the likelihood for their realization is reasonably high, based upon the asset allocation chosen and the historical and expected performance of the asset classes utilized by the plans. The intent is for investments to be broadly diversified across asset classes, investment styles, market sectors, investment managers, developed and emerging markets and securities in order to moderate portfolio volatility and risk. Investments may be in separate accounts, commingled trusts, mutual funds and other pooled asset portfolios provided they all conform to fiduciary standards. External investment managers are hired to manage pension assets. Investment consultants assist with the screening process for each new manager hired. Over the long-term, the investment portfolio is expected to earn returns that exceed a composite of market indices that are weighted to match each plan's target asset allocation. The portfolio return should also (over the long-term) meet or exceed the return used for actuarial calculations in order to meet the future needs of each plan. Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carryforwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, projected future taxable income, remaining carryforward periods, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not (likelihood of greater than 50%) that some portion or all of the deferred tax assets will not be realized. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes. Tax positions are recognized only when it is more likely than not (likelihood of greater than 50%), based on technical merits, that the positions will be sustained upon examination. Tax positions that meet the more-likely-than-not threshold are measured using a probability weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a tax position is a matter of judgment based on the individual facts and circumstances of that position evaluated in light of all available evidence. The Company recognizes interest and penalties related to uncertain tax positions in Income tax (provision) benefit in the consolidated statements of operations. Other Accounting Policies Consolidation Principles The consolidated financial statements have been prepared in accordance with U.S. GAAP for all periods presented and include the accounts of the Company and its majority owned subsidiaries over which the Company exercises control. All intercompany accounts and transactions have been eliminated in consolidation. Estimates and Assumptions The preparation of consolidated financial statements in conformity with U.S. 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 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. Purchase Accounting The Company recognizes the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of purchase price over the aggregate fair values is recorded as goodwill. Intangible assets are valued using the relief from royalty, multi-period excess earnings and discounted cash flow methodologies, which are considered Level 3 measurements. The relief from royalty method estimates the Company's theoretical royalty savings from ownership of the intangible asset. Key assumptions used in this method include discount rates, royalty rates, growth rates, sales projections and terminal value rates. Key assumptions used in the multi-period excess earnings method include discount rates, retention rates, growth rates, sales projections, expense projections and contributory asset charges. Key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, tax rates, cash flow projections and terminal value rates. All of these methodologies require significant management judgment and, therefore, are susceptible to change. The Company calculates the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed to allocate the purchase price at the acquisition date. The Company may use the assistance of third-party valuation consultants. Variable Interest Entities The Company assesses whether it has a variable interest in legal entities in which it has a financial relationship and, if so, whether or not those entities are variable interest entities ("VIEs"). A VIE is an entity with insufficient equity at risk for the entity to finance its activities without additional subordinated financial support or in which equity investors lack the characteristics of a controlling financial interest. If an entity is determined to be a VIE, the Company evaluates whether the Company is the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and economics. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. 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. Fairway is a VIE in which the Company is the primary beneficiary. 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. As of December 31, 2021 and 2020, the carrying amount of the total assets associated with Fairway included in the consolidated balance sheets were $628 million and $666 million, respectively, made up primarily of $560 million and $592 million, respectively, of property, plant and equipment. 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 December 31, 2021 and 2020 were $235 million and $267 million, respectively, related primarily to the recovery of capital expenditures for certain property, plant and equipment. Fair Value Measurements The Company determines fair value based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers assumptions that market participants would use when pricing the asset or liability. Market participant assumptions are categorized by a three-tiered fair value hierarchy which prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. Valuations for fund investments, such as common/collective trusts, registered investment companies and short-term investment funds, which do not have readily determinable fair values, are typically estimated using a net asset value provided by a third party as a practical expedient. The levels of inputs used to measure fair value are as follows: Level 1 - unadjusted quoted prices for identical assets or liabilities in active markets accessible by the Company Level 2 - inputs that are observable in the marketplace other than those inputs classified as Level 1 Level 3 - inputs that are unobservable in the marketplace and significant to the valuation Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less are considered cash equivalents. Marketable Securities Marketable securities represent equity securities with readily determinable fair values and are accounted for at fair value. All gains and losses on investments in equity securities are recognized in the consolidated statements of operations. Inventories Inventories, including stores and supplies, are stated at the lower of cost and net realizable value. Cost for inventories is determined using the first-in, first-out method. Cost includes raw materials, direct labor and manufacturing overhead. Cost for stores and supplies is primarily determined by the average cost method. Investments in Affiliates Investments in equity securities where the Company can exercise significant influence over operating and financial policies of an investee, which is generally considered when an investor owns 20% or more of the voting stock of an investee, are accounted for under the equity method of accounting. Investments in equity securities where the Company does not exercise significant influence are accounted for at fair value or, if such investments do not have a readily determinable fair value, an election may be made to measure them at cost after considering observable price changes for similar instruments, minus impairment, if any. The Company determined it cannot exercise significant influence over certain investments where the Company owns greater than a 20% interest due to local government investment in and influence over these entities, limitations on the Company's involvement in the day-to-day operations and the present inability of the entities to provide timely financial information prepared in accordance with U.S. GAAP. Further, these investments were determined not to have a readily determinable fair value. Accordingly, these investments are accounted for using the alternative measure described above. In certain instances, the financial information of the Company's equity investees is not available on a timely basis. Accordingly, the Company records its proportional share of the investee's earnings or losses on a consistent lag of no more than one quarter. When required to assess the recoverability of its investments in affiliates, the Company estimates fair value using a discounted cash flow model. The Company may engage third-party valuation consultants to assist with this process. Property, Plant and Equipment, Net Land is recorded at historical cost. Buildings, machinery and equipment, including capitalized interest, and property under finance lease agreements, are recorded at cost less accumulated depreciation. The Company records depreciation and amortization in its consolidated statements of operations as either Cost of sales, Selling, general and administrative expenses or Research and development expenses consistent with the utilization of the underlying assets. Depreciation is calculated on a straight-line basis over the following estimated useful lives of depreciable assets: Land improvements 20 years Buildings and improvements 30 years Machinery and equipment 20 years Leasehold improvements are amortized over 10 years or the remaining life of the respective lease, whichever is shorter. Accelerated depreciation is recorded when the estimated useful life is shortened. Ordinary repair and maintenance costs, including costs for planned maintenance turnarounds, that do not extend the useful life of the asset are charged to earnings as incurred. Fully depreciated assets are retained in property and depreciation accounts until sold or otherwise disposed. In the case of disposals, assets and related depreciation are removed from the accounts, and the net amounts, less proceeds from disposal, are included in earnings. The Company assesses the recoverability of the carrying amount of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment loss would be assessed when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss is based on the excess of the carrying amount of the asset group over its fair value. The Company calculates the fair value using a discounted cash flow model incorporating discount rates commensurate with the risks involved for the asset group, which is classified as a Level 3 fair value measurement. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, tax rates, cash flow projections and terminal value rates. Discount rates, growth rates and cash flow projections involve significant judgment and are based on management's estimate of current and forecasted market conditions and cost structure. Impairment losses are generally recorded in Other (charges) gains, net in the consolidated statements of operations. Definite-lived Intangible Assets Customer-related intangible assets and other intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, which range from three Derivative and Hedging Instruments The Company manages its exposures to interest rates, foreign exchange rates and commodity prices through a risk management program that includes the use of derivative financial instruments. The Company does not use derivative financial instruments for speculative trading purposes. The fair value of derivative instruments other than foreign currency forwards and swaps is recorded as an asset or liability on a net basis at the balance sheet date. • Interest Rate Risk Management The Company entered into a forward-starting interest rate swap to mitigate the risk of variability in the benchmark interest rate for an expected debt issuance in 2021. The interest rate swap agreement is designated as a cash flow hedge. Accordingly, to the extent the cash flow hedge is effective, changes in the fair value of the interest rate swap are included in gain (loss) from cash flow hedges within Accumulated other comprehensive income (loss), net in the consolidated balance sheets. Hedge accounting is discontinued when the interest rate swap is no longer effective in offsetting cash flows attributable to the hedged risk, the interest rate swap expires or the cash flow hedge is dedesignated because it is no longer probable that the forecasted transaction will occur according to the original strategy. Cash flows related to the settlement of the forward-starting interest rate swaps are reported as financing activities. • Foreign Exchange Risk Management Certain subsidiaries of the Company have assets and liabilities denominated in currencies other than their respective functional currencies, which creates foreign exchange risk. The Company also is exposed to foreign currency fluctuations on transactions with third-party entities as well as intercompany transactions. The Company minimizes its exposure to foreign currency fluctuations by entering into foreign currency forwards and swaps. These foreign currency forwards and swaps are not designated as hedges. Gains and losses on foreign currency forwards and swaps entered into to offset foreign exchange impacts on intercompany balances are included in Other income (expense), net in the consolidated statements of operations. Gains and losses on foreign currency forwards and swaps entered into to offset foreign exchange impacts on all other assets and liabilities are included in Foreign exchange gain (loss), net in the consolidated statements of operations. The Company uses non-derivative financial instruments that may give rise to foreign currency transaction gains or losses to hedge the foreign currency exposure of net investments in foreign operations. Accordingly, the effective portion of gains and losses from remeasurement of the non-derivative financial instrument is included in foreign currency translation within Accumulated other comprehensive income (loss), net in the consolidated balance sheets. Gains and losses are reclassified to earnings in the period the hedged investment is sold or liquidated. The Company entered into a cross-currency swap to synthetically convert its USD borrowing to EUR borrowing in 2019. The cross-currency swap agreement is designated as a net investment hedge. Accordingly, to the extent the net investment hedge is effective, changes in the fair value of the cross-currency swap are included in foreign currency translation within Accumulated other comprehensive income (loss), net in the consolidated balance sheets. Gains and losses are reclassified to earnings in the period the hedged investment is sold or liquidated. • Commodity Risk Management The Company has exposure to the prices of commodities in its procurement of certain raw materials. The Company manages its exposure to commodity risk primarily through the use of long-term supply agreements, multi-year purchasing and sales agreements and forward purchase contracts. The Company regularly assesses its practice of using forward purchase contracts and other raw material hedging instruments in accordance with changes in economic conditions. Forward purchases and swap contracts for raw materials are principally settled through physical delivery of the commodity. For qualifying contracts, the Company has elected to apply the normal purchases and normal sales exception based on the probability at the inception and throughout the term of the contract that the Company would not net settle and the transaction would result in the physical delivery of the commodity. Accordingly, realized gains and losses on these contracts are included in the cost of the commodity upon the settlement of the contract. The Company also uses commodity swaps to hedge the risk of fluctuating price changes in certain raw materials and in which physical settlement does not occur. These commodity swaps fix the variable fee component of the price of certain commodities. All or a portion of these commodity swap agreements may be designated as cash flow hedges. Accordingly, to the extent the cash flow hedge was effective, changes in the fair value of commodity swaps are included in gain (loss) from cash flow hedges within Accumulated other comprehensive income (loss), net in the consolidated balance sheets. Gains and losses are reclassified to earnings in the period that the hedged item affected earnings. Asset Retirement Obligations Periodically, the Company will conclude a site no longer has an indeterminate life based on long-lived asset impairment triggering events and decisions made by the Company. Accordingly, the Company will record asset retirement obligations associated with such sites. To measure the fair value of the asset retirement obligations, the Company will use the expected present value technique, which is classified as a Level 3 fair value measurement. The expected present value technique uses a set of cash flows that represent the probability-weighted average of all possible cash flows based on the Company's judgment. The Company uses the following inputs to determine the fair value of the asset retirement obligations based on the Company's experience with fulfilling obligations of this type and the Company's knowledge of market conditions: (a) labor costs; (b) allocation of overhead costs; (c) profit on labor and overhead costs; (d) effect of inflation on estimated costs and profits; (e) risk premium for bearing the uncertainty inherent in cash flows, other than inflation; (f) time value of money represented by the risk-free interest rate commensurate with the timing of the associated cash flows; and (g) nonperformance risk relating to the liability, which includes the Company's own credit risk. The asset retirement obligations are accreted to their undiscounted values until the time at which they are expected to be settled. The Company has identified but not recognized asset retirement obligations related to certain of its existing operating facilities. Examples of these types of obligations include demolition, decommissioning, disposal and restoration activities. Legal obligations exist in connection with the retirement of these assets upon closure of the facilities or abandonment of the existing operations. However, the Company currently plans on continuing operations at these facilities indefinitely and therefore, a reasonable estimate of fair value cannot be determined at this time. In the event the Company considers plans to abandon or cease operations at these sites, an asset retirement obligation will be reassessed at that time. If certain operating facilities were to close, the related asset retirement obligations could significantly affect the Company's results of operations and cash fl |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | 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 U.S. 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 has completed its assessment, and the adoption of the new guidance did not have a material impact to the Company. 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 Topic 740, Income Taxes ("Topic 740"). The guidance also clarifies and amends existing guidance under Topic 740. January 1, 2021. The Company adopted the new guidance effective January 1, 2021. The adoption of the new guidance did not have a material impact to the Company. |
Acquisitions, Dispositions and
Acquisitions, Dispositions and Plant Closures | 12 Months Ended |
Dec. 31, 2021 | |
Acquisitions, Dispositions and Plant Closures [Abstract] | |
Acquisitions, Dispositions and Plant Closures | Acquisitions, Dispositions and Plant Closures Acquisition On December 1, 2021, the Company acquired the Santoprene™ thermoplastic vulcanizates ("TPV") elastomers business of Exxon Mobil Corporation ("Santoprene") for a purchase price of $1.15 billion in an all-cash transaction. The Company acquired the Santoprene™, Dytron™ and Geolast™ trademarks and product portfolios, customer and supplier contracts and agreements, both production facilities producing TPV, the TPV intellectual property portfolio with associated technical and R&D assets and employees of the TPV elastomer business. The acquisition of Santoprene substantially strengthens our existing elastomers portfolio, allowing the Company to bring a wider range of functionalized solutions into targeted growth areas including future mobility, medical and sustainability. The acquisition was accounted for as a business combination and the acquired operations are included in the Engineered Materials segment. Pro forma financial information since the respective acquisition date has not been provided as the acquisition did not have a material impact on the Company's financial information. The Company allocated the purchase price of the acquisition to identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of the purchase price over the aggregate fair values was recorded as goodwill. The Company calculated the fair value of the assets acquired using the income, market or cost approach (or a combination thereof). Fair values of certain assets were determined based on Level 3 inputs including estimated future cash flows, discount rates, royalty rates, growth rates, sales projections, retention rates and terminal values, all of which require significant management judgment and are susceptible to change. The purchase price allocation was based upon preliminary information and is subject to change if additional information about the facts and circumstances that existed at the acquisition date becomes available. We are in the ongoing process of conducting a valuation of the assets acquired and liabilities assumed related to the acquisition, including personal and real property, lease obligations, deferred taxes and intangible assets. The final fair value of the net assets acquired may result in adjustments to these assets and liabilities, including goodwill. However, any subsequent measurement period adjustments are not expected to have a material impact on the Company's results of operations. The preliminary purchase price allocation for the Santoprene acquisition is as follows: As of (In $ millions) Inventories 207 Property, plant and equipment, net 194 Goodwill ( Note 9 ) (1) 295 Intangible assets, net ( Note 9 ) 441 Other 16 Total fair value of assets acquired 1,153 Total fair value of liabilities assumed (26) Net assets acquired 1,127 ______________________________ (1) Goodwill consists of expected revenue and operating synergies resulting from the acquisition, a portion of which is expected to be deductible for income tax purposes. During the year ended December 31, 2021, transaction related costs of $21 million were expensed as incurred to Selling, general and administrative expenses in the consolidated statements of operations. The amount of pro forma Earnings (loss) from continuing operations before tax of Santoprene was less than 3% (unaudited) of the Company's consolidated Earnings (loss) from continuing operations before tax, had the acquisition occurred as of the beginning of 2021. The amount of Santoprene Earnings (loss) from continuing operations before tax consolidated by the Company since the acquisition date was not material. |
Receivables, Net
Receivables, Net | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Receivables, Net | Receivables, Net As of December 31, 2021 2020 (In $ millions) Trade receivables - third party and affiliates 1,171 803 Allowance for doubtful accounts - third party and affiliates (10) (11) Trade receivables - third party and affiliates, net 1,161 792 As of December 31, 2021 2020 (In $ millions) Non-income taxes receivable 282 267 Reinsurance receivables 14 12 Income taxes receivable 123 100 Other 87 71 Non-trade receivables, net 506 450 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories As of December 31, 2021 2020 (In $ millions) Finished goods 1,014 653 Work-in-process 75 74 Raw materials and supplies 435 251 Total 1,524 978 |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Dec. 31, 2021 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments in Affiliates | Investments in Affiliates Entities in which the Company has an investment accounted for under the equity method of accounting or equity investments without readily determinable fair values are considered affiliates; any transactions or balances with such companies are considered affiliate transactions. In October 2020, the Company completed the sale of its 45% joint venture equity interest in Polyplastics Co., Ltd. ("Polyplastics"), to its joint venture partner Daicel Corporation ("Daicel"), for a purchase price of approximately $1.6 billion in cash. In connection with the transaction, the Company recorded a gain on the sale of its equity interest in Polyplastics of $1.4 billion to Gain (loss) on sale of investments in affiliates in the consolidated statements of operations and income tax expense, net, of approximately $254 million during the three months ended December 31, 2020. The gain on the sale of the Company's equity interest in Polyplastics was included in its Engineered Materials segment. In addition to the sale of the Company's 45% equity interest in Polyplastics, the agreement also provided for the amendment of certain supply agreements and the execution of certain intellectual property licenses between Celanese, certain of its affiliates and Polyplastics and Daicel, as applicable, as well as the termination of certain agreements and a mutual release of liabilities under such terminated agreements. Equity Method Equity method investments and ownership interests by business segment are as follows: Ownership Carrying Share of Dividends and 2021 2020 2021 2020 2021 2020 2019 2021 2020 2019 (In percentages) (In $ millions) Engineered Materials Ibn Sina 25 25 179 172 61 37 68 (50) (29) (69) InfraServ GmbH & Co. Hoechst KG (1)(2) 31 31 121 124 24 18 14 (18) (18) (17) Fortron Industries LLC 50 50 145 136 17 12 18 (8) (9) (7) Korea Engineering Plastics Co., Ltd. 50 50 150 153 31 19 27 (22) (23) (28) Polyplastics Co., Ltd. — — — — — 34 44 — (58) (39) Other Activities (2) InfraServ GmbH & Co. Gendorf KG 30 30 43 47 11 11 8 (11) (7) (5) YNCORIS GmbH & Co. KG (3) 22 22 15 17 2 3 3 (3) (3) (3) Total 653 649 146 134 182 (112) (147) (168) ______________________________ (1) InfraServ GmbH & Co. Hoechst KG is owned primarily by an entity included in the Company's Engineered Materials segment. The Company's Acetyl Chain segment also holds an ownership percentage. (2) InfraServ real estate service companies ("InfraServ Entities") own and operate sites in Frankfurt am Main-Hoechst, Gendorf and Knapsack, Germany. The InfraServ Entities were created to own land and property and to provide various technical and administrative services at these manufacturing locations. (3) Formerly known as InfraServ GmbH & Co. Knapsack KG. Because financial information for Ibn Sina is not available to the Company on a timely basis, the Company's proportional share is reported on a one quarter lag. Accordingly, summarized financial information for Ibn Sina is as follows: As of September 30, 2021 2020 (In $ millions) Current assets 283 244 Noncurrent assets 806 817 Current liabilities 196 201 Noncurrent liabilities 324 372 Twelve Months Ended 2021 2020 2019 (In $ millions) Revenues 734 625 726 Gross profit 272 187 299 Net income 207 118 227 Equity Investments Without Readily Determinable Fair Values Equity investments without readily determinable fair values and ownership interests by business segment are as follows: Ownership Carrying Dividend 2021 2020 2021 2020 2021 2020 2019 (In percentages) (In $ millions) Acetate Tow Kunming Cellulose Fibers Co. Ltd. 30 30 14 14 13 11 11 Nantong Cellulose Fibers Co. Ltd. 31 31 121 121 106 91 79 Zhuhai Cellulose Fibers Co. Ltd. 30 30 30 30 27 24 22 Other Activities InfraServ GmbH & Co. Wiesbaden KG 8 8 5 6 1 — 1 Total 170 171 147 126 113 Transactions with Affiliates The Company owns manufacturing facilities at the InfraServ location in Frankfurt am Main-Hoechst, Germany and has contractual agreements with the InfraServ Entities and certain other equity affiliates and investees accounted for at cost less impairment, adjusted for observable price changes for an identical or similar investment of the same issuer. These contractual agreements primarily relate to energy purchases, site services and purchases of product for consumption and resale. Transactions and balances with affiliates are as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) Purchases 334 249 291 Sales and other credits 74 42 102 Interest expense — — 1 As of December 31, 2021 2020 (In $ millions) Non-trade receivables 32 22 Total due from affiliates 32 22 Short-term borrowings (1) 64 58 Trade payables 71 38 Current Other liabilities 12 9 Total due to affiliates 147 105 ______________________________ (1) The Company has agreements with certain affiliates whereby excess affiliate cash is lent to and managed by the Company at variable interest rates governed by those agreements. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net As of December 31, 2021 2020 (In $ millions) Land 48 53 Land improvements 78 79 Buildings and building improvements 833 826 Machinery and equipment 5,993 5,768 Construction in progress 725 492 Gross asset value 7,677 7,218 Accumulated depreciation (3,484) (3,279) Net book value 4,193 3,939 Assets under finance leases, net, included in the amounts above are as follows: As of December 31, 2021 2020 (In $ millions) Buildings 13 14 Machinery and equipment 357 365 Accumulated depreciation (239) (231) Net book value 131 148 Capitalized interest costs and depreciation expense are as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) Capitalized interest 12 8 8 Depreciation expense 346 327 327 During 2021, 2020 and 2019, certain long-lived assets were impaired ( Note 1 5 ). |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net Goodwill Engineered Acetate Tow Acetyl Total (In $ millions) As of December 31, 2019 727 148 199 1,074 Acquisitions — — 30 30 (1) Exchange rate changes 41 1 20 62 As of December 31, 2020 768 149 249 1,166 Acquisitions ( Note 4 ) 299 — 2 301 (2) Exchange rate changes (37) — (18) (55) As of December 31, 2021 (3) 1,030 149 233 1,412 ______________________________ (1) Represents goodwill related to the acquisition of Nouryon's redispersible polymer powders business offered under the Elotex® brand ("Elotex"). (2) Primarily represents goodwill related to the acquisition of Santoprene. (3) There were no accumulated impairment losses as of December 31, 2021. In connection with the Company's annual goodwill impairment assessment, the Company did not record an impairment loss to goodwill during the nine months ended September 30, 2021, as the estimated fair value for each of the Company's reporting units exceeded the carrying amount of the underlying assets by a substantial margin ( Note 2 ). No events or changes in circumstances occurred during the three months ended December 31, 2021 that indicated the carrying amount of the assets may not be fully recoverable. Accordingly, no additional impairment analysis was performed during that period. Intangible Assets, Net Finite-lived intangible assets are as follows: Licenses Customer- Developed Covenants Total (In $ millions) Gross Asset Value As of December 31, 2019 42 667 44 56 809 Acquisitions — 16 — — 16 (1) Exchange rate changes 2 41 1 — 44 As of December 31, 2020 44 724 45 56 869 Acquisitions ( Note 4 ) — 307 — — 307 (2) Exchange rate changes 1 (35) — (1) (35) As of December 31, 2021 45 996 45 55 1,141 Accumulated Amortization As of December 31, 2019 (35) (504) (35) (38) (612) Amortization (1) (17) (3) (1) (22) Exchange rate changes (2) (34) (2) — (38) As of December 31, 2020 (38) (555) (40) (39) (672) Amortization (2) (19) (3) (1) (25) Exchange rate changes (1) 31 1 1 32 As of December 31, 2021 (41) (543) (42) (39) (665) Net book value 4 453 3 16 476 ______________________________ (1) Related to intangible assets acquired from Elotex with a weighted average amortization period of 14 years. (2) Primarily related to $300 million of intangible assets acquired from Santoprene with a weighted average amortization period of 14 years. Indefinite-lived intangible assets are as follows: Trademarks (In $ millions) As of December 31, 2019 115 Acquisitions 2 (1) Impairment loss ( Note 2 ) (1) Exchange rate changes 6 As of December 31, 2020 122 Acquisitions ( Note 4 ) 142 (2) Exchange rate changes (5) As of December 31, 2021 259 ______________________________ (1) Related to indefinite-lived intangible assets acquired from Elotex. (2) Related to indefinite-lived intangible assets acquired from Santoprene. In connection with the Company's annual indefinite-lived intangible assets impairment assessment, the Company did not record an impairment loss during the nine months ended September 30, 2021, as the estimated fair value for each of the Company's indefinite-lived intangible assets exceeded the carrying value of the underlying asset by a substantial margin ( Note 2 ). No events or changes in circumstances occurred during the three months ended December 31, 2021 that indicated the carrying amount of the assets may not be fully recoverable. Accordingly, no additional impairment analysis was performed during that period. During the year ended December 31, 2021, the Company did not renew or extend any intangible assets. Estimated amortization expense for the succeeding five fiscal years is as follows: (In $ millions) 2022 43 2023 40 2024 40 2025 40 2026 40 |
