Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'USG CORP |
Entity Central Index Key | '0000757011 |
Document Type | '10-Q |
Document Period End Date | 30-Jun-14 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 144,584,733 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $948 | $916 | $1,798 | $1,730 |
Cost of products sold | 773 | 765 | 1,480 | 1,455 |
Gross profit | 175 | 151 | 318 | 275 |
Selling and administrative expenses | 77 | 76 | 154 | 149 |
Restructuring charges | 0 | 1 | 0 | 3 |
Operating profit | 98 | 74 | 164 | 123 |
Income from equity method investments | -5 | -1 | -8 | -1 |
Interest expense | 45 | 50 | 92 | 100 |
Interest income | 0 | -1 | -1 | -2 |
Gain on deconsolidation of subsidiaries and consolidated joint ventures | 0 | 0 | -27 | 0 |
Other income, net | 0 | -1 | 0 | 0 |
Income from continuing operations before income taxes | 58 | 27 | 108 | 26 |
Income tax expense (benefit) | 0 | 2 | 5 | -1 |
Income from continuing operations | 58 | 25 | 103 | 27 |
Loss from discontinued operations, net of tax | -1 | 0 | -1 | 0 |
Net income | $57 | $25 | $102 | $27 |
Income from continuing operations, per basic share | $0.40 | $0.23 | $0.74 | $0.25 |
Loss from discontinued operations, per basic share | ($0.01) | $0 | ($0.01) | $0 |
Income per basic share | $0.39 | $0.23 | $0.73 | $0.25 |
Income from continuing operations, per diluted share | $0.39 | $0.22 | $0.72 | $0.24 |
Income from discontinued operations, per diluted share | ($0.01) | $0 | ($0.01) | $0 |
Income per diluted share | $0.38 | $0.22 | $0.71 | $0.24 |
Average common shares | 144,500,682 | 108,544,752 | 139,702,728 | 108,449,431 |
Average diluted common shares | 147,024,196 | 111,047,951 | 146,920,294 | 111,245,400 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $57 | $25 | $102 | $27 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ' | ' | ' | ' |
Gain/(loss) on derivatives qualifying as cash flow hedges, net of tax of $0, $1, $0, and $1, respectively | -3 | -2 | 2 | 2 |
Less: Reclassification adjustment for gain/(loss) on derivatives included in net income, net of tax of $0, $1, $0 and $0, respectively | 1 | 0 | 3 | 0 |
Net derivatives qualifying as cash flow hedges | -4 | -2 | -1 | 2 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | ' | ' | ' | ' |
Changes in pension and postretirement benefits, net of tax of $1, $1, $1 and $2, respectively | -12 | -15 | -9 | -12 |
Less: Amortization of prior service credit (cost) included in net periodic pension cost, net of tax benefit of $(1), $(1), $(1), and $(1), respectively | 3 | -3 | 6 | -5 |
Net pension and postretirement benefits | -15 | -12 | -15 | -7 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ' | ' | ' | ' |
Changes in foreign currency translation, net of tax of $0 in all periods | 15 | -17 | 11 | -17 |
Less: Translation gains realized upon the deconsolidation of foreign subsidiaries, net of tax of $0 | 0 | 0 | 5 | 0 |
Net foreign currency translation | 15 | -17 | 6 | -17 |
Other comprehensive loss, net of tax | -4 | -31 | -10 | -22 |
Comprehensive income (loss) | $53 | ($6) | $92 | $5 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | ' | ' | ' | ' |
Gain on derivatives qualifying as cash flow hedges, tax | $0 | $1 | $0 | $1 |
Reclassification adjustment for gain on derivatives included in net income, tax | 0 | 1 | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax [Abstract] | ' | ' | ' | ' |
Changes in pension and postretirement benefits, tax | 1 | 1 | 1 | 2 |
Amortization of prior service credit (cost) included in net periodic pension cost, tax | -1 | -1 | -1 | -1 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | ' | ' | ' | ' |
Changes in foreign currency translation, tax | 0 | 0 | 0 | 0 |
Translation gains realized upon the deconsolidation of foreign subsidiaries, tax | $0 | $0 | $0 | $0 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $235 | $810 |
Short-term marketable securities | 79 | 82 |
Restricted cash | 1 | 5 |
Receivables (net of reserves — $11 and $12) | 417 | 369 |
Inventories | 337 | 332 |
Income taxes receivable | 4 | 3 |
Deferred income taxes | 52 | 52 |
Other current assets | 51 | 47 |
Total current assets | 1,176 | 1,700 |
Long-term marketable securities | 59 | 60 |
Property, plant and equipment (net of accumulated depreciation and depletion - $1,916 and $1,840) | 1,994 | 2,103 |
Deferred income taxes | 16 | 17 |
Equity method investments | 755 | 73 |
Other assets | 151 | 168 |
Total assets | 4,151 | 4,121 |
Current Liabilities: | ' | ' |
Accounts payable | 254 | 284 |
Accrued expenses | 187 | 216 |
Current portion of long-term debt | 63 | 63 |
Income taxes payable | 0 | 5 |
Total current liabilities | 504 | 568 |
Long-term debt | 2,207 | 2,238 |
Long-term debt - related party | 0 | 54 |
Deferred income taxes | 69 | 66 |
Pension and other postretirement benefits | 295 | 277 |
Other liabilities | 262 | 256 |
Total liabilities | 3,337 | 3,459 |
Stockholders' Equity: | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 14 | 14 |
Additional paid-in capital | 3,003 | 2,920 |
Accumulated other comprehensive income | 14 | 24 |
Retained earnings (accumulated deficit) | -2,218 | -2,320 |
Stockholders' equity of parent | 813 | 638 |
Noncontrolling interest | 1 | 24 |
Total stockholders' equity including noncontrolling interest | 814 | 662 |
Total liabilities and stockholders' equity | $4,151 | $4,121 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Reserves on receivables | $11 | $12 |
Accumulated depreciation and depletion | $1,916 | $1,840 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities | ' | ' |
Net income | $102 | $27 |
Loss from discontinued operations, net of tax | -1 | 0 |
Income from continuing operations | 103 | 27 |
Adjustments to reconcile income from continuing operations to net cash: | ' | ' |
Depreciation, depletion and amortization | 77 | 77 |
Share-based compensation expense | 10 | 9 |
Deferred income taxes | 4 | -1 |
Gain on asset dispositions | -12 | 0 |
Income from equity method investments | -8 | -1 |
Gain on deconsolidation of subsidiaries and consolidated joint ventures | -27 | 0 |
(Increase) decrease in working capital, net of deconsolidation of subsidiaries and consolidated joint ventures: | ' | ' |
Receivables | -54 | -63 |
Income taxes receivable | -1 | 0 |
Inventories | -17 | -19 |
Other current assets | -1 | -6 |
Payables | -18 | -32 |
Accrued expenses | -22 | -31 |
Decrease in other assets | 0 | 2 |
Decrease in pension and postretirement benefits | 0 | -15 |
Decrease in other liabilities | -7 | -1 |
Other, net | -7 | 9 |
Net cash provided by (used for) operating activities | 20 | -45 |
Investing Activities | ' | ' |
Purchases of marketable securities | -97 | -111 |
Sales or maturities of marketable securities | 99 | 104 |
Capital expenditures | -58 | -46 |
Acquisition of mining rights | 0 | -17 |
Net proceeds from asset dispositions | 14 | 0 |
Investment in joint ventures, including $23 million of cash of contributed subsidiaries | -557 | -5 |
Insurance proceeds | 2 | ' |
Return of restricted cash | 4 | 0 |
Net cash used for investing activities | -593 | -75 |
Financing Activities | ' | ' |
Issuance of debt | 3 | 3 |
Repayment of debt | -2 | -2 |
Loans from joint venture partner | 0 | 3 |
Issuance of common stock | 3 | 2 |
Repurchases of common stock to satisfy employee tax withholding obligations | -5 | -9 |
Net cash used for financing activities | -1 | -3 |
Effect of exchange rate changes on cash | 0 | -7 |
Net cash used for operating activities - discontinued operations | -1 | 0 |
Net decrease in cash and cash equivalents | -575 | -130 |
Cash and cash equivalents at beginning of period | 810 | 546 |
Cash and cash equivalents at end of period | 235 | 416 |
Supplemental Cash Flow Disclosures: | ' | ' |
Interest paid, net of capitalized interest | 86 | 96 |
Income taxes paid, net | 8 | 3 |
Noncash Investing and Financing Activities: | ' | ' |
Amount in accounts payable for capital expenditures | 6 | 5 |
Noncash consideration to acquire interest in joint venture | 121 | 0 |
Conversion of $75 million of 10% convertible senior notes due 2018, net of discount | -73 | ' |
Issuance of common stock upon conversion of debt | 75 | ' |
Accrued interest on debt conversion | ($2) | ' |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Statement of Cash Flows [Abstract] | ' |
Cash held by subsidiaries contributed to joint venture | $23 |
Debt Instrument Carrying Amount, Amount Converted | $75 |
Interest rate of convertible senior notes | 10.00% |
Organization_Consolidation_and
Organization, Consolidation and Presentation of Financial Statements | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements | ' |
Organization, Consolidation and Presentation of Financial Statements | |
PREPARATION OF FINANCIAL STATEMENTS | |
We prepared the accompanying unaudited consolidated financial statements of USG Corporation in accordance with applicable United States Securities and Exchange Commission, or SEC, guidelines pertaining to interim financial information. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ materially from those estimates. In the opinion of our management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of our financial results for the interim periods. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results of operations to be expected for the entire year. | |
On our consolidated statements of operations for the three months and six months ended June 30, 2013, income from equity method investments, which was previously included in "Other income, net," is reflected as "Income from equity method investments" to conform to the current year presentation. On our consolidated statement of cash flow for the six months ended June 30, 2013, income from equity method investments previously included in "Other assets" has been reclassified to "Income from equity method investments" and a portion of the amount previously included within "Decrease in other liabilities" has been reclassified to "Decrease in pension and postretirement benefits" to conform to the current year presentation. | |
Our investment with Boral Limited in a 50/50 joint venture, USG Boral Building Products or UBBP, was consummated on February 27, 2014 (February 28, 2014 Eastern Standard Time (Australia)), and as a result, four months of results of UBBP were recorded in our accompanying Consolidated Statement of Operations for the six months ended June 30, 2014. See Note 2 for further description of our investment in this joint venture. | |
Effective April 1, 2014, we changed the composition of our reportable segments to reflect the change in management over our businesses in Mexico and Latin America and the contribution of our businesses in Asia-Pacific, India and Oman into UBBP. Accordingly, our segments are now structured around our key products and business units: (1) Gypsum, (2) Ceilings, (3) Distribution and (4) UBBP. As a result of these changes, our Mexico and Latin America businesses have been combined, with their Gypsum results included within our Gypsum segment, previously referred to as North American Gypsum, and their Ceiling results included within our Ceilings segment, previously referred to as Worldwide Ceilings. Our prior period results have been recast to reflect these changes and present comparative year over year results. See Notes 2 and 3. | |
These financial statements and notes are to be read in conjunction with the financial statements and notes included in USG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, which we filed with the SEC on March 3, 2014. | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The standard will be effective for us in the first quarter of 2017, with early adoption not permitted. There are two transition methods available under the new standard, either cumulative effect or retrospective. We are currently evaluating the impact of this ASU and have not yet selected a transition method. | |
In April 2014, the FASB issued ASU 2014-08, which includes amendments that change the requirements for reporting discontinued operations and require additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations - that is, a major effect on the organization's operations and financial results - should be presented as discontinued operations. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. Additionally, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. This update is effective for us in the first quarter of 2015. We do not expect that adoption of ASU 2014-08 will have a significant impact to our consolidated financial statements or disclosures. |
Equity_Method_Investments
Equity Method Investments | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||
Equity Method Investments | ' | |||||||||||||
Equity method investments | ||||||||||||||
Equity method investments as of June 30, 2014 and December 31, 2013, were as follows: | ||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||
(dollars in millions) | Carrying Value | Ownership Percentage | Carrying Value | Ownership Percentage | ||||||||||
USG Boral Building Products (a) | 704 | 50% | N/A | N/A | ||||||||||
Other equity method investments | 51 | 33% - 50% | $ | 73 | 33% - 50% | |||||||||
Total equity method investments | $ | 755 | $ | 73 | ||||||||||
(a) The carrying value of our investment in UBBP as of June 30, 2014, includes transaction costs of approximately $31 million incurred in the fourth quarter of 2013 and first six months of 2014. | ||||||||||||||
Investment in USG Boral Building Products ("UBBP") | ||||||||||||||
On February 27, 2014, we formed a 50/50 joint venture, USG Boral Building Products ("UBBP"), with Boral Limited ("Boral") and certain of its subsidiaries. UBBP manufactures, distributes and sells certain building products, mines raw gypsum and sells natural and synthetic gypsum throughout Asia, Australasia and the Middle East (the "Territory"). The products that UBBP manufactures and distributes include products for wall, ceiling, floor lining and exterior systems that utilize gypsum, wallboard, referred to as plasterboard in the region, mineral fiber ceiling tiles, steel grid and studs and joint compound. | ||||||||||||||
On February 27, 2014, as consideration for our 50% ownership in UBBP, we (i) made a cash payment of $513 million to Boral, which includes a $500 million base price and $13 million of customary estimated working capital and net debt adjustments, (ii) contributed to UBBP our subsidiaries and joint venture investments in China, Singapore, India, Malaysia, New Zealand, Australia, the Middle East and Oman, see Note 14, and (iii) granted to UBBP licenses to use certain of our intellectual property rights in the Territory. We funded our cash payment with the net proceeds from our October 2013 issuance of $350 million of 5.875% senior notes and cash on hand. In the event certain performance targets are satisfied by UBBP, we will be obligated to pay Boral scheduled earnout payments in an aggregate amount up to $75 million, comprised first of $25 million based on performance during the first three years after closing and then up to $50 million based on performance during the first five years after closing. The cash portion of the consideration paid to Boral is subject to customary post-closing adjustments. | ||||||||||||||
