Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 15, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 001-32410 | |
Entity Registrant Name | CELANESE CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 98-0420726 | |
Entity Address, Address Line One | 222 W. Las Colinas Blvd., Suite 900N | |
Entity Address, City or Town | Irving | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75039-5421 | |
City Area Code | 972 | |
Local Phone Number | 443-4000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Small Reporting Company | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 108,870,848 | |
Entity Central Index Key | 0001306830 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | CE | |
Security Exchange Name | NYSE | |
Senior Unsecured Notes Due 2023 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.125% Senior Notes due 2023 | |
Trading Symbol | CE /23 | |
Security Exchange Name | NYSE | |
Senior Unsecured Notes Due 2025 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.250% Senior Notes due 2025 | |
Trading Symbol | CE /25 | |
Security Exchange Name | NYSE | |
Senior Unsecured Notes Due 2027 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 2.125% Senior Notes due 2027 | |
Trading Symbol | CE /27 | |
Security Exchange Name | NYSE | |
0.625% Senior Unsecured Notes Due 2028 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 0.625% Senior Notes due 2028 | |
Trading Symbol | CE /28 | |
Security Exchange Name | NYSE |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statement of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net sales | $ 2,266 | $ 1,411 | $ 6,262 | $ 4,064 |
Cost of sales | (1,551) | (1,084) | (4,301) | (3,147) |
Gross profit | 715 | 327 | 1,961 | 917 |
Selling, general and administrative expenses | (165) | (106) | (463) | (345) |
Amortization of intangible assets | (6) | (6) | (17) | (17) |
Research and development expenses | (21) | (19) | (63) | (54) |
Other (charges) gains, net | 0 | (10) | 3 | (37) |
Foreign exchange gain (loss), net | 2 | (2) | 2 | (2) |
Gain (loss) on disposition of businesses and assets, net | 11 | 0 | 6 | (1) |
Operating profit (loss) | 536 | 184 | 1,429 | 461 |
Equity in net earnings (loss) of affiliates | 44 | 25 | 110 | 113 |
Non-operating pension and other postretirement employee benefit (expense) income | 37 | 28 | 113 | 83 |
Interest expense | (21) | (28) | (70) | (83) |
Refinancing expense | (9) | 0 | (9) | 0 |
Interest income | 2 | 1 | 7 | 4 |
Dividend income - equity investments | 35 | 29 | 114 | 98 |
Other income (expense), net | (2) | 2 | (3) | 4 |
Earnings (loss) from continuing operations before tax | 622 | 241 | 1,691 | 680 |
Income tax (provision) benefit | (102) | (30) | (303) | (130) |
Earnings (loss) from continuing operations | 520 | 211 | 1,388 | 550 |
Earnings (loss) from operation of discontinued operations | (17) | (2) | (24) | (13) |
Income tax (provision) benefit from discontinued operations | 4 | 0 | 6 | 1 |
Earnings (loss) from discontinued operations | (13) | (2) | (18) | (12) |
Net earnings (loss) | 507 | 209 | 1,370 | 538 |
Net (earnings) loss attributable to noncontrolling interests | (1) | (2) | (4) | (6) |
Net earnings (loss) attributable to Celanese Corporation | 506 | 207 | 1,366 | 532 |
Amounts attributable to Celanese Corporation | ||||
Earnings (loss) from continuing operations | 519 | 209 | 1,384 | 544 |
Earnings (loss) from discontinued operations | (13) | (2) | (18) | (12) |
Net earnings (loss) | $ 506 | $ 207 | $ 1,366 | $ 532 |
Earnings (loss) per common share - basic | ||||
Continuing operations | $ 4.70 | $ 1.77 | $ 12.35 | $ 4.59 |
Discontinued operations | (0.12) | (0.02) | (0.16) | (0.10) |
Net earnings (loss) - basic | 4.58 | 1.75 | 12.19 | 4.49 |
Earnings (loss) per common share - diluted | ||||
Continuing operations | 4.67 | 1.76 | 12.28 | 4.57 |
Discontinued operations | (0.11) | (0.01) | (0.16) | (0.10) |
Net earnings (loss) - diluted | $ 4.56 | $ 1.75 | $ 12.12 | $ 4.47 |
Weighted average shares - basic | 110,532,051 | 118,045,476 | 112,101,651 | 118,543,853 |
Weighted average shares - diluted | 111,044,558 | 118,564,820 | 112,699,297 | 119,119,203 |
Unaudited Interim Consolidate_2
Unaudited Interim Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net earnings (loss) | $ 507 | $ 209 | $ 1,370 | $ 538 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation gain (loss) | (15) | (3) | (12) | (11) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (15) | 5 | 16 | (33) |
Pension and postretirement benefits | 0 | 0 | (4) | 0 |
Total other comprehensive income (loss), net of tax | (30) | 2 | 0 | (44) |
Total comprehensive income (loss), net of tax | 477 | 211 | 1,370 | 494 |
Comprehensive (income) loss attributable to noncontrolling interests | (1) | (2) | (4) | (6) |
Comprehensive income (loss) attributable to Celanese Corporation | $ 476 | $ 209 | $ 1,366 | $ 488 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Current Assets | |||
Cash and cash equivalents | $ 1,340 | $ 955 | |
Trade receivables - third party and affiliates | 1,172 | 792 | |
Non-trade receivables, net | 566 | 450 | |
Inventories | 1,159 | 978 | |
Marketable securities | 28 | 533 | |
Other assets | 90 | 55 | |
Total current assets | 4,355 | 3,763 | |
Investments in affiliates | 842 | 820 | |
Property, plant and equipment (net of accumulated depreciation - 2021: $3,424; 2020: $3,279) | 3,924 | 3,939 | |
Operating Lease, Right-of-Use Asset | 231 | 232 | |
Deferred income taxes | 254 | 259 | |
Other assets | 543 | 411 | |
Goodwill | 1,131 | [1] | 1,166 |
Intangible assets, net | 303 | 319 | |
Total assets | 11,583 | 10,909 | |
Current Liabilities | |||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 103 | 496 | |
Trade payables - third party and affiliates | 1,042 | 797 | |
Other liabilities | 529 | 680 | |
Income taxes payable | 138 | 0 | |
Total current liabilities | 1,812 | 1,973 | |
Long-term debt, net of unamortized deferred financing costs | 3,724 | 3,227 | |
Deferred income taxes | 537 | 509 | |
Uncertain tax positions | 272 | 240 | |
Benefit obligations | 592 | 643 | |
Operating Lease, Liability, Noncurrent | 197 | 208 | |
Other liabilities | 178 | 214 | |
Commitments and Contingencies | |||
Stockholders' Equity | |||
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2021 and 2020: 0 issued and outstanding) | 0 | 0 | |
Common stock, $0.0001 par value, 400,000,000 shares authorized (2021: 169,720,379 issued and 109,180,323 outstanding; 2020: 169,402,979 issued and 114,168,464 outstanding) | 0 | 0 | |
Treasury stock, at cost (2021: 60,540,056 shares; 2020: 55,234,515 shares) | (5,293) | (4,494) | |
Additional paid-in capital | 313 | 257 | |
Retained earnings | 9,227 | 8,091 | |
Accumulated other comprehensive income (loss), net | (328) | (328) | |
Total Celanese Corporation stockholders' equity | 3,919 | 3,526 | |
Noncontrolling interests | 352 | 369 | |
Total equity | 4,271 | 3,895 | |
Total liabilities and equity | $ 11,583 | $ 10,909 | |
[1] | There were no accumulated impairment losses as of September 30, 2021. |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 3,424 | $ 3,279 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock, shares (in shares) | 60,540,056 | 55,234,515 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 169,720,379 | 169,402,979 |
Common stock, shares outstanding (in shares) | 109,180,323 | 114,168,464 |
Unaudited Interim Consolidate_3
Unaudited Interim Consolidated Statement Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Balance as of the beginning of the period, shares at Dec. 31, 2019 | 119,555,207 | 49,417,965 | |||||
Total Celanese Corporation stockholders' equity at Dec. 31, 2019 | $ 0 | $ (3,846) | $ 254 | $ 6,399 | $ (300) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation, net of tax | (6) | ||||||
Stock awards, shares | 444,903 | ||||||
Stock awards | $ 0 | ||||||
Purchases of treasury stock, shares | (2,770,321) | (2,770,321) | 2,770,321 | ||||
Purchases of treasury stock, including related fees | $ (261) | $ 0 | $ (261) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | (44,370) | ||||||
Stock-based compensation, net of tax | $ 1 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 532 | 532 | |||||
Common stock dividends | (221) | ||||||
Other comprehensive income (loss), net of tax | (44) | (44) | |||||
Balance as of the end of the period, shares at Sep. 30, 2020 | 117,229,789 | 52,143,916 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest at Dec. 31, 2019 | $ 391 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) attributable to noncontrolling interests | 6 | 6 | |||||
(Distributions to) contributions from noncontrolling interests | (21) | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest at Sep. 30, 2020 | 376 | ||||||
Total Celanese Corporation stockholders' equity at Sep. 30, 2020 | 2,508 | $ 0 | $ (4,106) | 248 | 6,710 | (344) | |
Balance as of the end of the period at Sep. 30, 2020 | 2,884 | ||||||
Balance as of the beginning of the period, shares at Jun. 30, 2020 | 118,288,296 | 51,083,026 | |||||
Total Celanese Corporation stockholders' equity at Jun. 30, 2020 | $ 0 | $ (3,995) | 252 | 6,576 | (346) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation, net of tax | (4) | ||||||
Stock awards, shares | 2,383 | ||||||
Stock awards | $ 0 | ||||||
Purchases of treasury stock, shares | (1,060,890) | 1,060,890 | |||||
Purchases of treasury stock, including related fees | $ 0 | $ (111) | |||||
Net earnings (loss) attributable to Celanese Corporation | 207 | 207 | |||||
Common stock dividends | (73) | ||||||
Other comprehensive income (loss), net of tax | 2 | 2 | |||||
Balance as of the end of the period, shares at Sep. 30, 2020 | 117,229,789 | 52,143,916 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest at Jun. 30, 2020 | 382 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) attributable to noncontrolling interests | 2 | 2 | |||||
(Distributions to) contributions from noncontrolling interests | (8) | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest at Sep. 30, 2020 | 376 | ||||||
Total Celanese Corporation stockholders' equity at Sep. 30, 2020 | 2,508 | $ 0 | $ (4,106) | 248 | 6,710 | (344) | |
Balance as of the end of the period at Sep. 30, 2020 | 2,884 | ||||||
Balance as of the beginning of the period, shares at Dec. 31, 2020 | 114,168,464 | 55,234,515 | |||||
Balance as of the beginning of the period at Dec. 31, 2020 | 3,895 | ||||||
Total Celanese Corporation stockholders' equity at Dec. 31, 2020 | $ 3,526 | $ 0 | $ (4,494) | 257 | 8,091 | (328) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation, net of tax | 56 | ||||||
Stock awards, shares | 344,586 | ||||||
Stock awards | $ 0 | ||||||
Purchases of treasury stock, shares | (5,332,727) | (5,332,727) | 5,332,727 | ||||
Purchases of treasury stock, including related fees | $ (800) | $ 0 | $ (800) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | (27,186) | ||||||
Stock-based compensation, net of tax | $ 1 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 1,366 | 1,366 | |||||
Common stock dividends | (230) | ||||||
Other comprehensive income (loss), net of tax | 0 | 0 | |||||
Balance as of the end of the period, shares at Sep. 30, 2021 | 109,180,323 | 60,540,056 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest at Dec. 31, 2020 | 369 | 369 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) attributable to noncontrolling interests | 4 | 4 | |||||
(Distributions to) contributions from noncontrolling interests | (21) | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest at Sep. 30, 2021 | 352 | 352 | |||||
Total Celanese Corporation stockholders' equity at Sep. 30, 2021 | 3,919 | $ 0 | $ (5,293) | 313 | 9,227 | (328) | |
Balance as of the end of the period at Sep. 30, 2021 | 4,271 | ||||||
Balance as of the beginning of the period, shares at Jun. 30, 2021 | 111,115,442 | 58,601,877 | |||||
Total Celanese Corporation stockholders' equity at Jun. 30, 2021 | $ 0 | $ (4,993) | 292 | 8,797 | (298) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation, net of tax | 21 | ||||||
Stock awards, shares | 3,060 | ||||||
Stock awards | $ 0 | ||||||
Purchases of treasury stock, shares | (1,938,179) | 1,938,179 | |||||
Purchases of treasury stock, including related fees | $ 0 | $ (300) | |||||
Net earnings (loss) attributable to Celanese Corporation | 506 | 506 | |||||
Common stock dividends | (76) | ||||||
Other comprehensive income (loss), net of tax | (30) | (30) | |||||
Balance as of the end of the period, shares at Sep. 30, 2021 | 109,180,323 | 60,540,056 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest at Jun. 30, 2021 | 359 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) attributable to noncontrolling interests | 1 | 1 | |||||
(Distributions to) contributions from noncontrolling interests | (8) | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest at Sep. 30, 2021 | 352 | $ 352 | |||||
Total Celanese Corporation stockholders' equity at Sep. 30, 2021 | 3,919 | $ 0 | $ (5,293) | $ 313 | $ 9,227 | $ (328) | |
Balance as of the end of the period at Sep. 30, 2021 | $ 4,271 |
Unaudited Interim Consolidate_4
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Activities | ||
Net earnings (loss) | $ 1,370 | $ 538 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities | ||
Asset impairments | 2 | 31 |
Depreciation, amortization and accretion | 278 | 265 |
Pension and postretirement net periodic benefit cost | (102) | (74) |
Pension and postretirement contributions | (36) | (35) |
Deferred income taxes, net | 9 | (90) |
(Gain) loss on disposition of businesses and assets, net | (7) | 1 |
Stock-based compensation | 76 | 17 |
Undistributed earnings in unconsolidated affiliates | (48) | (2) |
Other, net | 21 | 15 |
Operating cash provided by (used in) discontinued operations | 14 | 7 |
Changes in operating assets and liabilities | ||
Trade receivables - third party and affiliates, net | (402) | 196 |
Inventories | (207) | 78 |
Other assets | (150) | 68 |
Trade payables - third party and affiliates | 259 | (57) |
Other liabilities | 96 | 111 |
Net cash provided by (used in) operating activities | 1,173 | 1,069 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (304) | (279) |
Payments to Acquire Businesses, Net of Cash Acquired | (15) | (100) |
Proceeds from sale of businesses and assets, net | 22 | 17 |
Proceeds from sale of marketable securities | 500 | 0 |
Other, net | (36) | (25) |
Net cash provided by (used in) investing activities | 167 | (387) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 17 | 170 |
Proceeds from short-term borrowings | 0 | 306 |
Repayments of short-term borrowings | (6) | (452) |
Proceeds from long-term debt | 991 | 0 |
Repayments of long-term debt | (778) | (23) |
Purchases of treasury stock, including related fees | (803) | (272) |
Common stock dividends | (230) | (221) |
Distributions to noncontrolling interests | (21) | (21) |
Other, net | (41) | (25) |
Net cash provided by (used in) financing activities | (943) | (538) |
Exchange rate effects on cash and cash equivalents | (12) | 8 |
Net increase (decrease) in cash and cash equivalents | 385 | 152 |
Cash and cash equivalents as of beginning of period | 955 | 463 |
Cash and cash equivalents as of end of period | 1,340 | 615 |
Payments for (Proceeds from) Hedge, Financing Activities | $ (72) | $ 0 |
Description of the Company and
