Debt (Tables)

12 Months Ended

Dec. 31, 2018

Line of Credit Facility [Line Items]



	As of December 31,
	2018	2017
	(In $ millions)
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates
Current installments of long-term debt	367	63
Short-term borrowings, including amounts due to affiliates⁽¹⁾	77	86
Revolving credit facility⁽²⁾	40	97
Accounts receivable securitization facility⁽³⁾	77	80
Total	561	326

______________________________


⁽¹⁾	The weighted average interest rate was 3.2% and 3.4% as of December 31, 2018 and 2017, respectively.


⁽²⁾	The weighted average interest rate was 6.0% and 4.1% as of December 31, 2018 and 2017, respectively.


⁽³⁾	The weighted average interest rate was 3.1% and 2.1% as of December 31, 2018 and 2017, respectively.



	As of December 31,
	2018		2017
	(In $ millions)
Long-Term Debt
Senior unsecured term loan due 2021⁽¹⁾	—		494
Senior unsecured notes due 2019, interest rate of 3.250%	343		360
Senior unsecured notes due 2021, interest rate of 5.875%	400		400
Senior unsecured notes due 2022, interest rate of 4.625%	500		500
Senior unsecured notes due 2023, interest rate of 1.125%	857		897
Senior unsecured notes due 2025, interest rate of 1.250%	343		359
Senior unsecured notes due 2027, interest rate of 2.125%	568		—
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00%	167		169
Nilit bank loans due at various dates through 2026 (Note 4)⁽²⁾	10		11
Obligations under capital leases due at various dates through 2054	167		208
Subtotal	3,355		3,398
Unamortized debt issuance costs⁽³⁾	(18	)	(20	)
Current installments of long-term debt	(367	)	(63	)
Total	2,970		3,315

____

Schedule of Long-term Debt



	As of December 31,
	2018		2017
	(In $ millions)
Long-Term Debt
Senior unsecured term loan due 2021⁽¹⁾	—		494
Senior unsecured notes due 2019, interest rate of 3.250%	343		360
Senior unsecured notes due 2021, interest rate of 5.875%	400		400
Senior unsecured notes due 2022, interest rate of 4.625%	500		500
Senior unsecured notes due 2023, interest rate of 1.125%	857		897
Senior unsecured notes due 2025, interest rate of 1.250%	343		359
Senior unsecured notes due 2027, interest rate of 2.125%	568		—
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00%	167		169
Nilit bank loans due at various dates through 2026 (Note 4)⁽²⁾	10		11
Obligations under capital leases due at various dates through 2054	167		208
Subtotal	3,355		3,398
Unamortized debt issuance costs⁽³⁾	(18	)	(20	)
Current installments of long-term debt	(367	)	(63	)
Total	2,970		3,315

______________________________


⁽¹⁾	The margin for borrowings under the senior unsecured term loan due 2021 was 1.5% above LIBOR at Celanese credit ratings as of December 31, 2017.


⁽²⁾	The weighted average interest rate was 1.3% and 1.3% as of December 31, 2018 and 2017, respectively.


⁽³⁾	Related to the Company's long-term debt, excluding obligations under capital leases.

Schedule of Principle Payments

Principal payments scheduled to be made on the Company's debt, including short-term borrowings, are as follows:



	(In $ millions)
2019	561
2020	27
2021	430
2022	524
2023	875
Thereafter	1,132
Total	3,549

Schedule of Net Deferred Financing Costs

Net deferred financing costs are as follows:



	(In $ millions)
As of December 31, 2015	22
Financing costs deferred⁽²⁾	13
Accelerated amortization due to refinancing activity⁽³⁾	(3	)
Amortization	(5	)
As of December 31, 2016⁽¹⁾	27
Financing costs deferred⁽⁴⁾	1
Accelerated amortization due to refinancing activity	—
Amortization	(4	)
As of December 31, 2017⁽¹⁾	24
Financing costs deferred⁽⁵⁾	4
Accelerated amortization due to refinancing activity	(1	)
Amortization	(6	)
As of December 31, 2018⁽¹⁾	21

____________________________


⁽¹⁾	Includes $3 million, $4 million and $6 million as of December 31, 2018, 2017 and 2016, respectively, related to the Company's revolving credit facility and accounts receivables securitization facility, which are included in noncurrent Other assets in the consolidated balance sheets.


⁽²⁾	Includes $5 million, $6 million and $2 million related to the Credit Agreement, the 1.125% Notes and the pollution control and industrial revenue bonds, respectively, all of which are being amortized through the term of the respective financing arrangement.


⁽³⁾	Includes $2 million and $1 million related to the senior secured credit facilities and the pollution control and industrial revenue bonds, respectively, which are included in Refinancing expense in the consolidated statement of operations during the year ended December 31, 2016.


⁽⁴⁾	Related to the 1.250% Notes, which are being amortized through the term of the 1.250% Notes.


⁽⁵⁾	Related to the 2.125% Notes, which are being amortized through the term of the 2.125% Notes.

Accounts Receivable Securitization Facility [Member]

Line of Credit Facility [Line Items]

Schedule of Balances Available for Borrowing

The Company's debt balances and amounts available for borrowing under its securitization facility are as follows:



	As of December 31, 2018
	(In $ millions)
Accounts Receivable Securitization Facility
Borrowings outstanding⁽¹⁾	77
Letters of credit issued	29
Available for borrowing	14
Total borrowing base	120

Maximum borrowing base⁽²⁾	120

______________________________


⁽¹⁾	The Company borrowed $25 million and repaid $28 million during the year ended December 31, 2018.


⁽²⁾	Outstanding accounts receivable transferred to the SPE was $185 million.

Senior Unsecured Revolving Credit Facility [Member]

Line of Credit Facility [Line Items]

Schedule of Balances Available for Borrowing

The Company's debt balances and amounts available for borrowing under its senior unsecured revolving credit facility are as follows:



	As of December 31, 2018
	(In $ millions)
Revolving Credit Facility
Borrowings outstanding⁽¹⁾	40
Letters of credit issued	—
Available for borrowing	960

______________________________


⁽¹⁾	The Company borrowed $940 million and repaid $997 million under its senior unsecured revolving credit facility during the year ended December 31, 2018.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details