Exhibit 99.2
Item 8. Financial Statements and Supplementary Data
Quarterly Financial Information
Change in accounting policy regarding pension and other postretirement benefits
Effective January 1, 2013, we elected to change our policy for recognizing actuarial gains and losses and changes in the fair value of plan assets for our defined benefit pension plans and other postretirement benefit plans. We now immediately recognize in operating results net actuarial gains and losses and the change in fair value of plan assets annually in the fourth quarter of each fiscal year and whenever a plan is required to be remeasured. The remaining components of our net periodic benefit cost are recorded on a quarterly basis. For further discussion, see Note 2 - Summary of Accounting Policies in the consolidated financial statements included as Exhibit 99.3 to this Current Report on Form 8-K. Financial information for prior periods has been retrospectively adjusted.
CELANESE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS |
| | | | | | | | | | | | |
| | 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. |