Current Other Liabilities
Current Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities, Current [Abstract] | |
Current Other Liabilities | Current Other Liabilities As of December 31, 2021 2020 (In $ millions) Asset retirement obligations 14 10 Benefit obligations ( Note 1 2 ) 26 27 Customer rebates 96 53 Derivatives ( Note 1 8 ) 5 87 Environmental ( Note 1 3 ) 9 11 Interest 30 29 Legal ( Note 2 0 ) 33 107 Operating leases ( Note 1 7 ) 37 36 Restructuring ( Note 1 5 ) 7 11 Salaries and benefits 135 121 Sales and use tax/foreign withholding tax payable 27 140 Other 54 48 Total 473 680 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of December 31, 2021 2020 (In $ millions) Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates Current installments of long-term debt 527 431 Short-term borrowings, including amounts due to affiliates (1) 64 65 Revolving credit facility (2) 200 — Total 791 496 ______________________________ (1) The weighted average interest rate was 0.2% and 0.6% as of December 31, 2021 and 2020, respectively. During the year ended December 31, 2020, the Company entered into an aggregate of $300 million in short-term, bilateral term loans, which were repaid during the same period. (2) The weighted average interest rate was 1.4% and 0.0% as of December 31, 2021 and 2020, respectively. As of December 31, 2021 2020 (In $ millions) Long-Term Debt Senior unsecured notes due 2021, interest rate of 5.875% — 400 Senior unsecured notes due 2022, interest rate of 4.625% 500 500 Senior unsecured notes due 2023, interest rate of 1.125% 509 919 Senior unsecured notes due 2024, interest rate of 3.500% 499 499 Senior unsecured notes due 2025, interest rate of 1.250% 339 368 Senior unsecured notes due 2026, interest rate of 1.400% 400 — Senior unsecured notes due 2027, interest rate of 2.125% 564 610 Senior unsecured notes due 2028, interest rate of 0.625% 566 — Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00% 166 166 Bank loans due at various dates through 2026 (1) 6 8 Obligations under finance leases due at various dates through 2054 173 201 Subtotal 3,722 3,671 Unamortized debt issuance costs (2) (19) (13) Current installments of long-term debt (527) (431) Total 3,176 3,227 ______________________________ (1) The weighted average interest rate was 1.3% and 1.3% as of December 31, 2021 and 2020, 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 U.S. and domestic subsidiaries together representing substantially all of the Company's U.S. assets and business operations ("the Subsidiary Guarantors"). The Subsidiary Guarantors are listed in Exhibit 22.1 to this Annual Report. The Company's debt balances and amounts available for borrowing under its senior unsecured revolving credit facility are as follows: As of December 31, 2021 (In $ millions) Revolving Credit Facility Borrowings outstanding (1) 200 Available for borrowing (2) 1,050 ______________________________ (1) The Company borrowed $850 million and repaid $650 million under its senior unsecured revolving credit facility during the year ended December 31, 2021. (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 U.S. and are guaranteed on a senior unsecured basis by Celanese and the Subsidiary Guarantors. Celanese U.S. 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. On August 5, 2021, Celanese U.S. completed an offering of $400 million in principal amount of 1.400% senior unsecured notes due August 5, 2026 (the "1.400% Notes") in a public offering registered under the Securities Act. The 1.400% Notes were issued at a discount to par at a price of 99.899%, which is being amortized to Interest expense in the consolidated statement of operations over the term of the 1.400% Notes. Net proceeds from the sale of the 1.400% Notes were used to repay $396 million of outstanding borrowings under the senior unsecured revolving credit facility and for general corporate purposes. On September 10, 2021, Celanese U.S. completed an offering of €500 million in principal amount of 0.625% senior unsecured notes due September 10, 2028 (the "0.625% Notes") in a public offering registered under the Securities Act. The 0.625% Notes were issued at a discount to par at a price of 99.898%, which is being amortized to Interest expense in the consolidated statements of operations over the term of the 0.625% Notes. On September 13, 2021, Celanese U.S. completed a cash tender offer for €300 million in principal amount of 1.125% senior unsecured notes due September 26, 2023 (the "1.125% Notes") at a purchase price of €1,027.35 per €1,000 of principal amount plus accrued interest, for a total principal and premium payment of $363 million plus accrued interest of $4 million. A portion of the proceeds from the issuance of the 0.625% Notes were used to fund the tender offer for €300 million of the 1.125% Notes. As a result of the tender offer, the carrying value of the 1.125% Notes was reduced by $353 million. The Company recognized financing costs of $9 million, which are included in Refinancing expense in the consolidated statement of operations for the year ended December 31, 2021. Principal payments scheduled to be made on the Company's debt, including short-term borrowings, are as follows: (In $ millions) 2022 791 2023 533 2024 541 2025 425 2026 498 Thereafter 1,198 Total 3,986 Accounts Receivable Purchasing Facility On June 18, 2021, the Company entered into an amendment to the amended and restated receivables purchase agreement (the "Amended Receivables Purchase Agreement") under its U.S. accounts receivable purchasing facility among certain of the Company's subsidiaries, its wholly-owned, "bankruptcy remote" special purpose subsidiary ("SPE") and certain global financial institutions ("Purchasers"). The Amended Receivables Purchase Agreement extends the term of the accounts receivable purchasing facility such that the SPE may sell certain receivables until June 18, 2024. Under the Amended Receivables Purchase Agreement, transfers of U.S. accounts receivable from the SPE are treated as sales and are accounted for as a reduction in accounts receivable because the agreement transfers effective control over and risk related to the U.S. accounts receivable to the SPE. The Company and related subsidiaries have no continuing involvement in the transferred U.S. accounts receivable, other than collection and administrative responsibilities and, once sold, the U.S. accounts receivable are no longer available to satisfy creditors of the Company or the related subsidiaries. These sales are transacted at 100% of the face value of the relevant U.S. accounts receivable, resulting in derecognition of the U.S. accounts receivables from the Company's unaudited consolidated balance sheet. The Company de-recognized $1.1 billion and $595 million of accounts receivable under this agreement for the years ended December 31, 2021 and 2020, respectively, and collected $1.1 billion and $476 million of accounts receivable sold under this agreement during the same periods. Unsold U.S. accounts receivable of $115 million were pledged by the SPE as collateral to the Purchasers as of December 31, 2021. Factoring and Discounting Agreements The Company has factoring agreements in Europe and Singapore with financial institutions to sell 100% and 90% of certain accounts receivable, respectively, on a non-recourse basis. These transactions are treated as sales and are accounted for as reductions in accounts receivable because the agreements transfer 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 $230 million and $233 million of accounts receivable under these factoring agreements for the years ended December 31, 2021 and 2020, respectively, and collected $185 million and $237 million of accounts receivable sold under these factoring agreements during the same periods. In March 2021, the Company entered into an agreement in Singapore with a financial institution to discount, on a non-recourse basis, documentary credits or other documents recorded as accounts receivable. 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 and, once sold, the accounts receivable are no longer available to satisfy creditors in the event of bankruptcy. The Company de-recognized $70 million of accounts receivable under this agreement for the year ended December 31, 2021. 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 December 31, 2021. |
Benefit Obligations
Benefit Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Benefit Obligations | Benefit Obligations Pension Obligations The Company sponsors defined benefit pension plans in North America, Europe and Asia. Independent trusts or insurance companies administer the majority of these plans. Pension obligations are established for benefits payable in the form of retirement, disability and surviving dependent pensions. The commitments result from participation in defined contribution and defined benefit plans, primarily in the U.S. Benefits are dependent on years of service and the employee's compensation. Supplemental retirement benefits provided to certain employees are nonqualified for U.S. tax purposes. Separate nonqualified trusts have been established for certain U.S. nonqualified plan obligations. Pension costs under the Company's retirement plans are actuarially determined. Other Postretirement Obligations Certain retired employees receive postretirement health care and life insurance benefits under plans sponsored by the Company, which has the right to modify or terminate these plans at any time. The cost for coverage is shared between the Company and the retiree. The cost of providing retiree health care and life insurance benefits is actuarially determined and accrued over the service period of the active employee group. The Company's policy is to fund benefits as claims and premiums are paid. The U.S. postretirement health care plan was closed to new participants effective January 1, 2006. Defined Contribution Plans The Company sponsors various defined contribution plans in North America, Europe and Asia covering certain employees. Employees may contribute to these plans and the Company will match these contributions in varying amounts. The Company's matching contribution to the defined contribution plans are based on specified percentages of employee contributions. The amount of costs recognized for the Company's defined contribution plans are as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) Defined contribution plans 47 39 42 Summarized information on the Company's pension and postretirement benefit plans is as follows: Pension Benefits Postretirement Benefits 2021 2020 2021 2020 (In $ millions) Change in Projected Benefit Obligation Projected benefit obligation as of beginning of period 3,847 3,610 61 64 Service cost 13 12 1 1 Interest cost 54 85 1 1 Net actuarial (gain) loss (1) (119) 275 (7) — Acquisitions 7 (2) 42 (3) — — Settlements (38) (7) — — Benefits paid (226) (230) (4) (5) Curtailments — — — (1) Special termination benefits — 1 — — Exchange rate changes (50) 59 (1) 1 Projected benefit obligation as of end of period 3,488 3,847 51 61 Change in Plan Assets Fair value of plan assets as of beginning of period 3,388 3,141 — — Actual return on plan assets 36 380 — — Employer contributions 47 43 4 5 Acquisitions — 30 (3) — — Settlements (38) (7) — — Benefits paid (4) (226) (230) (4) (5) Exchange rate changes (24) 31 — — Fair value of plan assets as of end of period 3,183 3,388 — — Funded status as of end of period (305) (459) (51) (61) Amounts Recognized in the Consolidated Balance Sheets Consist of: Noncurrent Other assets 221 142 — — Current Other liabilities (22) (22) (4) (4) Benefit obligations (504) (579) (47) (57) Net amount recognized (305) (459) (51) (61) Amounts Recognized in Accumulated Other Comprehensive Income Consist of: Net actuarial (gain) loss (5) 20 17 — — Prior service (benefit) cost — — (1) (1) Net amount recognized (6) 20 17 (1) (1) ______________________________ (1) Primarily relates to changes in discount rates. (2) Represents plan obligations related to the Santoprene acquisition. (3) Represents plan obligations and assets related to the Elotex acquisition. (4) Includes benefit payments to nonqualified pension plans of $21 million and $21 million as of December 31, 2021 and 2020, respectively. (5) Relates to the pension plans of the Company's equity method investments. (6) Amount shown net of an income tax benefit of $4 million and $4 million as of December 31, 2021 and 2020, respectively, in the consolidated statements of equity ( Note 1 4 ). The percentage of U.S. and international projected benefit obligation at the end of the period is as follows: Pension Benefits Postretirement Benefits 2021 2020 2021 2020 (In percentages) U.S. plans 78 78 50 50 International plans 22 22 50 50 Total 100 100 100 100 The percentage of U.S. and international fair value of plan assets at the end of the period is as follows: Pension Benefits 2021 2020 (In percentages) U.S. plans 85 85 International plans 15 15 Total 100 100 Pension plans with projected benefit obligations in excess of plan assets are as follows: As of December 31, 2021 2020 (In $ millions) Projected benefit obligation 803 913 Fair value of plan assets 277 311 Pension plans with accumulated benefit obligations in excess of plan assets are as follows: As of December 31, 2021 2020 (In $ millions) Accumulated benefit obligation 781 888 Fair value of plan assets 277 311 Other postretirement plans with accumulated postretirement benefit obligations in excess of plan assets are as follows: As of December 31, 2021 2020 (In $ millions) Accumulated postretirement benefit obligation 52 61 The accumulated benefit obligation for all defined benefit pension plans is as follows: As of December 31, 2021 2020 (In $ millions) Accumulated benefit obligation 3,461 3,819 The components of net periodic benefit cost are as follows: Pension Benefits Postretirement Benefits 2021 2020 2019 2021 2020 2019 (In $ millions) Service cost 13 12 9 1 1 — Interest cost 54 85 115 1 1 2 Expected return on plan assets (205) (199) (185) — — — Recognized actuarial (gain) loss 47 97 79 (6) (1) 8 Curtailment (gain) loss — — — — (1) — Settlement (gain) loss 3 — — — — — Special termination benefit — 1 1 — — — Total (88) (4) 19 (4) — 10 The Company maintains nonqualified pension plans funded with nonqualified trusts for certain U.S. employees as follows: As of December 31, 2021 2020 (In $ millions) Nonqualified Trust Assets Marketable securities 10 17 Noncurrent Other assets, consisting of insurance contracts 28 30 Nonqualified Pension Obligations Current Other liabilities 19 20 Benefit obligations 204 221 (Income) expense relating to the nonqualified pension plans included in net periodic benefit cost, excluding returns on the assets held by the nonqualified trusts, is as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) Total 3 23 26 Valuation The principal weighted average assumptions used to determine benefit obligation are as follows: Pension Benefits Postretirement Benefits 2021 2020 2021 2020 (In percentages) Discount Rate Obligations U.S. plans 2.8 2.4 2.7 2.2 International plans 1.4 1.0 2.4 1.9 Combined 2.5 2.1 2.5 2.1 Rate of Compensation Increase U.S. plans N/A N/A International plans 2.5 2.5 Combined 2.5 2.5 The principal weighted average assumptions used to determine net periodic benefit cost are as follows: Pension Benefits Postretirement Benefits 2021 2020 2019 2021 2020 2019 (In percentages) Discount Rate Obligations U.S. plans 2.4 3.2 4.2 2.2 3.1 4.1 International plans 1.0 1.4 2.1 1.9 2.7 3.4 Combined 2.1 2.8 3.8 2.1 2.9 3.8 Discount Rate Service Cost U.S. plans N/A 1.9 3.1 N/A 3.8 4.6 International plans 1.1 1.8 2.5 1.9 2.7 3.4 Combined 1.1 1.8 2.5 1.9 2.7 3.4 Discount Rate Interest Cost U.S. plans 1.7 2.8 3.9 1.5 2.6 3.8 International plans 0.7 1.1 1.8 1.5 2.5 3.2 Combined 1.4 2.4 3.5 1.5 2.6 3.5 Expected Return on Plan Assets U.S. plans 6.5 6.7 6.7 International plans 4.8 5.1 5.6 Combined 6.3 6.5 6.5 Rate of Compensation Increase U.S. plans N/A N/A N/A International plans 2.5 2.6 2.8 Combined 2.5 2.6 2.8 Interest Crediting Rate U.S. plans 1.4 2.1 3.0 International plans 1.0 N/A N/A Combined 1.4 2.1 3.0 The Company's health care cost trend assumptions for U.S. postretirement medical plan's net periodic benefit cost are as follows: As of December 31, 2021 2020 2019 (In percentages, except year) Health care cost trend rate assumed for next year 7.3 7.5 8.0 Health care cost trend ultimate rate 5.0 5.0 5.0 Health care cost trend ultimate rate year 2031 2031 2026 Plan Assets The weighted average target asset allocations for the Company's pension plans in 2021 are as follows: U.S. International (In percentages) Bonds - domestic to plans 85 44 Equities - domestic to plans 8 21 Equities - international to plans 7 6 Other — 29 Total 100 100 On average, the actual return on the U.S. qualified defined pension plans' assets over the long-term (20 years) has exceeded the expected long-term rate of asset return assumption. The U.S. qualified defined benefit plans' actual return on assets for the year ended December 31, 2021 was 0.6% versus an expected long-term rate of asset return assumption of 6.5%. The expected long-term rate of asset return assumption used to determine 2022 net periodic benefit cost is 5.5% for the U.S. qualified defined benefit plans. The Company's defined benefit plan assets are measured at fair value on a recurring basis ( Note 2 ) as follows: Cash and Cash Equivalents: Foreign and domestic currencies as well as short-term securities are valued at cost plus accrued interest, which approximates fair value. Equity securities, treasuries and corporate debt: Valued at the closing price reported on the active market in which the individual securities are traded. Automated quotes are provided by multiple pricing services and validated by the plan custodian. These securities are traded on exchanges as well as in the over the counter market. Registered Investment Companies: Composed of various mutual funds and other investment companies whose diversified portfolio is comprised of foreign and domestic equities, fixed income securities, and short-term investments. Investments are valued at the net asset value of units held by the plan at year-end. Common/Collective Trusts: Composed of various funds whose diversified portfolio is comprised of foreign and domestic equities, fixed income securities, and short-term investments. Investments are valued at the net asset value of units held by the plan at year-end. Derivatives: Derivative financial instruments 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, foreign currency forwards and swaps, and options are observable in the active markets and are classified as Level 2 in the fair value measurement hierarchy. Mortgage backed securities: Fair value is estimated based on valuations obtained from third-party pricing services for identical or comparable assets. Mortgage Backed Securities are traded in the over the counter broker/dealer market. Insurance contracts: Valued at contributions made, plus earnings, less participant withdrawals and administrative expenses, which approximates fair value. Short-term investment funds: Composed of various funds whose portfolio is comprised of foreign and domestic currencies as well as short-term securities. Investments are valued at the net asset value of units held by the plan at year-end. Other: Composed of real estate investment trust common stock valued at closing price as reported on the active market in which the individual securities are traded. Fair Value Measurement Quoted Prices in Significant Total As of December 31, 2021 2020 2021 2020 2021 2020 (In $ millions) Assets Cash and cash equivalents 5 10 — — 5 10 Derivatives Swaps — — 6 3 6 3 Equity securities International companies 95 82 — — 95 82 Fixed income Corporate debt — — 895 890 895 890 Treasuries, other debt 118 17 1,338 1,447 1,456 1,464 Mortgage backed securities — — 16 16 16 16 Insurance contracts — — 57 63 57 63 Other 4 4 6 6 10 10 Total investments, at fair value (1) 222 113 2,318 2,425 2,540 2,538 Liabilities Derivatives Swaps — — 6 3 6 3 Total liabilities — — 6 3 6 3 Total net assets (2) 222 113 2,312 2,422 2,534 2,535 ______________________________ (1) Certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. Total investments, at fair value, for the year ended December 31, 2021 excludes investments in common/collective trusts, registered investment companies and short-term investment funds with fair values of $538 million, $69 million and $37 million, respectively. Total investments, at fair value, for the year ended December 31, 2020 excludes investments in common/collective trusts, registered investment companies and short-term investment funds with fair values of $732 million, $71 million and $45 million, respectively. (2) Total net assets excludes non-financial plan receivables and payables of $13 million and $8 million, respectively, as of December 31, 2021 and $72 million and $67 million, respectively, as of December 31, 2020. Non-financial items include due to/from broker, interest receivables and accrued expenses. Benefit obligation funding is as follows: Total (In $ millions) Cash contributions to defined benefit pension plans 24 Benefit payments to nonqualified pension plans 19 Benefit payments to other postretirement benefit plans 4 The Company's estimates of its U.S. defined benefit pension plan contributions reflect the provisions of the Pension Protection Act of 2006. Pension and postretirement benefits expected to be paid are as follows: Pension Benefit Payments (1) Company Portion of Postretirement Benefit Cost (2) (In $ millions) 2022 232 4 2023 224 3 2024 219 3 2025 215 3 2026 213 3 2027-2031 988 14 ______________________________ (1) Payments are expected to be made primarily from plan assets. (2) Payments are expected to be made primarily from Company assets. |
Environmental
Environmental | 12 Months Ended |
Dec. 31, 2021 | |
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 December 31, 2021 2020 (In $ millions) Demerger obligations ( Note 2 0 ) 24 29 Divestiture obligations ( Note 2 0 ) 14 15 Active sites 8 12 U.S. Superfund sites 12 11 Other environmental remediation liabilities 2 2 Total 60 69 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 U.S. 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 2 0 ). 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. The Company did not record any insurance recoveries during 2021 or have any receivables for insurance recoveries related to these matters as of December 31, 2021. German InfraServ Entities The Company's InfraServ Entities ( Note 7 ) are liable for any residual contamination and other pollution because they own the real estate on which the individual facilities operate. In addition, Hoechst, and its legal successors, as the responsible party under German public law, is liable to third parties for all environmental damage that occurred while it was still the owner of the plants and real estate ( Note 2 0 ). The contribution agreements entered into in 1997 between Hoechst and the respective operating companies, as part of the divestiture of these companies, provide that the operating companies will indemnify Hoechst, and its legal successors, against environmental liabilities resulting from the transferred businesses. Additionally, the InfraServ Entities have agreed to indemnify Hoechst, and its legal successors, against any environmental liability arising out of or in connection with environmental pollution of any site. The InfraServ partnership agreements provide that, as between the partners, each partner is responsible for any contamination caused predominantly by such partner. Any liability, which cannot be attributed to an InfraServ partner and for which no third party is responsible, is required to be borne by the InfraServ partnership. Also, under lease agreements entered into by an InfraServ partner as landlord, the tenants agreed to pay certain remediation costs on a pro rata basis. If an InfraServ partner defaults on its respective indemnification obligations to eliminate residual contamination, the owners of the remaining participation in the InfraServ companies have agreed to fund such liabilities, subject to a number of limitations. To the extent that any liabilities are not satisfied by either the InfraServ Entities or their owners, these liabilities are to be borne by the Company in accordance with the demerger agreement. However, Hoechst, and its legal successors, will reimburse the Company for two-thirds of any such costs. Likewise, in certain circumstances the Company could be responsible for the elimination of residual contamination on several sites that were not transferred to InfraServ companies, in which case Hoechst, and its legal successors, must also reimburse the Company for two-thirds of any costs so incurred. The Company's ownership interest and environmental liability participation percentages for such liabilities, which cannot be attributed to an InfraServ partner are as follows: As of December 31, 2021 Ownership Liability Reserves (1) (In percentages) (In $ millions) InfraServ GmbH & Co. Gendorf KG 30 10 10 InfraServ GmbH & Co. Hoechst KG 31 40 69 YNCORIS GmbH & Co. KG (2) 22 22 1 ______________________________ (1) Gross reserves maintained by the respective entity. (2) Formerly known as InfraServ GmbH & Co. Knapsack KG. U.S. Superfund Sites In the U.S., the Company may be subject to substantial claims brought by U.S. 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 U.S. 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 U.S. 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. In September 2021, the EPA issued a Record of Decision selecting an interim remedial plan for the upper 9 miles of the Lower Passaic River ("Upper 9 Miles"). Pursuant to the EPA's Record of Decision, targeted dredging will be conducted in the Upper 9 Miles to address surface sediments with elevated contamination followed by the installation of an engineered cap at an EPA estimated cost of $441 million. 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. In June 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 | 12 Months Ended |
Dec. 31, 2021 | |
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, par value $0.0001 per share ("Common Stock"), unless the Company's Board of Directors, in its sole discretion, determines otherwise. The amount available to 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. On February 9, 2022, the Company declared a quarterly cash dividend of $0.68 per share on its Common Stock amounting to approximately $73 million. The cash dividend will be paid on March 8, 2022 to holders of record as of February 22, 2022. 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. The share repurchase activity pursuant to this authorization is as follows: Year Ended December 31, Total From 2021 2020 2019 Shares repurchased 6,556,378 5,889,073 9,166,267 69,324,429 Average purchase price per share $ 152.53 $ 110.41 $ 109.10 $ 83.71 Amount spent on repurchased shares (in millions) $ 1,000 $ 650 $ 1,000 $ 5,803 Aggregate Board of Directors repurchase authorizations during the period (in millions) $ 1,000 $ 500 $ 1,500 $ 6,866 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 Year Ended December 31, 2021 2020 2019 Gross Income Net Gross Income Net Gross Income Net (In $ millions) Foreign currency translation 20 (31) (11) (4) (4) (8) (10) (6) (16) Gain (loss) on cash flow hedges 34 (21) 13 (26) 8 (18) (38) 8 (30) Pension and postretirement benefits (3) — (3) (2) — (2) (6) (1) (7) Total 51 (52) (1) (32) 4 (28) (54) 1 (53) Adjustments to Accumulated other comprehensive income (loss), net, are as follows: Foreign Gain (Loss) on Cash Flow Hedges ( Note 1 8 ) Pension and Postretirement Benefits Gain (Loss) ( Note 1 2 ) Accumulated (In $ millions) As of December 31, 2018 (236) (8) (3) (247) Other comprehensive income (loss) before reclassifications (10) (36) (6) (52) Amounts reclassified from accumulated other comprehensive income (loss) — (2) — (2) Income tax (provision) benefit (6) 8 (1) 1 As of December 31, 2019 (252) (38) (10) (300) Other comprehensive income (loss) before reclassifications (4) (28) (2) (34) Amounts reclassified from accumulated other comprehensive income (loss) — 2 — 2 Income tax (provision) benefit (4) 8 — 4 As of December 31, 2020 (260) (56) (12) (328) Other comprehensive income (loss) before reclassifications 20 34 (3) 51 Income tax (provision) benefit (31) (21) — (52) As of December 31, 2021 (271) (43) (15) (329) |
Other (Charges) Gains, Net
