Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 22, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
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 | 108,308,917 | |
Entity Central Index Key | 0001306830 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | CE | |
Security Exchange Name | NYSE | |
Senior Unsecured Notes Due 2023 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.125% Senior Notes due 2023 | |
Trading Symbol | CE /23 | |
Security Exchange Name | NYSE | |
Senior Unsecured Notes Due 2025 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.250% Senior Notes due 2025 | |
Trading Symbol | CE /25 | |
Security Exchange Name | NYSE | |
Senior Unsecured Notes Due 2027 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 2.125% Senior Notes due 2027 | |
Trading Symbol | CE /27 | |
Security Exchange Name | NYSE | |
0.625% Senior Unsecured Notes Due 2028 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 0.625% Senior Notes due 2028 | |
Trading Symbol | CE /28 | |
Security Exchange Name | NYSE |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statement of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net sales | $ 2,538 | $ 1,798 |
Cost of sales | (1,793) | (1,313) |
Gross profit | 745 | 485 |
Selling, general and administrative expenses | (174) | (137) |
Amortization of intangible assets | (11) | (6) |
Research and development expenses | (24) | (20) |
Other (charges) gains, net | (1) | 6 |
Foreign exchange gain (loss), net | (1) | 3 |
Gain (loss) on disposition of businesses and assets, net | (3) | (5) |
Operating profit (loss) | 531 | 326 |
Equity in net earnings (loss) of affiliates | 56 | 29 |
Non-operating pension and other postretirement employee benefit (expense) income | 24 | 38 |
Interest expense | (35) | (25) |
Interest income | 1 | 1 |
Dividend income - equity investments | 37 | 42 |
Other income (expense), net | 2 | (2) |
Earnings (loss) from continuing operations before tax | 616 | 409 |
Income tax (provision) benefit | (112) | (85) |
Earnings (loss) from continuing operations | 504 | 324 |
Earnings (loss) from operation of discontinued operations | 0 | (1) |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | (1) |
Net earnings (loss) | 504 | 323 |
Net (earnings) loss attributable to noncontrolling interests | (2) | (1) |
Net earnings (loss) attributable to Celanese Corporation | 502 | 322 |
Amounts attributable to Celanese Corporation | ||
Earnings (loss) from continuing operations | 502 | 323 |
Earnings (loss) from discontinued operations | 0 | (1) |
Net earnings (loss) | $ 502 | $ 322 |
Earnings (loss) per common share - basic | ||
Continuing operations | $ 4.64 | $ 2.85 |
Discontinued operations | 0 | (0.01) |
Net earnings (loss) - basic | 4.64 | 2.84 |
Earnings (loss) per common share - diluted | ||
Continuing operations | 4.61 | 2.83 |
Discontinued operations | 0 | (0.01) |
Net earnings (loss) - diluted | $ 4.61 | $ 2.82 |
Weighted average shares - basic | 108,185,912 | 113,511,369 |
Weighted average shares - diluted | 108,917,577 | 114,028,145 |
Unaudited Interim Consolidate_2
Unaudited Interim Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net earnings (loss) | $ 504 | $ 323 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation gain (loss) | (21) | (4) |
Gain (loss) on cash flow hedges | 15 | 34 |
Pension and postretirement benefits | 2 | (4) |
Total other comprehensive income (loss), net of tax | (4) | 26 |
Total comprehensive income (loss), net of tax | 500 | 349 |
Comprehensive (income) loss attributable to noncontrolling interests | (2) | (1) |
Comprehensive income (loss) attributable to Celanese Corporation | $ 498 | $ 348 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Current Assets | |||
Cash and cash equivalents | $ 605 | $ 536 | |
Trade receivables - third party and affiliates | 1,390 | 1,161 | |
Non-trade receivables, net | 523 | 506 | |
Inventories | 1,549 | 1,524 | |
Marketable securities | 9 | 10 | |
Other assets | 124 | 70 | |
Total current assets | 4,200 | 3,807 | |
Investments in affiliates | 847 | 823 | |
Property, plant and equipment (net of accumulated depreciation - 2022: $3,538; 2021: $3,484) | 4,188 | 4,193 | |
Operating Lease, Right-of-Use Asset | 267 | 236 | |
Deferred income taxes | 244 | 248 | |
Other assets | 569 | 521 | |
Goodwill | 1,396 | [1] | 1,412 |
Intangible assets, net | 715 | 735 | |
Total assets | 12,426 | 11,975 | |
Current Liabilities | |||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 860 | 791 | |
Trade payables - third party and affiliates | 1,169 | 1,160 | |
Other liabilities | 419 | 473 | |
Income taxes payable | 106 | 81 | |
Total current liabilities | 2,554 | 2,505 | |
Long-term debt, net of unamortized deferred financing costs | 3,132 | 3,176 | |
Deferred income taxes | 563 | 555 | |
Uncertain tax positions | 296 | 280 | |
Benefit obligations | 543 | 558 | |
Operating lease liabilities | 223 | 200 | |
Other liabilities | 162 | 164 | |
Commitments and Contingencies | |||
Stockholders' Equity | |||
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2022 and 2021: 0 issued and outstanding) | 0 | 0 | |
Common stock, $0.0001 par value, 400,000,000 shares authorized (2022: 170,043,630 issued and 108,307,341 outstanding; 2021: 169,760,024 issued and 108,023,735 outstanding) | 0 | 0 | |
Treasury stock, at cost (2022: 61,736,289 shares; 2021: 61,736,289 shares) | (5,492) | (5,492) | |
Additional paid-in capital | 326 | 333 | |
Retained earnings | 10,106 | 9,677 | |
Accumulated other comprehensive income (loss), net | (333) | (329) | |
Total Celanese Corporation stockholders' equity | 4,607 | 4,189 | |
Noncontrolling interests | 346 | 348 | |
Total equity | 4,953 | 4,537 | |
Total liabilities and equity | $ 12,426 | $ 11,975 | |
[1] | There were no accumulated impairment losses as of March 31, 2022. |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 3,538 | $ 3,484 |
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) | 61,736,289 | 61,736,289 |
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) | 170,043,630 | 169,760,024 |
Common stock, shares outstanding (in shares) | 108,307,341 | 108,023,735 |
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] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Celanese Corporation stockholders' equity | $ 0 | $ (4,494) | $ 257 | $ 8,091 | $ (328) | ||
Balance as of the beginning of the period, shares at Dec. 31, 2020 | 114,168,464 | 55,234,515 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation, net of tax | (4) | ||||||
Purchases of treasury stock, shares | (1,831,970) | (1,831,970) | 1,831,970 | ||||
Purchases of treasury stock, including related fees | $ (250) | $ 0 | $ (250) | ||||
Stock awards, shares | 296,090 | ||||||
Stock awards | $ 0 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 322 | 322 | |||||
Common stock dividends | (78) | ||||||
Other comprehensive income (loss), net of tax | 26 | 26 | |||||
Balance as of the beginning of the period, noncontrolling interest at Dec. 31, 2020 | $ 369 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) attributable to noncontrolling interests | 1 | 1 | |||||
Distributions to noncontrolling interests | (5) | ||||||
Balance as of the end of the period, noncontrolling interest at Mar. 31, 2021 | 365 | ||||||
Balance as of the end of the period, shares at Mar. 31, 2021 | 112,632,584 | 57,066,485 | |||||
Balance as of the end of the period at Mar. 31, 2021 | 3,907 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Celanese Corporation stockholders' equity | 3,542 | $ 0 | $ (4,744) | 253 | 8,335 | (302) | |
Celanese Corporation stockholders' equity | 4,189 | $ 0 | $ (5,492) | 333 | 9,677 | (329) | |
Balance as of the beginning of the period, shares at Dec. 31, 2021 | 108,023,735 | 61,736,289 | |||||
Balance as of the beginning of the period at Dec. 31, 2021 | $ 4,537 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation, net of tax | (7) | ||||||
Purchases of treasury stock, shares | 0 | 0 | 0 | ||||
Purchases of treasury stock, including related fees | $ 0 | $ 0 | $ 0 | ||||
Stock awards, shares | 283,606 | ||||||
Stock awards | $ 0 | ||||||
Net earnings (loss) attributable to Celanese Corporation | 502 | 502 | |||||
Common stock dividends | (73) | ||||||
Other comprehensive income (loss), net of tax | (4) | (4) | |||||
Balance as of the beginning of the period, noncontrolling interest at Dec. 31, 2021 | 348 | 348 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) attributable to noncontrolling interests | 2 | 2 | |||||
Distributions to noncontrolling interests | (4) | ||||||
Balance as of the end of the period, noncontrolling interest at Mar. 31, 2022 | 346 | $ 346 | |||||
Balance as of the end of the period, shares at Mar. 31, 2022 | 108,307,341 | 61,736,289 | |||||
Balance as of the end of the period at Mar. 31, 2022 | 4,953 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Celanese Corporation stockholders' equity | $ 4,607 | $ 0 | $ (5,492) | $ 326 | $ 10,106 | $ (333) |
Unaudited Interim Consolidate_4
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net earnings (loss) | $ 504 | $ 323 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities | ||
Asset impairments | 0 | 1 |
Depreciation, amortization and accretion | 106 | 91 |
Pension and postretirement net periodic benefit cost | (21) | (34) |
Pension and postretirement contributions | (12) | (12) |
Deferred income taxes, net | 4 | 11 |
(Gain) loss on disposition of businesses and assets, net | 3 | 5 |
Stock-based compensation | 15 | 12 |
Undistributed earnings in unconsolidated affiliates | (30) | 6 |
Other, net | 3 | 3 |
Operating cash provided by (used in) discontinued operations | (4) | (1) |
Changes in operating assets and liabilities | ||
Trade receivables - third party and affiliates, net | (240) | (184) |
Inventories | (32) | (62) |