We account for our 50% investment in UBBP using the equity method of accounting and we initially measured its carrying value at cost of approximately $676 million as of February 27, 2014. Our existing wholly-owned subsidiaries and consolidated variable interest entities that were contributed into the joint venture were deconsolidated resulting in a gain of $27 million, which is included in our Consolidated Statement of Operations for the six months ended June 30, 2014. Approximately $11 million of the gain relates to the remeasurement of our retained investment in the contributed subsidiaries to a preliminary fair value, determined using a discounted cash flow model with several inputs, including a weighted-average discount rate of approximately 11% and a weighted-average long-term growth rate of approximately 2%. Additionally, we recorded a liability of $23 million representing the present value of the first earnout payment, which is included in other liabilities on our accompanying Consolidated Balance Sheet as of June 30, 2014. We are not currently required under applicable accounting guidance to record a liability for the second earnout payment, as such, a liability has not been recorded on our Consolidated Balance Sheet as of June 30, 2014. | ||||||||||||||
All of our investments accounted for under the equity method are initially recorded at cost, and subsequently adjusted for our share of the net income or loss and cash contributions and distributions to or from these entities. Because the underlying net assets in UBBP are denominated in a foreign currency, translation gains or losses will impact the recorded value of our investment and, for the four months ended June 30, 2014, resulted in a net gain of $11 million. For the six months ended June 30, 2014, our accompanying Consolidated Statement of Operations includes $7 million of equity income, representing our share of four months of results of UBBP. | ||||||||||||||
Summarized financial information for our equity method investments is as follows: | ||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in millions) | 2014 | 2013 | 2014 (a) | 2013 | ||||||||||
USG Boral Building Products: | ||||||||||||||
Net sales | $ | 280 | N/A | $ | 369 | N/A | ||||||||
Gross profit | 80 | N/A | 102 | N/A | ||||||||||
Operating profit | 16 | N/A | 26 | N/A | ||||||||||
Net income | 10 | N/A | 17 | N/A | ||||||||||
Net income attributable to USG Boral Building Products | 9 | N/A | 15 | N/A | ||||||||||
USG share of income from investment accounted for using the equity method | 4 | N/A | 7 | N/A | ||||||||||
Other equity method investments(b): | ||||||||||||||
USG share of income from investments accounted for using the equity method | 1 | 1 | 1 | 1 | ||||||||||
(a) | Operating results are presented for UBBP for the four months ended June 30, 2014. | |||||||||||||
(b) | Amounts represent our share of income or loss from all equity method investments, other than UBBP. For the six months ended June 30, 2014, the amount reflected includes two months of our share of equity method earnings from the joint ventures which we had accounted for as equity method investments prior to being contributed to UBBP on February 27, 2014. |
Segments
Segments | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segments | ' | |||||||||||||||
Segments | ||||||||||||||||
As discussed in Note 1, effective April 1, 2014 we changed the composition of our reportable segments. Prior-year results have been recast to conform with the new presentation of reportable segments. Our operations are organized into four reportable segments: Gypsum (previously North American Gypsum), Ceilings (previously Worldwide Ceilings), Distribution (previously Building Products Distribution) and UBBP. See Note 2 for segment results for UBBP. Segment results for our Gypsum, Distribution and Ceilings segments were as follows: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(millions) | 2014 | 2013 (b) | 2014 (b) | 2013 (b) | ||||||||||||
Net Sales: | ||||||||||||||||
Gypsum | $ | 612 | $ | 577 | $ | 1,157 | $ | 1,090 | ||||||||
Ceilings (a) | 130 | 144 | 255 | 282 | ||||||||||||
Distribution | 344 | 319 | 644 | 600 | ||||||||||||
Eliminations | (138 | ) | (124 | ) | (258 | ) | (242 | ) | ||||||||
Total | $ | 948 | $ | 916 | $ | 1,798 | $ | 1,730 | ||||||||
Operating Profit (Loss): | ||||||||||||||||
Gypsum | $ | 95 | $ | 67 | $ | 160 | $ | 113 | ||||||||
Ceilings (a) | 24 | 26 | 39 | 54 | ||||||||||||
Distribution | 4 | 1 | 5 | (1 | ) | |||||||||||
Corporate | (21 | ) | (19 | ) | (42 | ) | (38 | ) | ||||||||
Eliminations | (4 | ) | (1 | ) | 2 | (5 | ) | |||||||||
Total | $ | 98 | $ | 74 | $ | 164 | $ | 123 | ||||||||
(a) Ceilings' net sales and operating profit for the six months ended June 30, 2014 includes the results, through February 27, 2014, of our wholly-owned subsidiaries and consolidated joint ventures that were contributed to UBBP. | ||||||||||||||||
(b) Net sales and operating profit (loss) have been recast for periods prior to April 1, 2014 to conform with the new presentation of reportable segments. | ||||||||||||||||
In our disclosure of total assets by reportable segment in Note 13 of our Annual Report on Form 10-K for the year ended December 31, 2013, we reflected all cash within Corporate. As part of the consideration for our investment in UBBP on February 27, 2014, we made a cash payment of $513 million to Boral and we contributed to UBBP certain wholly-owned subsidiaries and joint venture investments, collectively the "Contributed Entities." See further discussion in Note 2. Total assets of the Contributed Entities were $139 million, consisting of (a) total assets, net of cash, of our contributed wholly-owned subsidiaries and consolidated joint ventures and (b) our investments in the unconsolidated joint ventures. These assets were included within Worldwide Ceilings, which we now refer to as our Ceilings segment. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings (Loss) Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding plus the dilutive effect, if any, of market share units, or MSUs, performance shares, restricted stock units, or RSUs, stock options, deferred shares associated with our deferred compensation program for non-employee directors and, for the applicable periods, the potential conversion of our 10% convertible senior notes due 2018, which were converted into common stock in December 2013 and April 2014. See Note 7. | ||||||||||||||||
The reconciliation of basic earnings per share to diluted earnings per share is shown in the following table. | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(millions, except per-share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Income from continuing operations | $ | 58 | $ | 25 | $ | 103 | $ | 27 | ||||||||
Loss from discontinued operations | (1 | ) | — | (1 | ) | — | ||||||||||
Net income | 57 | 25 | 102 | 27 | ||||||||||||
Effect of dilutive securities - RSUs, MSUs, performance shares and stock options | — | — | — | — | ||||||||||||
Effect of dilutive securities - 10% convertible senior notes | — | — | 2 | — | ||||||||||||
Effect of dilutive securities - Deferred compensation program for non-employee directors | — | — | — | — | ||||||||||||
Income available to shareholders | $ | 57 | $ | 25 | $ | 104 | $ | 27 | ||||||||
Average common shares | 144.5 | 108.5 | 139.7 | 108.4 | ||||||||||||
Dilutive RSUs, MSUs, performance shares and stock options | 2.3 | 2.3 | 2.5 | 2.6 | ||||||||||||
Common shares issuable upon conversion of our 10% convertible senior notes | — | — | 4.7 | — | ||||||||||||
Deferred shares associated with a deferred compensation program for non-employee directors | 0.2 | 0.2 | — | 0.2 | ||||||||||||
Average diluted common shares | 147 | 111 | 146.9 | 111.2 | ||||||||||||
Earnings (loss) per average common share: | ||||||||||||||||
Income from continuing operations | $ | 0.4 | $ | 0.23 | $ | 0.74 | $ | 0.25 | ||||||||
Loss from discontinued operations | (0.01 | ) | — | (0.01 | ) | — | ||||||||||
Earnings per average common share | $ | 0.39 | $ | 0.23 | $ | 0.73 | $ | 0.25 | ||||||||
Diluted earnings (loss) per average common share: | ||||||||||||||||
Income from continuing operations | $ | 0.39 | $ | 0.22 | $ | 0.72 | $ | 0.24 | ||||||||
Loss from discontinued operations | (0.01 | ) | — | (0.01 | ) | — | ||||||||||
Earnings per average diluted common share | $ | 0.38 | $ | 0.22 | $ | 0.71 | $ | 0.24 | ||||||||
In December 2013, we converted $325 million of our 10% convertible senior notes due 2018 into approximately 28.5 million common shares. In April 2014, we converted the remaining $75 million of these notes into approximately 6.6 million common shares. See further discussion in Note 7. | ||||||||||||||||
MSUs, performance shares, RSUs, stock options and common shares issuable upon conversion of our 10% convertible senior notes that were not included in the computation of diluted earnings per share for those periods because their inclusion would be anti-dilutive were as follows: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(millions, common shares) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
MSUs, performance shares, RSUs and stock options | 2.1 | 2.3 | 2.1 | 2.3 | ||||||||||||
10% convertible senior notes due 2018 | — | 35.1 | — | 35.1 | ||||||||||||
Marketable_Securities
Marketable Securities | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||
Marketable Securities | ' | |||||||||||||||
Marketable Securities | ||||||||||||||||
Marketable securities are classified as available-for-sale securities and reported at fair value, with unrealized gains and losses excluded from earnings and reported in accumulated other comprehensive income on our consolidated balance sheets. Proceeds received from sales and maturities of marketable securities were $99 million for the six months ended June 30, 2014. Our investments in marketable securities consisted of the following: | ||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||
(millions) | Amortized | Fair | Amortized | Fair | ||||||||||||
Cost | Value | Cost | Value | |||||||||||||
Corporate debt securities | $ | 92 | $ | 92 | $ | 87 | $ | 87 | ||||||||
U.S. government and agency debt securities | 4 | 4 | 12 | 12 | ||||||||||||
Asset-backed debt securities | 17 | 17 | 20 | 20 | ||||||||||||
Certificates of deposit | 19 | 19 | 17 | 17 | ||||||||||||
Municipal debt securities | 6 | 6 | 6 | 6 | ||||||||||||
Total marketable securities | $ | 138 | $ | 138 | $ | 142 | $ | 142 | ||||||||
The realized and unrealized gains and losses for the three and six months ended June 30, 2014 and 2013 were immaterial. Cost basis for securities sold are determined on a first-in-first-out basis. | ||||||||||||||||
Contractual maturities of marketable securities as of June 30, 2014 were as follows: | ||||||||||||||||
(millions) | Amortized | Fair | ||||||||||||||
Cost | Value | |||||||||||||||
Due in 1 year or less | $ | 79 | $ | 79 | ||||||||||||
Due in 1-5 years | 59 | 59 | ||||||||||||||
Total marketable securities | $ | 138 | $ | 138 | ||||||||||||
Actual maturities may differ from the contractual maturities because issuers of the securities may have the right to prepay them. |
Intangible_Assets
Intangible Assets | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Intangible Assets | ' | |||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
Intangible assets with definite lives are amortized. These assets are summarized as follows: | ||||||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
(millions) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Intangible Assets with Definite Lives: | ||||||||||||||||||||||||
Customer relationships | $ | 70 | $ | (51 | ) | $ | 19 | $ | 70 | $ | (48 | ) | $ | 22 | ||||||||||
Other | 9 | (7 | ) | 2 | 9 | (6 | ) | 3 | ||||||||||||||||
Total | $ | 79 | $ | (58 | ) | $ | 21 | $ | 79 | $ | (54 | ) | $ | 25 | ||||||||||
Total amortization expense was $2 million and $4 million for the first three and six months, respectively, of each of 2014 and 2013. Estimated amortization expense for the remainder of 2014 and for future years is as follows: | ||||||||||||||||||||||||
(millions) | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 and thereafter | ||||||||||||||||||
Estimated future amortization expense | $ | 3 | $ | 7 | $ | 7 | $ | 2 | $ | 1 | $ | 1 | ||||||||||||
Intangible assets with indefinite lives are not amortized. These assets are summarized as follows: | ||||||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
(millions) | Gross | Accumulated Impairment Charges | Net | Gross | Accumulated Impairment Charges | Net | ||||||||||||||||||
Carrying | Carrying | |||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Intangible Assets with Indefinite Lives: | ||||||||||||||||||||||||
Trade names | $ | 22 | $ | — | $ | 22 | $ | 22 | $ | — | $ | 22 | ||||||||||||
Other | 8 | 1 | 7 | 8 | 1 | 7 | ||||||||||||||||||
Total | $ | 30 | $ | 1 | $ | 29 | $ | 30 | $ | 1 | $ | 29 | ||||||||||||
Intangible assets are included in other assets on our consolidated balance sheets, except for approximately $5 million of other indefinite-lived intangible assets which met the criteria to be classified as held for sale during the second quarter of 2014 and therefore are included in other current assets on our consolidated balance sheet as of June 30, 2014. |
Debt
Debt | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Total debt, including the current portion of long-term debt, consisted of the following: | ||||||||
(millions) | June 30, | December 31, | ||||||
2014 | 2013 | |||||||
5.875% senior notes due 2021 | $ | 350 | $ | 350 | ||||
6.3% senior notes due 2016 | 500 | 500 | ||||||
7.75% senior notes due 2018, net of discount | 500 | 500 | ||||||
7.875% senior notes due 2020, net of discount | 249 | 249 | ||||||
8.375% senior notes due 2018 | 350 | 350 | ||||||
9.75% senior notes due 2014, net of discount | 59 | 59 | ||||||
10% convertible senior notes due 2018, net of discount | — | 72 | ||||||
Ship mortgage facility (includes $4 million of current portion of long-term debt) | 23 | 25 | ||||||
Credit facilities of Oman joint ventures | — | 11 | ||||||
Industrial revenue bonds (due 2028 through 2034) | 239 | 239 | ||||||
Total | $ | 2,270 | $ | 2,355 | ||||