Other (Charges) Gains, Net | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Other (Charges) Gains, Net | Other (Charges) Gains, Net Year Ended December 31, 2021 2020 2019 (In $ millions) Restructuring (5) (20) (23) Asset impairments (2) (31) (83) Plant/office closures 10 7 (4) Commercial disputes — 6 (4) European Commission investigation — (2) (89) Other — 1 — Total 3 (39) (203) 2020 During the year ended December 31, 2020, the Company recorded $20 million of employee termination benefits primarily related to Company-wide business optimization projects. During the year ended December 31, 2020, the Company recorded a $26 million long-lived asset impairment loss related to certain fixed assets used in compounding operations at its facilities in Kaiserslautern, Germany; Wehr, Germany and Ferrara Marconi, Italy. 2019 During the year ended December 31, 2019, the Company recorded $23 million of employee termination benefits primarily related to Company-wide business optimization projects. During the year ended December 31, 2019, the Company recorded an $83 million long-lived asset impairment loss related to the closure of its acetate flake manufacturing operations in Ocotlán, Mexico. The long-lived asset impairment loss was measured at the date of impairment to write-off the related property, plant and equipment and was included in the Company's Acetate Tow segment. During the year ended December 31, 2019, the Company recorded a reserve of $89 million as a result of information learned from the European Commission's investigation of certain past ethylene purchases, which was included within the Other Activities segment ( Note 2 0 ). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In December 2017, the Tax Cuts and Jobs Act (the "TCJA") was enacted and was effective January 1, 2018. The U.S. Treasury has issued various final and proposed regulatory packages supplementing the TCJA provisions since 2018. On December 28, 2021, the U.S. Treasury issued final foreign tax credit regulations clarifying certain items in the TCJA and prior guidance related to disallowance of foreign income taxes related to income exempt from U.S. tax, treatment of debt between foreign affiliates for expense apportionment purposes, allocation and apportionment of foreign income taxes, and the definition of creditable foreign income taxes. The regulations were published in the Federal Register on January 4, 2022, and will be effective in the first quarter of 2022. The Company does not currently expect the final regulations to have a material impact to current or future income tax expense. Income Tax Provision Earnings (loss) from continuing operations before tax by jurisdiction are as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) U.S. 202 1,530 252 International 2,046 721 736 Total 2,248 2,251 988 The income tax provision (benefit) consists of the following: Year Ended December 31, 2021 2020 2019 (In $ millions) Current U.S. — 13 (8) International 323 126 149 Total 323 139 141 Deferred U.S. (16) 308 1 International 23 (200) (18) Total 7 108 (17) Total 330 247 124 A reconciliation of the significant differences between the U.S. federal statutory tax rate of 21% and the effective income tax rate on income from continuing operations is as follows: Year Ended December 31, 2021 2020 2019 (In $ millions, except percentages) Income tax provision computed at U.S. federal statutory tax rate 472 473 208 Change in valuation allowance (50) (1) (47) Equity income and dividends (29) (54) (38) (Income) expense not resulting in tax impact, net (53) (46) (9) U.S. tax effect of foreign earnings and dividends 332 65 85 Foreign tax credits (328) (51) (76) Other foreign tax rate differentials (66) 7 4 Legislative changes (8) 1 (3) State income taxes, net of federal benefit 6 4 6 Recognition of basis differences in investments in affiliates — (14) — Asset transfers between wholly owned foreign affiliates — (170) — Other, net 54 33 (6) Income tax provision (benefit) 330 247 124 Effective income tax rate 15 % 11 % 13 % In October 2020, the Company completed the sale of its 45% joint venture equity interest in Polyplastics (see Note 7 ). The tax gain on this disposal was less than the related gain for financial reporting purposes due to basis differences. In November 2020, the Company relocated certain tangible and intangible assets in response to various geopolitical risks in certain regions in which it operates. The transfer of these assets between wholly owned foreign affiliates in this reorganization generated a deferred tax benefit of approximately $170 million. Included in the Other, net line in the effective income tax rate reconciliation above are charges of approximately $65 million and $40 million related to changes in uncertain tax positions for the years ended December 31, 2021 and 2020, respectively, and impacts of amended tax return filings. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the consolidated deferred tax assets and liabilities are as follows: As of December 31, 2021 2020 (In $ millions) Deferred Tax Assets Pension and postretirement obligations 96 132 Accrued expenses 31 32 Inventory 7 12 Net operating loss carryforwards 526 535 Tax credit carryforwards 207 247 Other 226 322 Subtotal 1,093 1,280 Valuation allowance (1) (642) (748) Total 451 532 Deferred Tax Liabilities Depreciation and amortization 312 256 Investments in affiliates 382 402 Other 64 124 Total 758 782 Net deferred tax assets (liabilities) (307) (250) ______________________________ (1) Includes deferred tax asset valuation allowances for the Company's deferred tax assets in the U.S., Luxembourg, Singapore, Spain, China, the United Kingdom, Mexico, Canada and France. These valuation allowances relate primarily to net operating loss carryforward benefits and other net deferred tax assets, all of which may not be realizable. As a result of the TCJA, U.S. federal and state income taxes have been recorded on undistributed foreign earnings accumulated from 1986 through 2017. The Company's previously taxed income for its foreign subsidiaries significantly exceeds its offshore cash balances. The Company has not recorded a deferred tax liability for foreign withholding or other foreign local tax that would be due when cash is actually repatriated to the U.S. because those foreign earnings are considered permanently reinvested in the business or may be remitted substantially free of any additional local taxes. The determination of the amount of the unrecognized deferred tax liability related to the undistributed earnings is not practicable. Tax Carryforwards • Net Operating Loss Carryforwards As of December 31, 2021, the Company had available U.S. federal net operating loss carryforwards of $25 million that are subject to limitation. These net operating loss carryforwards begin to expire in 2025. As of December 31, 2021, the Company also had available state net operating loss carryforwards, net of federal tax impact, of $28 million, $24 million of which are offset by a valuation allowance due to uncertain recoverability. The Company also has foreign net operating loss carryforwards available as of December 31, 2021 of $2.4 billion primarily for Canada, China, Luxembourg, Malta, Mexico, Singapore, Spain, and the United Kingdom, with various expiration dates. Net operating loss carryforwards of $125 million in China are scheduled to expire beginning in 2022 through 2025. Net operating losses in most other foreign jurisdictions do not have an expiration date. • Tax Credit Carryforwards The Company had available $184 million of foreign tax credit carryforwards, which are offset by a valuation allowance of $171 million due to uncertain recoverability and $18 million of alternative minimum tax credit carryforwards in the U.S. The foreign tax credit carryforwards are subject to a ten-year carryforward period and expire beginning in 2027. The alternative minimum tax credits are subject to annual limitation due to prior ownership changes but have an unlimited carryforward period and can be used to offset federal tax liability in future years. The Company evaluates its deferred tax assets on a quarterly basis to determine whether a valuation allowance is necessary. Realization of deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in the applicable carryback or carryforward periods. Changes in the Company's estimates of future taxable income and prudent and feasible tax planning strategies will affect the estimate of the realization of the tax benefits of these foreign tax credit carryforwards. As such, the Company is currently evaluating tax planning strategies to enable use of the foreign tax credit carryforwards that may decrease the Company's effective tax rate in future periods as the valuation allowance is reversed. Uncertain Tax Positions Activity related to uncertain tax positions is as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) As of the beginning of the year 165 134 162 Increases in tax positions for the current year 33 18 1 Increases in tax positions for prior years (1) 28 26 37 Decreases in tax positions for prior years (11) (13) (41) Increases (decreases) due to settlements 3 — (25) As of the end of the year 218 165 134 Total uncertain tax positions that if recognized would impact the effective tax rate 224 182 132 Total amount of interest expense (benefit) and penalties recognized in the consolidated statements of operations (2) 2 6 5 Total amount of interest expense and penalties recognized in the consolidated balance sheets 52 54 45 ______________________________ (1) Includes the impact on uncertain tax positions for the year ended December 31, 2019 due to the closure of federal income tax audits for the years 2009 through 2012. (2) This amount reflects interest on uncertain tax positions and release of tax positions due to changes in assessment, statute lapses, or audit closures that were reflected in the consolidated statements of operations. The increase in uncertain tax positions for the year ended December 31, 2021 was primarily due to increases in foreign tax positions. The Company primarily operates in the U.S., Germany, Belgium, Canada, China, Italy, Mexico, the Netherlands, the United Kingdom, Switzerland and Singapore. Examinations are ongoing in a number of these jurisdictions. The Company's tax returns are under audit for the years 2013 through 2015 by the U.S., the Netherlands and Germany (the "Authorities"). On September 30, 2021, the Company received a draft joint audit report proposing adjustments to transfer pricing and the reallocation of income between the related jurisdictions. The Authorities also propose to apply these adjustments to open tax years through 2019. The Company is engaged in discussions with the Authorities to evaluate the proposals and is currently evaluating all potential remedies. The Company believes that an adequate provision for income taxes has been made for all open tax years related to the examination. However, the outcome of tax audits cannot be predicted with certainty. If any issues raised by the Authorities are resolved in a manner inconsistent with the Company's expectations or the Company is unsuccessful in defending its position, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. If required, any such adjustments could be material to the statements of operations and cash flows in the period(s) recorded. In addition, the Company's Mexico tax returns are under audit for the years 2018 and 2019. On January 14, 2022, the Mexico tax authorities issued preliminary findings for disallowance of operating expenses on several of the applicable tax returns. The Company has determined that the preliminary findings are unfounded and will take the necessary steps to provide the requested documentation to mitigate any potential liability through the next phase of the audit. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Finance Leases | Leases The components of lease expense are as follows: Year Ended December 31, Statement of Operations Classification 2021 2020 (In $ millions) Lease Cost Operating lease cost 40 40 Cost of sales / Selling, general and administrative expenses Short-term lease cost 18 24 Cost of sales / Selling, general and administrative expenses Variable lease cost 12 11 Cost of sales / Selling, general and administrative expenses Finance lease cost Amortization of leased assets 19 18 Cost of sales Interest on lease liabilities 13 15 Interest expense Total net lease cost 102 108 Supplemental consolidated balance sheet information related to leases is as follows: As of December 31, Balance Sheet Classification 2021 2020 (In $ millions) Leases Assets Operating lease assets 236 232 Operating lease ROU assets Finance lease assets 131 148 Property, plant and equipment, net Total leased assets 367 380 Liabilities Current Operating 37 36 Current Other liabilities Finance 25 30 Short-term borrowings and current installments of long-term debt Noncurrent Operating 200 208 Operating lease liabilities Finance 148 171 Long-term debt Total lease liabilities 410 445 As of December 31, 2021 2020 Weighted-Average Remaining Lease Term (years) Operating leases 12.8 13.8 Finance leases 8.9 9.6 Weighted-Average Discount Rate Operating leases 2.0 % 2.1 % Finance leases 6.9 % 7.1 % Supplemental consolidated cash flow information related to leases is as follows: Year Ended December 31, 2021 2020 (In $ millions) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 37 37 Operating cash flows from finance leases 13 15 Financing cash flows from finance leases 29 29 ROU assets obtained in exchange for finance lease liabilities ( Note 2 1 ) — 78 ROU assets obtained in exchange for operating lease liabilities 52 58 Maturities of lease liabilities are as follows: As of December 31, 2021 Operating Leases Finance Leases (In $ millions) 2022 42 36 2023 36 31 2024 28 28 2025 23 24 2026 15 22 Later years 126 101 Total lease payments 270 242 Less amounts representing interest (33) (69) Total lease obligations 237 173 As of December 31, 2021, there was one financing lease commitment that has not yet commenced of approximately $28 million that is contracted to begin in June 2022 with a lease term of 10 years. As of December 31, 2021, there were two operating lease commitments that have not yet commenced of approximately $4 million that are contracted to begin in 2022 with lease terms of 2 years to 10 years. |
Lessee, Operating Leases | Leases The components of lease expense are as follows: Year Ended December 31, Statement of Operations Classification 2021 2020 (In $ millions) Lease Cost Operating lease cost 40 40 Cost of sales / Selling, general and administrative expenses Short-term lease cost 18 24 Cost of sales / Selling, general and administrative expenses Variable lease cost 12 11 Cost of sales / Selling, general and administrative expenses Finance lease cost Amortization of leased assets 19 18 Cost of sales Interest on lease liabilities 13 15 Interest expense Total net lease cost 102 108 Supplemental consolidated balance sheet information related to leases is as follows: As of December 31, Balance Sheet Classification 2021 2020 (In $ millions) Leases Assets Operating lease assets 236 232 Operating lease ROU assets Finance lease assets 131 148 Property, plant and equipment, net Total leased assets 367 380 Liabilities Current Operating 37 36 Current Other liabilities Finance 25 30 Short-term borrowings and current installments of long-term debt Noncurrent Operating 200 208 Operating lease liabilities Finance 148 171 Long-term debt Total lease liabilities 410 445 As of December 31, 2021 2020 Weighted-Average Remaining Lease Term (years) Operating leases 12.8 13.8 Finance leases 8.9 9.6 Weighted-Average Discount Rate Operating leases 2.0 % 2.1 % Finance leases 6.9 % 7.1 % Supplemental consolidated cash flow information related to leases is as follows: Year Ended December 31, 2021 2020 (In $ millions) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 37 37 Operating cash flows from finance leases 13 15 Financing cash flows from finance leases 29 29 ROU assets obtained in exchange for finance lease liabilities ( Note 2 1 ) — 78 ROU assets obtained in exchange for operating lease liabilities 52 58 Maturities of lease liabilities are as follows: As of December 31, 2021 Operating Leases Finance Leases (In $ millions) 2022 42 36 2023 36 31 2024 28 28 2025 23 24 2026 15 22 Later years 126 101 Total lease payments 270 242 Less amounts representing interest (33) (69) Total lease obligations 237 173 As of December 31, 2021, there was one financing lease commitment that has not yet commenced of approximately $28 million that is contracted to begin in June 2022 with a lease term of 10 years. As of December 31, 2021, there were two operating lease commitments that have not yet commenced of approximately $4 million that are contracted to begin in 2022 with lease terms of 2 years to 10 years. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Derivatives Designated As Hedges 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 December 31, 2021 2020 (In $ millions) Total — 400 The Company settled the forward-starting interest rate swap on August 2, 2021, resulting in a payment to the counterparty of $72 million, which payment is included as part of financing activities in the consolidated statements of cash flows. Net Investment Hedges The total notional amount of foreign currency denominated debt designated as a net investment hedge of net investments in foreign operations are as follows: As of December 31, 2021 2020 (In € millions) Total 1,653 1,358 Derivatives Not Designated As Hedges Foreign Currency Forwards and Swaps Each of the contracts included in the table below will have approximately offsetting effects from actual underlying payables, receivables, intercompany loans or other assets or liabilities subject to foreign exchange remeasurement. The total U.S. dollar equivalents of net foreign exchange exposure related to (short) long foreign exchange forward contracts outstanding by currency are as follows: 2022 Maturity (In $ millions) Currency Brazilian real (24) British pound sterling (31) Canadian dollar 21 Chinese yuan (13) Euro 120 Hungarian forint 13 Indonesian rupiah (5) Japanese yen (11) Korean won 15 Mexican peso (43) Singapore dollar 49 Swedish krona (10) Swiss franc 10 Total 91 Gross notional values of the foreign currency forwards and swaps are as follows: As of December 31, 2021 2020 (In $ millions) Total 663 546 Hedging activity for foreign currency forwards, commodity swaps and interest rate swaps is as follows: Year Ended December 31, Statement of Operations Classification 2021 2020 2019 (In $ millions) Hedging activities — (5) 2 Cost of sales; Interest expense Information regarding changes in the fair value of the Company's derivative and non-derivative instruments is as follows: Gain (Loss) Gain (Loss) Recognized Statement of Operations Classification Year Ended December 31, Year Ended December 31, 2021 2020 2019 2021 2020 2019 (In $ millions) Designated as Cash Flow Hedges Commodity swaps 25 13 (5) 3 (4) 2 Cost of sales Interest rate swaps 10 (41) (30) (3) — — Interest expense Foreign currency forwards (1) (1) — — (1) — Cost of sales Total 34 (29) (35) — (5) 2 Designated as Net Investment Hedges Foreign currency denominated debt ( Note 1 1 ) 107 (81) 37 — — — N/A Cross-currency swaps ( Note 1 1 ) 27 (26) 3 — — — N/A Total 134 (107) 40 — — — Not Designated as Hedges Foreign currency forwards and swaps — — — (13) (8) (3) Foreign exchange gain (loss), net; Other income (expense), net Total — — — (13) (8) (3) See Note 19 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 consolidated balance sheets is as follows: As of December 31, 2021 2020 (In $ millions) Derivative Assets Gross amount recognized 40 26 Gross amount offset in the consolidated balance sheets — 2 Net amount presented in the consolidated balance sheets 40 24 Gross amount not offset in the consolidated balance sheets 2 11 Net amount 38 13 As of December 31, 2021 2020 (In $ millions) Derivative Liabilities Gross amount recognized 5 123 Gross amount offset in the consolidated balance sheets — 2 Net amount presented in the consolidated balance sheets 5 121 Gross amount not offset in the consolidated balance sheets 2 11 Net amount 3 110 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
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 ( Note 2 ) 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 Balance Sheet Classification Quoted Prices Significant Total As of December 31, 2021 2020 2021 2020 2021 2020 (In $ millions) Derivatives Designated as Cash Flow Hedges Commodity swaps — — 8 2 8 2 Current Other assets Commodity swaps — — 23 8 23 8 Noncurrent Other assets Designated as Net Investment Hedges Cross-currency swaps — — 2 13 2 13 Current Other assets Cross-currency swaps — — 5 — 5 — Noncurrent Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — — 2 1 2 1 Current Other assets Total assets — — 40 24 40 24 Derivatives Designated as Cash Flow Hedges Commodity swaps — — — (1) — (1) Noncurrent Other liabilities Interest rate swaps — — — (81) — (81) Current Other liabilities Derivatives Designated as Net Investment Hedges Cross-currency swaps — — (2) (1) (2) (1) Current Other liabilities Cross-currency swaps — — — (33) — (33) Noncurrent Other liabilities Derivatives Not Designated as Hedges Foreign currency forwards and swaps — — (3) (5) (3) (5) Current Other liabilities Total liabilities — — (5) (121) (5) (121) Carrying values and fair values of financial instruments that are not carried at fair value are as follows: Fair Value Measurement Carrying Significant Unobservable Total As of December 31, 2021 2020 2021 2020 2021 2020 2021 2020 (In $ millions) Equity investments without readily determinable fair values 170 171 — — — — — — Insurance contracts in nonqualified trusts 28 30 28 31 — — 28 31 Long-term debt, including current installments of long-term debt 3,722 3,671 3,639 3,644 173 201 3,812 3,845 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 December 31, 2021 and 2020, 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 | 12 Months Ended |
Dec. 31, 2021 | |
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 1 3 ). 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 December 31, 2021 are $102 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 1 3 ). 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 December 31, 2021. 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 December 31, 2021, the Company had unconditional purchase obligations of $3.5 billion, which extend through 2042. 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 had 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, which was included within the Company's Other Activities segment. In July 2020, Celanese reached a final settlement with the European Commission in respect of this matter of $92 million, which was included in Current Other liabilities as of December 31, 2020. The Company paid this settlement in full on January 12, 2021. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Year Ended December 31, 2021 2020 2019 (In $ millions) Interest paid, net of amounts capitalized 105 120 118 Taxes paid, net of refunds 215 167 157 Noncash Investing and Financing Activities Accrued treasury stock repurchases — — 4 Finance lease obligations ( Note 1 7 ) — 78 — Accrued capital expenditures 23 (16) 20 Other 2 5 6 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Business Segments The Company operates through business segments according to the nature and economic characteristics of its products and customer relationships, as well as the manner in which the information is used internally by the Company's key decision maker, who is the Company's Chief Executive Officer. The Company's business segments are as follows: • Engineered Materials The Company's Engineered Materials segment includes the engineered materials business, our food ingredients business and certain strategic affiliates. The engineered materials business develops, produces and supplies a broad portfolio of high performance specialty polymers for automotive and medical applications, as well as industrial products and consumer electronics. Together with its strategic affiliates, the Company's engineered materials business is a leading participant in the global specialty polymers industry. The primary products of Engineered Materials are used in a broad range of end-use products including fuel system components, automotive safety systems, medical applications, electronics, appliances, industrial products, battery separators, conveyor belts, filtration equipment, coatings, and electrical applications and products. It is also a leading global supplier of acesulfame potassium for the food and beverage industry and is a leading producer of food protection ingredients, such as potassium sorbate and sorbic acid. • Acetate Tow The Company's Acetate Tow segment serves consumer-driven applications and is a leading global producer and supplier of acetate tow and acetate flake, primarily used in filter products applications. • Acetyl Chain The Company's Acetyl Chain segment includes the integrated chain of intermediate chemistry, emulsion polymers, ethylene vinyl acetate ("EVA") polymers and redispersible powders ("RDP") businesses. The Company's intermediate chemistry business produces and supplies acetyl products, including acetic acid, vinyl acetate monomer, acetic anhydride and acetate esters. These products are generally used as starting materials for colorants, paints, adhesives, coatings and pharmaceuticals. It also produces organic solvents and intermediates for pharmaceutical, agricultural and chemical products. The Company's emulsion polymers business is a leading global producer of vinyl acetate-based emulsions and develops products and application technologies to improve performance, create value and drive innovation in applications such as paints and coatings, adhesives, construction, glass fiber, textiles and paper. The Company's EVA polymers business is a leading North American manufacturer of a full range of specialty EVA resins and compounds, as well as select grades of low-density polyethylene. The Company's EVA polymers products are used in many applications, including flexible packaging films, lamination film products, hot melt adhesives, automotive parts and carpeting. The Company's RDP business is a leading producer of products that have applications in a number of building and construction applications including flooring, plasters, insulation, tiling and waterproofing. • Other Activities Other Activities primarily consists of corporate center costs, including administrative activities such as finance, information technology and human resource functions, interest income and expense associated with financing activities and results of the Company's captive insurance companies. Other Activities also includes the components of net periodic benefit cost (interest cost, expected return on assets and net actuarial gains and losses) for the Company's defined benefit pension plans and other postretirement plans not allocated to the Company's business segments. The business segment management reporting and controlling systems are based on the same accounting policies as those described in the summary of significant accounting policies ( Note 2 ). Sales transactions between business segments are generally recorded at values that approximate third-party selling prices. Engineered Acetate Tow Acetyl Chain Other Eliminations Consolidated (In $ millions) Year Ended December 31, 2021 Net sales 2,718 514 5,430 (1) — (125) 8,537 Other (charges) gains, net ( Note 1 5 ) 6 — 1 (4) — 3 Operating profit (loss) 411 56 1,819 (340) — 1,946 Equity in net earnings (loss) of affiliates 126 — 7 13 — 146 Depreciation and amortization 144 39 171 17 — 371 Capital expenditures 154 42 269 25 — 490 (2) As of December 31, 2021 Goodwill and intangible assets, net 1,714 154 279 — — 2,147 Total assets 5,363 1,098 4,428 1,086 — 11,975 Year Ended December 31, 2020 Net sales 2,081 519 3,147 (1) — (92) 5,655 Other (charges) gains, net ( Note 1 5 ) (36) (1) 7 (9) — (39) Operating profit (loss) 235 118 563 (252) — 664 Equity in net earnings (loss) of affiliates 115 — 5 14 — 134 Gain (loss) on sale of investments in affiliates ( Note 7 ) 1,408 — — — — 1,408 Depreciation and amortization 134 36 163 17 — 350 Capital expenditures 106 37 171 34 — 348 (2) As of December 31, 2020 Goodwill and intangible assets, net 1,030 154 301 — — 1,485 Total assets 3,990 975 3,930 2,014 — 10,909 Year Ended December 31, 2019 Net sales 2,386 636 3,392 (1) — (117) 6,297 Other (charges) gains, net ( Note 1 5 ) 5 (88) (3) (117) — (203) Operating profit (loss) 446 52 678 (342) — 834 Equity in net earnings (loss) of affiliates 168 — 4 10 — 182 Depreciation and amortization 131 45 161 15 — 352 Capital expenditures 104 43 208 35 — 390 (2) ______________________________ (1) Includes intersegment sales of $125 million, $92 million and $117 million for the years ended December 31, 2021, 2020 and 2019, respectively. (2) Includes an increase in accrued capital expenditures of $23 million, a decrease in accrued capital expenditures of $16 million and an increase in accrued capital expenditures of $20 million for the years ended December 31, 2021, 2020 and 2019, respectively. Geographical Area Information The Net sales to external customers based on geographic location are as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) Belgium 268 274 259 Canada 98 68 75 China 1,621 888 859 Germany 2,675 1,837 2,132 Mexico 330 200 244 Singapore 1,202 627 787 Switzerland 140 81 — U.S. 2,004 1,490 1,713 Other 199 190 228 Total 8,537 5,655 6,297 Property, plant and equipment, net based on the geographic location of the Company's facilities is as follows: As of December 31, 2021 2020 (In $ millions) Belgium 65 60 Canada 96 99 China 413 406 Germany 812 914 Mexico 58 57 Singapore 72 76 U.S. 2,377 2,155 Other 300 172 Total 4,193 3,939 |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Recognition 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: Year Ended December 31, 2021 2020 2019 (In $ millions) Engineered Materials North America 774 577 735 Europe and Africa 1,155 906 1,047 Asia-Pacific 703 534 533 South America 86 64 71 Total 2,718 2,081 2,386 Acetate Tow North America 98 92 125 Europe and Africa 267 273 258 Asia-Pacific 140 142 224 South America 9 12 29 Total 514 519 636 Acetyl Chain North America 1,435 1,014 1,079 Europe and Africa 1,647 1,019 1,098 Asia-Pacific 2,074 951 1,013 South America 149 71 85 Total (1) 5,305 3,055 3,275 ______________________________ (1) Excludes intersegment sales of $125 million, $92 million and $117 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Year Ended December 31, 2021 2020 2019 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 1,912 1,997 858 Earnings (loss) from discontinued operations (22) (12) (6) Net earnings (loss) 1,890 1,985 852 Weighted average shares - basic 111,224,017 117,817,445 123,925,697 Incremental shares attributable to equity awards (1) 860,395 663,931 726,062 Weighted average shares - diluted 112,084,412 118,481,376 124,651,759 ______________________________ (1) Excludes 555, 4,313 and 45 equity award shares for the years ended December 31, 2021, 2020 and 2019, respectively, as their effect would have been antidilutive. |
Summary of Accounting Policies
Summary of Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Lessee, Leases [Policy Text Block] | Leases The Company leases certain real estate, fleet assets, warehouses and equipment. Leases with an initial term of 12 months or less ("short-term leases") are not recorded on the consolidated balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company determines if an arrangement is a lease at inception. Operating lease right-of-use ("ROU") assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because most of the Company's leases do not provide an implicit rate of return, the Company uses its imputed collateralized rate based on the information available at commencement date in determining the present value of lease payments. The estimated rate is based on a risk-free rate plus a risk-adjusted margin. Operating lease ROU assets are comprised of the lease liability plus prepaid rents and are reduced by lease incentives or deferred rents. The Company has lease agreements with non-lease components which are not bifurcated. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one |
Purchase Accounting | Purchase Accounting The Company recognizes the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of purchase price over the aggregate fair values is recorded as goodwill. Intangible assets are valued using the relief from royalty, multi-period excess earnings and discounted cash flow methodologies, which are considered Level 3 measurements. The relief from royalty method estimates the Company's theoretical royalty savings from ownership of the intangible asset. Key assumptions used in this method include discount rates, royalty rates, growth rates, sales projections and terminal value rates. Key assumptions used in the multi-period excess earnings method include discount rates, retention rates, growth rates, sales projections, expense projections and contributory asset charges. Key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, tax rates, cash flow projections and terminal value rates. All of these methodologies require significant management judgment and, therefore, are susceptible to change. The Company calculates the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed to allocate the purchase price at the acquisition date. The Company may use the assistance of third-party valuation consultants. |
