DELAWARE | 001-32410 | 98-0420726 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
• | Exhibit 99.1 – Item 6 – Selected Financial Data |
• | Exhibit 99.2 – Item 8 – Financial Statements and Supplementary Data |
• | Exhibit 99.3 – Item 15 – Exhibits, Financial Statement Schedules (Financial Statements) |
• | Exhibit 99.4 – Item 15 – Exhibits, Financial Statement Schedules (Exhibit 12.1 – Statement of Computation of Ratio of Earnings to Fixed Charges) |
• | Exhibit 101.INS – XBRL Instance Document |
• | Exhibit 101.SCH – XBRL Taxonomy Extension Schema Document |
• | Exhibit 101.CAL – XBRL Taxonomy Extension Calculation Linkbase Document |
• | Exhibit 101.DEF – XBRL Taxonomy Extension Definition Linkbase Document |
• | Exhibit 101.LAB – XBRL Taxonomy Extension Label Linkbase |
• | Exhibit 101.PRE – XBRL Definition Extension Presentation Linkbase Document |
Exhibit Number | ||
Description | ||
23.1 | Consent of Independent Registered Public Accounting Firm of Celanese Corporation, KPMG LLP. | |
99.1 | Item 6, Form 10-K - Selected Financial Data. | |
99.2 | Item 8, Form 10-K - Financial Statements and Supplementary Data. | |
99.3 | Item 15, Form 10-K - Exhibits, Financial Statement Schedules (Financial Statements). | |
99.4 | Item 15, Form 10-K - Exhibits, Financial Statement Schedules (Exhibit 12.1 - Statement of Computation of Ratio of Earnings to Fixed Charges). | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
CELANESE CORPORATION | |||
By: | /s/ James R. Peacock III | ||
Name: | James R. Peacock III | ||
Title: | Vice President, Deputy General Counsel and Assistant Corporate Secretary | ||
Exhibit Number | ||
Description | ||
23.1 | Consent of Independent Registered Public Accounting Firm of Celanese Corporation, KPMG LLP. | |
99.1 | Item 6, Form 10-K - Selected Financial Data. | |
99.2 | Item 8, Form 10-K - Financial Statements and Supplementary Data. | |
99.3 | Item 15, Form 10-K - Exhibits, Financial Statement Schedules (Financial Statements). | |
99.4 | Item 15, Form 10-K - Exhibits, Financial Statement Schedules (Exhibit 12.1 - Statement of Computation of Ratio of Earnings to Fixed Charges). | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
Year Ended December 31, | ||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||
As Adjusted | ||||||||||||||
(In $ millions, except per share data) | ||||||||||||||
Statement of Operations Data | ||||||||||||||
Net sales | 6,418 | 6,763 | 5,918 | 5,082 | 6,823 | |||||||||
Other (charges) gains, net | (14 | ) | (48 | ) | (46 | ) | (136 | ) | (108 | ) | ||||
Operating profit | 175 | 402 | 398 | 144 | (107 | ) | ||||||||
Earnings (loss) from continuing operations before tax | 321 | 467 | 433 | 105 | (114 | ) | ||||||||
Earnings (loss) from continuing operations | 376 | 426 | 361 | 399 | (172 | ) | ||||||||
Earnings (loss) from discontinued operations | (4 | ) | 1 | (49 | ) | 4 | (90 | ) | ||||||
Net earnings (loss) attributable to Celanese Corporation | 372 | 427 | 312 | 403 | (261 | ) | ||||||||
Earnings (loss) per common share | ||||||||||||||
Continuing operations — basic | 2.37 | 2.72 | 2.31 | 2.71 | (1.22 | ) | ||||||||
Continuing operations — diluted | 2.35 | 2.68 | 2.28 | 2.54 | (1.22 | ) | ||||||||
Balance Sheet Data (as of the end of period) | ||||||||||||||
Total assets | 9,000 | 8,518 | 8,281 | 8,412 | 7,158 | |||||||||
Total debt | 3,098 | 3,017 | 3,218 | 3,501 | 3,533 | |||||||||
Total Celanese Corporation stockholders’ equity | 1,730 | 1,341 | 926 | 586 | 174 | |||||||||
Other Financial Data | ||||||||||||||
Depreciation and amortization | 308 | 298 | 287 | 308 | 350 | |||||||||
Capital expenditures(1) | 339 | 364 | 222 | 167 | 267 | |||||||||
Dividends paid per common share(2) | 0.27 | 0.22 | 0.18 | 0.16 | 0.16 |
(1) | Amounts include accrued capital expenditures. Amounts do not include capital expenditures related to capital lease obligations or capital expenditures related to the relocation and expansion of our POM plant in Kelsterbach. See Note 24 - Supplemental Cash Flow Information and Note 27 - Plant Relocation in the accompanying consolidated financial statements. |
(2) | Annual dividends for the year ended December 31, 2012 consist of two quarterly dividend payments of $0.06 and two quarterly dividend payments of $0.075 per share. In April 2012 the Board of Directors approved a 25% increase in our quarterly dividend rate from $0.06 to $0.075 per share of Series A common stock applicable to dividends payable beginning in August 2012. Annual dividends for the year ended December 31, 2011 consist of two quarterly dividend payments of $0.05 and two quarterly dividend payments of $0.06 per share. In April 2011 the Board of Directors approved a 20% increase in our quarterly dividend rate from $0.05 to $0.06 per share of Series A common stock applicable to dividends payable beginning in August 2011. |
Three Months Ended | ||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | |||||||||
As Adjusted | ||||||||||||
(Unaudited) (In $ millions, except per share data) | ||||||||||||
Net sales | 1,633 | 1,675 | 1,609 | 1,501 | ||||||||
Gross profit | 274 | 335 | 328 | 244 | ||||||||
Other (charges) gains, net | — | (3 | ) | 2 | (13 | ) | ||||||
Operating profit (loss) | 111 | 178 | 176 | (290 | ) | |||||||
Earnings (loss) from continuing operations before tax | 120 | 278 | 186 | (263 | ) | |||||||
Amounts attributable to Celanese Corporation | ||||||||||||
Earnings (loss) from continuing operations | 193 | 221 | 129 | (167 | ) | |||||||
Earnings (loss) from discontinued operations | — | — | (2 | ) | (2 | ) | ||||||
Net earnings (loss) | 193 | 221 | 127 | (169 | ) | |||||||
Net earnings (loss) per share — basic | 1.23 | 1.40 | 0.80 | (1.06 | ) | |||||||
Net earnings (loss) per share — diluted | 1.21 | 1.38 | 0.79 | (1.06 | ) |
Three Months Ended | ||||||||||||
March 31, 2011 | June 30, 2011 | September 30, 2011 | December 31, 2011 | |||||||||
As Adjusted | ||||||||||||
(Unaudited) (In $ millions, except per share data) | ||||||||||||
Net sales | 1,589 | 1,753 | 1,807 | 1,614 | ||||||||
Gross profit | 354 | 411 | 403 | 249 | ||||||||
Other (charges) gains, net | 3 | (18 | ) | (1) | (24 | ) | (2) | (9 | ) | (3) | ||
Operating profit (loss) | 193 | 213 | 201 | (205 | ) | |||||||
Earnings (loss) from continuing operations before tax | 185 | 284 | 206 | (208 | ) | |||||||
Amounts attributable to Celanese Corporation | ||||||||||||
Earnings (loss) from continuing operations | 141 | 208 | 171 | (94 | ) | |||||||
Earnings (loss) from discontinued operations | 4 | (2 | ) | — | (1 | ) | ||||||
Net earnings (loss) | 145 | 206 | 171 | (95 | ) | |||||||
Net earnings (loss) per share — basic | 0.93 | 1.32 | 1.09 | (0.61 | ) | |||||||
Net earnings (loss) per share — diluted | 0.91 | 1.29 | 1.08 | (0.61 | ) |
(1) | Includes $16 million in costs and $4 million of employee termination benefits related to the relocation and expansion of the Company's polyacetal ("POM") operations in Kelsterbach, Germany to Frankfurt Hoechst Industrial Park, Germany. |
(2) | Includes $14 million in costs and $1 million of employee termination benefits related to the relocation and expansion of the Company's POM operations in Kelsterbach, Germany to Frankfurt Hoechst Industrial Park, Germany, and a $7 million unfavorable settlement in a resolution of a commercial dispute. |
(3) | Includes $4 million in costs and $3 million of employee termination benefits related to the relocation of the Company's POM operations in Kelsterbach, Germany to Frankfurt Hoechst Industrial Park, Germany. |
Page Number | |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
As Adjusted (Note 2) | ||||||||
(In $ millions, except share and per share data) | ||||||||
Net sales | 6,418 | 6,763 | 5,918 | |||||
Cost of sales | (5,237 | ) | (5,346 | ) | (4,750 | ) | ||
Gross profit | 1,181 | 1,417 | 1,168 | |||||
Selling, general and administrative expenses | (830 | ) | (805 | ) | (598 | ) | ||
Amortization of intangible assets | (51 | ) | (62 | ) | (61 | ) | ||
Research and development expenses | (104 | ) | (98 | ) | (70 | ) | ||
Other (charges) gains, net | (14 | ) | (48 | ) | (46 | ) | ||
Foreign exchange gain (loss), net | (4 | ) | — | (3 | ) | |||
Gain (loss) on disposition of businesses and assets, net | (3 | ) | (2 | ) | 8 | |||
Operating profit (loss) | 175 | 402 | 398 | |||||
Equity in net earnings (loss) of affiliates | 242 | 192 | 168 | |||||
Interest expense | (185 | ) | (221 | ) | (204 | ) | ||
Refinancing expense | (3 | ) | (3 | ) | (16 | ) | ||
Interest income | 2 | 3 | 7 | |||||
Dividend income - cost investments | 85 | 80 | 73 | |||||
Other income (expense), net | 5 | 14 | 7 | |||||
Earnings (loss) from continuing operations before tax | 321 | 467 | 433 | |||||
Income tax (provision) benefit | 55 | (41 | ) | (72 | ) | |||
Earnings (loss) from continuing operations | 376 | 426 | 361 | |||||
Earnings (loss) from operation of discontinued operations | (6 | ) | 2 | (80 | ) | |||
Gain (loss) on disposition of discontinued operations | — | — | 2 | |||||
Income tax (provision) benefit from discontinued operations | 2 | (1 | ) | 29 | ||||
Earnings (loss) from discontinued operations | (4 | ) | 1 | (49 | ) | |||
Net earnings (loss) | 372 | 427 | 312 | |||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | |||||
Net earnings (loss) attributable to Celanese Corporation | 372 | 427 | 312 | |||||
Cumulative preferred stock dividends | — | — | (3 | ) | ||||
Net earnings (loss) available to common stockholders | 372 | 427 | 309 | |||||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 376 | 426 | 361 | |||||
Earnings (loss) from discontinued operations | (4 | ) | 1 | (49 | ) | |||
Net earnings (loss) | 372 | 427 | 312 | |||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 2.37 | 2.72 | 2.31 | |||||
Discontinued operations | (0.02 | ) | 0.01 | (0.31 | ) | |||
Net earnings (loss) - basic | 2.35 | 2.73 | 2.00 | |||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 2.35 | 2.68 | 2.28 | |||||
Discontinued operations | (0.02 | ) | 0.01 | (0.31 | ) | |||
Net earnings (loss) - diluted | 2.33 | 2.69 | 1.97 | |||||
Weighted average shares - basic | 158,359,914 | 156,226,526 | 154,577,441 | |||||
Weighted average shares - diluted | 159,830,786 | 158,970,283 | 158,385,497 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
As Adjusted (Note 2) | ||||||||
(In $ millions) | ||||||||
Net earnings (loss) | 372 | 427 | 312 | |||||
Other comprehensive income (loss), net of tax | ||||||||
Unrealized gain (loss) on marketable securities | — | — | (1 | ) | ||||
Foreign currency translation | 5 | (27 | ) | 37 | ||||
Unrealized gain (loss) on interest rate swaps | 7 | 27 | 17 | |||||
Pension and postretirement benefits | (11 | ) | — | 2 | ||||
Total other comprehensive income (loss), net of tax | 1 | — | 55 | |||||
Total comprehensive income (loss), net of tax | 373 | 427 | 367 | |||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | |||||
Comprehensive income (loss) attributable to Celanese Corporation | 373 | 427 | 367 |
As of December 31, | |||||
2012 | 2011 | ||||
As Adjusted (Note 2) | |||||
(In $ millions, except share data) | |||||
ASSETS | |||||
Current Assets | |||||
Cash and cash equivalents | 959 | 682 | |||
Trade receivables - third party and affiliates (net of allowance for doubtful accounts - 2012: $9; 2011: $9) | 827 | 871 | |||
Non-trade receivables, net | 209 | 235 | |||
Inventories | 711 | 712 | |||
Deferred income taxes | 49 | 104 | |||
Marketable securities, at fair value | 53 | 64 | |||
Other assets | 31 | 35 | |||
Total current assets | 2,839 | 2,703 | |||
Investments in affiliates | 800 | 824 | |||
Property, plant and equipment (net of accumulated depreciation - 2012: $1,506; 2011: $1,316) | 3,350 | 3,269 | |||
Deferred income taxes | 606 | 421 | |||
Other assets | 463 | 344 | |||
Goodwill | 777 | 760 | |||
Intangible assets, net | 165 | 197 | |||
Total assets | 9,000 | 8,518 | |||
LIABILITIES AND EQUITY | |||||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 168 | 144 | |||
Trade payables - third party and affiliates | 649 | 673 | |||
Other liabilities | 475 | 539 | |||
Deferred income taxes | 25 | 17 | |||
Income taxes payable | 38 | 12 | |||
Total current liabilities | 1,355 | 1,385 | |||
Long-term debt | 2,930 | 2,873 | |||
Deferred income taxes | 50 | 92 | |||
Uncertain tax positions | 181 | 182 | |||
Benefit obligations | 1,602 | 1,492 | |||
Other liabilities | 1,152 | 1,153 | |||
Commitments and Contingencies | |||||
Stockholders' Equity | |||||
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2012 and 2011: 0 issued and outstanding) | — | — | |||
Series A common stock, $0.0001 par value, 400,000,000 shares authorized (2012: 183,629,237 issued and 159,642,401 outstanding; 2011: 179,385,105 issued and 156,463,811 outstanding) | — | — | |||
Series B common stock, $0.0001 par value, 100,000,000 shares authorized (2012 and 2011: 0 issued and outstanding) | — | — | |||
Treasury stock, at cost (2012: 23,986,836 shares; 2011: 22,921,294 shares) | (905 | ) | (860 | ) | |
Additional paid-in capital | 731 | 627 | |||
Retained earnings | 1,993 | 1,664 | |||
Accumulated other comprehensive income (loss), net | (89 | ) | (90 | ) | |
Total Celanese Corporation stockholders’ equity | 1,730 | 1,341 | |||
Noncontrolling interests | — | — | |||
Total equity | 1,730 | 1,341 | |||
Total liabilities and equity | 9,000 | 8,518 |
2012 | 2011 | 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||
As Adjusted (Note 2) | |||||||||||||||||
(In $ millions, except share data) | |||||||||||||||||
Preferred Stock | |||||||||||||||||
Balance as of the beginning of the period | — | — | — | — | 9,600,000 | — | |||||||||||
Redemption of preferred stock | — | — | — | — | (9,600,000 | ) | — | ||||||||||
Balance as of the end of the period | — | — | — | — | — | — | |||||||||||
Series A Common Stock | |||||||||||||||||
Balance as of the beginning of the period | 156,463,811 | — | 155,759,293 | — | 144,394,069 | — | |||||||||||
Conversion of preferred stock | — | — | — | — | 12,084,942 | — | |||||||||||
Redemption of preferred stock | — | — | — | — | 7,437 | — | |||||||||||
Stock option exercises | 3,751,825 | — | 842,342 | — | 800,347 | — | |||||||||||
Purchases of treasury stock | (1,065,542 | ) | — | (652,016 | ) | — | (1,667,592 | ) | — | ||||||||
Stock awards | 492,307 | — | 514,192 | — | 140,090 | — | |||||||||||
Balance as of the end of the period | 159,642,401 | — | 156,463,811 | — | 155,759,293 | — | |||||||||||
Treasury Stock | |||||||||||||||||
Balance as of the beginning of the period | 22,921,294 | (860 | ) | 22,269,278 | (829 | ) | 20,601,686 | (781 | ) | ||||||||
Purchases of treasury stock, including related fees | 1,065,542 | (45 | ) | 652,016 | (31 | ) | 1,667,592 | (48 | ) | ||||||||
Balance as of the end of the period | 23,986,836 | (905 | ) | 22,921,294 | (860 | ) | 22,269,278 | (829 | ) | ||||||||
Additional Paid-In Capital | |||||||||||||||||
Balance as of the beginning of the period | 627 | 574 | 522 | ||||||||||||||
Stock-based compensation, net of tax | 12 | 17 | 19 | ||||||||||||||
Stock option exercises, net of tax | 92 | 36 | 33 | ||||||||||||||
Balance as of the end of the period | 731 | 627 | 574 | ||||||||||||||
Retained Earnings | |||||||||||||||||
Balance as of the beginning of the period | 1,664 | 1,271 | 990 | ||||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 372 | 427 | 312 | ||||||||||||||
Series A common stock dividends | (43 | ) | (34 | ) | (28 | ) | |||||||||||
Preferred stock dividends | — | — | (3 | ) | |||||||||||||
Balance as of the end of the period | 1,993 | 1,664 | 1,271 | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net | |||||||||||||||||
Balance as of the beginning of the period | (90 | ) | (90 | ) | (145 | ) | |||||||||||
Other comprehensive income (loss), net of tax | 1 | — | 55 | ||||||||||||||
Balance as of the end of the period | (89 | ) | (90 | ) | (90 | ) | |||||||||||
Total Celanese Corporation stockholders’ equity | 1,730 | 1,341 | 926 | ||||||||||||||
Noncontrolling Interests | |||||||||||||||||
Balance as of the beginning of the period | — | — | — | ||||||||||||||
Net earnings (loss) attributable to noncontrolling interests | — | — | — | ||||||||||||||
Balance as of the end of the period | — | — | — | ||||||||||||||
Total equity | 1,730 | 1,341 | 926 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
As Adjusted (Note 2) | ||||||||
(In $ millions) | ||||||||
Operating Activities | ||||||||
Net earnings (loss) | 372 | 427 | 312 | |||||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | ||||||||
Other charges (gains), net of amounts used | (12 | ) | (6 | ) | (5 | ) | ||
Depreciation, amortization and accretion | 320 | 311 | 300 | |||||
Pension and postretirement benefit expense | 9 | 30 | 59 | |||||
Pension and postretirement contributions | (288 | ) | (209 | ) | (81 | ) | ||
Actuarial (gain) loss on pension and postretirement plans | 389 | 306 | 84 | |||||
Deferred income taxes, net | (175 | ) | (15 | ) | (24 | ) | ||
(Gain) loss on disposition of businesses and assets, net | 3 | 1 | (8 | ) | ||||
Refinancing expense | 3 | 3 | 16 | |||||
Other, net | 53 | 56 | 11 | |||||
Operating cash provided by (used in) discontinued operations | 2 | (9 | ) | 8 | ||||
Changes in operating assets and liabilities | ||||||||
Trade receivables - third party and affiliates, net | 50 | (83 | ) | (90 | ) | |||
Inventories | 6 | (112 | ) | (98 | ) | |||
Other assets | 9 | 17 | 9 | |||||
Trade payables - third party and affiliates | 5 | 22 | 19 | |||||
Other liabilities | (24 | ) | (101 | ) | (60 | ) | ||
Net cash provided by (used in) operating activities | 722 | 638 | 452 | |||||
Investing Activities | ||||||||
Capital expenditures on property, plant and equipment | (361 | ) | (349 | ) | (201 | ) | ||
Acquisitions, net of cash acquired | (23 | ) | (8 | ) | (46 | ) | ||
Proceeds from sale of businesses and assets, net | 1 | 6 | 26 | |||||
Deferred proceeds from Kelsterbach plant relocation | — | 159 | — | |||||
Capital expenditures related to Kelsterbach plant relocation | (49 | ) | (204 | ) | (312 | ) | ||
Proceeds from sale of marketable securities | — | — | — | |||||
Other, net | (68 | ) | (45 | ) | (27 | ) | ||
Net cash provided by (used in) investing activities | (500 | ) | (441 | ) | (560 | ) | ||
Financing Activities | ||||||||
Short-term borrowings (repayments), net | 2 | (13 | ) | (31 | ) | |||
Proceeds from short-term borrowings | 71 | 70 | 70 | |||||
Repayments of short-term borrowings | (71 | ) | (73 | ) | (55 | ) | ||
Proceeds from long-term debt | 550 | 411 | 600 | |||||
Repayments of long-term debt | (489 | ) | (591 | ) | (897 | ) | ||
Refinancing costs | (9 | ) | (8 | ) | (24 | ) | ||
Purchases of treasury stock, including related fees | (45 | ) | (31 | ) | (48 | ) | ||
Stock option exercises | 62 | 20 | 14 | |||||
Series A common stock dividends | (43 | ) | (34 | ) | (28 | ) | ||
Preferred stock dividends | — | — | (3 | ) | ||||
Other, net | 21 | (4 | ) | 14 | ||||
Net cash provided by (used in) financing activities | 49 | (253 | ) | (388 | ) | |||
Exchange rate effects on cash and cash equivalents | 6 | (2 | ) | (18 | ) | |||
Net increase (decrease) in cash and cash equivalents | 277 | (58 | ) | (514 | ) | |||
Cash and cash equivalents as of beginning of period | 682 | 740 | 1,254 | |||||
Cash and cash equivalents as of end of period | 959 | 682 | 740 |
• | Consolidation principles |
• | Estimates and assumptions |
• | Change in accounting policy regarding pension and other postretirement benefits |
Year Ended December 31, 2012 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except per share data) | ||||||||
Cost of sales | (5,226 | ) | (11 | ) | (5,237 | ) | ||
Gross profit | 1,192 | (11 | ) | 1,181 | ||||
Selling, general and administrative expenses | (507 | ) | (323 | ) | (830 | ) | ||
Research and development expenses | (102 | ) | (2 | ) | (104 | ) | ||
Operating profit (loss) | 511 | (336 | ) | 175 | ||||
Earnings (loss) from continuing operations before tax | 657 | (336 | ) | 321 | ||||
Income tax (provision) benefit | (48 | ) | 103 | 55 | ||||
Earnings (loss) from continuing operations | 609 | (233 | ) | 376 | ||||
Net earnings (loss) | 605 | (233 | ) | 372 | ||||
Net earnings (loss) attributable to Celanese Corporation | 605 | (233 | ) | 372 | ||||
Net earnings (loss) available to common stockholders | 605 | (233 | ) | 372 | ||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 3.84 | (1.47 | ) | 2.37 | ||||
Discontinued operations | (0.02 | ) | — | (0.02 | ) | |||
Net earnings (loss) - basic | 3.82 | (1.47 | ) | 2.35 | ||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 3.81 | (1.46 | ) | 2.35 | ||||
Discontinued operations | (0.02 | ) | — | (0.02 | ) | |||
Net earnings (loss) - diluted | 3.79 | (1.46 | ) | 2.33 |
Year Ended December 31, 2011 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except per share data) | ||||||||
Cost of sales | (5,329 | ) | (17 | ) | (5,346 | ) | ||
Gross profit | 1,434 | (17 | ) | 1,417 | ||||
Selling, general and administrative expenses | (536 | ) | (269 | ) | (805 | ) | ||
Research and development expenses | (96 | ) | (2 | ) | (98 | ) | ||
Operating profit (loss) | 690 | (288 | ) | 402 | ||||
Earnings (loss) from continuing operations before tax | 755 | (288 | ) | 467 | ||||
Income tax (provision) benefit | (149 | ) | 108 | (41 | ) | |||
Earnings (loss) from continuing operations | 606 | (180 | ) | 426 | ||||
Net earnings (loss) | 607 | (180 | ) | 427 | ||||
Net earnings (loss) attributable to Celanese Corporation | 607 | (180 | ) | 427 | ||||
Net earnings (loss) available to common stockholders | 607 | (180 | ) | 427 | ||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 3.88 | (1.16 | ) | 2.72 | ||||
Discontinued operations | 0.01 | — | 0.01 | |||||
Net earnings (loss) - basic | 3.89 | (1.16 | ) | 2.73 | ||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 3.81 | (1.13 | ) | 2.68 | ||||
Discontinued operations | 0.01 | — | 0.01 | |||||
Net earnings (loss) - diluted | 3.82 | (1.13 | ) | 2.69 |
Year Ended December 31, 2010 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions, except per share data) | ||||||||
Cost of sales | (4,738 | ) | (12 | ) | (4,750 | ) | ||
Gross profit | 1,180 | (12 | ) | 1,168 | ||||
Selling, general and administrative expenses | (505 | ) | (93 | ) | (598 | ) | ||
Research and development expenses | (70 | ) | — | (70 | ) | |||
Operating profit (loss) | 503 | (105 | ) | 398 | ||||
Earnings (loss) from continuing operations before tax | 538 | (105 | ) | 433 | ||||
Income tax (provision) benefit | (112 | ) | 40 | (72 | ) | |||
Earnings (loss) from continuing operations | 426 | (65 | ) | 361 | ||||
Net earnings (loss) | 377 | (65 | ) | 312 | ||||
Net earnings (loss) attributable to Celanese Corporation | 377 | (65 | ) | 312 | ||||
Net earnings (loss) available to common stockholders | 374 | (65 | ) | 309 | ||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | 2.73 | (0.42 | ) | 2.31 | ||||
Discontinued operations | (0.31 | ) | — | (0.31 | ) | |||
Net earnings (loss) - basic | 2.42 | (0.42 | ) | 2.00 | ||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | 2.69 | (0.41 | ) | 2.28 | ||||
Discontinued operations | (0.31 | ) | — | (0.31 | ) | |||
Net earnings (loss) - diluted | 2.38 | (0.41 | ) | 1.97 |
Year Ended December 31, 2012 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions) | ||||||||
Net earnings (loss) | 605 | (233 | ) | 372 | ||||
Pension and postretirement benefits | (244 | ) | 233 | (11 | ) | |||
Total other comprehensive income (loss), net of tax | (232 | ) | 233 | 1 |
Year Ended December 31, 2011 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions) | ||||||||
Net earnings (loss) | 607 | (180 | ) | 427 | ||||
Pension and postretirement benefits | (180 | ) | 180 | — | ||||
Total other comprehensive income (loss), net of tax | (180 | ) | 180 | — |
Year Ended December 31, 2010 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions) | ||||||||
Net earnings (loss) | 377 | (65 | ) | 312 | ||||
Pension and postretirement benefits | (63 | ) | 65 | 2 | ||||
Total other comprehensive income (loss), net of tax | (10 | ) | 65 | 55 |
As of December 31, 2012 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions) | ||||||||
Retained earnings | 2,986 | (993 | ) | 1,993 | ||||
Accumulated other comprehensive income (loss), net | (1,082 | ) | 993 | (89 | ) |
As of December 31, 2011 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions) | ||||||||
Retained earnings | 2,424 | (760 | ) | 1,664 | ||||
Accumulated other comprehensive income (loss), net | (850 | ) | 760 | (90 | ) |
2012 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions) | ||||||||
Retained earnings as of the beginning of the period | 2,424 | (760 | ) | 1,664 | ||||
Net earnings (loss) attributable to Celanese Corporation | 605 | (233 | ) | 372 | ||||
Retained earnings as of the end of the period | 2,986 | (993 | ) | 1,993 | ||||
Accumulated other comprehensive income (loss), net as of the beginning of the period | (850 | ) | 760 | (90 | ) | |||
Other comprehensive income (loss), net of tax | (232 | ) | 233 | 1 | ||||
Accumulated other comprehensive income (loss), net as of the end of the period | (1,082 | ) | 993 | (89 | ) |
2011 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions) | ||||||||
Retained earnings as of the beginning of the period | 1,851 | (580 | ) | 1,271 | ||||
Net earnings (loss) attributable to Celanese Corporation | 607 | (180 | ) | 427 | ||||
Retained earnings as of the end of the period | 2,424 | (760 | ) | 1,664 | ||||