In March 2014, we issued a notice of redemption to redeem the remaining $75 million in aggregate principal amount of outstanding 10% convertible senior notes due 2018. As of March 31, 2014, the notes were recorded on our accompanying consolidated balance sheet at $72 million, net of debt discount of $3 million. The notes could either be (1) redeemed at a stated redemption price or (2) converted into shares of our common stock. The holders of all $75 million in notes called for redemption elected to convert their notes into shares of USG’s common stock. Accordingly, in April 2014, we issued an additional 6,578,946 shares of our common stock in connection with the conversion of the notes. | ||||||||
Our U.S. credit facility contains a single financial covenant that would require us to maintain a minimum fixed charge coverage ratio of no less than 1.1-to-1.0 if and for so long as the excess of the borrowing base over the outstanding borrowings under the credit agreement is less than the greater of (a) $40 million and (b) 15% of the lesser of (i) the aggregate revolving commitments at such time and (ii) the borrowing base at such time. As of June 30, 2014, our fixed charge coverage ratio was 1.22-to-1.0. Because we currently satisfy the required fixed charge coverage ratio, we are not required to maintain a minimum borrowing availability under the credit facility. Taking into account the most recent borrowing base calculation delivered under the credit facility, which reflects trade receivables and inventory as of June 30, 2014, and outstanding letters of credit of $70 million as of June 30, 2014, borrowings available under the credit facility were approximately $227 million. As of June 30, 2014 and during the quarter then-ended, there were no borrowings under the facility. | ||||||||
On April 17, 2014, we entered into Amendment No. 1 (the “Amendment”) to our U.S. credit facility. The Amendment, among other things, (i) deleted the provisions providing for an early maturity date in the event we either (1) have not repaid or provided for the repayment of our outstanding 9.75% senior notes due 2014 (the “2014 Notes”) by May 2, 2014 or (2) did not have at least $500 million in liquidity from May 2, 2014 until the repayment of the 2014 Notes, and (ii) revised the definition of borrowing base to add an additional reserve against the borrowing base in the amount of the unpaid principal balance of the 2014 Notes outstanding from time to time. The amounts so reserved will be available for borrowing (subject to the other terms of the credit agreement) to repay the 2014 Notes. As of June 30, 2014, $59 million in principal of the 2014 Notes remained outstanding. | ||||||||
During the six months ended June 30, 2014, there was an immaterial amount of borrowings outstanding under our Canadian credit agreement and no borrowings outstanding as of June 30, 2014. The U.S. dollar equivalent of borrowings available under this agreement as of June 30, 2014 was $37 million. | ||||||||
In June 2013, our joint ventures in Oman, which were fully consolidated at that time, each entered into separate secured credit agreements, which were guaranteed by us and our joint venture partner. As of December 31, 2013, there was $11 million in outstanding term loan borrowings under the credit agreements. During the first two months of 2014, an additional $3 million of term loans were borrowed under these agreements. In connection with our investment in UBBP on February 27, 2014, we contributed our joint ventures in Oman, and the corresponding credit facilities, to UBBP. See further description of our investment in UBBP in Note 2. | ||||||||
The fair value of our debt was approximately $2.467 billion as of June 30, 2014 and $2.659 billion as of December 31, 2013. The fair values were based on quoted prices for identical or similar liabilities in markets that are not active or valuation models in which all significant inputs and value drivers are observable and, as a result, are classified as Level 2 inputs. See Note 9 for further discussion on fair value measurements and classifications. | ||||||||
As of June 30, 2014, we were in compliance with the covenants contained in our credit facilities. |
Derivative_Instruments
Derivative Instruments | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Instruments | ' | |||||||||||||||||
Derivative Instruments | ||||||||||||||||||
We use derivative instruments to manage selected commodity price and foreign currency exposures as described below. We do not use derivative instruments for speculative trading purposes, and we typically do not hedge beyond two years. Cash flows from derivative instruments are included in net cash provided by operating activities in the consolidated statements of cash flows. | ||||||||||||||||||
COMMODITY DERIVATIVE INSTRUMENTS | ||||||||||||||||||
As of June 30, 2014, we had 19 million mmBTUs (millions of British Thermal Units) in aggregate notional amount of outstanding natural gas swap and option contracts to hedge forecasted purchases. All of these contracts mature by June 30, 2016. For contracts designated as cash flow hedges, the net unrealized gain that remained in accumulated other comprehensive income (loss), or AOCI, as of June 30, 2014 was $1 million. No ineffectiveness was recorded on contracts designated as cash flow hedges in the first six months of 2014. Gains and losses on contracts designated as cash flow hedges are reclassified into earnings when the underlying forecasted transactions affect earnings. For contracts designated as cash flow hedges, we reassess the probability of the underlying forecasted transactions occurring on a quarterly basis. Changes in fair value on contracts not designated as cash flow hedges are recorded to earnings. The fair value of those contracts not designated as cash flow hedges was a $1 million unrealized gain as of June 30, 2014. | ||||||||||||||||||
FOREIGN EXCHANGE DERIVATIVE INSTRUMENTS | ||||||||||||||||||
We have foreign exchange forward contracts to hedge forecasted purchases of products and services denominated in foreign currencies. The notional amount of these contracts was $84 million as of June 30, 2014, and they mature by June 30, 2016. These forward contracts are designated as cash flow hedges and no ineffectiveness was recorded in the first six months of 2014. Gains and losses on the contracts are reclassified into earnings when the underlying transactions affect earnings. The fair value of these contracts that remained in AOCI was a $1 million unrealized loss as of June 30, 2014. | ||||||||||||||||||
COUNTERPARTY RISK, MASTER NETTING ARRANGEMENTS AND BALANCE SHEET OFFSETTING | ||||||||||||||||||
We are exposed to credit losses in the event of nonperformance by the counterparties to our derivative instruments. As of June 30, 2014, our derivatives were in a $1 million net asset position. All of our counterparties have investment grade credit ratings; accordingly, we anticipate that they will be able to fully satisfy their obligations under the contracts. | ||||||||||||||||||
Our derivative contracts are governed by master netting agreements negotiated between us and the counterparties that reduce our counterparty credit exposure. The agreements outline the conditions (such as credit ratings and net derivative fair values) upon which we, or the counterparties, are required to post collateral. As of June 30, 2014, we had $1 million of collateral posted with our counterparties related to our derivatives. | ||||||||||||||||||
We have not adopted an accounting policy to offset fair value amounts related to derivative contracts under our master netting arrangements; therefore, individual derivative contracts are reflected on a gross basis, as either assets or liabilities, on our consolidated balance sheets, based on their fair value as of the balance sheet date. | ||||||||||||||||||
FINANCIAL STATEMENT INFORMATION | ||||||||||||||||||
The following are the pretax effects of derivative instruments on the consolidated statements of operations for the three months ended June 30, 2014 and 2013. | ||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or (Loss) | Amount of Gain or (Loss) Reclassified from | ||||||||||||||||
Recognized in | Reclassified from | AOCI into Income | ||||||||||||||||
Other Comprehensive Income on Derivatives (Effective Portion) | AOCI into Income | (Effective Portion) | ||||||||||||||||
(Effective Portion) | ||||||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||
Commodity contracts | $ | (1 | ) | $ | (2 | ) | Cost of products sold | $ | 1 | $ | — | |||||||
Foreign exchange contracts | (2 | ) | 1 | Cost of products sold | — | 1 | ||||||||||||
Total | $ | (3 | ) | $ | (1 | ) | $ | 1 | $ | 1 | ||||||||
Location of Gain or (Loss) | Amount of Gain or (Loss) Recognized in Income | |||||||||||||||||
Recognized in Income | on Derivatives | |||||||||||||||||
on Derivatives | ||||||||||||||||||
(millions) | 2014 | 2013 | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||
Commodity contracts | Cost of products sold | $ | — | $ | (2 | ) | ||||||||||||
Total | $ | — | $ | (2 | ) | |||||||||||||
The following are the pretax effects of derivative instruments on the consolidated statements of operations for the six months ended June 30, 2014 and 2013. | ||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or (Loss) | Amount of Gain or (Loss) Reclassified from | ||||||||||||||||
Recognized in | Reclassified from | AOCI into Income | ||||||||||||||||
Other Comprehensive Income on Derivatives (Effective Portion) | AOCI into Income | (Effective Portion) | ||||||||||||||||
(Effective Portion) | ||||||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||
Commodity contracts | $ | 2 | $ | — | Cost of products sold | $ | 2 | $ | (1 | ) | ||||||||
Foreign exchange contracts | — | 3 | Cost of products sold | 1 | 1 | |||||||||||||
Total | $ | 2 | $ | 3 | $ | 3 | $ | — | ||||||||||
Location of Gain or (Loss) | Amount of Gain or (Loss) Recognized in Income | |||||||||||||||||
Recognized in Income | on Derivatives | |||||||||||||||||
on Derivatives | ||||||||||||||||||
(millions) | 2014 | 2013 | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||
Commodity contracts | Cost of products sold | $ | 1 | $ | 1 | |||||||||||||
Total | $ | 1 | $ | 1 | ||||||||||||||
The following are the fair values of derivative instruments and the location on our consolidated balance sheets as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||||||||
Location | Location | |||||||||||||||||
(millions) | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||
Commodity contracts | Other current assets | $ | 4 | $ | 2 | Accrued expenses | $ | 1 | $ | — | ||||||||
Commodity contracts | Other assets | — | — | Other liabilities | 2 | — | ||||||||||||
Foreign exchange contracts | Other current assets | 1 | 1 | Accrued expenses | 1 | — | ||||||||||||
Foreign exchange contracts | Other assets | — | — | Other liabilities | 1 | — | ||||||||||||
Total derivatives in cash flow hedging relationships | $ | 5 | $ | 3 | $ | 5 | $ | — | ||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||
Commodity contracts | Other current assets | $ | 1 | $ | 2 | Accrued expenses | $ | — | $ | — | ||||||||
Total derivatives not designated as hedging instruments | $ | 1 | $ | 2 | $ | — | $ | — | ||||||||||
Total derivatives | Total assets | $ | 6 | $ | 5 | Total liabilities | $ | 5 | $ | — | ||||||||
As of June 30, 2014, we had no derivatives designated as fair value hedges or net investment hedges. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||
Certain assets and liabilities are required to be recorded at fair value. There are three levels of inputs that may be used to measure fair value. Level 1 is defined as quoted prices for identical assets and liabilities in active markets. Level 2 is defined as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 is defined as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Certain assets and liabilities are measured at fair value on a nonrecurring basis rather than on an ongoing basis, such as when there is evidence of impairment or when a new liability is being established that requires fair value measurement. | ||||||||||||||||||||||||||||||||
The cash equivalents shown in the table below primarily consist of money market funds that are valued based on quoted prices in active markets and as a result are classified as Level 1. We use quoted prices, other readily observable market data and internally developed valuation models when valuing our derivatives and marketable securities and have classified them as Level 2. Derivatives are valued using the income approach including discounted-cash-flow models or a Black-Scholes option pricing model and readily observable market data. The inputs for the valuation models are obtained from data providers and include end-of-period spot and forward natural gas prices, foreign currency exchange rates, natural gas price volatility and LIBOR and swap rates for discounting the cash flows implied from the derivative contracts. Marketable securities are valued using income and market value approaches and values are based on quoted prices or other observable market inputs received from data providers. The valuation process may include pricing matrices, or prices based upon yields, credit spreads or prices of securities of comparable quality, coupon, maturity and type. | ||||||||||||||||||||||||||||||||
Our assets and liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | |||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
(millions) | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | ||||||||||||||||||||||||
Cash equivalents | $ | 138 | $ | 549 | $ | 21 | $ | 24 | $ | — | $ | — | $ | 159 | $ | 573 | ||||||||||||||||
Marketable securities: | ||||||||||||||||||||||||||||||||
Corporate debt securities | — | — | 92 | 87 | — | — | 92 | 87 | ||||||||||||||||||||||||
U.S. government and agency debt securities | — | — | 4 | 12 | — | — | 4 | 12 | ||||||||||||||||||||||||
Asset-backed debt securities | — | — | 17 | 20 | — | — | 17 | 20 | ||||||||||||||||||||||||
Certificates of deposit | — | — | 19 | 17 | — | — | 19 | 17 | ||||||||||||||||||||||||
Municipal debt securities | — | — | 6 | 6 | — | — | 6 | 6 | ||||||||||||||||||||||||
Derivative assets | — | — | 6 | 5 | — | — | 6 | 5 | ||||||||||||||||||||||||
Derivative liabilities | — | — | (5 | ) | — | — | — | (5 | ) | — | ||||||||||||||||||||||
Employee_Retirement_Plans
Employee Retirement Plans | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Retirement Plans | ' | |||||||||||||||
Employee Retirement Plans | ||||||||||||||||
The components of net pension and postretirement benefits costs are summarized in the following table: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Pension: | ||||||||||||||||
Service cost of benefits earned | $ | 9 | $ | 9 | $ | 18 | $ | 19 | ||||||||
Interest cost on projected benefit obligation | 17 | 16 | 33 | 31 | ||||||||||||