Asset impairments goodwill and other intangible assets | Recoverability of Goodwill and Indefinite-Lived Assets The Company assesses the recoverability of the carrying amount of its reporting unit goodwill and other indefinite-lived intangible assets either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. Recoverability of the carrying amount of goodwill is measured at the reporting unit level. The Company assesses the recoverability of finite-lived intangible assets in the same manner as for property, plant and equipment. Impairment losses are generally recorded in Other (charges) gains, net in the consolidated statements of operations. When assessing the recoverability of goodwill and other indefinite-lived intangible assets, the Company may first assess qualitative factors in determining whether it is more likely than not that the fair value of a reporting unit, including goodwill, or an other indefinite-lived intangible asset is less than its carrying amount. The qualitative evaluation is an assessment of multiple factors, including the current operating environment, financial performance and market considerations. The Company may elect to bypass this qualitative assessment for some or all of its reporting units or other indefinite-lived intangible assets and perform a quantitative test, based on management's judgment. In performing a quantitative analysis of goodwill, the Company measures the recoverability of goodwill for each reporting unit using a discounted cash flow model incorporating discount rates commensurate with the risks involved, which is classified as a Level 3 fair value measurement. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, tax rates, cash flow projections and terminal value rates. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. Discount rates used are similar to the rates estimated by the weighted average cost of capital ("WACC") considering any differences in company-specific risk factors. The Company may engage third-party valuation consultants to assist with this process. Management tests other indefinite-lived intangible assets for impairment quantitatively utilizing the relief from royalty method under the income approach to determine the estimated fair value for each indefinite-lived intangible asset, which is classified as a Level 3 fair value measurement. The relief from royalty method estimates the Company's theoretical royalty savings from ownership of the intangible asset. The key assumptions used in this model include discount rates, royalty rates, growth rates, tax rates, sales projections and terminal value rates. Discount rates, royalty rates, growth rates and sales projections are the assumptions most sensitive and susceptible to change as they require significant management judgment. Discount rates used are similar to the rates estimated by the WACC considering any differences in company-specific risk factors. Royalty rates are established by management and are periodically substantiated by third-party valuation consultants. |
Asset Retirement Obligations | Asset Retirement Obligations Periodically, the Company will conclude a site no longer has an indeterminate life based on long-lived asset impairment triggering events and decisions made by the Company. Accordingly, the Company will record asset retirement obligations associated with such sites. To measure the fair value of the asset retirement obligations, the Company will use the expected present value technique, which is classified as a Level 3 fair value measurement. The expected present value technique uses a set of cash flows that represent the probability-weighted average of all possible cash flows based on the Company's judgment. The Company uses the following inputs to determine the fair value of the asset retirement obligations based on the Company's experience with fulfilling obligations of this type and the Company's knowledge of market conditions: (a) labor costs; (b) allocation of overhead costs; (c) profit on labor and overhead costs; (d) effect of inflation on estimated costs and profits; (e) risk premium for bearing the uncertainty inherent in cash flows, other than inflation; (f) time value of money represented by the risk-free interest rate commensurate with the timing of the associated cash flows; and (g) nonperformance risk relating to the liability, which includes the Company's own credit risk. The asset retirement obligations are accreted to their undiscounted values until the time at which they are expected to be settled. The Company has identified but not recognized asset retirement obligations related to certain of its existing operating facilities. Examples of these types of obligations include demolition, decommissioning, disposal and restoration activities. Legal obligations exist in connection with the retirement of these assets upon closure of the facilities or abandonment of the existing operations. However, the Company currently plans on continuing operations at these facilities indefinitely and therefore, a reasonable estimate of fair value cannot be determined at this time. In the event the Company considers plans to abandon or cease operations at these sites, an asset retirement obligation will be reassessed at that time. If certain operating facilities were to close, the related asset retirement obligations could significantly affect the Company's results of operations and cash flows. |
Environmental liabilities | Environmental Liabilities The Company manufactures and sells a diverse line of chemical products throughout the world. Accordingly, the Company's operations are subject to various hazards incidental to the production of industrial chemicals including the use, handling, processing, storage and transportation of hazardous materials. The Company recognizes losses and accrues liabilities relating to environmental matters if available information indicates that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Depending on the nature of the site, the Company accrues through 15 years, unless the Company has government orders or other agreements that extend beyond 15 years. The Company estimates environmental liabilities on a case-by-case basis using the most current status of available facts, existing technology, presently enacted laws and regulations and prior experience in remediation of contaminated sites. Recoveries of environmental costs from other parties are recorded as assets when their receipt is deemed probable. An environmental liability related to cleanup of a contaminated site might include, for example, a provision for one or more of the following types of costs: site investigation and testing costs, cleanup costs, costs related to soil and water contamination resulting from tank ruptures and post-remediation monitoring costs. These undiscounted liabilities do not take into account any claims or recoveries from insurance. The measurement of environmental liabilities is based on the Company's periodic estimate of what it will cost to perform each of the elements of the remediation effort. The Company utilizes third parties to assist in the management and development of cost estimates for its sites. Changes to environmental regulations or other factors affecting environmental liabilities are reflected in the consolidated financial statements in the period in which they occur. |
Pension and other postretirement obligations | Pension and Other Postretirement Obligations The Company recognizes a balance sheet asset or liability for each of its pension and other postretirement benefit plans equal to the plan's funded status as of a December 31 measurement date. The amounts recognized in the consolidated financial statements related to pension and other postretirement benefits are determined on an actuarial basis. Various assumptions are used in the calculation of the actuarial valuation of the employee benefit plans. These assumptions include the discount rate, compensation levels, expected long-term rates of return on plan assets and trends in health care costs. In addition, actuarial consultants use factors such as withdrawal and mortality rates to estimate the projected benefit obligation. The Company applies the long-term expected rate of return to the fair value of plan assets and immediately recognizes in operating results the change in fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each fiscal year and whenever a plan is required to be remeasured. Events requiring a plan remeasurement will be recognized in the quarter in which such remeasurement event occurs. The remaining components of pension and other postretirement plan net periodic benefit costs are recorded on a quarterly basis. The Company allocates the service cost and amortization of prior service cost (or credit) components of its pension and postretirement plans to its business segments. Interest cost, expected return on assets and net actuarial gains and losses are considered financing activities managed at the corporate level and are recorded to Other Activities. The Company believes the expense allocation appropriately matches the cost incurred for active employees to the respective business segment. Other postretirement benefit plans provide medical and life insurance benefits to retirees who meet minimum age and service requirements. The key determinants of the accumulated postretirement benefit obligation are the discount rate and the health care cost trend rate. • Discount Rate As of the measurement date, the Company determines the appropriate discount rate used to calculate the present value of future cash flows currently expected to be required to settle the pension and other postretirement benefit obligations. The discount rate is generally based on the yield on high-quality corporate fixed-income securities. In the U.S., the rate used to discount pension and other postretirement benefit plan liabilities is based on a yield curve developed from market data of over 300 Aa-grade non-callable bonds at the measurement date. This yield curve has discount rates that vary based on the duration of the obligations. The estimated future cash flows for the pension and other benefit obligations were matched to the corresponding rates on the yield curve to derive a weighted average discount rate. Outside of the U.S., a similar approach of discounting pension and other postretirement benefit plan liabilities is used based on the high quality corporate bonds available in each market. There are some exceptions to this methodology, namely in locations where there is a sparse corporate bond market, and in such cases the discount rate takes into account yields of government bonds at the appropriate duration. • Expected Long-Term Rate of Return on Assets The Company determines the long-term expected rate of return on plan assets by considering the current target asset allocation, as well as the historical and expected rates of return on various asset categories in which the plans are invested. A single long-term expected rate of return on plan assets is then calculated for each plan as the weighted average of the target asset allocation and the long-term expected rate of return assumptions for each asset category within each plan. The expected rate of return is assessed annually. • Investment Policies and Strategies The investment objectives for the Company's pension plans are to earn, over a moving 20-year period, a long-term expected rate of return, net of investment fees and transaction costs, sufficient to satisfy the benefit obligations of the plan, while at the same time maintaining adequate liquidity to pay benefit obligations and proper expenses, and meet any other cash needs, in the short- to medium-term. The equity and debt securities objectives are to provide diversified exposure across the U.S. and global equity and fixed income markets, and to manage the risks and returns of the plans through the use of multiple managers and strategies. The fixed income strategies are designed to reduce liability-related interest rate risk by investing in bonds that match the duration and credit quality of the plan liabilities. Derivatives-based strategies may be used to mitigate investment risks. The financial objectives of the qualified pension plans are established in conjunction with a comprehensive review of each plan's liability structure. The Company's asset allocation policy is based on detailed asset/liability analysis. In developing investment policy and financial goals, consideration is given to each plan's demographics, the returns and risks associated with current and alternative investment strategies and the current and projected cash, expense and funding ratios of each plan. Investment policies must also comply with local statutory requirements as determined by each country. A formal asset/liability study of each plan is undertaken approximately every three to five years or whenever there has been a material change in plan demographics, benefit structure or funding status and investment market. The Company has adopted a long-term investment horizon such that the risk and duration of investment losses are weighed against the long-term potential for appreciation of assets. Although there cannot be complete assurance that these objectives will be realized, it is believed that the likelihood for their realization is reasonably high, based upon the asset allocation chosen and the historical and expected performance of the asset classes utilized by the plans. The intent is for investments to be broadly diversified across asset classes, investment styles, market sectors, investment managers, developed and emerging markets and securities in order to moderate portfolio volatility and risk. Investments may be in separate accounts, commingled trusts, mutual funds and other pooled asset portfolios provided they all conform to fiduciary standards. External investment managers are hired to manage pension assets. Investment consultants assist with the screening process for each new manager hired. Over the long-term, the investment portfolio is expected to earn returns that exceed a composite of market indices that are weighted to match each plan's target asset allocation. The portfolio return should also (over the long-term) meet or exceed the return used for actuarial calculations in order to meet the future needs of each plan. |
Commitments and contingencies | Loss Contingencies When determinable, the Company accrues a liability for loss contingencies deemed probable of occurring for which an amount can be reasonably estimated. For certain potentially material loss contingencies, the Company is sometimes unable to estimate and accrue a loss deemed probable of occurring. For such matters, the Company discloses an estimate of the possible loss, range of loss or a statement that such estimate cannot be made. Because the Company's evaluation and assessment of critical facts and circumstances surrounding a contingent loss often occurs well in advance of the matter's final determination, there is an inherent subjectivity and unpredictability involved in estimating, accounting for and reporting contingent losses. Generally, the less progress made in the resolution of a contingent loss matter or the broader the range of potential outcomes, the more difficult it is for the Company to estimate, accrue and report a loss. For example, the Company may disclose certain information about a plaintiff's legal claim against the Company that is alleged in the plaintiff's pleadings or otherwise publicly available. While information of this type may provide more insight into the potential magnitude of a matter, it may not necessarily be indicative of the Company's estimate of probable or possible loss. In addition, some of the Company's contingent loss exposures may be eligible for reimbursement under the provisions of its insurance coverage. The Company does not consider the potential availability of insurance coverage in determining its probable or possible loss estimates. As a result of these factors among others, the Company's ultimate contingent loss exposure may be higher or lower, and possibly materially so, than the Company's recorded probable loss accruals and disclosures of possible losses. |
Income taxes | Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carryforwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, projected future taxable income, remaining carryforward periods, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not (likelihood of greater than 50%) that some portion or all of the deferred tax assets will not be realized. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes. Tax positions are recognized only when it is more likely than not (likelihood of greater than 50%), based on technical merits, that the positions will be sustained upon examination. Tax positions that meet the more-likely-than-not threshold are measured using a probability weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a tax position is a matter of judgment based on the individual facts and circumstances of that position evaluated in light of all available evidence. The Company recognizes interest and penalties related to uncertain tax positions in Income tax (provision) benefit in the consolidated statements of operations. |
Consolidation principles | Consolidation Principles The consolidated financial statements have been prepared in accordance with U.S. GAAP for all periods presented and include the accounts of the Company and its majority owned subsidiaries over which the Company exercises control. All intercompany accounts and transactions have been eliminated in consolidation. |
Estimates and assumptions | Estimates and Assumptions The preparation of consolidated financial statements in conformity with U.S. 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 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. |
Fair Value Measurement | Fair Value Measurements The Company determines fair value based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers assumptions that market participants would use when pricing the asset or liability. Market participant assumptions are categorized by a three-tiered fair value hierarchy which prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. Valuations for fund investments, such as common/collective trusts, registered investment companies and short-term investment funds, which do not have readily determinable fair values, are typically estimated using a net asset value provided by a third party as a practical expedient. The levels of inputs used to measure fair value are as follows: Level 1 - unadjusted quoted prices for identical assets or liabilities in active markets accessible by the Company Level 2 - inputs that are observable in the marketplace other than those inputs classified as Level 1 Level 3 - inputs that are unobservable in the marketplace and significant to the valuation |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less are considered cash equivalents. Marketable Securities Marketable securities represent equity securities with readily determinable fair values and are accounted for at fair value. All gains and losses on investments in equity securities are recognized in the consolidated statements of operations. |
Inventories | Inventories Inventories, including stores and supplies, are stated at the lower of cost and net realizable value. Cost for inventories is determined using the first-in, first-out method. Cost includes raw materials, direct labor and manufacturing overhead. Cost for stores and supplies is primarily determined by the average cost method. |
Investments in affiliates | Investments in Affiliates Investments in equity securities where the Company can exercise significant influence over operating and financial policies of an investee, which is generally considered when an investor owns 20% or more of the voting stock of an investee, are accounted for under the equity method of accounting. Investments in equity securities where the Company does not exercise significant influence are accounted for at fair value or, if such investments do not have a readily determinable fair value, an election may be made to measure them at cost after considering observable price changes for similar instruments, minus impairment, if any. The Company determined it cannot exercise significant influence over certain investments where the Company owns greater than a 20% interest due to local government investment in and influence over these entities, limitations on the Company's involvement in the day-to-day operations and the present inability of the entities to provide timely financial information prepared in accordance with U.S. GAAP. Further, these investments were determined not to have a readily determinable fair value. Accordingly, these investments are accounted for using the alternative measure described above. In certain instances, the financial information of the Company's equity investees is not available on a timely basis. Accordingly, the Company records its proportional share of the investee's earnings or losses on a consistent lag of no more than one quarter. When required to assess the recoverability of its investments in affiliates, the Company estimates fair value using a discounted cash flow model. The Company may engage third-party valuation consultants to assist with this process. |
Property, plant and equipment, net | Property, Plant and Equipment, Net Land is recorded at historical cost. Buildings, machinery and equipment, including capitalized interest, and property under finance lease agreements, are recorded at cost less accumulated depreciation. The Company records depreciation and amortization in its consolidated statements of operations as either Cost of sales, Selling, general and administrative expenses or Research and development expenses consistent with the utilization of the underlying assets. Depreciation is calculated on a straight-line basis over the following estimated useful lives of depreciable assets: Land improvements 20 years Buildings and improvements 30 years Machinery and equipment 20 years Leasehold improvements are amortized over 10 years or the remaining life of the respective lease, whichever is shorter. Accelerated depreciation is recorded when the estimated useful life is shortened. Ordinary repair and maintenance costs, including costs for planned maintenance turnarounds, that do not extend the useful life of the asset are charged to earnings as incurred. Fully depreciated assets are retained in property and depreciation accounts until sold or otherwise disposed. In the case of disposals, assets and related depreciation are removed from the accounts, and the net amounts, less proceeds from disposal, are included in earnings. The Company assesses the recoverability of the carrying amount of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment loss would be assessed when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss is based on the excess of the carrying amount of the asset group over its fair |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Definite-lived Intangible Assets Customer-related intangible assets and other intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, which range from three |
Derivative and hedging instruments | Derivative and Hedging Instruments The Company manages its exposures to interest rates, foreign exchange rates and commodity prices through a risk management program that includes the use of derivative financial instruments. The Company does not use derivative financial instruments for speculative trading purposes. The fair value of derivative instruments other than foreign currency forwards and swaps is recorded as an asset or liability on a net basis at the balance sheet date. • Interest Rate Risk Management The Company entered into a forward-starting interest rate swap to mitigate the risk of variability in the benchmark interest rate for an expected debt issuance in 2021. The interest rate swap agreement is designated as a cash flow hedge. Accordingly, to the extent the cash flow hedge is effective, changes in the fair value of the interest rate swap are included in gain (loss) from cash flow hedges within Accumulated other comprehensive income (loss), net in the consolidated balance sheets. Hedge accounting is discontinued when the interest rate swap is no longer effective in offsetting cash flows attributable to the hedged risk, the interest rate swap expires or the cash flow hedge is dedesignated because it is no longer probable that the forecasted transaction will occur according to the original strategy. Cash flows related to the settlement of the forward-starting interest rate swaps are reported as financing activities. • Foreign Exchange Risk Management Certain subsidiaries of the Company have assets and liabilities denominated in currencies other than their respective functional currencies, which creates foreign exchange risk. The Company also is exposed to foreign currency fluctuations on transactions with third-party entities as well as intercompany transactions. The Company minimizes its exposure to foreign currency fluctuations by entering into foreign currency forwards and swaps. These foreign currency forwards and swaps are not designated as hedges. Gains and losses on foreign currency forwards and swaps entered into to offset foreign exchange impacts on intercompany balances are included in Other income (expense), net in the consolidated statements of operations. Gains and losses on foreign currency forwards and swaps entered into to offset foreign exchange impacts on all other assets and liabilities are included in Foreign exchange gain (loss), net in the consolidated statements of operations. The Company uses non-derivative financial instruments that may give rise to foreign currency transaction gains or losses to hedge the foreign currency exposure of net investments in foreign operations. Accordingly, the effective portion of gains and losses from remeasurement of the non-derivative financial instrument is included in foreign currency translation within Accumulated other comprehensive income (loss), net in the consolidated balance sheets. Gains and losses are reclassified to earnings in the period the hedged investment is sold or liquidated. The Company entered into a cross-currency swap to synthetically convert its USD borrowing to EUR borrowing in 2019. The cross-currency swap agreement is designated as a net investment hedge. Accordingly, to the extent the net investment hedge is effective, changes in the fair value of the cross-currency swap are included in foreign currency translation within Accumulated other comprehensive income (loss), net in the consolidated balance sheets. Gains and losses are reclassified to earnings in the period the hedged investment is sold or liquidated. • Commodity Risk Management The Company has exposure to the prices of commodities in its procurement of certain raw materials. The Company manages its exposure to commodity risk primarily through the use of long-term supply agreements, multi-year purchasing and sales agreements and forward purchase contracts. The Company regularly assesses its practice of using forward purchase contracts and other raw material hedging instruments in accordance with changes in economic conditions. Forward purchases and swap contracts for raw materials are principally settled through physical delivery of the commodity. For qualifying contracts, the Company has elected to apply the normal purchases and normal sales exception based on the probability at the inception and throughout the term of the contract that the Company would not net settle and the transaction would result in the physical delivery of the commodity. Accordingly, realized gains and losses on these contracts are included in the cost of the commodity upon the settlement of the contract. The Company also uses commodity swaps to hedge the risk of fluctuating price changes in certain raw materials and in which physical settlement does not occur. These commodity swaps fix the variable fee component of the price of certain commodities. All or a portion of these commodity swap agreements may be designated as cash flow hedges. Accordingly, to the extent the cash flow hedge was effective, changes in the fair value of commodity swaps are included in gain (loss) from cash flow hedges within Accumulated other comprehensive income (loss), net in the consolidated balance sheets. Gains and losses are reclassified to earnings in the period that the hedged item affected earnings. |
Revenue recognition | Revenue Recognition Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied. The majority of the Company's contracts have a single performance obligation to transfer products. Accordingly, the Company recognizes revenue when title and risk of loss have been transferred to the customer, generally at the time of shipment of products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated, formula, list or fixed price. The Company sells its products both directly to customers and through distributors generally under agreements with payment terms typically less than 90 days. The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the good. As such, shipping and handling fees billed to customers in a sales transaction are recorded in Net sales and shipping and handling costs incurred are recorded in Cost of sales. The Company has elected to exclude from Net sales any value add, sales and other taxes which it collects concurrent with revenue-producing activities. • Contract Estimates The nature of certain of the Company's contracts gives rise to variable consideration, which may be constrained, including retrospective volume-based rebates to certain customers. The Company issues retrospective volume-based rebates to customers when they purchase a certain volume level, and the rebates are applied retroactively to prior purchases. The Company also issues prospective volume-based rebates to customers when they purchase a certain volume level, and the rebates are applied to future purchases. Prospective volume-based rebates represent a material right within the contract and therefore are considered to be separate performance obligations. For both retrospective and prospective volume-based rebates, the Company estimates the level of volumes based on anticipated purchases at the beginning of the period and records a rebate accrual for each purchase toward the requisite rebate volume. These estimated rebates, which are reassessed each reporting period, are included in the transaction price of the Company's contracts with customers as a reduction to Net sales and are included in Current Other liabilities in the consolidated balance sheets ( Note 10 ). The majority of the Company's revenue is derived from contracts (i) with an original expected length of one year or less and (ii) contracts for which it recognizes revenue at the amount in which it has the right to invoice as product is delivered. The Company has elected the practical expedient not to disclose the value of remaining performance obligations associated with these types of contracts. However, the Company has certain contracts that represent take-or-pay revenue arrangements in which the Company's performance obligations extend over multiple years. As of December 31, 2021, the Company had $784 million of remaining performance obligations related to take-or-pay contracts. The Company expects to recognize approximately $284 million of its remaining performance obligations as Net sales in 2022, $193 million in 2023, $151 million in 2024 and the balance thereafter. The Company has certain contracts which contain performance obligations which are immaterial in the context of the contract with the customer. The Company has elected the practical expedient not to assess whether these promised goods or services are performance obligations. • Contract Balances Contract liabilities primarily relate to advances or deposits received from the Company's customers before revenue is recognized. These amounts are recorded as deferred revenue and are included in Noncurrent Other liabilities in the consolidated balance sheets. The Company does not have any material contract assets as of December 31, 2021. |
Shipping and handling | The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the good. As such, shipping and handling fees billed to customers in a sales transaction are recorded in Net sales and shipping and handling costs incurred are recorded in Cost of sales. |
Research and development | Research and Development The costs of research and development are charged as an expense in the period in which they are incurred. |