Accumulated other comprehensive income (loss), net as of the beginning of the period | (670 | ) | 580 | (90 | ) | |||
Other comprehensive income (loss), net of tax | (180 | ) | 180 | — | ||||
Accumulated other comprehensive income (loss), net as of the end of the period | (850 | ) | 760 | (90 | ) |
2010 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions) | ||||||||
Retained earnings as of the beginning of the period | 1,505 | (515 | ) | 990 | ||||
Net earnings (loss) attributable to Celanese Corporation | 377 | (65 | ) | 312 | ||||
Retained earnings as of the end of the period | 1,851 | (580 | ) | 1,271 | ||||
Accumulated other comprehensive income (loss), net as of the beginning of the period | (660 | ) | 515 | (145 | ) | |||
Other comprehensive income (loss), net of tax | (10 | ) | 65 | 55 | ||||
Accumulated other comprehensive income (loss), net as of the end of the period | (670 | ) | 580 | (90 | ) |
Year Ended December 31, 2012 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions) | ||||||||
Net earnings (loss) | 605 | (233 | ) | 372 | ||||
Pension and postretirement benefit expense | — | 9 | 9 | |||||
Pension and postretirement contributions | — | (288 | ) | (288 | ) | |||
Actuarial (gain) loss on pension and postretirement plans | — | 389 | 389 | |||||
Deferred income taxes, net | (73 | ) | (102 | ) | (175 | ) | ||
Other liabilities | (249 | ) | 225 | (24 | ) |
Year Ended December 31, 2011 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions) | ||||||||
Net earnings (loss) | 607 | (180 | ) | 427 | ||||
Pension and postretirement benefit expense | — | 30 | 30 | |||||
Pension and postretirement contributions | — | (209 | ) | (209 | ) | |||
Actuarial (gain) loss on pension and postretirement plans | — | 306 | 306 | |||||
Deferred income taxes, net | 93 | (108 | ) | (15 | ) | |||
Other liabilities | (262 | ) | 161 | (101 | ) |
Year Ended December 31, 2010 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions) | ||||||||
Net earnings (loss) | 377 | (65 | ) | 312 | ||||
Pension and postretirement benefit expense | — | 59 | 59 | |||||
Pension and postretirement contributions | — | (81 | ) | (81 | ) | |||
Actuarial (gain) loss on pension and postretirement plans | — | 84 | 84 | |||||
Deferred income taxes, net | 15 | (39 | ) | (24 | ) | |||
Other liabilities | (102 | ) | 42 | (60 | ) |
Year Ended December 31, 2012 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions) | ||||||||
Operating Profit (Loss) | ||||||||
Advanced Engineered Materials | 86 | 9 | 95 | |||||
Consumer Specialties | 244 | 7 | 251 | |||||
Industrial Specialties | 82 | 4 | 86 | |||||
Acetyl Intermediates | 263 | 6 | 269 | |||||
Other Activities | (164 | ) | (362 | ) | (526 | ) | ||
Total | 511 | (336 | ) | 175 |
Year Ended December 31, 2011 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions) | ||||||||
Operating Profit (Loss) | ||||||||
Advanced Engineered Materials | 76 | 3 | 79 | |||||
Consumer Specialties | 227 | 2 | 229 | |||||
Industrial Specialties | 100 | 2 | 102 | |||||
Acetyl Intermediates | 459 | (1 | ) | 458 | ||||
Other Activities | (172 | ) | (294 | ) | (466 | ) | ||
Total | 690 | (288 | ) | 402 |
Year Ended December 31, 2010 | ||||||||
As Previously Reported | Effect of Change | As Adjusted | ||||||
(In $ millions) | ||||||||
Operating Profit (Loss) | ||||||||
Advanced Engineered Materials | 186 | (4 | ) | 182 | ||||
Consumer Specialties | 164 | (1 | ) | 163 | ||||
Industrial Specialties | 89 | — | 89 | |||||
Acetyl Intermediates | 243 | (6 | ) | 237 | ||||
Other Activities | (179 | ) | (94 | ) | (273 | ) | ||
Total | 503 | (105 | ) | 398 |
• | Cash and cash equivalents |
• | Inventories |
• | Investments in marketable securities |
• | Investments in affiliates |
• | Property, plant and equipment, net |
Land improvements | 20 years |
Buildings and improvements | 30 years |
Machinery and equipment | 20 years |
• | Goodwill and other intangible assets |
• | Financial instruments |
• | Concentrations of credit risk |
• | Allowance for doubtful accounts |
• | Deferred financing costs |
• | Environmental liabilities |
• | Legal fees |
• | Revenue recognition |
• | Research and development |
• | Insurance loss reserves |
• | Income taxes |
• | Functional and reporting currencies |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Employee termination benefits | (5 | ) | (4 | ) | (15 | ) | ||
Asset impairments | (8 | ) | — | (72 | ) | |||
Total exit costs recorded to Other (charges) gains, net | (13 | ) | (4 | ) | (87 | ) | ||
Accelerated depreciation | (6 | ) | (7 | ) | (6 | ) | ||
Other | (5 | ) | (3 | ) | — | |||
Total plant shutdown costs | (11 | ) | (10 | ) | (6 | ) |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Employee termination benefits | (2 | ) | (4 | ) | (6 | ) | ||
Asset impairments | — | — | (1 | ) | ||||
Contract termination costs | — | — | (3 | ) | ||||
Reindustrialization costs | — | — | (3 | ) | ||||
Other | — | — | 1 | |||||
Total exit costs recorded to Other (charges) gains, net | (2 | ) | (4 | ) | (12 | ) | ||
Gain (loss) on disposition of assets, net | — | 1 | — | |||||
Inventory write-offs | — | — | (4 | ) | ||||
Accelerated depreciation | — | — | — | |||||
Other | (8 | ) | (4 | ) | (8 | ) | ||
Total plant shutdown costs | (8 | ) | (3 | ) | (12 | ) |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Realized gain on sale of securities | — | — | 8 | |||||
Realized loss on sale of securities | — | — | — | |||||
Net realized gain (loss) on sale of securities | — | — | 8 |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Mutual Funds | |||||
Cost basis | 53 | 64 | |||
Gross unrealized gain | — | — | |||
Gross unrealized loss | — | — | |||
Fair value | 53 | 64 |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Trade receivables - third party and affiliates | 836 | 880 | |||
Allowance for doubtful accounts - third party and affiliates | (9 | ) | (9 | ) | |
Trade receivables - third party and affiliates, net | 827 | 871 |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Non-income taxes receivable | 80 | 82 | |||
Reinsurance receivables | 22 | 24 | |||
Income taxes receivable | 53 | 66 | |||
Other | 55 | 64 | |||
Allowance for doubtful accounts - other | (1 | ) | (1 | ) | |
Non-trade receivables, net | 209 | 235 |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Finished goods | 514 | 511 | |||
Work-in-process | 42 | 38 | |||
Raw materials and supplies | 155 | 163 | |||
Total | 711 | 712 |
Ownership Percentage as of | Carrying Value as of | Share of Earnings (Loss) Year Ended | Dividends and Other Distributions Year Ended | ||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2010 | 2012 | 2011 | 2010 | ||||||||||||||||||
(In percentages) | (In $ millions) | ||||||||||||||||||||||||||
Advanced Engineered Materials | |||||||||||||||||||||||||||
Ibn Sina | 25 | 25 | 55 | 54 | 130 | 112 | 81 | (126 | ) | (111 | ) | (84 | ) | ||||||||||||||
Fortron Industries LLC | 50 | 50 | 92 | 87 | 9 | 7 | 5 | (3 | ) | — | — | ||||||||||||||||
Korea Engineering Plastics Co., Ltd. | 50 | 50 | 153 | 150 | 19 | 23 | 20 | (23 | ) | (22 | ) | (20 | ) | ||||||||||||||
Polyplastics Co., Ltd.(3) | 45 | 45 | 138 | 202 | 32 | 19 | 37 | (81 | ) | (45 | ) | (10 | ) | ||||||||||||||
Una SA(1) | — | — | — | — | — | — | 1 | — | (3 | ) | — | ||||||||||||||||
Other Activities | |||||||||||||||||||||||||||
InfraServ GmbH & Co. Gendorf KG | 39 | 39 | 36 | 33 | 9 | 10 | 4 | (7 | ) | (3 | ) | (2 | ) | ||||||||||||||
InfraServ GmbH & Co. Hoechst KG(4) | 32 | 32 | 143 | 125 | 38 | 16 | 16 | (18 | ) | (16 | ) | (18 | ) | ||||||||||||||
InfraServ GmbH & Co. Knapsack KG | 27 | 27 | 22 | 21 | 5 | 5 | 4 | (4 | ) | (5 | ) | (4 | ) | ||||||||||||||
Consumer Specialties | |||||||||||||||||||||||||||
Sherbrooke Capital Health and Wellness, L.P.(2) | 10 | 10 | 5 | 5 | — | — | — | — | — | — | |||||||||||||||||
Total | 644 | 677 | 242 | 192 | 168 | (262 | ) | (205 | ) | (138 | ) |
(1) | The Company divested this investment in March 2011. |
(2) | The Company accounts for its ownership interest in Sherbrooke Capital Health and Wellness, L.P. under the equity method of accounting because the Company is able to exercise significant influence. |
(3) | During the year ended December 31, 2012, the Company amended its existing joint venture and other related agreements with Polyplastics Co., Ltd. The amended agreements, among other items, modified certain dividend rights, resulting in a net cash dividend payment to the Company of $72 million during the three months ended March 31, 2012. |
(4) | InfraServ GmbH & Co. Hoechst KG is owned primarily by an entity included in the Company's Other Activities. The Company's Consumer Specialties segment and Acetyl Intermediates segment also each hold an ownership percentage. During the year ended December 31, 2012, a subsidiary of InfraServ GmbH & Co. Hoechst KG restructured its debt resulting in additional net earnings of affiliates of $22 million attributable to the Company. |
As of September 30, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Current assets | 379 | 350 | |||
Noncurrent assets | 205 | 210 | |||
Current liabilities | 172 | 162 | |||
Noncurrent liabilities | 56 | 41 |
Twelve Months Ended September 30, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Revenues | 1,328 | 1,204 | 923 | |||||
Gross profit | 659 | 546 | 403 | |||||
Net income | 582 | 481 | 357 |
Ownership Percentage as of | Carrying Value as of | Dividend Income for the Year Ended | ||||||||||||||||
December 31, | December 31, | December 31, | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2010 | ||||||||||||
(In percentages) | (In $ millions) | |||||||||||||||||
Consumer Specialties | ||||||||||||||||||
Kunming Cellulose Fibers Co. Ltd. | 30 | 30 | 14 | 14 | 13 | 12 | 11 | |||||||||||
Nantong Cellulose Fibers Co. Ltd. | 31 | 31 | 106 | 97 | 59 | 56 | 51 | |||||||||||
Zhuhai Cellulose Fibers Co. Ltd. | 30 | 30 | 14 | 14 | 11 | 10 | 9 | |||||||||||
Other Activities | ||||||||||||||||||
InfraServ GmbH & Co. Wiesbaden KG | 8 | 8 | 6 | 6 | 2 | 2 | 2 | |||||||||||
Other | 16 | 16 | — | — | — | |||||||||||||
Total | 156 | 147 | 85 | 80 | 73 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Purchases | 163 | 190 | 169 | |||||
Sales | 1 | 10 | 8 | |||||
Interest income | — | 1 | 1 |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Non-trade receivables | 11 | 15 | |||
Total due from affiliates | 11 | 15 | |||
Short-term borrowings | 36 | 34 | |||
Trade payables | 9 | 4 | |||
Current Other liabilities | 6 | 8 | |||
Total due to affiliates | 51 | 46 |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Land | 49 | 56 | |||
Land improvements | 45 | 41 | |||
Buildings and building improvements | 675 | 636 | |||
Machinery and equipment | 3,760 | 3,514 | |||
Construction in progress | 327 | 338 | |||
Gross asset value | 4,856 | 4,585 | |||
Accumulated depreciation | (1,506 | ) | (1,316 | ) | |
Net book value | 3,350 | 3,269 |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Buildings | 34 | 33 | |||
Machinery and equipment | 290 | 274 | |||
Accumulated depreciation | (122 | ) | (96 | ) | |
Net book value | 202 | 211 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Capitalized interest | 7 | 4 | 2 | |||||
Depreciation expense | 261 | 232 | 195 |
Advanced Engineered Materials | Consumer Specialties | Industrial Specialties | Acetyl Intermediates | Total | ||||||||||
(In $ millions) | ||||||||||||||
As of December 31, 2010 | ||||||||||||||
Goodwill | 299 | 249 | 35 | 191 | 774 | |||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||
Net book value | 299 | 249 | 35 | 191 | 774 | |||||||||
Acquisitions (Note 4) | — | — | 1 | — | 1 | |||||||||
Exchange rate changes | (5 | ) | (3 | ) | (1 | ) | (6 | ) | (15 | ) | ||||
As of December 31, 2011 | ||||||||||||||
Goodwill | 294 | 246 | 35 | 185 | 760 | |||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||
Net book value | 294 | 246 | 35 | 185 | 760 | |||||||||
Acquisitions (Note 4) | — | — | 7 | — | 7 | |||||||||
Exchange rate changes | 3 | 3 | — | 4 | 10 | |||||||||
As of December 31, 2012 | ||||||||||||||
Goodwill | 297 | 249 | 42 | 189 | 777 | |||||||||
Accumulated impairment losses | — | — | — | — | — | |||||||||
Net book value | 297 | 249 | 42 | 189 | 777 |
Licenses | Customer- Related Intangible Assets | Developed Technology | Covenants Not to Compete and Other | Total | |||||||||||
(In $ millions) | |||||||||||||||
Gross Asset Value | |||||||||||||||
As of December 31, 2010 | 30 | 526 | 20 | 25 | 601 | ||||||||||
Acquisitions (Note 4) | — | — | 7 | — | 7 | ||||||||||
Exchange rate changes | 2 | (13 | ) | — | (1 | ) | (12 | ) | |||||||
As of December 31, 2011 | 32 | 513 | 27 | 24 | 596 | ||||||||||
Acquisitions (Note 4) | — | 4 | 3 | 8 | 15 | (1) | |||||||||
Exchange rate changes | — | 8 | — | — | 8 | ||||||||||
As of December 31, 2012 | 32 | 525 | 30 | 32 | 619 | ||||||||||
Accumulated Amortization | |||||||||||||||
As of December 31, 2010 | (10 | ) | (395 | ) | (11 | ) | (14 | ) | (430 | ) | |||||
Amortization | (3 | ) | (52 | ) | (3 | ) | (4 | ) | (62 | ) | |||||
Exchange rate changes | — | 14 | — | — | 14 | ||||||||||
As of December 31, 2011 | (13 | ) | (433 | ) | (14 | ) | (18 | ) | (478 | ) | |||||
Amortization | (3 | ) | (40 | ) | (3 | ) | (5 | ) | (51 | ) | |||||
Exchange rate changes | — | (7 | ) | — | — | (7 | ) | ||||||||
As of December 31, 2012 | (16 | ) | (480 | ) | (17 | ) | (23 | ) | (536 | ) | |||||
Net book value | 16 | 45 | 13 | 9 | 83 |
(1) | Weighted average amortization period of intangible assets acquired was 8 years. |
(In $ millions) | ||
2013 | 32 | |
2014 | 21 | |
2015 | 10 | |
2016 | 7 | |
2017 | 6 |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Salaries and benefits | 74 | 101 | |||
Environmental (Note 15) | 21 | 25 | |||
Restructuring (Note 17) | 30 | 44 | |||
Insurance | 15 | 19 | |||
Asset retirement obligations | 38 | 22 | |||
Derivatives (Note 21) | 23 | 26 | |||
Current portion of benefit obligations (Note 14) | 47 | 47 | |||
Interest | 23 | 25 | |||
Sales and use tax/foreign withholding tax payable | 17 | 16 | |||
Uncertain tax positions (Note 18) | 65 | 70 | |||
Customer rebates | 44 | 55 | |||
Other | 78 | 89 | |||
Total | 475 | 539 |
(1) | Primarily relates to proceeds received from the Frankfurt, Germany Airport as part of a settlement for the Company to cease operations and sell its Kelsterbach, Germany manufacturing site, included in the Advanced Engineered Materials segment (Note 27). Such proceeds will be deferred until the transfer of title to the Frankfurt, Germany Airport. |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Balance at beginning of year | 64 | 77 | 67 | |||||
Additions(1) | 3 | — | — | |||||
Accretion | 3 | 3 | 3 | |||||
Payments | (12 | ) | (10 | ) | (15 | ) | ||
Revisions to cash flow estimates(2) | 5 | (5 | ) | 23 | ||||
Exchange rate changes | 1 | (1 | ) | (1 | ) | |||
Balance at end of year | 64 | 64 | 77 |
(1) | Primarily relates to sites which management no longer considers to have an indeterminate life. |
(2) | Primarily relates to revisions to the estimated cost of future plant closures. |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||||
Current installments of long-term debt | 60 | 38 | |||
Short-term borrowings, including amounts due to affiliates | 108 | 106 | |||
Total | 168 | 144 |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Long-Term Debt | |||||
Senior credit facilities - Term C loan due 2016 | 977 | 1,386 | |||
Senior unsecured notes due 2018, interest rate of 6.625% | 600 | 600 | |||
Senior unsecured notes due 2021, interest rate of 5.875% | 400 | 400 | |||
Senior unsecured notes due 2022, interest rate of 4.625% | 500 | — | |||
Credit-linked revolving facility due 2014, interest rate of 1.8% | 50 | — | |||
Pollution control and industrial revenue bonds, interest rates ranging from 5.7% to 6.7%, due at various dates through 2030 | 182 | 182 | |||
Obligations under capital leases due at various dates through 2054 | 244 | 248 | |||
Other bank obligations due 2017, interest rate of 5.9% | 37 | 95 | |||
Subtotal | 2,990 | 2,911 | |||
Current installments of long-term debt | (60 | ) | (38 | ) | |
Total | 2,930 | 2,873 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Interest expense | 4 | 4 | 7 |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Noncurrent Other assets | 30 | 28 |
As of December 31, 2012 | |||||
Estimated Total Net Leverage Ratio | Estimated Margin | ||||
Credit-linked revolving facility | 1.60 | 1.50 | % | ||
Term C | 1.60 | 2.75 | % |
Credit-Linked Revolving Facility | Term C Loan Facility | |||||
Total Net Leverage Ratio | Margin over LIBOR or EURIBOR | Total Net Leverage Ratio | Margin over LIBOR or EURIBOR | |||
< = 2.25 | 1.50 % | < = 1.75 | 2.75 % | |||
> 2.25 | 1.75 % | > 1.75 and < = 2.25 | 3.00 % | |||
> 2.25 | 3.25 % |
As of December 31, 2012 | |||||||||||
First Lien Senior Secured Leverage Ratio | |||||||||||
Estimate, if Fully Drawn | Borrowing Capacity | ||||||||||
Maximum | Estimate | ||||||||||
(In $ millions) | |||||||||||
Revolving credit facility | 3.90 | 0.88 | 1.37 | 600 |
As of December 31, 2012 | ||
(In $ millions) | ||
Revolving Credit Facility | ||
Borrowings outstanding | — | |
Letters of credit issued | — | |
Available for borrowing | 600 | |
Credit-Linked Revolving Facility | ||
Borrowings outstanding | 50 | |
Letters of credit issued | 70 | |
Available for borrowing | 108 |
(In $ millions) | ||
2013 | 168 | |
2014 | 73 | |
2015 | 23 | |
2016 | 962 | |
2017 | 17 | |
Thereafter | 1,855 | |
Total | 3,098 |
• | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. |
• | If a participating employer stops contributing to the plan, any underfunding may be borne by the remaining participants, especially since regulations strictly enforce funding requirements. |
• | If the Company chooses to stop participating in the multiemployer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as the withdrawal liability. |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Defined contribution plans | 17 | 15 | 14 | |||||
Multiemployer pension plan | 6 | 6 | 6 |
Pension Benefits | Postretirement Benefits | ||||||||||
As of December 31, | As of December 31, | ||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||
As Adjusted (Note 2) | |||||||||||
(In $ millions) | |||||||||||
Change in Projected Benefit Obligation | |||||||||||
Projected benefit obligation as of beginning of period | 3,761 | 3,533 | 281 | 282 | |||||||
Service cost | 28 | 28 | 1 | 1 | |||||||
Interest cost | 170 | 182 | 11 | 13 | |||||||
Participant contributions | — | — | 22 | 21 | |||||||
Plan amendments | — | (3 | ) | 4 | — | ||||||
Net actuarial (gain) loss(1) | 466 | 274 | 12 | 13 | |||||||
Settlements | — | (1 | ) | — | — | ||||||
Benefits paid | (242 | ) | (236 | ) | (46 | ) | (53 | ) | |||
Federal subsidy on Medicare Part D | — | — | 6 | 4 | |||||||
Curtailments | — | (1 | ) | — | — | ||||||
Exchange rate changes | 16 | (15 | ) | 1 | — | ||||||
Projected benefit obligation as of end of period | 4,199 | 3,761 | 292 | 281 | |||||||
Change in Plan Assets | |||||||||||
Fair value of plan assets as of beginning of period | 2,562 | 2,460 | — | — | |||||||
Actual return on plan assets | 294 | 169 | — | — | |||||||
Employer contributions | 270 | 181 | 24 | 32 | |||||||
Participant contributions | — | — | 22 | 21 | |||||||
Settlements | — | — | — | — | |||||||
Benefits paid(4) | (242 | ) | (236 | ) | (46 | ) | (53 | ) | |||
Exchange rate changes | 12 | (12 | ) | — | — | ||||||
Fair value of plan assets as of end of period | 2,896 | 2,562 | — | — | |||||||
Funded status as of end of period | (1,303 | ) | (1,199 | ) | (292 | ) | (281 | ) | |||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||||||||||
Noncurrent Other assets | 26 | 27 | — | — | |||||||
Current Other liabilities | (23 | ) | (22 | ) | (24 | ) | (25 | ) | |||
Benefit obligations | (1,306 | ) | (1,204 | ) | (268 | ) | (256 | ) | |||
Net amount recognized | (1,303 | ) | (1,199 | ) | (292 | ) | (281 | ) | |||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | |||||||||||
Net actuarial (gain) loss(2) | 9 | (1 | ) | — | — | ||||||
Prior service (benefit) cost(3) | 6 | 7 | 4 | 1 | |||||||
Net amount recognized | 15 | 6 | 4 | 1 |
(1) | Primarily relates to change in discount rates. |
(2) | Relates to the pension plans of the Company's equity method investments. |
(3) | Amount shown net of an income tax benefit of $4 million and $3 million as of December 31, 2012 and 2011, respectively, in the consolidated statements of equity (Note 16). |
(4) | Includes benefit payments to nonqualified pension plans of $22 million and $22 million as of December 31, 2012 and 2011, respectively. |
Pension Benefits | Postretirement Benefits | ||||||
As of December 31, | As of December 31, | ||||||
2012 | 2011 | 2012 | 2011 | ||||
(In percentages) | |||||||
US plans | 84 | 86 | 88 | 88 | |||
International plans | 16 | 14 | 12 | 12 | |||
Total | 100 | 100 | 100 | 100 |
Pension Benefits | |||
As of December 31, | |||
2012 | 2011 | ||
(In percentages) | |||
US plans | 83 | 82 | |
International plans | 17 | 18 | |
Total | 100 | 100 |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Projected benefit obligation | 3,986 | 3,540 | |||
Fair value of plan assets | 2,657 | 2,314 |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Accumulated benefit obligation | 3,881 | 3,468 | |||
Fair value of plan assets | 2,654 | 2,300 |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Accumulated benefit obligation | 4,096 | 3,697 |
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | ||||||||||||
As Adjusted (Note 2) | |||||||||||||||||
(In $ millions) | |||||||||||||||||
Service cost | 28 | 28 | 30 | 1 | 1 | 1 | |||||||||||
Interest cost | 170 | 182 | 188 | 11 | 13 | 15 | |||||||||||
Expected return on plan assets | (204 | ) | (195 | ) | (176 | ) | — | — | — | ||||||||
Amortization of prior service cost | 2 | 1 | 1 | 1 | — | — | |||||||||||
Recognized actuarial (gain) loss | 377 | 293 | 74 | 12 | 13 | 10 | |||||||||||
Curtailment (gain) loss | — | — | — | — | — | — | |||||||||||
Settlement (gain) loss | — | — | — | — | — | — | |||||||||||
Special termination benefits | — | — | — | — | — | — | |||||||||||
Total | 373 | 309 | 117 | 25 | 27 | 26 |
Pension Benefits | Postretirement Benefits | ||||
(In $ millions) | |||||
Prior service cost | 1 | — |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Nonqualified Trust Assets | |||||
Marketable securities, at fair value | 53 | 64 | |||
Noncurrent Other assets, consisting of insurance contracts | 66 | 69 | |||
Nonqualified Pension Obligations | |||||
Current Other liabilities | 22 | 21 | |||
Benefit obligations | 264 | 248 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Total | 17 | 18 | 18 |
Pension Benefits | Postretirement Benefits | ||||||
As of December 31, | As of December 31, | ||||||
2012 | 2011 | 2012 | 2011 | ||||
(In percentages) | |||||||
Discount Rate Obligations | |||||||
US plans | 3.80 | 4.60 | 3.40 | 4.30 | |||
International plans | 3.55 | 4.70 | 3.82 | 4.10 | |||
Combined | 3.77 | 4.61 | 3.45 | 4.28 | |||
Rate of Compensation Increase | |||||||
US plans | 4.00 | 4.00 | |||||
International plans | 2.85 | 2.63 | |||||
Combined | 3.81 | 3.58 |
Pension Benefits | Postretirement Benefits | ||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | ||||||
(In percentages) | |||||||||||
Discount Rate Obligations | |||||||||||
US plans | 4.60 | 5.30 | 5.90 | 4.30 | 4.90 | 5.50 | |||||
International plans | 4.70 | 5.05 | 5.41 | 4.04 | 4.95 | 5.49 | |||||
Combined | 4.61 | 5.26 | 5.83 | 4.27 | 4.91 | 5.50 | |||||
Expected Return on Plan Assets | |||||||||||
US plans | 8.50 | 8.50 | 8.50 | ||||||||
International plans | 6.00 | 6.00 | 6.07 | ||||||||
Combined | 8.06 | 8.06 | 8.06 | ||||||||
Rate of Compensation Increase | |||||||||||
US plans | 4.00 | 4.00 | 4.00 | ||||||||
International plans | 2.88 | 2.66 | 2.94 | ||||||||
Combined | 3.84 | 3.58 | 3.84 |
Trend Rate Change | |||||
Decreases 1% | Increases 1% | ||||
(In $ millions) | |||||
Postretirement obligations | 5 | 6 | |||
Service and interest cost | — | — |
US Plans | International Plans | ||
(In percentages) | |||
Bonds - domestic to plans | 53 | 81 | |
Equities - domestic to plans | 26 | 13 | |
Equities - international to plans | 20 | 3 | |
Other | 1 | 3 | |
Total | 100 | 100 |
Fair Value Measurement | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Total | |||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||
(In $ millions) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | 15 | 14 | — | — | 15 | 14 | |||||||||||
Common/collective trusts | |||||||||||||||||
Loans | — | — | 55 | — | 55 | — | |||||||||||
Equities | — | — | 176 | 153 | 176 | 153 | |||||||||||
Derivatives | |||||||||||||||||
Swaps | — | — | 10 | 10 | 10 | 10 | |||||||||||
Other | — | — | 1 | — | 1 | — | |||||||||||
Equity securities | |||||||||||||||||
US companies | 359 | 327 | — | — | 359 | 327 | |||||||||||
International companies | 450 | 358 | — | — | 450 | 358 | |||||||||||
Fixed income | |||||||||||||||||
Collateralized mortgage obligations | — | — | 2 | 6 | 2 | 6 | |||||||||||
Corporate debt | — | 1 | 822 | 761 | 822 | 762 | |||||||||||
Treasuries, other debt | 102 | 36 | 349 | 375 | 451 | 411 | |||||||||||
Mortgage backed securities | — | — | 31 | 44 | 31 | 44 | |||||||||||
Registered investment companies | — | — | 278 | 282 | 278 | 282 | |||||||||||
Securities lending collateral | 10 | 63 | — | — | 10 | 63 | |||||||||||
Short-term investments | — | — | 229 | 186 | 229 | 186 | |||||||||||
Insurance contracts | — | — | 31 | 29 | 31 | 29 | |||||||||||
Other | 22 | 7 | 8 | 10 | 30 | 17 | |||||||||||