Expected return on plan assets | (20 | ) | (19 | ) | (40 | ) | (38 | ) | ||||||||
Net amortization | 6 | 12 | 12 | 23 | ||||||||||||
Net pension cost | $ | 12 | $ | 18 | $ | 23 | $ | 35 | ||||||||
Postretirement: | ||||||||||||||||
Service cost of benefits earned | $ | — | $ | 1 | $ | 1 | $ | 2 | ||||||||
Interest cost on projected benefit obligation | 2 | 2 | 4 | 3 | ||||||||||||
Net amortization | (9 | ) | (9 | ) | (18 | ) | (17 | ) | ||||||||
Net postretirement benefit | $ | (7 | ) | $ | (6 | ) | $ | (13 | ) | $ | (12 | ) | ||||
During the first six months of 2014, we made cash contributions of $8 million to our pension plan in Canada. On July 18, 2014, we contributed $50 million in cash to the USG Corporation Retirement Plan Trust. We expect to make total contributions to our pension plans in 2014 of approximately $61 million. | ||||||||||||||||
In April 2014, we amended our U.S. postretirement benefit plan for those retiree medical plan participants who are pre-65 retirees, to defer the effective date that requires participants to begin purchasing individual coverage in the Affordable Insurance Exchanges or individual Medicare marketplace using a company-funded subsidy from January 1, 2015 to January 1, 2016. The financial statement impact of the plan amendment was immaterial. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Share-Based Compensation | ' | |||||||||||
Share-Based Compensation | ||||||||||||
During the first six months of 2014, we granted share-based compensation in the form of market share units, or MSUs, performance shares, and restricted stock units, or RSUs, to eligible participants under our Long-Term Incentive Plan. We recognize expense on all share-based grants over the service period, which is the shorter of the period until the employees’ retirement eligibility dates and the service period of the award for awards expected to vest. Expense is generally reduced for estimated forfeitures. Awards granted during the first six months of 2014 and assumptions used to determine fair value were as follows: | ||||||||||||
MSUs | Performance Shares | RSUs | ||||||||||
Awards granted | 364,180 | 111,287 | 55,000 | |||||||||
Weighted average fair value | $ | 40.2 | $ | 46.46 | $ | 33.53 | ||||||
Expected volatility | 54.93 | % | 54.93 | % | N/A | |||||||
Risk-free rate (a) | 0.63 | % | 0.63 | % | N/A | |||||||
Expected term (in years) (b) | 2.94 | 2.94 | N/A | |||||||||
Expected dividends | — | — | N/A | |||||||||
(a) The risk-free rate was based on zero coupon U.S. government issues at the time of grant. | ||||||||||||
(b) The expected term represents the period from the valuation date to the end of the performance period. | ||||||||||||
MARKET SHARE UNITS | ||||||||||||
The MSUs granted during the first six months of 2014 generally vest after a three-year period based on our actual stock price performance during such period. The number of MSUs earned will vary from zero to 150% of the number of MSUs awarded depending on the actual performance of our stock price. In the case of termination of employment due to death, disability or retirement during the performance period, vesting will be pro-rated based on the number of full months employed in 2014. Awards earned will be issued at the end of the three-year period. MSUs may vest earlier in the case of a change in control in most circumstances only if there is also a related loss of employment or diminution of duties. Each MSU earned will be settled in common stock. | ||||||||||||
We estimated the fair value of each MSU granted on the date of grant using a Monte Carlo simulation that used the assumptions noted in the table above. Volatility was based on stock price history immediately prior to grant for a period commensurate with the remaining life of the plan. | ||||||||||||
PERFORMANCE SHARES | ||||||||||||
The performance shares granted during the first six months of 2014 generally vest after a three-year period based on our total stockholder return relative to the performance of the Dow Jones U.S. Construction and Materials Index, with adjustments to that index in certain circumstances, for the three-year period. The number of performance shares earned will vary from zero to 200% of the number awarded depending on that relative performance. Generally, vesting will be pro-rated based on the number of full months employed during the performance period in the case of death, disability, or retirement, and pro-rated awards earned will be issued at the end of the three-year period. Each performance share earned will be settled in common stock. | ||||||||||||
We estimated the fair value of each performance share granted on the date of grant using a Monte Carlo simulation that used the assumptions noted in the table above. Expected volatility was based on implied volatility of our traded options and the daily historical volatilities of our peer group. | ||||||||||||
RESTRICTED STOCK UNITS | ||||||||||||
The RSUs granted during the first six months of 2014 vest after a specified number of years from the date of grant or at a specified date. Generally, RSUs may vest earlier in the case of death, disability, retirement or a change in control, provided that RSUs granted after 2012 will vest upon a change in control in most circumstances only if there is also a related loss of employment or diminution of duties. Each RSU is settled in a share of our common stock after the vesting period. The fair value of each RSU granted is equal to the closing price of our common stock on the date of grant. |
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Supplemental Balance Sheet Information | ' | |||||||
Supplemental Balance Sheet Information | ||||||||
INVENTORIES | ||||||||
Total inventories consisted of the following: | ||||||||
(millions) | 30-Jun-14 | 31-Dec-13 | ||||||
Finished goods and work in progress | $ | 276 | $ | 270 | ||||
Raw materials | 61 | 62 | ||||||
Total | $ | 337 | $ | 332 | ||||
ASSET RETIREMENT OBLIGATIONS | ||||||||
Changes in the liability for asset retirement obligations consisted of the following: | ||||||||
Six months ended June 30, | ||||||||
(millions) | 2014 | 2013 | ||||||
Balance as of January 1 | $ | 132 | $ | 139 | ||||
Accretion expense | 4 | 4 | ||||||
Changes in estimated cash flows (a) | (10 | ) | — | |||||
Liabilities settled | (2 | ) | — | |||||
Foreign currency translation | (1 | ) | (2 | ) | ||||
Balance as of June 30 | $ | 123 | $ | 141 | ||||
(a) Changes in estimated cash flows for the six months ended June 30, 2014 consists of changes in estimates primarily related to reclamation activities for our gypsum quarry and ship loading facility in Windsor, Nova Scotia, Canada, which we permanently closed during the third quarter of 2011, and our mining operation in Little Narrows, Nova Scotia, Canada. | ||||||||
ACCRUED INTEREST | ||||||||
Interest accrued on our debt as of June 30, 2014 and December 31, 2013 was $47 million and $48 million, respectively, and is included in accrued expenses on our consolidated balance sheets. | ||||||||
ASSETS HELD FOR SALE | ||||||||
In June 2014, we sold surplus property for a gain of $12 million which is included in cost of goods sold in our statement of operations. The asset was classified as held for sale in our consolidated balance sheet at December 31, 2013 with a carrying value of approximately zero. Assets held for sale as of June 30, 2014 include approximately $5 million of indefinite-lived intangible assets which are classified as other current assets in our accompanying consolidated balance sheet. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | ' | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||
Changes in the balances of each component of AOCI for the six months ended June 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||
Derivatives | Defined Benefit Plans | Foreign | AOCI | |||||||||||||||||||||||||||||
Currency Translation | ||||||||||||||||||||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Balance as of January 1 | $ | 35 | $ | 32 | $ | (32 | ) | $ | (303 | ) | $ | 21 | $ | 38 | $ | 24 | $ | (233 | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 2 | 2 | (9 | ) | (12 | ) | 11 | (17 | ) | 4 | (27 | ) | ||||||||||||||||||||
Less: Amounts reclassified from AOCI, net of tax | 3 | — | 6 | (5 | ) | 5 | — | 14 | (5 | ) | ||||||||||||||||||||||
Net other comprehensive income (loss) | (1 | ) | 2 | (15 | ) | (7 | ) | 6 | (17 | ) | (10 | ) | (22 | ) | ||||||||||||||||||
Balance as of June 30 | $ | 34 | $ | 34 | $ | (47 | ) | $ | (310 | ) | $ | 27 | $ | 21 | $ | 14 | $ | (255 | ) | |||||||||||||
Amounts reclassified from AOCI, net of tax, for the three months and six months ended June 30, 2014 and 2013, were as follows: | ||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Net reclassification from AOCI for cash flow hedges included in cost of products sold | $ | 1 | $ | 1 | $ | 3 | $ | — | ||||||||||||||||||||||||
Income tax expense on reclassification from AOCI included in income tax expense (benefit) | — | 1 | — | — | ||||||||||||||||||||||||||||
Net amount reclassified from AOCI | $ | 1 | $ | — | $ | 3 | $ | — | ||||||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||||||||||||||
Net reclassification from AOCI for amortization of prior service cost included in cost of products sold | $ | 1 | $ | (3 | ) | $ | 3 | $ | (5 | ) | ||||||||||||||||||||||
Net reclassification from AOCI for amortization of prior service cost included in selling and administrative expenses | 1 | (1 | ) | 2 | (1 | ) | ||||||||||||||||||||||||||
Income tax expense on reclassification from AOCI included in income tax expense (benefit) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||||||
Net amount reclassified from AOCI | $ | 3 | $ | (3 | ) | $ | 6 | $ | (5 | ) | ||||||||||||||||||||||
Foreign Currency Translation | ||||||||||||||||||||||||||||||||
Net reclassification from AOCI for translation gains realized upon the deconsolidation of foreign subsidiaries included in selling and administrative expenses | $ | — | $ | — | $ | 5 | $ | — | ||||||||||||||||||||||||
Income tax expense on reclassification from AOCI included in income tax expense (benefit) | — | — | — | — | ||||||||||||||||||||||||||||
Net amount reclassified from AOCI | $ | — | $ | — | $ | 5 | $ | — | ||||||||||||||||||||||||
We estimate that we will reclassify a net $2 million after-tax gain on derivatives from AOCI to earnings within the next 12 months. |
Oman_Investment
Oman Investment | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Oman Investment | ' |
Oman Investment | |
In June of 2012, we entered into a strategic partnership with the Zawawi Group in Oman to establish a mining operation by acquiring 55% of Zawawi Gypsum LLC, or ZGL, which holds the mining rights to a gypsum quarry in Salalah, Oman. Quarry mining operations commenced in October 2013. The second phase of the partnership is a 50/50 manufacturing venture, USG-Zawawi Drywall LLC, or ZDL, to build and operate a low cost wallboard plant in Oman. Wallboard production operations are expected to commence by the end of 2014. | |
We accounted for the acquisition of the mining rights as an asset acquisition and measured our interest in the mining rights at our cost. The mining rights are depleted based upon tonnage mined relative to the total probable capacity in the quarry, and are presented within total property, plant and equipment in our accompanying consolidated balance sheet as of December 31, 2013. We determined that both entities were variable interest entities (VIEs), and, as such, we consolidated the VIEs through February 27, 2014 when our interests in ZGL and ZDL were contributed to UBBP. See Note 2. | |
As of December 31, 2013, other liabilities included approximately $8 million of loans payable and the related accrued interest due to the joint venture partner. We contributed our Oman joint ventures, including these loans, to UBBP on February 27, 2014; therefore, the loans payable are no longer reflected on our balance sheet as of June 30, 2014. Also as a result of our contribution of our Oman joint ventures to UBBP, non-controlling interest within shareholders' equity decreased by approximately $24 million. | |
See Note 7 for a description of the credit facilities entered into by our joint ventures in Oman in June 2013. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
In the second quarter of 2014, income tax expense of approximately $1 million from foreign, state and local jurisdictions was offset by approximately $1 million of income tax benefit resulting from the release of reserves for uncertain tax positions due to the effective settlement of audits for the tax years 2008 to 2012 in certain foreign jurisdictions. In the United States, we are in a net operating loss carryforward position and our deferred income tax assets are subject to a valuation allowance. Therefore, any income or loss before income taxes does not generate a corresponding income tax expense or benefit. Income tax expense in the current quarter reflects income taxes for certain foreign, state and local jurisdictions. | |
For the first six months of 2014, we had income tax expense of $5 million, which primarily reflects income taxes for certain foreign, state and local jurisdictions, including approximately $1 million of withholding taxes on property contributed to UBBP. See Note 2. | |
In assessing the requirement for, and amount of, a valuation allowance in accordance with the more-likely-than-not standard, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. As of June 30, 2014, we had federal net operating loss, or NOL, carryforwards of approximately $2.009 billion that are available to offset future federal taxable income and will expire in the years 2026 through 2033, none of which are subject to Internal Revenue Code limitations under Section 382. In addition, as of that date, we had federal AMT credit carryforwards of approximately $45 million that are available to reduce future regular federal income taxes over an indefinite period. In order to fully realize these U.S. federal net deferred tax assets, taxable income of approximately $2.139 billion would need to be generated during the period before their expiration. In addition, we have federal foreign tax credit carryforwards of $8 million that will expire in 2015. | |
As of June 30, 2014, we had a gross deferred tax asset related to our state NOLs and tax credit carryforwards of $268 million, of which $11 million will expire in 2014. The remainder will expire if unused in years 2015 through 2033. We also had NOL and tax credit carryforwards in various foreign jurisdictions in the amount of $2 million as of June 30, 2014, against which we have maintained a valuation allowance. | |