Description of the Company and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Company and Basis of Presentation | Description of the Company and Basis of Presentation Description of the Company Celanese Corporation and its subsidiaries (collectively, the "Company") is a global chemical and specialty materials company. The Company produces high performance engineered polymers that are used in a variety of high-value applications, as well as acetyl products, which are intermediate chemicals, for nearly all major industries. The Company also engineers and manufactures a wide variety of products essential to everyday living. The Company's broad product portfolio serves a diverse set of end-use applications including automotive, chemical additives, construction, consumer and industrial adhesives, consumer and medical, energy storage, filtration, food and beverage, paints and coatings, paper and packaging, performance industrial and textiles. Definitions In this Quarterly Report on Form 10-Q ("Quarterly Report"), the term "Celanese" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The term "Celanese U.S." refers to the Company's subsidiary, Celanese U.S. Holdings LLC, a Delaware limited liability company, and not its subsidiaries. Basis of Presentation The unaudited interim consolidated financial statements for the three and nine months ended September 30, 2021 and 2020 contained in this Quarterly Report were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for all periods presented and include the accounts of the Company, its majority owned subsidiaries over which the Company exercises control and, when applicable, variable interest entities in which the Company is the primary beneficiary. The unaudited interim consolidated financial statements and other financial information included in this Quarterly Report, unless otherwise specified, have been presented to separately show the effects of discontinued operations. In the opinion of management, the accompanying unaudited consolidated balance sheets and related unaudited interim consolidated statements of operations, comprehensive income (loss), cash flows and equity include all adjustments, consisting only of normal recurring items necessary for their fair presentation in conformity with U.S. GAAP. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with rules and regulations of the Securities and Exchange Commission ("SEC"). These unaudited interim consolidated financial statements should be read in conjunction with the Company's consolidated financial statements as of and for the year ended December 31, 2020, filed on February 11, 2021 with the SEC as part of the Company's Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the entire year. In the ordinary course of business, the Company enters into contracts and agreements relative to a number of topics, including acquisitions, dispositions, joint ventures, supply agreements, product sales and other arrangements. The Company endeavors to describe those contracts or agreements that are material to its business, results of operations or financial position. The Company may also describe some arrangements that are not material but in which the Company believes investors may have an interest or which may have been included in a Form 8-K filing. Investors should not assume the Company has described all contracts and agreements relative to the Company's business in this Quarterly Report. For those consolidated ventures in which the Company owns or is exposed to less than 100% of the economics, the outside stockholders' interests are shown as noncontrolling interests. Estimates and Assumptions The preparation of unaudited interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of Net sales, expenses and allocated charges during the reporting period. Significant estimates pertain to impairments of goodwill, intangible assets and other long-lived assets, purchase price allocations, restructuring costs and other (charges) gains, net, income taxes, pension |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Recent Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recent Accounting Pronouncements The following table provides a brief description of recent Accounting Standard Updates ("ASU") issued by the Financial Accounting Standards Board ("FASB"): Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The guidance applies only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. March 12, 2020 through December 31, 2022. The Company has completed its assessment, and the adoption of the new guidance did not have a material impact to the Company. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes . The new guidance simplifies the accounting for income taxes by removing certain exceptions to the general principles in FASB Accounting Standards Codification Topic 740, Income Taxes ("Topic 740"). The guidance also clarifies and amends existing guidance under Topic 740. January 1, 2021. The Company adopted the new guidance effective January 1, 2021. The adoption of the new guidance did not have a material impact to the Company. |
Acquisitions, Dispositions and
Acquisitions, Dispositions and Plant Closures | 9 Months Ended |
Sep. 30, 2021 | |
Acquisitions, Dispositions and Plant Closures [Abstract] | |
Acquisitions, Dispositions and Plant Closures [Text Block] | Acquisitions, Dispositions and Plant Closures Acquisition On June 30, 2021, the Company signed a definitive agreement to acquire the Santoprene™ thermoplastic vulcanizates ("TPV") elastomers business of Exxon Mobil Corporation for a purchase price of $1.15 billion in an all-cash transaction. The Company will acquire the Santoprene™, Dytron™ and Geolast™ trademarks and product portfolios, customer and supplier contracts and agreements, both production facilities producing Santoprene, the TPV intellectual property portfolio with associated technical and R&D assets and employees of the TPV elastomer business. The acquired operations will be included in the Engineered Materials segment. The Company expects the acquisition to close in the fourth quarter of 2021, subject to regulatory approvals, carve-out preparations and other customary closing conditions. Plant Closures • European Compounding Center of Excellence In July 2020, the Company announced that it is establishing a European Compounding Center of Excellence at its Forli, Italy facility, which includes the intended consolidation of its compounding operations in Kaiserslautern, Germany; Wehr, Germany; and Ferrara Marconi, Italy. These operations are included in the Company's Engineered Materials segment. The Company expects to complete the consolidation of the compounding operations by the end of 2022. The exit and shutdown costs related to the Forli, Italy consolidation were as follows: Nine Months Ended (In $ millions) Accelerated depreciation expense 5 Plant/office closures (1) (9) Total (4) ______________________________ (1) Included in Other (charges) gains, net in the unaudited interim consolidated statement of operations ( Note 12 ). The Company expects to incur additional exit and shutdown costs related to the Forli, Italy consolidation of approximately $12 million through 2022. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories As of As of (In $ millions) Finished goods 736 653 Work-in-process 74 74 Raw materials and supplies 349 251 Total 1,159 978 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, net | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | Goodwill and Intangible Assets, Net Goodwill Engineered Acetate Tow Acetyl Chain Total (In $ millions) As of December 31, 2020 768 149 249 1,166 Acquisitions 4 — 2 6 Exchange rate changes (28) — (13) (41) As of September 30, 2021 (1) 744 149 238 1,131 ______________________________ (1) There were no accumulated impairment losses as of September 30, 2021. The Company assesses the recoverability of the carrying amount of its reporting unit goodwill either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. In connection with the Company's annual goodwill impairment assessment, the Company did not record an impairment loss to goodwill during the nine months ended September 30, 2021 as the estimated fair value for each of the Company's reporting units exceeded the carrying amount of the underlying assets by a substantial margin. Intangible Assets, Net Finite-lived intangible assets are as follows: Licenses Customer- Developed Covenants Total (In $ millions) Gross Asset Value As of December 31, 2020 44 724 45 56 869 Acquisitions — 8 — — 8 Exchange rate changes — (26) (1) — (27) As of September 30, 2021 44 706 44 56 850 Accumulated Amortization As of December 31, 2020 (38) (555) (40) (39) (672) Amortization (1) (13) (2) (1) (17) Exchange rate changes — 23 1 — 24 As of September 30, 2021 (39) (545) (41) (40) (665) Net book value 5 161 3 16 185 Indefinite-lived intangible assets are as follows: Trademarks (In $ millions) As of December 31, 2020 122 Exchange rate changes (4) As of September 30, 2021 118 The Company assesses the recoverability of the carrying amount of its indefinite-lived intangible assets either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. In connection with the Company's annual indefinite-lived intangible assets impairment assessment, the Company did not record an impairment loss to indefinite-lived intangible assets during the nine months ended September 30, 2021 as the estimated fair value of each of the Company's indefinite-lived intangible assets exceeded the carrying value of the underlying assets by a substantial margin. During the nine months ended September 30, 2021, the Company did not renew or extend any intangible assets. Estimated amortization expense for the succeeding five fiscal years is as follows: (In $ millions) 2022 22 2023 20 2024 19 2025 19 2026 18 |
Current Other Liabilities
Current Other Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities, Current [Abstract] | |
Current Other Liabilities | Current Other Liabilities As of As of (In $ millions) Asset retirement obligations 12 10 Benefit obligations ( Note 9 ) 27 27 Customer rebates 72 53 Derivatives ( Note 14 ) 9 87 Environmental ( Note 10 ) 14 11 Insurance 6 5 Interest 22 29 Legal ( Note 16 ) 33 107 Operating leases 35 36 Restructuring ( Note 12 ) 8 11 Salaries and benefits 139 121 Sales and use tax/foreign withholding tax payable 110 140 Other 42 43 Total 529 680 |
Noncurrent Other Liabilities
Noncurrent Other Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities, Noncurrent [Abstract] | |
Noncurrent Other Liabilities | Noncurrent Other Liabilities As of As of (In $ millions) Asset retirement obligations 13 10 Deferred proceeds 44 47 Deferred revenue ( Note 18 ) 4 4 Derivatives ( Note 14 ) 9 34 Environmental ( Note 10 ) 45 58 Insurance 38 33 Other 25 28 Total 178 214 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of As of (In $ millions) Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates Current installments of long-term debt 28 431 Short-term borrowings, including amounts due to affiliates (1) 75 65 Total 103 496 ______________________________ (1) The weighted average interest rate was 0.2% and 0.6% as of September 30, 2021 and December 31, 2020, respectively. As of As of (In $ millions) Long-Term Debt Senior unsecured notes due 2021, interest rate of 5.875% — 400 Senior unsecured notes due 2022, interest rate of 4.625% 500 500 Senior unsecured notes due 2023, interest rate of 1.125% 521 919 Senior unsecured notes due 2024, interest rate of 3.500% 499 499 Senior unsecured notes due 2025, interest rate of 1.250% 347 368 Senior unsecured notes due 2026, interest rate of 1.400% 400 — Senior unsecured notes due 2027, interest rate of 2.125% 576 610 Senior unsecured notes due 2028, interest rate of 0.625% 578 — Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00% 166 166 Bank loans due at various dates through 2026 (1) 6 8 Obligations under finance leases due at various dates through 2054 179 201 Subtotal 3,772 3,671 Unamortized debt issuance costs (2) (20) (13) Current installments of long-term debt (28) (431) Total 3,724 3,227 ______________________________ (1) The weighted average interest rate was 1.3% and 1.3% as of September 30, 2021 and December 31, 2020, respectively. (2) Related to the Company's long-term debt, excluding obligations under finance leases. Senior Credit Facilities The Company has a senior credit agreement (the "Credit Agreement") consisting of a $1.25 billion senior unsecured revolving credit facility (with a letter of credit sublimit), maturing in 2024. The Credit Agreement is guaranteed by Celanese, Celanese U.S. and domestic subsidiaries together representing substantially all of the Company's U.S. assets and business operations ("the Subsidiary Guarantors"). The Subsidiary Guarantors are listed in Exhibit 22.1 to this Quarterly Report. The Company's debt balances and amounts available for borrowing under its senior unsecured revolving credit facility are as follows: As of (In $ millions) Revolving Credit Facility Borrowings outstanding (1) — Available for borrowing (2) 1,250 ______________________________ (1) The Company borrowed $400 million under its senior unsecured revolving credit facility to repay the 5.875% senior unsecured notes due June 15, 2021 and repaid $400 million under its senior unsecured revolving credit facility during the nine months ended September 30, 2021. (2) The margin for borrowings under the senior unsecured revolving credit facility was 1.25% above LIBOR or EURIBOR at current Company credit ratings. Senior Notes The Company has outstanding senior unsecured notes, issued in public offerings registered under the Securities Act of 1933 ("Securities Act"), as amended (collectively, the "Senior Notes"). The Senior Notes were issued by Celanese U.S. and are guaranteed on a senior unsecured basis by Celanese and the Subsidiary Guarantors. Celanese U.S. may redeem some or all of each of the Senior Notes, prior to their respective maturity dates, at a redemption price of 100% of the principal amount, plus a "make-whole" premium as specified in the applicable indenture, plus accrued and unpaid interest, if any, to the redemption date. On August 5, 2021, Celanese U.S. completed an offering of $400 million in principal amount of 1.400% senior unsecured notes due August 5, 2026 (the "1.400% Notes") in a public offering registered under the Securities Act. The 1.400% Notes were issued at a discount to par at a price of 99.899%, which is being amortized to Interest expense in the unaudited interim consolidated statement of operations over the term of the 1.400% Notes. Net proceeds from the sale of the 1.400% Notes were used to repay $396 million of outstanding borrowings under the senior unsecured revolving credit facility and for general corporate purposes. On September 10, 2021, Celanese U.S. completed an offering of €500 million in principal amount of 0.625% senior unsecured notes due September 10, 2028 (the "0.625% Notes") in a public offering registered under the Securities Act. The 0.625% Notes were issued at a discount to par at a price of 99.898%, which is being amortized to Interest expense in the unaudited interim consolidated statements of operations over the term of the 0.625% Notes. On September 13, 2021, Celanese U.S. completed a cash tender offer for €300 million in principal amount of 1.125% senior unsecured notes due September 26, 2023 (the "1.125% Notes") at a purchase price of €1,027.35 per €1,000 of principal amount plus accrued interest, for a total principal and premium payment of $363 million plus accrued interest of $4 million. A portion of the proceeds from the issuance of the 0.625% Notes were used to fund the tender offer for €300 million of the 1.125% Notes. As a result of the tender offer, the carrying value of the 1.125% Notes were reduced by $353 million. The Company recognized financing costs of $9 million, which are included in Refinancing expense in the unaudited interim consolidated statement of operations for the nine months ended September 30, 2021. Accounts Receivable Purchasing Facility On June 18, 2021, the Company entered into an amendment to the amended and restated receivables purchase agreement (the "Amended Receivables Purchase Agreement") under its U.S. accounts receivable purchasing facility among certain of the Company's subsidiaries, its wholly-owned, "bankruptcy remote" special purpose subsidiary ("SPE") and certain global financial institutions ("Purchasers"). The Amended Receivables Purchase Agreement extends the term of the accounts receivable purchasing facility such that the SPE may sell certain receivables until June 18, 2024. Under the Amended Receivables Purchase Agreement, transfers of U.S. accounts receivable from the SPE are treated as sales and are accounted for as a reduction in accounts receivable because the agreement transfers effective control over and risk related to the U.S. accounts receivable to the SPE. The Company and related subsidiaries have no continuing involvement in the transferred U.S. accounts receivable, other than collection and administrative responsibilities and, once sold, the U.S. accounts receivable are no longer available to satisfy creditors of the Company or the related subsidiaries. These sales are transacted at 100% of the face value of the relevant U.S. accounts receivable, resulting in derecognition of the U.S. accounts receivables from the Company's unaudited consolidated balance sheet. The Company de-recognized $812 million and $595 million of accounts receivable under this agreement for the nine months ended