Other assets | 0 | (103) |
Trade payables - third party and affiliates | 49 | 156 |
Other liabilities | (29) | (96) |
Net cash provided by (used in) operating activities | 316 | 116 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (137) | (92) |
Proceeds from sale of marketable securities | 0 | 200 |
Other, net | (12) | (10) |
Net cash provided by (used in) investing activities | (149) | 98 |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 74 | 2 |
Repayments of long-term debt | (7) | (7) |
Purchases of treasury stock, including related fees | (17) | (267) |
Common stock dividends | (73) | (78) |
Distributions to noncontrolling interests | (4) | (5) |
Issuance cost of bridge facility | (44) | 0 |
Other, net | (24) | (16) |
Net cash provided by (used in) financing activities | (95) | (371) |
Exchange rate effects on cash and cash equivalents | (3) | (7) |
Net increase (decrease) in cash and cash equivalents | 69 | (164) |
Cash and cash equivalents as of beginning of period | 536 | 955 |
Cash and cash equivalents as of end of period | $ 605 | $ 791 |
Description of the Company and
Description of the Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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 US Holdings LLC, a Delaware limited liability company, and not its subsidiaries. Basis of Presentation The unaudited interim consolidated financial statements for the three months ended March 31, 2022 and 2021 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, 2021, filed on February 10, 2022 with the SEC as part of the Company's Annual Report on Form 10-K. Operating results for the three months ended March 31, 2022 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 | 3 Months Ended |
Mar. 31, 2022 | |
Recent Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recent Accounting PronouncementsThere are no recent Accounting Standard Updates issued by the Financial Accounting Standards Board which are expected to materially impact the Company's financial position, operating results or financial disclosures. |
Acquisitions, Dispositions and
Acquisitions, Dispositions and Plant Closures | 3 Months Ended |
Mar. 31, 2022 | |
Acquisitions, Dispositions and Plant Closures [Abstract] | |
Acquisitions, Dispositions and Plant Closures [Text Block] | Acquisitions, Dispositions and Plant Closures Acquisitions In December 2021, the Company acquired the Santoprene™ thermoplastic vulcanizates ("TPV") elastomers business of Exxon Mobil Corporation ("Santoprene") for a purchase price of $1.15 billion in an all-cash transaction. The Company acquired the Santoprene™, Dytron™ and Geolast™ trademarks and product portfolios, customer and supplier contracts and agreements, both production facilities producing TPV, the TPV intellectual property portfolio with associated technical and R&D assets and employees of the TPV elastomer business. The acquisition of Santoprene substantially strengthens our existing elastomers portfolio, allowing the Company to bring a wider range of functionalized solutions into targeted growth areas including future mobility, medical and sustainability. The acquisition was accounted for as a business combination and the acquired operations are included in the Engineered Materials segment. The Company allocated the purchase price of the acquisition to identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The purchase price allocation was based upon preliminary information and is subject to change if additional information about the facts and circumstances that existed at the acquisition date becomes available. We are in the ongoing process of conducting a valuation of the assets acquired and liabilities assumed related to the acquisition, including personal and real property, lease obligations, deferred taxes and intangible assets. The final fair value of the net assets acquired may result in adjustments to these assets and liabilities, including goodwill. During the measurement period, there were no adjustments that materially impacted the Company's goodwill initially recorded. On February 17, 2022, the Company signed a definitive agreement to acquire a majority of the Mobility & Materials business of DuPont de Nemours, Inc. (the "M&M Acquisition") for a purchase price of $11.0 billion, subject to certain adjustments, in an all-cash transaction. The Company will acquire a global production network of 29 facilities, including compounding and polymerization, customer and supplier contracts and agreements, an intellectual property portfolio including approximately 850 patents with associated technical and R&D assets, and expects to acquire approximately 5,000 employees across the manufacturing, technical, and commercial organizations. The acquired operations will be included in the Engineered Materials segment. The Company expects the acquisition to close around the end of 2022, subject to regulatory approvals and customary closing conditions. In connection with the planned M&M Acquisition, also on February 17, 2022, the Company entered into a bridge facility commitment letter with Bank of America, N.A. ("Bank of America") pursuant to which Bank of America has committed to provide, subject to the terms and conditions set forth therein, a 364-day $11.0 billion senior unsecured bridge term loan facility (the "Bridge Facility"). Subsequently, commitments in respect of the Bridge Facility were syndicated to additional financial institutions as contemplated thereby. On March 18, 2022, Celanese, Celanese U.S. and certain subsidiaries entered into a term loan credit agreement (the "Term Loan Credit Agreement"), pursuant to which lenders have committed to provide a tranche of delayed-draw term loans due 364 days from issuance in an amount equal to $500 million and a tranche of delayed-draw term loans due 5 years from issuance in an amount equal to $1.0 billion (the "Term Loan Facility"), which reduced the commitments under the Bridge Facility by a corresponding amount. The Term Loan Facility, subject to the terms and conditions set forth in the Term Loan Credit Agreement, together with the Bridge Facility (or, if applicable, any replacement debt financing obtained in the form of additional term loans and/or the issuance of notes in a public offering or private placement), will be available to finance the M&M Acquisition, and to pay fees and expenses related thereto. The Term Loan Credit Agreement is guaranteed by Celanese and domestic subsidiaries representing substantially all of the Company's U.S. assets and business operations (the "Subsidiary Guarantors"). Amounts outstanding under the 364-day tranche of the Term Loan Credit Agreement will accrue interest at a rate equal to Secured Overnight Financing Rate with an interest period of one or three months ("Term SOFR") plus a margin of 1.00% to 2.00% per annum, or the base rate plus a margin of 0.00% to 1.00%, in each case, based on the Company's senior unsecured debt rating. Amounts outstanding under the 5-year tranche of the Term Loan Credit Agreement will accrue interest at a rate equal to Term SOFR plus a margin of 1.125% to 2.125% per annum, or the base rate plus a margin of 0.125% to 1.125%, in each case, based on the Company's senior unsecured debt rating. The Term Loan Credit Agreement contains certain covenants described in Note 7 . As described above, the entry into the Term Loan Credit Agreement reduced availability under the Bridge Facility by $1.5 billion, resulting in $9.5 billion in bridge facility commitments remaining as of March 31, 2022. The Company currently intends to issue new senior unsecured notes in lieu of borrowing under the remaining Bridge Facility commitments. During the three months ended March 31, 2022, the Company paid $44 million in fees related to the Bridge Facility commitment, $14 million of which were amortized to interest expense in the three months ended March 31, 2022, and $30 million of which were recorded as a deferred asset as of March 31, 2022 and will be amortized to interest expense. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories As of As of (In $ millions) Finished goods 1,007 1,014 Work-in-process 85 75 Raw materials and supplies 457 435 Total 1,549 1,524 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, net | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 1,030 149 233 1,412 Acquisitions ( Note 3 ) 2 — — 2 (1) Exchange rate changes (13) — (5) (18) As of March 31, 2022 (2) 1,019 149 228 1,396 ______________________________ (1) Represents goodwill related to the acquisition of Santoprene. (2) There were no accumulated impairment losses as of March 31, 2022. Intangible Assets, Net Finite-lived intangible assets are as follows: Licenses Customer- Developed Covenants Total (In $ millions) Gross Asset Value As of December 31, 2021 45 996 45 55 1,141 Exchange rate changes — (13) — — (13) As of March 31, 2022 45 983 45 55 1,128 Accumulated Amortization As of December 31, 2021 (41) (543) (42) (39) (665) Amortization — (10) — (1) (11) Exchange rate changes — 7 — — 7 As of March 31, 2022 (41) (546) (42) (40) (669) Net book value 4 437 3 15 459 Indefinite-lived intangible assets are as follows: Trademarks (In $ millions) As of December 31, 2021 259 Exchange rate changes (3) As of March 31, 2022 256 During the three months ended March 31, 2022, the Company did not renew or extend any intangible assets. Estimated amortization expense for the succeeding five fiscal years is as follows: (In $ millions) 2023 40 2024 40 2025 40 2026 39 2027 39 |
Current Other Liabilities
Current Other Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities, Current [Abstract] | |
Current Other Liabilities | Current Other Liabilities As of As of (In $ millions) Benefit obligations ( Note 8 ) 26 26 Customer rebates 53 96 Derivatives ( Note 12 ) 10 5 Interest 18 30 Legal ( Note 14 ) 32 33 Operating leases 44 37 Restructuring 2 7 Salaries and benefits 98 135 Sales and use tax/foreign withholding tax payable 45 27 Other 91 77 Total 419 473 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