During periods prior to 2014, we established a valuation allowance against our deferred tax assets totaling $995 million. During the first six months of 2014, we recorded a decrease in the valuation allowance against our deferred tax assets of $33 million. Approximately $11 million of the decrease related to the realizability of our deferred tax assets due to state law changes. The other $22 million of the decrease resulted from a reduction in the gross value of our deferred tax assets. As a result of both decreases, and based upon an evaluation of all available evidence, we recorded corresponding reductions in the valuation allowance, resulting in no net impact to our consolidated statement of operations. The decreases in the valuation allowance in 2014 resulted in a deferred tax asset valuation allowance of $962 million as of June 30, 2014. | |
The Internal Revenue Code imposes limitations on a corporation’s ability to utilize NOLs if it experiences an “ownership change.” In general terms, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three-year period. If we were to experience an ownership change, utilization of our NOLs would be subject to an annual limitation determined by multiplying the market value of our outstanding shares of stock at the time of the ownership change by the applicable long-term tax-exempt rate, which was 3.32% for June 2014. Any unused annual limitation may be carried over to later years within the allowed NOL carryforward period. The amount of the limitation may, under certain circumstances, be increased or decreased by built-in gains or losses held by us at the time of the change that are recognized in the five-year period after the change. Many states have similar limitations. If an ownership change had occurred as of June 30, 2014, our annual U.S. federal NOL utilization would have been limited to approximately $145 million per year. |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Litigation | ' |
Litigation | |
WALLBOARD PRICING CLASS ACTION LAWSUITS | |
In late 2012, USG Corporation and United States Gypsum Company were named as defendants in putative class action lawsuits alleging that since at least September 2011, U.S. wallboard manufacturers conspired to fix and raise the price of gypsum wallboard sold in the United States and to effectuate the alleged conspiracy by ending the practice of providing job quotes on wallboard. These lawsuits are consolidated for pretrial proceedings in multi-district litigation in the United States District Court for the Eastern District of Pennsylvania, under the title In re: Domestic Drywall Antitrust Litigation, MDL No. 2437. One group of plaintiffs in the litigation purports to represent a class of entities that purchased gypsum wallboard in the United States directly from any of the defendants or their affiliates from January 1, 2012 to the present. On behalf of this alleged direct purchaser class, the plaintiffs seek unspecified monetary damages, tripled under the antitrust laws, as well as pre-judgment interest, post-judgment interest and attorneys' fees. The second group of plaintiffs purports to bring their claims and seek damages on behalf of indirect purchasers of gypsum wallboard. These indirect purchaser plaintiffs seek to certify a separate class of persons or entities who from January 1, 2012 through the present indirectly purchased wallboard in the United States from the defendants or their affiliates for end use and not for resale. The court has set a schedule requiring the parties in the Domestic Drywall Antitrust Litigation to complete fact discovery, primarily involving the production of documents and depositions, by October 31, 2014, and to complete expert witness discovery by March 31, 2015. | |
In the fall of 2013, similar lawsuits were filed in Quebec and Ontario courts on behalf of purchasers of wallboard in Canada. These Canadian lawsuits also name as defendants CGC Inc., a subsidiary of USG Corporation, as well as other Canadian and U.S. wallboard manufacturers. As with the U.S.-based lawsuits, the plaintiffs in the Canadian lawsuits have not indicated the amount of damages that they seek. No schedule has been set for completion of pre-trial discovery in the Canadian lawsuits. | |
USG has denied the allegations made in these wallboard pricing lawsuits. At this stage of the lawsuits, we are not able to estimate the amount, if any, of any reasonably possible loss or range of reasonably possible losses. However, based on the information known to us, we believe these lawsuits will not have a material effect on our results of operations, financial position or cash flows. | |
ENVIRONMENTAL LITIGATION | |
We have been notified by state and federal environmental protection agencies of possible involvement as one of numerous “potentially responsible parties” in a number of Superfund sites in the United States. As a potentially responsible party, we may be responsible to pay for some part of the cleanup of hazardous waste at those sites. In most of these sites, our involvement is expected to be minimal. In addition, we are involved in environmental cleanups of other property that we own or owned. As of June 30, 2014 and December 31, 2013, we had an accrual of $17 million and $18 million, respectively, for our probable and reasonably estimable liability in connection with these matters. Our accruals take into account all known or estimated undiscounted costs associated with these sites, including site investigations and feasibility costs, site cleanup and remediation, certain legal costs, and fines and penalties, if any. However, we continue to review these accruals as additional information becomes available and revise them as appropriate. Based on the information known to us, we believe these environmental matters will not have a material effect on our results of operations, financial position or cash flows. | |
OTHER LITIGATION | |
We are named as defendants in other claims and lawsuits arising from our operations, including claims and lawsuits arising from the operation of our vehicles, product performance or warranties, personal injury and commercial disputes. We believe that we have properly accrued for our probable liability in connection with these claims and suits, taking into account the probability of liability, whether our exposure can be reasonably estimated and, if so, our estimate of our liability or the range of our liability. We do not expect these or any other litigation matters involving USG to have a material effect on our results of operations, financial position or cash flows. |
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||
Equity Method Investments | ' | |||||||||||||
Summarized financial information for our equity method investments is as follows: | ||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in millions) | 2014 | 2013 | 2014 (a) | 2013 | ||||||||||
USG Boral Building Products: | ||||||||||||||
Net sales | $ | 280 | N/A | $ | 369 | N/A | ||||||||
Gross profit | 80 | N/A | 102 | N/A | ||||||||||
Operating profit | 16 | N/A | 26 | N/A | ||||||||||
Net income | 10 | N/A | 17 | N/A | ||||||||||
Net income attributable to USG Boral Building Products | 9 | N/A | 15 | N/A | ||||||||||
USG share of income from investment accounted for using the equity method | 4 | N/A | 7 | N/A | ||||||||||
Other equity method investments(b): | ||||||||||||||
USG share of income from investments accounted for using the equity method | 1 | 1 | 1 | 1 | ||||||||||
(a) | Operating results are presented for UBBP for the four months ended June 30, 2014. | |||||||||||||
(b) | Amounts represent our share of income or loss from all equity method investments, other than UBBP. For the six months ended June 30, 2014, the amount reflected includes two months of our share of equity method earnings from the joint ventures which we had accounted for as equity method investments prior to being contributed to UBBP on February 27, 2014. | |||||||||||||
Equity method investments as of June 30, 2014 and December 31, 2013, were as follows: | ||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||
(dollars in millions) | Carrying Value | Ownership Percentage | Carrying Value | Ownership Percentage | ||||||||||
USG Boral Building Products (a) | 704 | 50% | N/A | N/A | ||||||||||
Other equity method investments | 51 | 33% - 50% | $ | 73 | 33% - 50% | |||||||||
Total equity method investments | $ | 755 | $ | 73 | ||||||||||
Segments_Tables
Segments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Net sales and operating profit (loss) by segment | ' | |||||||||||||||
Segment results for our Gypsum, Distribution and Ceilings segments were as follows: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(millions) | 2014 | 2013 (b) | 2014 (b) | 2013 (b) | ||||||||||||
Net Sales: | ||||||||||||||||
Gypsum | $ | 612 | $ | 577 | $ | 1,157 | $ | 1,090 | ||||||||
Ceilings (a) | 130 | 144 | 255 | 282 | ||||||||||||
Distribution | 344 | 319 | 644 | 600 | ||||||||||||
Eliminations | (138 | ) | (124 | ) | (258 | ) | (242 | ) | ||||||||
Total | $ | 948 | $ | 916 | $ | 1,798 | $ | 1,730 | ||||||||
Operating Profit (Loss): | ||||||||||||||||
Gypsum | $ | 95 | $ | 67 | $ | 160 | $ | 113 | ||||||||
Ceilings (a) | 24 | 26 | 39 | 54 | ||||||||||||
Distribution | 4 | 1 | 5 | (1 | ) | |||||||||||
Corporate | (21 | ) | (19 | ) | (42 | ) | (38 | ) | ||||||||
Eliminations | (4 | ) | (1 | ) | 2 | (5 | ) | |||||||||
Total | $ | 98 | $ | 74 | $ | 164 | $ | 123 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of basic earnings (loss) per share to diluted earnings (loss) per share | ' | |||||||||||||||
The reconciliation of basic earnings per share to diluted earnings per share is shown in the following table. | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(millions, except per-share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Income from continuing operations | $ | 58 | $ | 25 | $ | 103 | $ | 27 | ||||||||
Loss from discontinued operations | (1 | ) | — | (1 | ) | — | ||||||||||
Net income | 57 | 25 | 102 | 27 | ||||||||||||
Effect of dilutive securities - RSUs, MSUs, performance shares and stock options | — | — | — | — | ||||||||||||
Effect of dilutive securities - 10% convertible senior notes | — | — | 2 | — | ||||||||||||
Effect of dilutive securities - Deferred compensation program for non-employee directors | — | — | — | — | ||||||||||||
Income available to shareholders | $ | 57 | $ | 25 | $ | 104 | $ | 27 | ||||||||
Average common shares | 144.5 | 108.5 | 139.7 | 108.4 | ||||||||||||
Dilutive RSUs, MSUs, performance shares and stock options | 2.3 | 2.3 | 2.5 | 2.6 | ||||||||||||
Common shares issuable upon conversion of our 10% convertible senior notes | — | — | 4.7 | — | ||||||||||||
Deferred shares associated with a deferred compensation program for non-employee directors | 0.2 | 0.2 | — | 0.2 | ||||||||||||
Average diluted common shares | 147 | 111 | 146.9 | 111.2 | ||||||||||||
Earnings (loss) per average common share: | ||||||||||||||||
Income from continuing operations | $ | 0.4 | $ | 0.23 | $ | 0.74 | $ | 0.25 | ||||||||
Loss from discontinued operations | (0.01 | ) | — | (0.01 | ) | — | ||||||||||
Earnings per average common share | $ | 0.39 | $ | 0.23 | $ | 0.73 | $ | 0.25 | ||||||||
Diluted earnings (loss) per average common share: | ||||||||||||||||
Income from continuing operations | $ | 0.39 | $ | 0.22 | $ | 0.72 | $ | 0.24 | ||||||||
Loss from discontinued operations | (0.01 | ) | — | (0.01 | ) | — | ||||||||||
Earnings per average diluted common share | $ | 0.38 | $ | 0.22 | $ | 0.71 | $ | 0.24 | ||||||||
Schedule of antidilutive securities excluded from computation of earnings per share | ' | |||||||||||||||
MSUs, performance shares, RSUs, stock options and common shares issuable upon conversion of our 10% convertible senior notes that were not included in the computation of diluted earnings per share for those periods because their inclusion would be anti-dilutive were as follows: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(millions, common shares) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
MSUs, performance shares, RSUs and stock options | 2.1 | 2.3 | 2.1 | 2.3 | ||||||||||||
10% convertible senior notes due 2018 | — | 35.1 | — | 35.1 | ||||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||
Investments in marketable securities | ' | |||||||||||||||
Our investments in marketable securities consisted of the following: | ||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||
(millions) | Amortized | Fair | Amortized | Fair | ||||||||||||
Cost | Value | Cost | Value | |||||||||||||
Corporate debt securities | $ | 92 | $ | 92 | $ | 87 | $ | 87 | ||||||||
U.S. government and agency debt securities | 4 | 4 | 12 | 12 | ||||||||||||
Asset-backed debt securities | 17 | 17 | 20 | 20 | ||||||||||||
Certificates of deposit | 19 | 19 | 17 | 17 | ||||||||||||
Municipal debt securities | 6 | 6 | 6 | 6 | ||||||||||||
Total marketable securities | $ | 138 | $ | 138 | $ | 142 | $ | 142 | ||||||||
Contractual maturities of marketable securities | ' | |||||||||||||||
Contractual maturities of marketable securities as of June 30, 2014 were as follows: | ||||||||||||||||
(millions) | Amortized | Fair | ||||||||||||||
Cost | Value | |||||||||||||||
Due in 1 year or less | $ | 79 | $ | 79 | ||||||||||||
Due in 1-5 years | 59 | 59 | ||||||||||||||
Total marketable securities | $ | 138 | $ | 138 | ||||||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Intangible assets with definitive lives | ' | |||||||||||||||||||||||
Intangible assets with definite lives are amortized. These assets are summarized as follows: | ||||||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
(millions) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Intangible Assets with Definite Lives: | ||||||||||||||||||||||||
Customer relationships | $ | 70 | $ | (51 | ) | $ | 19 | $ | 70 | $ | (48 | ) | $ | 22 | ||||||||||
Other | 9 | (7 | ) | 2 | 9 | (6 | ) | 3 | ||||||||||||||||
Total | $ | 79 | $ | (58 | ) | $ | 21 | $ | 79 | $ | (54 | ) | $ | 25 | ||||||||||
Estimated annual amortization expense intangible assets | ' | |||||||||||||||||||||||
stimated amortization expense for the remainder of 2014 and for future years is as follows: | ||||||||||||||||||||||||
(millions) | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 and thereafter | ||||||||||||||||||
Estimated future amortization expense | $ | 3 | $ | 7 | $ | 7 | $ | 2 | $ | 1 | $ | 1 | ||||||||||||
Schedule of indefinite-lived intangible assets | ' | |||||||||||||||||||||||
Intangible assets with indefinite lives are not amortized. These assets are summarized as follows: | ||||||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
(millions) | Gross | Accumulated Impairment Charges | Net | Gross | Accumulated Impairment Charges | Net | ||||||||||||||||||
Carrying | Carrying | |||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Intangible Assets with Indefinite Lives: | ||||||||||||||||||||||||