Total assets | 958 | 806 | 1,992 | 1,856 | 2,950 | 2,662 | |||||||||||
Liabilities | |||||||||||||||||
Derivatives | |||||||||||||||||
Swaps | — | — | 10 | 10 | 10 | 10 | |||||||||||
Other | — | — | — | 1 | — | 1 | |||||||||||
Obligations under securities lending | 10 | 63 | — | — | 10 | 63 | |||||||||||
Total liabilities | 10 | 63 | 10 | 11 | 20 | 74 | |||||||||||
Total net assets (1) | 948 | 743 | 1,982 | 1,845 | 2,930 | 2,588 |
(1) | Total net assets excludes non-financial plan receivables and payables of $29 million and $63 million, respectively, as of December 31, 2012 and $38 million and $64 million, respectively, as of December 31, 2011. Non-financial items include due to/from broker, interest receivables and accrued expenses. |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
As of the beginning of the year | — | 26 | |||
Unrealized gain (loss) | — | 3 | |||
Purchases, sales, issuances and settlements, net | — | (29 | ) | ||
As of the end of the year | — | — |
Postretirement Benefit | ||||||||
Pension Benefit Payments(1) | Payments | Expected Federal Subsidy | ||||||
(In $ millions) | ||||||||
2013 | 237 | 54 | 6 | |||||
2014 | 236 | 55 | 6 | |||||
2015 | 236 | 56 | 6 | |||||
2016 | 237 | 55 | 2 | |||||
2017 | 241 | 54 | 2 | |||||
2018-2021 | 1,250 | 260 | 6 |
(1) | Payments are expected to be made primarily from plan assets. |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Long-term disability | 22 | 26 | |||
Other | 6 | 6 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Capital expenditures | 40 | 30 | 19 | |||||
Other expenditures (1) | 45 | 41 | 47 |
(1) | Includes expenditures for US Superfund sites of $2 million, $2 million and $2 million for the years ended December 31, 2012, 2011 and 2010, respectively. |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Cost of sales | 10 | 2 | 1 | |||||
Selling, general and administrative expenses | 3 | 6 | 8 |
As of December 31, 2012 | |||||
Ownership | Liability | Reserves (1) | |||
(In percentages) | (In $ millions) | ||||
InfraServ GmbH & Co. Gendorf KG | 39 | 10 | 11 | ||
InfraServ GmbH & Co. Knapsack KG | 27 | 22 | 1 | ||
InfraServ GmbH & Co. Hoechst KG | 32 | 40 | 74 |
(1) | Gross reserves maintained by the respective InfraServ entity. |
Authorized Amount | ||
(In $ millions) | ||
February 2008 | 400 | |
October 2008 | 100 | |
April 2011 | 129 | |
October 2012 | 264 | |
As of December 31, 2012 | 893 |
Year Ended December 31, | Total From February 2008 Through | ||||||||||||||
2012 | 2011 | 2010 | December 31, 2012 | ||||||||||||
Shares repurchased | 1,059,719 | (1) | 652,016 | 1,667,592 | 13,142,527 | ||||||||||
Average purchase price per share | $ | 42.44 | $ | 46.99 | $ | 28.77 | $ | 38.14 | |||||||
Amount spent on repurchased shares (in millions) | $ | 45 | $ | 31 | $ | 48 | $ | 501 |
(1) | Excludes 5,823 shares withheld from employee to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. Restricted stock is considered outstanding at the time of issuance and therefore, the shares withheld are treated as treasury shares. |
Year Ended December 31, | ||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||
Gross Amount | Income Tax (Provision) Benefit | Net Amount | Gross Amount | Income Tax (Provision) Benefit | Net Amount | Gross Amount | Income Tax (Provision) Benefit | Net Amount | ||||||||||||||||||
As Adjusted (Note 2) | ||||||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | — | (1 | ) | (1 | ) | |||||||||||||||
Foreign currency translation | 13 | (8 | ) | 5 | (29 | ) | 2 | (27 | ) | 26 | 11 | 37 | ||||||||||||||
Unrealized gain (loss) on interest rate swaps | 10 | (3 | ) | 7 | 37 | (10 | ) | 27 | 32 | (15 | ) | 17 | ||||||||||||||
Pension and postretirement benefits | (12 | ) | 1 | (11 | ) | (2 | ) | 2 | — | 2 | — | 2 | ||||||||||||||
Total | 11 | (10 | ) | 1 | 6 | (6 | ) | — | 60 | (5 | ) | 55 |
Unrealized Gain (Loss) on Marketable Securities | Foreign Currency Translation | Unrealized Gain (Loss) on Interest Rate Swaps | Pension and Postretirement Benefits | Accumulated Other Comprehensive Income (Loss), Net | ||||||||||
As Adjusted (Note 2) | ||||||||||||||
(In $ millions) | ||||||||||||||
As of December 31, 2009 | — | (38 | ) | (101 | ) | (6 | ) | (145 | ) | |||||
Current period change | — | 26 | 32 | 2 | 60 | |||||||||
Income tax (provision) benefit | (1 | ) | 11 | (15 | ) | — | (5 | ) | ||||||
As of December 31, 2010 | (1 | ) | (1 | ) | (84 | ) | (4 | ) | (90 | ) | ||||
Current period change | — | (29 | ) | 37 | (2 | ) | 6 | |||||||
Income tax (provision) benefit | — | 2 | (10 | ) | 2 | (6 | ) | |||||||
As of December 31, 2011 | (1 | ) | (28 | ) | (57 | ) | (4 | ) | (90 | ) | ||||
Current period change | — | 13 | 10 | (12 | ) | 11 | ||||||||
Income tax (provision) benefit | — | (8 | ) | (3 | ) | 1 | (10 | ) | ||||||
As of December 31, 2012 | (1 | ) | (23 | ) | (50 | ) | (15 | ) | (89 | ) |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Employee termination benefits | (6 | ) | (22 | ) | (32 | ) | ||
Kelsterbach plant relocation (Note 27) | (7 | ) | (47 | ) | (26 | ) | ||
Plumbing actions (Note 23) | 5 | 6 | 59 | |||||
Insurance recoveries (Note 28) | — | — | 18 | |||||
Asset impairments | (8 | ) | (1 | ) | (74 | ) | ||
Plant/office closures | — | — | (4 | ) | ||||
Commercial disputes | 2 | 15 | 13 | |||||
Other | — | 1 | — | |||||
Total | (14 | ) | (48 | ) | (46 | ) |
Advanced Engineered Materials | Consumer Specialties | Industrial Specialties | Acetyl Intermediates | Other | Total | ||||||||||||
(In $ millions) | |||||||||||||||||
Employee Termination Benefits | |||||||||||||||||
As of December 31, 2010 | 3 | 16 | — | 24 | 10 | 53 | |||||||||||
Additions | 8 | 4 | — | 1 | 8 | 21 | |||||||||||
Cash payments | (2 | ) | (2 | ) | — | (20 | ) | (4 | ) | (28 | ) | ||||||
Other changes | — | — | — | — | (3 | ) | (3 | ) | |||||||||
Exchange rate changes | (1 | ) | — | — | — | — | (1 | ) | |||||||||
As of December 31, 2011 | 8 | 18 | — | 5 | 11 | 42 | |||||||||||
Additions | — | 5 | — | 2 | 1 | 8 | |||||||||||
Cash payments | (2 | ) | (11 | ) | — | (3 | ) | (3 | ) | (19 | ) | ||||||
Other changes | — | — | — | (1 | ) | (2 | ) | (3 | ) | ||||||||
Exchange rate changes | — | 1 | — | — | — | 1 | |||||||||||
As of December 31, 2012 | 6 | 13 | — | 3 | 7 | 29 | |||||||||||
Plant/Office Closures | |||||||||||||||||
As of December 31, 2010 | — | — | — | 3 | 1 | 4 | |||||||||||
Additions | — | — | — | — | — | — | |||||||||||
Cash payments | — | — | — | (2 | ) | — | (2 | ) | |||||||||
Other changes | — | — | — | — | — | — | |||||||||||
Exchange rate changes | — | — | — | — | — | — | |||||||||||
As of December 31, 2011 | — | — | — | 1 | 1 | 2 | |||||||||||
Additions | — | — | — | — | — | — | |||||||||||
Cash payments | — | — | — | — | — | — | |||||||||||
Other changes | — | — | — | — | (1 | ) | (1 | ) | |||||||||
Exchange rate changes | — | — | — | — | — | — | |||||||||||
As of December 31, 2012 | — | — | — | 1 | — | 1 | |||||||||||
Total | 6 | 13 | — | 4 | 7 | 30 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
As Adjusted (Note 2) | ||||||||
(In $ millions) | ||||||||
US | 195 | 60 | 131 | |||||
International (1) | 126 | 407 | 302 | |||||
Total | 321 | 467 | 433 |
(1) | Includes aggregate earnings generated by operations in Bermuda, Luxembourg, the Netherlands and Hong Kong of $320 million, $317 million and $257 million for the years ended December 31, 2012, 2011 and 2010, respectively, which have an aggregate effective income tax rate of 5.6%, 4.0% and 4.8% for each year, respectively. |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
As Adjusted (Note 2) | ||||||||
(In $ millions) | ||||||||
Current | ||||||||
US | 41 | 24 | 62 | |||||
International | 76 | 32 | 34 | |||||
Total | 117 | 56 | 96 | |||||
Deferred | ||||||||
US | (66 | ) | (11 | ) | (15 | ) | ||
International | (106 | ) | (4 | ) | (9 | ) | ||
Total | (172 | ) | (15 | ) | (24 | ) | ||
Total | (55 | ) | 41 | 72 |
Year Ended December 31, | |||||||||
2012 | 2011 | 2010 | |||||||
As Adjusted (Note 2) | |||||||||
(In $ millions, except percentages) | |||||||||
Income tax provision computed at US federal statutory tax rate | 112 | 163 | 152 | ||||||
Change in valuation allowance | 29 | 7 | 38 | ||||||
Equity income and dividends | (31 | ) | (25 | ) | (41 | ) | |||
(Income) expense not resulting in tax impact, net | (39 | ) | (16 | ) | 8 | ||||
US tax effect of foreign earnings and dividends | 42 | 48 | 28 | ||||||
Foreign tax credits | (187 | ) | (66 | ) | (33 | ) | |||
Other foreign tax rate differentials | (2 | ) | (58 | ) | (10 | ) | |||
Legislative changes | — | — | (71 | ) | (1) | ||||
Tax-deductible interest on foreign equity investments and other related items | 11 | (3 | ) | (3 | ) | ||||
State income taxes, net of federal benefit | 4 | 4 | 3 | ||||||
Other, net | 6 | (13 | ) | 1 | |||||
Income tax provision (benefit) | (55 | ) | 41 | 72 | |||||
Effective income tax rate | (17) | % | 9 | % | 17 | % |
(1) | Represents the impact of Miscellaneous Tax Resolutions issued by the Mexican tax authority to clarify various provisions included in the 2010 Mexican Tax Reform Bill. |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Deferred Tax Assets | |||||
Pension and postretirement obligations | 579 | 529 | |||
Accrued expenses | 58 | 57 | |||
Inventory | — | 1 | |||
Net operating loss | 398 | 359 | |||
Tax credit carryforwards | 206 | 94 | |||
Other | 370 | 159 | |||
Subtotal | 1,611 | 1,199 | |||
Valuation allowance (1) | (399 | ) | (363 | ) | |
Total | 1,212 | 836 | |||
Deferred Tax Liabilities | |||||
Depreciation and amortization | 479 | 319 | |||
Investments in affiliates | 83 | 50 | |||
Other | 70 | 51 | |||
Total | 632 | 420 | |||
Net deferred tax assets (liabilities) | 580 | 416 |
(1) | Includes deferred tax asset valuation allowances primarily for the Company's deferred tax assets in the US, Luxembourg, France, Spain, China, the United Kingdom and Germany, as well as other foreign jurisdictions. These valuation allowances relate primarily to net operating loss carryforward benefits and other net deferred tax assets, all of which may not be realizable. |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
As of the beginning of the year | 211 | 244 | 208 | |||||
Increases in tax positions for the current year | 6 | — | — | |||||
Increases in tax positions for prior years | 42 | 37 | 85 | |||||
Decreases in tax positions for prior years | (19 | ) | (54 | ) | (48 | ) | ||
Decreases due to settlements | (33 | ) | (16 | ) | (1 | ) | ||
As of the end of the year | 207 | 211 | 244 | |||||
Total uncertain tax positions that if recognized would impact the effective tax rate | 237 | 230 | 264 | |||||
Total amount of interest and penalties recognized in the consolidated statements of operations | 6 | (1 | ) | 11 | ||||
Total amount of interest and penalties recognized in the consolidated balance sheets | 61 | 55 | 56 |
As of December 31, 2012 | ||||||
Shares Available for Awards | Shares Subject to Outstanding Awards | |||||
2009 GIP | 11,332,510 | 1,811,518 | ||||
2004 SIP | — | 424,870 | (1) |
(1) | No RSUs remaining outstanding under the 2004 SIP. |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Income tax benefit realized | 31 | 25 | 19 | |||||
Amount reversed in current year related to prior year | 1 | 9 | — |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
Risk-free interest rate | 0.78 | % | 0.81 | % | 1.27 | % | ||
Estimated life in years | 4.59 | 4.75 | 5.72 | |||||
Dividend yield | 0.70 | % | 0.60 | % | 0.59 | % | ||
Volatility | 50.31 | % | 45.00 | % | 51.75 | % |
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||
(In millions) | (In $) | (In years) | (In $ millions) | |||||||
As of December 31, 2011 | 4.6 | 18.94 | 3.6 | 118 | ||||||
Granted | 0.1 | 40.25 | ||||||||
Exercised | (3.8 | ) | 16.57 | |||||||
Forfeited | (0.1 | ) | 32.47 | |||||||
Expired | — | — | ||||||||
As of December 31, 2012 | 0.8 | 29.93 | 4.4 | 12 | ||||||
Options exercisable at end of year | 0.7 | 29.66 | 4.3 | 11 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Total | $ | 16.21 | $ | 11.38 | $ | 14.76 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Intrinsic value | 110 | 20 | 13 |
Number of Units | Weighted Average Fair Value | ||||
(In thousands) | (In $) | ||||
As of December 31, 2011 | 1,069 | 37.30 | |||
Granted | 67 | 45.13 | |||
Vested | (316 | ) | 39.14 | ||
Cancelled | (171 | ) | 23.97 | ||
Forfeited | (220 | ) | 44.04 | ||
As of December 31, 2012 | 429 | 42.22 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Total | 12 | 14 | 8 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
Risk-free interest rate | 0.38 | % | 0.38 | % | 0.79 | % | ||
Dividend yield | 0.00 - 4.37 % | 0.00 - 4.37 % | 0.00 - 4.18 % | |||||
Volatility | 25 - 90 % | 25 - 90 % | 25 - 70 % |
Employee Time-Based RSUs | Director Time-Based RSUs | ||||||||
Number of Units | Weighted Average Fair Value | Number of Units | Weighted Average Fair Value | ||||||
(In thousands) | (In $) | (In thousands) | (In $) | ||||||
As of December 31, 2011 | 670 | 30.44 | 13 | 50.82 | |||||
Granted | 128 | 42.39 | 16 | 47.48 | |||||
Vested | (323 | ) | 30.11 | (13 | ) | 50.82 | |||
Forfeited | (44 | ) | 28.80 | — | — | ||||
As of December 31, 2012 | 431 | (1) | 34.41 | 16 | 47.48 |
(1) | Includes 66,108 of time-based restricted stock awards granted to the Company's Chief Executive Officer on April 5, 2012, of which 22,013 vested on October 1, 2012. |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Total | 13 | 7 | 6 |
Year Ended December 31, | |||||
2012 | 2011 | 2010 | |||
(In percentages) | |||||
Holding period discount | 30 | 30 | 30 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Total | 165 | 173 | 160 |
As of December 31, 2012 | ||
Capital Leases | ||
(In $ millions) | ||
2013 | 43 | |
2014 | 42 | |
2015 | 40 | |
2016 | 40 | |
2017 | 40 | |
Later years | 288 | |
Sublease income | — | |
Minimum lease commitments | 493 | |
Less amounts representing interest | (249 | ) |
Present value of net minimum lease obligations | 244 |
As of December 31, 2012 | ||
Operating Leases | ||
(In $ millions) | ||
2013 | 49 | |
2014 | 46 | |
2015 | 40 | |
2016 | 34 | |
2017 | 22 | |
Later years | 116 | |
Sublease income | (21 | ) |
Minimum lease commitments | 286 |
As of December 31, 2012 | ||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate (1) | |||||
(In $ millions) | ||||||||
1,100 | January 2, 2012 | January 2, 2014 | 1.71 | % | ||||
500 | January 2, 2014 | January 2, 2016 | 1.02 | % |
(1) | Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (Note 13). |
As of December 31, 2011 | ||||||||
Notional Value | Effective Date | Expiration Date | Fixed Rate (1) | |||||
(In $ millions) | ||||||||
800 | April 2, 2007 | January 2, 2012 | 4.92 | % | ||||
400 | January 2, 2008 | January 2, 2012 | 4.33 | % | ||||
200 | April 2, 2009 | January 2, 2012 | 1.92 | % | ||||
1,100 | January 2, 2012 | January 2, 2014 | 1.71 | % |
(1) | Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (Note 13). |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Hedging activities - Interest expense | (15 | ) | (59 | ) | (68 | ) | ||
Ineffective portion - Other income (expense), net | — | — | — |
2013 Maturity | ||
(In $ millions) | ||
Currency | ||
Euro | (222 | ) |
British pound sterling | (27 | ) |
Chinese renminbi | (258 | ) |
Mexican peso | 5 | |
Singapore dollar | 45 | |
Canadian dollar | 61 | |
Japanese yen | (3 | ) |
Brazilian real | (14 | ) |
Swedish krona | (14 | ) |
Other | 5 | |
Total | (422 | ) |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Total | 902 | 896 |
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | Gain (Loss) Recognized in Earnings (Loss) | Gain (Loss) Recognized in Other Comprehensive Income (Loss) | Gain (Loss) Recognized in Earnings (Loss) | Gain (Loss) Recognized in Other Comprehensive Income (Loss) | Gain (Loss) Recognized in Earnings (Loss) | |||||||||||||
(In $ millions) | ||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||||||||
Interest rate swaps | (12 | ) | (1) | (15 | ) | (2) | (24 | ) | (3) | (59 | ) | (2) | (31 | ) | (4) | (68 | ) | (2) |
Derivatives Not Designated as Hedges | ||||||||||||||||||
Interest rate swaps | — | (5 | ) | (5) | — | — | — | — | ||||||||||
Foreign currency forwards and swaps | — | (6 | ) | (6) | — | 16 | (6) | — | 33 | (6) | ||||||||
Total | (12 | ) | (26 | ) | (24 | ) | (43 | ) | (31 | ) | (35 | ) |
(1) | Amount excludes $2 million of gains associated with the Company’s equity method investments’ derivative activity and $3 million of tax expense recognized in Other comprehensive income (loss). |
(2) | Amount represents reclassification from Accumulated other comprehensive income (loss), net and is included in Interest expense in the consolidated statements of operations. |
(3) | Amount excludes $2 million of gains associated with the Company’s equity method investments’ derivative activity and $10 million of tax expense recognized in Other comprehensive income (loss). |
(4) | Amount excludes $5 million of gains associated with the Company’s equity method investments’ derivative activity and $15 million of tax expense recognized in Other comprehensive income (loss). |
(5) | Included in Interest expense in the consolidated statements of operations. |
(6) | Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the consolidated statements of operations. |
Fair Value Measurement | |||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Total | |||||||||||||||||
As of December 31, | |||||||||||||||||||
Balance Sheet Classification | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |||||||||||||
(In $ millions) | |||||||||||||||||||
Mutual funds | Marketable securities, at fair value | 53 | 64 | — | — | 53 | 64 | ||||||||||||
Derivatives Not Designated as Hedges | |||||||||||||||||||
Foreign currency forwards and swaps | Current Other assets | — | — | 2 | 9 | 2 | 9 | ||||||||||||
Total assets | 53 | 64 | 2 | 9 | 55 | 73 | |||||||||||||
Derivatives Designated as Cash Flow Hedges | |||||||||||||||||||
Interest rate swaps | Current Other liabilities | — | — | (10 | ) | (21 | ) | (10 | ) | (21 | ) | ||||||||
Interest rate swaps | Noncurrent Other liabilities | — | — | (7 | ) | (13 | ) | (7 | ) | (13 | ) | ||||||||
Derivatives Not Designated as Hedges | |||||||||||||||||||
Interest rate swaps | Current Other liabilities | — | — | (5 | ) | (2 | ) | (5 | ) | (2 | ) | ||||||||
Interest rate swaps | Noncurrent Other liabilities | — | — | (1 | ) | — | (1 | ) | — | ||||||||||
Foreign currency forwards and swaps | Current Other liabilities | — | — | (8 | ) | (3 | ) | (8 | ) | (3 | ) | ||||||||
Total liabilities | — | — | (31 | ) | (39 | ) | (31 | ) | (39 | ) |
Fair Value Measurement | |||||||||||||||||||||||
Carrying Amount | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
(In $ millions) | |||||||||||||||||||||||
Cost investments | 156 | 147 | — | — | — | — | — | — | |||||||||||||||
Insurance contracts in nonqualified trusts | 66 | 69 | 66 | 69 | — | — | 66 | 69 | |||||||||||||||
Long-term debt, including current installments of long-term debt | 2,990 | 2,911 | 2,886 | 2,719 | 244 | 248 | 3,130 | 2,967 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Recoveries | 1 | 2 | 14 | |||||
Legal reserve reductions | 4 | 4 | 45 | |||||
Total | 5 | 6 | 59 |
• | Demerger Obligations |
• | Divestiture Obligations |
As of | As of | |||
December 31, 2012 | December 31, 2011 | |||
(In $ millions) | ||||
Property, plant and equipment, net | 118 | 119 | ||
Trade payables | 41 | 40 | ||
Current installments of long-term debt | 7 | 6 | ||
Long-term debt | 140 | 137 | ||
Total | 188 | 183 | ||
Maximum exposure to loss | 273 | 228 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Taxes paid, net of refunds | 64 | 94 | 135 | |||||
Interest paid, net of amounts capitalized | 196 | 230 | 186 | |||||
Noncash Investing and Financing Activities | ||||||||
Fair value adjustment to securities available for sale, net of tax | — | — | (2 | ) | ||||
Capital lease obligations | 7 | 38 | 33 | |||||
Accrued capital expenditures | (22 | ) | 15 | 21 | ||||
Asset retirement obligations | 8 | (2 | ) | 25 | ||||
Accrued Kelsterbach capital expenditures | (14 | ) | (33 | ) | (7 | ) | ||
Accrued acquisition of intangibles | (2 | ) | — | — | ||||
Lease incentives | 6 | 3 | — |
• | Advanced Engineered Materials |
• | Consumer Specialties |
• | Industrial Specialties |
• | Acetyl Intermediates |
• | Other Activities |
Advanced Engineered Materials | Consumer Specialties | Industrial Specialties | Acetyl Intermediates | Other Activities | Eliminations | Consolidated | |||||||||||||||
(In $ millions) | |||||||||||||||||||||
Year Ended December 31, 2012 - As Adjusted (Note 2) | |||||||||||||||||||||
Net sales | 1,261 | 1,186 | (1) | 1,184 | 3,231 | (1) | — | (444 | ) | 6,418 | |||||||||||
Other (charges) gains, net | (2 | ) | (4 | ) | (2) | — | — | (8 | ) | (2) | — | (14 | ) | ||||||||
Operating profit (loss) | 95 | 251 | 86 | 269 | (526 | ) | — | 175 | |||||||||||||
Equity in net earnings (loss) of affiliates | 190 | 6 | — | 11 | 35 | — | 242 | ||||||||||||||
Depreciation and amortization | 113 | 45 | 55 | 80 | 15 | — | 308 | ||||||||||||||
Capital expenditures | 51 | 65 | 38 | 169 | 16 | — | 339 | (3) | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Goodwill and intangibles, net | 372 | 276 | 65 | 229 | — | — | 942 | ||||||||||||||
Total assets | 2,703 | 1,296 | 963 | 2,238 | 1,800 | — | 9,000 | ||||||||||||||
Year Ended December 31, 2011 - As Adjusted (Note 2) | |||||||||||||||||||||
Net sales | 1,298 | 1,161 | (1) | 1,223 | 3,551 | (1) | 1 | (471 | ) | 6,763 | |||||||||||
Other (charges) gains, net | (49 | ) | (3 | ) | — | 14 | (10 | ) | — | (48 | ) | ||||||||||
Operating profit (loss) | 79 | 229 | 102 | 458 | (466 | ) | — | 402 | |||||||||||||
Equity in net earnings (loss) of affiliates | 161 | 2 | — | 5 | 24 | — | 192 | ||||||||||||||
Depreciation and amortization | 100 | 44 | 45 | 96 | 13 | — | 298 | ||||||||||||||
Capital expenditures | 64 | 92 | 71 | 122 | 15 | — | 364 | (3) | |||||||||||||
As of December 31, 2011 | |||||||||||||||||||||
Goodwill and intangibles, net | 391 | 277 | 54 | 235 | — | — | 957 | ||||||||||||||
Total assets | 2,787 | 1,154 | 901 | 2,035 | 1,641 | — | 8,518 |
Advanced Engineered Materials | Consumer Specialties | Industrial Specialties | Acetyl Intermediates | Other Activities | Eliminations | Consolidated | |||||||||||||||
(In $ millions) | |||||||||||||||||||||
Year Ended December 31, 2010 - As Adjusted (Note 2) | |||||||||||||||||||||
Net sales | 1,109 | 1,098 | (1) | 1,036 | 3,082 | (1) | 2 | (409 | ) | 5,918 | |||||||||||
Other (charges) gains, net | 31 | (76 | ) | 25 | (4) | (12 | ) | (14 | ) | (4) | — | (46 | ) | ||||||||
Operating profit (loss) | 182 | 163 | 89 | 237 | (273 | ) | — | 398 | |||||||||||||
Equity in net earnings (loss) of affiliates | 144 | 2 | — | 5 | 17 | — | 168 | ||||||||||||||
Depreciation and amortization | 76 | (5) | 42 | 41 | 117 | (5) | 11 | — | 287 | ||||||||||||
Capital expenditures | 52 | 50 | 55 | 49 | 16 | — | 222 | (3) |
(1) | Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $440 million and $4 million, respectively, for the year ended December 31, 2012 and $468 million and $3 million, respectively, for the year ended December 31, 2011; and $400 million and $9 million, respectively, for the year ended December 31, 2010. |
(2) | Includes $9 million of insurance recoveries received from the Company's captive insurance companies related to the Narrows, Virginia facility that eliminates in consolidation. |
(3) | Excludes expenditures related to the relocation of the Company’s POM operations in Germany (Note 27) and includes a decrease in accrued capital expenditures of $22 million for the year ended December 31, 2012 and an increase of $15 million and $21 million for the years ended December 31, 2011 and 2010, respectively. |
(4) | Includes $7 million of insurance recoveries received from the Company’s captive insurance companies related to the Edmonton, Alberta, Canada facility that eliminates in consolidation. |
(5) | Includes $2 million for Advanced Engineered Materials and $20 million for Acetyl Intermediates for the accelerated amortization of the unamortized prepayment related to a raw material purchase agreement (Note 23). |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(In $ millions) | ||||||||
Net Sales | ||||||||
US | 1,811 | 1,772 | 1,555 | |||||
International | 4,607 | 4,991 | 4,363 | |||||
Total | 6,418 | 6,763 | 5,918 | |||||
International Countries with Significant Net Sales | ||||||||
Germany | 2,082 | 2,328 | 1,950 | |||||
China | 733 | 667 | 596 | |||||
Singapore | 561 | 722 | 612 | |||||
Belgium | 504 | 461 | 451 | |||||
Canada | 284 | 323 | 277 | |||||
Mexico | 257 | 241 | 267 |
As of December 31, | |||||
2012 | 2011 | ||||
(In $ millions) | |||||
Property, Plant and Equipment, Net | |||||
US | 813 | 735 | |||
International | 2,537 | 2,534 | |||
Total | 3,350 | 3,269 | |||
International Countries with Significant Property, Plant and Equipment, Net | |||||
Germany | 1,328 | 1,394 | |||
China | 642 | 573 | |||
Singapore | 109 | 112 | |||
Belgium | 60 | 53 | |||
Canada | 148 | 154 | |||
Mexico | 128 | 117 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
As Adjusted (Note 2) | ||||||||
(In $ millions, except share data) | ||||||||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | 376 | 426 | 361 | |||||
Earnings (loss) from discontinued operations | (4 | ) | 1 | (49 | ) | |||
Net earnings (loss) | 372 | 427 | 312 | |||||
Cumulative preferred stock dividends | — | — | (3 | ) | ||||
Net earnings (loss) available to common stockholders | 372 | 427 | 309 | |||||