September 30, 2021 and twelve months ended December 31, 2020, respectively, and collected $812 million and $476 million of accounts receivable sold under this agreement during the same periods. Unsold U.S. accounts receivable of $116 million were pledged by the SPE as collateral to the Purchasers as of September 30, 2021. Factoring and Discounting Agreements The Company has factoring agreements in Europe and Singapore with financial institutions to sell 100% and 90% of certain accounts receivable, respectively, on a non-recourse basis. These transactions are treated as sales and are accounted for as reductions in accounts receivable because the agreements transfer effective control over and risk related to the receivables to the buyer. The Company has no continuing involvement in the transferred receivables, other than collection and administrative responsibilities and, once sold, the accounts receivable are no longer available to satisfy creditors in the event of bankruptcy. The Company de-recognized $134 million and $233 million of accounts receivable under these factoring agreements for the nine months ended September 30, 2021 and twelve months ended December 31, 2020, respectively, and collected $133 million and $237 million of accounts receivable sold under these factoring agreements during the same periods. In March 2021, the Company entered into an agreement in Singapore with a financial institution to discount, on a non-recourse basis, documentary credits or other documents recorded as accounts receivable. These transactions are treated as a sale and are accounted for as a reduction in accounts receivable because the agreement transfers effective control over and risk related to the receivables to the buyer. The Company has no continuing involvement in the transferred receivables and, once sold, the accounts receivable are no longer available to satisfy creditors in the event of bankruptcy. The Company de-recognized $57 million of accounts receivable under this agreement for the nine months ended September 30, 2021. Covenants The Company's material financing arrangements contain customary covenants, including the maintenance of certain financial ratios, events of default and change of control provisions. Failure to comply with these covenants, or the occurrence of any other event of default, could result in acceleration of the borrowings and other financial obligations. The Company is in compliance with all of the covenants related to its debt agreements as of September 30, 2021. |
Benefit Obligations
Benefit Obligations | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Benefit Obligations | Benefit Obligations The components of net periodic benefit cost are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Pension Post-retirement Pension Post-retirement Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 3 — 2 1 10 1 8 1 Interest cost 13 1 22 — 40 1 64 1 Expected return on plan assets (51) — (50) — (154) — (149) — Special termination benefit — — — — — — 1 — Total (35) 1 (26) 1 (104) 2 (76) 2 Benefit obligation funding is as follows: As of Total (In $ millions) Cash contributions to defined benefit pension plans 17 23 Benefit payments to nonqualified pension plans 16 20 Benefit payments to other postretirement benefit plans 3 4 Cash contributions to German multiemployer defined benefit pension plans (1) 6 9 ______________________________ (1) The Company makes contributions based on specified percentages of employee contributions. The Company's estimates of its U.S. defined benefit pension plan contributions reflect the provisions of the Pension Protection Act of 2006. |
Environmental
Environmental | 9 Months Ended |
Sep. 30, 2021 | |
Environmental Remediation Obligations [Abstract] | |
Environmental | EnvironmentalThe Company is subject to environmental laws and regulations worldwide that impose limitations on the discharge of pollutants into the air and water, establish standards for the treatment, storage and disposal of solid and hazardous wastes, and impose record keeping and notification requirements. Failure to timely comply with these laws and regulations may expose the Company to penalties. The Company believes that it is in substantial compliance with all applicable environmental laws and regulations and engages in an ongoing process of updating its controls to mitigate compliance risks. The Company is also subject to retained environmental obligations specified in various contractual agreements arising from the divestiture of certain businesses by the Company or one of its predecessor companies. The components of environmental remediation liabilities are as follows: As of As of (In $ millions) Demerger obligations ( Note 16 ) 24 29 Divestiture obligations ( Note 16 ) 13 15 Active sites 8 12 U.S. Superfund sites 12 11 Other environmental remediation liabilities 2 2 Total 59 69 Remediation Due to its industrial history and through retained contractual and legal obligations, the Company has the obligation to remediate specific areas on its own sites as well as on divested, demerger, orphan or U.S. Superfund sites (as defined below). In addition, as part of the demerger agreement between the Company and Hoechst AG ("Hoechst"), a specified portion of the responsibility for environmental liabilities from a number of Hoechst divestitures was transferred to the Company ( Note 16 ). Certain of these sites, at which the Company maintains continuing involvement, were and continue to be designated as discontinued operations when closed. The Company provides for such obligations when the event of loss is probable and reasonably estimable. The Company believes that environmental remediation costs will not have a material adverse effect on the financial position of the Company, but may have a material adverse effect on the results of operations or cash flows in any given period. U.S. Superfund Sites In the U.S., the Company may be subject to substantial claims brought by U.S. federal or state regulatory agencies or private individuals pursuant to statutory authority or common law. In particular, the Company has a potential liability under the U.S. Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, and related state laws (collectively referred to as "Superfund") for investigation and cleanup costs at certain sites. At most of these sites, numerous companies, including the Company, or one of its predecessor companies, have been notified that the U.S. Environmental Protection Agency ("EPA"), state governing bodies or private individuals consider such companies to be potentially responsible parties ("PRP") under Superfund or related laws. The proceedings relating to these sites are in various stages. The cleanup process has not been completed at most sites, and the status of the insurance coverage for some of these proceedings is uncertain. Consequently, the Company cannot accurately determine its ultimate liability for investigation or cleanup costs at these sites. As events progress at each site for which it has been named a PRP, the Company accrues any probable and reasonably estimable liabilities. In establishing these liabilities, the Company considers the contaminants of concern, the potential impact thereof, the relationship of the contaminants of concern to its current and historic operations, its shipment of waste to a site, its percentage of total waste shipped to the site, the types of wastes involved, the conclusions of any studies, the magnitude of any remedial actions that may be necessary and the number and viability of other PRPs. Often the Company joins with other PRPs to sign joint defense agreements that settle, among PRPs, each party's percentage allocation of costs at the site. Although the ultimate liability may differ from the estimate, the Company routinely reviews the liabilities and revises the estimate, as appropriate, based on the most current information available. One such site is the Diamond Alkali Superfund Site, which is comprised of a number of sub-sites, including the Lower Passaic River Study Area ("LPRSA"), which is the lower 17-mile stretch of the Passaic River ("Lower Passaic River Site"), and the Newark Bay Area. The Company and 70 other companies are parties to a May 2007 Administrative Order on Consent with the EPA to perform a Remedial Investigation/Feasibility Study ("RI/FS") at the Lower Passaic River Site in order to identify the levels of contaminants and potential cleanup actions, including the potential migration of contaminants between the Lower Passaic River Site and the Newark Bay Area. Work on the RI/FS is ongoing. In March 2016, the EPA issued its final Record of Decision concerning the remediation of the lower 8.3 miles of the Lower Passaic River Site ("Lower 8.3 Miles"). Pursuant to the EPA's Record of Decision, the Lower 8.3 Miles must be dredged bank to bank and an engineered cap must be installed at an EPA estimated cost of approximately $1.4 billion. The Company owned and/or operated facilities in the vicinity of the Lower 8.3 Miles, but has found no evidence that it contributed any of the contaminants of concern to the Passaic River. In June 2018, Occidental Chemical Corporation ("OCC") , the successor to the Diamond Alkali Company, sued a subsidiary of the Company and 119 other parties alleging claims for joint and several damages, contribution and declaratory relief under Section 107 and 113 of Superfund for costs to clean up the LPRSA portion of the Diamond Alkali Superfund Site, Occidental Chemical Corporation v. 21st Century Fox America, Inc., et al, No. 2:18-CV-11273-JLL-JAD (U.S. District Court New Jersey), alleging that each of the defendants owned or operated a facility that contributed contamination to the LPRSA. With respect to the Company, the OCC lawsuit is limited to the former Celanese facility that Essex County, New Jersey has agreed to indemnify the Company for and does not change the Company's estimated liability for LPRSA cleanup costs. The Company is vigorously defending these matters and currently believes that its ultimate allocable share of the cleanup costs with respect to the Lower Passaic River Site, estimated at less than 1%, will not be material to the Company's results of operations, cash flows or financial position. The EPA has initiated settlement discussions with a subgroup of defendants, including Celanese. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock The Company's Board of Directors follows a policy of declaring, subject to legally available funds, a quarterly cash dividend on each share of the Company's Common Stock, par value $0.0001 per share ("Common Stock"), unless the Company's Board of Directors, in its sole discretion, determines otherwise. The amount available to the Company to pay cash dividends is not currently restricted by its existing senior credit facility and its indentures governing its senior unsecured notes. Any decision to declare and pay dividends in the future will be made at the discretion of the Company's Board of Directors and will depend on, among other things, the results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Company's Board of Directors may deem relevant. On July 14, 2021, the Company's Board of Directors approved a $1.0 billion increase in its Common Stock repurchase authorization. As of September 30, 2021, the Company had $1.3 billion remaining under the previous authorization. The Company also declared a quarterly cash dividend of $0.68 per share on its Common Stock on October 20, 2021, amounting to $74 million. The cash dividend will be paid on November 15, 2021 to holders of record as of November 1, 2021. Treasury Stock The Company's Board of Directors authorizes repurchases of Common Stock from time to time. These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program does not have an expiration date. Nine Months Ended Total From 2021 2020 Shares repurchased 5,332,727 2,770,321 68,100,778 Average purchase price per share $ 150.02 $ 94.44 $ 82.27 Shares repurchased (in $ millions) $ 800 $ 261 $ 5,603 Aggregate Board of Directors repurchase authorizations during the period (in $ millions) $ 1,000 $ 500 $ 6,866 The purchase of treasury stock reduces the number of shares outstanding. The repurchased shares may be used by the Company for compensation programs utilizing the Company's stock and other corporate purposes. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders' equity. Other Comprehensive Income (Loss), Net Three Months Ended September 30, 2021 2020 Gross Income Net Gross Income Net (In $ millions) Foreign currency translation gain (loss) (6) (9) (15) (10) 7 (3) Gain (loss) on cash flow hedges 1 (16) (15) 6 (1) 5 Total (5) (25) (30) (4) 6 2 Nine Months Ended September 30, 2021 2020 Gross Income Net Gross Income Net (In $ millions) Foreign currency translation gain (loss) 3 (15) (12) (10) (1) (11) Gain (loss) on cash flow hedges 41 (25) 16 (44) 11 (33) Pension and postretirement benefits gain (loss) (4) — (4) — — — Total 40 (40) — (54) 10 (44) Adjustments to Accumulated other comprehensive income (loss), net, are as follows: Foreign Gain (Loss) on Cash Flow Hedges ( Note 14 ) Pension and Postretirement Benefits Gain (Loss) ( Note 9 ) Accumulated (In $ millions) As of December 31, 2020 (260) (56) (12) (328) Other comprehensive income (loss) before reclassifications 3 43 (4) 42 Amounts reclassified from accumulated other comprehensive income (loss) — (2) — (2) Income tax (provision) benefit (15) (25) — (40) As of September 30, 2021 (272) (40) (16) (328) |
Other (Charges) Gains, Net
Other (Charges) Gains, Net | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Other (Charges) Gains, Net | Other (Charges) Gains, Net Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In $ millions) Restructuring (1) (9) (5) (17) Asset impairments — (2) (2) (31) Plant/office closures 1 1 10 6 Commercial disputes — — — 6 European Commission investigation — — — (2) Other — — — 1 Total — (10) 3 (37) During the nine months ended September 30, 2021 and 2020, the Company recorded $5 million and $17 million, respectively, of employee termination benefits primarily related to Company-wide business optimization projects. During the nine months ended September 30, 2020, the Company recorded a $26 million long-lived asset impairment loss related to certain fixed assets used in compounding operations at its facilities in Kaiserslautern, Germany; Wehr, Germany and Ferrara Marconi, Italy ( Note 3 ). In addition, during the nine months ended September 30, 2020, the Company recorded a $4 million long-lived asset impairment loss related to the closure of its manufacturing operations in Lebanon, Tennessee. The long-lived asset impairment losses were measured at the date of impairment to write-down the related property, plant and equipment and were included in the Company's Engineered Materials segment. During the nine months ended September 30, 2021, the Company recorded a $9 million gain within plant/office closures related to the termination of its Ferrara Marconi, Italy office lease, which was included in the Company's Engineered Materials segment. The changes in the restructuring liabilities by business segment are as follows: Engineered Acetate Tow Acetyl Chain Other Total (In $ millions) Employee Termination Benefits As of December 31, 2020 8 1 — 2 11 Additions 3 — — 2 5 Cash payments (4) — — (3) (7) Exchange rate changes (1) — — — (1) As of September 30, 2021 6 1 — 1 8 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In percentages) Effective income tax rate 16 12 18 19 The effective income tax rate for the three months ended September 30, 2021, was higher compared to the same period in 2020, primarily due to increased earnings in high tax jurisdictions. The effective income tax rate for the nine months ended September 30, 2021, was lower compared to the same period in 2020, primarily due to non-recurring adjustments in the prior periods to uncertain tax positions due to available attribute carryforwards and the impact of functional currency differences in offshore jurisdictions, partially offset by increased earnings in high tax jurisdictions. The Company will continue to monitor global legislative and regulatory developments related to COVID-19 and will record the associated tax impacts as discrete events in the periods the guidance is finalized, or when the Company is able to estimate an impact. In December 2017, the Tax Cuts and Jobs Act (the "TCJA") was enacted and was effective January 1, 2018. The U.S. Treasury has issued various final and proposed regulatory packages supplementing the TCJA provisions since 2018, which the Company does not expect to have a material impact on current or future income tax expense. The Company will continue to monitor the expected impacts of any new guidance on the Company's filing positions and will record the impacts as discrete income tax expense adjustments in the period the guidance is finalized or becomes effective. Due to the TCJA and uncertainty as to future foreign source income, the Company previously recorded a valuation allowance on a substantial portion of its foreign tax credits. The Company is currently evaluating tax planning strategies that would allow utilization of the Company's foreign tax credit carryforwards. Implementation of these strategies in future periods could reduce the level of valuation allowance that is needed, thereby decreasing the Company's effective tax rate. The Company's tax returns are under audit for the years 2013 through 2015 by the United States, the Netherlands and Germany (the "Authorities"). On September 30, 2021, the Company received a draft joint audit report proposing adjustments to transfer pricing and the reallocation of income between the related jurisdictions. The Authorities also propose to apply these adjustments to open tax years through 2019. The Company is engaged in discussions with the Authorities to evaluate the proposals and is currently evaluating all potential remedies. The Company believes that an adequate provision for income taxes has been made for all open tax years related to the examination. However, the outcome of tax audits cannot be predicted with certainty. If any issues raised by the Authorities are resolved in a manner inconsistent with the Company's expectations or the Company is unsuccessful in defending its position, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. If required, any such adjustments could be material to the statements of operations and cash flows in the period(s) recorded. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Derivatives Designated As Hedges Net Investment Hedges The total notional amount of foreign currency denominated debt and cross-currency swaps designated as net investment hedges are as follows: As of As of (In € millions) Total 1,837 1,358 Cash Flow Hedges The total notional amount of the forward-starting interest rate swap designated as a cash flow hedge is as follows: As of As of (In $ millions) Total — 400 Cash flows related to the settlement of forward-starting interest rate swaps are reported as financing activities. The Company settled the forward-starting interest rate swap on August 2, 2021, resulting in a payment to the counterparty of $72 million, which payment was included as part of financing activities in the unaudited interim consolidated statements of cash flows. Derivatives Not Designated As Hedges Foreign Currency Forwards and Swaps Gross notional values of the foreign currency forwards and swaps not designated as hedges are as follows: As of As of (In $ millions) Total 634 546 Information regarding changes in the fair value of the Company's derivative and non-derivative instruments is as follows: Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Three Months Ended September 30, Statement of Operations Classification 2021 2020 2021 2020 (In $ millions) Designated as Cash Flow Hedges Commodity swaps 10 1 (1) (5) Cost of sales Interest rate swaps (7) 3 (1) — Interest expense Total 3 4 (2) (5) Designated as Net Investment Hedges Foreign currency denominated debt ( Note 8 ) 37 (54) — — N/A Cross-currency swaps 10 (25) — — N/A Total 47 (79) — — Not Designated as Hedges Foreign currency forwards and swaps — — (2) (11) Foreign exchange gain (loss), net; Other income (expense), net Total — — (2) (11) Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Nine Months Ended September 30, Statement of Operations Classification 2021 2020 2021 2020 (In $ millions) Designated as Cash Flow Hedges Commodity swaps 33 4 (1) (5) Cost of sales Interest rate swaps 10 (50) (1) — Interest expense Total 43 (46) (2) (5) Designated as Net Investment Hedges Foreign currency denominated debt ( Note 8 ) 72 (39) — — N/A Cross-currency swaps 21 (3) — — N/A Total 93 (42) — — Not Designated as Hedges Foreign currency forwards and swaps — — (6) 7 Foreign exchange gain (loss), net; Other income (expense), net Total — — (6) 7 See Note 15 for additional information regarding the fair value of the Company's derivative instruments. Certain of the Company's commodity swaps, interest rate swaps, cross-currency swaps and foreign currency forwards and swaps permit the Company to net settle all contracts with the counterparty through a single payment in an agreed upon currency in the event of default or early termination of the contract, similar to a master netting arrangement. Information regarding the gross amounts of the Company's derivative instruments and the amounts offset in the unaudited consolidated balance sheets is as follows: As of As of (In $ millions) Derivative Assets Gross amount recognized 58 26 Gross amount offset in the consolidated balance sheets — 2 Net amount presented in the consolidated balance sheets 58 24 Gross amount not offset in the consolidated balance sheets 9 11 Net amount 49 13 As of As of (In $ millions) Derivative Liabilities Gross amount recognized 18 123 Gross amount offset in the consolidated balance sheets — 2 Net amount presented in the consolidated balance sheets 18 121 Gross amount not offset in the consolidated balance sheets 9 11 Net amount 9 110 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company's financial assets and liabilities are measured at fair value on a recurring basis as follows: Derivative financial instruments include interest rate swaps, commodity swaps, cross-currency swaps and foreign currency forwards and swaps and are valued in the market using discounted cash flow techniques. These techniques incorporate Level 1 and Level 2 fair value measurement inputs such as interest rates and foreign currency exchange rates. These market inputs are utilized in the discounted cash flow calculation considering the instrument's term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation for interest rate swaps, commodity swaps, cross-currency swaps and foreign currency forwards and swaps are observable in the active markets and are classified as Level 2 in the fair value measurement hierarchy. Fair Value Measurement Quoted Prices Significant Total Balance Sheet Classification (In $ millions) As of September 30, 2021 Derivatives Designated as Cash Flow Hedges Commodity swaps — 15 15 Current Other assets Commodity swaps — 24 24 Noncurrent Other assets Derivatives Designated as Net Investment Hedges Cross-currency swaps — 14 14 Current Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 5 5 Current Other assets Total assets — 58 58 Derivatives Designated as Net Investment Hedges Cross-currency swaps — (2) (2) Current Other liabilities Cross-currency swaps — (9) (9) Noncurrent Other liabilities Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (7) (7) Current Other liabilities Total liabilities — (18) (18) Fair Value Measurement Quoted Prices Significant Total Balance Sheet Classification (In $ millions) As of December 31, 2020 Derivatives Designated as Cash Flow Hedges Commodity swaps — 2 2 Current Other assets Commodity swaps — 8 8 Noncurrent Other assets Derivatives Designated as Net Investment Hedges Cross-currency swaps — 13 13 Current Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 1 1 Current Other assets Total assets — 24 24 Derivatives Designated as Cash Flow Hedges Interest rate swaps — (81) (81) Current Other liabilities Commodity swaps — (1) (1) Noncurrent Other liabilities Derivatives Designated as Net Investment Hedges Cross-currency swaps — (1) (1) Current Other liabilities Cross-currency swaps — (33) (33) Noncurrent Other liabilities Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (5) (5) Current Other liabilities Total liabilities — (121) (121) Carrying values and fair values of financial instruments that are not carried at fair value are as follows: Fair Value Measurement Carrying Significant Other Unobservable Total (In $ millions) As of September 30, 2021 Equity investments without readily determinable fair values 170 — — — Insurance contracts in nonqualified trusts 28 28 — 28 Long-term debt, including current installments of long-term debt 3,772 3,731 179 3,910 As of December 31, 2020 Equity investments without readily determinable fair values 171 — — — Insurance contracts in nonqualified trusts 30 31 — 31 Long-term debt, including current installments of long-term debt 3,671 3,644 201 3,845 In general, the equity investments included in the table above are not publicly traded and their fair values are not readily determinable. The Company believes the carrying values approximate fair value. Insurance contracts in nonqualified trusts consist of long-term fixed income securities, which are valued using independent vendor pricing models with observable inputs in the active market and therefore represent a Level 2 fair value measurement. The fair value of long-term debt is based on valuations from third-party banks and market quotations and is classified as Level 2 in the fair value measurement hierarchy. The fair value of obligations under finance leases, which are included in long-term debt, is based on lease payments and discount rates, which are not observable in the market and therefore represents a Level 3 fair value measurement. As of September 30, 2021, and December 31, 2020, the fair values of cash and cash equivalents, receivables, marketable securities, trade payables, short-term borrowings and the current installments of long-term debt approximate carrying values due to the short-term nature of these instruments. These items have been excluded from the table with the exception of the current installments of long-term debt. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Guarantees The Company has agreed to guarantee or indemnify third parties for environmental and other liabilities pursuant to a variety of agreements, including asset and business divestiture agreements, leases, settlement agreements and various agreements with affiliated companies. Although many of these obligations contain monetary and/or time limitations, others do not provide such limitations. The Company has accrued for all probable and reasonably estimable losses associated with all known matters or claims. These known obligations include the following: • Demerger Obligations In connection with the Hoechst demerger, the Company agreed to indemnify Hoechst, and its legal successors, for various liabilities under the demerger agreement, including for environmental liabilities associated with contamination arising either from environmental damage in general ("Category A") or under 19 divestiture agreements entered into by Hoechst prior to the demerger ("Category B") ( Note 10 ). The Company's obligation to indemnify Hoechst, and its legal successors, is capped under Category B at €250 million. If and to the extent the environmental damage should exceed €750 million in aggregate, the Company's obligation to indemnify Hoechst and its legal successors applies, but is then limited to 33.33% of the remediation cost without further limitations. Cumulative payments under the divestiture agreements as of September 30, 2021 are $100 million. Though the Company is significantly under its obligation cap under Category B, most of the divestiture agreements have become time barred and/or any notified environmental damage claims have been partially settled. The Company has also undertaken in the demerger agreement to indemnify Hoechst and its legal successors for (i) 33.33% of any and all Category A liabilities that result from Hoechst being held as the responsible party pursuant to public law or current or future environmental law or by third parties pursuant to private or public law related to contamination and (ii) liabilities that Hoechst is required to discharge, including tax liabilities, which are associated with businesses that were included in the demerger but were not demerged due to legal restrictions on the transfers of such items. These indemnities do not provide for any monetary or time limitations. The Company has not been requested by Hoechst to make any payments in connection with this indemnification. Accordingly, the Company has not made any payments to Hoechst and its legal successors. Based on the Company's evaluation of currently available information, including the lack of requests for indemnification, the Company cannot estimate the remaining demerger obligations, if any, in excess of amounts accrued. • Divestiture Obligations The Company and its predecessor companies agreed to indemnify third-party purchasers of former businesses and assets for various pre-closing conditions, as well as for breaches of representations, warranties and covenants. Such liabilities also include environmental liability, product liability, antitrust and other liabilities. These indemnifications and guarantees represent standard contractual terms associated with typical divestiture agreements and, other than environmental liabilities, the Company does not believe that they expose the Company to significant risk ( Note 10 ). The Company has divested numerous businesses, investments and facilities through agreements containing indemnifications or guarantees to the purchasers. Many of the obligations contain monetary and/or time limitations, which extend through 2037. The aggregate amount of outstanding indemnifications and guarantees provided for under these agreements is $116 million as of September 30, 2021. Other agreements do not provide for any monetary or time limitations. Based on the Company's evaluation of currently available information, including the number of requests for indemnification or other payment received by the Company, the Company cannot estimate the remaining divestiture obligations, if any, in excess of amounts accrued. Purchase Obligations In the normal course of business, the Company enters into various purchase commitments for goods and services. The Company maintains a number of "take-or-pay" contracts for purchases of raw materials, utilities and other services. Certain of the contracts contain a contract termination buy-out provision that allows for the Company to exit the contracts for amounts less than the remaining take-or-pay obligations. Additionally, the Company has other outstanding commitments representing maintenance and service agreements, energy and utility agreements, consulting contracts and software agreements. As of September 30, 2021, the Company had unconditional purchase obligations of $3.3 billion, which extend through 2042. Contingencies The Company is involved in legal and regulatory proceedings, lawsuits, claims and investigations incidental to the normal conduct of business, relating to such matters as product liability, land disputes, insurance coverage disputes, contracts, employment, antitrust or competition compliance, intellectual property, personal injury and other actions in tort, workers' compensation, chemical exposure, asbestos exposure, taxes, trade compliance, acquisitions and divestitures, claims of current and legacy stockholders, past waste disposal practices and release of chemicals into the environment. The Company is actively defending those matters where the Company is named as a defendant and, based on the current facts, does not believe the outcomes from these matters would be material to the Company's results of operations, cash flows or financial position. European Commission Investigation In May 2017, the Company learned that the European Commission had opened a competition law investigation involving certain subsidiaries of the Company with respect to certain past ethylene purchases. Based on information learned from the European Commission regarding its investigation, Celanese recorded a reserve of $89 million in 2019, which was included within the Company's Other Activities segment. In July 2020, Celanese reached a final settlement with the European Commission in respect of this matter of $92 million, which was included in Current Other liabilities as of December 31, 2020. On January 12, 2021, the Company paid $100 million to fully settle this matter. The difference between the amount reserved and the settlement payment relates to foreign exchange rates. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Engineered Acetate Tow Acetyl Other Eliminations Consolidated (In $ millions) Three Months Ended September 30, 2021 Net sales 684 128 1,489 — (35) (1) 2,266 Other (charges) gains, net ( Note 12 ) — — 1 (1) — — Operating profit (loss) 91 12 517 (84) — 536 Equity in net earnings (loss) of affiliates 39 — 1 4 — 44 Depreciation and amortization 35 10 44 4 — 93 Capital expenditures 36 10 73 4 — 123 (2) Three Months Ended September 30, 2020 Net sales 526 129 776 — (20) (1) 1,411 Other (charges) gains, net ( Note 12 ) (10) — 1 (1) — (10) Operating profit (loss) 84 30 121 (51) — 184 Equity in net earnings (loss) of affiliates 21 — 2 2 — 25 Depreciation and amortization 34 9 41 5 — 89 Capital expenditures 21 10 37 8 — 76 (2) ______________________________ (1) Includes intersegment sales primarily related to the Acetyl Chain. (2) Includes an increase in accrued capital expenditures of $21 million and $4 million for the three months ended September 30, 2021 and 2020, respectively. Engineered Acetate Tow Acetyl Other Eliminations Consolidated (In $ millions) Nine Months Ended September 30, 2021 Net sales 2,011 385 3,954 — (88) (1) 6,262 Other (charges) gains, net ( Note 12 ) 6 — 1 (4) — 3 Operating profit (loss) 344 52 1,284 (251) — 1,429 Equity in net earnings (loss) of affiliates 96 — 5 9 — 110 Depreciation and amortization 105 29 128 12 — 274 Capital expenditures 92 31 171 15 — 309 (2) As of September 30, 2021 Goodwill and intangible assets, net 994 154 286 — — 1,434 Total assets 4,205 1,088 4,327 1,963 — 11,583 Nine Months Ended September 30, 2020 Net sales 1,509 385 2,237 — (67) (1) 4,064 Other (charges) gains, net ( Note 12 ) (35) (1) 6 (7) — (37) Operating profit (loss) 173 88 377 (177) — 461 Equity in net earnings (loss) of affiliates 100 — 3 10 — 113 Depreciation and amortization 100 26 122 13 — 261 Capital expenditures 73 26 118 25 — 242 (2) As of December 31, 2020 Goodwill and intangible assets, net 1,030 154 301 — — 1,485 Total assets 3,990 975 3,930 2,014 — 10,909 ______________________________ (1) Includes intersegment sales primarily related to the Acetyl Chain. (2) Includes an increase in accrued capital expenditures of $5 million and a decrease of $37 million for the nine months ended September 30, 2021 and 2020, respectively. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue | Revenue Recognition The Company has certain contracts that represent take-or-pay revenue arrangements in which the Company's performance obligations extend over multiple years. As of September 30, 2021, the Company had $622 million of remaining performance obligations related to take-or-pay contracts. The Company expects to recognize approximately $88 million of its remaining performance obligations as Net sales in 2021, $227 million in 2022, $148 million in 2023 and the balance thereafter. Contract Balances Contract liabilities primarily relate to advances or deposits received from the Company's customers before revenue is recognized. These amounts are recorded as deferred revenue and are included in Current and Noncurrent Other liabilities in the unaudited consolidated balance sheets ( Note 7 ). The Company does not have any material contract assets as of September 30, 2021. Disaggregated Revenue In general, the Company's business segmentation is aligned according to the nature and economic characteristics of its products and customer relationships and provides meaningful disaggregation of each business segment's results of operations. The Company manages its Engineered Materials business segment through its project management pipeline, which is comprised of a broad range of projects which are solutions-based and are tailored to each customers' unique needs. Projects are identified and selected based on success rate and may involve a number of different polymers per project for use in multiple end-use applications. Therefore, the Company is agnostic toward products and end-use markets for the Engineered Materials business segment. Within the Acetate Tow business segment, the Company's primary product is acetate tow, which is managed through contracts with a few major tobacco companies and accounts for a significant amount of filters used in cigarette production worldwide. The Company manages its Acetyl Chain business segment by leveraging its ability to sell chemicals externally to end-use markets or downstream to its emulsion polymers, redispersible powders and ethylene vinyl acetate ("EVA") polymers businesses. Decisions to sell externally and geographically or downstream and along the Acetyl Chain are based on market demand, trade flows and maximizing the value of its chemicals. Therefore, the Company's strategic focus is on executing within this integrated chain model and less on driving product-specific revenue. Further disaggregation of Net sales by business segment and geographic destination is as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In $ millions) Engineered Materials North America 194 147 546 420 Europe and Africa 282 222 882 665 Asia-Pacific 185 141 518 381 South America 23 16 65 43 Total 684 526 2,011 1,509 Acetate Tow North America 24 24 77 72 Europe and Africa 64 64 204 203 Asia-Pacific 39 40 99 101 South America 1 1 5 9 Total 128 129 385 385 Acetyl Chain North America 405 246 1,046 728 Europe and Africa 458 251 1,188 753 Asia-Pacific 540 243 1,530 640 South America 51 16 102 49 Total (1) 1,454 756 3,866 2,170 ______________________________ (1) Excludes intersegment sales of $35 million and $20 million for the three months ended September 30, 2021 and 2020, respectively. Excludes intersegment sales of $88 million and $67 million for the nine months ended September 30, 2021 and 2020, respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 519 209 1,384 544 Earnings (loss) from discontinued operations (13) (2) (18) (12) Net earnings (loss) 506 207 1,366 532 Weighted average shares - basic 110,532,051 118,045,476 112,101,651 118,543,853 Incremental shares attributable to equity awards (1) 512,507 519,344 597,646 575,350 Weighted average shares - diluted 111,044,558 118,564,820 112,699,297 119,119,203 ______________________________ (1) There were no antidilutive equity award shares excluded for the three months ended September 30, 2021 and 2020. There were 67 and 8,127 equity award shares excluded for the nine months ended September 30, 2021 and 2020, respectively, as their effect would have been antidilutive. |
Description of the Company an_2
Description of the Company and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Estimates and Assumptions | Estimates and Assumptions The preparation of unaudited interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of Net sales, expenses and allocated charges during the reporting period. Significant estimates pertain to impairments of goodwill, intangible assets and other long-lived assets, purchase price allocations, restructuring costs and other (charges) gains, net, income taxes, pension |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides a brief description of recent Accounting Standard Updates ("ASU") issued by the Financial Accounting Standards Board ("FASB"): Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The guidance applies only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. March 12, 2020 through December 31, 2022. The Company has completed its assessment, and the adoption of the new guidance did not have a material impact to the Company. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes . The new guidance simplifies the accounting for income taxes by removing certain exceptions to the general principles in FASB Accounting Standards Codification Topic 740, Income Taxes ("Topic 740"). The guidance also clarifies and amends existing guidance under Topic 740. January 1, 2021. The Company adopted the new guidance effective January 1, 2021. The adoption of the new guidance did not have a material impact to the Company. |
Acquisitions, Dispositions an_2
Acquisitions, Dispositions and Plant Closures Plant Closures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Plant Closures [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The exit and shutdown costs related to the Forli, Italy consolidation were as follows: Nine Months Ended (In $ millions) Accelerated depreciation expense 5 Plant/office closures (1) (9) Total (4) ______________________________ (1) Included in Other (charges) gains, net in the unaudited interim consolidated statement of operations ( Note 12 ). |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of As of (In $ millions) Finished goods 736 653 Work-in-process 74 74 Raw materials and supplies 349 251 Total 1,159 978 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Indefinite-lived Intangible Assets [Line Items] | |
Schedule of Goodwill [Table Text Block] | Engineered Acetate Tow Acetyl Chain Total (In $ millions) As of December 31, 2020 768 149 249 1,166 Acquisitions 4 — 2 6 Exchange rate changes (28) — (13) (41) As of September 30, 2021 (1) 744 149 238 1,131 ______________________________ (1) There were no accumulated impairment losses as of September 30, 2021. |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Finite-lived intangible assets are as follows: Licenses Customer- Developed Covenants Total (In $ millions) Gross Asset Value As of December 31, 2020 44 724 45 56 869 Acquisitions — 8 — — 8 Exchange rate changes — (26) (1) — (27) As of September 30, 2021 44 706 44 56 850 Accumulated Amortization As of December 31, 2020 (38) (555) (40) (39) (672) Amortization (1) (13) (2) (1) (17) Exchange rate changes — 23 1 — 24 As of September 30, 2021 (39) (545) (41) (40) (665) Net book value 5 161 3 16 185 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Indefinite-lived intangible assets are as follows: Trademarks (In $ millions) As of December 31, 2020 122 Exchange rate changes (4) As of September 30, 2021 118 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense for the succeeding five fiscal years is as follows: (In $ millions) 2022 22 2023 20 2024 19 2025 19 2026 18 |
Current Other Liabilities (Tabl
Current Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities, Current [Abstract] | |
Schedule of Current Other Liabilities | As of As of (In $ millions) Asset retirement obligations 12 10 Benefit obligations ( Note 9 ) 27 27 Customer rebates 72 53 Derivatives ( Note 14 ) 9 87 Environmental ( Note 10 ) 14 11 Insurance 6 5 Interest 22 29 Legal ( Note 16 ) 33 107 Operating leases 35 36 Restructuring ( Note 12 ) 8 11 Salaries and benefits 139 121 Sales and use tax/foreign withholding tax payable 110 140 Other 42 43 Total 529 680 |
Noncurrent Other Liabilities (T
Noncurrent Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule of Noncurrent Other Liabilities | As of As of (In $ millions) Asset retirement obligations 13 10 Deferred proceeds 44 47 Deferred revenue ( Note 18 ) 4 4 Derivatives ( Note 14 ) 9 34 Environmental ( Note 10 ) 45 58 Insurance 38 33 Other 25 28 Total 178 214 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Line of Credit Facility [Line Items] | |
Schedule of Short-term Debt | As of As of (In $ millions) Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates Current installments of long-term debt 28 431 Short-term borrowings, including amounts due to affiliates (1) 75 65 Total 103 496 ______________________________ (1) The weighted average interest rate was 0.2% and 0.6% as of September 30, 2021 and December 31, 2020, respectively. |
Schedule of Long-term Debt | As of As of (In $ millions) Long-Term Debt Senior unsecured notes due 2021, interest rate of 5.875% — 400 Senior unsecured notes due 2022, interest rate of 4.625% 500 500 Senior unsecured notes due 2023, interest rate of 1.125% 521 919 Senior unsecured notes due 2024, interest rate of 3.500% 499 499 Senior unsecured notes due 2025, interest rate of 1.250% 347 368 Senior unsecured notes due 2026, interest rate of 1.400% 400 — Senior unsecured notes due 2027, interest rate of 2.125% 576 610 Senior unsecured notes due 2028, interest rate of 0.625% 578 — Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00% 166 166 Bank loans due at various dates through 2026 (1) 6 8 Obligations under finance leases due at various dates through 2054 179 201 Subtotal 3,772 3,671 Unamortized debt issuance costs (2) (20) (13) Current installments of long-term debt (28) (431) Total 3,724 3,227 ______________________________ (1) The weighted average interest rate was 1.3% and 1.3% as of September 30, 2021 and December 31, 2020, respectively. (2) Related to the Company's long-term debt, excluding obligations under finance leases. |
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 (In $ millions) Revolving Credit Facility Borrowings outstanding (1) — Available for borrowing (2) 1,250 ______________________________ (1) The Company borrowed $400 million under its senior unsecured revolving credit facility to repay the 5.875% senior unsecured notes due June 15, 2021 and repaid $400 million under its senior unsecured revolving credit facility during the nine months ended September 30, 2021. (2) The margin for borrowings under the senior unsecured revolving credit facility was 1.25% above LIBOR or EURIBOR at current Company credit ratings. |
Benefit Obligations (Tables)
Benefit Obligations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Costs Recognized | The components of net periodic benefit cost are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Pension Post-retirement Pension Post-retirement Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 3 — 2 1 10 1 8 1 Interest cost 13 1 22 — 40 1 64 1 Expected return on plan assets (51) — (50) — (154) — (149) — Special termination benefit — — — — — — 1 — Total (35) 1 (26) 1 (104) 2 (76) 2 |
Schedule of Company Commitments to Fund Benefit Obligations | Benefit obligation funding is as follows: As of Total (In $ millions) Cash contributions to defined benefit pension plans 17 23 Benefit payments to nonqualified pension plans 16 20 Benefit payments to other postretirement benefit plans 3 4 Cash contributions to German multiemployer defined benefit pension plans (1) 6 9 ______________________________ (1) The Company makes contributions based on specified percentages of employee contributions. |
Environmental (Tables)
Environmental (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Remediation Reserves | The components of environmental remediation liabilities are as follows: As of As of (In $ millions) Demerger obligations ( Note 16 ) 24 29 Divestiture obligations ( Note 16 ) 13 15 Active sites 8 12 U.S. Superfund sites 12 11 Other environmental remediation liabilities 2 2 Total 59 69 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Treasury Stock | Nine Months Ended Total From 2021 2020 Shares repurchased 5,332,727 2,770,321 68,100,778 Average purchase price per share $ 150.02 $ 94.44 $ 82.27 Shares repurchased (in $ millions) $ 800 $ 261 $ 5,603 Aggregate Board of Directors repurchase authorizations during the period (in $ millions) $ 1,000 $ 500 $ 6,866 |
Schedule of Components of Other Comprehensive Income (Loss), Net | Three Months Ended September 30, 2021 2020 Gross Income Net Gross Income Net (In $ millions) Foreign currency translation gain (loss) (6) (9) (15) (10) 7 (3) Gain (loss) on cash flow hedges 1 (16) (15) 6 (1) 5 Total (5) (25) (30) (4) 6 2 Nine Months Ended September 30, 2021 2020 Gross Income Net Gross Income Net (In $ millions) Foreign currency translation gain (loss) 3 (15) (12) (10) (1) (11) Gain (loss) on cash flow hedges 41 (25) 16 (44) 11 (33) Pension and postretirement benefits gain (loss) (4) — (4) — — — Total 40 (40) — (54) 10 (44) |
Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net | Adjustments to Accumulated other comprehensive income (loss), net, are as follows: Foreign Gain (Loss) on Cash Flow Hedges ( Note 14 ) Pension and Postretirement Benefits Gain (Loss) ( Note 9 ) Accumulated (In $ millions) As of December 31, 2020 (260) (56) (12) (328) Other comprehensive income (loss) before reclassifications 3 43 (4) 42 Amounts reclassified from accumulated other comprehensive income (loss) — (2) — (2) Income tax (provision) benefit (15) (25) — (40) As of September 30, 2021 (272) (40) (16) (328) |
Other (Charges) Gains, Net (Tab