Trade names | $ | 22 | $ | — | $ | 22 | $ | 22 | $ | — | $ | 22 | ||||||||||||
Other | 8 | 1 | 7 | 8 | 1 | 7 | ||||||||||||||||||
Total | $ | 30 | $ | 1 | $ | 29 | $ | 30 | $ | 1 | $ | 29 | ||||||||||||
Intangible assets are included in other assets on our consolidated balance sheets, except for approximately $5 million of other indefinite-lived intangible assets which met the criteria to be classified as held for sale during the second quarter of 2014 and therefore are included in other current assets on our consolidated balance sheet as of June 30, 2014. |
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of long-term debt instruments | ' | |||||||
Total debt, including the current portion of long-term debt, consisted of the following: | ||||||||
(millions) | June 30, | December 31, | ||||||
2014 | 2013 | |||||||
5.875% senior notes due 2021 | $ | 350 | $ | 350 | ||||
6.3% senior notes due 2016 | 500 | 500 | ||||||
7.75% senior notes due 2018, net of discount | 500 | 500 | ||||||
7.875% senior notes due 2020, net of discount | 249 | 249 | ||||||
8.375% senior notes due 2018 | 350 | 350 | ||||||
9.75% senior notes due 2014, net of discount | 59 | 59 | ||||||
10% convertible senior notes due 2018, net of discount | — | 72 | ||||||
Ship mortgage facility (includes $4 million of current portion of long-term debt) | 23 | 25 | ||||||
Credit facilities of Oman joint ventures | — | 11 | ||||||
Industrial revenue bonds (due 2028 through 2034) | 239 | 239 | ||||||
Total | $ | 2,270 | $ | 2,355 | ||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Pretax effects of derivative instruments on consolidated statements of operations | ' | |||||||||||||||||
The following are the pretax effects of derivative instruments on the consolidated statements of operations for the three months ended June 30, 2014 and 2013. | ||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or (Loss) | Amount of Gain or (Loss) Reclassified from | ||||||||||||||||
Recognized in | Reclassified from | AOCI into Income | ||||||||||||||||
Other Comprehensive Income on Derivatives (Effective Portion) | AOCI into Income | (Effective Portion) | ||||||||||||||||
(Effective Portion) | ||||||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||
Commodity contracts | $ | (1 | ) | $ | (2 | ) | Cost of products sold | $ | 1 | $ | — | |||||||
Foreign exchange contracts | (2 | ) | 1 | Cost of products sold | — | 1 | ||||||||||||
Total | $ | (3 | ) | $ | (1 | ) | $ | 1 | $ | 1 | ||||||||
Location of Gain or (Loss) | Amount of Gain or (Loss) Recognized in Income | |||||||||||||||||
Recognized in Income | on Derivatives | |||||||||||||||||
on Derivatives | ||||||||||||||||||
(millions) | 2014 | 2013 | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||
Commodity contracts | Cost of products sold | $ | — | $ | (2 | ) | ||||||||||||
Total | $ | — | $ | (2 | ) | |||||||||||||
The following are the pretax effects of derivative instruments on the consolidated statements of operations for the six months ended June 30, 2014 and 2013. | ||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or (Loss) | Amount of Gain or (Loss) Reclassified from | ||||||||||||||||
Recognized in | Reclassified from | AOCI into Income | ||||||||||||||||
Other Comprehensive Income on Derivatives (Effective Portion) | AOCI into Income | (Effective Portion) | ||||||||||||||||
(Effective Portion) | ||||||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||
Commodity contracts | $ | 2 | $ | — | Cost of products sold | $ | 2 | $ | (1 | ) | ||||||||
Foreign exchange contracts | — | 3 | Cost of products sold | 1 | 1 | |||||||||||||
Total | $ | 2 | $ | 3 | $ | 3 | $ | — | ||||||||||
Location of Gain or (Loss) | Amount of Gain or (Loss) Recognized in Income | |||||||||||||||||
Recognized in Income | on Derivatives | |||||||||||||||||
on Derivatives | ||||||||||||||||||
(millions) | 2014 | 2013 | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||
Commodity contracts | Cost of products sold | $ | 1 | $ | 1 | |||||||||||||
Total | $ | 1 | $ | 1 | ||||||||||||||
Fair values of derivative instruments on the consolidated balance sheets | ' | |||||||||||||||||
The following are the fair values of derivative instruments and the location on our consolidated balance sheets as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||||||||
Location | Location | |||||||||||||||||
(millions) | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||
Commodity contracts | Other current assets | $ | 4 | $ | 2 | Accrued expenses | $ | 1 | $ | — | ||||||||
Commodity contracts | Other assets | — | — | Other liabilities | 2 | — | ||||||||||||
Foreign exchange contracts | Other current assets | 1 | 1 | Accrued expenses | 1 | — | ||||||||||||
Foreign exchange contracts | Other assets | — | — | Other liabilities | 1 | — | ||||||||||||
Total derivatives in cash flow hedging relationships | $ | 5 | $ | 3 | $ | 5 | $ | — | ||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||
Commodity contracts | Other current assets | $ | 1 | $ | 2 | Accrued expenses | $ | — | $ | — | ||||||||
Total derivatives not designated as hedging instruments | $ | 1 | $ | 2 | $ | — | $ | — | ||||||||||
Total derivatives | Total assets | $ | 6 | $ | 5 | Total liabilities | $ | 5 | $ | — | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||||||||||||||||||
Our assets and liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | |||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
(millions) | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | ||||||||||||||||||||||||
Cash equivalents | $ | 138 | $ | 549 | $ | 21 | $ | 24 | $ | — | $ | — | $ | 159 | $ | 573 | ||||||||||||||||
Marketable securities: | ||||||||||||||||||||||||||||||||
Corporate debt securities | — | — | 92 | 87 | — | — | 92 | 87 | ||||||||||||||||||||||||
U.S. government and agency debt securities | — | — | 4 | 12 | — | — | 4 | 12 | ||||||||||||||||||||||||
Asset-backed debt securities | — | — | 17 | 20 | — | — | 17 | 20 | ||||||||||||||||||||||||
Certificates of deposit | — | — | 19 | 17 | — | — | 19 | 17 | ||||||||||||||||||||||||
Municipal debt securities | — | — | 6 | 6 | — | — | 6 | 6 | ||||||||||||||||||||||||
Derivative assets | — | — | 6 | 5 | — | — | 6 | 5 | ||||||||||||||||||||||||
Derivative liabilities | — | — | (5 | ) | — | — | — | (5 | ) | — | ||||||||||||||||||||||
Employee_Retirement_Plans_Tabl
Employee Retirement Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of net pension and postretirement benefits costs | ' | |||||||||||||||
The components of net pension and postretirement benefits costs are summarized in the following table: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Pension: | ||||||||||||||||
Service cost of benefits earned | $ | 9 | $ | 9 | $ | 18 | $ | 19 | ||||||||
Interest cost on projected benefit obligation | 17 | 16 | 33 | 31 | ||||||||||||
Expected return on plan assets | (20 | ) | (19 | ) | (40 | ) | (38 | ) | ||||||||
Net amortization | 6 | 12 | 12 | 23 | ||||||||||||
Net pension cost | $ | 12 | $ | 18 | $ | 23 | $ | 35 | ||||||||
Postretirement: | ||||||||||||||||
Service cost of benefits earned | $ | — | $ | 1 | $ | 1 | $ | 2 | ||||||||
Interest cost on projected benefit obligation | 2 | 2 | 4 | 3 | ||||||||||||
Net amortization | (9 | ) | (9 | ) | (18 | ) | (17 | ) | ||||||||
Net postretirement benefit | $ | (7 | ) | $ | (6 | ) | $ | (13 | ) | $ | (12 | ) |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | ' | |||||||||||
Awards granted during the first six months of 2014 and assumptions used to determine fair value were as follows: | ||||||||||||
MSUs | Performance Shares | RSUs | ||||||||||
Awards granted | 364,180 | 111,287 | 55,000 | |||||||||
Weighted average fair value | $ | 40.2 | $ | 46.46 | $ | 33.53 | ||||||
Expected volatility | 54.93 | % | 54.93 | % | N/A | |||||||
Risk-free rate (a) | 0.63 | % | 0.63 | % | N/A | |||||||
Expected term (in years) (b) | 2.94 | 2.94 | N/A | |||||||||
Expected dividends | — | — | N/A | |||||||||
(a) The risk-free rate was based on zero coupon U.S. government issues at the time of grant. | ||||||||||||
(b) The expected term represents the period from the valuation date to the end of the performance period. |
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Inventories | ' | |||||||
Total inventories consisted of the following: | ||||||||
(millions) | 30-Jun-14 | 31-Dec-13 | ||||||
Finished goods and work in progress | $ | 276 | $ | 270 | ||||
Raw materials | 61 | 62 | ||||||
Total | $ | 337 | $ | 332 | ||||
Asset Retirement Obligations | ' | |||||||
Changes in the liability for asset retirement obligations consisted of the following: | ||||||||
Six months ended June 30, | ||||||||
(millions) | 2014 | 2013 | ||||||
Balance as of January 1 | $ | 132 | $ | 139 | ||||
Accretion expense | 4 | 4 | ||||||
Changes in estimated cash flows (a) | (10 | ) | — | |||||
Liabilities settled | (2 | ) | — | |||||
Foreign currency translation | (1 | ) | (2 | ) | ||||
Balance as of June 30 | $ | 123 | $ | 141 | ||||
(a) Changes in estimated cash flows for the six months ended June 30, 2014 consists of changes in estimates primarily related to reclamation activities for our gypsum quarry and ship loading facility in Windsor, Nova Scotia, Canada, which we permanently closed during the third quarter of 2011, and our mining operation in Little Narrows, Nova Scotia, Canada. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of accumulated other comprehensive income (loss) | ' | |||||||||||||||||||||||||||||||
Changes in the balances of each component of AOCI for the six months ended June 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||
Derivatives | Defined Benefit Plans | Foreign | AOCI | |||||||||||||||||||||||||||||
Currency Translation | ||||||||||||||||||||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Balance as of January 1 | $ | 35 | $ | 32 | $ | (32 | ) | $ | (303 | ) | $ | 21 | $ | 38 | $ | 24 | $ | (233 | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 2 | 2 | (9 | ) | (12 | ) | 11 | (17 | ) | 4 | (27 | ) | ||||||||||||||||||||
Less: Amounts reclassified from AOCI, net of tax | 3 | — | 6 | (5 | ) | 5 | — | 14 | (5 | ) | ||||||||||||||||||||||
Net other comprehensive income (loss) | (1 | ) | 2 | (15 | ) | (7 | ) | 6 | (17 | ) | (10 | ) | (22 | ) | ||||||||||||||||||
Balance as of June 30 | $ | 34 | $ | 34 | $ | (47 | ) | $ | (310 | ) | $ | 27 | $ | 21 | $ | 14 | $ | (255 | ) | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net of tax, for the three months and six months ended June 30, 2014 and 2013, were as follows: | ||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Net reclassification from AOCI for cash flow hedges included in cost of products sold | $ | 1 | $ | 1 | $ | 3 | $ | — | ||||||||||||||||||||||||
Income tax expense on reclassification from AOCI included in income tax expense (benefit) | — | 1 | — | — | ||||||||||||||||||||||||||||
Net amount reclassified from AOCI | $ | 1 | $ | — | $ | 3 | $ | — | ||||||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||||||||||||||
Net reclassification from AOCI for amortization of prior service cost included in cost of products sold | $ | 1 | $ | (3 | ) | $ | 3 | $ | (5 | ) | ||||||||||||||||||||||
Net reclassification from AOCI for amortization of prior service cost included in selling and administrative expenses | 1 | (1 | ) | 2 | (1 | ) | ||||||||||||||||||||||||||
Income tax expense on reclassification from AOCI included in income tax expense (benefit) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||||||
Net amount reclassified from AOCI | $ | 3 | $ | (3 | ) | $ | 6 | $ | (5 | ) | ||||||||||||||||||||||
Foreign Currency Translation | ||||||||||||||||||||||||||||||||
Net reclassification from AOCI for translation gains realized upon the deconsolidation of foreign subsidiaries included in selling and administrative expenses | $ | — | $ | — | $ | 5 | $ | — | ||||||||||||||||||||||||
Income tax expense on reclassification from AOCI included in income tax expense (benefit) | — | — | — | — | ||||||||||||||||||||||||||||
Net amount reclassified from AOCI | $ | — | $ | — | $ | 5 | $ | — | ||||||||||||||||||||||||
Organization_Consolidation_and1
Organization, Consolidation and Presentation of Financial Statements (Details Textual) | Jun. 30, 2014 | Feb. 27, 2014 |
USG Boral Building Products [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Ownership percentage of equity method investment | 50.00% | 50.00% |
Boral Limited [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Ownership percentage by joint venture partner of equity method investment | ' | 50.00% |
Equity_Method_Investments_Deta
Equity Method Investments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Feb. 27, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USG Boral Building Products [Member] | USG Boral Building Products [Member] | Other Equity Method Investments [Member] | Other Equity Method Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Transaction costs included in equity method investment carrying value | ' | ' | $31 | ' | ' | ' |
Equity method investments | $755 | $73 | $704 | $676 | $51 | $73 |
Ownership percentage of equity method investment | ' | ' | 50.00% | 50.00% | ' | ' |
Equity_Method_Investments_Deta1
Equity Method Investments (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Income from equity method investments | $5 | $1 | $8 | $1 |
USG Boral Building Products [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Net sales | 280 | ' | 369 | ' |
Gross profit | 80 | ' | 102 | ' |
Operating profit | 16 | ' | 26 | ' |
Net income | 10 | ' | 17 | ' |
Net income attributable to USG Boral Building Products | 9 | ' | 15 | ' |
Income from equity method investments | 4 | ' | 7 | ' |
Other Equity Method Investments [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Income from equity method investments | $1 | $1 | $1 | $1 |
Equity_Method_Investments_Deta2
Equity Method Investments (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Feb. 27, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Payments to acquire equity method investments | $513 | ' | ' | ' | ' | ' |
Long-term debt | ' | 2,270 | ' | 2,270 | ' | 2,355 |
Debt instrument interest rate | ' | 10.00% | ' | 10.00% | ' | ' |
Equity method investments | ' | 755 | ' | 755 | ' | 73 |
Gain on deconsolidation of subsidiaries and consolidated joint ventures | ' | 0 | 0 | 27 | 0 | ' |
Gain (loss) on revaluation of retained investment on deconsolidation | ' | ' | ' | 11 | ' | ' |
Weighted average discount rate | 11.00% | ' | ' | ' | ' | ' |
Weighted average long-term growth rate | 2.00% | ' | ' | ' | ' | ' |
Fair value of contingent liability for contingent consideration for equity method investment | ' | 23 | ' | 23 | ' | ' |
Changes in AOCI - foreign currency translation | ' | 15 | -17 | 11 | -17 | ' |