Weighted average shares - basic | 158,359,914 | 156,226,526 | 154,577,441 | |||||
Dilutive stock options | 848,439 | 1,930,072 | 1,828,746 | |||||
Dilutive restricted stock units | 622,433 | 813,685 | 425,385 | |||||
Assumed conversion of preferred stock | — | — | 1,553,925 | |||||
Weighted average shares - diluted | 159,830,786 | 158,970,283 | 158,385,497 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
Stock options | 25,906 | 69,395 | 575,266 | |||||
Restricted stock units | 3,996 | 735 | 74,166 | |||||
Convertible preferred stock | — | — | — | |||||
Total | 29,902 | 70,130 | 649,432 |
Year Ended December 31, | Total From Inception Through | ||||||||||
2012 | 2011 | 2010 | December 31, 2012 | ||||||||
(In $ millions) | |||||||||||
Deferred proceeds (1) | — | 158 | — | 907 | |||||||
Costs expensed | 7 | 47 | 26 | 113 | |||||||
Costs capitalized (2) | 35 | 171 | 305 | 1,127 | |||||||
Lease buyout | — | — | 22 | 22 | |||||||
Employee termination benefits | — | 8 | — | 8 |
(1) | Included in noncurrent Other liabilities in the consolidated balance sheets. Amounts reflect the US dollar equivalent at the time of receipt. Upon transfer of title to Fraport, the deferred proceeds will be recognized in the consolidated statements of operations. Such proceeds will be reduced by assets of €22 million included in Property, plant and equipment, net and €87 million included in noncurrent Other assets in the consolidated balance sheets, to be transferred to Fraport or otherwise disposed. |
(2) | Includes a decrease in accrued capital expenditures of $14 million, $33 million and $7 million for the years ended December 31, 2012, 2011 and 2010, respectively. |
Year Ended December 31, | |||||||||
2012 | 2011 | 2010 | |||||||
(In $ millions) | |||||||||
Narrows, Virginia | |||||||||
Consumer Specialties | 9 | — | — | ||||||
Other Activities | (9 | ) | — | — | |||||
Edmonton, Alberta, Canada | |||||||||
Industrial Specialties | — | — | 25 | ||||||
Other Activities | — | — | (7 | ) | |||||
Total net recoveries | — | — | 18 | (1) |
(1) | Total net recoveries for the year ended December 31, 2010 consists of $8 million related to property damage and $10 million related to business interruption. |
Year Ended December 31, 2012 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
As Adjusted (Note 2) | |||||||||||||||||
(In $ millions) | |||||||||||||||||
Net sales | — | — | 2,692 | 4,829 | (1,103 | ) | 6,418 | ||||||||||
Cost of sales | — | — | (1,906 | ) | (4,423 | ) | 1,092 | (5,237 | ) | ||||||||
Gross profit | — | — | 786 | 406 | (11 | ) | 1,181 | ||||||||||
Selling, general and administrative expenses | — | — | (440 | ) | (390 | ) | — | (830 | ) | ||||||||
Amortization of intangible assets | — | — | (18 | ) | (33 | ) | — | (51 | ) | ||||||||
Research and development expenses | — | — | (74 | ) | (30 | ) | — | (104 | ) | ||||||||
Other (charges) gains, net | — | — | 17 | (22 | ) | (9 | ) | (14 | ) | ||||||||
Foreign exchange gain (loss), net | — | — | — | (4 | ) | — | (4 | ) | |||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (1 | ) | (2 | ) | — | (3 | ) | ||||||||
Operating profit (loss) | — | — | 270 | (75 | ) | (20 | ) | 175 | |||||||||
Equity in net earnings (loss) of affiliates | 369 | 473 | 199 | 201 | (1,000 | ) | 242 | ||||||||||
Interest expense | — | (198 | ) | (42 | ) | (73 | ) | 128 | (185 | ) | |||||||
Refinancing expense | — | (3 | ) | — | — | — | (3 | ) | |||||||||
Interest income | — | 59 | 65 | 6 | (128 | ) | 2 | ||||||||||
Dividend income - cost investments | — | — | — | 85 | — | 85 | |||||||||||
Other income (expense), net | — | — | (10 | ) | 15 | — | 5 | ||||||||||
Earnings (loss) from continuing operations before tax | 369 | 331 | 482 | 159 | (1,020 | ) | 321 | ||||||||||
Income tax (provision) benefit | 3 | 38 | (16 | ) | 15 | 15 | 55 | ||||||||||
Earnings (loss) from continuing operations | 372 | 369 | 466 | 174 | (1,005 | ) | 376 | ||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (5 | ) | (1 | ) | — | (6 | ) | ||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | |||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 2 | — | — | 2 | |||||||||||
Earnings (loss) from discontinued operations | — | — | (3 | ) | (1 | ) | — | (4 | ) | ||||||||
Net earnings (loss) | 372 | 369 | 463 | 173 | (1,005 | ) | 372 | ||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | |||||||||||
Net earnings (loss) attributable to Celanese Corporation | 372 | 369 | 463 | 173 | (1,005 | ) | 372 |
Year Ended December 31, 2011 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
As Adjusted (Note 2) | |||||||||||||||||
(In $ millions) | |||||||||||||||||
Net sales | — | — | 2,572 | 5,240 | (1,049 | ) | 6,763 | ||||||||||
Cost of sales | — | — | (1,861 | ) | (4,510 | ) | 1,025 | (5,346 | ) | ||||||||
Gross profit | — | — | 711 | 730 | (24 | ) | 1,417 | ||||||||||
Selling, general and administrative expenses | — | — | (402 | ) | (403 | ) | — | (805 | ) | ||||||||
Amortization of intangible assets | — | — | (17 | ) | (45 | ) | — | (62 | ) | ||||||||
Research and development expenses | — | — | (67 | ) | (31 | ) | — | (98 | ) | ||||||||
Other (charges) gains, net | — | — | 23 | (71 | ) | — | (48 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | — | — | — | |||||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | (1 | ) | — | (1 | ) | (2 | ) | ||||||||
Operating profit (loss) | — | — | 247 | 180 | (25 | ) | 402 | ||||||||||
Equity in net earnings (loss) of affiliates | 425 | 590 | 165 | 166 | (1,154 | ) | 192 | ||||||||||
Interest expense | — | (217 | ) | (41 | ) | (41 | ) | 78 | (221 | ) | |||||||
Refinancing expense | — | (3 | ) | — | — | — | (3 | ) | |||||||||
Interest income | — | 23 | 48 | 10 | (78 | ) | 3 | ||||||||||
Dividend income - cost investments | — | — | — | 80 | — | 80 | |||||||||||
Other income (expense), net | — | — | (39 | ) | 53 | — | 14 | ||||||||||
Earnings (loss) from continuing operations before tax | 425 | 393 | 380 | 448 | (1,179 | ) | 467 | ||||||||||
Income tax (provision) benefit | 2 | 32 | (49 | ) | (35 | ) | 9 | (41 | ) | ||||||||
Earnings (loss) from continuing operations | 427 | 425 | 331 | 413 | (1,170 | ) | 426 | ||||||||||
Earnings (loss) from operation of discontinued operations | — | — | 3 | (1 | ) | — | 2 | ||||||||||
Gain (loss) on disposition of discontinued operations | — | — | — | — | — | — | |||||||||||
Income tax (provision) benefit from discontinued operations | — | — | (1 | ) | — | — | (1 | ) | |||||||||
Earnings (loss) from discontinued operations | — | — | 2 | (1 | ) | — | 1 | ||||||||||
Net earnings (loss) | 427 | 425 | 333 | 412 | (1,170 | ) | 427 | ||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | |||||||||||
Net earnings (loss) attributable to Celanese Corporation | 427 | 425 | 333 | 412 | (1,170 | ) | 427 |
Year Ended December 31, 2010 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
As Adjusted (Note 2) | |||||||||||||||||
(In $ millions) | |||||||||||||||||
Net sales | — | — | 2,277 | 4,570 | (929 | ) | 5,918 | ||||||||||
Cost of sales | — | — | (1,712 | ) | (3,980 | ) | 942 | (4,750 | ) | ||||||||
Gross profit | — | — | 565 | 590 | 13 | 1,168 | |||||||||||
Selling, general and administrative expenses | — | — | (258 | ) | (340 | ) | — | (598 | ) | ||||||||
Amortization of intangible assets | — | — | (14 | ) | (47 | ) | — | (61 | ) | ||||||||
Research and development expenses | — | — | (43 | ) | (27 | ) | — | (70 | ) | ||||||||
Other (charges) gains, net | — | — | 68 | (114 | ) | — | (46 | ) | |||||||||
Foreign exchange gain (loss), net | — | — | — | (3 | ) | — | (3 | ) | |||||||||
Gain (loss) on disposition of businesses and assets, net | — | — | 3 | 5 | — | 8 | |||||||||||
Operating profit (loss) | — | — | 321 | 64 | 13 | 398 | |||||||||||
Equity in net earnings (loss) of affiliates | 342 | 486 | 153 | 126 | (939 | ) | 168 | ||||||||||
Interest expense | — | (173 | ) | (38 | ) | (46 | ) | 53 | (204 | ) | |||||||
Refinancing expense | — | (16 | ) | — | — | — | (16 | ) | |||||||||
Interest income | — | 21 | 30 | 9 | (53 | ) | 7 | ||||||||||
Dividend income - cost investments | — | — | — | 73 | — | 73 | |||||||||||
Other income (expense), net | (27 | ) | 2 | (52 | ) | 84 | — | 7 | |||||||||
Earnings (loss) from continuing operations before tax | 315 | 320 | 414 | 310 | (926 | ) | 433 | ||||||||||
Income tax (provision) benefit | (3 | ) | 22 | (59 | ) | (30 | ) | (2 | ) | (72 | ) | ||||||
Earnings (loss) from continuing operations | 312 | 342 | 355 | 280 | (928 | ) | 361 | ||||||||||
Earnings (loss) from operation of discontinued operations | — | — | (78 | ) | (2 | ) | — | (80 | ) | ||||||||
Gain (loss) on disposition of discontinued operations | — | — | 2 | — | — | 2 | |||||||||||
Income tax (provision) benefit from discontinued operations | — | — | 28 | 1 | — | 29 | |||||||||||
Earnings (loss) from discontinued operations | — | — | (48 | ) | (1 | ) | — | (49 | ) | ||||||||
Net earnings (loss) | 312 | 342 | 307 | 279 | (928 | ) | 312 | ||||||||||
Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | — | |||||||||||
Net earnings (loss) attributable to Celanese Corporation | 312 | 342 | 307 | 279 | (928 | ) | 312 |
Year Ended December 31, 2012 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
As Adjusted (Note 2) | |||||||||||||||||
(In $ millions) | |||||||||||||||||
Net earnings (loss) | 372 | 369 | 463 | 173 | (1,005 | ) | 372 | ||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | |||||||||||
Foreign currency translation | 5 | 5 | (12 | ) | 1 | 6 | 5 | ||||||||||
Unrealized gain (loss) on interest rate swaps | 7 | 7 | (1 | ) | 3 | (9 | ) | 7 | |||||||||
Pension and postretirement benefits | (11 | ) | (11 | ) | (2 | ) | (11 | ) | 24 | (11 | ) | ||||||
Total other comprehensive income (loss), net of tax | 1 | 1 | (15 | ) | (7 | ) | 21 | 1 | |||||||||
Total comprehensive income (loss), net of tax | 373 | 370 | 448 | 166 | (984 | ) | 373 | ||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | |||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 373 | 370 | 448 | 166 | (984 | ) | 373 |
Year Ended December 31, 2011 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
As Adjusted (Note 2) | |||||||||||||||||
(In $ millions) | |||||||||||||||||
Net earnings (loss) | 427 | 425 | 333 | 412 | (1,170 | ) | 427 | ||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||
Unrealized gain (loss) on marketable securities | — | — | — | — | — | — | |||||||||||
Foreign currency translation | (27 | ) | (27 | ) | (6 | ) | 6 | 27 | (27 | ) | |||||||
Unrealized gain (loss) on interest rate swaps | 27 | 27 | 1 | 1 | (29 | ) | 27 | ||||||||||
Pension and postretirement benefits | — | — | (2 | ) | 2 | — | — | ||||||||||
Total other comprehensive income (loss), net of tax | — | — | (7 | ) | 9 | (2 | ) | — | |||||||||
Total comprehensive income (loss), net of tax | 427 | 425 | 326 | 421 | (1,172 | ) | 427 | ||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | |||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 427 | 425 | 326 | 421 | (1,172 | ) | 427 |
Year Ended December 31, 2010 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
As Adjusted (Note 2) | |||||||||||||||||
(In $ millions) | |||||||||||||||||
Net earnings (loss) | 312 | 342 | 307 | 279 | (928 | ) | 312 | ||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||
Unrealized gain (loss) on marketable securities | (1 | ) | (1 | ) | (1 | ) | — | 2 | (1 | ) | |||||||
Foreign currency translation | 37 | 37 | 37 | (10 | ) | (64 | ) | 37 | |||||||||
Unrealized gain (loss) on interest rate swaps | 17 | 17 | — | (4 | ) | (13 | ) | 17 | |||||||||
Pension and postretirement benefits | 2 | 2 | — | 2 | (4 | ) | 2 | ||||||||||
Total other comprehensive income (loss), net of tax | 55 | 55 | 36 | (12 | ) | (79 | ) | 55 | |||||||||
Total comprehensive income (loss), net of tax | 367 | 397 | 343 | 267 | (1,007 | ) | 367 | ||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | |||||||||||
Comprehensive income (loss) attributable to Celanese Corporation | 367 | 397 | 343 | 267 | (1,007 | ) | 367 |
As of December 31, 2012 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In $ millions) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current Assets | |||||||||||||||||
Cash and cash equivalents | 10 | — | 275 | 674 | — | 959 | |||||||||||
Trade receivables - third party and affiliates | — | — | 340 | 653 | (166 | ) | 827 | ||||||||||
Non-trade receivables, net | 31 | 444 | 1,754 | 484 | (2,504 | ) | 209 | ||||||||||
Inventories, net | — | — | 196 | 589 | (74 | ) | 711 | ||||||||||
Deferred income taxes | — | — | 62 | 8 | (21 | ) | 49 | ||||||||||
Marketable securities, at fair value | — | — | 52 | 1 | — | 53 | |||||||||||
Other assets | — | 5 | 15 | 27 | (16 | ) | 31 | ||||||||||
Total current assets | 41 | 449 | 2,694 | 2,436 | (2,781 | ) | 2,839 | ||||||||||
Investments in affiliates | 1,692 | 3,437 | 1,579 | 570 | (6,478 | ) | 800 | ||||||||||
Property, plant and equipment, net | — | — | 813 | 2,537 | — | 3,350 | |||||||||||
Deferred income taxes | — | 5 | 509 | 92 | — | 606 | |||||||||||
Other assets | — | 1,927 | 132 | 414 | (2,010 | ) | 463 | ||||||||||
Goodwill | — | — | 305 | 472 | — | 777 | |||||||||||
Intangible assets, net | — | — | 69 | 96 | — | 165 | |||||||||||
Total assets | 1,733 | 5,818 | 6,101 | 6,617 | (11,269 | ) | 9,000 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Current Liabilities | |||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 1,584 | 208 | 159 | (1,783 | ) | 168 | ||||||||||
Trade payables - third party and affiliates | — | — | 269 | 546 | (166 | ) | 649 | ||||||||||
Other liabilities | — | 40 | 267 | 475 | (307 | ) | 475 | ||||||||||
Deferred income taxes | — | 21 | — | 25 | (21 | ) | 25 | ||||||||||
Income taxes payable | — | — | 419 | 73 | (454 | ) | 38 | ||||||||||
Total current liabilities | — | 1,645 | 1,163 | 1,278 | (2,731 | ) | 1,355 | ||||||||||
Noncurrent Liabilities | |||||||||||||||||
Long-term debt | — | 2,467 | 872 | 1,597 | (2,006 | ) | 2,930 | ||||||||||
Deferred income taxes | — | — | — | 50 | — | 50 | |||||||||||
Uncertain tax positions | 3 | 6 | 23 | 149 | — | 181 | |||||||||||
Benefit obligations | — | — | 1,362 | 240 | — | 1,602 | |||||||||||
Other liabilities | — | 8 | 101 | 1,055 | (12 | ) | 1,152 | ||||||||||
Total noncurrent liabilities | 3 | 2,481 | 2,358 | 3,091 | (2,018 | ) | 5,915 | ||||||||||
Total Celanese Corporation stockholders’ equity | 1,730 | 1,692 | 2,580 | 2,248 | (6,520 | ) | 1,730 | ||||||||||
Noncontrolling interests | — | — | — | — | — | — | |||||||||||
Total equity | 1,730 | 1,692 | 2,580 | 2,248 | (6,520 | ) | 1,730 | ||||||||||
Total liabilities and equity | 1,733 | 5,818 | 6,101 | 6,617 | (11,269 | ) | 9,000 |
As of December 31, 2011 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In $ millions) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current Assets | |||||||||||||||||
Cash and cash equivalents | — | — | 133 | 549 | — | 682 | |||||||||||
Trade receivables - third party and affiliates | — | — | 297 | 694 | (120 | ) | 871 | ||||||||||
Non-trade receivables, net | 29 | 383 | 1,651 | 562 | (2,390 | ) | 235 | ||||||||||
Inventories, net | — | — | 187 | 590 | (65 | ) | 712 | ||||||||||
Deferred income taxes | — | — | 103 | 17 | (16 | ) | 104 | ||||||||||
Marketable securities, at fair value | — | — | 64 | — | — | 64 | |||||||||||
Other assets | — | 6 | 18 | 45 | (34 | ) | 35 | ||||||||||
Total current assets | 29 | 389 | 2,453 | 2,457 | (2,625 | ) | 2,703 | ||||||||||
Investments in affiliates | 1,315 | 2,978 | 1,530 | 535 | (5,534 | ) | 824 | ||||||||||
Property, plant and equipment, net | — | — | 735 | 2,534 | — | 3,269 | |||||||||||
Deferred income taxes | — | 17 | 382 | 22 | — | 421 | |||||||||||
Other assets | — | 1,903 | 132 | 296 | (1,987 | ) | 344 | ||||||||||
Goodwill | — | — | 298 | 462 | — | 760 | |||||||||||
Intangible assets, net | — | — | 69 | 128 | — | 197 | |||||||||||
Total assets | 1,344 | 5,287 | 5,599 | 6,434 | (10,146 | ) | 8,518 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Current Liabilities | |||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | — | 1,492 | 176 | 131 | (1,655 | ) | 144 | ||||||||||
Trade payables - third party and affiliates | — | — | 258 | 535 | (120 | ) | 673 | ||||||||||
Other liabilities | — | 63 | 353 | 506 | (383 | ) | 539 | ||||||||||
Deferred income taxes | — | 16 | — | 17 | (16 | ) | 17 | ||||||||||
Income taxes payable | — | — | 384 | 35 | (407 | ) | 12 | ||||||||||
Total current liabilities | — | 1,571 | 1,171 | 1,224 | (2,581 | ) | 1,385 | ||||||||||
Noncurrent Liabilities | |||||||||||||||||
Long-term debt | — | 2,372 | 834 | 1,650 | (1,983 | ) | 2,873 | ||||||||||
Deferred income taxes | — | — | — | 92 | — | 92 | |||||||||||
Uncertain tax positions | 3 | 16 | 27 | 136 | — | 182 | |||||||||||
Benefit obligations | — | — | 1,346 | 146 | — | 1,492 | |||||||||||
Other liabilities | — | 13 | 99 | 1,055 | (14 | ) | 1,153 | ||||||||||
Total noncurrent liabilities | 3 | 2,401 | 2,306 | 3,079 | (1,997 | ) | 5,792 | ||||||||||
Total Celanese Corporation stockholders’ equity | 1,341 | 1,315 | 2,122 | 2,131 | (5,568 | ) | 1,341 | ||||||||||
Noncontrolling interests | — | — | — | — | — | — | |||||||||||
Total equity | 1,341 | 1,315 | 2,122 | 2,131 | (5,568 | ) | 1,341 | ||||||||||
Total liabilities and equity | 1,344 | 5,287 | 5,599 | 6,434 | (10,146 | ) | 8,518 |
Year Ended December 31, 2012 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In $ millions) | |||||||||||||||||
Net cash provided by (used in) operating activities | 7 | (100 | ) | 396 | 489 | (70 | ) | 722 | |||||||||
Investing Activities | |||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (170 | ) | (191 | ) | — | (361 | ) | ||||||||
Acquisitions, net of cash acquired | — | — | (23 | ) | — | — | (23 | ) | |||||||||
Proceeds from sale of businesses and assets, net | — | — | 1 | — | — | 1 | |||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | |||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (49 | ) | — | (49 | ) | |||||||||
Return of capital from subsidiary | — | — | — | — | — | — | |||||||||||
Contributions to subsidiary | — | — | (3 | ) | — | 3 | — | ||||||||||
Intercompany loan receipts (disbursements) | — | 5 | (53 | ) | — | 48 | — | ||||||||||
Other, net | — | — | (9 | ) | (59 | ) | — | (68 | ) | ||||||||
Net cash provided by (used in) investing activities | — | 5 | (257 | ) | (299 | ) | 51 | (500 | ) | ||||||||
Financing Activities | |||||||||||||||||
Short-term borrowings (repayments), net | — | 53 | 5 | (3 | ) | (53 | ) | 2 | |||||||||
Proceeds from short-term borrowings | — | — | — | 71 | — | 71 | |||||||||||
Repayments of short-term borrowings | — | — | — | (71 | ) | — | (71 | ) | |||||||||
Proceeds from long-term debt | — | 500 | 50 | — | — | 550 | |||||||||||
Repayments of long-term debt | — | (414 | ) | (10 | ) | (70 | ) | 5 | (489 | ) | |||||||
Refinancing costs | — | (9 | ) | — | — | — | (9 | ) | |||||||||
Purchases of treasury stock, including related fees | (45 | ) | — | — | — | — | (45 | ) | |||||||||
Dividends to parent | — | (35 | ) | (35 | ) | — | 70 | — | |||||||||
Contributions from parent | — | — | — | 3 | (3 | ) | — | ||||||||||
Stock option exercises | 62 | — | — | — | — | 62 | |||||||||||
Series A common stock dividends | (43 | ) | — | — | — | — | (43 | ) | |||||||||
Preferred stock dividends | — | — | — | — | — | — | |||||||||||
Return of capital to parent | — | — | — | — | — | — | |||||||||||
Other, net | 29 | — | (7 | ) | (1 | ) | — | 21 | |||||||||
Net cash provided by (used in) financing activities | 3 | 95 | 3 | (71 | ) | 19 | 49 | ||||||||||
Exchange rate effects on cash and cash equivalents | — | — | — | 6 | — | 6 | |||||||||||
Net increase (decrease) in cash and cash equivalents | 10 | — | 142 | 125 | — | 277 | |||||||||||
Cash and cash equivalents as of beginning of period | — | — | 133 | 549 | — | 682 | |||||||||||
Cash and cash equivalents as of end of period | 10 | — | 275 | 674 | — | 959 |
Year Ended December 31, 2011 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In $ millions) | |||||||||||||||||
Net cash provided by (used in) operating activities | 41 | (127 | ) | 446 | 368 | (90 | ) | 638 | |||||||||
Investing Activities | |||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (145 | ) | (204 | ) | — | (349 | ) | ||||||||
Acquisitions, net of cash acquired | — | — | (8 | ) | — | — | (8 | ) | |||||||||
Proceeds from sale of businesses and assets, net | — | — | 1 | 5 | — | 6 | |||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | 159 | — | 159 | |||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (204 | ) | — | (204 | ) | |||||||||
Return of capital from subsidiary | — | 100 | — | — | (100 | ) | — | ||||||||||
Contributions to subsidiary | — | (100 | ) | — | — | 100 | — | ||||||||||
Intercompany loan receipts (disbursements) | — | 5 | (307 | ) | — | 302 | — | ||||||||||
Other, net | — | — | (15 | ) | (30 | ) | — | (45 | ) | ||||||||
Net cash provided by (used in) investing activities | — | 5 | (474 | ) | (274 | ) | 302 | (441 | ) | ||||||||
Financing Activities | |||||||||||||||||
Short-term borrowings (repayments), net | — | 307 | (5 | ) | (8 | ) | (307 | ) | (13 | ) | |||||||
Proceeds from short-term borrowings | — | — | — | 70 | — | 70 | |||||||||||
Repayments of short-term borrowings | — | — | — | (73 | ) | — | (73 | ) | |||||||||
Proceeds from long-term debt | — | 400 | — | 11 | — | 411 | |||||||||||
Repayments of long-term debt | — | (532 | ) | (9 | ) | (55 | ) | 5 | (591 | ) | |||||||
Refinancing costs | — | (8 | ) | — | — | — | (8 | ) | |||||||||
Purchases of treasury stock, including related fees | (31 | ) | — | — | — | — | (31 | ) | |||||||||
Dividends to parent | — | (45 | ) | (45 | ) | — | 90 | — | |||||||||
Contributions from parent | — | — | 100 | — | (100 | ) | — | ||||||||||
Stock option exercises | 20 | — | — | — | — | 20 | |||||||||||
Series A common stock dividends | (34 | ) | — | — | — | — | (34 | ) | |||||||||
Preferred stock dividends | — | — | — | — | — | — | |||||||||||
Return of capital to parent | — | — | — | (100 | ) | 100 | — | ||||||||||
Other, net | 4 | — | (8 | ) | — | — | (4 | ) | |||||||||
Net cash provided by (used in) financing activities | (41 | ) | 122 | 33 | (155 | ) | (212 | ) | (253 | ) | |||||||
Exchange rate effects on cash and cash equivalents | — | — | — | (2 | ) | — | (2 | ) | |||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 5 | (63 | ) | — | (58 | ) | |||||||||
Cash and cash equivalents as of beginning of period | — | — | 128 | 612 | — | 740 | |||||||||||
Cash and cash equivalents as of end of period | — | — | 133 | 549 | — | 682 |
Year Ended December 31, 2010 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In $ millions) | |||||||||||||||||
Net cash provided by (used in) operating activities | 44 | (38 | ) | 173 | 445 | (172 | ) | 452 | |||||||||
Investing Activities | |||||||||||||||||
Capital expenditures on property, plant and equipment | — | — | (88 | ) | (113 | ) | — | (201 | ) | ||||||||
Acquisitions, net of cash acquired | — | — | (46 | ) | — | — | (46 | ) | |||||||||
Proceeds from sale of businesses and assets, net | — | — | 4 | 22 | — | 26 | |||||||||||
Deferred proceeds from Kelsterbach plant relocation | — | — | — | — | — | — | |||||||||||
Capital expenditures related to Kelsterbach plant relocation | — | — | — | (312 | ) | — | (312 | ) | |||||||||
Return of capital from subsidiary | — | — | — | — | — | — | |||||||||||
Contributions to subsidiary | — | — | — | — | — | — | |||||||||||
Intercompany loan receipts (disbursements) | — | 5 | (337 | ) | — | 332 | — | ||||||||||
Other, net | — | — | (6 | ) | (21 | ) | — | (27 | ) | ||||||||
Net cash provided by (used in) investing activities | — | 5 | (473 | ) | (424 | ) | 332 | (560 | ) | ||||||||
Financing Activities | |||||||||||||||||
Short-term borrowings (repayments), net | — | 370 | 3 | (34 | ) | (370 | ) | (31 | ) | ||||||||
Proceeds from short-term borrowings | — | — | — | 70 | — | 70 | |||||||||||
Repayments of short-term borrowings | — | — | — | (55 | ) | — | (55 | ) | |||||||||
Proceeds from long-term debt | — | 600 | — | — | — | 600 | |||||||||||
Repayments of long-term debt | — | (827 | ) | (7 | ) | (101 | ) | 38 | (897 | ) | |||||||
Refinancing costs | — | (24 | ) | — | — | — | (24 | ) | |||||||||
Purchases of treasury stock, including related fees | (48 | ) | — | — | — | — | (48 | ) | |||||||||
Dividends to parent | — | (86 | ) | (86 | ) | — | 172 | — | |||||||||
Contributions from parent | — | — | — | — | — | — | |||||||||||
Stock option exercises | 14 | — | — | — | — | 14 | |||||||||||
Series A common stock dividends | (28 | ) | — | — | — | — | (28 | ) | |||||||||
Preferred stock dividends | (3 | ) | — | — | — | — | (3 | ) | |||||||||
Return of capital to parent | — | — | — | — | — | — | |||||||||||
Other, net | 16 | — | (2 | ) | — | — | 14 | ||||||||||
Net cash provided by (used in) financing activities | (49 | ) | 33 | (92 | ) | (120 | ) | (160 | ) | (388 | ) | ||||||
Exchange rate effects on cash and cash equivalents | — | — | — | (18 | ) | — | (18 | ) | |||||||||
Net increase (decrease) in cash and cash equivalents | (5 | ) | — | (392 | ) | (117 | ) | — | (514 | ) | |||||||
Cash and cash equivalents as of beginning of period | 5 | — | 520 | 729 | — | 1,254 | |||||||||||
Cash and cash equivalents as of end of period | — | — | 128 | 612 | — | 740 |
Year Ended December 31, | ||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||
As Adjusted | ||||||||||||||
(In $ millions, except ratios) | ||||||||||||||
Earnings: | ||||||||||||||
Earnings (loss) from continuing operations before tax | 321 | 467 | 433 | 105 | (114 | ) | ||||||||