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 525 527 Short-term borrowings, including amounts due to affiliates (1) 35 64 Revolving credit facility (2) 300 200 Total 860 791 ______________________________ (1) The weighted average interest rate was 0.2% and 0.2% as of March 31, 2022 and December 31, 2021, respectively. (2) The weighted average interest rate was 1.7% and 1.4% as of March 31, 2022 and December 31, 2021, respectively. As of As of (In $ millions) Long-Term Debt Senior unsecured notes due 2022, interest rate of 4.625% 500 500 Senior unsecured notes due 2023, interest rate of 1.125% 499 509 Senior unsecured notes due 2024, interest rate of 3.500% 499 499 Senior unsecured notes due 2025, interest rate of 1.250% 332 339 Senior unsecured notes due 2026, interest rate of 1.400% 400 400 Senior unsecured notes due 2027, interest rate of 2.125% 553 564 Senior unsecured notes due 2028, interest rate of 0.625% 555 566 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) 5 6 Obligations under finance leases due at various dates through 2054 166 173 Subtotal 3,675 3,722 Unamortized debt issuance costs (2) (18) (19) Current installments of long-term debt (525) (527) Total 3,132 3,176 ______________________________ (1) The weighted average interest rate was 1.3% and 1.3% as of March 31, 2022 and December 31, 2021, respectively. (2) Related to the Company's long-term debt, excluding obligations under finance leases. Senior Credit Facilities On March 18, 2022, Celanese, Celanese U.S. and certain subsidiaries entered into a new revolving credit agreement (the "New Revolving Credit Agreement" and, together with the Term Loan Credit Agreement the "Credit Agreements") consisting of a $1.75 billion senior unsecured revolving credit facility (with a letter of credit sublimit), maturing in 2027. The proceeds of a $365 million borrowing under the new senior unsecured revolving credit facility were used to repay and terminate the Company's existing revolving credit facility. The Credit Agreements are guaranteed by Celanese, Celanese U.S. and the Subsidiary Guarantors. The Subsidiary Guarantors are listed in Exhibit 22.1 to this Quarterly Report. The Credit Agreements contain certain covenants, including the maintenance of certain financial ratios (subject to adjustment following the M&M Acquisition and certain other qualifying acquisitions, as set forth in the Credit Agreements), events of default and change of control provisions. The Company's debt balances and amounts available for borrowing under its new senior unsecured revolving credit facility are as follows: As of (In $ millions) Revolving Credit Facility Borrowings outstanding (1) 300 Available for borrowing (2) 1,450 ______________________________ (1) The Company borrowed $365 million under its new senior unsecured revolving credit facility to repay and terminate its previous unsecured revolving credit facility and repaid $65 million under its new senior unsecured revolving credit facility during the three months ended March 31, 2022. The Company borrowed $165 million and repaid $365 million under its previous unsecured revolving credit facility during the three months ended March 31, 2022. (2) The margin for borrowings under the senior unsecured revolving credit facility was 1.00% to 2.00% above certain interbank rates 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. Accounts Receivable Purchasing Facility In June 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 in the event of bankruptcy. 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 $262 million and $1.1 billion of accounts receivable under this agreement for the three months ended March 31, 2022 and twelve months ended December 31, 2021, respectively, and collected $262 million and $1.1 billion of accounts receivable sold under this agreement during the same periods. Unsold U.S. accounts receivable of $103 million were pledged by the SPE as collateral to the Purchasers as of March 31, 2022. 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 $69 million and $230 million of accounts receivable under these factoring agreements for the three months ended March 31, 2022 and twelve months ended December 31, 2021, respectively, and collected $100 million and $185 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 $13 million and $70 million of accounts receivable under this agreement for the three months ended March 31, 2022 and twelve months ended December 31, 2021, respectively. Covenants The Company's material financing arrangements contain customary covenants, including the maintenance of certain financial ratios (subject to adjustment following the M&M Acquisition and certain other qualifying acquisitions, as set forth in the Credit Agreements), 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 March 31, 2022. |
Benefit Obligations
Benefit Obligations | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Benefit Obligations | Benefit Obligations The components of net periodic benefit cost are as follows: Three Months Ended March 31, 2022 2021 Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 3 — 4 — Interest cost 17 — 13 — Expected return on plan assets (41) — (51) — Total (21) — (34) — Benefit obligation funding is as follows: As of Total (In $ millions) Cash contributions to defined benefit pension plans 6 24 Benefit payments to nonqualified pension plans 5 19 Benefit payments to other postretirement benefit plans 1 4 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 | 3 Months Ended |
Mar. 31, 2022 | |
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 14 ) 22 24 Divestiture obligations ( Note 14 ) 14 14 Active sites 8 8 U.S. Superfund sites 11 12 Other environmental remediation liabilities 2 2 Total 57 60 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 14 ). 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 LPRSA and the Newark Bay Area. 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, |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
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. The Company declared a quarterly cash dividend of $0.68 per share on its Common Stock on April 19, 2022, amounting to $74 million. The cash dividend will be paid on May 12, 2022 to holders of record as of April 28, 2022. 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. Three Months Ended Total From 2022 2021 Shares repurchased — 1,831,970 69,324,429 Average purchase price per share $ — $ 136.47 $ 83.71 Shares repurchased (in $ millions) $ — $ 250 $ 5,803 Aggregate Board of Directors repurchase authorizations during the period (in $ millions) $ — $ — $ 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 March 31, 2022 2021 Gross Income Net Gross Income Net (In $ millions) Foreign currency translation gain (loss) (15) (6) (21) 3 (7) (4) Gain (loss) on cash flow hedges 19 (4) 15 44 (10) 34 Pension and postretirement benefits gain (loss) 2 — 2 (4) — (4) Total 6 (10) (4) 43 (17) 26 Adjustments to Accumulated other comprehensive income (loss), net, are as follows: Foreign Gain (Loss) on Cash Flow Hedges ( Note 12 ) Pension and Postretirement Benefits Gain (Loss) ( Note 8 ) Accumulated (In $ millions) As of December 31, 2021 (271) (43) (15) (329) Other comprehensive income (loss) before reclassifications (15) 17 2 4 Amounts reclassified from accumulated other comprehensive income (loss) — 2 — 2 Income tax (provision) benefit (6) (4) — (10) As of March 31, 2022 (292) (28) (13) (333) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Three Months Ended 2022 2021 (In percentages) Effective income tax rate 18 21 The effective income tax rate for the three months ended March 31, 2022, was lower compared to the same period in 2021 primarily due to non-recurring impacts of $28 million of uncertain tax positions mainly arising from lending terms related to internal treasury operations in the three months ended March 31, 2021. 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. In December 2021, the U.S. Treasury and the IRS released final regulations addressing various aspects of the foreign tax credit regime. The regulation was published in the federal register on January 4, 2022, and became effective in the three months ended March 31, 2022. The final regulations included guidance with respect to the definition of foreign income taxes, the eligibility of foreign taxes for the foreign tax credit, and the allocation and apportionment of interest expense. The impact of the retroactive effect of the interest expense apportionment rules for the 2020 and 2021 tax years was not material to the Company's results of operations. 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"). In September 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. As of March 31, 2022, 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. In addition, the Company's Mexico tax returns are under audit for the years 2018 and 2019. On January 14, 2022, the Mexico tax authorities issued preliminary findings for disallowance of operating expenses on several of the applicable tax returns. The Company has determined that the preliminary findings are unfounded and will take the necessary steps to provide the requested documentation to mitigate any potential liability through the next phase of the audit. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