Income from equity method investments | ' | 5 | 1 | 8 | 1 | ' |
USG Boral Building Products [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Ownership percentage of equity method investment | 50.00% | 50.00% | ' | 50.00% | ' | ' |
Range of outcomes in contingent consideration arrangements, value, high | 75 | ' | ' | ' | ' | ' |
Contingent consideration for first performance period | 25 | ' | ' | ' | ' | ' |
First performance period for contingent consideration | '3 years | ' | ' | ' | ' | ' |
Contingent consideration for second performance period | 50 | ' | ' | ' | ' | ' |
Second performance period for contingent consideration | '5 years | ' | ' | ' | ' | ' |
Equity method investments | 676 | 704 | ' | 704 | ' | ' |
Changes in AOCI - foreign currency translation | ' | ' | ' | 11 | ' | ' |
Income from equity method investments | ' | 4 | ' | 7 | ' | ' |
Other Equity Method Investments [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Equity method investments | ' | 51 | ' | 51 | ' | 73 |
Income from equity method investments | ' | 1 | 1 | 1 | 1 | ' |
Boral Limited [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Ownership percentage by joint venture partner of equity method investment | 50.00% | ' | ' | ' | ' | ' |
Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty One [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | 350 | ' | 350 | ' | 350 |
Debt instrument interest rate | ' | -5.88% | ' | -5.88% | ' | ' |
Base purchase price [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Payments to acquire equity method investments | 500 | ' | ' | ' | ' | ' |
Adjustments to purchase price [Member] [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Payments to acquire equity method investments | $13 | ' | ' | ' | ' | ' |
Equity_Method_Investments_Pare
Equity Method Investments (Parentheticals) (Details) | Jun. 30, 2014 | Dec. 31, 2013 |
Minimum [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Ownership percentage of equity method investment | 33.00% | 33.00% |
Maximum [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Ownership percentage of equity method investment | 50.00% | 50.00% |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net Sales: | ' | ' | ' | ' |
Net sales | $948 | $916 | $1,798 | $1,730 |
Operating Profit (Loss): | ' | ' | ' | ' |
Operating profit (loss) | 98 | 74 | 164 | 123 |
Gypsum [Member] | ' | ' | ' | ' |
Net Sales: | ' | ' | ' | ' |
Net sales | 612 | 577 | 1,157 | 1,090 |
Operating Profit (Loss): | ' | ' | ' | ' |
Operating profit (loss) | 95 | 67 | 160 | 113 |
Ceilings [Member] | ' | ' | ' | ' |
Net Sales: | ' | ' | ' | ' |
Net sales | 130 | 144 | 255 | 282 |
Operating Profit (Loss): | ' | ' | ' | ' |
Operating profit (loss) | 24 | 26 | 39 | 54 |
Distribution [Member] | ' | ' | ' | ' |
Net Sales: | ' | ' | ' | ' |
Net sales | 344 | 319 | 644 | 600 |
Operating Profit (Loss): | ' | ' | ' | ' |
Operating profit (loss) | 4 | 1 | 5 | -1 |
Corporate [Member] | ' | ' | ' | ' |
Operating Profit (Loss): | ' | ' | ' | ' |
Operating profit (loss) | -21 | -19 | -42 | -38 |
Eliminations [Member] | ' | ' | ' | ' |
Net Sales: | ' | ' | ' | ' |
Net sales | -138 | -124 | -258 | -242 |
Operating Profit (Loss): | ' | ' | ' | ' |
Operating profit (loss) | ($4) | ($1) | $2 | ($5) |
Segment_Details_Textual
Segment (Details Textual) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Feb. 27, 2014 |
Segment Reporting Information [Line Items] | ' |
Payments to acquire equity method investments | $513 |
USG Boral Building Products [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Total assets contributed, net of cash | $139 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income from continuing operations | $58 | $25 | $103 | $27 |
Loss from discontinued operations, net of tax | -1 | 0 | -1 | 0 |
Net income | 57 | 25 | 102 | 27 |
Effect of dilutive securities - RSUs, MSUs, performance shares and stock options | 0 | 0 | 0 | 0 |
Effect of dilutive securities - 10% convertible senior notes | 0 | 0 | 2 | 0 |
Effect of dilutive securities - Deferred compensation program for non-employee directors | 0 | 0 | 0 | 0 |
Income available to shareholders | $57 | $25 | $104 | $27 |
Average common shares | 144,500,682 | 108,544,752 | 139,702,728 | 108,449,431 |
Dilutive RSUs, MSUs, performance shares and stock options | 2,300,000 | 2,300,000 | 2,500,000 | 2,600,000 |
Common shares issuable upon conversion of our 10% convertible senior notes | 0 | 0 | 4,700,000 | 0 |
Deferred shares associated with a deferred compensation program for non-employee directors | 200,000 | 200,000 | 0 | 200,000 |
Average diluted common shares | 147,024,196 | 111,047,951 | 146,920,294 | 111,245,400 |
Income from continuing operations, per basic share | $0.40 | $0.23 | $0.74 | $0.25 |
Loss from discontinued operations, per basic share | ($0.01) | $0 | ($0.01) | $0 |
Income per basic share | $0.39 | $0.23 | $0.73 | $0.25 |
Income from continuing operations, per diluted share | $0.39 | $0.22 | $0.72 | $0.24 |
Income from discontinued operations, per diluted share | ($0.01) | $0 | ($0.01) | $0 |
Income per diluted share | $0.38 | $0.22 | $0.71 | $0.24 |
Earnings_Per_Share_Details_1
Earnings Per Share (Details 1) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Stock Compensation Plan [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Stock options, RSUs, MSUs, and performance shares | 2.1 | 2.3 | 2.1 | 2.3 |
Ten Percent Convertible Senior Notes due Two Thousand Eighteen [Member] | Convertible Debt Securities [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Shares issuable upon conversion of convertible senior notes not included in computation of diluted loss per share | 0 | 35.1 | 0 | 35.1 |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Apr. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Earnings (Loss) Per Share [Line Items] | ' | ' | ' |
Interest rate of convertible senior notes | ' | ' | 10.00% |
Ten Percent Convertible Senior Notes due Two Thousand Eighteen [Member] | ' | ' | ' |
Earnings (Loss) Per Share [Line Items] | ' | ' | ' |
Debt conversion, original amount of debt | $75 | $325 | $75 |
Interest rate of convertible senior notes | ' | 10.00% | 10.00% |
Debt conversion, shares issued for converted instrument | 6,578,946 | 28,500,000 | ' |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments in marketable securities | ' | ' |
Marketable securities, amortized cost | $138 | $142 |
Marketable securities, fair value | 138 | 142 |
Corporate debt securities [Member] | ' | ' |
Investments in marketable securities | ' | ' |
Marketable securities, amortized cost | 92 | 87 |
Marketable securities, fair value | 92 | 87 |
U.S. government and agency debt securities [Member] | ' | ' |
Investments in marketable securities | ' | ' |
Marketable securities, amortized cost | 4 | 12 |
Marketable securities, fair value | 4 | 12 |
Asset-backed debt securities [Member] | ' | ' |
Investments in marketable securities | ' | ' |
Marketable securities, amortized cost | 17 | 20 |
Marketable securities, fair value | 17 | 20 |
Certificates of deposit [Member] | ' | ' |
Investments in marketable securities | ' | ' |
Marketable securities, amortized cost | 19 | 17 |
Marketable securities, fair value | 19 | 17 |
Municipal debt securities [Member] | ' | ' |
Investments in marketable securities | ' | ' |
Marketable securities, amortized cost | 6 | 6 |
Marketable securities, fair value | $6 | $6 |
Marketable_Securities_Details_
Marketable Securities (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Contractual maturities of marketable securities | ' | ' |
Due in 1 year or less, amortized cost | $79 | ' |
Due in 1 year or less, fair value | 79 | ' |
Due in 1-5 years, amortized cost | 59 | ' |
Due in 1-5 years, fair value | 59 | ' |
Marketable securities, amortized cost | 138 | 142 |
Marketable securities, fair value | $138 | $142 |
Marketable_Securities_Details_1
Marketable Securities (Details Textual) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Investments, Debt and Equity Securities [Abstract] | ' |
Sales and maturities of marketable securities | $99 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Intangible assets with definite lives | ' | ' |
Gross carrying amount | $79 | $79 |
Accumulated amortization | -58 | -54 |
Net | 21 | 25 |
Customer relationships [Member] | ' | ' |
Intangible assets with definite lives | ' | ' |
Gross carrying amount | 70 | 70 |
Accumulated amortization | -51 | -48 |
Net | 19 | 22 |
Other intangible assets [Member] | ' | ' |
Intangible assets with definite lives | ' | ' |
Gross carrying amount | 9 | 9 |
Accumulated amortization | -7 | -6 |
Net | $2 | $3 |
Intangible_Assets_Details_1
Intangible Assets (Details 1) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Estimated annual amortization expense intangible assets | ' |
Estimated future amortization expense, 2014 | $3 |
Estimated future amortization expense, 2015 | 7 |
Estimated future amortization expense, 2016 | 7 |
Estimated future amortization expense, 2017 | 2 |
Estimated future amortization expense, 2018 | 1 |
Estimated future amortization expense, 2019 and thereafter | $1 |
Intangible_Assets_Details_2
Intangible Assets (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Intangible assets with indefinite lives | ' | ' |
Gross carrying amount | $30 | $30 |
Impairment charges | 1 | 1 |
Net | 29 | 29 |
Trade names [Member] | ' | ' |
Intangible assets with indefinite lives | ' | ' |
Gross carrying amount | 22 | 22 |
Impairment charges | 0 | 0 |
Net | 22 | 22 |
Other intangible assets [Member] | ' | ' |
Intangible assets with indefinite lives | ' | ' |
Gross carrying amount | 8 | 8 |
Impairment charges | 1 | 1 |
Net | $7 | $7 |
Intangible_Assets_Details_Text
Intangible Assets (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expense of intangible assets | $2 | $2 | $4 | $4 |
Assets held for sale | $5 | ' | $5 | ' |
Debt_Details
Debt (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | $2,270 | ' | $2,355 |
Interest rate of convertible senior notes | -10.00% | ' | ' |
Current portion of long-term debt | 63 | ' | 63 |
Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty One [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 350 | ' | 350 |
Interest rate of convertible senior notes | 5.88% | ' | ' |
Six Point Three Percent Senior Notes due Two Thousand Sixteen [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 500 | ' | 500 |
Interest rate of convertible senior notes | -6.30% | ' | -6.30% |
Seven Point Seven Five Percent Senior Notes due Two Thousand Eighteen [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 500 | ' | 500 |
Interest rate of convertible senior notes | -7.75% | ' | -7.75% |
Seven Point Eight Seven Five Percent Senior Notes due Two Thousand Twenty [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 249 | ' | 249 |
Interest rate of convertible senior notes | -7.88% | ' | -7.88% |
Eight Point Three Seven Five Percent Senior Notes due Two Thousand Eighteen [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 350 | ' | 350 |
Interest rate of convertible senior notes | -8.38% | ' | -8.38% |
Nine Point Seven Five Percent Senior Notes due Two Thousand Fourteen Net of Discount [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 59 | ' | 59 |
Interest rate of convertible senior notes | -9.75% | ' | -9.75% |
Ten Percent Convertible Senior Notes due Two Thousand Eighteen [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 0 | 72 | 72 |
Interest rate of convertible senior notes | -10.00% | ' | -10.00% |
Ship Mortgage Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 23 | ' | 25 |
Current portion of long-term debt | 4 | ' | 4 |
Oman Credit Facilities [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 0 | ' | 11 |
Industrial Revenue Bonds [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | $239 | ' | $239 |
Debt_Details_Textual
Debt (Details Textual) (USD $) | Jun. 30, 2014 | Apr. 17, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | Credit Facility [Member] | Oman Credit Facilities [Member] | Oman Credit Facilities [Member] | Ten Percent Convertible Senior Notes due Two Thousand Eighteen [Member] | Ten Percent Convertible Senior Notes due Two Thousand Eighteen [Member] | Ten Percent Convertible Senior Notes due Two Thousand Eighteen [Member] | Ten Percent Convertible Senior Notes due Two Thousand Eighteen [Member] | Nine Point Seven Five Percent Senior Notes due Two Thousand Fourteen Net of Discount [Member] | Nine Point Seven Five Percent Senior Notes due Two Thousand Fourteen Net of Discount [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross long term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75 | ' | ' |
Interest rate of convertible senior notes | 10.00% | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' | 9.75% | 9.75% |
Amount of minimum liquidity condition | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 2,270 | ' | 2,355 | ' | ' | ' | 11 | ' | 72 | 0 | 72 | 59 | 59 |
Unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Debt conversion, original amount of debt | ' | ' | ' | ' | ' | ' | ' | 75 | 325 | 75 | ' | ' | ' |
Debt conversion, shares issued for converted instrument | ' | ' | ' | ' | ' | ' | ' | 6,578,946 | 28,500,000 | ' | ' | ' | ' |
Required minimum fixed charge coverage ratio per credit agreement covenant | ' | ' | ' | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility rate applied aggregate revolving commitments activating fixed charge coverage ratio covenants | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual fixed charge coverage ratio | ' | ' | ' | 1.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of letters of credit outstanding | ' | ' | ' | 70 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing available under credit facility | ' | ' | ' | 227 | 37 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding lines of credit | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility increase in borrowing | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Fair value of debt | $2,467 | ' | $2,659 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) | ($3) | ($1) | $2 | $3 |
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | 1 | 1 | 3 | 0 |
Amount of Gain or (Loss) Recognized in Income On Derivatives | 0 | -2 | 1 | 1 |
Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) | -1 | -2 | 2 | 0 |
Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Cost of products sold [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | 1 | 0 | 2 | -1 |
Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) | -2 | 1 | 0 | 3 |
Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member] | Cost of products sold [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | 0 | 1 | 1 | 1 |
Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Cost of products sold [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Income On Derivatives | $0 | ($2) | $1 | $1 |