Subtract | ||||||||||||||
Equity in net earnings of affiliates | (242 | ) | (192 | ) | (168 | ) | (99 | ) | (172 | ) | ||||
Add | ||||||||||||||
Income distributions from equity investments | 262 | 205 | 138 | 78 | 183 | |||||||||
Amortization of capitalized interest | 2 | 2 | 2 | 2 | 2 | |||||||||
Total fixed charges | 247 | 283 | 262 | 268 | 324 | |||||||||
Total earnings as defined before combined fixed charges | 590 | 765 | 667 | 354 | 223 | |||||||||
Fixed charges: | ||||||||||||||
Interest expense | 185 | 221 | 204 | 207 | 261 | |||||||||
Capitalized interest | 7 | 4 | 2 | 2 | 6 | |||||||||
Estimated interest portion of rent expense | 55 | 58 | 53 | 49 | 47 | |||||||||
Cumulative preferred stock dividends | — | — | 3 | 10 | 10 | |||||||||
Guaranteed payment to minority shareholders | — | — | — | — | — | |||||||||
Total combined fixed charges | 247 | 283 | 262 | 268 | 324 | |||||||||
Ratio of earnings to combined fixed charges | 2.4x | 2.7x | 2.5x | 1.3x | 0.7x |
Summary of Accounting Policies (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accounting Policy Regarding Pension and Other Postretirement Benefits | The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of operations is as follows:
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of comprehensive income (loss) is as follows:
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated balance sheets is as follows:
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of equity is as follows:
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of cash flows is as follows:
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the business segment financial information (Note 25) is as follows:
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Schedule of Estimated Useful Lives of Depreciable Assets | Depreciation is calculated on a straight-line basis over the following estimated useful lives of depreciable assets:
Leasehold improvements are amortized over 10 years or the remaining life of the respective lease, whichever is shorter. |
Stockholders' Equity (Schedule of Treasury Stock) (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
1 Months Ended | 12 Months Ended | 59 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2012
|
Apr. 30, 2011
|
Oct. 31, 2008
|
Feb. 29, 2008
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2012
|
||||
Class of Stock [Line Items] | |||||||||||
Share repurchase plan, authorized repurchase amount | $ 264 | $ 129 | $ 100 | $ 400 | $ 893 | ||||||
Shares repurchased | 1,059,719 | [1] | 652,016 | 1,667,592 | 13,142,527 | ||||||
Average purchase price per share | $ 42.44 | $ 46.99 | $ 28.77 | $ 38.14 | |||||||
Amount spent on repurchased shares | $ 45 | $ 31 | $ 48 | $ 501 | |||||||
Restricted Stock [Member]
|
|||||||||||
Class of Stock [Line Items] | |||||||||||
Shares withheld, tax withholding | 5,823 | ||||||||||
|
Debt (Narrative) (Details) (USD $)
|
1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
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May 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Nov. 30, 2012
|
Oct. 31, 2012
|
May 31, 2011
Term B Loan Facility [Member]
|
Nov. 30, 2012
Term C Loan Facility [Member]
|
Dec. 31, 2012
Term C Loan Facility [Member]
|
Dec. 31, 2011
Term C Loan Facility [Member]
|
Nov. 30, 2012
Senior Unsecured Notes Due 2022 [Member]
|
Dec. 31, 2012
Senior Unsecured Notes Due 2022 [Member]
|
May 31, 2011
Senior Unsecured Notes Due 2021 [Member]
|
Dec. 31, 2012
Senior Unsecured Notes Due 2021 [Member]
|
Dec. 31, 2011
Senior Unsecured Notes Due 2021 [Member]
|
Sep. 30, 2010
Senior Unsecured Notes Due 2018 [Member]
|
Dec. 31, 2012
Senior Unsecured Notes Due 2018 [Member]
|
Dec. 31, 2011
Senior Unsecured Notes Due 2018 [Member]
|
Sep. 30, 2010
Revolving Credit Facility [Member]
|
Dec. 31, 2012
Revolving Credit Facility [Member]
|
Dec. 31, 2012
Credit-linked Revolving Facility [Member]
|
Dec. 31, 2011
Credit-linked Revolving Facility [Member]
|
Sep. 30, 2010
Credit-linked Revolving Facility [Member]
|
Dec. 31, 2012
Amended Credit Agreement [Member]
|
|
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Senior notes | $ 500,000,000 | $ 400,000,000 | $ 600,000,000 | |||||||||||||||||||||
Interest rate, stated percentage | 4.625% | 4.625% | 5.875% | 5.875% | 5.875% | 6.625% | 6.625% | 6.625% | ||||||||||||||||
Line of credit facility, prepayment | 400,000,000 | |||||||||||||||||||||||
Year of maturity | Apr. 02, 2014 | Oct. 31, 2016 | Oct. 31, 2016 | Nov. 15, 2022 | Nov. 15, 2022 | Jun. 15, 2021 | Jun. 15, 2021 | Jun. 15, 2021 | Oct. 15, 2018 | Oct. 15, 2018 | Oct. 15, 2018 | |||||||||||||
Notes redemption price | 100.00% | 100.00% | 100.00% | |||||||||||||||||||||
Accelerated amortization of deferred financing costs | 3,000,000 | 3,000,000 | 3,000,000 | 16,000,000 | ||||||||||||||||||||
Deferred financing costs | 8,000,000 | 8,000,000 | 22,000,000 | |||||||||||||||||||||
Senior credit facilities | 516,000,000 | 977,000,000 | 1,386,000,000 | 0 | 50,000,000 | 0 | ||||||||||||||||||
Revolving credit facility borrowing capacity | 600,000,000 | 600,000,000 | 228,000,000 | |||||||||||||||||||||
Credit facility, expiration date | Oct. 31, 2015 | Apr. 02, 2014 | ||||||||||||||||||||||
Cross default covenant to other debt | $ 40,000,000 |
Income Taxes (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings (Loss) from Continuing Operations Before Tax by Jurisdiction | Earnings (loss) from continuing operations before tax by jurisdiction are as follows:
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Schedule of Income Tax Provision (Benefit) | The income tax provision (benefit) consists of the following:
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Schedule of Effective Tax Rate Reconciliation | A reconciliation of the significant differences between the US federal statutory tax rate of 35% and the effective income tax rate on income from continuing operations is as follows:
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Schedule of Consolidated Deferred Tax Assets and Liabilities | Significant components of the consolidated deferred tax assets and liabilities are as follows:
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Schedule of Activity Related to Uncertain Tax Positions | Activity related to uncertain tax positions is as follows:
|
Income Taxes (Income Tax Provision Narrative) (Details) (USD $)
|
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||
Income Tax Disclosure [Abstract] | ||||||||
Accumulated but undistributed earnings permanently reinvested in business | $ 2,900,000,000 | |||||||
Effective income tax rate | (17.00%) | [1] | 9.00% | [1] | 17.00% | [1] | ||
Foreign tax credit carryforwards | $ 142,000,000 | |||||||
Foreign tax credit carryforward period | ten year carryforward period | |||||||
Foreign tax credit carryforward expiration | 2014 through 2021 | |||||||
|
Noncurrent Other Liabilities (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
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Other Liabilities, Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Noncurrent Other Liabilities | ______________________________
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Schedule of Changes in Asset Retirement Obligations | Changes in asset retirement obligations are as follows:
|
Leases (Schedule of Future Minimum Lease Payments for Capital Leases) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
---|---|
Leases [Abstract] | |
2013 | $ 43 |
2014 | 42 |
2015 | 40 |
2016 | 40 |
2017 | 40 |
Later years | 288 |
Sublease income | 0 |
Minimum lease commitments | 493 |
Less amounts representing interest | (249) |
Present value of net minimum lease obligations | $ 244 |
Commitments and Contingencies (Plumbing Actions Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Loss Contingencies [Line Items] | |||
Plumbing actions other (charges) gains | $ 5 | $ 6 | $ 59 |
Advanced Engineered Materials [Member] | Plumbing Actions [Member]
|
|||
Loss Contingencies [Line Items] | |||
Plumbing actions other (charges) gains | 5 | 6 | 59 |
Legal reserve reductions | $ 4 | $ 4 | $ 45 |
Benefit Obligations (Schedule of Amortization of Accumulated Other Comprehensive Income (Loss), Net Into Net Periodic Benefit Cost) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Pension Benefits [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | $ 1 |
Postretirement Benefits [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | $ 0 |
Benefit Obligations Benefit Obligations (Narrative) (Details)
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|---|
Compensation and Retirement Disclosure [Abstract] | |||
Funded status of multiemployer plan percentage | 100.00% | 100.00% | 100.00% |
Multiemployer plan contribution by Company, percentage, less than | 5.00% | 5.00% |
Management Compensation Plans (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Total Shares Available for and Subject to Awards | Total shares available for awards and total shares subject to outstanding awards are as follows:
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Schedule of Realized Income Tax Benefits from Stock Option Exercises and RSU Vestings | The Company realized income tax benefits from stock option exercises and RSU vestings as follows:
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Schedule of Black-Scholes Option Pricing Method Assumptions | The fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing method. The weighted average assumptions used in the model are as follows:
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Schedule of Summary of Changes in Stock Options Outstanding | The summary of changes in stock options outstanding is as follows:
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Schedule of Intrinsic Value of Stock Options Exercises | The total intrinsic value of stock options exercised is as follows:
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Schedule of Summary of Changes in Performance-based RSUs Outstanding | A summary of changes in nonvested performance-based RSUs outstanding is as follows:
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Schedule of Performance-based RSUs Monte Carlo Simulation Valuation Assumptions | The range of assumptions used in the Monte Carlo simulation approach is as follows:
|
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Schedule of Summary of Changes in Time-based RSUs Outstanding | A summary of changes in nonvested time-based RSUs outstanding is as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted-average Discount Rate for RSUs | The fair value of the RSUs with holding periods were discounted due to the lack of transferability of these RSUs during the holding period as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options [Member]
|
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted-average Grant-date Fair Values of Stock Options | The weighted average grant date fair values of stock options granted is as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Restricted Stock Units (PRSUs) [Member]
|
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Shares Vested | The fair value of shares vested for performance-based RSUs is as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time Restricted Stock Units (RSUs) [Member]
|
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Shares Vested | The fair value of shares vested for time-based RSUs is as follows:
|
Management Compensation Plans (Schedule of Intrinsic Value of Stock Option Exercises) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Intrinsic value of stock options | $ 110 | $ 20 | $ 13 |
Summary of Accounting Policies (Income Taxes Narrative) (Details)
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Accounting Policies [Abstract] | |
Deferred tax assets recoverability, valuation allowance | A valuation allowance is provided when it is more likely than not (likelihood of greater than 50%) that some portion or all of the deferred tax assets will not be realized. Tax positions that meet the more-likely-than-not threshold are measured using a probability weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. |
Deferred tax assets recoverability, valuation allowance threshold percentage | 50.00% |
Income Taxes (Schedule of Consolidated Deferred Tax Assets and Liabilities) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
||||
---|---|---|---|---|---|---|
Deferred Tax Assets | ||||||
Pension and postretirement obligations | $ 579 | $ 529 | ||||
Accrued expenses | 58 | 57 | ||||
Inventory | 0 | 1 | ||||
Net operating loss | 398 | 359 | ||||
Tax credit carryforwards | 206 | 94 | ||||
Other | 370 | 159 | ||||
Subtotal | 1,611 | 1,199 | ||||
Valuation allowance | (399) | [1] | (363) | [1] | ||
Total | 1,212 | 836 | ||||
Deferred Tax Liabilities | ||||||
Depreciation and amortization | 479 | 319 | ||||
Investments in affiliates | 83 | 50 | ||||
Other | 70 | 51 | ||||
Total | 632 | 420 | ||||
Net deferred tax assets (liabilities) | $ 580 | $ 416 | ||||
|
Debt (Schedule of Short-term Debt) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||
Current installments of long-term debt | $ 60 | $ 38 |
Short-term borrowings, including amounts due to affiliates | 108 | 106 |
Total | $ 168 | $ 144 |
Weighted average interest rate | 4.00% | 4.30% |
Commitments and Contingencies (Polyester Staple Antitrust Litigation Narrative) (Details) (Polyester Staple Antitrust Litigation [Member])
|
Dec. 31, 2008
|
Sep. 30, 2006
|
---|---|---|
Polyester Staple Antitrust Litigation [Member]
|
||
Loss Contingencies [Line Items] | ||
Number of legal actions | 2 | |
Number of tolling arrangements | 4 | |
Number of legal actions participants | 1 |
Goodwill and Intangible Assets, Net (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
|
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Goodwill
|
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Schedule of Finite-Lived Intangible Assets, Net | Finite-lived intangibles are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Indefinite-Lived Intangible Assets, Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Estimated Amortization Expense | Estimated amortization expense for the succeeding five fiscal years is as follows:
|
Earnings (Loss) Per Share
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share
Securities not included in the computation of diluted net earnings per share as their effect would have been antidilutive are as follows:
|
Leases (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Leases [Abstract] | |
2013 | $ 49 |
2014 | 46 |
2015 | 40 |
2016 | 34 |
2017 | 22 |
Later years | 116 |
Sublease income | (21) |
Minimum lease commitments | $ 286 |
Segment Information (Schedule of Business Segments) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2010
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net sales | $ 6,418 | $ 6,763 | $ 5,918 | ||||||||||||||||
Other (charges) gains, net | (14) | (48) | (46) | ||||||||||||||||
Operating profit (loss) | 175 | [1] | 402 | [1] | 398 | [1] | |||||||||||||
Equity in net earnings (loss) of affiliates | 242 | 192 | 168 | ||||||||||||||||
Depreciation and amortization | 308 | 298 | 287 | ||||||||||||||||
Capital expenditures | 339 | [2] | 364 | [2] | 222 | [2] | |||||||||||||
Goodwill and intangible assets, net | 942 | 957 | |||||||||||||||||
Total assets | 9,000 | 8,518 | |||||||||||||||||
Increase (decrease) in accrued capital expenditures | (22) | 15 | 21 | ||||||||||||||||
Accelerated amortization | 22 | ||||||||||||||||||
Advanced Engineered Materials [Member]
|
|||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net sales | 1,261 | 1,298 | 1,109 | ||||||||||||||||
Other (charges) gains, net | (2) | (49) | 31 | ||||||||||||||||
Operating profit (loss) | 95 | [1] | 79 | [1] | 182 | [1] | |||||||||||||
Equity in net earnings (loss) of affiliates | 190 | 161 | 144 | ||||||||||||||||
Depreciation and amortization | 113 | 100 | 76 | [3] | |||||||||||||||
Capital expenditures | 51 | 64 | 52 | ||||||||||||||||
Goodwill and intangible assets, net | 372 | 391 | |||||||||||||||||
Total assets | 2,703 | 2,787 | |||||||||||||||||
Accelerated amortization | 2 | ||||||||||||||||||
Consumer Specialties [Member]
|
|||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net sales | 1,186 | [4] | 1,161 | [4] | 1,098 | [4] | |||||||||||||
Other (charges) gains, net | (4) | [5] | (3) | (76) | |||||||||||||||
Operating profit (loss) | 251 | [1] | 229 | [1] | 163 | [1] | |||||||||||||
Equity in net earnings (loss) of affiliates | 6 | 2 | 2 | ||||||||||||||||
Depreciation and amortization | 45 | 44 | 42 | ||||||||||||||||
Capital expenditures | 65 | 92 | 50 | ||||||||||||||||
Goodwill and intangible assets, net | 276 | 277 | |||||||||||||||||
Total assets | 1,296 | 1,154 | |||||||||||||||||
Inter-segment sales | 4 | 3 | 9 | ||||||||||||||||
Industrial Specialties [Member]
|
|||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net sales | 1,184 | 1,223 | 1,036 | ||||||||||||||||
Other (charges) gains, net | 0 | 0 | 25 | [6] | |||||||||||||||
Operating profit (loss) | 86 | [1] | 102 | [1] | 89 | [1] | |||||||||||||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | ||||||||||||||||
Depreciation and amortization | 55 | 45 | 41 | ||||||||||||||||
Capital expenditures | 38 | 71 | 55 | ||||||||||||||||
Goodwill and intangible assets, net | 65 | 54 | |||||||||||||||||
Total assets | 963 | 901 | |||||||||||||||||
Acetyl Intermediates [Member]
|
|||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net sales | 3,231 | [4] | 3,551 | [4] | 3,082 | [4] | |||||||||||||
Other (charges) gains, net | 0 | 14 | (12) | ||||||||||||||||
Operating profit (loss) | 269 | [1] | 458 | [1] | 237 | [1] | |||||||||||||
Equity in net earnings (loss) of affiliates | 11 | 5 | 5 | ||||||||||||||||
Depreciation and amortization | 80 | 96 | 117 | [3] | |||||||||||||||
Capital expenditures | 169 | 122 | 49 | ||||||||||||||||
Goodwill and intangible assets, net | 229 | 235 | |||||||||||||||||
Total assets | 2,238 | 2,035 | |||||||||||||||||
Inter-segment sales | 440 | 468 | 400 | ||||||||||||||||
Accelerated amortization | 20 | ||||||||||||||||||
Other Activities [Member]
|
|||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net sales | 0 | 1 | 2 | ||||||||||||||||
Other (charges) gains, net | (8) | [5] | (10) | (14) | [6] | ||||||||||||||
Operating profit (loss) | (526) | [1] | (466) | [1] | (273) | [1] | |||||||||||||
Equity in net earnings (loss) of affiliates | 35 | 24 | 17 | ||||||||||||||||
Depreciation and amortization | 15 | 13 | 11 | ||||||||||||||||
Capital expenditures | 16 | 15 | 16 | ||||||||||||||||
Goodwill and intangible assets, net | 0 | 0 | |||||||||||||||||
Total assets | 1,800 | 1,641 | |||||||||||||||||
Eliminations [Member]
|
|||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net sales | (444) | (471) | (409) | ||||||||||||||||
Other (charges) gains, net | 0 | 0 | 0 | ||||||||||||||||
Operating profit (loss) | 0 | [1] | 0 | [1] | 0 | [1] | |||||||||||||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | ||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||||||||||
Goodwill and intangible assets, net | 0 | 0 | |||||||||||||||||
Total assets | 0 | 0 | |||||||||||||||||
Narrows, Virginia [Member] | Consumer Specialties [Member]
|
|||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Insurance recoveries | 9 | 0 | 0 | ||||||||||||||||
Edmonton, Alberta, Canada [Member] | Industrial Specialties [Member]
|
|||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Insurance recoveries | 0 | 0 | 25 | ||||||||||||||||
Edmonton, Alberta, Canada [Member] | Industrial Specialties [Member] | Other Insurance Recoveries [Member]
|
|||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Insurance recoveries | $ 7 | ||||||||||||||||||
|
Acquisitions, Dispositions, Ventures and Plant Closures (Ventures Narrative) (Details) (Advanced Engineered Materials [Member], Ibn Sina, Saudi Arabia [Member])
|
Dec. 31, 2012
|
Apr. 30, 2010
Previous [Member]
|
Apr. 30, 2010
Subsequent [Member]
|
---|---|---|---|
Acquisitions, Dispositions, Ventures and Plant Closures [Line Items] | |||
Celanese ownership interest, percentage | 25.00% | ||
Ownership percentage by other equity holders | 25.00% | ||
Indirect economic interest, percentage | 25.00% | 32.50% |
Benefit Obligations (Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Compensation and Retirement Disclosure [Abstract] | ||
Accumulated benefit obligation | $ 3,881 | $ 3,468 |
Fair value of plan assets | $ 2,654 | $ 2,300 |
Benefit Obligations (Valuation Narrative) (Details)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Defined Benefit Plan Disclosure [Line Items] | |||
Equity return basis, Treasury bond premium, description | 10-year | ||
Number of Aa-grade non-callable bonds | 300 | ||
Pension Benefits [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 8.06% | 8.06% | 8.06% |
United States Pension Plans of US Entity, Defined Benefit [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual return on plan assets | 13.10% | ||
Expected return on plan assets | 8.50% | 8.50% | 8.50% |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend assumption | 7.50% | 8.00% | 8.50% |
Declining rate, period | four years | ||
Declining rate | declining 0.5% per year | declining 0.5% per year | declining 0.5% per year |
Ultimate rate | 5.00% | 5.00% | 5.00% |
Benefit Obligations (Schedule of Other Obligations) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Compensation and Retirement Disclosure [Abstract] | ||
Long-term disability | $ 22 | $ 26 |
Other | $ 6 | $ 6 |
Summary of Accounting Policies (Cash and Cash Equivalents Narrative) (Details)
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Accounting Policies [Abstract] | |
Maturity range of cash and cash equivalents, number of months or less | 0 years 3 months |
Investments in Affiliates (Schedule of Summarized Income Statement Information for Ibn Sina (National Methanol)) (Details) (National Methonal Company (Ibn Sina) [Member], USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
National Methonal Company (Ibn Sina) [Member]
|
|||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 1,328 | $ 1,204 | $ 923 |
Gross profit | 659 | 546 | 403 |
Net income | $ 582 | $ 481 | $ 357 |
Derivative Financial Instruments (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
|
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Swap Derivatives | US-dollar interest rate swap derivative agreements are as follows:
|
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Schedule of Interest Rate Swap Activity Recorded in the Consolidated Financial Statements | Interest rate swap activity is as follows:
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Schedule of Notional Amounts of Net Foreign Exchange Exposure by Currency |
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Schedule of Notional Amounts of Foreign Currency Derivatives | Gross notional values of the foreign currency forwards and swaps are as follows:
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Schedule of Changes in Fair Value of Derivatives | Information regarding changes in the fair value of the Company’s derivative agreements is as follows:
|
Debt (Schedule of First Lien Senior Secured Leverage Ratios and Borrowing Capacity) (Details) (Revolving Credit Facility [Member], USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Sep. 30, 2010
|
---|---|---|
Debt Instrument [Line Items] | ||
Revolving credit facility borrowing capacity | $ 600 | $ 600 |
Ratio Maximum [Member]
|
||
Debt Instrument [Line Items] | ||
First lien secured leverage ratio | 3.90 | |
Ratio Estimate [Member]
|
||
Debt Instrument [Line Items] | ||
First lien secured leverage ratio | 0.88 | |
Ratio Estimate If Fully Drawn [Member]
|
||
Debt Instrument [Line Items] | ||
First lien secured leverage ratio | 1.37 |
Environmental (Schedule of Environmental Expenditures) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||
Environmental Remediation Obligations [Abstract] | ||||||||
Capital expenditures | $ 40 | $ 30 | $ 19 | |||||
Other expenditures | 45 | [1] | 41 | [1] | 47 | [1] | ||
Expenditures for Superfund | $ 2 | $ 2 | $ 2 | |||||
|
Summary of Accounting Policies (Environmental Liabilities Narrative) (Details)
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Accounting Policies [Abstract] | |
Environmental liabilities accrual period | 15 years |
Other (Charges) Gains, Net (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | 74 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2010
Business Optimization [Member]
|
Dec. 31, 2010
Consumer Specialties [Member]
|
Dec. 31, 2011
Acetyl Intermediates [Member]
|
Dec. 31, 2011
Other Activities [Member]
Business Optimization [Member]
|
Dec. 31, 2012
Kelsterbach, Germany [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2011
Kelsterbach, Germany [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2010
Kelsterbach, Germany [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2012
Kelsterbach, Germany [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2012
Pardies, France [Member]
Acetyl Intermediates [Member]
|
Dec. 31, 2011
Pardies, France [Member]
Acetyl Intermediates [Member]
|
Dec. 31, 2010
Pardies, France [Member]
Acetyl Intermediates [Member]
|
Mar. 31, 2010
Spondon, UK [Member]
Consumer Specialties [Member]
|
Dec. 31, 2012
Spondon, UK [Member]
Consumer Specialties [Member]
|
Dec. 31, 2011
Spondon, UK [Member]
Consumer Specialties [Member]
|
Dec. 31, 2010
Spondon, UK [Member]
Consumer Specialties [Member]
|
|