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 1,733 1,653 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 691 663 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 March 31, Statement of Operations Classification 2022 2021 2022 2021 (In $ millions) Designated as Cash Flow Hedges Commodity swaps 17 11 — — Cost of sales Interest rate swaps — 33 (2) — Interest expense Total 17 44 (2) — Designated as Net Investment Hedges Foreign currency denominated debt ( Note 7 ) 28 50 — — N/A Cross-currency swaps 2 (6) — — N/A Total 30 44 — — Not Designated as Hedges Foreign currency forwards and swaps — — (1) 3 Foreign exchange gain (loss), net; Other income (expense), net Total — — (1) 3 See Note 13 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 69 40 Gross amount offset in the consolidated balance sheets — — Net amount presented in the consolidated balance sheets 69 40 Gross amount not offset in the consolidated balance sheets 7 2 Net amount 62 38 As of As of (In $ millions) Derivative Liabilities Gross amount recognized 10 5 Gross amount offset in the consolidated balance sheets — — Net amount presented in the consolidated balance sheets 10 5 Gross amount not offset in the consolidated balance sheets 7 2 Net amount 3 3 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Derivatives Designated as Cash Flow Hedges Commodity swaps — 16 16 Current Other assets Commodity swaps — 32 32 Noncurrent Other assets Derivatives Designated as Net Investment Hedges Cross-currency swaps — 7 7 Current Other assets Cross-currency swaps — 11 11 Noncurrent Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 3 3 Current Other assets Total assets — 69 69 Derivatives Designated as Net Investment Hedges Cross-currency swaps — (7) (7) Current Other liabilities Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (3) (3) Current Other liabilities Total liabilities — (10) (10) Fair Value Measurement Quoted Prices Significant Total Balance Sheet Classification (In $ millions) As of December 31, 2021 Derivatives Designated as Cash Flow Hedges Commodity swaps — 8 8 Current Other assets Commodity swaps — 23 23 Noncurrent Other assets Derivatives Designated as Net Investment Hedges Cross-currency swaps — 2 2 Current Other assets Cross-currency swaps — 5 5 Noncurrent Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 2 2 Current Other assets Total assets — 40 40 Derivatives Designated as Net Investment Hedges Cross-currency swaps — (2) (2) Current Other liabilities Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (3) (3) Current Other liabilities Total liabilities — (5) (5) 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 March 31, 2022 Equity investments without readily determinable fair values 170 — — — Insurance contracts in nonqualified trusts 25 25 — 25 Long-term debt, including current installments of long-term debt 3,675 3,401 166 3,567 As of December 31, 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 3,722 3,639 173 3,812 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 March 31, 2022, and December 31, 2021, 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 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
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 9 ). 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 March 31, 2022 are $103 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 9 ). 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 March 31, 2022. 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 March 31, 2022, the Company had unconditional purchase obligations of $3.5 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. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Engineered Acetate Tow Acetyl Other Eliminations Consolidated (In $ millions) Three Months Ended March 31, 2022 Net sales 910 125 1,538 — (35) (1) 2,538 Other (charges) gains, net (1) — — — — (1) Operating profit (loss) 124 4 499 (96) — 531 Equity in net earnings (loss) of affiliates 49 — 4 3 — 56 Depreciation and amortization 46 11 45 4 — 106 Capital expenditures 30 8 62 14 — 114 (2) As of March 31, 2022 Goodwill and intangible assets, net 1,684 154 273 — — 2,111 Total assets 5,576 1,109 4,504 1,237 — 12,426 Three Months Ended March 31, 2021 Net sales 645 119 1,056 — (22) (1) 1,798 Other (charges) gains, net 7 — — (1) — 6 Operating profit (loss) 130 16 251 (71) — 326 Equity in net earnings (loss) of affiliates 25 — 2 2 — 29 Depreciation and amortization 35 10 41 4 — 90 Capital expenditures 23 11 33 6 — 73 (2) As of December 31, 2021 Goodwill and intangible assets, net 1,714 154 279 — — 2,147 Total assets 5,363 1,098 4,428 1,086 — 11,975 ______________________________ (1) Includes intersegment sales primarily related to the Acetyl Chain. (2) Includes a decrease in accrued capital expenditures of $23 million and $19 million for the three months ended March 31, 2022 and 2021, respectively. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, the Company had $797 million of remaining performance obligations related to take-or-pay contracts. The Company expects to recognize approximately $224 million of its remaining performance obligations as Net sales in 2022, $209 million in 2023, $164 million in 2024 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. The Company does not have any material contract assets as of March 31, 2022. 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 2022 2021 (In $ millions) Engineered Materials North America 289 164 Europe and Africa 377 296 Asia-Pacific 221 164 South America 23 21 Total 910 645 Acetate Tow North America 25 28 Europe and Africa 59 68 Asia-Pacific 40 22 South America 1 1 Total 125 119 Acetyl Chain North America 400 281 Europe and Africa 533 310 Asia-Pacific 521 423 South America 49 20 Total (1) 1,503 1,034 ______________________________ (1) Excludes intersegment sales of $35 million and $22 million for the three months ended March 31, 2022 and 2021, respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Three Months Ended 2022 2021 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 502 323 Earnings (loss) from discontinued operations — (1) Net earnings (loss) 502 322 Weighted average shares - basic 108,185,912 113,511,369 Incremental shares attributable to equity awards (1) 731,665 516,776 Weighted average shares - diluted 108,917,577 114,028,145 ______________________________ (1) Excludes 61,297 and 29 equity award shares for the three months ended March 31, 2022 and 2021, respectively, as their effect would have been antidilutive. |
Description of the Company an_2
Description of the Company and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | There are no recent Accounting Standard Updates issued by the Financial Accounting Standards Board which are expected to materially impact the Company's financial position, operating results or financial disclosures. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of As of (In $ millions) Finished goods 1,007 1,014 Work-in-process 85 75 Raw materials and supplies 457 435 Total 1,549 1,524 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Indefinite-lived Intangible Assets [Line Items] | |
Schedule of Goodwill [Table Text Block] | Engineered Acetate Tow Acetyl Chain Total (In $ millions) As of December 31, 2021 1,030 149 233 1,412 Acquisitions ( Note 3 ) 2 — — 2 (1) Exchange rate changes (13) — (5) (18) As of March 31, 2022 (2) 1,019 149 228 1,396 ______________________________ (1) Represents goodwill related to the acquisition of Santoprene. (2) There were no accumulated impairment losses as of March 31, 2022. |
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, 2021 45 996 45 55 1,141 Exchange rate changes — (13) — — (13) As of March 31, 2022 45 983 45 55 1,128 Accumulated Amortization As of December 31, 2021 (41) (543) (42) (39) (665) Amortization — (10) — (1) (11) Exchange rate changes — 7 — — 7 As of March 31, 2022 (41) (546) (42) (40) (669) Net book value 4 437 3 15 459 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Indefinite-lived intangible assets are as follows: Trademarks (In $ millions) As of December 31, 2021 259 Exchange rate changes (3) As of March 31, 2022 256 |
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) 2023 40 2024 40 2025 40 2026 39 2027 39 |
Current Other Liabilities (Tabl
Current Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities, Current [Abstract] | |
Schedule of Current Other Liabilities | As of As of (In $ millions) Benefit obligations ( Note 8 ) 26 26 Customer rebates 53 96 Derivatives ( Note 12 ) 10 5 Interest 18 30 Legal ( Note 14 ) 32 33 Operating leases 44 37 Restructuring 2 7 Salaries and benefits 98 135 Sales and use tax/foreign withholding tax payable 45 27 Other 91 77 Total 419 473 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
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 525 527 Short-term borrowings, including amounts due to affiliates (1) 35 64 Revolving credit facility (2) 300 200 Total 860 791 ______________________________ (1) The weighted average interest rate was 0.2% and 0.2% as of March 31, 2022 and December 31, 2021, respectively. |
Schedule of Long-term Debt | As of As of (In $ millions) Long-Term Debt Senior unsecured notes due 2022, interest rate of 4.625% 500 500 Senior unsecured notes due 2023, interest rate of 1.125% 499 509 Senior unsecured notes due 2024, interest rate of 3.500% 499 499 Senior unsecured notes due 2025, interest rate of 1.250% 332 339 Senior unsecured notes due 2026, interest rate of 1.400% 400 400 Senior unsecured notes due 2027, interest rate of 2.125% 553 564 Senior unsecured notes due 2028, interest rate of 0.625% 555 566 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) 5 6 Obligations under finance leases due at various dates through 2054 166 173 Subtotal 3,675 3,722 Unamortized debt issuance costs (2) (18) (19) Current installments of long-term debt (525) (527) Total 3,132 3,176 ______________________________ (1) The weighted average interest rate was 1.3% and 1.3% as of March 31, 2022 and December 31, 2021, respectively. (2) Related to the Company's long-term debt, excluding obligations under finance leases. |