Derivative_Instruments_Details1
Derivative Instruments (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | $6 | $5 |
Derivative Liabilities | 5 | 0 |
Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 5 | 3 |
Derivative Liabilities | 5 | 0 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 1 | 2 |
Derivative Liabilities | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 1 | 2 |
Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Accrued expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 0 | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 4 | 2 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Other assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Accrued expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 1 | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Other liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 2 | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member] | Other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 1 | 1 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member] | Other assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member] | Accrued expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 1 | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member] | Other liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | $1 | $0 |
Derivative_Instruments_Details2
Derivative Instruments (Details Textual) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Derivative Instruments (Textual) [Abstract] | ' |
Typical hedging period | '2 years |
Net asset aggregate fair value | $1 |
Collateral provided to counterparties related to derivatives | 1 |
Commodity contracts [Member] | ' |
Derivative Instruments (Textual) [Abstract] | ' |
Nonmonetary notional amount of derivatives | 19,000,000 |
Loss on cash flow hedge ineffectiveness | 0 |
Fair value of derivative instruments not designated as hedging instruments, asset | 1 |
Foreign exchange contracts [Member] | ' |
Derivative Instruments (Textual) [Abstract] | ' |
Loss on cash flow hedge ineffectiveness | 0 |
Notional amounts of foreign exchange forward contracts | 84 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Commodity contracts [Member] | ' |
Derivative Instruments (Textual) [Abstract] | ' |
Unrealized gain (loss) that remained in AOCI from cash flow hedges, net of tax | 1 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign exchange contracts [Member] | ' |
Derivative Instruments (Textual) [Abstract] | ' |
Unrealized gain (loss) that remained in AOCI from cash flow hedges, net of tax | ($1) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Cash equivalents | $159 | $573 |
Marketable securities, fair value | 138 | 142 |
Derivative assets | 6 | 5 |
Derivative liabilities | 5 | 0 |
Corporate debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 92 | 87 |
U.S. government and agency debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 4 | 12 |
Asset-backed debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 17 | 20 |
Certificates of deposit [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 19 | 17 |
Municipal debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 6 | 6 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Cash equivalents | 138 | 549 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Corporate debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 0 | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | U.S. government and agency debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 0 | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Asset-backed debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 0 | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Certificates of deposit [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 0 | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Municipal debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Cash equivalents | 21 | 24 |
Derivative assets | 6 | 5 |
Derivative liabilities | 5 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 92 | 87 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. government and agency debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 4 | 12 |
Significant Other Observable Inputs (Level 2) [Member] | Asset-backed debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 17 | 20 |
Significant Other Observable Inputs (Level 2) [Member] | Certificates of deposit [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 19 | 17 |
Significant Other Observable Inputs (Level 2) [Member] | Municipal debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 6 | 6 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Cash equivalents | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Corporate debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | U.S. government and agency debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Asset-backed debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Certificates of deposit [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Municipal debt securities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Marketable securities, fair value | $0 | $0 |
Employee_Retirement_Plans_Deta
Employee Retirement Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension [Member] | ' | ' | ' | ' |
Components of net pension and postretirement benefits costs | ' | ' | ' | ' |
Service cost of benefits earned | $9 | $9 | $18 | $19 |
Interest cost on projected benefit obligation | 17 | 16 | 33 | 31 |
Expected return on plan assets | -20 | -19 | -40 | -38 |
Net amortization | 6 | 12 | 12 | 23 |
Net (benefit) cost | 12 | 18 | 23 | 35 |
Postretirement [Member] | ' | ' | ' | ' |
Components of net pension and postretirement benefits costs | ' | ' | ' | ' |
Service cost of benefits earned | 0 | 1 | 1 | 2 |
Interest cost on projected benefit obligation | 2 | 2 | 4 | 3 |
Net amortization | -9 | -9 | -18 | -17 |
Net (benefit) cost | ($7) | ($6) | ($13) | ($12) |
Employee_Retirement_Plans_Deta1
Employee Retirement Plans (Details Textual) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | Pension [Member] | Canada [Member] | Subsequent Event [Member] |
United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Estimated employer contributions in current fiscal year | $61 | ' | ' |
Contribution by employer | ' | $8 | $50 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Market Share Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards granted | 364,180 |
Average fair value of shares granted | $40.20 |
Expected volatility | 54.93% |
Risk-free rate | 0.63% |
Expected term (in years) | '2 years 11 months 10 days |
Expected dividends | $0 |
Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards granted | 111,287 |
Average fair value of shares granted | $46.46 |
Expected volatility | 54.93% |
Risk-free rate | 0.63% |
Expected term (in years) | '2 years 11 months 10 days |
Expected dividends | $0 |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards granted | 55,000 |
Average fair value of shares granted | $33.53 |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details Textual) | 6 Months Ended |
Jun. 30, 2014 | |
Market Share Units [Member] | ' |
Share Based Compensation [Abstract] | ' |
Vesting period | '3 years |
Performance Shares [Member] | ' |
Share Based Compensation [Abstract] | ' |
Vesting period | '3 years |
Maximum [Member] | Market Share Units [Member] | ' |
Share Based Compensation [Abstract] | ' |
Maximum of range for number of shares earned | 150.00% |
Maximum [Member] | Performance Shares [Member] | ' |
Share Based Compensation [Abstract] | ' |
Maximum of range for number of shares earned | 200.00% |
Minimum [Member] | Market Share Units [Member] | ' |
Share Based Compensation [Abstract] | ' |
Minimum of range for number of shares earned | 0.00% |
Minimum [Member] | Performance Shares [Member] | ' |
Share Based Compensation [Abstract] | ' |
Minimum of range for number of shares earned | 0.00% |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventories | ' | ' |
Finished goods and work in progress | $276 | $270 |
Raw materials | 61 | 62 |
Total | $337 | $332 |
Supplemental_Balance_Sheet_Inf3
Supplemental Balance Sheet Information (Details 1) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' |
Balance as of January 1 | $132 | $139 |
Accretion expense | 4 | 4 |
Changes in estimated cash flows (a) | -10 | 0 |
Liabilities settled | 2 | 0 |
Foreign currency translation | -1 | -2 |
Balance as of June 30 | $123 | $141 |
Supplemental_Balance_Sheet_Inf4
Supplemental Balance Sheet Information (Details Textual) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Supplemental Balance Sheet Information [Abstract] | ' | ' |
Accrued interest | $47 | $48 |
Gain on sale of surplus property | 12 | ' |
Assets held for sale | $5 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), balance as of January 1 | ' | ' | $24 | ($233) |
Other comprehensive income (loss), before reclassifications, net of tax | ' | ' | 4 | -27 |
Less: Reclassification from accumulated other comprehensive income (loss), net of tax | ' | ' | 14 | -5 |
Net other comprehensive income (loss) | -4 | -31 | -10 | -22 |
Accumulated other comprehensive income (loss), balance as of June 30 | 14 | -255 | 14 | -255 |
Derivatives [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), balance as of January 1 | ' | ' | 35 | 32 |
Other comprehensive income (loss), before reclassifications, net of tax | ' | ' | 2 | 2 |
Less: Reclassification from accumulated other comprehensive income (loss), net of tax | ' | ' | 3 | 0 |
Net other comprehensive income (loss) | ' | ' | -1 | 2 |
Accumulated other comprehensive income (loss), balance as of June 30 | 34 | 34 | 34 | 34 |
Defined Benefit Plans [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), balance as of January 1 | ' | ' | -32 | -303 |
Other comprehensive income (loss), before reclassifications, net of tax | ' | ' | -9 | -12 |
Less: Reclassification from accumulated other comprehensive income (loss), net of tax | ' | ' | 6 | -5 |
Net other comprehensive income (loss) | ' | ' | -15 | -7 |
Accumulated other comprehensive income (loss), balance as of June 30 | -47 | -310 | -47 | -310 |
Foreign Currency Translation [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), balance as of January 1 | ' | ' | 21 | 38 |
Other comprehensive income (loss), before reclassifications, net of tax | ' | ' | 11 | -17 |
Less: Reclassification from accumulated other comprehensive income (loss), net of tax | ' | ' | 5 | 0 |
Net other comprehensive income (loss) | ' | ' | 6 | -17 |
Accumulated other comprehensive income (loss), balance as of June 30 | $27 | $21 | $27 | $21 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of products sold | $773 | $765 | $1,480 | $1,455 |
Selling and administrative expenses | 77 | 76 | 154 | 149 |
Income tax expense (benefit) | 0 | 2 | 5 | -1 |
Net income | 57 | 25 | 102 | 27 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of products sold | 1 | 1 | 3 | 0 |
Income tax expense (benefit) | 0 | 1 | 0 | 0 |
Net income | 1 | 0 | 3 | 0 |
Defined Benefit Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of products sold | 1 | -3 | 3 | -5 |
Selling and administrative expenses | 1 | -1 | 2 | -1 |
Income tax expense (benefit) | -1 | -1 | -1 | -1 |
Net income | 3 | -3 | 6 | -5 |
Foreign Currency Translation [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Selling and administrative expenses | 0 | 0 | 5 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Net income | $0 | $0 | $5 | $0 |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income (Loss) (Details Textual) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Comprehensive Income (Loss) [Abstract] | ' |
Estimated after-tax gain on derivatives to be reclassified from AOCI to earnings within the next 12 months | $2 |
Oman_Investment_Details_Textua
Oman Investment (Details Textual) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USG-Zawawi Drywall LLC [Member] | Zawawi Gypsum LLC [Member] | Zawawi Gypsum LLC and USG-Zawawi Drywall LLC [Member] | Zawawi Gypsum LLC and USG-Zawawi Drywall LLC [Member] |
Co-venturer [Member] | ||||
Statement [Line Items] | ' | ' | ' | ' |
Ownership percentage by parent in noncontrolling interest | 50.00% | 55.00% | ' | ' |
Percentage of noncontrolling owners in VIE | 50.00% | ' | ' | ' |
Notes payable to venture partner | ' | ' | ' | $8 |
Noncontrolling Interest, Decrease from Deconsolidation | ' | ' | $24 | ' |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Income Taxes (Textual) [Abstract] | ' | ' | ' | ' | ' |
Current Foreign, State And Local Tax Expense (Benefit) | $1 | ' | ' | ' | ' |
Effective settlement of audits of tax years | 1 | ' | ' | ' | ' |
Income tax expense (benefit) | 0 | 2 | 5 | -1 | ' |
Federal net operating loss carryforwards | 2,009 | ' | 2,009 | ' | ' |
Federal alternative minimum tax credit carryforwards | 45 | ' | 45 | ' | ' |
Minimum taxable income needed to fully realize the U.S. federal net deferred tax assets | 2,139 | ' | 2,139 | ' | ' |
Foreign tax credit carryforwards | 8 | ' | 8 | ' | ' |
Deferred tax assets state, net operating loss and tax credit carryforwards | 268 | ' | 268 | ' | ' |
Gross deferred tax assets operating loss and tax credit carry forwards that will expire in current year | 11 | ' | 11 | ' | ' |
Deferred tax assets, foreign operating loss and tax credit carryforwards | 2 | ' | 2 | ' | ' |
Valuation allowance | 962 | ' | 962 | ' | 995 |
Additional valuation allowance against deferred tax assets recorded | -33 | ' | ' | ' | ' |
Percentage of change in ownership | ' | ' | 50.00% | ' | ' |
Period of change in ownership | ' | ' | '3 years | ' | ' |
Long-term tax-exempt rate | 3.32% | ' | 3.32% | ' | ' |
Time period after the change in which amount of the limitation be increased or decreased by built-in gains or losses | ' | ' | '5 years | ' | ' |
Approximate annual NOL utilization had an ownership change occurred | 145 | ' | 145 | ' | ' |
Due to Change in Realizability of Deferred Tax Asset for Alternative Minimum Tax Credits [Member] | ' | ' | ' | ' | ' |
Income Taxes (Textual) [Abstract] | ' | ' | ' | ' | ' |
Additional valuation allowance against deferred tax assets recorded | -11 | ' | ' | ' | ' |
Due to Change in Gross Value of Deferred Tax Assets [Member] | ' | ' | ' | ' | ' |
Income Taxes (Textual) [Abstract] | ' | ' | ' | ' | ' |
Additional valuation allowance against deferred tax assets recorded | -22 | ' | ' | ' | ' |
USG Boral Building Products [Member] | ' | ' | ' | ' | ' |
Income Taxes (Textual) [Abstract] | ' | ' | ' | ' | ' |
Income taxes expense withholding taxes on property contributed to equity method investment | ' | ' | $1 | ' | ' |
Litigation_Details_Textual
Litigation (Details Textual) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Accrual potential liability for environmental cleanup | $17 | $18 |