Other (Charges) Gains, Net [Line Items] | ||||||||||||||||||
Employee termination benefits | $ 6 | $ 22 | $ 32 | $ 11 | $ 6 | $ 0 | $ 8 | $ 0 | $ 8 | $ 2 | $ 4 | $ 6 | $ 5 | $ 4 | $ 15 | |||
Resolution of commercial disputes | 2 | 15 | 13 | 13 | 17 | |||||||||||||
Property, plant and equipment fair value | 3 | 31 | ||||||||||||||||
Asset impairments | 0 | 0 | 1 | 72 | 8 | 0 | 72 | |||||||||||
Exit costs | 2 | 4 | 12 | 13 | 4 | 87 | ||||||||||||
Contract termination costs | 0 | 0 | 3 | |||||||||||||||
Reindustrialization costs | $ 0 | $ 0 | $ 3 |
Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||
Amounts attributable to Celanese Corporation | ||||||||
Earnings (loss) from continuing operations | $ 376 | [1] | $ 426 | [1] | $ 361 | [1] | ||
Earnings (loss) from discontinued operations | (4) | 1 | (49) | |||||
Net earnings (loss) | 372 | [1] | 427 | [1] | 312 | [1] | ||
Cumulative preferred stock dividends | 0 | 0 | (3) | |||||
Net earnings (loss) available to common stockholders, diluted | $ 372 | [1] | $ 427 | [1] | $ 309 | [1] | ||
Weighted average shares - basic | 158,359,914 | 156,226,526 | 154,577,441 | |||||
Dilutive stock options | 848,439 | 1,930,072 | 1,828,746 | |||||
Dilutive restricted stock units | 622,433 | 813,685 | 425,385 | |||||
Assumed conversion of preferred stock | 0 | 0 | 1,553,925 | |||||
Weighted average shares - diluted | 159,830,786 | 158,970,283 | 158,385,497 | |||||
|
Inventories (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 514 | $ 511 |
Work-in-process | 42 | 38 |
Raw materials and supplies | 155 | 163 |
Total | $ 711 | $ 712 |
Stockholders' Equity (Narrative) (Details) (USD $)
|
1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2012
|
Apr. 30, 2011
|
Feb. 28, 2010
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Feb. 28, 2010
Preferred stock
|
Dec. 31, 2012
Preferred stock
|
Dec. 31, 2011
Preferred stock
|
Dec. 31, 2010
Preferred stock
|
Feb. 28, 2010
Series A common stock
|
Dec. 31, 2012
Series A common stock
|
Dec. 31, 2011
Series A common stock
|
Dec. 31, 2010
Series A common stock
|
Apr. 30, 2012
Quarterly [Member]
|
Apr. 30, 2011
Quarterly [Member]
|
Mar. 31, 2012
Quarterly [Member]
|
Mar. 31, 2011
Quarterly [Member]
|
Apr. 30, 2012
Annual [Member]
|
Apr. 30, 2011
Annual [Member]
|
Mar. 31, 2012
Annual [Member]
|
Mar. 31, 2011
Annual [Member]
|
Dec. 31, 2012
Senior Unsecured Notes Due 2022 [Member]
|
Nov. 30, 2012
Senior Unsecured Notes Due 2022 [Member]
|
Dec. 31, 2012
Senior Unsecured Notes Due 2021 [Member]
|
Dec. 31, 2011
Senior Unsecured Notes Due 2021 [Member]
|
May 31, 2011
Senior Unsecured Notes Due 2021 [Member]
|
Dec. 31, 2012
Senior Unsecured Notes Due 2018 [Member]
|
Dec. 31, 2011
Senior Unsecured Notes Due 2018 [Member]
|
Sep. 30, 2010
Senior Unsecured Notes Due 2018 [Member]
|
|
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Dividend rate on convertible perpetual preferred stock | 4.25% | ||||||||||||||||||||||||||||
Preferred stock, shares outstanding | 9,600,000 | 0 | 0 | ||||||||||||||||||||||||||
Common stock received for each share of preferred stock | 1.2600 | ||||||||||||||||||||||||||||
Common stock, par value | $ 0.0001 | ||||||||||||||||||||||||||||
Conversion of preferred stock, shares converted | 9,591,276 | ||||||||||||||||||||||||||||
Conversion of preferred stock, shares issued | 12,084,942 | ||||||||||||||||||||||||||||
Redemption of preferred stock, shares outstanding | 8,724 | 0 | 0 | 9,600,000 | 7,437 | 0 | 0 | 7,437 | |||||||||||||||||||||
Interest rate, stated percentage | 4.625% | 4.625% | 5.875% | 5.875% | 5.875% | 6.625% | 6.625% | 6.625% | |||||||||||||||||||||
Common stock, dividends, rate increase, percent | 25.00% | 20.00% | |||||||||||||||||||||||||||
Common stock, dividends, per share, declared | $ 0.075 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.30 | $ 0.24 | $ 0.24 | $ 0.2 |
Income Taxes (Schedule of Earnings (Loss) from Continuing Operations Before Tax by Jurisdiction) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||||
Income Taxes [Line Items] | ||||||||||
US | $ 195 | [1] | $ 60 | [1] | $ 131 | [1] | ||||
International | 126 | [1],[2] | 407 | [1],[2] | 302 | [1],[2] | ||||
Earnings (loss) from continuing operations before tax | 321 | [1] | 467 | [1] | 433 | [1] | ||||
Effective income tax rate | (17.00%) | [1] | 9.00% | [1] | 17.00% | [1] | ||||
Aggregated Geographical [Member]
|
||||||||||
Income Taxes [Line Items] | ||||||||||
International | $ 320 | $ 317 | $ 257 | |||||||
Effective income tax rate | 5.60% | 4.00% | 4.80% | |||||||
|
Acquisitions, Dispositions, Ventures and Plant Closures (Plant Closures Narrative) (Details) (Consumer Specialties [Member], Spondon, UK [Member], USD $)
In Millions, unless otherwise specified |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2010
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Consumer Specialties [Member] | Spondon, UK [Member]
|
||||
Acquisitions, Dispositions, Ventures and Plant Closures [Line Items] | ||||
Asset impairments | $ 72 | $ 8 | $ 0 | $ 72 |
Insurance Recoveries Insurance Recoveries (Narrative) (Details) (Industrial Specialties [Member], Edmonton, Alberta, Canada [Member])
|
1 Months Ended |
---|---|
Oct. 31, 2008
|
|
Industrial Specialties [Member] | Edmonton, Alberta, Canada [Member]
|
|
Business Interruption Loss [Line Items] | |
Events declared as force majeure | 2 |
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Gain (loss) recognized in Other comprehensive income (loss) | $ (12) | $ (24) | $ (31) | |||||||||||||||||
Gain (loss) recognized in Earnings (loss) | (26) | (43) | (35) | |||||||||||||||||
Tax expense recognized in Other comprehensive income (loss) | 10 | [1] | 6 | [1] | 5 | [1] | ||||||||||||||
Foreign Currency Forwards and Swaps [Member] | Derivatives Not Designated as Hedges [Member]
|
||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Gain (loss) recognized in Other comprehensive income (loss) | 0 | 0 | 0 | |||||||||||||||||
Equity Method Investments' Derivative Activity [Member]
|
||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Gain (loss) associated with equity method investments' derivative | 2 | 2 | 5 | |||||||||||||||||
Interest Rate Swaps [Member]
|
||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Tax expense recognized in Other comprehensive income (loss) | 3 | 10 | 15 | |||||||||||||||||
Interest Rate Swaps [Member] | Derivatives Designated as Cash Flow Hedges [Member]
|
||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Gain (loss) recognized in Other comprehensive income (loss) | (12) | [2] | (24) | [3] | (31) | [4] | ||||||||||||||
Interest Rate Swaps [Member] | Derivatives Not Designated as Hedges [Member]
|
||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Gain (loss) recognized in Other comprehensive income (loss) | 0 | 0 | 0 | |||||||||||||||||
Gain (loss) recognized in Earnings (loss) | (5) | [5] | 0 | 0 | ||||||||||||||||
Interest Expense [Member] | Interest Rate Swaps [Member] | Derivatives Designated as Cash Flow Hedges [Member]
|
||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Gain (loss) recognized in Earnings (loss) | (15) | [6] | (59) | [6] | (68) | [6] | ||||||||||||||
Foreign Currency Gain (Loss) [Member] | Foreign Currency Forwards and Swaps [Member] | Derivatives Not Designated as Hedges [Member]
|
||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Gain (loss) recognized in Earnings (loss) | $ (6) | [7] | $ 16 | [7] | $ 33 | [7] | ||||||||||||||
|
Investments in Affiliates (Schedule of Equity Method Investments) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2012
Advanced Engineered Materials [Member]
|
Dec. 31, 2011
Advanced Engineered Materials [Member]
|
Dec. 31, 2010
Advanced Engineered Materials [Member]
|
Dec. 31, 2012
Other Activities [Member]
|
Dec. 31, 2011
Other Activities [Member]
|
Dec. 31, 2010
Other Activities [Member]
|
Dec. 31, 2012
Consumer Specialties [Member]
|
Dec. 31, 2011
Consumer Specialties [Member]
|
Dec. 31, 2010
Consumer Specialties [Member]
|
Dec. 31, 2012
National Methonal Company (Ibn Sina) [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2011
National Methonal Company (Ibn Sina) [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2010
National Methonal Company (Ibn Sina) [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2012
Fortron Industries LLC [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2011
Fortron Industries LLC [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2010
Fortron Industries LLC [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2012
Korea Engineering Plastics Co., Ltd. [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2011
Korea Engineering Plastics Co., Ltd. [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2010
Korea Engineering Plastics Co., Ltd. [Member]
Advanced Engineered Materials [Member]
|
Mar. 31, 2012
Polyplastics Co., Ltd. [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2012
Polyplastics Co., Ltd. [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2011
Polyplastics Co., Ltd. [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2010
Polyplastics Co., Ltd. [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2012
Una SA [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2011
Una SA [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2010
Una SA [Member]
Advanced Engineered Materials [Member]
|
Dec. 31, 2012
InfraServ GmbH & Co. Gendorf KG [Member]
|
Dec. 31, 2012
InfraServ GmbH & Co. Gendorf KG [Member]
Other Activities [Member]
|
Dec. 31, 2011
InfraServ GmbH & Co. Gendorf KG [Member]
Other Activities [Member]
|
Dec. 31, 2010
InfraServ GmbH & Co. Gendorf KG [Member]
Other Activities [Member]
|
Dec. 31, 2012
InfraServ GmbH & Co. Hoechst KG [Member]
|
Dec. 31, 2012
InfraServ GmbH & Co. Hoechst KG [Member]
Other Activities [Member]
|
Dec. 31, 2012
InfraServ GmbH & Co. Hoechst KG [Member]
Other Activities [Member]
|
Dec. 31, 2011
InfraServ GmbH & Co. Hoechst KG [Member]
Other Activities [Member]
|
Dec. 31, 2010
InfraServ GmbH & Co. Hoechst KG [Member]
Other Activities [Member]
|
Dec. 31, 2012
InfraServ GmbH & Co. Knapsack KG [Member]
|
Dec. 31, 2012
InfraServ GmbH & Co. Knapsack KG [Member]
Other Activities [Member]
|
Dec. 31, 2011
InfraServ GmbH & Co. Knapsack KG [Member]
Other Activities [Member]
|
Dec. 31, 2010
InfraServ GmbH & Co. Knapsack KG [Member]
Other Activities [Member]
|
Dec. 31, 2012
Sherbrooke Capital Health and Wellness, L.P. [Member]
Consumer Specialties [Member]
|
Dec. 31, 2011
Sherbrooke Capital Health and Wellness, L.P. [Member]
Consumer Specialties [Member]
|
Dec. 31, 2010
Sherbrooke Capital Health and Wellness, L.P. [Member]
Consumer Specialties [Member]
|
||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage | 25.00% | 25.00% | 50.00% | 50.00% | 50.00% | 50.00% | 45.00% | [1] | 45.00% | [1] | 0.00% | [2] | 0.00% | [2] | 39.00% | 39.00% | 39.00% | 32.00% | 32.00% | [3] | 32.00% | [3] | 32.00% | [3] | 27.00% | 27.00% | 27.00% | 10.00% | [4] | 10.00% | [4] | ||||||||||||||||||||||||||||||||||
Carrying value | $ 644 | $ 677 | $ 55 | $ 54 | $ 92 | $ 87 | $ 153 | $ 150 | $ 138 | [1] | $ 202 | [1] | $ 0 | [2] | $ 0 | [2] | $ 36 | $ 33 | $ 143 | [3] | $ 143 | [3] | $ 125 | [3] | $ 22 | $ 21 | $ 5 | [4] | $ 5 | [4] | |||||||||||||||||||||||||||||||||||
Share of earnings (loss) | 242 | 192 | 168 | 190 | 161 | 144 | 35 | 24 | 17 | 6 | 2 | 2 | 130 | 112 | 81 | 9 | 7 | 5 | 19 | 23 | 20 | 32 | [1] | 19 | [1] | 37 | [1] | 0 | [2] | 0 | [2] | 1 | [2] | 9 | 10 | 4 | 22 | 38 | [3] | 16 | [3] | 16 | [3] | 5 | 5 | 4 | 0 | [4] | 0 | [4] | 0 | [4] | |||||||||||||
Share of earnings (loss), additional information | InfraServ GmbH & Co. Hoechst KG is owned primarily by an entity included in the Company's Other Activities. The Company's Consumer Specialties segment and Acetyl Intermediates segment also each hold an ownership percentage. During the year ended December 31, 2012, a subsidiary of InfraServ GmbH & Co. Hoechst KG restructured its debt resulting in additional net earnings of affiliates of $22 million attributable to the Company. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and other distributions | $ (262) | $ (205) | $ (138) | $ (126) | $ (111) | $ (84) | $ (3) | $ 0 | $ 0 | $ (23) | $ (22) | $ (20) | $ (72) | $ (81) | [1] | $ (45) | [1] | $ (10) | [1] | $ 0 | [2] | $ (3) | [2] | $ 0 | [2] | $ (7) | $ (3) | $ (2) | $ (18) | [3] | $ (16) | [3] | $ (18) | [3] | $ (4) | $ (5) | $ (4) | $ 0 | [4] | $ 0 | [4] | $ 0 | [4] | ||||||||||||||||||||||
|
Summary of Accounting Policies (Insurance Loss Reserves Narrative) (Details)
|
Dec. 31, 2012
|
---|---|
Accounting Policies [Abstract] | |
Number of wholly-owned insurance companies | 2 |
Summary of Accounting Policies (Schedule of Changes in Accounting Policy Regarding Pension and Other Postretirement Benefits - Consolidated Statements of Cash Flows) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net earnings (loss) | $ 372 | [1] | $ 427 | [1] | $ 312 | [1] | ||
Pension and postretirement benefit expense | 9 | [1] | 30 | [1] | 59 | [1] | ||
Pension and postretirement contributions | (288) | [1] | (209) | [1] | (81) | [1] | ||
Actuarial (gain) loss on pension and postretirement plans | 389 | [1] | 306 | [1] | 84 | [1] | ||
Deferred income taxes, net | (175) | [1] | (15) | [1] | (24) | [1] | ||
Other liabilities | (24) | [1] | (101) | [1] | (60) | [1] | ||
As Previously Reported [Member]
|
||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net earnings (loss) | 605 | 607 | 377 | |||||
Pension and postretirement benefit expense | 0 | 0 | 0 | |||||
Pension and postretirement contributions | 0 | 0 | 0 | |||||
Actuarial (gain) loss on pension and postretirement plans | 0 | 0 | 0 | |||||
Deferred income taxes, net | (73) | 93 | 15 | |||||
Other liabilities | (249) | (262) | (102) | |||||
Effect of Change [Member]
|
||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net earnings (loss) | (233) | (180) | (65) | |||||
Pension and postretirement benefit expense | 9 | 30 | 59 | |||||
Pension and postretirement contributions | (288) | (209) | (81) | |||||
Actuarial (gain) loss on pension and postretirement plans | 389 | 306 | 84 | |||||
Deferred income taxes, net | (102) | (108) | (39) | |||||
Other liabilities | $ 225 | $ 161 | $ 42 | |||||
|
Plant Relocation (Narrative) (Details)
In Millions, unless otherwise specified |
12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 74 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2011
USD ($)
|
Dec. 31, 2010
USD ($)
|
Nov. 30, 2006
Advanced Engineered Materials [Member]
Kelsterbach, Germany [Member]
EUR (€)
|
Jun. 30, 2011
Advanced Engineered Materials [Member]
Kelsterbach, Germany [Member]
EUR (€)
|
Dec. 31, 2012
Advanced Engineered Materials [Member]
Kelsterbach, Germany [Member]
USD ($)
|
Dec. 31, 2011
Advanced Engineered Materials [Member]
Kelsterbach, Germany [Member]
USD ($)
|
Dec. 31, 2010
Advanced Engineered Materials [Member]
Kelsterbach, Germany [Member]
USD ($)
|
Dec. 31, 2012
Advanced Engineered Materials [Member]
Kelsterbach, Germany [Member]
USD ($)
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Plant Relocation [Line Items] | |||||||||||||||
Proceeds originally expected under plant relocation agreement | € 670 | ||||||||||||||
Deferred proceeds from Kelsterbach plant relocation | $ 0 | $ 159 | $ 0 | € 110 | $ 0 | [1] | $ 158 | [1] | $ 0 | [1] | $ 907 | [1] | |||
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Income Taxes
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Income Tax Provision Earnings (loss) from continuing operations before tax by jurisdiction are as follows:
The income tax provision (benefit) consists of the following:
A reconciliation of the significant differences between the US federal statutory tax rate of 35% and the effective income tax rate on income from continuing operations is as follows:
Federal and state income taxes have not been provided on accumulated but undistributed earnings of $2.9 billion as of December 31, 2012 as such earnings have been permanently reinvested in the business. The determination of the amount of the unrecognized deferred tax liability related to the undistributed earnings is not practicable. The effective tax rate for continuing operations for the year ended December 31, 2012 was (17)% compared to 9% for the year ended December 31, 2011. The effective tax rate for 2012 was favorably impacted by foreign tax credit carryforwards realized in the US and offset by deferred tax charges related to changes in assessment regarding permanent reinvestment of certain foreign earnings. During 2012, the Company amended certain prior year income tax returns to recognize the benefit of available foreign tax credit carryforwards. As a result the Company recognized an income tax benefit of $142 million. The available foreign tax credits are subject to a ten year carryforward period and expire beginning 2014 through 2021. The Company expects to fully utilize the credits within the prescribed carryforward period. On February 15, 2012, the Company amended its existing joint venture and other related agreements with its venture partner in Polyplastics Co., Ltd ("Polyplastics"). The amended agreements ("Agreements"), among other items, modified certain dividend rights, resulting in a net cash dividend payment to the Company of $72 million during the three months ended March 31, 2012. In addition, as a result of the Agreements, Polyplastics is required to pay certain annual dividends to the venture partners. Consequently, Polyplastics' undistributed earnings will no longer be invested indefinitely. Accordingly, the Company recognized a deferred tax liability of $38 million which was charged to Income tax provision (benefit) in the consolidated statement of operations, related to the taxable outside basis difference of its investment in Polyplastics. The Company operates under tax holidays in various jurisdictions which are in effect through December 2013. Due to limited profitability in these jurisdictions, the Company realized no material benefit from tax holidays for the years ended December 31, 2012, 2011 and 2010. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the consolidated deferred tax assets and liabilities are as follows:
For the year ended December 31, 2012, the valuation allowance increased by $36 million primarily due to $29 million of losses generated with no currently realizable income tax benefit as well as an increase of $7 million related to exchange rate changes. Legislative Changes Mexico enacted the 2008 Fiscal Reform Bill on October 1, 2007. Effective January 1, 2008, the bill repealed the existing asset-based tax and established a dual income tax system consisting of a new minimum flat tax (the "IETU") and the existing regular income tax system. The IETU system taxes companies on cash basis net income, consisting only of certain specified items of revenue and expense, at a rate of 17% and 17.5% for 2009 and 2010 forward, respectively. In general, companies must pay the higher of the income tax or the IETU, although the IETU is not creditable against future income tax liabilities. The Company has determined that it will primarily be subject to the IETU in future periods. Accordingly, the Company has recorded tax expense (benefit) of $9 million, $4 million, and $19 million for the years ended December 31, 2012, 2011 and 2010, respectively, for the tax effects of the IETU system. In December 2010, the US enacted the Tax Relief, Unemployment Reauthorization and Job Creation Act of 2010 (the "2010 Tax Relief Act"). The 2010 Tax Relief Act increased bonus depreciation for qualified investments made after September 8, 2010 and before January 1, 2012, and also made bonus depreciation available for qualified property placed in service after December 31, 2011 and before January 1, 2013. The 2010 Tax Relief Act also provided a two-year extension of expired provisions that were relevant to the Company including the research tax credit and look-through treatment for controlled foreign corporations. The 2010 Tax Relief Act enabled the Company to accelerate deductions of capital improvements resulting in a reduction to Income taxes payable of $27 million for the year ended December 31, 2011. On January 2, 2013, the US enacted the American Taxpayer Relief Act of 2012 (the "2012 Tax Relief Act"). The 2012 Tax Relief Act extends many expired corporate income tax provisions through 2013, including the research and development credit, the look-through treatment of payments between related controlled foreign corporations, the active financing exception and bonus depreciation, including retroactive application to January 1, 2012. The income tax accounting effect, including any retroactive effect, of the 2012 Tax Relief Act will be accounted for in the period of enactment. The Company does not expect to record a material benefit in 2013 as a result of these provisions. Net Operating Loss Carryforwards As of December 31, 2012, the Company has US federal net operating loss carryforwards of $33 million that are subject to limitation. These net operating loss carryforwards begin to expire in 2021. At December 31, 2012, the Company also had state net operating loss carryforwards, net of federal tax impact, of $54 million, $52 million of which are offset by a valuation allowance due to uncertain recoverability. A portion of these net operating loss carryforwards begin to expire in 2013. The Company also has foreign net operating loss carryforwards as of December 31, 2012 of $1.2 billion primarily for Luxembourg, France, Spain, Canada, China, Singapore, the United Kingdom and Germany with various expiration dates. Net operating losses in China have various carryforward periods and began expiring in 2011. Net operating losses in most other foreign jurisdictions do not have an expiration date. Uncertain Tax Positions Activity related to uncertain tax positions is as follows:
The Company primarily operates in the US, Germany, Canada, China, Mexico and Singapore. Examinations are ongoing in a number of these jurisdictions including Germany for the years 2001 to 2004 and 2005 to 2007 and the US for the years 2009 to 2011. The Company's US federal income tax returns for 2003 and forward are open for examination under statute. The Company's German corporate tax returns for 2001 and forward are open for examination under statute. A further change in uncertain tax positions may occur within the next twelve months related to the settlement of one or more tax examinations or the lapse of applicable statutes of limitations. Such amounts have been reflected as the current portion of uncertain tax positions (Note 11). |
Environmental (Environmental Proceedings Narrative) (Details) (Meredosia, Illinios [Member], Industrial Specialties [Member], USD $)
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1 Months Ended |
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Feb. 08, 2013
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Meredosia, Illinios [Member] | Industrial Specialties [Member]
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Site Contingency [Line Items] | |
Environmental proceedings resolution, penalty, best estimate | $ 100,000 |
Management Compensation Plans Management Compensation Plans (Schedule of Weighted-average Discount Rate for RSUs) (Details)
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12 Months Ended | ||
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Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Holding period discount | 30.00% | 30.00% | 30.00% |
Benefit Obligations (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contributions to Defined Contribution Plans and Multiemployer Defined Benefit Pension Plans | Contributions to the Company's defined contribution plans and multiemployer plans are as follows:
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Schedule of Company's Pension and Post Retirement Benefit Plans | Summarized information on the Company's pension and postretirement benefit plans is as follows:
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Schedule of Percentage of US and International Projected Benefit Obligation | The percentage of US and international projected benefit obligation at the end of the period is as follows:
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Schedule of Percentage of US and International Fair Value of Plan Assets | The percentage of US and international fair value of plan assets at the end of the period is as follows:
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Schedule of Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | Pension plans with projected benefit obligations in excess of plan assets are as follows:
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Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Included in the above table are pension plans with accumulated benefit obligations in excess of plan assets as follows:
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Schedule of Accumulated Benefit Obligation for All Defined Benefit Pension Plans | The accumulated benefit obligation for all defined benefit pension plans is as follows:
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Schedule of Net Periodic Benefit Costs | The components of net periodic benefit costs are as follows:
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Schedule of Amortization of Accumulated Other Comprehensive Income (Loss), Net Into Net Periodic Benefit Cost | Amortization of Accumulated other comprehensive income (loss), net into net periodic benefit cost in 2013 is expected to be as follows:
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Schedule of Nonqualified Pension Plans Funded with Nonqualified Trusts | The Company maintains nonqualified pension plans funded with nonqualified trusts for certain US employees as follows:
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Schedule of Expense Related to Nonqualified Pension Plans Included in Net Periodic Benefit Cost, Excluding Returns on Assets | Expense relating to the nonqualified pension plans included in net periodic benefit cost, excluding returns on the assets held by the nonqualified trusts, is as follows:
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Schedule of Principle Weighted-average Assumptions Used to Determine Benefit Obligations and Benefit Cost | The principal weighted average assumptions used to determine benefit obligation are as follows:
The principal weighted average assumptions used to determine benefit cost are as follows:
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Schedule of Impact of One-Percentage-Point Change in Assumed Health Care Cost Trend | The impact of a one percentage point change in the assumed health care cost trend is as follows:
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Schedule of Weighted-average Target Asset Allocations | The weighted average target asset allocations for the Company's pension plans in 2013 are as follows:
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Schedule of Fair Values of Pension Plan Assets | The fair values of pension plan assets are as follows:
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Schedule of Level 3 Fair Value Measurement of Pension Assets Using Significant Unobservable Inputs | Level 3 fair value measurements using significant unobservable inputs are as follows:
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Schedule of Pension Benefits Expected to be Paid from the Plans or From the Company's Assets | The table below reflects pension benefits expected to be paid from the plans or from the Company's assets. The postretirement benefits represent the Company's share of the benefit cost.
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Schedule of Other Obligations | Additional benefit obligations are as follows:
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Earnings (Loss) Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from computation of diluted earnings per share, amount | 29,902 | 70,130 | 649,432 |
Stock Options [Member]
|
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from computation of diluted earnings per share, amount | 25,906 | 69,395 | 575,266 |
Restricted Stock Units [Member]
|
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from computation of diluted earnings per share, amount | 3,996 | 735 | 74,166 |
Convertible Preferred Stock [Member]
|
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from computation of diluted earnings per share, amount | 0 | 0 | 0 |
Income Taxes (Deferred Income Taxes Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Income Tax Disclosure [Abstract] | |
Valuation allowance change | $ 36 |
Valuation allowance, deferred tax asset, change in amount, income tax expense | 27 |
Valuation allowance, deferred tax asset, change in amount, foreign currency translation adjustment | $ 7 |
Receivables, Net Receivables, Net (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Trade Receivables - Third Party and Affiliates, Net |
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Schedule of Non-trade Receivables, Net |
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Leases (Schedule of Rent Expense) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
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Dec. 31, 2011
|
Dec. 31, 2010
|
|
Leases [Abstract] | |||
Total | $ 165 | $ 173 | $ 160 |
Summary of Accounting Policies (Schedule of Estimated Useful Lives of Depreciable Assets) (Details)
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12 Months Ended |
---|---|
Dec. 31, 2012
|
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Land Improvements [Member]
|
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Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 20 years |
Buildings and Improvements [Member]
|
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Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 30 years |
Machinery and Equipment [Member]
|
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Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 20 years |
Leasehold Improvements [Member]
|
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Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 10 years |
Goodwill and Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Net) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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Gross Asset Value | ||||||
Acquisitions (Note 4) | $ 15 | [1] | $ 7 | |||
Exchange rate changes | 8 | (12) | ||||
Gross asset value | 619 | 596 | 601 | |||
Accumulated Amortization | ||||||
Amortization | (51) | (62) | (61) | |||
Exchange rate changes | (7) | 14 | ||||
Accumulated amortization | (536) | (478) | (430) | |||
Net book value | 83 | |||||
Weighted average life of intangible assets acquired | 8 years | |||||
Licenses [Member]
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Gross Asset Value | ||||||
Acquisitions (Note 4) | 0 | 0 | ||||
Exchange rate changes | 0 | 2 | ||||
Gross asset value | 32 | 32 | 30 | |||
Accumulated Amortization | ||||||
Amortization | (3) | (3) | ||||
Exchange rate changes | 0 | 0 | ||||
Accumulated amortization | (16) | (13) | (10) | |||
Net book value | 16 | |||||
Customer-Related Intangible Assets [Member]
|
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Gross Asset Value | ||||||
Acquisitions (Note 4) | 4 | 0 | ||||
Exchange rate changes | 8 | (13) | ||||
Gross asset value | 525 | 513 | 526 | |||
Accumulated Amortization | ||||||
Amortization | (40) | (52) | ||||
Exchange rate changes | (7) | 14 | ||||
Accumulated amortization | (480) | (433) | (395) | |||
Net book value | 45 | |||||
Developed Technology [Member]
|
||||||
Gross Asset Value | ||||||
Acquisitions (Note 4) | 3 | 7 | ||||
Exchange rate changes | 0 | 0 | ||||
Gross asset value | 30 | 27 | 20 | |||
Accumulated Amortization | ||||||
Amortization | (3) | (3) | ||||
Exchange rate changes | 0 | 0 | ||||
Accumulated amortization | (17) | (14) | (11) | |||
Net book value | 13 | |||||
Covenants Not to Compete and Other [Member]
|
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Gross Asset Value | ||||||
Acquisitions (Note 4) | 8 | 0 | ||||
Exchange rate changes | 0 | (1) | ||||
Gross asset value | 32 | 24 | 25 | |||
Accumulated Amortization | ||||||
Amortization | (5) | (4) | ||||
Exchange rate changes | 0 | 0 | ||||
Accumulated amortization | (23) | (18) | (14) | |||
Net book value | $ 9 | |||||
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Subsequent Events
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 6, 2013, the Company declared a quarterly cash dividend of $0.075 per share on its Common Stock amounting to $12 million. The cash dividend was for the period from November 1, 2012 to January 31, 2013 and will be paid on February 28, 2013 to holders of record as of February 19, 2013. |
Stockholders' Equity (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Treasury Stock | Treasury Stock The Company’s Board of Directors authorized the repurchase of Common Stock as follows:
The authorization gives management discretion in determining the timing and conditions under which shares may be repurchased. The repurchase program does not have an expiration date. The share repurchase activity pursuant to this authorization is as follows:
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Schedule of Components of Other Comprehensive Income (Loss), Net | Other Comprehensive Income (Loss), Net
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Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net | Adjustments to Accumulated other comprehensive income (loss), net, are as follows:
|
Summary of Accounting Policies (Schedule of Changes in Accounting Policy Regarding Pension and Other Postretirement Benefits - Consolidated Statements of Operations) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cost of sales | $ (5,237) | [1] | $ (5,346) | [1] | $ (4,750) | [1] | ||
Gross profit | 1,181 | [1] | 1,417 | [1] | 1,168 | [1] | ||
Selling, general and administrative expenses | (830) | [1] | (805) | [1] | (598) | [1] | ||
Research and development expenses | (104) | [1] | (98) | [1] | (70) | |||
Operating profit (loss) | 175 | [1] | 402 | [1] | 398 | [1] | ||
Earnings (loss) from continuing operations before tax | 321 | [1] | 467 | [1] | 433 | [1] | ||
Income tax (provision) benefit | 55 | [1] | (41) | [1] | (72) | [1] | ||
Earnings (loss) from continuing operations | 376 | [1] | 426 | [1] | 361 | [1] | ||
Net earnings (loss) | 372 | [1] | 427 | [1] | 312 | [1] | ||
Net earnings (loss) attributable to Celanese Corporation | 372 | [1] | 427 | [1] | 312 | [1] | ||
Net earnings (loss) available to common stockholders | 372 | [1] | 427 | [1] | 309 | [1] | ||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | $ 2.37 | [1] | $ 2.72 | [1] | $ 2.31 | [1] | ||
Discontinued operations | $ (0.02) | $ 0.01 | $ (0.31) | |||||
Net earnings (loss) - basic | $ 2.35 | [1] | $ 2.73 | [1] | $ 2.00 | [1] | ||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | $ 2.35 | [1] | $ 2.68 | [1] | $ 2.28 | [1] | ||
Discontinued operations | $ (0.02) | $ 0.01 | $ (0.31) | |||||
Net earnings (loss) - diluted | $ 2.33 | [1] | $ 2.69 | [1] | $ 1.97 | [1] | ||
As Previously Reported [Member]
|
||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cost of sales | (5,226) | (5,329) | (4,738) | |||||
Gross profit | 1,192 | 1,434 | 1,180 | |||||
Selling, general and administrative expenses | (507) | (536) | (505) | |||||
Research and development expenses | (102) | (96) | (70) | |||||
Operating profit (loss) | 511 | 690 | 503 | |||||
Earnings (loss) from continuing operations before tax | 657 | 755 | 538 | |||||
Income tax (provision) benefit | (48) | (149) | (112) | |||||
Earnings (loss) from continuing operations | 609 | 606 | 426 | |||||
Net earnings (loss) | 605 | 607 | 377 | |||||
Net earnings (loss) attributable to Celanese Corporation | 605 | 607 | 377 | |||||
Net earnings (loss) available to common stockholders | 605 | 607 | 374 | |||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | $ 3.84 | $ 3.88 | $ 2.73 | |||||
Discontinued operations | $ (0.02) | $ 0.01 | $ (0.31) | |||||
Net earnings (loss) - basic | $ 3.82 | $ 3.89 | $ 2.42 | |||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | $ 3.81 | $ 3.81 | $ 2.69 | |||||
Discontinued operations | $ (0.02) | $ 0.01 | $ (0.31) | |||||
Net earnings (loss) - diluted | $ 3.79 | $ 3.82 | $ 2.38 | |||||
Effect of Change [Member]
|
||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cost of sales | (11) | (17) | (12) | |||||
Gross profit | (11) | (17) | (12) | |||||
Selling, general and administrative expenses | (323) | (269) | (93) | |||||
Research and development expenses | (2) | (2) | 0 | |||||
Operating profit (loss) | (336) | (288) | (105) | |||||
Earnings (loss) from continuing operations before tax | (336) | (288) | (105) | |||||
Income tax (provision) benefit | 103 | 108 | 40 | |||||
Earnings (loss) from continuing operations | (233) | (180) | (65) | |||||
Net earnings (loss) | (233) | (180) | (65) | |||||
Net earnings (loss) attributable to Celanese Corporation | (233) | (180) | (65) | |||||
Net earnings (loss) available to common stockholders | $ (233) | $ (180) | $ (65) | |||||
Earnings (loss) per common share - basic | ||||||||
Continuing operations | $ (1.47) | $ (1.16) | $ (0.42) | |||||
Discontinued operations | $ 0 | $ 0 | $ 0 | |||||
Net earnings (loss) - basic | $ (1.47) | $ (1.16) | $ (0.42) | |||||
Earnings (loss) per common share - diluted | ||||||||
Continuing operations | $ (1.46) | $ (1.13) | $ (0.41) | |||||
Discontinued operations | $ 0 | $ 0 | $ 0 | |||||
Net earnings (loss) - diluted | $ (1.46) | $ (1.13) | $ (0.41) | |||||
|
Income Taxes (Net Operating Loss Carryforwards Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
US Federal [Member]
|
|
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 33 |
Net operating loss carryforward expiration | 2021 |
State [Member]
|
|
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 54 |
Net operating loss carryforward expiration | 2013 |
Valuation allowance offset for State net operating loss carryforwards due to uncertain recoverability | 52 |
Foreign Country [Member]
|
|
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 1,200 |
CHINA
|
|
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforward expiration | 2011 |
Debt (Schedule of Principle Payments) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
---|---|
Debt Disclosure [Abstract] | |
2013 | $ 168 |
2014 | 73 |
2015 | 23 |
2016 | 962 |
2017 | 17 |
Thereafter | 1,855 |
Total | $ 3,098 |
Consolidating Guarantor Financial Information (Schedule of Consolidating Statement of Cash Flows) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ 722 | $ 638 | $ 452 |
Investing Activities | |||
Capital expenditures on property, plant and equipment | (361) | (349) | (201) |
Acquisitions, net of cash acquired | (23) | (8) | (46) |
Proceeds from sale of businesses and assets, net | 1 | 6 | 26 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 159 | 0 |
Capital expenditures related to Kelsterbach plant relocation | (49) | (204) | (312) |
Return of capital from subsidiary | 0 | 0 | 0 |
Contributions to subsidiary | 0 | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 | 0 |
Other, net | (68) | (45) | (27) |
Net cash provided by (used in) investing activities | (500) | (441) | (560) |
Financing Activities | |||
Short-term borrowings (repayments), net | 2 | (13) | (31) |
Proceeds from short-term borrowings | 71 | 70 | 70 |
Repayments of short-term borrowings | (71) | (73) | (55) |
Proceeds from long-term debt | 550 | 411 | 600 |
Repayments of long-term debt | (489) | (591) | (897) |
Refinancing costs | (9) | (8) | (24) |
Purchases of treasury stock, including related fees | (45) | (31) | (48) |
Dividends to parent | 0 | 0 | 0 |
Contributions from parent | 0 | 0 | 0 |
Stock option exercises | 62 | 20 | 14 |
Series A common stock dividends | (43) | (34) | (28) |
Preferred stock dividends | 0 | 0 | (3) |
Return of capital to parent | 0 | 0 | 0 |
Other, net | 21 | (4) | 14 |
Net cash provided by (used in) financing activities | 49 | (253) | (388) |
Exchange rate effects on cash and cash equivalents | 6 | (2) | (18) |
Net increase (decrease) in cash and cash equivalents | 277 | (58) | (514) |
Cash and cash equivalents at beginning of period | 682 | 740 | 1,254 |
Cash and cash equivalents at end of period | 959 | 682 | 740 |
Parent Guarantor [Member]
|
|||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 7 | 41 | 44 |
Investing Activities | |||
Capital expenditures on property, plant and equipment | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 | 0 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | 0 |
Return of capital from subsidiary | 0 | 0 | 0 |
Contributions to subsidiary | 0 | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Financing Activities | |||
Short-term borrowings (repayments), net | 0 | 0 | 0 |
Proceeds from short-term borrowings | 0 | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 | 0 |
Proceeds from long-term debt | 0 | 0 | 0 |
Repayments of long-term debt | 0 | 0 | 0 |
Refinancing costs | 0 | 0 | 0 |
Purchases of treasury stock, including related fees | (45) | (31) | (48) |
Dividends to parent | 0 | 0 | 0 |
Contributions from parent | 0 | 0 | 0 |
Stock option exercises | 62 | 20 | 14 |
Series A common stock dividends | (43) | (34) | (28) |
Preferred stock dividends | 0 | 0 | (3) |
Return of capital to parent | 0 | 0 | 0 |
Other, net | 29 | 4 | 16 |
Net cash provided by (used in) financing activities | 3 | (41) | (49) |
Exchange rate effects on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 10 | 0 | (5) |
Cash and cash equivalents at beginning of period | 0 | 0 | 5 |
Cash and cash equivalents at end of period | 10 | 0 | 0 |
Issuer [Member]
|
|||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (100) | (127) | (38) |
Investing Activities | |||
Capital expenditures on property, plant and equipment | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 | 0 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | 0 |
Return of capital from subsidiary | 0 | 100 | 0 |
Contributions to subsidiary | 0 | (100) | 0 |
Intercompany loan receipts (disbursements) | 5 | 5 | 5 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 5 | 5 | 5 |
Financing Activities | |||
Short-term borrowings (repayments), net | 53 | 307 | 370 |
Proceeds from short-term borrowings | 0 | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 | 0 |
Proceeds from long-term debt | 500 | 400 | 600 |
Repayments of long-term debt | (414) | (532) | (827) |
Refinancing costs | (9) | (8) | (24) |
Purchases of treasury stock, including related fees | 0 | 0 | 0 |
Dividends to parent | (35) | (45) | (86) |
Contributions from parent | 0 | 0 | 0 |
Stock option exercises | 0 | 0 | 0 |
Series A common stock dividends | 0 | 0 | 0 |
Preferred stock dividends | 0 | 0 | 0 |
Return of capital to parent | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 95 | 122 | 33 |
Exchange rate effects on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 |
Subsidiary Guarantors [Member]
|
|||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 396 | 446 | 173 |
Investing Activities | |||
Capital expenditures on property, plant and equipment | (170) | (145) | (88) |
Acquisitions, net of cash acquired | (23) | (8) | (46) |
Proceeds from sale of businesses and assets, net | 1 | 1 | 4 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | 0 |
Return of capital from subsidiary | 0 | 0 | 0 |
Contributions to subsidiary | (3) | 0 | 0 |
Intercompany loan receipts (disbursements) | (53) | (307) | (337) |
Other, net | (9) | (15) | (6) |
Net cash provided by (used in) investing activities | (257) | (474) | (473) |
Financing Activities | |||
Short-term borrowings (repayments), net | 5 | (5) | 3 |
Proceeds from short-term borrowings | 0 | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 | 0 |
Proceeds from long-term debt | 50 | 0 | 0 |
Repayments of long-term debt | (10) | (9) | (7) |
Refinancing costs | 0 | 0 | 0 |
Purchases of treasury stock, including related fees | 0 | 0 | 0 |
Dividends to parent | (35) | (45) | (86) |
Contributions from parent | 0 | 100 | 0 |
Stock option exercises | 0 | 0 | 0 |
Series A common stock dividends | 0 | 0 | 0 |
Preferred stock dividends | 0 | 0 | 0 |
Return of capital to parent | 0 | 0 | 0 |
Other, net | (7) | (8) | (2) |
Net cash provided by (used in) financing activities | 3 | 33 | (92) |
Exchange rate effects on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 142 | 5 | (392) |
Cash and cash equivalents at beginning of period | 133 | 128 | 520 |
Cash and cash equivalents at end of period | 275 | 133 | 128 |
Non-Guarantors [Member]
|
|||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 489 | 368 | 445 |
Investing Activities | |||
Capital expenditures on property, plant and equipment | (191) | (204) | (113) |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 5 | 22 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 159 | 0 |
Capital expenditures related to Kelsterbach plant relocation | (49) | (204) | (312) |
Return of capital from subsidiary | 0 | 0 | 0 |
Contributions to subsidiary | 0 | 0 | 0 |
Intercompany loan receipts (disbursements) | 0 | 0 | 0 |
Other, net | (59) | (30) | (21) |
Net cash provided by (used in) investing activities | (299) | (274) | (424) |
Financing Activities | |||
Short-term borrowings (repayments), net | (3) | (8) | (34) |
Proceeds from short-term borrowings | 71 | 70 | 70 |
Repayments of short-term borrowings | (71) | (73) | (55) |
Proceeds from long-term debt | 0 | 11 | 0 |
Repayments of long-term debt | (70) | (55) | (101) |
Refinancing costs | 0 | 0 | 0 |
Purchases of treasury stock, including related fees | 0 | 0 | 0 |
Dividends to parent | 0 | 0 | 0 |
Contributions from parent | 3 | 0 | 0 |
Stock option exercises | 0 | 0 | 0 |
Series A common stock dividends | 0 | 0 | 0 |
Preferred stock dividends | 0 | 0 | 0 |
Return of capital to parent | 0 | (100) | 0 |
Other, net | (1) | 0 | 0 |
Net cash provided by (used in) financing activities | (71) | (155) | (120) |
Exchange rate effects on cash and cash equivalents | 6 | (2) | (18) |
Net increase (decrease) in cash and cash equivalents | 125 | (63) | (117) |
Cash and cash equivalents at beginning of period | 549 | 612 | 729 |
Cash and cash equivalents at end of period | 674 | 549 | 612 |
Consolidation Eliminations [Member]
|
|||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (70) | (90) | (172) |
Investing Activities | |||
Capital expenditures on property, plant and equipment | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses and assets, net | 0 | 0 | 0 |
Deferred proceeds from Kelsterbach plant relocation | 0 | 0 | 0 |
Capital expenditures related to Kelsterbach plant relocation | 0 | 0 | 0 |
Return of capital from subsidiary | 0 | (100) | 0 |
Contributions to subsidiary | 3 | 100 | 0 |
Intercompany loan receipts (disbursements) | 48 | 302 | 332 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 51 | 302 | 332 |
Financing Activities | |||
Short-term borrowings (repayments), net | (53) | (307) | (370) |
Proceeds from short-term borrowings | 0 | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 | 0 |
Proceeds from long-term debt | 0 | 0 | 0 |
Repayments of long-term debt | 5 | 5 | 38 |
Refinancing costs | 0 | 0 | 0 |
Purchases of treasury stock, including related fees | 0 | 0 | 0 |
Dividends to parent | 70 | 90 | 172 |
Contributions from parent | (3) | (100) | 0 |
Stock option exercises | 0 | 0 | 0 |
Series A common stock dividends | 0 | 0 | 0 |
Preferred stock dividends | 0 | 0 | 0 |
Return of capital to parent | 0 | 100 | 0 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 19 | (212) | (160) |
Exchange rate effects on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ 0 |
Income Taxes Income Taxes (Schedule of Effective Tax Rate Reconciliation) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Income tax provision computed at US federal statutory tax rate | $ 112 | [1] | $ 163 | [1] | $ 152 | [1] | ||||
Change in valuation allowance | 29 | 7 | 38 | |||||||
Equity income and dividends | (31) | (25) | (41) | |||||||
(Income) expense not resulting in tax impact, net | (39) | (16) | 8 | |||||||
US tax effect of foreign earnings and dividends | 42 | 48 | 28 | |||||||
Foreign tax credits | (187) | (66) | (33) | |||||||
Other foreign tax rate differentials | (2) | [1] | (58) | [1] | (10) | [1] | ||||
Legislative changes | 0 | 0 | (71) | [2] | ||||||
Tax-deductible interest on foreign equity investments and other related items | 11 | (3) | (3) | |||||||
State income taxes, net of federal benefit | 4 | [1] | 4 | [1] | 3 | [1] | ||||
Other, net | 6 | [1] | (13) | [1] | 1 | [1] | ||||
Income tax provision (benefit) | $ (55) | [1] | $ 41 | [1] | $ 72 | [1] | ||||
Effective income tax rate | (17.00%) | [1] | 9.00% | [1] | 17.00% | [1] | ||||
US federal statutory tax rate | 35.00% | |||||||||
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Segment Information (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Segments |
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Schedule of Geographical Segments | Revenues and noncurrent assets are presented based on the location of the business. The net sales based on the geographic location of the Company’s facilities are as follows:
Property, plant and equipment, net based on the geographic location of the Company’s facilities is as follows:
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Current Other Liabilities (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Other Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Current Other Liabilities |
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Management Compensation Plans (Schedule of Summary of Changes in Performance-based RSUs Outstanding) (Details) (Performance Restricted Stock Units (PRSUs) [Member], USD $)
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Performance Restricted Stock Units (PRSUs) [Member]
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
As of beginning of period, number of units | 1,069,000 |
Granted, number of units | 67,000 |
Vested, number of units | (316,000) |
Cancelled, number of units | (171,000) |
Forfeited, number of units | (220,000) |
As of end of period, number of units | 429,000 |
As of beginning of period, weighted-average fair value | $ 37.30 |
Granted, weighted-average fair value | $ 45.13 |
Vested, weighted-average fair value | $ 39.14 |
Cancelled, weighted-average fair value | $ 23.97 |
Forfeited, weighted-average fair value | $ 44.04 |
As of end of period, weighted-average fair value | $ 42.22 |
Summary of Accounting Policies
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accounting Policies | Summary of Accounting Policies
The consolidated financial statements have been prepared in accordance with US GAAP for all periods presented and include the accounts of the Company and its majority owned subsidiaries over which the Company exercises control. All intercompany accounts and transactions have been eliminated in consolidation.