Other (Charges) Gains, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Other (Charges) Gains, Net | Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In $ millions) Restructuring (1) (9) (5) (17) Asset impairments — (2) (2) (31) Plant/office closures 1 1 10 6 Commercial disputes — — — 6 European Commission investigation — — — (2) Other — — — 1 Total — (10) 3 (37) |
Schedule of Restructuring Reserve by Type of Cost | The changes in the restructuring liabilities by business segment are as follows: Engineered Acetate Tow Acetyl Chain Other Total (In $ millions) Employee Termination Benefits As of December 31, 2020 8 1 — 2 11 Additions 3 — — 2 5 Cash payments (4) — — (3) (7) Exchange rate changes (1) — — — (1) As of September 30, 2021 6 1 — 1 8 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Tax Rate | Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In percentages) Effective income tax rate 16 12 18 19 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative [Line Items] | |
Schedule of Changes in Fair Value of Derivatives | Information regarding changes in the fair value of the Company's derivative and non-derivative instruments is as follows: Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Three Months Ended September 30, Statement of Operations Classification 2021 2020 2021 2020 (In $ millions) Designated as Cash Flow Hedges Commodity swaps 10 1 (1) (5) Cost of sales Interest rate swaps (7) 3 (1) — Interest expense Total 3 4 (2) (5) Designated as Net Investment Hedges Foreign currency denominated debt ( Note 8 ) 37 (54) — — N/A Cross-currency swaps 10 (25) — — N/A Total 47 (79) — — Not Designated as Hedges Foreign currency forwards and swaps — — (2) (11) Foreign exchange gain (loss), net; Other income (expense), net Total — — (2) (11) Gain (Loss) Recognized in Other Comprehensive Income (Loss) Gain (Loss) Recognized in Earnings (Loss) Nine Months Ended September 30, Statement of Operations Classification 2021 2020 2021 2020 (In $ millions) Designated as Cash Flow Hedges Commodity swaps 33 4 (1) (5) Cost of sales Interest rate swaps 10 (50) (1) — Interest expense Total 43 (46) (2) (5) Designated as Net Investment Hedges Foreign currency denominated debt ( Note 8 ) 72 (39) — — N/A Cross-currency swaps 21 (3) — — N/A Total 93 (42) — — Not Designated as Hedges Foreign currency forwards and swaps — — (6) 7 Foreign exchange gain (loss), net; Other income (expense), net Total — — (6) 7 |
Offsetting Assets | Information regarding the gross amounts of the Company's derivative instruments and the amounts offset in the unaudited consolidated balance sheets is as follows: As of As of (In $ millions) Derivative Assets Gross amount recognized 58 26 Gross amount offset in the consolidated balance sheets — 2 Net amount presented in the consolidated balance sheets 58 24 Gross amount not offset in the consolidated balance sheets 9 11 Net amount 49 13 |
Offsetting Liabilities | As of As of (In $ millions) Derivative Liabilities Gross amount recognized 18 123 Gross amount offset in the consolidated balance sheets — 2 Net amount presented in the consolidated balance sheets 18 121 Gross amount not offset in the consolidated balance sheets 9 11 Net amount 9 110 |
Net Investment Hedging [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Derivative and Nonderivative Instruments | The total notional amount of foreign currency denominated debt and cross-currency swaps designated as net investment hedges are as follows: As of As of (In € millions) Total 1,837 1,358 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Derivative and Nonderivative Instruments | The total notional amount of the forward-starting interest rate swap designated as a cash flow hedge is as follows: As of As of (In $ millions) Total — 400 |
Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Derivative and Nonderivative Instruments | Gross notional values of the foreign currency forwards and swaps not designated as hedges are as follows: As of As of (In $ millions) Total 634 546 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Fair Value Measurement Quoted Prices Significant Total Balance Sheet Classification (In $ millions) As of September 30, 2021 Derivatives Designated as Cash Flow Hedges Commodity swaps — 15 15 Current Other assets Commodity swaps — 24 24 Noncurrent Other assets Derivatives Designated as Net Investment Hedges Cross-currency swaps — 14 14 Current Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 5 5 Current Other assets Total assets — 58 58 Derivatives Designated as Net Investment Hedges Cross-currency swaps — (2) (2) Current Other liabilities Cross-currency swaps — (9) (9) Noncurrent Other liabilities Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (7) (7) Current Other liabilities Total liabilities — (18) (18) Fair Value Measurement Quoted Prices Significant Total Balance Sheet Classification (In $ millions) As of December 31, 2020 Derivatives Designated as Cash Flow Hedges Commodity swaps — 2 2 Current Other assets Commodity swaps — 8 8 Noncurrent Other assets Derivatives Designated as Net Investment Hedges Cross-currency swaps — 13 13 Current Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 1 1 Current Other assets Total assets — 24 24 Derivatives Designated as Cash Flow Hedges Interest rate swaps — (81) (81) Current Other liabilities Commodity swaps — (1) (1) Noncurrent Other liabilities Derivatives Designated as Net Investment Hedges Cross-currency swaps — (1) (1) Current Other liabilities Cross-currency swaps — (33) (33) Noncurrent Other liabilities Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (5) (5) Current Other liabilities Total liabilities — (121) (121) |
Schedule of Carrying Values and Fair Values of Financial Instruments | Carrying values and fair values of financial instruments that are not carried at fair value are as follows: Fair Value Measurement Carrying Significant Other Unobservable Total (In $ millions) As of September 30, 2021 Equity investments without readily determinable fair values 170 — — — Insurance contracts in nonqualified trusts 28 28 — 28 Long-term debt, including current installments of long-term debt 3,772 3,731 179 3,910 As of December 31, 2020 Equity investments without readily determinable fair values 171 — — — Insurance contracts in nonqualified trusts 30 31 — 31 Long-term debt, including current installments of long-term debt 3,671 3,644 201 3,845 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Business Segments | Engineered Acetate Tow Acetyl Other Eliminations Consolidated (In $ millions) Three Months Ended September 30, 2021 Net sales 684 128 1,489 — (35) (1) 2,266 Other (charges) gains, net ( Note 12 ) — — 1 (1) — — Operating profit (loss) 91 12 517 (84) — 536 Equity in net earnings (loss) of affiliates 39 — 1 4 — 44 Depreciation and amortization 35 10 44 4 — 93 Capital expenditures 36 10 73 4 — 123 (2) Three Months Ended September 30, 2020 Net sales 526 129 776 — (20) (1) 1,411 Other (charges) gains, net ( Note 12 ) (10) — 1 (1) — (10) Operating profit (loss) 84 30 121 (51) — 184 Equity in net earnings (loss) of affiliates 21 — 2 2 — 25 Depreciation and amortization 34 9 41 5 — 89 Capital expenditures 21 10 37 8 — 76 (2) ______________________________ (1) Includes intersegment sales primarily related to the Acetyl Chain. (2) Includes an increase in accrued capital expenditures of $21 million and $4 million for the three months ended September 30, 2021 and 2020, respectively. Engineered Acetate Tow Acetyl Other Eliminations Consolidated (In $ millions) Nine Months Ended September 30, 2021 Net sales 2,011 385 3,954 — (88) (1) 6,262 Other (charges) gains, net ( Note 12 ) 6 — 1 (4) — 3 Operating profit (loss) 344 52 1,284 (251) — 1,429 Equity in net earnings (loss) of affiliates 96 — 5 9 — 110 Depreciation and amortization 105 29 128 12 — 274 Capital expenditures 92 31 171 15 — 309 (2) As of September 30, 2021 Goodwill and intangible assets, net 994 154 286 — — 1,434 Total assets 4,205 1,088 4,327 1,963 — 11,583 Nine Months Ended September 30, 2020 Net sales 1,509 385 2,237 — (67) (1) 4,064 Other (charges) gains, net ( Note 12 ) (35) (1) 6 (7) — (37) Operating profit (loss) 173 88 377 (177) — 461 Equity in net earnings (loss) of affiliates 100 — 3 10 — 113 Depreciation and amortization 100 26 122 13 — 261 Capital expenditures 73 26 118 25 — 242 (2) As of December 31, 2020 Goodwill and intangible assets, net 1,030 154 301 — — 1,485 Total assets 3,990 975 3,930 2,014 — 10,909 ______________________________ (1) Includes intersegment sales primarily related to the Acetyl Chain. (2) Includes an increase in accrued capital expenditures of $5 million and a decrease of $37 million for the nine months ended September 30, 2021 and 2020, respectively. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments | Further disaggregation of Net sales by business segment and geographic destination is as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In $ millions) Engineered Materials North America 194 147 546 420 Europe and Africa 282 222 882 665 Asia-Pacific 185 141 518 381 South America 23 16 65 43 Total 684 526 2,011 1,509 Acetate Tow North America 24 24 77 72 Europe and Africa 64 64 204 203 Asia-Pacific 39 40 99 101 South America 1 1 5 9 Total 128 129 385 385 Acetyl Chain North America 405 246 1,046 728 Europe and Africa 458 251 1,188 753 Asia-Pacific 540 243 1,530 640 South America 51 16 102 49 Total (1) 1,454 756 3,866 2,170 ______________________________ (1) Excludes intersegment sales of $35 million and $20 million for the three months ended September 30, 2021 and 2020, respectively. Excludes intersegment sales of $88 million and $67 million for the nine months ended September 30, 2021 and 2020, respectively. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share | Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 519 209 1,384 544 Earnings (loss) from discontinued operations (13) (2) (18) (12) Net earnings (loss) 506 207 1,366 532 Weighted average shares - basic 110,532,051 118,045,476 112,101,651 118,543,853 Incremental shares attributable to equity awards (1) 512,507 519,344 597,646 575,350 Weighted average shares - diluted 111,044,558 118,564,820 112,699,297 119,119,203 ______________________________ (1) There were no antidilutive equity award shares excluded for the three months ended September 30, 2021 and 2020. There were 67 and 8,127 equity award shares excluded for the nine months ended September 30, 2021 and 2020, respectively, as their effect would have been antidilutive. |
Acquisitions, Dispositions an_3
Acquisitions, Dispositions and Plant Closures Plant Closures (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Restructuring Cost and Reserve [Line Items] | |||||
Asset impairments | $ 0 | $ 2 | $ 2 | $ 31 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (11) | 0 | (6) | 1 | |
Plant Office Closures | (1) | $ (1) | (10) | (6) | |
Business Acquisition [Line Items] | |||||
Expected Payments to Acquire Businesses, Gross | 1,150 | ||||
Europe [Member] | Engineered Materials | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Asset impairments | $ 26 | ||||
Restructuring and Related Cost, Accelerated Depreciation | 5 | ||||
Plant Shutdown Costs | (4) | ||||
Restructuring and Related Cost, Expected Cost | $ 12 | 12 | |||
Plant Office Closures | [1] | $ (9) | |||
[1] | Included in Other (charges) gains, net in the unaudited interim consolidated statement of operations ( Note 12 ). |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 736 | $ 653 |
Work-in-process | 74 | 74 |
Raw materials and supplies | 349 | 251 |
Total | $ 1,159 | $ 978 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, net (Schedule of Goodwill) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($) | ||
Goodwill [Line Items] | ||
As of December 31, 2020 | $ 1,166 | |
Acquisitions | 6 | |
Exchange rate changes | (41) | |
As of March 31, 2019 | 1,131 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |
Engineered Materials | ||
Goodwill [Line Items] | ||
As of December 31, 2020 | 768 | |
Acquisitions | 4 | |
Exchange rate changes | (28) | |
As of March 31, 2019 | 744 | [1] |
Acetate Tow | ||
Goodwill [Line Items] | ||
As of December 31, 2020 | 149 | |
Acquisitions | 0 | |
Exchange rate changes | 0 | |
As of March 31, 2019 | 149 | [1] |
Acetyl Chain | ||
Goodwill [Line Items] | ||
As of December 31, 2020 | 249 | |
Acquisitions | 2 | |
Exchange rate changes | (13) | |
As of March 31, 2019 | $ 238 | [1] |
[1] | There were no accumulated impairment losses as of September 30, 2021. |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, net (Schedule of Finite-lived intangible assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||||
As of December 31, 2020 | $ 869 | |||
Acquisitions | 8 | |||
Exchange rate changes | (27) | |||
As of September 30, 2021 | $ 850 | 850 | ||
As of December 31, 2020 | (672) | |||
Amortization | (6) | $ (6) | (17) | $ (17) |
Exchange rate changes | 24 | |||
As of September 30, 2021 | (665) | (665) | ||
Net book value | 185 | 185 | ||
Licensing Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
As of December 31, 2020 | 44 | |||
Acquisitions | 0 | |||
Exchange rate changes | 0 | |||
As of September 30, 2021 | 44 | 44 | ||
As of December 31, 2020 | (38) | |||
Amortization | (1) | |||
Exchange rate changes | 0 | |||
As of September 30, 2021 | (39) | (39) | ||
Net book value | 5 | 5 | ||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
As of December 31, 2020 | 724 | |||
Acquisitions | 8 | |||
Exchange rate changes | (26) | |||
As of September 30, 2021 | 706 | 706 | ||
As of December 31, 2020 | (555) | |||
Amortization | (13) | |||
Exchange rate changes | 23 | |||
As of September 30, 2021 | (545) | (545) | ||
Net book value | 161 | 161 | ||
Developed Technology Rights [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
As of December 31, 2020 | 45 | |||
Acquisitions | 0 | |||
Exchange rate changes | (1) | |||
As of September 30, 2021 | 44 | 44 | ||
As of December 31, 2020 | (40) | |||
Amortization | (2) | |||
Exchange rate changes | 1 | |||
As of September 30, 2021 | (41) | (41) | ||
Net book value | 3 | 3 | ||
Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
As of December 31, 2020 | 56 | |||
Acquisitions | 0 | |||
Exchange rate changes | 0 | |||
As of September 30, 2021 | 56 | 56 | ||
As of December 31, 2020 | (39) | |||
Amortization | (1) | |||
Exchange rate changes | 0 | |||
As of September 30, 2021 | (40) | (40) | ||
Net book value | $ 16 | $ 16 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, net (Schedule of Indefinite-lived intangible assets) (Details) - Trademarks and Trade Names [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
As of December 31, 2020 | $ 122 |
Exchange rate changes | (4) |
As of September 30, 2021 | $ 118 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, net (Schedule of Future amortization expense) (Details) $ in Millions | Sep. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 22 |
2023 | 20 |
2024 | 19 |
2025 | 19 |
2026 | $ 18 |
Current Other Liabilities (Deta
Current Other Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Other Liabilities, Current [Abstract] | ||
Asset retirement obligations | $ 12 | $ 10 |
Benefit obligations (Note 9) | 27 | 27 |
Customer rebates | 72 | 53 |
Derivatives (Note 14) | 9 | 87 |
Environmental (Note 10) | 14 | 11 |
Insurance | 6 | 5 |
Interest | 22 | 29 |
Legal (Note 16) | 33 | 107 |
Operating leases | 35 | 36 |
Restructuring (Note 12) | 8 | 11 |
Salaries and benefits | 139 | 121 |
Sales and use tax/foreign withholding tax payable | 110 | 140 |
Other | 42 | 43 |
Total | $ 529 | $ 680 |
Noncurrent Other Liabilities (D
Noncurrent Other Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Other Liabilities, Noncurrent [Abstract] | ||
Asset retirement obligations | $ 13 | $ 10 |
Deferred proceeds | 44 | 47 |
Deferred revenue (Note 18) | 4 | 4 |
Derivatives (Note 14) | 9 | 34 |
Environmental (Note 10) | 45 | 58 |
Insurance | 38 | 33 |
Other | 25 | 28 |
Total | $ 178 | $ 214 |
Debt (Schedule of Short-term De
Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Current installments of long-term debt | $ 28 | $ 431 | |
Short-term borrowings, including amounts due to affiliates | [1] | 75 | 65 |
Total | $ 103 | $ 496 | |
Weighted average interest rate, short-term borrowings | 0.20% | 0.60% | |
[1] | The weighted average interest rate was 0.2% and 0.6% as of September 30, 2021 and December 31, 2020, respectively. |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Long-Term Debt | |||
Finance Lease, Liability | $ 179 | $ 201 | |
Subtotal | 3,772 | 3,671 | |