Functional and reporting currencies | Functional and Reporting Currencies For the Company's international operations where the functional currency is other than the U.S. dollar, assets and liabilities are translated using period-end exchange rates, while the statement of operations amounts are translated using the average exchange rates for the respective period. Differences arising from the translation of assets and liabilities in comparison with the translation of the previous periods or from initial recognition during the period are included as a separate component of Accumulated other comprehensive income (loss), net. |
Revenue, Transaction Price Measurement, Tax Exclusion [Policy Text Block] | The Company has elected to exclude from Net sales any value add, sales and other taxes which it collects concurrent with revenue-producing activities. |
Consolidation, Variable Interest Entity, Policy | Variable Interest Entities The Company assesses whether it has a variable interest in legal entities in which it has a financial relationship and, if so, whether or not those entities are variable interest entities ("VIEs"). A VIE is an entity with insufficient equity at risk for the entity to finance its activities without additional subordinated financial support or in which equity investors lack the characteristics of a controlling financial interest. If an entity is determined to be a VIE, the Company evaluates whether the Company is the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and economics. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. 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. Fairway is a VIE in which the Company is the primary beneficiary. 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. As of December 31, 2021 and 2020, the carrying amount of the total assets associated with Fairway included in the consolidated balance sheets were $628 million and $666 million, respectively, made up primarily of $560 million and $592 million, respectively, of property, plant and equipment. 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 December 31, 2021 and 2020 were $235 million and $267 million, respectively, related primarily to the recovery of capital expenditures for certain property, plant and equipment. |
Summary of Accounting Policie_2
Summary of Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Depreciable Assets [Table Text Block] | Depreciation is calculated on a straight-line basis over the following estimated useful lives of depreciable assets: Land improvements 20 years Buildings and improvements 30 years Machinery and equipment 20 years Leasehold improvements are amortized over 10 years or the remaining life of the respective lease, whichever is shorter. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [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 U.S. 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 has completed its assessment, and the adoption of the new guidance did not have a material impact to the Company. 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 Topic 740, Income Taxes ("Topic 740"). The guidance also clarifies and amends existing guidance under Topic 740. January 1, 2021. The Company adopted the new guidance effective January 1, 2021. The adoption of the new guidance did not have a material impact to the Company. |
Acquisitions, Dispositions an_2
Acquisitions, Dispositions and Plant Closures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Acquisitions, Dispositions and Plant Closures [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary purchase price allocation for the Santoprene acquisition is as follows: As of (In $ millions) Inventories 207 Property, plant and equipment, net 194 Goodwill ( Note 9 ) (1) 295 Intangible assets, net ( Note 9 ) 441 Other 16 Total fair value of assets acquired 1,153 Total fair value of liabilities assumed (26) Net assets acquired 1,127 ______________________________ (1) Goodwill consists of expected revenue and operating synergies resulting from the acquisition, a portion of which is expected to be deductible for income tax purposes. |
Receivables, Net Receivables, N
Receivables, Net Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Trade Receivables - Third Party and Affiliates, Net | As of December 31, 2021 2020 (In $ millions) Trade receivables - third party and affiliates 1,171 803 Allowance for doubtful accounts - third party and affiliates (10) (11) Trade receivables - third party and affiliates, net 1,161 792 |
Schedule of Non-trade Receivables, Net | As of December 31, 2021 2020 (In $ millions) Non-income taxes receivable 282 267 Reinsurance receivables 14 12 Income taxes receivable 123 100 Other 87 71 Non-trade receivables, net 506 450 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of December 31, 2021 2020 (In $ millions) Finished goods 1,014 653 Work-in-process 75 74 Raw materials and supplies 435 251 Total 1,524 978 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Schedule of Equity Method Investments | Equity method investments and ownership interests by business segment are as follows: Ownership Carrying Share of Dividends and 2021 2020 2021 2020 2021 2020 2019 2021 2020 2019 (In percentages) (In $ millions) Engineered Materials Ibn Sina 25 25 179 172 61 37 68 (50) (29) (69) InfraServ GmbH & Co. Hoechst KG (1)(2) 31 31 121 124 24 18 14 (18) (18) (17) Fortron Industries LLC 50 50 145 136 17 12 18 (8) (9) (7) Korea Engineering Plastics Co., Ltd. 50 50 150 153 31 19 27 (22) (23) (28) Polyplastics Co., Ltd. — — — — — 34 44 — (58) (39) Other Activities (2) InfraServ GmbH & Co. Gendorf KG 30 30 43 47 11 11 8 (11) (7) (5) YNCORIS GmbH & Co. KG (3) 22 22 15 17 2 3 3 (3) (3) (3) Total 653 649 146 134 182 (112) (147) (168) ______________________________ (1) InfraServ GmbH & Co. Hoechst KG is owned primarily by an entity included in the Company's Engineered Materials segment. The Company's Acetyl Chain segment also holds an ownership percentage. (2) InfraServ real estate service companies ("InfraServ Entities") own and operate sites in Frankfurt am Main-Hoechst, Gendorf and Knapsack, Germany. The InfraServ Entities were created to own land and property and to provide various technical and administrative services at these manufacturing locations. (3) Formerly known as InfraServ GmbH & Co. Knapsack KG. |
Schedule of summarized balance sheet information for Ibn Sina (National Methanol) [Table Text Block] | Because financial information for Ibn Sina is not available to the Company on a timely basis, the Company's proportional share is reported on a one quarter lag. Accordingly, summarized financial information for Ibn Sina is as follows: As of September 30, 2021 2020 (In $ millions) Current assets 283 244 Noncurrent assets 806 817 Current liabilities 196 201 Noncurrent liabilities 324 372 |
Schedule of Summarized Income Statement Financial Information for Ibn Sina (National Methanol) [Table Text Block] | Twelve Months Ended 2021 2020 2019 (In $ millions) Revenues 734 625 726 Gross profit 272 187 299 Net income 207 118 227 |
Schedule of equity securities without readily determinable fair value | Equity investments without readily determinable fair values and ownership interests by business segment are as follows: Ownership Carrying Dividend 2021 2020 2021 2020 2021 2020 2019 (In percentages) (In $ millions) Acetate Tow Kunming Cellulose Fibers Co. Ltd. 30 30 14 14 13 11 11 Nantong Cellulose Fibers Co. Ltd. 31 31 121 121 106 91 79 Zhuhai Cellulose Fibers Co. Ltd. 30 30 30 30 27 24 22 Other Activities InfraServ GmbH & Co. Wiesbaden KG 8 8 5 6 1 — 1 Total 170 171 147 126 113 |
Schedule of Transactions with Affiliates | Transactions and balances with affiliates are as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) Purchases 334 249 291 Sales and other credits 74 42 102 Interest expense — — 1 |
Schedule of Balances with Affiliates | As of December 31, 2021 2020 (In $ millions) Non-trade receivables 32 22 Total due from affiliates 32 22 Short-term borrowings (1) 64 58 Trade payables 71 38 Current Other liabilities 12 9 Total due to affiliates 147 105 ______________________________ (1) The Company has agreements with certain affiliates whereby excess affiliate cash is lent to and managed by the Company at variable interest rates governed by those agreements. |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of Property, Plant and Equipment, Net | As of December 31, 2021 2020 (In $ millions) Land 48 53 Land improvements 78 79 Buildings and building improvements 833 826 Machinery and equipment 5,993 5,768 Construction in progress 725 492 Gross asset value 7,677 7,218 Accumulated depreciation (3,484) (3,279) Net book value 4,193 3,939 |
Schedule of Assets Under Finance Leases, Net | Assets under finance leases, net, included in the amounts above are as follows: As of December 31, 2021 2020 (In $ millions) Buildings 13 14 Machinery and equipment 357 365 Accumulated depreciation (239) (231) Net book value 131 148 |
Schedule of Capitalized Interest and Depreciation Expense | Capitalized interest costs and depreciation expense are as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) Capitalized interest 12 8 8 Depreciation expense 346 327 327 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill Engineered Acetate Tow Acetyl Total (In $ millions) As of December 31, 2019 727 148 199 1,074 Acquisitions — — 30 30 (1) Exchange rate changes 41 1 20 62 As of December 31, 2020 768 149 249 1,166 Acquisitions ( Note 4 ) 299 — 2 301 (2) Exchange rate changes (37) — (18) (55) As of December 31, 2021 (3) 1,030 149 233 1,412 ______________________________ (1) Represents goodwill related to the acquisition of Nouryon's redispersible polymer powders business offered under the Elotex® brand ("Elotex"). (2) Primarily represents goodwill related to the acquisition of Santoprene. (3) There were no accumulated impairment losses as of December 31, 2021. |
Schedule of Finite-Lived Intangible Assets, Net | Finite-lived intangible assets are as follows: Licenses Customer- Developed Covenants Total (In $ millions) Gross Asset Value As of December 31, 2019 42 667 44 56 809 Acquisitions — 16 — — 16 (1) Exchange rate changes 2 41 1 — 44 As of December 31, 2020 44 724 45 56 869 Acquisitions ( Note 4 ) — 307 — — 307 (2) Exchange rate changes 1 (35) — (1) (35) As of December 31, 2021 45 996 45 55 1,141 Accumulated Amortization As of December 31, 2019 (35) (504) (35) (38) (612) Amortization (1) (17) (3) (1) (22) Exchange rate changes (2) (34) (2) — (38) As of December 31, 2020 (38) (555) (40) (39) (672) Amortization (2) (19) (3) (1) (25) Exchange rate changes (1) 31 1 1 32 As of December 31, 2021 (41) (543) (42) (39) (665) Net book value 4 453 3 16 476 ______________________________ (1) Related to intangible assets acquired from Elotex with a weighted average amortization period of 14 years. (2) Primarily related to $300 million of intangible assets acquired from Santoprene with a weighted average amortization period of 14 years. |
Schedule of Indefinite-Lived Intangible Assets, Net | Indefinite-lived intangible assets are as follows: Trademarks (In $ millions) As of December 31, 2019 115 Acquisitions 2 (1) Impairment loss ( Note 2 ) (1) Exchange rate changes 6 As of December 31, 2020 122 Acquisitions ( Note 4 ) 142 (2) Exchange rate changes (5) As of December 31, 2021 259 ______________________________ (1) Related to indefinite-lived intangible assets acquired from Elotex. (2) Related to indefinite-lived intangible assets acquired from Santoprene. |
Schedule of Estimated Amortization Expense | Estimated amortization expense for the succeeding five fiscal years is as follows: (In $ millions) 2022 43 2023 40 2024 40 2025 40 2026 40 |
Current Other Liabilities (Tabl
Current Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities, Current [Abstract] | |
Schedule of Current Other Liabilities | As of December 31, 2021 2020 (In $ millions) Asset retirement obligations 14 10 Benefit obligations ( Note 1 2 ) 26 27 Customer rebates 96 53 Derivatives ( Note 1 8 ) 5 87 Environmental ( Note 1 3 ) 9 11 Interest 30 29 Legal ( Note 2 0 ) 33 107 Operating leases ( Note 1 7 ) 37 36 Restructuring ( Note 1 5 ) 7 11 Salaries and benefits 135 121 Sales and use tax/foreign withholding tax payable 27 140 Other 54 48 Total 473 680 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |
Schedule of Short-term Debt | As of December 31, 2021 2020 (In $ millions) Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates Current installments of long-term debt 527 431 Short-term borrowings, including amounts due to affiliates (1) 64 65 Revolving credit facility (2) 200 — Total 791 496 ______________________________ (1) The weighted average interest rate was 0.2% and 0.6% as of December 31, 2021 and 2020, respectively. During the year ended December 31, 2020, the Company entered into an aggregate of $300 million in short-term, bilateral term loans, which were repaid during the same period. (2) The weighted average interest rate was 1.4% and 0.0% as of December 31, 2021 and 2020, respectively. |
Schedule of Long-term Debt | As of December 31, 2021 2020 (In $ millions) Long-Term Debt Senior unsecured notes due 2021, interest rate of 5.875% — 400 Senior unsecured notes due 2022, interest rate of 4.625% 500 500 Senior unsecured notes due 2023, interest rate of 1.125% 509 919 Senior unsecured notes due 2024, interest rate of 3.500% 499 499 Senior unsecured notes due 2025, interest rate of 1.250% 339 368 Senior unsecured notes due 2026, interest rate of 1.400% 400 — Senior unsecured notes due 2027, interest rate of 2.125% 564 610 Senior unsecured notes due 2028, interest rate of 0.625% 566 — Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00% 166 166 Bank loans due at various dates through 2026 (1) 6 8 Obligations under finance leases due at various dates through 2054 173 201 Subtotal 3,722 3,671 Unamortized debt issuance costs (2) (19) (13) Current installments of long-term debt (527) (431) Total 3,176 3,227 ______________________________ (1) The weighted average interest rate was 1.3% and 1.3% as of December 31, 2021 and 2020, respectively. (2) Related to the Company's long-term debt, excluding obligations under finance leases. |
Schedule of Principle Payments | Principal payments scheduled to be made on the Company's debt, including short-term borrowings, are as follows: (In $ millions) 2022 791 2023 533 2024 541 2025 425 2026 498 Thereafter 1,198 Total 3,986 |
Senior Unsecured 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 December 31, 2021 (In $ millions) Revolving Credit Facility Borrowings outstanding (1) 200 Available for borrowing (2) 1,050 ______________________________ (1) The Company borrowed $850 million and repaid $650 million under its senior unsecured revolving credit facility during the year ended December 31, 2021. (2) The margin for borrowings under the senior unsecured revolving credit facility was 1.25% above LIBOR or EURIBOR at current Company credit ratings. |
Benefit Obligations (Tables)
Benefit Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Contributions to Defined Contribution Plans | The amount of costs recognized for the Company's defined contribution plans are as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) Defined contribution plans 47 39 42 |
Schedule of Company's Pension and Post Retirement Benefit Plans | Summarized information on the Company's pension and postretirement benefit plans is as follows: Pension Benefits Postretirement Benefits 2021 2020 2021 2020 (In $ millions) Change in Projected Benefit Obligation Projected benefit obligation as of beginning of period 3,847 3,610 61 64 Service cost 13 12 1 1 Interest cost 54 85 1 1 Net actuarial (gain) loss (1) (119) 275 (7) — Acquisitions 7 (2) 42 (3) — — Settlements (38) (7) — — Benefits paid (226) (230) (4) (5) Curtailments — — — (1) Special termination benefits — 1 — — Exchange rate changes (50) 59 (1) 1 Projected benefit obligation as of end of period 3,488 3,847 51 61 Change in Plan Assets Fair value of plan assets as of beginning of period 3,388 3,141 — — Actual return on plan assets 36 380 — — Employer contributions 47 43 4 5 Acquisitions — 30 (3) — — Settlements (38) (7) — — Benefits paid (4) (226) (230) (4) (5) Exchange rate changes (24) 31 — — Fair value of plan assets as of end of period 3,183 3,388 — — Funded status as of end of period (305) (459) (51) (61) Amounts Recognized in the Consolidated Balance Sheets Consist of: Noncurrent Other assets 221 142 — — Current Other liabilities (22) (22) (4) (4) Benefit obligations (504) (579) (47) (57) Net amount recognized (305) (459) (51) (61) Amounts Recognized in Accumulated Other Comprehensive Income Consist of: Net actuarial (gain) loss (5) 20 17 — — Prior service (benefit) cost — — (1) (1) Net amount recognized (6) 20 17 (1) (1) ______________________________ (1) Primarily relates to changes in discount rates. (2) Represents plan obligations related to the Santoprene acquisition. (3) Represents plan obligations and assets related to the Elotex acquisition. (4) Includes benefit payments to nonqualified pension plans of $21 million and $21 million as of December 31, 2021 and 2020, respectively. (5) Relates to the pension plans of the Company's equity method investments. (6) Amount shown net of an income tax benefit of $4 million and $4 million as of December 31, 2021 and 2020, respectively, in the consolidated statements of equity ( Note 1 4 ). |
Schedule of Percentage of US and International Projected Benefit Obligation | The percentage of U.S. and international projected benefit obligation at the end of the period is as follows: Pension Benefits Postretirement Benefits 2021 2020 2021 2020 (In percentages) U.S. plans 78 78 50 50 International plans 22 22 50 50 Total 100 100 100 100 |
Schedule of Percentage of US and International Fair Value of Plan Assets | The percentage of U.S. and international fair value of plan assets at the end of the period is as follows: Pension Benefits 2021 2020 (In percentages) U.S. plans 85 85 International plans 15 15 Total 100 100 |
Schedule of Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | Pension plans with projected benefit obligations in excess of plan assets are as follows: As of December 31, 2021 2020 (In $ millions) Projected benefit obligation 803 913 Fair value of plan assets 277 311 Other postretirement plans with accumulated postretirement benefit obligations in excess of plan assets are as follows: As of December 31, 2021 2020 (In $ millions) Accumulated postretirement benefit obligation 52 61 |
Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Pension plans with accumulated benefit obligations in excess of plan assets are as follows: As of December 31, 2021 2020 (In $ millions) Accumulated benefit obligation 781 888 Fair value of plan assets 277 311 |
Schedule of Accumulated Benefit Obligation for All Defined Benefit Pension Plans | The accumulated benefit obligation for all defined benefit pension plans is as follows: As of December 31, 2021 2020 (In $ millions) Accumulated benefit obligation 3,461 3,819 |
Schedule of Net Periodic Benefit Costs | The components of net periodic benefit cost are as follows: Pension Benefits Postretirement Benefits 2021 2020 2019 2021 2020 2019 (In $ millions) Service cost 13 12 9 1 1 — Interest cost 54 85 115 1 1 2 Expected return on plan assets (205) (199) (185) — — — Recognized actuarial (gain) loss 47 97 79 (6) (1) 8 Curtailment (gain) loss — — — — (1) — Settlement (gain) loss 3 — — — — — Special termination benefit — 1 1 — — — Total (88) (4) 19 (4) — 10 |
Schedule of Nonqualified Pension Plans Funded with Nonqualified Trusts | The Company maintains nonqualified pension plans funded with nonqualified trusts for certain U.S. employees as follows: As of December 31, 2021 2020 (In $ millions) Nonqualified Trust Assets Marketable securities 10 17 Noncurrent Other assets, consisting of insurance contracts 28 30 Nonqualified Pension Obligations Current Other liabilities 19 20 Benefit obligations 204 221 |
Schedule of Expense Related to Nonqualified Pension Plans Included in Net Periodic Benefit Cost, Excluding Returns on Assets | (Income) expense relating to the nonqualified pension plans included in net periodic benefit cost, excluding returns on the assets held by the nonqualified trusts, is as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) Total 3 23 26 |
Schedule of Principle Weighted Average Assumptions Used to Determine Benefit Obligations and Benefit Cost | The principal weighted average assumptions used to determine benefit obligation are as follows: Pension Benefits Postretirement Benefits 2021 2020 2021 2020 (In percentages) Discount Rate Obligations U.S. plans 2.8 2.4 2.7 2.2 International plans 1.4 1.0 2.4 1.9 Combined 2.5 2.1 2.5 2.1 Rate of Compensation Increase U.S. plans N/A N/A International plans 2.5 2.5 Combined 2.5 2.5 The principal weighted average assumptions used to determine net periodic benefit cost are as follows: Pension Benefits Postretirement Benefits 2021 2020 2019 2021 2020 2019 (In percentages) Discount Rate Obligations U.S. plans 2.4 3.2 4.2 2.2 3.1 4.1 International plans 1.0 1.4 2.1 1.9 2.7 3.4 Combined 2.1 2.8 3.8 2.1 2.9 3.8 Discount Rate Service Cost U.S. plans N/A 1.9 3.1 N/A 3.8 4.6 International plans 1.1 1.8 2.5 1.9 2.7 3.4 Combined 1.1 1.8 2.5 1.9 2.7 3.4 Discount Rate Interest Cost U.S. plans 1.7 2.8 3.9 1.5 2.6 3.8 International plans 0.7 1.1 1.8 1.5 2.5 3.2 Combined 1.4 2.4 3.5 1.5 2.6 3.5 Expected Return on Plan Assets U.S. plans 6.5 6.7 6.7 International plans 4.8 5.1 5.6 Combined 6.3 6.5 6.5 Rate of Compensation Increase U.S. plans N/A N/A N/A International plans 2.5 2.6 2.8 Combined 2.5 2.6 2.8 Interest Crediting Rate U.S. plans 1.4 2.1 3.0 International plans 1.0 N/A N/A Combined 1.4 2.1 3.0 |
Schedule of Health Care Cost Trend Rates | The Company's health care cost trend assumptions for U.S. postretirement medical plan's net periodic benefit cost are as follows: As of December 31, 2021 2020 2019 (In percentages, except year) Health care cost trend rate assumed for next year 7.3 7.5 8.0 Health care cost trend ultimate rate 5.0 5.0 5.0 Health care cost trend ultimate rate year 2031 2031 2026 |
Schedule of Weighted Average Target Asset Allocations | The weighted average target asset allocations for the Company's pension plans in 2021 are as follows: U.S. International (In percentages) Bonds - domestic to plans 85 44 Equities - domestic to plans 8 21 Equities - international to plans 7 6 Other — 29 Total 100 100 |
Schedule of Fair Values of Pension Plan Assets | Fair Value Measurement Quoted Prices in Significant Total As of December 31, 2021 2020 2021 2020 2021 2020 (In $ millions) Assets Cash and cash equivalents 5 10 — — 5 10 Derivatives Swaps — — 6 3 6 3 Equity securities International companies 95 82 — — 95 82 Fixed income Corporate debt — — 895 890 895 890 Treasuries, other debt 118 17 1,338 1,447 1,456 1,464 Mortgage backed securities — — 16 16 16 16 Insurance contracts — — 57 63 57 63 Other 4 4 6 6 10 10 Total investments, at fair value (1) 222 113 2,318 2,425 2,540 2,538 Liabilities Derivatives Swaps — — 6 3 6 3 Total liabilities — — 6 3 6 3 Total net assets (2) 222 113 2,312 2,422 2,534 2,535 ______________________________ (1) Certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. Total investments, at fair value, for the year ended December 31, 2021 excludes investments in common/collective trusts, registered investment companies and short-term investment funds with fair values of $538 million, $69 million and $37 million, respectively. Total investments, at fair value, for the year ended December 31, 2020 excludes investments in common/collective trusts, registered investment companies and short-term investment funds with fair values of $732 million, $71 million and $45 million, respectively. (2) Total net assets excludes non-financial plan receivables and payables of $13 million and $8 million, respectively, as of December 31, 2021 and $72 million and $67 million, respectively, as of December 31, 2020. Non-financial items include due to/from broker, interest receivables and accrued expenses. |
Schedule of Company Commitments to Fund Benefit Obligations | Benefit obligation funding is as follows: Total (In $ millions) Cash contributions to defined benefit pension plans 24 Benefit payments to nonqualified pension plans 19 Benefit payments to other postretirement benefit plans 4 |
Schedule of Pension Benefits Expected to be Paid from the Plans or From the Company's Assets | Pension and postretirement benefits expected to be paid are as follows: Pension Benefit Payments (1) Company Portion of Postretirement Benefit Cost (2) (In $ millions) 2022 232 4 2023 224 3 2024 219 3 2025 215 3 2026 213 3 2027-2031 988 14 ______________________________ (1) Payments are expected to be made primarily from plan assets. (2) Payments are expected to be made primarily from Company assets. |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Other postretirement plans with accumulated postretirement benefit obligations in excess of plan assets are as follows: As of December 31, 2021 2020 (In $ millions) Accumulated postretirement benefit obligation 52 61 |
Environmental (Tables)
Environmental (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Remediation Reserves | The components of environmental remediation liabilities are as follows: As of December 31, 2021 2020 (In $ millions) Demerger obligations ( Note 2 0 ) 24 29 Divestiture obligations ( Note 2 0 ) 14 15 Active sites 8 12 U.S. Superfund sites 12 11 Other environmental remediation liabilities 2 2 Total 60 69 |
Schedule of Environmental Ownership and Liability Percentages | The Company's ownership interest and environmental liability participation percentages for such liabilities, which cannot be attributed to an InfraServ partner are as follows: As of December 31, 2021 Ownership Liability Reserves (1) (In percentages) (In $ millions) InfraServ GmbH & Co. Gendorf KG 30 10 10 InfraServ GmbH & Co. Hoechst KG 31 40 69 YNCORIS GmbH & Co. KG (2) 22 22 1 ______________________________ (1) Gross reserves maintained by the respective entity. (2) Formerly known as InfraServ GmbH & Co. Knapsack KG. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Treasury Stock | The share repurchase activity pursuant to this authorization is as follows: Year Ended December 31, Total From 2021 2020 2019 Shares repurchased 6,556,378 5,889,073 9,166,267 69,324,429 Average purchase price per share $ 152.53 $ 110.41 $ 109.10 $ 83.71 Amount spent on repurchased shares (in millions) $ 1,000 $ 650 $ 1,000 $ 5,803 Aggregate Board of Directors repurchase authorizations during the period (in millions) $ 1,000 $ 500 $ 1,500 $ 6,866 |
Schedule of Components of Other Comprehensive Income (Loss), Net | Year Ended December 31, 2021 2020 2019 Gross Income Net Gross Income Net Gross Income Net (In $ millions) Foreign currency translation 20 (31) (11) (4) (4) (8) (10) (6) (16) Gain (loss) on cash flow hedges 34 (21) 13 (26) 8 (18) (38) 8 (30) Pension and postretirement benefits (3) — (3) (2) — (2) (6) (1) (7) Total 51 (52) (1) (32) 4 (28) (54) 1 (53) |
Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net | Adjustments to Accumulated other comprehensive income (loss), net, are as follows: Foreign Gain (Loss) on Cash Flow Hedges ( Note 1 8 ) Pension and Postretirement Benefits Gain (Loss) ( Note 1 2 ) Accumulated (In $ millions) As of December 31, 2018 (236) (8) (3) (247) Other comprehensive income (loss) before reclassifications (10) (36) (6) (52) Amounts reclassified from accumulated other comprehensive income (loss) — (2) — (2) Income tax (provision) benefit (6) 8 (1) 1 As of December 31, 2019 (252) (38) (10) (300) Other comprehensive income (loss) before reclassifications (4) (28) (2) (34) Amounts reclassified from accumulated other comprehensive income (loss) — 2 — 2 Income tax (provision) benefit (4) 8 — 4 As of December 31, 2020 (260) (56) (12) (328) Other comprehensive income (loss) before reclassifications 20 34 (3) 51 Income tax (provision) benefit (31) (21) — (52) As of December 31, 2021 (271) (43) (15) (329) |
Other (Charges) Gains, Net (Tab
Other (Charges) Gains, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Other (Charges) Gains, Net | Year Ended December 31, 2021 2020 2019 (In $ millions) Restructuring (5) (20) (23) Asset impairments (2) (31) (83) Plant/office closures 10 7 (4) Commercial disputes — 6 (4) European Commission investigation — (2) (89) Other — 1 — Total 3 (39) (203) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Earnings (Loss) from Continuing Operations Before Tax by Jurisdiction | Earnings (loss) from continuing operations before tax by jurisdiction are as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) U.S. 202 1,530 252 International 2,046 721 736 Total 2,248 2,251 988 |
Schedule of Income Tax Provision (Benefit) | The income tax provision (benefit) consists of the following: Year Ended December 31, 2021 2020 2019 (In $ millions) Current U.S. — 13 (8) International 323 126 149 Total 323 139 141 Deferred U.S. (16) 308 1 International 23 (200) (18) Total 7 108 (17) Total 330 247 124 |
Schedule of Effective Tax Rate Reconciliation | A reconciliation of the significant differences between the U.S. federal statutory tax rate of 21% and the effective income tax rate on income from continuing operations is as follows: Year Ended December 31, 2021 2020 2019 (In $ millions, except percentages) Income tax provision computed at U.S. federal statutory tax rate 472 473 208 Change in valuation allowance (50) (1) (47) Equity income and dividends (29) (54) (38) (Income) expense not resulting in tax impact, net (53) (46) (9) U.S. tax effect of foreign earnings and dividends 332 65 85 Foreign tax credits (328) (51) (76) Other foreign tax rate differentials (66) 7 4 Legislative changes (8) 1 (3) State income taxes, net of federal benefit 6 4 6 Recognition of basis differences in investments in affiliates — (14) — Asset transfers between wholly owned foreign affiliates — (170) — Other, net 54 33 (6) Income tax provision (benefit) 330 247 124 Effective income tax rate 15 % 11 % 13 % |
Schedule of Consolidated Deferred Tax Assets and Liabilities | Significant components of the consolidated deferred tax assets and liabilities are as follows: As of December 31, 2021 2020 (In $ millions) Deferred Tax Assets Pension and postretirement obligations 96 132 Accrued expenses 31 32 Inventory 7 12 Net operating loss carryforwards 526 535 Tax credit carryforwards 207 247 Other 226 322 Subtotal 1,093 1,280 Valuation allowance (1) (642) (748) Total 451 532 Deferred Tax Liabilities Depreciation and amortization 312 256 Investments in affiliates 382 402 Other 64 124 Total 758 782 Net deferred tax assets (liabilities) (307) (250) ______________________________ (1) Includes deferred tax asset valuation allowances for the Company's deferred tax assets in the U.S., Luxembourg, Singapore, Spain, China, the United Kingdom, Mexico, Canada and France. These valuation allowances relate primarily to net operating loss carryforward benefits and other net deferred tax assets, all of which may not be realizable. |
Schedule of Activity Related to Uncertain Tax Positions | Activity related to uncertain tax positions is as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) As of the beginning of the year 165 134 162 Increases in tax positions for the current year 33 18 1 Increases in tax positions for prior years (1) 28 26 37 Decreases in tax positions for prior years (11) (13) (41) Increases (decreases) due to settlements 3 — (25) As of the end of the year 218 165 134 Total uncertain tax positions that if recognized would impact the effective tax rate 224 182 132 Total amount of interest expense (benefit) and penalties recognized in the consolidated statements of operations (2) 2 6 5 Total amount of interest expense and penalties recognized in the consolidated balance sheets 52 54 45 ______________________________ (1) Includes the impact on uncertain tax positions for the year ended December 31, 2019 due to the closure of federal income tax audits for the years 2009 through 2012. (2) This amount reflects interest on uncertain tax positions and release of tax positions due to changes in assessment, statute lapses, or audit closures that were reflected in the consolidated statements of operations. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense are as follows: Year Ended December 31, Statement of Operations Classification 2021 2020 (In $ millions) Lease Cost Operating lease cost 40 40 Cost of sales / Selling, general and administrative expenses Short-term lease cost 18 24 Cost of sales / Selling, general and administrative expenses Variable lease cost 12 11 Cost of sales / Selling, general and administrative expenses Finance lease cost Amortization of leased assets 19 18 Cost of sales Interest on lease liabilities 13 15 Interest expense Total net lease cost 102 108 |