The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues, expenses and allocated charges during the reporting period. Significant estimates pertain to impairments of goodwill, intangible assets and other long-lived assets, purchase price allocations, restructuring costs and other (charges) gains, net, income taxes, pension and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates.
Effective January 1, 2013, the Company elected to change its accounting policy for recognizing actuarial gains and losses and changes in the fair value of plan assets for its defined benefit pension plans and other postretirement benefit plans. Previously, the Company recognized the actuarial gains and losses as a component of Accumulated other comprehensive income (loss), net within the consolidated balance sheets on an annual basis and amortized the gains and losses into operating results over the average remaining service period to retirement date for active plan participants or, for retired participants, the average remaining life expectancy. For defined benefit pension plans, the unrecognized gains and losses were amortized when the net gains and losses exceeded 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. For other postretirement benefits, amortization occurred when the net gains and losses exceeded 10% of the accumulated postretirement benefit obligation at the beginning of the year. Previously, differences between the actual rate of return on plan assets and the long-term expected rate of return on plan assets were not generally recognized in net periodic benefit cost in the year that the difference occurred. These differences were deferred and amortized into net periodic benefit cost over the average remaining future service period of employees. The asset gains and losses subject to amortization and the long-term expected return on plan assets were previously calculated using a five-year smoothing of asset gains and losses referred to as the market-related value to stabilize variability in the plan asset values. The Company now applies the long-term expected rate of return to the fair value of plan assets and immediately recognizes in operating results the change in fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each fiscal year and whenever a plan is required to be remeasured. Events requiring a plan remeasurement will continue to be recognized in the quarter in which such remeasurement event occurs. The remaining components of the Company's net periodic benefit cost are recorded on a quarterly basis. While the Company's historical policy of recognizing the change in fair value of plan assets and net actuarial gains and losses is considered acceptable under US GAAP, the Company believes the new policy is preferable as it eliminates the delay in recognizing gains and losses within operating results. This change improves transparency within the Company's operating results by immediately recognizing the effects of economic and interest rate trends on plan investments and assumptions in the year these gains and losses are actually incurred. The policy changes have no impact on future pension and postretirement benefit plan funding or pension and postretirement benefits paid to participants. Financial information for all periods presented has been retrospectively adjusted. In connection with the changes in accounting policy for pension and other postretirement benefits and in an attempt to properly match the actual operational expenses each business segment is incurring, the Company changed its allocation of net periodic benefit cost. Previously, the Company allocated all components of net periodic benefit cost to each business segment on a ratable basis. The Company now allocates only the service cost and amortization of prior service cost components of its pension and postretirement plans to its business segments. All other components of net periodic benefit cost are recorded to Other Activities. The components of net periodic benefit cost that are no longer allocated to each business segment include interest cost, expected return on assets and net actuarial gains and losses as these components are considered financing activities managed at the corporate level. The Company believes the revised expense allocation more appropriately matches the cost incurred for active employees to the respective business segment. Business segment information for all periods presented has been retrospectively adjusted (Note 25). The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of operations is as follows:
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of comprehensive income (loss) is as follows:
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated balance sheets is as follows:
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of equity is as follows:
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the consolidated statements of cash flows is as follows:
The retrospective effect of the change in accounting policy for pension and other postretirement benefits to the business segment financial information (Note 25) is as follows:
All highly liquid investments with original maturities of three months or less are considered cash equivalents.
Inventories, including stores and supplies, are stated at the lower of cost or market. Cost for inventories is determined using the first-in, first-out ("FIFO") method. Cost includes raw materials, direct labor and manufacturing overhead. Cost for stores and supplies is primarily determined by the average cost method.
The Company classifies its investments in debt and equity securities as "available-for-sale" and reports those investments at their fair market values in the consolidated balance sheets as Marketable securities, at fair value. Unrealized gains or losses, net of the related tax effect on available-for-sale securities, are excluded from earnings and are reported as a component of Accumulated other comprehensive income (loss), net until realized. The cost of securities sold is determined by using the specific identification method. A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in the carrying amount to fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year end and forecasted performance of the investee. The Company reviews all investments for other-than-temporary impairment at least quarterly or as indicators of impairment exist. Indicators of impairment include the duration and severity of the decline in fair value below carrying value as well as the intent and ability to hold the investment to allow for a recovery in the market value of the investment. In addition, the Company considers qualitative factors that include, but are not limited to: (i) the financial condition and business plans of the investee including its future earnings potential, (ii) the investee’s credit rating, and (iii) the current and expected market and industry conditions in which the investee operates. If a decline in the fair value of an investment is deemed by management to be other-than-temporary, the Company writes down the carrying value of the investment to fair value, and the amount of the write-down is included in net earnings. Such a determination is dependent on the facts and circumstances relating to each investment.
Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 323, Investments - Equity Method and Joint Ventures ("FASB ASC Topic 323"), stipulates that the equity method should be used to account for investments whereby an investor has "the ability to exercise significant influence over operating and financial policies of an investee", but does not exercise control. FASB ASC Topic 323 generally considers an investor to have the ability to exercise significant influence when it owns 20% or more of the voting stock of an investee. FASB ASC Topic 323 lists circumstances under which, despite 20% ownership, an investor may not be able to exercise significant influence. Certain investments where the Company owns greater than a 20% ownership interest are accounted for under the cost method of accounting because the Company cannot exercise significant influence or control. The Company determined that it cannot exercise significant influence over these entities due to local government investment in and influence over these entities, limitations on the Company's involvement in the day-to-day operations and the present inability of the entities to provide timely financial information prepared in accordance with US GAAP. In certain instances, the financial information of the Company's equity investees is not available on a timely basis. Accordingly, the Company records its proportional share of the investee's earnings or losses on a consistent lag of no more than one quarter. The Company assesses the recoverability of the carrying value of its investments whenever events or changes in circumstances indicate a loss in value that is other than a temporary decline. A loss in value of an equity method or cost method investment which is other than a temporary decline will be recognized as the difference between the carrying amount of the investment and its fair value. The Company's estimates of fair value are determined based on a discounted cash flow model. The Company periodically engages third-party valuation consultants to assist with this process.
Land is recorded at historical cost. Buildings, machinery and equipment, including capitalized interest, and property under capital lease agreements, are recorded at cost less accumulated depreciation. The Company records depreciation and amortization in its consolidated statements of operations as either Cost of sales or Selling, general and administrative expenses consistent with the utilization of the underlying assets. Depreciation is calculated on a straight-line basis over the following estimated useful lives of depreciable assets:
Leasehold improvements are amortized over 10 years or the remaining life of the respective lease, whichever is shorter. Accelerated depreciation is recorded when the estimated useful life is shortened. Ordinary repair and maintenance costs, including costs for planned maintenance turnarounds, that do not extend the useful life of the asset are charged to earnings as incurred. Fully depreciated assets are retained in property and depreciation accounts until sold or otherwise disposed. In the case of disposals, assets and related depreciation are removed from the accounts, and the net amounts, less proceeds from disposal, are included in earnings. The Company also leases property, plant and equipment under operating and capital leases. Rent expense for operating leases, which may have escalating rentals or rent holidays over the term of the lease, is recorded on a straight-line basis over the lease term. Amortization of capital lease assets is included as a component of depreciation expense. Assets acquired in business combinations are recorded at their fair values and depreciated over the assets' remaining useful lives or the Company's policy lives, whichever is shorter. The Company assesses the recoverability of the carrying amount of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment loss would be assessed when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss is based on the excess of the carrying amount of the asset group over its fair value. Fair value is measured using discounted cash flows or independent appraisals, as appropriate. Impairment losses are recorded primarily to Other (charges) gains, net.
Customer-related intangible assets and other intangibles with finite lives are amortized on a straight-line basis over their estimated useful lives. The excess of the purchase price over fair value of net identifiable assets and liabilities of an acquired business ("goodwill"), trademarks and trade names and other indefinite-lived intangible assets are not amortized, but rather tested for impairment, at least annually. The Company tests for goodwill and indefinite-lived intangible asset impairment during the third quarter of its fiscal year using June 30 balances. The Company assesses the recoverability of the carrying value of goodwill at least annually or whenever events or changes in circumstances indicate that the carrying amount of the goodwill of a reporting unit may not be fully recoverable. Recoverability is measured at the reporting unit level based on the provisions of FASB ASC Topic 350, Intangibles - Goodwill and Other ("FASB ASC Topic 350"). Impairment losses are recorded primarily to Other (charges) gains, net. The Company measures the recoverability of goodwill for each reporting unit using a discounted cash flow model incorporating discount rates commensurate with the risks involved, which is classified as a Level 3 measurement under FASB ASC Topic 820, Fair Value Measurement ("FASB ASC Topic 820"). The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, cash flow projections and terminal value rates. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. The Company periodically engages third-party valuation consultants to assist with this process. The valuation consultants assess fair value by equally weighting a combination of two market approaches (market multiple analysis and comparable transaction analysis) and the discounted cash flow approach. If the calculated fair value is less than the current carrying value, impairment of the reporting unit may exist. When the recoverability test indicates potential impairment, the Company, or in certain circumstances, a third-party valuation consultant engaged by the Company to assist with the process, will calculate an implied fair value of goodwill for the reporting unit. The implied fair value of goodwill is determined in a manner similar to how goodwill is calculated in a business combination. If the implied fair value of goodwill exceeds the carrying value of goodwill assigned to the reporting unit, there is no impairment. If the carrying value of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment loss is recorded to write down the carrying value. An impairment loss cannot exceed the carrying value of goodwill assigned to a reporting unit but may indicate certain long-lived and amortizable intangible assets associated with the reporting unit may require additional impairment testing. The Company assesses recoverability of other indefinite-lived intangible assets at least annually or whenever events or changes in circumstances indicate that the carrying amount of the indefinite-lived intangible asset may not be fully recoverable. Recoverability is measured by a comparison of the carrying value of the indefinite-lived intangible asset over its fair value. Any excess of the carrying value of the indefinite-lived intangible asset over its fair value is recognized as an impairment loss. The Company periodically engages third-party valuation consultants to assist with this process. Impairment losses are recorded primarily to Other (charges) gains, net. Management tests indefinite-lived intangible assets utilizing the relief from royalty method to determine the estimated fair value for each indefinite-lived intangible asset which is classified as a Level 3 measurement under FASB ASC Topic 820. The relief from royalty method estimates the Company's theoretical royalty savings from ownership of the intangible asset. Key assumptions used in this model include discount rates, royalty rates, growth rates, sales projections and terminal value rates. Discount rates, royalty rates, growth rates and sales projections are the assumptions most sensitive and susceptible to change as they require significant management judgment. Discount rates used are similar to the rates estimated by the weighted average cost of capital ("WACC") considering any differences in company-specific risk factors. Royalty rates are established by management and are periodically substantiated by third-party valuation consultants. Operational management, considering industry and company-specific historical and projected data, develops growth rates and sales projections associated with each indefinite-lived intangible asset. Terminal value rate determination follows common methodology of capturing the present value of perpetual sales estimates beyond the last projected period assuming a constant WACC and low long-term growth rates. The Company assesses the recoverability of finite-lived intangible assets in the same manner as for property, plant and equipment as described above. Impairment losses are recorded primarily to Other (charges) gains, net.
The Company manages its exposures to currency exchange rates, interest rates and commodity prices through a risk management program that includes the use of derivative financial instruments. The Company does not use derivative financial instruments for speculative trading purposes. The fair value of all derivative instruments is recorded as an asset or liability at the balance sheet date. Changes in the fair value of these instruments are reported in earnings or Accumulated other comprehensive income (loss), net, depending on the use of the derivative and whether it qualifies for hedge accounting treatment under the provisions of FASB ASC Topic 815, Derivatives and Hedging ("FASB ASC Topic 815"). Gains and losses on derivative instruments qualifying as cash flow hedges are recorded in Accumulated other comprehensive income (loss), net, to the extent the hedges are effective, until the underlying transactions are recognized in earnings. To the extent effective, gains and losses on derivative and non-derivative instruments used as hedges of the Company's net investment in foreign operations are recorded in Accumulated other comprehensive income (loss), net as part of the foreign currency translation adjustment. The ineffective portions of cash flow hedges and hedges of net investment in foreign operations, if any, are recognized in earnings immediately. Derivative instruments not designated as hedges are marked to market at the end of each accounting period with the change in fair value recorded in earnings.
The Company is exposed to credit risk in the event of nonpayment by customers and counterparties. The creditworthiness of customers and counterparties is subject to continuing review, including the use of master netting agreements, where the Company deems appropriate. The Company minimizes concentrations of credit risk through diverse customers across many different industries and geographies. In addition, credit risk arising from derivative instruments is not significant because the counterparties to these contracts are primarily major international financial institutions and, to a lesser extent, major chemical companies. Where appropriate, the Company has diversified its selection of counterparties. Generally, collateral is not required from customers and counterparties and allowances are provided for specific risks inherent in receivables.
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company believes, based on historical results, the likelihood of actual write-offs having a material impact on financial results is low. The allowance for doubtful accounts is estimated using factors such as customer credit ratings, past collection history and general risk profile. Receivables are charged against the allowance for doubtful accounts when it is probable that the receivable will not be recovered.
The Company capitalizes direct costs incurred to obtain debt financings and amortizes these costs using a method that approximates the effective interest rate method over the terms of the related debt. Upon the extinguishment of the related debt, any unamortized capitalized debt financing costs are immediately expensed.
The Company manufactures and sells a diverse line of chemical products throughout the world. Accordingly, the Company's operations are subject to various hazards incidental to the production of industrial chemicals including the use, handling, processing, storage and transportation of hazardous materials. The Company recognizes losses and accrues liabilities relating to environmental matters if available information indicates that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Depending on the nature of the site, the Company accrues through 15 years, unless the Company has government orders or other agreements that extend beyond 15 years. If the event of loss is neither probable nor reasonably estimable, but is reasonably possible, the Company provides appropriate disclosure in the notes to the consolidated financial statements if the contingency is considered material. The Company estimates environmental liabilities on a case-by-case basis using the most current status of available facts, existing technology, presently enacted laws and regulations and prior experience in remediation of contaminated sites. Recoveries of environmental costs from other parties are recorded as assets when their receipt is deemed probable. An environmental reserve related to cleanup of a contaminated site might include, for example, a provision for one or more of the following types of costs: site investigation and testing costs, cleanup costs, costs related to soil and water contamination resulting from tank ruptures and post-remediation monitoring costs. These reserves do not take into account any claims or recoveries from insurance. The measurement of environmental liabilities is based on the Company's periodic estimate of what it will cost to perform each of the elements of the remediation effort. The Company utilizes third parties to assist in the management and development of cost estimates for its sites. Changes to environmental regulations or other factors affecting environmental liabilities are reflected in the consolidated financial statements in the period in which they occur.
The Company accrues for legal fees related to loss contingency matters when the costs associated with defending these matters can be reasonably estimated and are probable of occurring. All other legal fees are expensed as incurred.
The Company recognizes revenue when title and risk of loss have been transferred to the customer, generally at the time of shipment of products, and provided that four basic criteria are met: (a) persuasive evidence of an arrangement exists; (b) delivery has occurred or services have been rendered; (c) the fee is fixed or determinable; and (d) collectibility is reasonably assured. Should changes in conditions cause the Company to determine revenue recognition criteria are not met for certain transactions, revenue recognition would be delayed until such time that the transactions become realizable and fully earned. Payments received in advance of meeting the above revenue recognition criteria are recorded as deferred revenue. Shipping and handling fees billed to customers in a sales transaction are recorded in Net sales and shipping and handling costs incurred are recorded in Cost of sales.
The costs of research and development are charged as an expense in the period in which they are incurred.
The Company has two wholly-owned insurance companies (the "Captives") that are used as a form of self insurance for liability and workers compensation risks. The Captives enter into reinsurance arrangements to reduce their risk of loss. The reinsurance arrangements do not relieve the Captives from their obligations to policyholders. Failure of the reinsurers to honor their obligations could result in losses to the Captives. The Captives evaluate the financial condition of their reinsurers and monitor concentrations of credit risk to minimize their exposure to significant losses from reinsurer insolvencies and to establish allowances for amounts deemed non-collectible. One of the Captives also insures certain third-party risks. The liabilities recorded by the Captives relate to the estimated risk of loss, which is based on management estimates and actuarial valuations, and unearned premiums, which represent the portion of the third-party premiums written applicable to the unexpired terms of the policies in-force. Liabilities are recognized for known claims when sufficient information has been developed to indicate involvement of a specific policy and the Company can reasonably estimate its liability. In addition, liabilities have been established to cover additional exposure on both known and unasserted claims. Estimates of the liabilities are reviewed and updated regularly. It is possible that actual results could differ significantly from the recorded liabilities. Premiums written are recognized as revenue as earned based on the terms of the policies. Capitalization of the Captives is determined by regulatory guidelines.
The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carryforwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not (likelihood of greater than 50%) that some portion or all of the deferred tax assets will not be realized. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes. Tax positions are recognized only when it is more likely than not, based on technical merits, that the positions will be sustained upon examination. Tax positions that meet the more-likely-than-not threshold are measured using a probability weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a tax position is a matter of judgment based on the individual facts and circumstances of that position evaluated in light of all available evidence. The Company recognizes interest and penalties related to uncertain tax positions in Income tax (provision) benefit in the consolidated statement of operations.
For the Company's international operations where the functional currency is other than the US dollar, assets and liabilities are translated using period-end exchange rates, while the statement of operations amounts are translated using the average exchange rates for the respective period. Differences arising from the translation of assets and liabilities in comparison with the translation of the previous periods or from initial recognition during the period are included as a separate component of Accumulated other comprehensive income (loss), net. |
Environmental (German Infraservs Narrative) (Details)
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Dec. 31, 2012
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Environmental Remediation Obligations [Abstract] | |
Demerger obligations indemnification percentage | 66.66% |
Other demerger obligations indemnification percentage | 66.66% |
Benefit Obligations (Schedule of Percentage of US and International Fair Value of Plan Assets) (Details)
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Dec. 31, 2012
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Dec. 31, 2011
|
---|---|---|
Pension Benefits [Member]
|
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Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of US and international fair value of plan assets | 100.00% | 100.00% |
United States Pension Plans of US Entity, Defined Benefit [Member]
|
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Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of US and international fair value of plan assets | 83.00% | 82.00% |
Foreign Pension Plans, Defined Benefit [Member]
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||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of US and international fair value of plan assets | 17.00% | 18.00% |
Derivative Financial Instruments (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 1 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Nov. 30, 2012
|
Dec. 31, 2011
Swap Derivative 4 Point 33 Percent Maturing January 2, 2012 [Member]
|
Dec. 31, 2011
Swap Derivative 1 Point 92 Percent Maturing January 2, 2012 [Member]
|
Dec. 31, 2012
Swap Derivative 1 Point 71 Percent Maturing January 2, 2014 [Member]
|
Dec. 31, 2011
Swap Derivative 1 Point 71 Percent Maturing January 2, 2014 [Member]
|
Dec. 31, 2012
Senior Unsecured Notes Due 2022 [Member]
|
Nov. 30, 2012
Senior Unsecured Notes Due 2022 [Member]
|
Nov. 30, 2012
Term C Loan Facility [Member]
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Derivative [Line Items] | |||||||||
Interest rate, stated percentage | 4.625% | 4.625% | |||||||
Line of credit facility, prepayment | $ 400 | ||||||||
Notional value, no longer designated as cash flow hedges | 395 | ||||||||
Notional value | 400 | 200 | 1,100 | 1,100 | |||||
Derivative interest expense | $ 5 |
Earnings (Loss) Per Share (Tables)
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Dec. 31, 2012
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings (Loss) Per Share |
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Securities not included in the computation of diluted net earnings per share as their effect would have been antidilutive are as follows:
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Benefit Obligations (Schedule of Weighted-average Target Asset Allocations) (Details)
|
12 Months Ended |
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Dec. 31, 2012
|
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United States Pension Plans of US Entity, Defined Benefit [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average target asset allocations | 100.00% |
United States Pension Plans of US Entity, Defined Benefit [Member] | Bonds - Domestic to Plans [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average target asset allocations | 53.00% |
United States Pension Plans of US Entity, Defined Benefit [Member] | Equities - Domestic to Plans [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average target asset allocations | 26.00% |
United States Pension Plans of US Entity, Defined Benefit [Member] | Equities - International to Plans [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average target asset allocations | 20.00% |
United States Pension Plans of US Entity, Defined Benefit [Member] | Other [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average target asset allocations | 1.00% |
Foreign Pension Plans, Defined Benefit [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average target asset allocations | 100.00% |
Foreign Pension Plans, Defined Benefit [Member] | Bonds - Domestic to Plans [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average target asset allocations | 81.00% |
Foreign Pension Plans, Defined Benefit [Member] | Equities - Domestic to Plans [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average target asset allocations | 13.00% |
Foreign Pension Plans, Defined Benefit [Member] | Equities - International to Plans [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average target asset allocations | 3.00% |
Foreign Pension Plans, Defined Benefit [Member] | Other [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average target asset allocations | 3.00% |
Management Compensation Plans (Schedule of Fair Value of Shares Vested for Time-based RSUs) (Details) (Time Restricted Stock Units (RSUs) [Member], USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Time Restricted Stock Units (RSUs) [Member]
|
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total | $ 13 | $ 7 | $ 6 |