Unamortized debt issuance costs | [1] | (20) | (13) |
Current installments of long-term debt | (28) | (431) | |
Total | 3,724 | 3,227 | |
Senior Unsecured Notes Due 2021 [Member] | |||
Long-Term Debt | |||
Senior unsecured debt | $ 0 | 400 | |
Interest rate | 5.875% | ||
Senior Unsecured Notes Due 2022 [Member] | |||
Long-Term Debt | |||
Senior unsecured debt | $ 500 | 500 | |
Interest rate | 4.625% | ||
Senior Unsecured Notes Due 2023 [Member] | |||
Long-Term Debt | |||
Senior unsecured debt | $ 521 | 919 | |
Interest rate | 1.125% | ||
Senior Unsecured Notes Due 2024 [Member] | |||
Long-Term Debt | |||
Senior unsecured debt | $ 499 | 499 | |
Interest rate | 3.50% | ||
Senior Unsecured Notes Due 2025 [Member] | |||
Long-Term Debt | |||
Senior unsecured debt | $ 347 | 368 | |
Interest rate | 1.25% | ||
Senior Unsecured Notes Due 2027 [Member] | |||
Long-Term Debt | |||
Senior unsecured debt | $ 576 | 610 | |
Interest rate | 2.125% | ||
Refunding loan for pollution control and industrial revenue bonds [Member] | |||
Long-Term Debt | |||
Other long-term debt | $ 166 | $ 166 | |
Loans Payable [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.30% | 1.30% | |
Long-Term Debt | |||
Other long-term debt | [2] | $ 6 | $ 8 |
Senior Unsecured Notes Due 2026 | |||
Long-Term Debt | |||
Senior unsecured debt | $ 400 | 0 | |
Interest rate | 1.40% | ||
Senior Unsecured Notes Due 2028 | |||
Long-Term Debt | |||
Senior unsecured debt | $ 578 | $ 0 | |
Interest rate | 0.625% | ||
Minimum [Member] | Refunding loan for pollution control and industrial revenue bonds [Member] | |||
Long-Term Debt | |||
Interest rate | 4.05% | ||
Maximum [Member] | Refunding loan for pollution control and industrial revenue bonds [Member] | |||
Long-Term Debt | |||
Interest rate | 5.00% | ||
[1] | Related to the Company's long-term debt, excluding obligations under finance leases. | ||
[2] | The weighted average interest rate was 1.3% and 1.3% as of September 30, 2021 and December 31, 2020, respectively. |
Debt (Senior Credit Facilities
Debt (Senior Credit Facilities Narrative) (Details) $ in Millions | Sep. 30, 2021USD ($) | |
Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing base | $ 1,250 | [1] |
[1] | The margin for borrowings under the senior unsecured revolving credit facility was 1.25% above LIBOR or EURIBOR at current Company credit ratings. |
Debt (Schedule of Revolving Cre
Debt (Schedule of Revolving Credit Facility) (Details) - Senior Unsecured Revolving Credit Facility [Member] - Revolving Credit Facility [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Aug. 05, 2021 | Sep. 30, 2021 | |
Line of Credit Facility [Line Items] | ||||
Proceeds from Lines of Credit | $ 400 | |||
Repayments of Lines of Credit | $ 396 | 400 | ||
Borrowings outstanding | [1] | $ 0 | 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | [2] | $ 1,250 | $ 1,250 | |
London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
[1] | The Company borrowed $400 million under its senior unsecured revolving credit facility to repay the 5.875% senior unsecured notes due June 15, 2021 and repaid $400 million under its senior unsecured revolving credit facility during the nine months ended September 30, 2021. | |||
[2] | The margin for borrowings under the senior unsecured revolving credit facility was 1.25% above LIBOR or EURIBOR at current Company credit ratings. |
Debt (Schedule of Senior Notes)
Debt (Schedule of Senior Notes) (Details) € in Millions, $ in Millions | Sep. 13, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 13, 2021EUR (€) | Sep. 10, 2021EUR (€) | Aug. 05, 2021USD ($) |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||
Repayments of Long-term Debt | $ 778 | $ 23 | ||||
Senior Unsecured Notes Due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 400 | |||||
Percentage of Face | 99.899% | |||||
Senior Unsecured Notes Due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of Face | 99.898% | |||||
Senior Unsecured Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchased Face Amount | € | € 300 | |||||
Debt Instrument, Repurchase Amount | $ 363 | |||||
Interest Expense, Debt | 4 | |||||
Repayments of Long-term Debt | $ 353 | |||||
0.625% Senior Unsecured Notes Due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | € | € 500 |
Debt (Accounts Receivable Secur
Debt (Accounts Receivable Securitization Facility Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
AmendedRestatedReceivableSecuritizationFacility [Member] | Secured Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | $ 812 | $ 595 |
Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | 116 | |
Proceeds Collected on Accounts Receivable Sold under Factoring Facilities | 812 | 476 |
Europe and Singapore Factoring Agreement | ||
Line of Credit Facility [Line Items] | ||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | 134 | 233 |
Proceeds Collected on Accounts Receivable Sold under Factoring Facilities | 133 | $ 237 |
Singapore Discounting Agreement | ||
Line of Credit Facility [Line Items] | ||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | $ 57 |
Debt (Schedule of Accounts Rece
Debt (Schedule of Accounts Receivable Securitization Facility) (Details) | 9 Months Ended |
Sep. 30, 2021 | |
AmendedRestatedReceivableSecuritizationFacility [Member] | Secured Debt [Member] | |
Debt Instrument [Line Items] | |
PercentageOfFairValueOfSalesReceivables | 100.00% |
Debt Other Financing Arrangemen
Debt Other Financing Arrangement (Details) - Europe and Singapore Factoring Agreement - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Other Financing Arrangements [Abstract] | ||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | $ 134 | $ 233 |
Line of Credit Facility [Line Items] | ||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | $ 134 | $ 233 |
Debt (Senior Notes Narrative) (
Debt (Senior Notes Narrative) (Details) $ in Millions | Sep. 13, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 13, 2021EUR (€) |
Debt Disclosure [Abstract] | ||||||
Repayments of Long-term Debt | $ 778 | $ 23 | ||||
Write off of Deferred Debt Issuance Cost | $ (9) | $ 0 | (9) | 0 | ||
Debt Instrument [Line Items] | ||||||
Refinancing expense | $ 9 | $ 0 | 9 | $ 0 | ||
Senior Unsecured Notes Due 2023 [Member] | ||||||
Debt Disclosure [Abstract] | ||||||
Debt Instrument, Repurchase Amount | $ 363 | |||||
Interest Expense, Debt | 4 | |||||
Debt Instrument, Repurchased Face Amount | € | € 300,000,000 | |||||
Repayments of Long-term Debt | $ 353 | |||||
Write off of Deferred Debt Issuance Cost | (9) | |||||
Debt Instrument Tender Purchase Price Per 1000 Principal Amount | € | 1,027.35 | |||||
Debt Instrument [Line Items] | ||||||
Refinancing expense | $ 9 | |||||
Debt Instrument Tender Purchase Price Per 1000 Principal Amount | € | € 1,027.35 |
Benefit Obligations (Schedule o
Benefit Obligations (Schedule of Net Periodic Benefit Costs Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 3 | $ 2 | $ 10 | $ 8 |
Interest cost | 13 | 22 | 40 | 64 |
Expected return on plan assets | (51) | (50) | (154) | (149) |
Special termination benefit | 0 | 0 | 0 | 1 |
Total | (35) | (26) | (104) | (76) |
Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 1 | 1 | 1 |
Interest cost | 1 | 0 | 1 | 1 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Special termination benefit | 0 | 0 | 0 | 0 |
Total | $ 1 | $ 1 | $ 2 | $ 2 |
Benefit Obligations (Schedule_2
Benefit Obligations (Schedule of Company Commitments to Fund Benefit Obligations) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($) | ||
Cash Contributions to Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | $ 17 | |
Total expected contributions in current fiscal year | 23 | |
Cash Contributions to Defined Benefit Pension Plans [Member] | Foreign Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 6 | [1] |
Total expected contributions in current fiscal year | 9 | [1] |
Other Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 16 | |
Total expected contributions in current fiscal year | 20 | |
Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total contributions year-to-date | 3 | |
Total expected contributions in current fiscal year | $ 4 | |
[1] | The Company makes contributions based on specified percentages of employee contributions. |
Environmental (Schedule of Envi
Environmental (Schedule of Environmental Remediation Reserves) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Environmental Remediation Obligations [Abstract] | ||
Demerger obligations (Note 16) | $ 24 | $ 29 |
Divestiture obligations (Note 16) | 13 | 15 |
Active sites | 8 | 12 |
U.S. Superfund sites | 12 | 11 |
Other environmental remediation liabilities | 2 | 2 |
Total | $ 59 | $ 69 |
Environmental (US Superfund Sit
Environmental (US Superfund Sites Narrative) (Details) - Passaic River, New Jersey [Member] $ in Billions | Mar. 31, 2016USD ($) | Sep. 30, 2021 |
Site Contingency [Line Items] | ||
Number of parties included in USEPA order | 70 | |
Cost of EPA's plan estimate | $ 1.4 | |
Environmental Liability Percentage | 1.00% |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Dividend Increases) (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 20, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Subsequent Event | |||
Class of Stock [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.68 | ||
Dividends, Common Stock, Cash | $ 74 |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule of Treasury Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 14, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 |
Class of Stock [Line Items] | ||||
Shares repurchased | 5,332,727 | 2,770,321 | 68,100,778 | |
Average purchase price per share | $ 150.02 | $ 94.44 | $ 82.27 | |
Shares repurchased (in $ millions) | $ 800 | $ 261 | $ 5,603 | |
Aggregate Board of Directors repurchase authorizations (in $ millions) | $ 1,000 | $ 1,000 | $ 500 | $ 6,866 |
Stockholders' Equity (Schedul_3
Stockholders' Equity (Schedule of Components of Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | Jul. 14, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 |
Stockholders' Equity Note [Abstract] | ||||||
Foreign currency translation gain (loss), gross amount | $ (6) | $ (10) | $ 3 | $ (10) | ||
Foreign currency translation gain (loss), income tax (provision) benefit | (9) | 7 | (15) | (1) | ||
Foreign currency translation gain (loss), net | (15) | (3) | (12) | (11) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (15) | 5 | 16 | (33) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 16 | 1 | 25 | (11) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 1 | 6 | 41 | (44) | ||
Other Comprehensive Income (Loss), before Tax | (5) | (4) | 40 | (54) | ||
Income tax (provision) benefit | (25) | 6 | (40) | 10 | ||
Total other comprehensive income (loss), net of tax | (30) | 2 | 0 | (44) | ||
Pension and postretirement benefits gain (loss), gross amount | (4) | 0 | ||||
Pension and postretirement benefits gain (loss), income tax (provision) benefit | 0 | 0 | ||||
Pension and postretirement benefits gain (loss), net | 0 | 0 | (4) | 0 | ||
Other Comprehensive Income (Loss), before Tax | (5) | (4) | 40 | (54) | ||
Income tax (provision) benefit | (25) | 6 | (40) | 10 | ||
Total other comprehensive income (loss), net of tax | $ (30) | $ 2 | 0 | (44) | ||
Aggregate Board of Directors repurchase authorizations (in $ millions) | $ 1,000 | $ 1,000 | $ 500 | $ 6,866 |
Stockholders' Equity (Schedul_4
Stockholders' Equity (Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||||
As of December 31, 2020 | $ (328) | |||
Other comprehensive income (loss) before reclassifications | 42 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (2) | |||
Income tax (provision) benefit | $ (25) | $ 6 | (40) | $ 10 |
As of September 30, 2021 | (328) | (328) | ||
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||||
As of December 31, 2020 | (260) | |||
Other comprehensive income (loss) before reclassifications | 3 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |||
Income tax (provision) benefit | (15) | |||
As of September 30, 2021 | (272) | (272) | ||
Gain (Loss) from Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||||
As of December 31, 2020 | (56) | |||
Other comprehensive income (loss) before reclassifications | 43 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (2) | |||
Income tax (provision) benefit | (25) | |||
As of September 30, 2021 | (40) | (40) | ||
Pension and Postretirement Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||||
As of December 31, 2020 | (12) | |||
Other comprehensive income (loss) before reclassifications | (4) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |||
Income tax (provision) benefit | 0 | |||
As of September 30, 2021 | $ (16) | $ (16) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 20, 2021 | Jul. 14, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||||
Aggregate Board of Directors repurchase authorizations (in $ millions) | $ 1,000 | $ 1,000 | $ 500 | $ 6,866 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,300 | $ 1,300 | ||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.68 | |||||
Dividends, Common Stock, Cash | $ 74 |
Other (Charges) Gains, Net (Sch
Other (Charges) Gains, Net (Schedule of Other (Charges) Gains, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | $ (1) | $ (9) | $ (5) | $ (17) | |
Asset impairments | 0 | (2) | (2) | (31) | |
Plant/office closures | 1 | 1 | 10 | 6 | |
Commercial disputes | 0 | 0 | 0 | 6 | |
European Commission investigation | 0 | 0 | 0 | (2) | |
Other | 0 | 0 | 0 | 1 | |
Total | 0 | (10) | 3 | (37) | |
Restructuring Reserve [Roll Forward] | |||||
Additions | 1 | $ 9 | 5 | 17 | |
Employee Termination Benefits | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | (5) | ||||
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | 11 | ||||
Additions | 5 | ||||
Cash payments | (7) | ||||
Exchange rate changes | (1) | ||||
Ending balance | 8 | 8 | |||
Employee Termination Benefits | Engineered Materials | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | (3) | ||||
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | 8 | ||||
Additions | 3 | ||||
Cash payments | (4) | ||||
Exchange rate changes | (1) | ||||
Ending balance | 6 | 6 | |||
Employee Termination Benefits | Acetate Tow | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 0 | ||||
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | 1 | ||||
Additions | 0 | ||||
Cash payments | 0 | ||||
Exchange rate changes | 0 | ||||
Ending balance | 1 | 1 | |||
Employee Termination Benefits | Acetyl Chain | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 0 | ||||
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | 0 | ||||
Additions | 0 | ||||
Cash payments | 0 | ||||
Exchange rate changes | 0 | ||||
Ending balance | 0 | 0 | |||
Employee Termination Benefits | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | (2) | ||||
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | 2 | ||||
Additions | 2 | ||||
Cash payments | (3) | ||||
Exchange rate changes | 0 | ||||
Ending balance | $ 1 | 1 | |||
Lebanon, Tennessee [Member] | Engineered Materials | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Asset impairments | (4) | ||||
Europe [Member] | Engineered Materials | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Asset impairments | $ (26) | ||||
Plant/office closures | [1] | $ 9 | |||
[1] | Included in Other (charges) gains, net in the unaudited interim consolidated statement of operations ( Note 12 ). |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 16.00% | 12.00% | 18.00% | 19.00% |
Derivative Financial Instrume_3
Derivative Financial Instruments (Schedule of Interest Rate Swap Narrative) (Details) - USD ($) $ in Millions | Aug. 02, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Derivative [Line Items] | ||||
Payments for (Proceeds from) Hedge, Financing Activities | $ 72 | $ 0 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 0 | $ 400 | ||
Payments for (Proceeds from) Hedge, Financing Activities | $ 72 |
Derivative Financial Instrume_4
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Net Investment Hedges) (Details) - EUR (€) € in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Nonderivative Instruments | € 1,837 | € 1,358 |
Derivative Financial Instrume_5
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Foreign Currency Forwards) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 634 | $ 546 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Gain (Loss) Recognized in Earnings (Loss) | (2) | (11) | (6) | 7 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Gain (Loss) Recognized in Earnings (Loss) | (2) | (11) | (6) | 7 |
Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 3 | 4 | 43 | (46) |
Gain (Loss) Recognized in Earnings (Loss) | (2) | (5) | (2) | (5) |
Cash Flow Hedging [Member] | Commodity Contract [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 10 | 1 | 33 | 4 |
Gain (Loss) Recognized in Earnings (Loss) | (1) | (5) | (1) | (5) |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | (7) | 3 | 10 | (50) |
Gain (Loss) Recognized in Earnings (Loss) | (1) | 0 | (1) | 0 |
Net Investment Hedging [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 47 | (79) | 93 | (42) |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 | 0 | 0 |
Net Investment Hedging [Member] | Currency Swap [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 10 | (25) | 21 | (3) |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 37 | (54) | 72 | (39) |
Gain (Loss) Recognized in Earnings (Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Assets [Abstract] | ||
Gross amount recognized | $ 58 | $ 26 |
Gross amount offset in the consolidated balance sheets | 0 | 2 |
Net amount presented in the consolidated balance sheets | 58 | 24 |
Gross amount not offset in the consolidated balance sheets | 9 | 11 |
Net amount | $ 49 | $ 13 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Liabilities [Abstract] | ||
Gross amount recognized | $ 18 | $ 123 |
Gross amount offset in the consolidated balance sheets | 0 | 2 |
Net amount presented in the consolidated balance sheets | 18 | 121 |
Gross amount not offset in the consolidated balance sheets | 9 | 11 |
Net amount | $ 9 | $ 110 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 49 | $ 13 |
Commodity swaps | (9) | (110) |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 58 | 24 |
Total liabilities | (18) | (121) |
Fair Value, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 58 | 24 |
Total liabilities | (18) | (121) |
Current Other Assets [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 5 | 1 |
Current Other Assets [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 0 | 0 |
Current Other Assets [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 5 | 1 |
Current Other liabilities [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (7) | (5) |
Current Other liabilities [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 0 | 0 |
Current Other liabilities [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (7) | (5) |
Cash Flow Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | (81) | |
Cash Flow Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | |
Cash Flow Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | (81) | |
Commodity Contract [Member] | Current Other Assets [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 15 | 2 |
Commodity Contract [Member] | Current Other Assets [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Commodity Contract [Member] | Current Other Assets [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 15 | 2 |
Commodity Contract [Member] | Other Noncurrent Assets [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 24 | 8 |
Commodity Contract [Member] | Other Noncurrent Assets [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Commodity Contract [Member] | Other Noncurrent Assets [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 24 | 8 |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swaps | (1) | |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swaps | 0 | |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swaps | (1) | |
Currency Swap [Member] | Net Investment Hedging [Member] | Current Other Assets [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 14 | 13 |
Currency Swap [Member] | Net Investment Hedging [Member] | Current Other Assets [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 0 | 0 |
Currency Swap [Member] | Net Investment Hedging [Member] | Current Other Assets [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 14 | 13 |
Currency Swap [Member] | Net Investment Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (9) | (33) |
Currency Swap [Member] | Net Investment Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 0 | 0 |
Currency Swap [Member] | Net Investment Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (9) | (33) |
Currency Swap [Member] | Net Investment Hedging [Member] | Current Other liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (2) | (1) |
Currency Swap [Member] | Net Investment Hedging [Member] | Current Other liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 0 | 0 |
Currency Swap [Member] | Net Investment Hedging [Member] | Current Other liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | $ (2) | $ (1) |
Fair Value Measurements (Sche_2
Fair Value Measurements (Schedule of Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity investments without readily determinable fair values, carrying amount | $ 170 | $ 171 |
Equity investments without readily determinable fair values, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, carrying amount | 28 | 30 |
Insurance contracts in nonqualified trusts, fair value | 28 | 31 |
Long-term debt, including current installments of long-term debt, carrying amount | 3,772 | 3,671 |
Long-term debt, including current installments of long-term debt, fair value | 3,910 | 3,845 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity investments without readily determinable fair values, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, fair value | 28 | 31 |
Long-term debt, including current installments of long-term debt, fair value | 3,731 | 3,644 |
Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity investments without readily determinable fair values, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, fair value | 0 | 0 |
Long-term debt, including current installments of long-term debt, fair value | $ 179 | $ 201 |
Commitments and Contingencies (
Commitments and Contingencies (Guarantees - Demerger and Divesture Obligations Narrative) (Details) - 263 months ended Sep. 30, 2021 € in Millions, $ in Millions | USD ($) | EUR (€) | USD ($) |
Indemnification Agreements Hoechst [Member] | |||
Loss Contingencies [Line Items] | |||
Number of divestiture agreements | 19 | 19 | |
Indemnification amount | € | € 250 | ||
Indemnification ceiling amount | € | € 750 | ||
Indemnification percentage exceeding ceiling amount | 33.33% | 33.33% | |
Loss contingency accrual, carrying value, payments | $ | $ 100 | ||
Indemnification percentage, other | 33.33% | 33.33% | |
Divestiture Agreements [Member] | |||
Loss Contingencies [Line Items] | |||
Guarantor obligations, maximum exposure | $ | $ 116 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Purchase Obligations Narrative) (Details) $ in Billions | Sep. 30, 2021USD ($) |
Long-term Purchase Commitment [Line Items] | |
Unrecorded unconditional purchase obligations | $ 3.3 |
Commitments and Contingencies_2
Commitments and Contingencies Commitments and Contingencies (European Commission Investigation) (Details) - USD ($) $ in Millions | Jan. 12, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Loss in Period | $ 0 | $ 0 | $ 0 | $ 2 | ||||
Other Noncurrent Liabilities [Member] | Cash Flow Hedging [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Interest rate swaps | $ (81) | |||||||
European Commission Competition Law Investigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Estimate of Possible Loss | $ 89 | |||||||
European Commission Competition Law Investigation | Settled Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Loss in Period | $ 92 | |||||||
Loss contingency accrual, carrying value, payments | $ 100 |
Segment Information (Schedule o
Segment Information (Schedule of Business Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | $ 2,266 | $ 1,411 | $ 6,262 | $ 4,064 | ||||||
Other (charges) gains, net (Note 14) | 0 | (10) | 3 | (37) | ||||||
Operating profit (loss) | 536 | 184 | 1,429 | 461 | ||||||
Equity in net earnings (loss) of affiliates | 44 | 25 | 110 | 113 | ||||||
Depreciation and amortization | 93 | 89 | 274 | 261 | ||||||
Capital expenditures | 123 | [1] | 76 | [1] | 309 | [2] | 242 | [2] | ||
Goodwill and intangible assets, net | 1,434 | 1,434 | $ 1,485 | |||||||
Total assets | 11,583 | 11,583 | 10,909 | |||||||
Increase (decrease) in accrued capital expenditures | 21 | 4 | 5 | (37) | ||||||
Acetate Tow | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 128 | 129 | 385 | 385 | ||||||
Acetyl Chain | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | [3] | 1,454 | 756 | 3,866 | 2,170 | |||||
Engineered Materials | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 684 | 526 | 2,011 | 1,509 | ||||||
Operating Segments [Member] | Acetate Tow | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 128 | 129 | 385 | 385 | ||||||
Other (charges) gains, net (Note 14) | 0 | 0 | 0 | (1) | ||||||
Operating profit (loss) | 12 | 30 | 52 | 88 | ||||||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | 0 | ||||||
Depreciation and amortization | 10 | 9 | 29 | 26 | ||||||
Capital expenditures | 10 | 10 | 31 | 26 | ||||||
Goodwill and intangible assets, net | 154 | 154 | 154 | |||||||
Total assets | 1,088 | 1,088 | 975 | |||||||
Operating Segments [Member] | Acetyl Chain | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 1,489 | 776 | 3,954 | 2,237 | ||||||
Other (charges) gains, net (Note 14) | 1 | 1 | 1 | 6 | ||||||
Operating profit (loss) | 517 | 121 | 1,284 | 377 | ||||||
Equity in net earnings (loss) of affiliates | 1 | 2 | 5 | 3 | ||||||
Depreciation and amortization | 44 | 41 | 128 | 122 | ||||||
Capital expenditures | 73 | 37 | 171 | 118 | ||||||
Goodwill and intangible assets, net | 286 | 286 | 301 | |||||||
Total assets | 4,327 | 4,327 | 3,930 | |||||||
Operating Segments [Member] | Engineered Materials | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 684 | 526 | 2,011 | 1,509 | ||||||
Other (charges) gains, net (Note 14) | 0 | (10) | 6 | (35) | ||||||
Operating profit (loss) | 91 | 84 | 344 | 173 | ||||||
Equity in net earnings (loss) of affiliates | 39 | 21 | 96 | 100 | ||||||
Depreciation and amortization | 35 | 34 | 105 | 100 | ||||||
Capital expenditures | 36 | 21 | 92 | 73 | ||||||
Goodwill and intangible assets, net | 994 | 994 | 1,030 | |||||||
Total assets | 4,205 | 4,205 | 3,990 | |||||||
Corporate, Non-Segment [Member] | Other | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 0 | 0 | 0 | 0 | ||||||
Other (charges) gains, net (Note 14) | (1) | (1) | (4) | (7) | ||||||
Operating profit (loss) | (84) | (51) | (251) | (177) | ||||||
Equity in net earnings (loss) of affiliates | 4 | 2 | 9 | 10 | ||||||
Depreciation and amortization | 4 | 5 | 12 | 13 | ||||||
Capital expenditures | 4 | 8 | 15 | 25 | ||||||
Goodwill and intangible assets, net | 0 | 0 | 0 | |||||||
Total assets | 1,963 | 1,963 | 2,014 | |||||||
Eliminations [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | (35) | [4] | (20) | [4] | (88) | [5] | (67) | [5] | ||
Other (charges) gains, net (Note 14) | 0 | 0 | 0 | 0 | ||||||
Operating profit (loss) | 0 | 0 | 0 | 0 | ||||||
Equity in net earnings (loss) of affiliates | 0 | 0 | 0 | 0 | ||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||||
Capital expenditures | 0 | 0 | 0 | 0 | ||||||
Goodwill and intangible assets, net | 0 | 0 | 0 | |||||||
Total assets | 0 | 0 | $ 0 | |||||||
Eliminations [Member] | Acetyl Chain | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | $ 35 | $ 20 | $ 88 | $ 67 | ||||||
[1] | Includes an increase in accrued capital expenditures of $21 million and $4 million for the three months ended September 30, 2021 and 2020, respectively. | |||||||||
[2] | Includes an increase in accrued capital expenditures of $5 million and a decrease of $37 million for the nine months ended September 30, 2021 and 2020, respectively. | |||||||||
[3] | Excludes intersegment sales of $35 million and $20 million for the three months ended September 30, 2021 and 2020, respectively. Excludes intersegment sales of $88 million and $67 million for the nine months ended September 30, 2021 and 2020, respectively. | |||||||||
[4] | Includes intersegment sales primarily related to the Acetyl Chain. | |||||||||
[5] | Includes intersegment sales primarily related to the Acetyl Chain. |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of net sales (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | $ 2,266 | $ 1,411 | $ 6,262 | $ 4,064 | |||||
Acetyl Chain | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | [1] | 1,454 | 756 | 3,866 | 2,170 | ||||
Engineered Materials | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | 684 | 526 | 2,011 | 1,509 | |||||
Acetate Tow | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | 128 | 129 | 385 | 385 | |||||
Intersegment Eliminations [Member] | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | (35) | [2] | (20) | [2] | (88) | [3] | (67) | [3] | |
Intersegment Eliminations [Member] | Acetyl Chain | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | 35 | 20 | 88 | 67 | |||||
North America [Member] | Acetyl Chain | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | 405 | 246 | 1,046 | 728 | |||||
North America [Member] | Engineered Materials | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | 194 | 147 | 546 | 420 | |||||
North America [Member] | Acetate Tow | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | 24 | 24 | 77 | 72 | |||||
Europe and Africa [Member] | Acetyl Chain | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | 458 | 251 | 1,188 | 753 | |||||
Europe and Africa [Member] | Engineered Materials | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | 282 | 222 | 882 | 665 | |||||
Europe and Africa [Member] | Acetate Tow | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | 64 | 64 | 204 | 203 | |||||
Asia Pacific [Member] | Acetyl Chain | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | 540 | 243 | 1,530 | 640 | |||||
Asia Pacific [Member] | Engineered Materials | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | 185 | 141 | 518 | 381 | |||||
Asia Pacific [Member] | Acetate Tow | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | 39 | 40 | 99 | 101 | |||||
South America [Member] | Acetyl Chain | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | 51 | 16 | 102 | 49 | |||||
South America [Member] | Engineered Materials | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | 23 | 16 | 65 | 43 | |||||
South America [Member] | Acetate Tow | |||||||||
Revenue, Major Customer [Line Items] | |||||||||
Net sales | $ 1 | $ 1 | $ 5 | $ 9 | |||||
[1] | Excludes intersegment sales of $35 million and $20 million for the three months ended September 30, 2021 and 2020, respectively. Excludes intersegment sales of $88 million and $67 million for the nine months ended September 30, 2021 and 2020, respectively. | ||||||||
[2] | Includes intersegment sales primarily related to the Acetyl Chain. | ||||||||
[3] | Includes intersegment sales primarily related to the Acetyl Chain. |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligations (Details) $ in Millions | Sep. 30, 2021USD ($) |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 622 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 88 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 227 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 148 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Earnings (Loss) Per Share (Sche
Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Amounts attributable to Celanese Corporation | |||||
Earnings (loss) from continuing operations | $ 519 | $ 209 | $ 1,384 | $ 544 | |
Earnings (loss) from discontinued operations | (13) | (2) | (18) | (12) | |
Net earnings (loss) | $ 506 | $ 207 | $ 1,366 | $ 532 | |
Weighted average shares - basic | 110,532,051 | 118,045,476 | 112,101,651 | 118,543,853 | |
Incremental shares attributable to equity awards(1) | [1] | 512,507 | 519,344 | 597,646 | 575,350 |
Weighted average shares - diluted | 111,044,558 | 118,564,820 | 112,699,297 | 119,119,203 | |
[1] | There were no antidilutive equity award shares excluded for the three months ended September 30, 2021 and 2020. There were 67 and 8,127 equity award shares excluded for the nine months ended September 30, 2021 and 2020, respectively, as their effect would have been antidilutive. |
Earnings (Loss) Per Share (Narr
Earnings (Loss) Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 67 | 8,127 |