Schedule of Balances Available for Borrowing | The Company's debt balances and amounts available for borrowing under its new senior unsecured revolving credit facility are as follows: As of (In $ millions) Revolving Credit Facility Borrowings outstanding (1) 300 Available for borrowing (2) 1,450 ______________________________ (1) The Company borrowed $365 million under its new senior unsecured revolving credit facility to repay and terminate its previous unsecured revolving credit facility and repaid $65 million under its new senior unsecured revolving credit facility during the three months ended March 31, 2022. The Company borrowed $165 million and repaid $365 million under its previous unsecured revolving credit facility during the three months ended March 31, 2022. (2) The margin for borrowings under the senior unsecured revolving credit facility was 1.00% to 2.00% above certain interbank rates at current Company credit ratings. |
Benefit Obligations (Tables)
Benefit Obligations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Costs Recognized | The components of net periodic benefit cost are as follows: Three Months Ended March 31, 2022 2021 Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 3 — 4 — Interest cost 17 — 13 — Expected return on plan assets (41) — (51) — Total (21) — (34) — |
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 6 24 Benefit payments to nonqualified pension plans 5 19 Benefit payments to other postretirement benefit plans 1 4 |
Environmental (Tables)
Environmental (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 14 ) 22 24 Divestiture obligations ( Note 14 ) 14 14 Active sites 8 8 U.S. Superfund sites 11 12 Other environmental remediation liabilities 2 2 Total 57 60 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Treasury Stock | Three Months Ended Total From 2022 2021 Shares repurchased — 1,831,970 69,324,429 Average purchase price per share $ — $ 136.47 $ 83.71 Shares repurchased (in $ millions) $ — $ 250 $ 5,803 Aggregate Board of Directors repurchase authorizations during the period (in $ millions) $ — $ — $ 6,866 |
Schedule of Components of Other Comprehensive Income (Loss), Net | Three Months Ended March 31, 2022 2021 Gross Income Net Gross Income Net (In $ millions) Foreign currency translation gain (loss) (15) (6) (21) 3 (7) (4) Gain (loss) on cash flow hedges 19 (4) 15 44 (10) 34 Pension and postretirement benefits gain (loss) 2 — 2 (4) — (4) Total 6 (10) (4) 43 (17) 26 |
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 12 ) Pension and Postretirement Benefits Gain (Loss) ( Note 8 ) Accumulated (In $ millions) As of December 31, 2021 (271) (43) (15) (329) Other comprehensive income (loss) before reclassifications (15) 17 2 4 Amounts reclassified from accumulated other comprehensive income (loss) — 2 — 2 Income tax (provision) benefit (6) (4) — (10) As of March 31, 2022 (292) (28) (13) (333) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Tax Rate | Three Months Ended 2022 2021 (In percentages) Effective income tax rate 18 21 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, Statement of Operations Classification 2022 2021 2022 2021 (In $ millions) Designated as Cash Flow Hedges Commodity swaps 17 11 — — Cost of sales Interest rate swaps — 33 (2) — Interest expense Total 17 44 (2) — Designated as Net Investment Hedges Foreign currency denominated debt ( Note 7 ) 28 50 — — N/A Cross-currency swaps 2 (6) — — N/A Total 30 44 — — Not Designated as Hedges Foreign currency forwards and swaps — — (1) 3 Foreign exchange gain (loss), net; Other income (expense), net Total — — (1) 3 |
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 69 40 Gross amount offset in the consolidated balance sheets — — Net amount presented in the consolidated balance sheets 69 40 Gross amount not offset in the consolidated balance sheets 7 2 Net amount 62 38 |
Offsetting Liabilities | As of As of (In $ millions) Derivative Liabilities Gross amount recognized 10 5 Gross amount offset in the consolidated balance sheets — — Net amount presented in the consolidated balance sheets 10 5 Gross amount not offset in the consolidated balance sheets 7 2 Net amount 3 3 |
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 1,733 1,653 |
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 691 663 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Derivatives Designated as Cash Flow Hedges Commodity swaps — 16 16 Current Other assets Commodity swaps — 32 32 Noncurrent Other assets Derivatives Designated as Net Investment Hedges Cross-currency swaps — 7 7 Current Other assets Cross-currency swaps — 11 11 Noncurrent Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 3 3 Current Other assets Total assets — 69 69 Derivatives Designated as Net Investment Hedges Cross-currency swaps — (7) (7) Current Other liabilities Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (3) (3) Current Other liabilities Total liabilities — (10) (10) Fair Value Measurement Quoted Prices Significant Total Balance Sheet Classification (In $ millions) As of December 31, 2021 Derivatives Designated as Cash Flow Hedges Commodity swaps — 8 8 Current Other assets Commodity swaps — 23 23 Noncurrent Other assets Derivatives Designated as Net Investment Hedges Cross-currency swaps — 2 2 Current Other assets Cross-currency swaps — 5 5 Noncurrent Other assets Derivatives Not Designated as Hedges Foreign currency forwards and swaps — 2 2 Current Other assets Total assets — 40 40 Derivatives Designated as Net Investment Hedges Cross-currency swaps — (2) (2) Current Other liabilities Derivatives Not Designated as Hedges Foreign currency forwards and swaps — (3) (3) Current Other liabilities Total liabilities — (5) (5) |
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 March 31, 2022 Equity investments without readily determinable fair values 170 — — — Insurance contracts in nonqualified trusts 25 25 — 25 Long-term debt, including current installments of long-term debt 3,675 3,401 166 3,567 As of December 31, 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 3,722 3,639 173 3,812 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Business Segments | Engineered Acetate Tow Acetyl Other Eliminations Consolidated (In $ millions) Three Months Ended March 31, 2022 Net sales 910 125 1,538 — (35) (1) 2,538 Other (charges) gains, net (1) — — — — (1) Operating profit (loss) 124 4 499 (96) — 531 Equity in net earnings (loss) of affiliates 49 — 4 3 — 56 Depreciation and amortization 46 11 45 4 — 106 Capital expenditures 30 8 62 14 — 114 (2) As of March 31, 2022 Goodwill and intangible assets, net 1,684 154 273 — — 2,111 Total assets 5,576 1,109 4,504 1,237 — 12,426 Three Months Ended March 31, 2021 Net sales 645 119 1,056 — (22) (1) 1,798 Other (charges) gains, net 7 — — (1) — 6 Operating profit (loss) 130 16 251 (71) — 326 Equity in net earnings (loss) of affiliates 25 — 2 2 — 29 Depreciation and amortization 35 10 41 4 — 90 Capital expenditures 23 11 33 6 — 73 (2) As of December 31, 2021 Goodwill and intangible assets, net 1,714 154 279 — — 2,147 Total assets 5,363 1,098 4,428 1,086 — 11,975 ______________________________ (1) Includes intersegment sales primarily related to the Acetyl Chain. (2) Includes a decrease in accrued capital expenditures of $23 million and $19 million for the three months ended March 31, 2022 and 2021, respectively. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 2022 2021 (In $ millions) Engineered Materials North America 289 164 Europe and Africa 377 296 Asia-Pacific 221 164 South America 23 21 Total 910 645 Acetate Tow North America 25 28 Europe and Africa 59 68 Asia-Pacific 40 22 South America 1 1 Total 125 119 Acetyl Chain North America 400 281 Europe and Africa 533 310 Asia-Pacific 521 423 South America 49 20 Total (1) 1,503 1,034 ______________________________ (1) Excludes intersegment sales of $35 million and $22 million for the three months ended March 31, 2022 and 2021, respectively. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share | Three Months Ended 2022 2021 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 502 323 Earnings (loss) from discontinued operations — (1) Net earnings (loss) 502 322 Weighted average shares - basic 108,185,912 113,511,369 Incremental shares attributable to equity awards (1) 731,665 516,776 Weighted average shares - diluted 108,917,577 114,028,145 ______________________________ (1) Excludes 61,297 and 29 equity award shares for the three months ended March 31, 2022 and 2021, respectively, as their effect would have been antidilutive. |
Description of the Company an_3
Description of the Company and Basis of Presentation (Narrative) (Details) | Mar. 31, 2022 |
Consolidated Ventures | |
Variable Interest Entity [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Acquisitions, Dispositions an_2
Acquisitions, Dispositions and Plant Closures Plant Closures (Details) $ in Millions | Mar. 18, 2022USD ($) | Feb. 17, 2022USD ($)employeespatentfacility | Dec. 31, 2021USD ($) | Mar. 31, 2022USD ($) | |
Business Acquisition [Line Items] | |||||
Debt Issuance Costs, Net | [1] | $ 19 | $ 18 | ||
364 Day Senior Unsecured Bridge Term Loan | Bridge Facility | |||||
Business Acquisition [Line Items] | |||||
Debt Instrument, Term | 364 days | ||||
Interest Expense, Debt | 14 | ||||
Bridge Facility, Maximum Borrowing Capacity | $ 11,000 | ||||
Bridge Facility, Current Borrowing Capacity | 9,500 | ||||
Bridge Facility, Increase (Decrease), Net | $ (1,500) | ||||
Bridge Facility, Commitment Fee Amount | 44 | ||||
364 Day Delayed-Draw Term Loan | Term Loan Facility | |||||
Business Acquisition [Line Items] | |||||
Debt Instrument, Term | 364 days | ||||
Debt Instrument, Face Amount | $ 500 | ||||
Santoprene | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 1,150 | ||||
Mobility & Materials | |||||