Assets and liabilities, lessee [Table Text Block] | Supplemental consolidated balance sheet information related to leases is as follows: As of December 31, Balance Sheet Classification 2021 2020 (In $ millions) Leases Assets Operating lease assets 236 232 Operating lease ROU assets Finance lease assets 131 148 Property, plant and equipment, net Total leased assets 367 380 Liabilities Current Operating 37 36 Current Other liabilities Finance 25 30 Short-term borrowings and current installments of long-term debt Noncurrent Operating 200 208 Operating lease liabilities Finance 148 171 Long-term debt Total lease liabilities 410 445 |
Supplemental lease information [Table Text Block] | As of December 31, 2021 2020 Weighted-Average Remaining Lease Term (years) Operating leases 12.8 13.8 Finance leases 8.9 9.6 Weighted-Average Discount Rate Operating leases 2.0 % 2.1 % Finance leases 6.9 % 7.1 % |
CashFlowLessee [Table Text Block] | Supplemental consolidated cash flow information related to leases is as follows: Year Ended December 31, 2021 2020 (In $ millions) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 37 37 Operating cash flows from finance leases 13 15 Financing cash flows from finance leases 29 29 ROU assets obtained in exchange for finance lease liabilities ( Note 2 1 ) — 78 ROU assets obtained in exchange for operating lease liabilities 52 58 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities are as follows: As of December 31, 2021 Operating Leases Finance Leases (In $ millions) 2022 42 36 2023 36 31 2024 28 28 2025 23 24 2026 15 22 Later years 126 101 Total lease payments 270 242 Less amounts representing interest (33) (69) Total lease obligations 237 173 |
Finance Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities are as follows: As of December 31, 2021 Operating Leases Finance Leases (In $ millions) 2022 42 36 2023 36 31 2024 28 28 2025 23 24 2026 15 22 Later years 126 101 Total lease payments 270 242 Less amounts representing interest (33) (69) Total lease obligations 237 173 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Net Foreign Exchange Exposure by Currency | The total U.S. dollar equivalents of net foreign exchange exposure related to (short) long foreign exchange forward contracts outstanding by currency are as follows: 2022 Maturity (In $ millions) Currency Brazilian real (24) British pound sterling (31) Canadian dollar 21 Chinese yuan (13) Euro 120 Hungarian forint 13 Indonesian rupiah (5) Japanese yen (11) Korean won 15 Mexican peso (43) Singapore dollar 49 Swedish krona (10) Swiss franc 10 Total 91 |
Schedule of Derivatives Instruments Activity | Hedging activity for foreign currency forwards, commodity swaps and interest rate swaps is as follows: Year Ended December 31, Statement of Operations Classification 2021 2020 2019 (In $ millions) Hedging activities — (5) 2 Cost of sales; Interest expense |
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) Gain (Loss) Recognized Statement of Operations Classification Year Ended December 31, Year Ended December 31, 2021 2020 2019 2021 2020 2019 (In $ millions) Designated as Cash Flow Hedges Commodity swaps 25 13 (5) 3 (4) 2 Cost of sales Interest rate swaps 10 (41) (30) (3) — — Interest expense Foreign currency forwards (1) (1) — — (1) — Cost of sales Total 34 (29) (35) — (5) 2 Designated as Net Investment Hedges Foreign currency denominated debt ( Note 1 1 ) 107 (81) 37 — — — N/A Cross-currency swaps ( Note 1 1 ) 27 (26) 3 — — — N/A Total 134 (107) 40 — — — Not Designated as Hedges Foreign currency forwards and swaps — — — (13) (8) (3) Foreign exchange gain (loss), net; Other income (expense), net Total — — — (13) (8) (3) |
Offsetting Assets | Information regarding the gross amounts of the Company's derivative instruments and the amounts offset in the consolidated balance sheets is as follows: As of December 31, 2021 2020 (In $ millions) Derivative Assets Gross amount recognized 40 26 Gross amount offset in the consolidated balance sheets — 2 Net amount presented in the consolidated balance sheets 40 24 Gross amount not offset in the consolidated balance sheets 2 11 Net amount 38 13 |
Offsetting Liabilities | As of December 31, 2021 2020 (In $ millions) Derivative Liabilities Gross amount recognized 5 123 Gross amount offset in the consolidated balance sheets — 2 Net amount presented in the consolidated balance sheets 5 121 Gross amount not offset in the consolidated balance sheets 2 11 Net amount 3 110 |
Foreign Exchange Forward [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Foreign Currency Derivatives | Gross notional values of the foreign currency forwards and swaps are as follows: As of December 31, 2021 2020 (In $ millions) Total 663 546 |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Foreign Currency Derivatives | The total notional amount of foreign currency denominated debt designated as a net investment hedge of net investments in foreign operations are as follows: As of December 31, 2021 2020 (In € millions) Total 1,653 1,358 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Foreign Currency Derivatives | The total notional amount of the forward-starting interest rate swap designated as a cash flow hedge is as follows: As of December 31, 2021 2020 (In $ millions) Total — 400 The Company settled the forward-starting interest rate swap on August 2, 2021, resulting in a payment to the counterparty of $72 million, which payment is included as part of financing activities in the consolidated statements of cash flows. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Fair Value Measurement Balance Sheet Classification Quoted Prices Significant Total As of December 31, 2021 2020 2021 2020 2021 2020 (In $ millions) Derivatives Designated as Cash Flow Hedges Commodity swaps — — 8 2 8 2 Current Other assets Commodity swaps — — 23 8 23 8 Noncurrent Other assets Designated as Net Investment Hedges Cross-currency swaps — — 2 13 2 13 Current Other assets Cross-currency swaps — — 5 — 5 — Noncurrent Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — — 2 1 2 1 Current Other assets Total assets — — 40 24 40 24 Derivatives Designated as Cash Flow Hedges Commodity swaps — — — (1) — (1) Noncurrent Other liabilities Interest rate swaps — — — (81) — (81) Current Other liabilities Derivatives Designated as Net Investment Hedges Cross-currency swaps — — (2) (1) (2) (1) Current Other liabilities Cross-currency swaps — — — (33) — (33) Noncurrent Other liabilities Derivatives Not Designated as Hedges Foreign currency forwards and swaps — — (3) (5) (3) (5) Current Other liabilities Total liabilities — — (5) (121) (5) (121) |
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 Significant Unobservable Total As of December 31, 2021 2020 2021 2020 2021 2020 2021 2020 (In $ millions) Equity investments without readily determinable fair values 170 171 — — — — — — Insurance contracts in nonqualified trusts 28 30 28 31 — — 28 31 Long-term debt, including current installments of long-term debt 3,722 3,671 3,639 3,644 173 201 3,812 3,845 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Supplemental Cash Flow Information | Year Ended December 31, 2021 2020 2019 (In $ millions) Interest paid, net of amounts capitalized 105 120 118 Taxes paid, net of refunds 215 167 157 Noncash Investing and Financing Activities Accrued treasury stock repurchases — — 4 Finance lease obligations ( Note 1 7 ) — 78 — Accrued capital expenditures 23 (16) 20 Other 2 5 6 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Business Segments | Engineered Acetate Tow Acetyl Chain Other Eliminations Consolidated (In $ millions) Year Ended December 31, 2021 Net sales 2,718 514 5,430 (1) — (125) 8,537 Other (charges) gains, net ( Note 1 5 ) 6 — 1 (4) — 3 Operating profit (loss) 411 56 1,819 (340) — 1,946 Equity in net earnings (loss) of affiliates 126 — 7 13 — 146 Depreciation and amortization 144 39 171 17 — 371 Capital expenditures 154 42 269 25 — 490 (2) As of December 31, 2021 Goodwill and intangible assets, net 1,714 154 279 — — 2,147 Total assets 5,363 1,098 4,428 1,086 — 11,975 Year Ended December 31, 2020 Net sales 2,081 519 3,147 (1) — (92) 5,655 Other (charges) gains, net ( Note 1 5 ) (36) (1) 7 (9) — (39) Operating profit (loss) 235 118 563 (252) — 664 Equity in net earnings (loss) of affiliates 115 — 5 14 — 134 Gain (loss) on sale of investments in affiliates ( Note 7 ) 1,408 — — — — 1,408 Depreciation and amortization 134 36 163 17 — 350 Capital expenditures 106 37 171 34 — 348 (2) As of December 31, 2020 Goodwill and intangible assets, net 1,030 154 301 — — 1,485 Total assets 3,990 975 3,930 2,014 — 10,909 Year Ended December 31, 2019 Net sales 2,386 636 3,392 (1) — (117) 6,297 Other (charges) gains, net ( Note 1 5 ) 5 (88) (3) (117) — (203) Operating profit (loss) 446 52 678 (342) — 834 Equity in net earnings (loss) of affiliates 168 — 4 10 — 182 Depreciation and amortization 131 45 161 15 — 352 Capital expenditures 104 43 208 35 — 390 (2) ______________________________ (1) Includes intersegment sales of $125 million, $92 million and $117 million for the years ended December 31, 2021, 2020 and 2019, respectively. (2) Includes an increase in accrued capital expenditures of $23 million, a decrease in accrued capital expenditures of $16 million and an increase in accrued capital expenditures of $20 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Schedule of Geographical Segments | The Net sales to external customers based on geographic location are as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) Belgium 268 274 259 Canada 98 68 75 China 1,621 888 859 Germany 2,675 1,837 2,132 Mexico 330 200 244 Singapore 1,202 627 787 Switzerland 140 81 — U.S. 2,004 1,490 1,713 Other 199 190 228 Total 8,537 5,655 6,297 Property, plant and equipment, net based on the geographic location of the Company's facilities is as follows: As of December 31, 2021 2020 (In $ millions) Belgium 65 60 Canada 96 99 China 413 406 Germany 812 914 Mexico 58 57 Singapore 72 76 U.S. 2,377 2,155 Other 300 172 Total 4,193 3,939 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Further disaggregation of Net sales by business segment and geographic destination is as follows: Year Ended December 31, 2021 2020 2019 (In $ millions) Engineered Materials North America 774 577 735 Europe and Africa 1,155 906 1,047 Asia-Pacific 703 534 533 South America 86 64 71 Total 2,718 2,081 2,386 Acetate Tow North America 98 92 125 Europe and Africa 267 273 258 Asia-Pacific 140 142 224 South America 9 12 29 Total 514 519 636 Acetyl Chain North America 1,435 1,014 1,079 Europe and Africa 1,647 1,019 1,098 Asia-Pacific 2,074 951 1,013 South America 149 71 85 Total (1) 5,305 3,055 3,275 ______________________________ (1) Excludes intersegment sales of $125 million, $92 million and $117 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share | Year Ended December 31, 2021 2020 2019 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 1,912 1,997 858 Earnings (loss) from discontinued operations (22) (12) (6) Net earnings (loss) 1,890 1,985 852 Weighted average shares - basic 111,224,017 117,817,445 123,925,697 Incremental shares attributable to equity awards (1) 860,395 663,931 726,062 Weighted average shares - diluted 112,084,412 118,481,376 124,651,759 ______________________________ (1) Excludes 555, 4,313 and 45 equity award shares for the years ended December 31, 2021, 2020 and 2019, respectively, as their effect would have been antidilutive. |
Description of the Company an_2
Description of the Company and Basis of Presentation (Narrative) (Details) | Dec. 31, 2021 |
Consolidated Ventures | |
Schedule of Equity Method Investments [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Summary of Accounting Policie_3
Summary of Accounting Policies (Variable Interest Entities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | ||
Total assets | $ 11,975 | $ 10,909 |
Property, plant and equipment (net of accumulated depreciation - 2021: $3,484; 2020: $3,279) | $ 4,193 | 3,939 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Schedule of Investments [Line Items] | ||
Ownership percentage | 50.00% | |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Schedule of Investments [Line Items] | ||
Maximum exposure to loss | $ 235 | 267 |
Fairway Methanol LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Schedule of Investments [Line Items] | ||
Total assets | 628 | 666 |
Property, plant and equipment (net of accumulated depreciation - 2021: $3,484; 2020: $3,279) | $ 560 | $ 592 |
Summary of Accounting Policie_4
Summary of Accounting Policies (Schedule of Estimated Useful Lives of Depreciable Assets) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 20 years |
Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 30 years |
Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 20 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 10 years |
Summary of Accounting Policie_5
Summary of Accounting Policies Summary of Accounting Policies (Revenue Recognition) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 784 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 284 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 193 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 151 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Summary of Accounting Policie_6
Summary of Accounting Policies (Definite-lived Intangible Asset Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 30 years |
Summary of Accounting Policie_7
Summary of Accounting Policies (Environmental Liabilities Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Environmental liabilities accrual period | 15 years |
Summary of Accounting Policie_8
Summary of Accounting Policies (Pension and Other Postretirement Obligations) (Details) | Dec. 31, 2021 |
Accounting Policies [Abstract] | |
Number of Aa-grade non-callable bonds | 300 |
Summary of Accounting Policie_9
Summary of Accounting Policies Summary of Accounting Policies (Management Compensation Plans Narrative) (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Summary of Accounting Polici_10
Summary of Accounting Policies Summary of Accounting Policies (Leases) (Details) | Dec. 31, 2021 |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Lessee, Operating Lease, Renewal Term | 1 year |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Lessee, Operating Lease, Renewal Term | 30 years |
Acquisitions, Dispositions an_3
Acquisitions, Dispositions and Plant Closures (Acquisition Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 01, 2021 | |
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 1,150 | |
Santoprene | ||
Business Acquisition [Line Items] | ||
Business Combination, Net Earnings as a Percent of Acquirer's Net earnings | 3.00% | |
Santoprene | Selling, General and Administrative Expenses | ||
Business Acquisition [Line Items] | ||
Business Combination, Acquisition Related Costs | $ 21 |
Acquisitions, Dispositions an_4
Acquisitions, Dispositions and Plant Closures (Schedule of Business Acquisitions, by Acquisition) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | [1] | Dec. 01, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 1,412 | $ 1,166 | $ 1,074 | |||
Santoprene | ||||||
Business Acquisition [Line Items] | ||||||
Inventories | $ 207 | |||||
Property, plant and equipment, net | 194 | |||||
Goodwill | [2] | 295 | ||||
Intangible assets, net | 441 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current and Noncurrent Assets | 16 | |||||
Total fair value of assets acquired | 1,153 | |||||
Total fair value of liabilities assumed | (26) | |||||
Net assets acquired | $ 1,127 | |||||
[1] | There were no accumulated impairment losses as of December 31, 2021. | |||||
[2] | Goodwill consists of expected revenue and operating synergies resulting from the acquisition, a portion of which is expected to be deductible for income tax purposes. |
Receivables, Net Receivables,_2
Receivables, Net Receivables, Net (Schedule of Trade Receivables - Third Party and Affiliates, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Trade receivables - third party and affiliates | $ 1,171 | $ 803 |
Allowance for doubtful accounts - third party and affiliates | (10) | (11) |
Trade receivables - third party and affiliates, net | $ 1,161 | $ 792 |
Receivables, Net Receivables,_3
Receivables, Net Receivables, Net (Schedule of Non-trade Receivables, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Non-income taxes receivable | $ 282 | $ 267 |
Reinsurance receivables | 14 | 12 |
Income taxes receivable | 123 | 100 |
Other | 87 | 71 |
Non-trade receivables, net | $ 506 | $ 450 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 1,014 | $ 653 |
Work-in-process | 75 | 74 |
Raw materials and supplies | 435 | 251 |
Total | $ 1,524 | $ 978 |
Investments in Affiliates (Sche
Investments in Affiliates (Schedule of Equity Method Investments) (Details) - USD ($) $ in Millions | Oct. 09, 2020 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Carrying value | $ 649 | $ 653 | $ 649 | |||
Share of earnings (loss) | 146 | 134 | $ 182 | |||
Dividends and other distributions | (112) | (147) | (168) | |||
Proceeds from Sale of Equity Method Investments | 0 | 1,575 | 0 | |||
Gain on Sale of Investments | 0 | 1,408 | 0 | |||
Income Tax Expense (Benefit) | $ 330 | $ 247 | 124 | |||
National Methanol Company (Ibn Sina) [Member] | Engineered Materials [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 25.00% | 25.00% | 25.00% | |||
Carrying value | $ 172 | $ 179 | $ 172 | |||
Share of earnings (loss) | 61 | 37 | 68 | |||
Dividends and other distributions | $ (50) | $ (29) | (69) | |||
InfraServ Gmbh & Co. Hoechst KG [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 31.00% | |||||
InfraServ Gmbh & Co. Hoechst KG [Member] | Engineered Materials [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | [1],[2] | 31.00% | 31.00% | 31.00% | ||
Carrying value | [1],[2] | $ 124 | $ 121 | $ 124 | ||
Share of earnings (loss) | [1],[2] | 24 | 18 | 14 | ||
Dividends and other distributions | [1],[2] | $ (18) | $ (18) | (17) | ||
Fortron Industries LLC [Member] | Engineered Materials [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 50.00% | 50.00% | 50.00% | |||
Carrying value | $ 136 | $ 145 | $ 136 | |||
Share of earnings (loss) | 17 | 12 | 18 | |||
Dividends and other distributions | $ (8) | $ (9) | (7) | |||
Korea Engineering Plastics Co., Ltd. [Member] | Engineered Materials [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 50.00% | 50.00% | 50.00% | |||
Carrying value | $ 153 | $ 150 | $ 153 | |||
Share of earnings (loss) | 31 | 19 | 27 | |||
Dividends and other distributions | $ (22) | $ (23) | (28) | |||
Polyplastics Co., Ltd. [Member] | Engineered Materials [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 45.00% | 0.00% | 0.00% | 0.00% | ||
Carrying value | $ 0 | $ 0 | $ 0 | |||
Share of earnings (loss) | 0 | 34 | 44 | |||
Dividends and other distributions | $ 0 | $ (58) | (39) | |||
Proceeds from Sale of Equity Method Investments | $ 1,600 | |||||
Gain on Sale of Investments | $ 1,400 | |||||
Income Tax Expense (Benefit) | $ 254 | |||||
InfraServ GmbH & Co. Gendorf KG [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 30.00% | |||||
InfraServ GmbH & Co. Gendorf KG [Member] | Other Activities [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | [2] | 30.00% | 30.00% | 30.00% | ||
Carrying value | [2] | $ 47 | $ 43 | $ 47 | ||
Share of earnings (loss) | [2] | 11 | 11 | 8 | ||
Dividends and other distributions | [2] | $ (11) | $ (7) | (5) | ||
YNCORIS GmbH & Co. KG [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | [3] | 22.00% | ||||
YNCORIS GmbH & Co. KG [Member] | Other Activities [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | [2],[4] | 22.00% | 22.00% | 22.00% | ||
Carrying value | [2],[4] | $ 17 | $ 15 | $ 17 | ||
Share of earnings (loss) | [2],[4] | 2 | 3 | 3 | ||
Dividends and other distributions | [2],[4] | $ (3) | $ (3) | $ (3) | ||
[1] | InfraServ GmbH & Co. Hoechst KG is owned primarily by an entity included in the Company's Engineered Materials segment. The Company's Acetyl Chain segment also holds an ownership percentage. | |||||
[2] | InfraServ real estate service companies ("InfraServ Entities") own and operate sites in Frankfurt am Main-Hoechst, Gendorf and Knapsack, Germany. The InfraServ Entities were created to own land and property and to provide various technical and administrative services at these manufacturing locations. | |||||
[3] | Formerly known as InfraServ GmbH & Co. Knapsack KG. | |||||
[4] | Formerly known as InfraServ GmbH & Co. Knapsack KG. |
Investments in Affiliates (Sc_2
Investments in Affiliates (Schedule of Summarized Balance Sheet Information for Ibn Sina (National Methanol)) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Schedule of summarized balance sheet information for Ibn Sina (National Methanol) [Line Items] | ||||
Assets, Current | $ 3,807 | $ 3,763 | ||
Current liabilities | $ 2,505 | $ 1,973 | ||
National Methanol Company (Ibn Sina) [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Schedule of summarized balance sheet information for Ibn Sina (National Methanol) [Line Items] | ||||
Assets, Current | $ 283 | $ 244 | ||
Assets, Noncurrent | 806 | 817 | ||
Current liabilities | 196 | 201 | ||
Liabilities, Noncurrent | $ 324 | $ 372 |
Investments in Affiliates (Sc_3
Investments in Affiliates (Schedule of Summarized Income Statement Information for Ibn Sina (National Methanol)) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Schedule of Summarized Income Statement Financial Information for Ibn Sina (National Methanol) [Line Items] | ||||||
Gross Profit | $ 2,682 | $ 1,293 | $ 1,606 | |||
Net earnings (loss) | $ 1,896 | $ 1,992 | $ 858 | |||
National Methanol Company (Ibn Sina) [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||||
Schedule of Summarized Income Statement Financial Information for Ibn Sina (National Methanol) [Line Items] | ||||||
Revenues | $ 734 | $ 625 | $ 726 | |||
Gross Profit | 272 | 187 | 299 | |||
Net earnings (loss) | $ 207 | $ 118 | $ 227 |
Investments in Affiliates (Sc_4
Investments in Affiliates (Schedule of Equity Securities Without Readily Determinable Fair Value) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | |||
Carrying Value | $ 170 | $ 171 | |
Dividend income | $ 147 | $ 126 | $ 113 |
Acetate Tow [Member] | Kunming Cellulose Fibers Co. Ltd. [Member] | |||
Schedule of Investments [Line Items] | |||
Ownership percentage | 30.00% | 30.00% | |
Carrying Value | $ 14 | $ 14 | |
Dividend income | $ 13 | $ 11 | 11 |
Acetate Tow [Member] | Nantong Cellulose Fibers Co. Ltd. [Member] | |||
Schedule of Investments [Line Items] | |||
Ownership percentage | 31.00% | 31.00% | |
Carrying Value | $ 121 | $ 121 | |
Dividend income | $ 106 | $ 91 | 79 |
Acetate Tow [Member] | Zhuhai Cellulose Fibers Co. Ltd. [Member] | |||
Schedule of Investments [Line Items] | |||
Ownership percentage | 30.00% | 30.00% | |
Carrying Value | $ 30 | $ 30 | |
Dividend income | $ 27 | $ 24 | 22 |
Other Activities [Member] | InfraServ GmbH & Co. Wiesbaden KG [Member] | |||
Schedule of Investments [Line Items] | |||
Ownership percentage | 8.00% | 8.00% | |
Carrying Value | $ 5 | $ 6 | |
Dividend income | $ 1 | $ 0 | $ 1 |
Investments in Affiliates (Sc_5
Investments in Affiliates (Schedule of Transactions with Affiliates) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||
Purchases | $ 334 | $ 249 | $ 291 |
Sales and other credits | 74 | 42 | 102 |
Interest expense | $ 0 | $ 0 | $ 1 |
Investments in Affiliates (Sc_6
Investments in Affiliates (Schedule of Balances with Affiliates) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||
Non-trade receivables | $ 32 | $ 22 | |
Total due from affiliates | 32 | 22 | |
Short-term borrowings | [1] | 64 | 58 |
Trade payables | 71 | 38 | |
Current Other liabilities | 12 | 9 | |
Total due to affiliates | $ 147 | $ 105 | |
[1] | The Company has agreements with certain affiliates whereby excess affiliate cash is lent to and managed by the Company at variable interest rates governed by those agreements. |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Schedule of Property, Plant and Equipment, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Gross asset value | $ 7,677 | $ 7,218 |
Accumulated depreciation | (3,484) | (3,279) |
Net book value | 4,193 | 3,939 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross asset value | 48 | 53 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross asset value | 78 | 79 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross asset value | 833 | 826 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross asset value | 5,993 | 5,768 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross asset value | $ 725 | $ 492 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Schedule of Assets Under Finance Leases) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Finance Leased Assets [Line Items] | ||
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 239 | $ 231 |
Finance Lease, Right-of-Use Asset | 131 | 148 |
Buildings [Member] | ||
Finance Leased Assets [Line Items] | ||
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 13 | 14 |
Machinery and Equipment [Member] | ||
Finance Leased Assets [Line Items] | ||
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | $ 357 | $ 365 |
Property, Plant and Equipment_5
Property, Plant and Equipment, Net (Schedule of Capitalized Interest and Depreciation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment, Net [Abstract] | |||
Capitalized interest | $ 12 | $ 8 | $ 8 |
Depreciation expense | $ 346 | $ 327 | $ 327 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Goodwill | ||||
Goodwill, beginning balance | $ 1,166 | $ 1,074 | ||
Acquisitions | 301 | 30 | ||
Exchange rate changes | (55) | 62 | ||
Goodwill, ending balance | 1,412 | [1] | 1,166 | |
Accumulated impairment losses | 0 | |||
Goodwill, Impairment Loss | 0 | |||
Engineered Materials [Member] | ||||
Goodwill | ||||
Goodwill, beginning balance | 768 | 727 | ||
Acquisitions | 299 | [2] | 0 | |
Exchange rate changes | (37) | 41 | ||
Goodwill, ending balance | 1,030 | [1] | 768 | |
Acetate Tow [Member] | ||||
Goodwill | ||||
Goodwill, beginning balance | 149 | 148 | ||
Acquisitions | 0 | 0 | ||
Exchange rate changes | 0 | 1 | ||
Goodwill, ending balance | 149 | [1] | 149 | |
Acetyl Chain [Member] | ||||
Goodwill | ||||
Goodwill, beginning balance | 249 | 199 | ||
Acquisitions | 2 | 30 | [3] | |
Exchange rate changes | (18) | 20 | ||
Goodwill, ending balance | $ 233 | [1] | $ 249 | |
[1] | There were no accumulated impairment losses as of December 31, 2021. | |||
[2] | Primarily represents goodwill related to the acquisition of Santoprene. | |||
[3] | Represents goodwill related to the acquisition of Nouryon's redispersible polymer powders business offered under the Elotex® brand ("Elotex"). |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Finite-Lived intangible Assets Rollforward | |||||
Gross asset value | $ 869 | $ 809 | |||
Acquisitions | 307 | [1] | 16 | [2] | |
Exchange rate changes | (35) | 44 | |||
Gross asset value | 1,141 | 869 | $ 809 | ||
Accumulated amortization | (672) | (612) | |||
Amortization | (25) | (22) | (24) | ||
Exchange rate changes | (32) | (38) | |||
Accumulated amortization | (665) | (672) | (612) | ||
Net book value | 476 | ||||
Licenses [Member] | |||||
Finite-Lived intangible Assets Rollforward | |||||
Gross asset value | 44 | 42 | |||
Acquisitions | 0 | 0 | |||
Exchange rate changes | 1 | 2 | |||
Gross asset value | 45 | 44 | 42 | ||
Accumulated amortization | (38) | (35) | |||
Amortization | (2) | (1) | |||
Exchange rate changes | 1 | (2) | |||
Accumulated amortization | (41) | (38) | (35) | ||
Net book value | 4 | ||||
Customer-Related Intangible Assets [Member] | |||||
Finite-Lived intangible Assets Rollforward | |||||
Gross asset value | 724 | 667 | |||
Acquisitions | 307 | 16 | |||
Exchange rate changes | (35) | 41 | |||
Gross asset value | 996 | 724 | 667 | ||
Accumulated amortization | (555) | (504) | |||
Amortization | (19) | (17) | |||
Exchange rate changes | (31) | (34) | |||
Accumulated amortization | (543) | (555) | (504) | ||
Net book value | 453 | ||||
Developed Technology [Member] | |||||
Finite-Lived intangible Assets Rollforward | |||||
Gross asset value | 45 | 44 | |||
Acquisitions | 0 | 0 | |||
Exchange rate changes | 0 | 1 | |||
Gross asset value | 45 | 45 | 44 | ||
Accumulated amortization | (40) | (35) | |||
Amortization | (3) | (3) | |||
Exchange rate changes | (1) | (2) | |||
Accumulated amortization | (42) | (40) | (35) | ||
Net book value | 3 | ||||
Covenants Not to Compete and Other [Member] | |||||
Finite-Lived intangible Assets Rollforward | |||||
Gross asset value | 56 | 56 | |||
Acquisitions | 0 | 0 | |||
Exchange rate changes | (1) | 0 | |||
Gross asset value | 55 | 56 | 56 | ||
Accumulated amortization | (39) | (38) | |||
Amortization | (1) | (1) | |||
Exchange rate changes | (1) | 0 | |||
Accumulated amortization | (39) | $ (39) | $ (38) | ||
Net book value | $ 16 | ||||
Elotex [Member] | |||||
Finite-Lived intangible Assets Rollforward | |||||
Weighted average life of intangible assets acquired | 14 years | ||||
Santoprene | |||||
Finite-Lived intangible Assets Rollforward | |||||
Acquisitions | $ 300 | ||||
Weighted average life of intangible assets acquired | 14 years | ||||
[1] | Primarily related to $300 million of intangible assets acquired from Santoprene with a weighted average amortization period of 14 years. | ||||
[2] | Related to intangible assets acquired from Elotex with a weighted average amortization period of 14 years. |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net (Schedule of Indefinite-Lived Intangible Assets, Net) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Gross Asset Value | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | |||
Trademarks and Trade Names [Member] | ||||
Gross Asset Value | ||||
Gross asset value | 122 | $ 115 | ||
Acquisitions (Note 4) | 142 | [1] | 2 | [2] |
Impairment loss (Note 2) | 1 | |||
Exchange rate changes | 5 | 6 | ||
Gross asset value | $ 259 | $ 122 | ||
[1] | Related to indefinite-lived intangible assets acquired from Santoprene. | |||
[2] | Related to indefinite-lived intangible assets acquired from Elotex. |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net (Schedule of Estimated Amortization Expense) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 43 |
2023 | 40 |
2024 | 40 |
2025 | 40 |
2026 | $ 40 |
Current Other Liabilities (Deta
Current Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities, Current [Abstract] | ||
Asset retirement obligations | $ 14 | $ 10 |
Benefit obligations (Note 12) | 26 | 27 |
Customer rebates | 96 | 53 |
Derivatives (Note 18) | 5 | 87 |
Environmental (Note 13) | 9 | 11 |
Interest | 30 | 29 |
Legal (Note 20) | 33 | 107 |
Operating leases (Note 17) | 37 | 36 |
Restructuring (Note 15) | 7 | 11 |
Salaries and benefits | 135 | 121 |
Sales and use tax/foreign withholding tax payable | 27 | 140 |
Other | 54 | 48 |
Total | $ 473 | $ 680 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total | Total |
Debt (Schedule of Short-term De
Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||
Current installments of long-term debt | $ 527 | $ 431 |
Short-term borrowings, including amounts due to affiliates | 64 | 65 |
Total | $ 791 | $ 496 |
Weighted average interest rate, short-term borrowings | 0.20% | 0.60% |
Revolving Credit Facility [Member] | ||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||
Line of Credit, Current | $ 200 | $ 0 |
Weighted average interest rate, short-term borrowings | 1.40% | 0.00% |
Short-term Debt [Member] | ||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||
Short-term borrowings, including amounts due to affiliates | $ 300 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) € in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Sep. 10, 2021EUR (€) | Aug. 05, 2021USD ($) | Dec. 31, 2020USD ($) | ||
Long-Term Debt | |||||
Finance Lease, Liability | $ 173 | $ 201 | |||
Subtotal | 3,722 | 3,671 | |||
Current installments of long-term debt | (527) | (431) | |||
Long-term debt, net of unamortized deferred financing costs | $ 3,176 | 3,227 | |||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||
Senior Unsecured Notes Due 2024 [Member] | |||||
Long-Term Debt | |||||
Senior unsecured notes | $ 499 | 499 | |||
Interest Rate | 3.50% | ||||
Senior Unsecured Notes Due 2021 [Member] | |||||
Long-Term Debt | |||||
Senior unsecured notes | $ 0 | 400 | |||
Interest Rate | 5.875% | ||||
Senior Unsecured Notes Due 2022 [Member] | |||||
Long-Term Debt | |||||
Senior unsecured notes | $ 500 | 500 | |||
Interest Rate | 4.625% | ||||
Senior Unsecured Notes Due 2023 [Member] | |||||
Long-Term Debt | |||||
Senior unsecured notes | $ 509 | 919 | |||
Interest Rate | 1.125% | ||||
Senior Unsecured Notes Due 2025 [Member] | |||||
Long-Term Debt | |||||
Senior unsecured notes | $ 339 | 368 | |||
Interest Rate | 1.25% | ||||
Senior Unsecured Notes Due 2027 [Member] | |||||
Long-Term Debt | |||||
Senior unsecured notes | $ 564 | 610 | |||
Interest Rate | 2.125% | ||||
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00% [Member] | |||||
Long-Term Debt | |||||
Other Long-term debt | $ 166 | $ 166 | |||
Nilit bank loans due at various dates through 2026 (Note 4) [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 | [1] | $ 6 | $ 8 | ||
Senior Unsecured Notes Due 2026 | |||||
Long-Term Debt | |||||
Senior unsecured notes | $ 400 | 0 | |||
Interest Rate | 1.40% | ||||
Long-term Debt, Gross | $ 400 | ||||
Percentage of Face | 99.899% | ||||
Senior Unsecured Notes Due 2028 | |||||
Long-Term Debt | |||||
Senior unsecured notes | $ 566 | 0 | |||
Interest Rate | 0.625% | ||||
Long-term Debt, Gross | € | € 500 | ||||
Percentage of Face | 99.898% | ||||
Long-term Debt [Member] | |||||
Long-Term Debt | |||||
Unamortized debt issuance costs | [2] | $ (19) | $ (13) | ||
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] | The weighted average interest rate was 1.3% and 1.3% as of December 31, 2021 and 2020, respectively. | ||||
[2] | Related to the Company's long-term debt, excluding obligations under finance leases. |
Debt (Senior Credit Facilities
Debt (Senior Credit Facilities Narrative) (Details) - USD ($) $ in Millions | Aug. 05, 2021 | Dec. 31, 2021 |
Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,250 | |
Proceeds from Lines of Credit | 850 | |
Repayments of Lines of Credit | $ 396 | 650 |
Secured Debt [Member] | Amended Restated Receivable Securitization Facility [Member] | ||
Debt Instrument [Line Items] | ||
Trade Receivables Pledged As Collateral | $ 115 |
Debt (Schedule of Balances Avai
Debt (Schedule of Balances Available for Borrowing) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Aug. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings outstanding | $ 200 | $ 200 | $ 0 | |
Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Lines of Credit | 850 | |||
Repayments of Lines of Credit | $ 396 | 650 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,050 | $ 1,050 | ||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Debt Debt (Senior Notes Narrati
Debt Debt (Senior Notes Narrative) (Details) $ in Millions | Sep. 13, 2021USD ($) | Aug. 05, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 13, 2021EUR (€) | Sep. 10, 2021EUR (€) |
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||
Repayments of Long-term Debt | $ 786 | $ 30 | $ 360 | ||||
Senior Unsecured Notes Due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 3.50% | ||||||
Senior Unsecured Notes Due 2023 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 1.125% | ||||||
Debt Instrument, Repurchased Face Amount | € | € 300,000,000 | ||||||
Debt Instrument Tender Purchase Price Per 1000 Principal Amount | € | € 1,027.35 | ||||||
Debt Instrument, Repurchase Amount | $ 363 | ||||||
Interest Expense, Debt | 4 | ||||||
Repayments of Long-term Debt | $ 353 | ||||||
Write off of Deferred Debt Issuance Cost | $ 9 | ||||||
Senior Unsecured Notes Due 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 1.25% | ||||||
Senior Unsecured Notes Due 2027 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 2.125% | ||||||
Senior Unsecured Notes Due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 400 | ||||||
Interest Rate | 1.40% | ||||||
Percentage of Face | 99.899% | ||||||
Senior Unsecured Notes Due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | € | € 500,000,000 | ||||||
Interest Rate | 0.625% | ||||||
Percentage of Face | 99.898% | ||||||
Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Lines of Credit | $ 396 | $ 650 |
Debt Debt (Accounts Receivable
Debt Debt (Accounts Receivable Securitization Facility) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Europe and Singapore Factoring Agreements | ||
Debt Instrument [Line Items] | ||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | $ 230 | $ 233 |
Proceeds from Accounts Receivable Securitization | 185 | 237 |
Singapore Discounting Agreement | ||
Debt Instrument [Line Items] | ||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | $ 70 | |
Secured Debt [Member] | Amended Restated Receivable Securitization Facility [Member] | ||
Debt Instrument [Line Items] | ||
PercentageOfFairValueOfSalesReceivables | 100.00% | |
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | $ 1,100 | 595 |
Trade Receivables Pledged As Collateral | 115 | |
Proceeds from Accounts Receivable Securitization | $ 1,100 | $ 476 |
Debt (Schedule of Principle Pay
Debt (Schedule of Principle Payments) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 791 |
2020 | 533 |
2021 | 541 |
2022 | 425 |
2023 | 498 |
Thereafter | 1,198 |
Total | $ 3,986 |
Debt Debt (Other Financing Arra
Debt Debt (Other Financing Arrangements) (Details) - Europe and Singapore Factoring Agreements - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other Financing Arrangements [Abstract] | ||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | $ 230 | $ 233 |
Line of Credit Facility [Line Items] | ||
Proceeds from Accounts Receivable Securitization | $ 185 | $ 237 |
Benefit Obligations Benefit Obl
Benefit Obligations Benefit Obligations (Schedule of Contributions to Defined Contribution Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Defined contribution plans | $ 47 | $ 39 | $ 42 |
Benefit Obligations (Schedule o
Benefit Obligations (Schedule of Company's Pension and Post Retirement Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ||||||
Net amount recognized | $ 3 | $ 2 | $ 7 | |||
Other comprehensive (income) loss, tax effect | 4 | 4 | ||||
Pension Plan [Member] | ||||||
Change in Projected Benefit Obligation | ||||||
Projected benefit obligation as of beginning of period | 3,847 | 3,610 | ||||
Service cost | 13 | 12 | 9 | |||
Interest cost | 54 | 85 | 115 | |||
Net actuarial (gain) loss | [1] | (119) | 275 | |||
Acquisitions | 7 | [2] | 42 | [3] | ||
Settlements | (38) | (7) | ||||
Benefits paid | (226) | (230) | ||||
Curtailments | 0 | 0 | ||||
Special termination benefits | 0 | 1 | ||||
Exchange rate changes | (50) | 59 | ||||
Projected benefit obligation as of end of period | 3,488 | 3,847 | 3,610 | |||
Change in Plan Assets | ||||||
Fair value of plan assets as of beginning of period | 3,388 | 3,141 | ||||
Actual return on plan assets | 36 | 380 | ||||
Employer contributions | 47 | 43 | ||||
Acquisitions | 0 | 30 | [3] | |||
Settlements | (38) | (7) | ||||
Benefits paid | [4] | (226) | (230) | |||
Exchange rate changes | (24) | 31 | ||||
Fair value of plan assets as of end of period | 3,183 | 3,388 | 3,141 | |||
Funded status as of end of period | (305) | (459) | ||||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||||
Noncurrent Other assets | 221 | 142 | ||||
Current Other liabilities | (22) | (22) | ||||
Benefit obligations | (504) | (579) | ||||
Funded status as of end of period | (305) | (459) | ||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ||||||
Net actuarial (gain) loss | [5] | 20 | 17 | |||
Prior service (benefit) cost | 0 | 0 | ||||
Net amount recognized | [6] | 20 | 17 | |||
Other Postretirement Benefits Plan [Member] | ||||||
Change in Projected Benefit Obligation | ||||||
Projected benefit obligation as of beginning of period | 61 | 64 | ||||
Service cost | 1 | 1 | 0 | |||
Interest cost | 1 | 1 | 2 | |||
Net actuarial (gain) loss | [1] | (7) | 0 | |||
Acquisitions | 0 | 0 | ||||
Settlements | 0 | 0 | ||||
Benefits paid | (4) | (5) | ||||
Curtailments | 0 | (1) | ||||
Special termination benefits | 0 | 0 | ||||
Exchange rate changes | (1) | 1 | ||||
Projected benefit obligation as of end of period | 51 | 61 | 64 | |||
Change in Plan Assets | ||||||
Fair value of plan assets as of beginning of period | 0 | 0 | ||||
Actual return on plan assets | 0 | 0 | ||||
Employer contributions | 4 | 5 | ||||
Acquisitions | 0 | 0 | ||||
Settlements | 0 | 0 | ||||
Benefits paid | [4] | (4) | (5) | |||
Exchange rate changes | 0 | 0 | ||||
Fair value of plan assets as of end of period | 0 | 0 | $ 0 | |||
Funded status as of end of period | (51) | (61) | ||||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||||
Noncurrent Other assets | 0 | 0 | ||||
Current Other liabilities | (4) | (4) | ||||
Benefit obligations | (47) | (57) | ||||
Funded status as of end of period | (51) | (61) | ||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ||||||
Net actuarial (gain) loss | [5] | 0 | 0 | |||
Prior service (benefit) cost | (1) | (1) | ||||
Net amount recognized | [6] | (1) | (1) | |||
Supplemental Employee Retirement Plan [Member] | ||||||
Change in Plan Assets | ||||||
Benefits paid | $ (21) | $ (21) | ||||
[1] | Primarily relates to changes in discount rates. | |||||
[2] | Represents plan obligations related to the Santoprene acquisition. | |||||
[3] | Represents plan obligations and assets related to the Elotex acquisition. | |||||
[4] | Includes benefit payments to nonqualified pension plans of $21 million and $21 million as of December 31, 2021 and 2020, respectively. | |||||
[5] | Relates to the pension plans of the Company's equity method investments. | |||||
[6] | Amount shown net of an income tax benefit of $4 million and $4 million as of December 31, 2021 and 2020, respectively, in the consolidated statements of equity ( Note 1 4 ). |
Benefit Obligations (Schedule_2
Benefit Obligations (Schedule of Percentage of US and International Projected Benefit Obligation) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of projected benefit obligation | 100.00% | 100.00% |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of projected benefit obligation | 100.00% | 100.00% |
UNITED STATES | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of projected benefit obligation | 78.00% | 78.00% |
UNITED STATES | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of projected benefit obligation | 50.00% | 50.00% |
Foreign Plan [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of projected benefit obligation | 22.00% | 22.00% |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of projected benefit obligation | 50.00% | 50.00% |
Benefit Obligations (Schedule_3
Benefit Obligations (Schedule of Percentage of US and International Fair Value of Plan Assets) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of US and international fair value of plan assets | 100.00% | 100.00% |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of US and international fair value of plan assets | 85.00% | 85.00% |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of US and international fair value of plan assets | 15.00% | 15.00% |
Benefit Obligations (Schedule_4
Benefit Obligations (Schedule of Pension Plans with Projected Benefit Obligations in Excess of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 803 | $ 913 |
Fair value of plan assets | $ 277 | $ 311 |
Benefit Obligations (Schedule_5
Benefit Obligations (Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated benefit obligation | $ 781 | $ 888 |
Fair value of plan assets | 277 | 311 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated benefit obligation | $ 52 | $ 61 |
Benefit Obligations (Schedule_6
Benefit Obligations (Schedule of Accumulated Benefit Obligation for All Defined Benefit Pension Plans) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits [Abstract] | ||
Accumulated benefit obligation | $ 3,461 | $ 3,819 |
Benefit Obligations (Schedule_7
Benefit Obligations (Schedule of Net Periodic Benefit Costs Recognized) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial (gain) loss on pension and postretirement plans | $ 41 | $ 96 | $ 87 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.50% | 2.10% | |
Service cost | $ 13 | $ 12 | 9 |
Interest cost | 54 | 85 | 115 |
Expected return on plan assets | (205) | (199) | (185) |
Actuarial (gain) loss on pension and postretirement plans | 47 | 97 | 79 |
Curtailment (gain) loss | 0 | 0 | 0 |
Special termination benefit | 0 | 1 | 1 |
Total | (88) | (4) | 19 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ 3 | $ 0 | 0 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.50% | 2.10% | |
Service cost | $ 1 | $ 1 | 0 |
Interest cost | 1 | 1 | 2 |
Expected return on plan assets | 0 | 0 | 0 |
Actuarial (gain) loss on pension and postretirement plans | (6) | (1) | 8 |
Curtailment (gain) loss | 0 | (1) | 0 |
Special termination benefit | 0 | 0 | 0 |
Total | (4) | 0 | 10 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ 0 | $ 0 | $ 0 |
Benefit Obligations (Schedule_8
Benefit Obligations (Schedule of Nonqualified Pension Plans Funded with Nonqualified Trusts) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent Other assets, consisting of insurance contracts | $ 28 | $ 31 |
Marketable securities | 10 | 533 |
Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent Other assets, consisting of insurance contracts | 28 | 30 |
Current Other liabilities | 19 | 20 |
Benefit obligations | 204 | 221 |
Supplemental Employee Retirement Plan [Member] | Money Market Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Marketable securities | $ 10 | $ 17 |
Benefit Obligations (Schedule_9
Benefit Obligations (Schedule of Expense Related to Nonqualified Pension Plans Included in Net Periodic Benefit Cost, Excluding Returns on Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 3 | $ 23 | $ 26 |
Benefit Obligations (Pension an
Benefit Obligations (Pension and Other Postretirement Obligations Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment gain (loss) | $ 0 | $ 0 | $ 0 |
Lump-sum buyout payments | 38 | 7 | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment gain (loss) | 0 | 1 | $ 0 |
Lump-sum buyout payments | $ 0 | $ 0 |
Benefit Obligations (Schedul_10
Benefit Obligations (Schedule of Principle Weighted Average Assumptions Used to Determine Benefit Obligations and Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate obligations | 2.50% | 2.10% | |
Rate of compensation increase | 2.50% | 2.50% | |
Discount rate NPBC | 2.10% | 2.80% | 3.80% |
Discount rate NPBC - service cost | 1.10% | 1.80% | 2.50% |
Discount rate NPBC - interest cost | 1.40% | 2.40% | 3.50% |
Expected return on plan assets | 6.30% | 6.50% | 6.50% |
Rate of compensation increase NPBC | 2.50% | 2.60% | 2.80% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 1.40% | 2.10% | 3.00% |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate obligations | 2.50% | 2.10% | |
Discount rate NPBC | 2.10% | 2.90% | 3.80% |
Discount rate NPBC - service cost | 1.90% | 2.70% | 3.40% |
Discount rate NPBC - interest cost | 1.50% | 2.60% | 3.50% |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 6.50% | 6.70% | 6.70% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 1.40% | 2.10% | 3.00% |
UNITED STATES | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate obligations | 2.80% | 2.40% | |
Discount rate NPBC | 2.40% | 3.20% | 4.20% |
Discount rate NPBC - service cost | 1.90% | 3.10% | |
Discount rate NPBC - interest cost | 1.70% | 2.80% | 3.90% |
UNITED STATES | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate obligations | 2.70% | 2.20% | |
Discount rate NPBC | 2.20% | 3.10% | 4.10% |
Discount rate NPBC - service cost | 3.80% | 4.60% | |
Discount rate NPBC - interest cost | 1.50% | 2.60% | 3.80% |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 2.50% | 2.50% | |
Expected return on plan assets | 4.80% | 5.10% | 5.60% |
Rate of compensation increase NPBC | 2.50% | 2.60% | 2.80% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 1.00% | ||
Foreign Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate obligations | 1.40% | 1.00% | |
Discount rate NPBC | 1.00% | 1.40% | 2.10% |
Discount rate NPBC - service cost | 1.10% | 1.80% | 2.50% |
Discount rate NPBC - interest cost | 0.70% | 1.10% | 1.80% |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate obligations | 2.40% | 1.90% | |
Discount rate NPBC | 1.90% | 2.70% | 3.40% |
Discount rate NPBC - service cost | 1.90% | 2.70% | 3.40% |
Discount rate NPBC - interest cost | 1.50% | 2.50% | 3.20% |
Benefit Obligations Benefit O_2
Benefit Obligations Benefit Obligations (Schedule of US Health Care Cost Trend Rates) (Details) - UNITED STATES - Postretirement Health Coverage [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
ScheduleofHealthCareCostTrend [Line Items] | |||
Health care cost trend rate assumed for next year | 7.30% | 7.50% | 8.00% |
Health care cost trend ultimate rate | 5.00% | 5.00% | 5.00% |
Health care cost trend ultimate rate year | 2031 | 2031 | 2026 |
Benefit Obligations (Valuation
Benefit Obligations (Valuation Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 6.30% | 6.50% | 6.50% |
Benefit Obligations (Schedul_11
Benefit Obligations (Schedule of Weighted Average Target Asset Allocations) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual return on plan assets | 0.60% | ||
Expected return on plan assets | 6.50% | 6.70% | 6.70% |
Weighted average target asset allocations | 100.00% | ||
UNITED STATES | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average target asset allocations | 85.00% | ||
UNITED STATES | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average target asset allocations | 8.00% | ||
UNITED STATES | Equity Securities International To Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average target asset allocations | 7.00% | ||
UNITED STATES | Other Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average target asset allocations | 0.00% | ||
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 4.80% | 5.10% | 5.60% |
Weighted average target asset allocations | 100.00% | ||
Foreign Plan [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average target asset allocations | 44.00% | ||
Foreign Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average target asset allocations | 21.00% | ||
Foreign Plan [Member] | Equity Securities International To Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average target asset allocations | 6.00% | ||
Foreign Plan [Member] | Other Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average target asset allocations | 29.00% |
Benefit Obligations (Schedul_12
Benefit Obligations (Schedule of Fair Values of Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets, fair value non-financial receivables | $ 13 | $ 72 | |
Pension plan assets, fair value non-financial payables | 8 | 67 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | [1] | 2,534 | 2,535 |
Total liabilities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | (6) | (3) | |
Swaps [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | (6) | (3) | |
Defined Benefit Plan, Equity Securities, Non-US [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 95 | 82 | |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 5 | 10 | |
Total plan assets [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | [2] | 2,540 | 2,538 |
Equities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 538 | 732 | |
Swaps [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 6 | 3 | |
Corporate Debt [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 895 | 890 | |
Treasuries, Other Debt [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 1,456 | 1,464 | |
Mortgage Backed Securities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 16 | 16 | |
Registered Investment Companies [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 69 | 71 | |
Short-term Investments [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 37 | 45 | |
Insurance Contracts [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 57 | 63 | |
Other [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 10 | 10 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | [1] | 222 | 113 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Total liabilities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Swaps [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 95 | 82 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 5 | 10 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Total plan assets [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | [2] | 222 | 113 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Swaps [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Debt [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Treasuries, Other Debt [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 118 | 17 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Backed Securities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Insurance Contracts [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 4 | 4 | |
Significant Other Observable Inputs (Level 2) [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | [1] | 2,312 | 2,422 |
Significant Other Observable Inputs (Level 2) [Member] | Total liabilities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | (6) | (3) | |
Significant Other Observable Inputs (Level 2) [Member] | Swaps [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | (6) | (3) | |
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Total plan assets [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | [2] | 2,318 | 2,425 |
Significant Other Observable Inputs (Level 2) [Member] | Swaps [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 6 | 3 | |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 895 | 890 | |
Significant Other Observable Inputs (Level 2) [Member] | Treasuries, Other Debt [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 1,338 | 1,447 | |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 16 | 16 | |
Significant Other Observable Inputs (Level 2) [Member] | Insurance Contracts [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 57 | 63 | |
Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | $ 6 | $ 6 | |
[1] | Total net assets excludes non-financial plan receivables and payables of $13 million and $8 million, respectively, as of December 31, 2021 and $72 million and $67 million, respectively, as of December 31, 2020. Non-financial items include due to/from broker, interest receivables and accrued expenses. | ||
[2] | Certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. Total investments, at fair value, for the year ended December 31, 2021 excludes investments in common/collective trusts, registered investment companies and short-term investment funds with fair values of $538 million, $69 million and $37 million, respectively. Total investments, at fair value, for the year ended December 31, 2020 excludes investments in common/collective trusts, registered investment companies and short-term investment funds with fair values of $732 million, $71 million and $45 million, respectively. |
Benefit Obligations Benefit O_3
Benefit Obligations Benefit Obligations (Schedule of Pension Contributions Expected to be Contributed to the Plans) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 24 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 4 |
Supplemental Employee Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 19 |
Benefit Obligations (Schedul_13
Benefit Obligations (Schedule of Pension Benefits Expected to be Paid from the Plans or From the Company's Assets) (Details) $ in Millions | Dec. 31, 2021USD ($) | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2022 | $ 232 | [1] |
2023 | 224 | [1] |
2024 | 219 | [1] |
2025 | 215 | [1] |
2026 | 213 | [1] |
2027-2031 | 988 | [1] |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2022 | 4 | [2] |
2023 | 3 | [2] |
2024 | 3 | [2] |
2025 | 3 | [2] |
2026 | 3 | [2] |
2027-2031 | $ 14 | [2] |
[1] | Payments are expected to be made primarily from plan assets. | |
[2] | Payments are expected to be made primarily from Company assets. |
Benefit Obligations (Plan Asset
Benefit Obligations (Plan Assets Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 6.30% | 6.50% | 6.50% | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 24 | |||
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 4 | |||
UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | 0.60% | |||
Expected return on plan assets | 6.50% | 6.70% | 6.70% | |
Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 4.80% | 5.10% | 5.60% | |
Forecast [Member] | UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 5.50% |
Environmental (Schedule of Envi
Environmental (Schedule of Environmental Remediation Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Environmental Remediation Obligations [Abstract] | ||
Document Period End Date | Dec. 31, 2021 | |
Demerger obligations (Note 20) | $ 24 | $ 29 |
Divestiture obligations (Note 20) | 14 | 15 |
Active sites | 8 | 12 |
U.S. Superfund sites | 12 | 11 |
Other environmental remediation liabilities | 2 | 2 |
Total | $ 60 | $ 69 |
Environmental (Schedule of En_2
Environmental (Schedule of Environmental Ownership and Liability Percentages) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Environmental Disclosure [Line Items] | |||
Reserves | $ 60 | $ 69 | |
InfraServ GmbH & Co. Gendorf KG [Member] | |||
Environmental Disclosure [Line Items] | |||
Ownership percentage | 30.00% | ||
Liability percentage | 10.00% | ||
Reserves | [1] | $ 10 | |
InfraServ Gmbh & Co. Hoechst KG [Member] | |||
Environmental Disclosure [Line Items] | |||
Ownership percentage | 31.00% | ||
Liability percentage | 40.00% | ||
Reserves | [1] | $ 69 | |
YNCORIS GmbH & Co. KG [Member] | |||
Environmental Disclosure [Line Items] | |||
Ownership percentage | [2] | 22.00% | |
Liability percentage | [2] | 22.00% | |
Reserves | [1],[2] | $ 1 | |
[1] | Gross reserves maintained by the respective entity. | ||
[2] | Formerly known as InfraServ GmbH & Co. Knapsack KG. |
Environmental Environmental (US
Environmental Environmental (US Superfund Sites Narrative) (Details) $ in Millions | Sep. 30, 2021USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2021 |
Site Contingency [Line Items] | |||
Document Period End Date | Dec. 31, 2021 | ||
Passaic River, New Jersey [Member] | |||
Site Contingency [Line Items] | |||
Number of Parties included in USEPA order | 70 | ||
EPA Estimated Cost | $ 441 | $ 1,400 | |
Environmental Liability Percentage | 1.00% |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Treasury Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 167 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | ||||
Shares repurchased | 6,556,378 | 5,889,073 | 9,166,267 | 69,324,429 |
Average purchase price per share | $ 152.53 | $ 110.41 | $ 109.10 | $ 83.71 |
Amount spent on repurchased shares (in millions) | $ 1,000 | $ 650 | $ 1,000 | $ 5,803 |
Aggregate Board of Directors repurchase authorizations during the period | 1,000 | $ 500 | $ 1,500 | |
Share repurchase plan, authorized repurchase amount | $ 6,866 | $ 6,866 |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule of Components of Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Comprehensive Income (Loss) [Line Items] | |||
Foreign currency translation, gross amount | $ 20 | $ (4) | $ (10) |
Foreign currency translation, income tax (provision) benefit | (31) | (4) | (6) |
Foreign currency translation, net amount | (11) | (8) | (16) |
Gain (loss) on cash flow hedges | 13 | (18) | (30) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 21 | (8) | (8) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 34 | (26) | (38) |
Pension and postretirement benefits, gross amount | (3) | (2) | (6) |
Pension and postretirement benefits, income tax (provision) benefit | 0 | 0 | (1) |
Pension and postretirement benefits, net amount | (3) | (2) | (7) |
Total other comprehensive income (loss), gross amount | 51 | (32) | (54) |
Total other comprehensive income (loss), income tax (provision) benefit | (52) | 4 | 1 |
Total other comprehensive income (loss), net of tax | $ (1) | $ (28) | $ (53) |
Stockholders' Equity (Schedul_3
Stockholders' Equity (Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of the beginning of the period | $ (328) | $ (300) | $ (247) |
Other comprehensive income (loss) before reclassifications | 51 | (34) | (52) |
Amounts reclassified from accumulated other comprehensive income (loss) | 2 | (2) | |
Income tax (provision) benefit | (52) | 4 | 1 |
Balance as of the end of the period | (329) | (328) | (300) |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of the beginning of the period | (260) | (252) | (236) |
Other comprehensive income (loss) before reclassifications | 20 | (4) | (10) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Income tax (provision) benefit | (31) | (4) | (6) |
Balance as of the end of the period | (271) | (260) | (252) |
Gain (Loss) from Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of the beginning of the period | (56) | (38) | (8) |
Other comprehensive income (loss) before reclassifications | 34 | (28) | (36) |
Amounts reclassified from accumulated other comprehensive income (loss) | 2 | (2) | |
Income tax (provision) benefit | (21) | 8 | 8 |
Balance as of the end of the period | (43) | (56) | (38) |
Pension and Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of the beginning of the period | (12) | (10) | (3) |
Other comprehensive income (loss) before reclassifications | (3) | (2) | (6) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Income tax (provision) benefit | 0 | 0 | (1) |
Balance as of the end of the period | $ (15) | $ (12) | $ (10) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 09, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Equity, Class of Treasury Stock [Line Items] | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Subsequent Event [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Quarterly cash dividend per share | $ 0.68 | ||
Cash dividend | $ 73 |
Other (Charges) Gains, Net (Sch
Other (Charges) Gains, Net (Schedule of Other (Charges) Gains, Net) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | $ (5) | $ (20) | $ (23) | |
Asset impairments | (2) | (31) | (83) | |
Plant Office Closures | 10 | 7 | (4) | |
European Commission investigation | 0 | (2) | (89) | |
Commercial disputes | 0 | 6 | (4) | |
Other (charges) gains, net | 3 | (39) | (203) | |
Other (Charges) Gains, Net Other | $ 0 | $ 1 | $ 0 | |
InfraServ GmbH & Co. Gendorf KG [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Ownership percentage | 30.00% | |||
InfraServ GmbH & Co. Gendorf KG [Member] | Other Activities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Ownership percentage | [1] | 30.00% | 30.00% | |
YNCORIS GmbH & Co. KG [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Ownership percentage | [2] | 22.00% | ||
YNCORIS GmbH & Co. KG [Member] | Other Activities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Ownership percentage | [1],[3] | 22.00% | 22.00% | |
[1] | InfraServ real estate service companies ("InfraServ Entities") own and operate sites in Frankfurt am Main-Hoechst, Gendorf and Knapsack, Germany. The InfraServ Entities were created to own land and property and to provide various technical and administrative services at these manufacturing locations. | |||