Business Acquisition [Line Items] | |||||
Expected Payments to Acquire Businesses, Gross | $ 11,000 | ||||
Number of facilities | facility | 29 | ||||
Number Of Patents | patent | 850 | ||||
Entity Number of Employees | employees | 5,000 | ||||
Term Loan Facility | 5 Year Delayed-Draw Term Loan | |||||
Business Acquisition [Line Items] | |||||
Debt Instrument, Term | 5 years | ||||
Debt Instrument, Face Amount | $ 1,000 | ||||
Term SOFR | Minimum | 364 Day Delayed-Draw Term Loan | Term Loan Facility | |||||
Business Acquisition [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
Term SOFR | Minimum | Term Loan Facility | 5 Year Delayed-Draw Term Loan | |||||
Business Acquisition [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.125% | ||||
Term SOFR | Maximum | 364 Day Delayed-Draw Term Loan | Term Loan Facility | |||||
Business Acquisition [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.00% | ||||
Term SOFR | Maximum | Term Loan Facility | 5 Year Delayed-Draw Term Loan | |||||
Business Acquisition [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.125% | ||||
Base Rate | Minimum | 364 Day Delayed-Draw Term Loan | Term Loan Facility | |||||
Business Acquisition [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.00% | ||||
Base Rate | Minimum | Term Loan Facility | 5 Year Delayed-Draw Term Loan | |||||
Business Acquisition [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.125% | ||||
Base Rate | Maximum | 364 Day Delayed-Draw Term Loan | Term Loan Facility | |||||
Business Acquisition [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
Base Rate | Maximum | Term Loan Facility | 5 Year Delayed-Draw Term Loan | |||||
Business Acquisition [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.125% | ||||
Other Current Assets [Member] | 364 Day Senior Unsecured Bridge Term Loan | Bridge Facility | |||||
Business Acquisition [Line Items] | |||||
Debt Issuance Costs, Net | $ 30 | ||||
[1] | Related to the Company's long-term debt, excluding obligations under finance leases. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 1,007 | $ 1,014 |
Work-in-process | 85 | 75 |
Raw materials and supplies | 457 | 435 |
Total | $ 1,549 | $ 1,524 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, net (Schedule of Goodwill) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($) | ||
Goodwill [Line Items] | ||
As of December 31, 2021 | $ 1,412 | |
Acquisitions (Note 3) | 2 | [1] |
Exchange rate changes | (18) | |
As of March 31, 2019 | 1,396 | [2] |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |
Engineered Materials | ||
Goodwill [Line Items] | ||
As of December 31, 2021 | 1,030 | |
Acquisitions (Note 3) | 2 | |
Exchange rate changes | (13) | |
As of March 31, 2019 | 1,019 | [2] |
Acetate Tow | ||
Goodwill [Line Items] | ||
As of December 31, 2021 | 149 | |
Acquisitions (Note 3) | 0 | |
Exchange rate changes | 0 | |
As of March 31, 2019 | 149 | [2] |
Acetyl Chain | ||
Goodwill [Line Items] | ||
As of December 31, 2021 | 233 | |
Acquisitions (Note 3) | 0 | |
Exchange rate changes | (5) | |
As of March 31, 2019 | $ 228 | [2] |
[1] | Represents goodwill related to the acquisition of Santoprene. | |
[2] | There were no accumulated impairment losses as of March 31, 2022. |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, net (Schedule of Finite-lived intangible assets) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2021 | $ 1,141 | |
Exchange rate changes | (13) | |
As of March 31, 2022 | 1,128 | |
As of December 31, 2021 | (665) | |
Amortization | (11) | $ (6) |
Exchange rate changes | 7 | |
As of March 31, 2022 | (669) | |
Net book value | 459 | |
Licensing Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2021 | 45 | |
Exchange rate changes | 0 | |
As of March 31, 2022 | 45 | |
As of December 31, 2021 | (41) | |
Amortization | 0 | |
Exchange rate changes | 0 | |
As of March 31, 2022 | (41) | |
Net book value | 4 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2021 | 996 | |
Exchange rate changes | (13) | |
As of March 31, 2022 | 983 | |
As of December 31, 2021 | (543) | |
Amortization | (10) | |
Exchange rate changes | 7 | |
As of March 31, 2022 | (546) | |
Net book value | 437 | |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2021 | 45 | |
Exchange rate changes | 0 | |
As of March 31, 2022 | 45 | |
As of December 31, 2021 | (42) | |
Amortization | 0 | |
Exchange rate changes | 0 | |
As of March 31, 2022 | (42) | |
Net book value | 3 | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2021 | 55 | |
Exchange rate changes | 0 | |
As of March 31, 2022 | 55 | |
As of December 31, 2021 | (39) | |
Amortization | (1) | |
Exchange rate changes | 0 | |
As of March 31, 2022 | (40) | |
Net book value | $ 15 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, net (Schedule of Indefinite-lived intangible assets) (Details) - Trademarks and Trade Names [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
As of December 31, 2021 | $ 259 |
Exchange rate changes | (3) |
As of March 31, 2022 | $ 256 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, net (Schedule of Future amortization expense) (Details) $ in Millions | Mar. 31, 2022USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 40 |
2024 | 40 |
2025 | 40 |
2026 | 39 |
2027 | $ 39 |
Current Other Liabilities (Deta
Current Other Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Other Liabilities, Current [Abstract] | ||
Benefit obligations (Note 8) | $ 26 | $ 26 |
Customer rebates | 53 | 96 |
Derivatives (Note 12) | 10 | 5 |
Interest | 18 | 30 |
Legal (Note 14) | 32 | 33 |
Operating leases | 44 | 37 |
Restructuring | 2 | 7 |
Salaries and benefits | 98 | 135 |
Sales and use tax/foreign withholding tax payable | 45 | 27 |
Other | 91 | 77 |
Total | $ 419 | $ 473 |
Debt (Schedule of Short-term De
Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Current installments of long-term debt | $ 525 | $ 527 | |
Short-term borrowings, including amounts due to affiliates(1) | [1] | 35 | 64 |
Total | $ 860 | $ 791 | |
Loans Payable | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Weighted average interest rate, short-term borrowings | 0.20% | 0.20% | |
Revolving Credit Facility | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Weighted average interest rate, short-term borrowings | 1.70% | 1.40% | |
Revolving Credit Facility | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Revolving credit facility(2) | [2] | $ 300 | $ 200 |
Revolving Credit Facility | Revolving Credit Facility | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Revolving credit facility(2) | [3] | $ 300 | |
[1] | The weighted average interest rate was 0.2% and 0.2% as of March 31, 2022 and December 31, 2021, respectively. | ||
[2] | The weighted average interest rate was 1.7% and 1.4% as of March 31, 2022 and December 31, 2021, respectively. | ||
[3] | The Company borrowed $365 million under its new senior unsecured revolving credit facility to repay and terminate its previous unsecured revolving credit facility and repaid $65 million under its new senior unsecured revolving credit facility during the three months ended March 31, 2022. The Company borrowed $165 million and repaid $365 million under its previous unsecured revolving credit facility during the three months ended March 31, 2022. |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Long-Term Debt | |||
Finance Lease, Liability | $ 166 | $ 173 | |
Subtotal | 3,675 | 3,722 | |
Unamortized debt issuance costs | [1] | (18) | (19) |
Current installments of long-term debt | (525) | (527) | |
Total | 3,132 | 3,176 | |
Senior Unsecured Notes Due 2022 | |||
Long-Term Debt | |||
Senior unsecured debt | $ 500 | 500 | |
Interest rate | 4.625% | ||
Senior Unsecured Notes Due 2023 | |||
Long-Term Debt | |||
Senior unsecured debt | $ 499 | 509 | |
Interest rate | 1.125% | ||
Senior Unsecured Notes Due 2024 | |||
Long-Term Debt | |||
Senior unsecured debt | $ 499 | 499 | |
Interest rate | 3.50% | ||
Senior Unsecured Notes Due 2025 | |||
Long-Term Debt | |||
Senior unsecured debt | $ 332 | 339 | |
Interest rate | 1.25% | ||
Senior Unsecured Notes Due 2026 | |||
Long-Term Debt | |||
Senior unsecured debt | $ 400 | 400 | |
Interest rate | 1.40% | ||
Senior Unsecured Notes Due 2027 | |||
Long-Term Debt | |||
Senior unsecured debt | $ 553 | 564 | |
Interest rate | 2.125% | ||
Senior Unsecured Notes Due 2028 | |||
Long-Term Debt | |||
Senior unsecured debt | $ 555 | 566 | |
Interest rate | 0.625% | ||
Refunding loan for pollution control and industrial revenue bonds | |||
Long-Term Debt | |||
Other long-term debt | $ 166 | 166 | |
Loans Payable | |||
Long-Term Debt | |||
Other long-term debt | [2] | $ 5 | $ 6 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.30% | 1.30% | |
Minimum | Refunding loan for pollution control and industrial revenue bonds | |||
Long-Term Debt | |||
Interest rate | 4.05% | ||
Maximum | Refunding loan for pollution control and industrial revenue bonds | |||
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 March 31, 2022 and December 31, 2021, respectively. |
Debt (Senior Credit Facilities
Debt (Senior Credit Facilities Narrative) (Details) - Revolving Credit Facility - USD ($) $ in Millions | Mar. 18, 2022 | Mar. 31, 2022 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing base | [1] | $ 1,750 | |
Repayments of lines of credit | 65 | ||
Senior Unsecured Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Repayments of lines of credit | $ 365 | $ 365 | |
[1] | The margin for borrowings under the senior unsecured revolving credit facility was 1.00% to 2.00% above certain interbank rates at current Company credit ratings. |
Debt (Schedule of Revolving Cre
Debt (Schedule of Revolving Credit Facility) (Details) - Revolving Credit Facility - USD ($) $ in Millions | Mar. 18, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | ||||