[2] | Formerly known as InfraServ GmbH & Co. Knapsack KG. | |||
[3] | Formerly known as InfraServ GmbH & Co. Knapsack KG. |
Other (Charges) Gains, Net (Nar
Other (Charges) Gains, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other (Charges) Gains, Net [Line Items] | |||
Commercial disputes | $ 0 | $ 6 | $ (4) |
Restructuring | 5 | 20 | 23 |
Asset impairments | 2 | 31 | 83 |
Plant Office Closures | (10) | (7) | 4 |
European Commission investigation | $ 0 | (2) | $ (89) |
Europe [Member] | Engineered Materials [Member] | |||
Other (Charges) Gains, Net [Line Items] | |||
Asset impairments | $ 26 |
Income Taxes (Schedule of Earni
Income Taxes (Schedule of Earnings (Loss) from Continuing Operations Before Tax by Jurisdiction) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 202 | $ 1,530 | $ 252 |
International | 2,046 | 721 | 736 |
Earnings (loss) from continuing operations before tax | $ 2,248 | $ 2,251 | $ 988 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Provision (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
U.S. | $ 0 | $ 13 | $ (8) |
International | 323 | 126 | 149 |
Total | 323 | 139 | 141 |
Deferred | |||
U.S. | (16) | 308 | 1 |
International | 23 | (200) | (18) |
Total | 7 | 108 | (17) |
Income tax provision (benefit) | $ 330 | $ 247 | $ 124 |
Income Taxes Income Taxes (Sche
Income Taxes Income Taxes (Schedule of Effective Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision computed at U.S. federal statutory tax rate | $ 472 | $ 473 | $ 208 |
Change in valuation allowance | (50) | (1) | (47) |
Equity income and dividends | (29) | (54) | (38) |
(Income) expense not resulting in tax impact, net | (53) | (46) | (9) |
U.S. tax effect of foreign earnings and dividends | 332 | 65 | 85 |
Foreign tax credits | (328) | (51) | (76) |
Other foreign tax rate differentials | (66) | 7 | 4 |
Legislative changes | (8) | 1 | (3) |
State income taxes, net of federal benefit | 6 | 4 | 6 |
Other, net | 54 | 33 | (6) |
Income tax provision (benefit) | $ 330 | $ 247 | $ 124 |
Effective income tax rate | 15.00% | 11.00% | 13.00% |
Effective Income Tax Rate Reconciliation, Recognition of basis differences in investment in affiliates, Amount | $ 0 | $ (14) | $ 0 |
Effective Income Tax Rate Reconciliation, Asset transfers between wholly owned foreign affiliates, Amount | 0 | (170) | $ 0 |
Unrecognized Tax Benefit, Decrease resulting from changes in uncertain tax position and impacts of amended tax return filings | $ 65 | $ 40 |
Income Taxes (Income Tax Provis
Income Taxes (Income Tax Provision Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax Credit Carryforward [Line Items] | |||
Plant Office Closures | $ (10) | $ (7) | $ 4 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | 25 | |
Asset impairments | (2) | $ (31) | $ (83) |
Tax Credit Carryforward, Valuation Allowance | $ 171 | ||
Effective income tax rate | 15.00% | 11.00% | 13.00% |
Income Taxes (Schedule of Conso
Income Taxes (Schedule of Consolidated Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Tax Assets | |||
Pension and postretirement obligations | $ 96 | $ 132 | |
Accrued expenses | 31 | 32 | |
Inventory | 7 | 12 | |
Net operating loss carryforwards | 526 | 535 | |
Tax credit carryforwards | 207 | 247 | |
Other | 226 | 322 | |
Subtotal | 1,093 | 1,280 | |
Valuation allowance | [1] | (642) | (748) |
Total | 451 | 532 | |
Deferred Tax Liabilities | |||
Depreciation and amortization | 312 | 256 | |
Investments in affiliates | 382 | 402 | |
Other | 64 | 124 | |
Total | 758 | 782 | |
Net deferred tax assets (liabilities) | $ (307) | $ (250) | |
[1] | Includes deferred tax asset valuation allowances for the Company's deferred tax assets in the U.S., Luxembourg, Singapore, Spain, China, the United Kingdom, Mexico, Canada and France. These valuation allowances relate primarily to net operating loss carryforward benefits and other net deferred tax assets, all of which may not be realizable. |
Income Taxes (Net Operating Los
Income Taxes (Net Operating Loss Carryforwards and Tax Credit Carryforwards Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Tax Credit Carryforward, Amount | $ 184 |
Tax Credit Carryforward, Valuation Allowance | 171 |
Alternative Minimum Tax Credit Carryforwards, Before Tax | $ 18 |
Tax Credit Carryforward, Expiration Date | Dec. 31, 2027 |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Valuation Allowance | $ 171 |
US Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 25 |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 28 |
Valuation allowance offset for State net operating loss carryforwards due to uncertain recoverability | 24 |
Foreign Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 2,400 |
CHINA | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 125 |
Minimum [Member] | US Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforward expiration | Dec. 31, 2022 |
Minimum [Member] | CHINA | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforward expiration | Dec. 31, 2022 |
Maximum [Member] | CHINA | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforward expiration | Dec. 31, 2025 |
Research Tax Credit Carryforward [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax Credit Carryforward, Expiration Date | Dec. 31, 2037 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Unrecognized Tax Benefits Included in Uncertain Tax Positions) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Activity Related To Uncertain Tax Positions [Roll Forward] | ||||
As of the beginning of the year | $ 165 | $ 134 | $ 162 | |
Increases in tax positions for the current year | 33 | 18 | 1 | |
Increases in tax positions for prior years(1) | [1] | 28 | 26 | 37 |
Decreases in tax positions for prior years | (11) | (13) | (41) | |
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | 3 | |||
Increases (decreases) due to settlements | 0 | (25) | ||
As of the end of the year | 218 | 165 | 134 | |
Total uncertain tax positions that if recognized would impact the effective tax rate | 224 | 182 | 132 | |
Total amount of interest expense (benefit) and penalties recognized in the consolidated statements of operations(2) | [2] | 2 | 6 | 5 |
Total amount of interest expense and penalties recognized in the consolidated balance sheets | 52 | 54 | 45 | |
Uncertain tax positions | $ 218 | $ 165 | $ 134 | |
[1] | Includes the impact on uncertain tax positions for the year ended December 31, 2019 due to the closure of federal income tax audits for the years 2009 through 2012. | |||
[2] | This amount reflects interest on uncertain tax positions and release of tax positions due to changes in assessment, statute lapses, or audit closures that were reflected in the consolidated statements of operations. |
Leases Lease costs (Details)
Leases Lease costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 40 | $ 40 |
Short-term lease cost | 18 | 24 |
Variable lease cost | 12 | 11 |
Amortization of leased assets | 19 | 18 |
Interest on lease liabilities | 13 | 15 |
Total net lease cost | $ 102 | $ 108 |
Leases Supplemental balance she
Leases Supplemental balance sheet information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 236 | $ 232 |
Finance Lease, Right-of-Use Asset | 131 | 148 |
Lease, Right-of-Use Asset | $ 367 | $ 380 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Operating lease, liability, current | $ 37 | $ 36 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Operating lease liabilities | Operating lease liabilities |
Operating lease liabilities | $ 200 | $ 208 |
Lease Liability | 410 | 445 |
Operating Leased Assets [Line Items] | ||
Finance Lease, Right-of-Use Asset | 131 | 148 |
Operating leases (Note 17) | $ 37 | $ 36 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Short-term borrowings and current installments of long-term debt - third party and affiliates | Short-term borrowings and current installments of long-term debt - third party and affiliates |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt, net of unamortized deferred financing costs | Long-term debt, net of unamortized deferred financing costs |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment (net of accumulated depreciation - 2021: $3,484; 2020: $3,279) | Property, plant and equipment (net of accumulated depreciation - 2021: $3,484; 2020: $3,279) |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Operating lease right-of-use assets | Operating lease right-of-use assets |
Property, Plant and Equipment | ||
Leases [Abstract] | ||
Finance Lease, Right-of-Use Asset | $ 131 | $ 148 |
Operating Leased Assets [Line Items] | ||
Finance Lease, Right-of-Use Asset | 131 | 148 |
Other Current Liabilities [Member] | ||
Leases [Abstract] | ||
Operating lease, liability, current | 37 | 36 |
Operating Leased Assets [Line Items] | ||
Operating leases (Note 17) | 37 | 36 |
Long-term Debt [Member] | ||
Leases [Abstract] | ||
Finance Lease, Liability, Noncurrent | 148 | 171 |
Operating Leased Assets [Line Items] | ||
Finance Lease, Liability, Noncurrent | 148 | 171 |
Short-term Debt [Member] | ||
Leases [Abstract] | ||
Finance Lease, Liability, Current | 25 | 30 |
Operating Leased Assets [Line Items] | ||
Finance Lease, Liability, Current | $ 25 | $ 30 |
Leases Supplemental lease infor
Leases Supplemental lease information (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Weighted-average remaining operating leases term | 12 years 9 months 18 days | 13 years 9 months 18 days |
Weighted-average remaining finance leases term | 8 years 10 months 24 days | 9 years 7 months 6 days |
Weighted-average operating leases discount rate | 2.00% | 2.10% |
Weighted-average finance leases discount rate | 6.90% | 7.10% |
Leases Supplemental cash flow i
Leases Supplemental cash flow information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 37 | $ 37 | |
Operating cash flows from finance leases | 13 | 15 | |
Financing cash flows from finance leases | 29 | 29 | |
ROU assets obtained in exchange for finance lease liabilities | 0 | 78 | $ 0 |
ROU assets obtained in exchange for operating lease liabilities | $ 52 | $ 58 |
Leases Maturities of lease liab
Leases Maturities of lease liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2020 | $ 42 | |
2021 | 36 | |
2022 | 28 | |
2023 | 23 | |
2024 | 15 | |
Later years | 126 | |
Total lease payments | 270 | |
Less amounts representing interest | (33) | |
Total lease obligations | 237 | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2020 | 36 | |
2021 | 31 | |
2022 | 28 | |
2023 | 24 | |
2024 | 22 | |
Later years | 101 | |
Total lease payments | 242 | |
Less amounts representing interest | (69) | |
Total lease obligations | $ 173 | $ 201 |
Leases Narrative (Details)
Leases Narrative (Details) $ in Millions | Dec. 31, 2021USD ($) |
Operating Leased Assets [Line Items] | |
Finance Lease Lease Not yet Commenced Liabilities | $ 28 |
Lessee, Finance Lease, Lease Not yet Commenced, Term of Contract | 10 years |
Lessee, Operating Lease, Lease yet Commenced, Liabilities | $ 4 |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 2 years |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 10 years |
Derivative Financial Instrume_3
Derivative Financial Instruments (Schedule of Interest Rate Swap Derivatives) (Details) - USD ($) $ in Millions | Aug. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||||
Payments for (Proceeds from) Hedge, Financing Activities | $ 72 | $ 0 | $ 0 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Notional Value | $ 0 | $ 400 | ||
Payments for (Proceeds from) Hedge, Financing Activities | $ 72 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule of Notional Amounts of Net Foreign Exchange Exposure by Currency) (Details) - Foreign Exchange Contract [Member] $ in Millions | Dec. 31, 2021USD ($) |
Derivative [Line Items] | |
Total | $ 91 |
Brazilian Real [Member] | |
Derivative [Line Items] | |
Total | (24) |
British Pound Sterling [Member] | |
Derivative [Line Items] | |
Total | (31) |
Canadian Dollar [Member] | |
Derivative [Line Items] | |
Total | 21 |
China, Yuan Renminbi | |
Derivative [Line Items] | |
Total | (13) |
Euro [Member] | |
Derivative [Line Items] | |
Total | 120 |
Hungarian Forint [Member] | |
Derivative [Line Items] | |
Total | 13 |
Indonesia, Rupiahs | |
Derivative [Line Items] | |
Total | (5) |
Korea (South), Won | |
Derivative [Line Items] | |
Total | 15 |
Mexico, Pesos | |
Derivative [Line Items] | |
Total | (43) |
Singapore Dollar [Member] | |
Derivative [Line Items] | |
Total | 49 |
Swedish Krona [Member] | |
Derivative [Line Items] | |
Total | (10) |
Switzerland, Francs | |
Derivative [Line Items] | |
Total | 10 |
Japan, Yen | |
Derivative [Line Items] | |
Total | $ (11) |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule of Notional Amounts of Foreign Currency Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Notional Value | $ 663 | $ 546 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Schedule of Interest Rate Swap Activity Recorded in the Consolidated Financial Statements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Earnings (loss) | $ 0 | $ (5) | $ 2 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recognized in Earnings (loss) | $ 0 | $ (5) | $ 2 |
Derivatives Not Designated as Hedges [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recognized in Earnings (loss) | (13) | (8) | (3) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 0 | 0 | 0 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 10 | (41) | (30) |
Foreign currency forwards and swaps | Derivatives Not Designated as Hedges [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recognized in Earnings (loss) | (3) | 0 | 0 |
Foreign Currency Gain (Loss) [Member] | Foreign currency forwards and swaps | Derivatives Not Designated as Hedges [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recognized in Earnings (loss) | (13) | (8) | (3) |
Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recognized in Earnings (loss) | 0 | (5) | 2 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 34 | (29) | (35) |
Cash Flow Hedging [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 25 | 13 | (5) |
Cash Flow Hedging [Member] | Foreign currency forwards and swaps | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (1) | (1) | 0 |
Cash Flow Hedging [Member] | Cost of Sales [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recognized in Earnings (loss) | 3 | (4) | 2 |
Cash Flow Hedging [Member] | Cost of Sales [Member] | Foreign currency forwards and swaps | |||
Derivative [Line Items] | |||
Gain (loss) recognized in Earnings (loss) | 0 | (1) | 0 |
Net Investment Hedging [Member] | Currency Swap [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recognized in Earnings (loss) | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 27 | (26) | 3 |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) On Non-Derivative Used In Net Investment Hedge | 107 | (81) | 37 |
Amount of Ineffectiveness on Net Investment Hedges | 0 | 0 | 0 |
Term C-2 and C-3 Loan Facilities [Member] | Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) On Non-Derivative Used In Net Investment Hedge | $ 134 | $ (107) | $ 40 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Asset [Abstract] | ||
Gross amount recognized | $ 40 | $ 26 |
Gross amount offset in the consolidated balance sheets | 0 | 2 |
Net amount presented in the consolidated balance sheets | 40 | 24 |
Gross amount not offset in the consolidated balance sheets | 2 | 11 |
Net amount | $ 38 | $ 13 |
Derivative Financial Instrume_9
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Liability [Abstract] | ||
Gross amount recognized | $ 5 | $ 123 |
Gross amount offset in the consolidated balance sheets | 0 | 2 |
Net amount presented in the consolidated balance sheets | 5 | 121 |
Gross amount not offset in the consolidated balance sheets | 2 | 11 |
Net amount | $ 3 | $ 110 |
Derivative Financial Instrum_10
Derivative Financial Instruments Schedule of Notional Amounts of Net Investment Hedges (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Net Investment Hedging [Member] | Foreign Currency Denominated Debt [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount of nonderivative instruments | € 1,653 | € 1,358 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Document Period End Date | Dec. 31, 2021 | |
Derivative Asset | $ 38 | $ 13 |
Derivative liability | (3) | (110) |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 40 | 24 |
Total liabilities | (5) | (121) |
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 | 40 | 24 |
Total liabilities | (5) | (121) |
Other Current Assets [Member] | Fair Value, Recurring [Member] | Derivatives Not Designated as Hedges [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 2 | 1 |
Other Current Assets [Member] | Fair Value, Recurring [Member] | Derivatives Not Designated as Hedges [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 |
Other Current Assets [Member] | Fair Value, Recurring [Member] | Derivatives Not Designated as Hedges [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 |
Other Current 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 Cash Flow Hedge Liability at Fair Value | 0 | (81) |
Other Current 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 Cash Flow Hedge Liability at Fair Value | 0 | 0 |
Other Current 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 Cash Flow Hedge Liability at Fair Value | 0 | (81) |
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Derivatives Not Designated as Hedges [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (3) | (5) |
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Derivatives Not Designated as Hedges [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 |
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Derivatives Not Designated as Hedges [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (3) | (5) |
Commodity Contract [Member] | Other Current Assets [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 8 | 2 |
Commodity Contract [Member] | Other Current 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] | ||
Derivative Asset | 0 | 0 |
Commodity Contract [Member] | Other Current 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] | ||
Derivative Asset | 8 | 2 |
Commodity Contract [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] | ||
Derivative liability | 0 | (1) |
Commodity Contract [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] | ||
Derivative liability | 0 | 0 |
Commodity Contract [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] | ||
Derivative liability | 0 | (1) |
Commodity Contract [Member] | Other Noncurrent Assets | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 23 | 8 |
Commodity Contract [Member] | Other Noncurrent Assets | 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] | ||
Derivative Asset | 0 | 0 |
Commodity Contract [Member] | Other Noncurrent Assets | 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] | ||
Derivative Asset | 23 | 8 |
Net Investment Hedging [Member] | Currency Swap [Member] | Other Current 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 | 2 | 13 |
Net Investment Hedging [Member] | Currency Swap [Member] | Other Current 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 |
Net Investment Hedging [Member] | Currency Swap [Member] | Other Current 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 | 2 | 13 |
Net Investment Hedging [Member] | Currency Swap [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 | 0 | (33) |
Net Investment Hedging [Member] | Currency Swap [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 | 0 |
Net Investment Hedging [Member] | Currency Swap [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 | 0 | (33) |
Net Investment Hedging [Member] | Currency Swap [Member] | Other Current 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) |
Net Investment Hedging [Member] | Currency Swap [Member] | Other Current 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 |
Net Investment Hedging [Member] | Currency Swap [Member] | Other Current 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) |
Net Investment Hedging [Member] | Currency Swap [Member] | Other Noncurrent Assets | 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 | 5 | 0 |
Net Investment Hedging [Member] | Currency Swap [Member] | Other Noncurrent Assets | 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 |
Net Investment Hedging [Member] | Currency Swap [Member] | Other Noncurrent Assets | 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 | $ 5 | $ 0 |
Fair Value Measurements (Sche_2
Fair Value Measurements (Schedule of Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Document Period End Date | Dec. 31, 2021 | |
Carrying Value | $ 170 | $ 171 |
Equity Securities, FV-NI and without Readily Determinable Fair Value | 0 | 0 |
Insurance contracts in nonqualified pension trusts, carrying amount | 28 | 30 |
Insurance contracts in nonqualified pension trusts, fair value | 28 | 31 |
Long-term debt, including current installments of long-term debt, carrying amount | 3,722 | 3,671 |
Long-term debt, including current installments of long-term debt, fair value | 3,812 | 3,845 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity Securities, FV-NI and without Readily Determinable Fair Value | 0 | 0 |
Insurance contracts in nonqualified pension trusts, fair value | 28 | 31 |
Long-term debt, including current installments of long-term debt, fair value | 3,639 | 3,644 |
Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity Securities, FV-NI and without Readily Determinable Fair Value | 0 | 0 |
Insurance contracts in nonqualified pension trusts, fair value | 0 | 0 |
Long-term debt, including current installments of long-term debt, fair value | $ 173 | $ 201 |
Commitments and Contingencies (
Commitments and Contingencies (Guarantees - Demerger and Divesture Obligations Narrative) (Details) - 266 months ended Dec. 31, 2021 € in Millions, $ in Millions | USD ($) | EUR (€) | USD ($) |
Indemnification Agreements Hoechst [Member] | |||
Loss Contingencies [Line Items] | |||
Number of divestiture agreements | 19 | 19 | |
Indemnification floor amount | € | € 250 | ||
Indemnification ceiling amount | € | € 750 | ||
Indemnification percentage exceeding ceiling amount | 33.33% | 33.33% | |
Loss contingency accrual, carrying value, payments | $ | $ 102 | ||
Indemnification percentage, other | 33.33% | 33.33% | |
Divestiture Agreements [Member] | |||
Loss Contingencies [Line Items] | |||
Guarantee obligations, maximum exposure | $ | $ 116 |
Commitments and Contingencies_2
Commitments and Contingencies (Purchase Obligations Narrative) (Details) $ in Billions | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded unconditional purchase obligations | $ 3.5 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (European Commission Investigation) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Loss Contingency, Loss in Period | $ 0 | $ 2 | $ 89 | |
Loss Contingencies [Line Items] | ||||
Loss Contingency, Loss in Period | $ 0 | $ 2 | $ 89 | |
European Commission Competition Law Investigation [Member] | Settled Litigation [Member] | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Loss Contingency, Loss in Period | $ 92 | |||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Loss in Period | $ 92 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid, net of amounts capitalized | $ 105 | $ 120 | $ 118 |
Taxes paid, net of refunds | 215 | 167 | 157 |
Noncash Investing and Financing Activities | |||
Accrued treasury stock repurchases | 0 | 0 | 4 |
Accrued capital expenditures | 23 | (16) | 20 |
Other, Noncash Investing and Financing Activities | 2 | 5 | 6 |
ROU assets obtained in exchange for finance lease liabilities | $ 0 | $ 78 | $ 0 |
Segment Information (Schedule o
Segment Information (Schedule of Business Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 8,537 | $ 5,655 | $ 6,297 | |
Other (charges) gains, net | 3 | (39) | (203) | |
Operating profit (loss) | 1,946 | 664 | 834 | |
Equity in net earnings (loss) of affiliates | 146 | 134 | 182 | |
Depreciation and amortization | 371 | 350 | 352 | |
Capital expenditures | [1] | 490 | 348 | 390 |
Goodwill and intangible assets, net | 2,147 | 1,485 | ||
Total assets | 11,975 | 10,909 | ||
Increase (decrease) in accrued capital expenditures | 23 | (16) | 20 | |
Gain (loss) on sale of investments in affiliates | 0 | 1,408 | 0 | |
Acetate Tow [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 514 | 519 | 636 | |
Acetyl Chain [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [2] | 5,305 | 3,055 | 3,275 |
Engineered Materials [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,718 | 2,081 | 2,386 | |
Operating Segments [Member] | Acetate Tow [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 514 | 519 | 636 | |
Other (charges) gains, net | 0 | (1) | (88) | |
Operating profit (loss) | 56 | 118 | 52 | |
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | |
Depreciation and amortization | 39 | 36 | 45 | |
Capital expenditures | 42 | 37 | 43 | |
Goodwill and intangible assets, net | 154 | 154 | ||
Total assets | 1,098 | 975 | ||
Gain (loss) on sale of investments in affiliates | 0 | |||
Operating Segments [Member] | Acetyl Chain [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [3] | 5,430 | 3,147 | 3,392 |
Other (charges) gains, net | 1 | 7 | (3) | |
Operating profit (loss) | 1,819 | 563 | 678 | |
Equity in net earnings (loss) of affiliates | 7 | 5 | 4 | |
Depreciation and amortization | 171 | 163 | 161 | |
Capital expenditures | 269 | 171 | 208 | |
Goodwill and intangible assets, net | 279 | 301 | ||
Total assets | 4,428 | 3,930 | ||
Gain (loss) on sale of investments in affiliates | 0 | |||
Operating Segments [Member] | Engineered Materials [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,718 | 2,081 | 2,386 | |
Other (charges) gains, net | 6 | (36) | 5 | |
Operating profit (loss) | 411 | 235 | 446 | |
Equity in net earnings (loss) of affiliates | 126 | 115 | 168 | |
Depreciation and amortization | 144 | 134 | 131 | |
Capital expenditures | 154 | 106 | 104 | |
Goodwill and intangible assets, net | 1,714 | 1,030 | ||
Total assets | 5,363 | 3,990 | ||
Gain (loss) on sale of investments in affiliates | 1,408 | |||
Corporate, Non-Segment [Member] | Other Activities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | |
Other (charges) gains, net | (4) | (9) | (117) | |
Operating profit (loss) | (340) | (252) | (342) | |
Equity in net earnings (loss) of affiliates | 13 | 14 | 10 | |
Depreciation and amortization | 17 | 17 | 15 | |
Capital expenditures | 25 | 34 | 35 | |
Goodwill and intangible assets, net | 0 | 0 | ||
Total assets | 1,086 | 2,014 | ||
Gain (loss) on sale of investments in affiliates | 0 | |||
Intersegment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (125) | (92) | (117) | |
Other (charges) gains, net | 0 | 0 | 0 | |
Operating profit (loss) | 0 | 0 | 0 | |
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 | |
Goodwill and intangible assets, net | 0 | 0 | ||
Total assets | 0 | 0 | ||
Gain (loss) on sale of investments in affiliates | 0 | |||
Intersegment [Member] | Acetyl Chain [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 125 | $ 92 | $ 117 | |
[1] | Includes an increase in accrued capital expenditures of $23 million, a decrease in accrued capital expenditures of $16 million and an increase in accrued capital expenditures of $20 million for the years ended December 31, 2021, 2020 and 2019, respectively. | |||
[2] | Excludes intersegment sales of $125 million, $92 million and $117 million for the years ended December 31, 2021, 2020 and 2019, respectively. | |||
[3] | Includes intersegment sales of $125 million, $92 million and $117 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Segment Information (Schedule_2
Segment Information (Schedule of Geographical Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 8,537 | $ 5,655 | $ 6,297 |
Property, plant and equipment, net | 4,193 | 3,939 | |
Lanaken, Belgium | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 268 | 274 | 259 |
Property, plant and equipment, net | 65 | 60 | |
CANADA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 98 | 68 | 75 |
Property, plant and equipment, net | 96 | 99 | |
CHINA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 1,621 | 888 | 859 |
Property, plant and equipment, net | 413 | 406 | |
GERMANY | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 2,675 | 1,837 | 2,132 |
Property, plant and equipment, net | 812 | 914 | |
MEXICO | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 330 | 200 | 244 |
Property, plant and equipment, net | 58 | 57 | |
SINGAPORE | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 1,202 | 627 | 787 |
Property, plant and equipment, net | 72 | 76 | |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 2,004 | 1,490 | 1,713 |
Property, plant and equipment, net | 2,377 | 2,155 | |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 199 | 190 | 228 |
Property, plant and equipment, net | 300 | 172 | |
SWITZERLAND | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 140 | $ 81 | $ 0 |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregated Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 8,537 | $ 5,655 | $ 6,297 | |
Intersegment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (125) | (92) | (117) | |
Engineered Materials [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,718 | 2,081 | 2,386 | |
Acetate Tow [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 514 | 519 | 636 | |
Acetyl Chain [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [1] | 5,305 | 3,055 | 3,275 |
Acetyl Chain [Member] | Intersegment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 125 | 92 | 117 | |
North America [Member] | Engineered Materials [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 774 | 577 | 735 | |
North America [Member] | Acetate Tow [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 98 | 92 | 125 | |
North America [Member] | Acetyl Chain [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,435 | 1,014 | 1,079 | |
Europe and Africa | Engineered Materials [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,155 | 906 | 1,047 | |
Europe and Africa | Acetate Tow [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 267 | 273 | 258 | |
Europe and Africa | Acetyl Chain [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,647 | 1,019 | 1,098 | |
Asia Pacific [Member] | Engineered Materials [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 703 | 534 | 533 | |
Asia Pacific [Member] | Acetate Tow [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 140 | 142 | 224 | |
Asia Pacific [Member] | Acetyl Chain [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,074 | 951 | 1,013 | |
South America [Member] | Engineered Materials [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 86 | 64 | 71 | |
South America [Member] | Acetate Tow [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 9 | 12 | 29 | |
South America [Member] | Acetyl Chain [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 149 | $ 71 | $ 85 | |
[1] | Excludes intersegment sales of $125 million, $92 million and $117 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Earnings (Loss) Per Share (Sche
Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Amounts attributable to Celanese Corporation | ||||
Earnings (loss) from continuing operations | $ 1,912 | $ 1,997 | $ 858 | |
Earnings (loss) from discontinued operations | (22) | (12) | (6) | |
Net earnings (loss) attributable to Celanese Corporation | $ 1,890 | $ 1,985 | $ 852 | |
Weighted average shares - basic | 111,224,017 | 117,817,445 | 123,925,697 | |
Incremental shares attributable to equity awards | [1] | 860,395 | 663,931 | 726,062 |
Weighted average shares - diluted | 112,084,412 | 118,481,376 | 124,651,759 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 555 | 4,313 | 45 | |
[1] | Excludes 555, 4,313 and 45 equity award shares for the years ended December 31, 2021, 2020 and 2019, respectively, as their effect would have been antidilutive. |