Revolving credit facility(2) | [1] | $ 300 | $ 200 | |
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility(2) | [2] | 300 | ||
Available for borrowing | [3] | 1,450 | ||
Proceeds from lines of credit | $ 365 | 365 | ||
Repayments of lines of credit | $ (65) | |||
Revolving Credit Facility | Minimum | Variable Interbank Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.00% | |||
Revolving Credit Facility | Maximum | Variable Interbank Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.00% | |||
Senior Unsecured Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Proceeds from lines of credit | $ 165 | |||
Repayments of lines of credit | $ (365) | $ (365) | ||
[1] | The weighted average interest rate was 1.7% and 1.4% as of March 31, 2022 and December 31, 2021, respectively. | |||
[2] | The Company borrowed $365 million under its new senior unsecured revolving credit facility to repay and terminate its previous unsecured revolving credit facility and repaid $65 million under its new senior unsecured revolving credit facility during the three months ended March 31, 2022. The Company borrowed $165 million and repaid $365 million under its previous unsecured revolving credit facility during the three months ended March 31, 2022. | |||
[3] | The margin for borrowings under the senior unsecured revolving credit facility was 1.00% to 2.00% above certain interbank rates at current Company credit ratings. |
Debt (Senior Notes Narrative) (
Debt (Senior Notes Narrative) (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Senior Notes [Abstract] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Debt (Accounts Receivable Secur
Debt (Accounts Receivable Securitization Facility Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
AmendedRestatedReceivableSecuritizationFacility [Member] | Secured Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Percentage of fair value of sales receivables | 100.00% | |
Secured Debt [Member] | AmendedRestatedReceivableSecuritizationFacility [Member] | ||
Line of Credit Facility [Line Items] | ||
Transfer of financial assets accounted for as sales, amount derecognized | $ 262 | $ 1,100 |
Proceeds collected on accounts receivable sold under factoring facilities | 262 | $ 1,100 |
Cash flows between transferor and transferee, proceeds from new transfers | $ 103 |
Debt (Factoring and Discounting
Debt (Factoring and Discounting Agreements Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Europe and Singapore Factoring Agreement | ||
Debt Instrument [Line Items] | ||
Transfer of financial assets accounted for as sales, amount derecognized | $ 69 | $ 230 |
Proceeds collected on accounts receivable sold under factoring facilities | 100 | 185 |
Singapore Discounting Agreement | ||
Debt Instrument [Line Items] | ||
Transfer of financial assets accounted for as sales, amount derecognized | $ 13 | $ 70 |
Benefit Obligations (Schedule o
Benefit Obligations (Schedule of Net Periodic Benefit Costs Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3 | $ 4 |
Interest cost | 17 | 13 |
Expected return on plan assets | (41) | (51) |
Total | (21) | (34) |
Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 0 | 0 |
Expected return on plan assets | 0 | 0 |
Total | $ 0 | $ 0 |
Benefit Obligations (Schedule_2
Benefit Obligations (Schedule of Company Commitments to Fund Benefit Obligations) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Cash Contributions to Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total contributions year-to-date | $ 6 |
Total expected contributions in current fiscal year | 24 |
Other Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total contributions year-to-date | 5 |
Total expected contributions in current fiscal year | 19 |
Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total contributions year-to-date | 1 |
Total expected contributions in current fiscal year | $ 4 |
Environmental (Schedule of Envi
Environmental (Schedule of Environmental Remediation Reserves) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Environmental Remediation Obligations [Abstract] | ||
Demerger obligations (Note 14) | $ 22 | $ 24 |
Divestiture obligations (Note 14) | 14 | 14 |
Active sites | 8 | 8 |
U.S. Superfund sites | 11 | 12 |
Other environmental remediation liabilities | 2 | 2 |
Total | $ 57 | $ 60 |
Environmental (US Superfund Sit
Environmental (US Superfund Sites Narrative) (Details) - Passaic River, New Jersey [Member] $ in Millions | Sep. 30, 2021USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2022 |
Site Contingency [Line Items] | |||
Number of parties included in USEPA order | 70 | ||
Cost of EPA's plan estimate | $ 441 | $ 1,400 | |
Environmental Liability Percentage | 1.00% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 19, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
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 (Schedule
Stockholders' Equity (Schedule of Treasury Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 170 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | |
Class of Stock [Line Items] | |||
Shares repurchased | 0 | 1,831,970 | 69,324,429 |
Average purchase price per share | $ 0 | $ 136.47 | $ 83.71 |
Shares repurchased (in $ millions) | $ 0 | $ 250 | $ 5,803 |
Aggregate Board of Directors repurchase authorizations during the period (in $ millions) | $ 0 | $ 0 | $ 6,866 |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule of Components of Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | ||
Foreign currency translation gain (loss), gross amount | $ (15) | $ 3 |
Foreign currency translation gain (loss), income tax (provision) benefit | (6) | (7) |
Foreign currency translation gain (loss), net | (21) | (4) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 19 | 44 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 4 | 10 |
Gain (loss) on cash flow hedges | 15 | 34 |
Pension and postretirement benefits gain (loss), gross amount | 2 | (4) |
Pension and postretirement benefits gain (loss), income tax (provision) benefit | 0 | 0 |
Pension and postretirement benefits gain (loss), net | 2 | (4) |
Other Comprehensive Income (Loss), before Tax | 6 | 43 |
Income tax (provision) benefit | (10) | (17) |
Total other comprehensive income (loss), net of tax | (4) | 26 |
Other Comprehensive Income (Loss), before Tax | 6 | 43 |
Income tax (provision) benefit | (10) | (17) |
Total other comprehensive income (loss), net of tax | $ (4) | $ 26 |
Stockholders' Equity (Schedul_3
Stockholders' Equity (Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2021 | $ (329) | |
Other comprehensive income (loss) before reclassifications | 4 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 2 | |
Income tax (provision) benefit | (10) | $ (17) |
As of March 31, 2022 | (333) | |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2021 | (271) | |
Other comprehensive income (loss) before reclassifications | (15) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Income tax (provision) benefit | (6) | |
As of March 31, 2022 | (292) | |
Gain (Loss) from Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2021 | (43) | |
Other comprehensive income (loss) before reclassifications | 17 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 2 | |
Income tax (provision) benefit | (4) | |
As of March 31, 2022 | (28) | |
Pension and Postretirement Benefits [Member] | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2021 | (15) | |
Other comprehensive income (loss) before reclassifications | 2 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Income tax (provision) benefit | 0 | |
As of March 31, 2022 | $ (13) |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate) (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 18.00% | 21.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Tax Credit Carryforward [Line Items] | |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 28 |
Derivative Financial Instrume_3
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Net Investment Hedges) (Details) - EUR (€) € in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Nonderivative Instruments | € 1,733 | € 1,653 |
Derivative Financial Instrume_4
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Foreign Currency Forwards) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 691 | $ 663 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 0 | $ 0 |
Gain (Loss) Recognized in Earnings (Loss) | (1) | 3 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | 0 |
Gain (Loss) Recognized in Earnings (Loss) | (1) | 3 |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 17 | 44 |
Gain (Loss) Recognized in Earnings (Loss) | (2) | 0 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 17 | 11 |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | 33 |
Gain (Loss) Recognized in Earnings (Loss) | (2) | 0 |
Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 30 | 44 |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 |
Net Investment Hedging [Member] | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 2 | (6) |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 28 | 50 |
Gain (Loss) Recognized in Earnings (Loss) | $ 0 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Assets [Abstract] | ||
Gross amount recognized | $ 69 | $ 40 |
Gross amount offset in the consolidated balance sheets | 0 | 0 |
Net amount presented in the consolidated balance sheets | 69 | 40 |
Gross amount not offset in the consolidated balance sheets | 7 | 2 |
Net amount | $ 62 | $ 38 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Liabilities [Abstract] | ||
Gross amount recognized | $ 10 | $ 5 |
Gross amount offset in the consolidated balance sheets | 0 | 0 |
Net amount presented in the consolidated balance sheets | 10 | 5 |
Gross amount not offset in the consolidated balance sheets | 7 | 2 |
Net amount | $ 3 | $ 3 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 62 | $ 38 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 69 | 40 |
Total liabilities | (10) | (5) |
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 | 69 | 40 |
Total liabilities | (10) | (5) |
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 | 3 | 2 |
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 | 3 | 2 |
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 | (3) | (3) |
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 | (3) | (3) |
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 | 16 | 8 |
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 | 16 | 8 |
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 | 32 | 23 |
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 | 32 | 23 |
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 | 7 | 2 |
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 | 7 | 2 |
Currency Swap [Member] | Net Investment Hedging [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] | ||
Foreign currency forwards and swaps | 11 | 5 |
Currency Swap [Member] | Net Investment Hedging [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] | ||
Foreign currency forwards and swaps | 0 | 0 |
Currency Swap [Member] | Net Investment Hedging [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] | ||
Foreign currency forwards and swaps | 11 | 5 |
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 | (7) | (2) |
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 | $ (7) | $ (2) |
Fair Value Measurements (Sche_2
Fair Value Measurements (Schedule of Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity investments without readily determinable fair values, carrying amount | $ 170 | $ 170 |
Equity investments without readily determinable fair values, fair value | 0 | 0 |
Insurance contracts in nonqualified trusts, carrying amount | 25 | 28 |
Insurance contracts in nonqualified trusts, fair value | 25 | 28 |
Long-term debt, including current installments of long-term debt, carrying amount | 3,675 | 3,722 |
Long-term debt, including current installments of long-term debt, fair value | 3,567 | 3,812 |
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 | 25 | 28 |
Long-term debt, including current installments of long-term debt, fair value | 3,401 | 3,639 |
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 | $ 166 | $ 173 |
Commitments and Contingencies (
Commitments and Contingencies (Guarantees - Demerger and Divesture Obligations Narrative) (Details) - 269 months ended Mar. 31, 2022 € in Millions, $ in Millions | USD ($) | EUR (€) | USD ($) |
Indemnification Agreements Hoechst | |||
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 | $ | $ 103 | ||
Indemnification percentage, other | 33.33% | 33.33% | |
Divestiture Agreements | |||
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 | Mar. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded unconditional purchase obligations | $ 3.5 |
Segment Information (Schedule o
Segment Information (Schedule of Business Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,538 | $ 1,798 | ||
Other (charges) gains, net (Note 14) | (1) | 6 | ||
Operating profit (loss) | 531 | 326 | ||
Equity in net earnings (loss) of affiliates | 56 | 29 | ||
Depreciation and amortization | 106 | 90 | ||
Capital expenditures | [1] | 114 | 73 | |
Goodwill and intangible assets, net | 2,111 | $ 2,147 | ||
Total assets | 12,426 | 11,975 | ||
Increase (decrease) in accrued capital expenditures | (23) | (19) | ||
Engineered Materials | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 910 | 645 | ||
Acetate Tow | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 125 | 119 | ||
Acetyl Chain | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [2] | 1,503 | 1,034 | |
Operating Segments [Member] | Engineered Materials | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 910 | 645 | ||
Other (charges) gains, net (Note 14) | (1) | 7 | ||
Operating profit (loss) | 124 | 130 | ||
Equity in net earnings (loss) of affiliates | 49 | 25 | ||
Depreciation and amortization | 46 | 35 | ||
Capital expenditures | 30 | 23 | ||
Goodwill and intangible assets, net | 1,684 | 1,714 | ||
Total assets | 5,576 | 5,363 | ||
Operating Segments [Member] | Acetate Tow | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 125 | 119 | ||
Other (charges) gains, net (Note 14) | 0 | 0 | ||
Operating profit (loss) | 4 | 16 | ||
Equity in net earnings (loss) of affiliates | 0 | 0 | ||
Depreciation and amortization | 11 | 10 | ||
Capital expenditures | 8 | 11 | ||
Goodwill and intangible assets, net | 154 | 154 | ||
Total assets | 1,109 | 1,098 | ||
Operating Segments [Member] | Acetyl Chain | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,538 | 1,056 | ||
Other (charges) gains, net (Note 14) | 0 | 0 | ||
Operating profit (loss) | 499 | 251 | ||
Equity in net earnings (loss) of affiliates | 4 | 2 | ||
Depreciation and amortization | 45 | 41 | ||
Capital expenditures | 62 | 33 | ||
Goodwill and intangible assets, net | 273 | 279 | ||
Total assets | 4,504 | 4,428 | ||
Corporate, Non-Segment [Member] | Other Activities | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | ||
Other (charges) gains, net (Note 14) | 0 | (1) | ||
Operating profit (loss) | (96) | (71) | ||
Equity in net earnings (loss) of affiliates | 3 | 2 | ||
Depreciation and amortization | 4 | 4 | ||
Capital expenditures | 14 | 6 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Total assets | 1,237 | 1,086 | ||
Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [3] | (35) | (22) | |
Other (charges) gains, net (Note 14) | 0 | 0 | ||
Operating profit (loss) | 0 | 0 | ||
Equity in net earnings (loss) of affiliates | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Capital expenditures | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Total assets | 0 | $ 0 | ||
Eliminations [Member] | Acetyl Chain | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 35 | $ 22 | ||
[1] | Includes a decrease in accrued capital expenditures of $23 million and $19 million for the three months ended March 31, 2022 and 2021, respectively. | |||
[2] | Excludes intersegment sales of $35 million and $22 million for the three months ended March 31, 2022 and 2021, respectively. | |||
[3] | Includes intersegment sales primarily related to the Acetyl Chain. |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of net sales (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenue, Major Customer [Line Items] | |||
Net sales | $ 2,538 | $ 1,798 | |
Acetyl Chain | |||
Revenue, Major Customer [Line Items] | |||
Net sales | [1] | 1,503 | 1,034 |
Engineered Materials | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 910 | 645 | |
Acetate Tow | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 125 | 119 | |
Intersegment Eliminations [Member] | |||
Revenue, Major Customer [Line Items] | |||
Net sales | [2] | (35) | (22) |
Intersegment Eliminations [Member] | Acetyl Chain | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 35 | 22 | |
North America [Member] | Acetyl Chain | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 400 | 281 | |
North America [Member] | Engineered Materials | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 289 | 164 | |
North America [Member] | Acetate Tow | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 25 | 28 | |
Europe and Africa [Member] | Acetyl Chain | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 533 | 310 | |
Europe and Africa [Member] | Engineered Materials | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 377 | 296 | |
Europe and Africa [Member] | Acetate Tow | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 59 | 68 | |
Asia Pacific [Member] | Acetyl Chain | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 521 | 423 | |
Asia Pacific [Member] | Engineered Materials | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 221 | 164 | |
Asia Pacific [Member] | Acetate Tow | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 40 | 22 | |
South America [Member] | Acetyl Chain | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 49 | 20 | |
South America [Member] | Engineered Materials | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 23 | 21 | |
South America [Member] | Acetate Tow | |||
Revenue, Major Customer [Line Items] | |||
Net sales | $ 1 | $ 1 | |
[1] | Excludes intersegment sales of $35 million and $22 million for the three months ended March 31, 2022 and 2021, respectively. | ||
[2] | Includes intersegment sales primarily related to the Acetyl Chain. |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligations (Details) $ in Millions | Mar. 31, 2022USD ($) |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 797 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 224 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months |
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 | $ 209 |
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]: 2024-01-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 164 |
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 | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Amounts attributable to Celanese Corporation | |||
Earnings (loss) from continuing operations | $ 502 | $ 323 | |
Earnings (loss) from discontinued operations | 0 | (1) | |
Net earnings (loss) | $ 502 | $ 322 | |
Weighted average shares - basic | 108,185,912 | 113,511,369 | |
Incremental shares attributable to equity awards(1) | [1] | 731,665 | 516,776 |
Weighted average shares - diluted | 108,917,577 | 114,028,145 | |
[1] | Excludes 61,297 and 29 equity award shares for the three months ended March 31, 2022 and 2021, respectively, as their effect would have been antidilutive. |
Earnings (Loss) Per Share (Narr
Earnings (Loss) Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 61,297 | 29 |