Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
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 | 109,219,856 | |
Entity Central Index Key | 0001306830 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | CE | |
Security Exchange Name | NYSE | |
1.250% Senior Notes due 2025 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.250% Senior Notes due 2025 | |
Trading Symbol | CE /25 | |
Security Exchange Name | NYSE | |
4.777% Senior Notes due 2026 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 4.777% Senior Notes due 2026 | |
Trading Symbol | CE /26A | |
Security Exchange Name | NYSE | |
2.125% Senior Notes due 2027 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 2.125% Senior Notes due 2027 | |
Trading Symbol | CE /27 | |
Security Exchange Name | NYSE | |
0.625% Senior Notes due 2028 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 0.625% Senior Notes due 2028 | |
Trading Symbol | CE /28 | |
Security Exchange Name | NYSE | |
5.337% Senior Notes due 2029 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.337% Senior Notes due 2029 | |
Trading Symbol | CE /29A | |
Security Exchange Name | NYSE |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statement of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Net sales | $ 2,611 | $ 2,853 |
Cost of sales | (2,057) | (2,222) |
Gross profit | 554 | 631 |
Selling, general and administrative expenses | (265) | (285) |
Amortization of intangible assets | (41) | (41) |
Research and development expenses | (34) | (42) |
Other (charges) gains, net | (14) | (23) |
Foreign exchange gain (loss), net | 11 | 6 |
Gain (loss) on disposition of businesses and assets, net | (1) | 5 |
Operating profit (loss) | 210 | 251 |
Equity in net earnings (loss) of affiliates | 55 | 15 |
Non-operating pension and other postretirement employee benefit (expense) income | 2 | 1 |
Interest expense | (169) | (182) |
Interest income | 13 | 8 |
Dividend income - equity investments | 34 | 34 |
Other income (expense), net | 12 | (6) |
Earnings (loss) from continuing operations before tax | 157 | 121 |
Income tax (provision) benefit | (33) | (25) |
Earnings (loss) from continuing operations | 124 | 96 |
Earnings (loss) from operation of discontinued operations | 0 | (3) |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Earnings (loss) from discontinued operations | 0 | (3) |
Net earnings (loss) | 124 | 93 |
Net (earnings) loss attributable to noncontrolling interests | (3) | (2) |
Net earnings (loss) attributable to Celanese Corporation | 121 | 91 |
Amounts attributable to Celanese Corporation | ||
Earnings (loss) from continuing operations | 121 | 94 |
Earnings (loss) from discontinued operations | 0 | (3) |
Net earnings (loss) | $ 121 | $ 91 |
Earnings (loss) per common share - basic | ||
Continuing operations - basic (in dollars per share) | $ 1.11 | $ 0.87 |
Discontinued operations - basic (in dollars per share) | 0 | (0.03) |
Net earnings (loss) - basic (in dollars per share) | 1.11 | 0.84 |
Earnings (loss) per common share - diluted | ||
Continuing operations - diluted (in dollars per share) | 1.10 | 0.86 |
Discontinued operations - diluted (in dollars per share) | 0 | (0.03) |
Net earnings (loss) - diluted (in dollars per share) | $ 1.10 | $ 0.83 |
Weighted average shares - basic (in shares) | 109,069,060 | 108,634,068 |
Weighted average shares - diluted (in shares) | 109,513,991 | 109,188,266 |
Unaudited Interim Consolidate_2
Unaudited Interim Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net earnings (loss) | $ 124 | $ 93 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation gain (loss) | (54) | 13 |
Gain (loss) on derivative hedges | 2 | 4 |
Pension and postretirement benefits | (1) | (1) |
Total other comprehensive income (loss), net of tax | (53) | 16 |
Total comprehensive income (loss), net of tax | 71 | 109 |
Comprehensive (income) loss attributable to noncontrolling interests | (3) | (2) |
Comprehensive income (loss) attributable to Celanese Corporation | $ 68 | $ 107 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Current Assets | |||
Cash and cash equivalents | $ 1,483 | $ 1,805 | |
Trade receivables - third party and affiliates | 1,289 | 1,243 | |
Non-trade receivables, net | 536 | 541 | |
Inventories | 2,354 | 2,357 | |
Other assets | 283 | 272 | |
Total current assets | 5,945 | 6,218 | |
Investments in affiliates | 1,238 | 1,220 | |
Property, plant and equipment (net of accumulated depreciation - 2024: $4,243; 2023: $4,080) | 5,471 | 5,584 | |
Operating lease right-of-use assets | 396 | 422 | |
Deferred income taxes | 1,618 | 1,677 | |
Other assets | 537 | 524 | |
Goodwill | 6,926 | [1] | 6,977 |
Intangible assets, net | 3,902 | 3,975 | |
Total assets | 26,033 | 26,597 | |
Current Liabilities | |||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 2,439 | 1,383 | |
Trade payables - third party and affiliates | 1,447 | 1,510 | |
Other liabilities | 1,011 | 1,154 | |
Income taxes payable | 28 | 25 | |
Total current liabilities | 4,925 | 4,072 | |
Long-term debt, net of unamortized deferred financing costs | 11,018 | 12,301 | |
Deferred income taxes | 1,016 | 999 | |
Uncertain tax positions | 298 | 300 | |
Benefit obligations | 444 | 457 | |
Operating lease liabilities | 296 | 325 | |
Other liabilities | 505 | 591 | |
Commitments and Contingencies | |||
Shareholders' Equity | |||
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2024 and 2023: 0 issued and outstanding) | 0 | 0 | |
Common stock, $0.0001 par value, 400,000,000 shares authorized (2024: 170,780,600 issued and 109,210,286 outstanding; 2023: 170,476,740 issued and 108,906,426 outstanding) | 0 | 0 | |
Treasury stock, at cost (2024: 61,570,314 shares; 2023: 61,570,314 shares) | (5,488) | (5,488) | |
Additional paid-in capital | 383 | 394 | |
Retained earnings | 12,973 | 12,929 | |
Accumulated other comprehensive income (loss), net | (797) | (744) | |
Total Celanese Corporation shareholders' equity | 7,071 | 7,091 | |
Noncontrolling interests | 460 | 461 | |
Total equity | 7,531 | 7,552 | |
Total liabilities and equity | $ 26,033 | $ 26,597 | |
[1] There were no accumulated impairment losses as of March 31, 2024. |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation, depletion and amortization, property, plant, and equipment | $ 4,243 | $ 4,080 |
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 |
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) | 170,780,600 | 170,476,740 |
Common stock, shares outstanding (in shares) | 109,210,286 | 108,906,426 |
Treasury Stock, Common, Shares | 61,570,314 | 61,570,314 |
Unaudited Interim Consolidate_3
Unaudited Interim Consolidated Statement Equity - USD ($) $ in Millions | Total | Common Stock | Treasury Stock, Common | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net | Noncontrolling Interests |
Balance as of the beginning of the period (in shares) at Dec. 31, 2022 | 108,473,932 | 61,661,493 | |||||
Balance as of the beginning of the period at Dec. 31, 2022 | $ 0 | $ (5,491) | $ 372 | $ 11,274 | $ (518) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock option exercises, shares | 0 | ||||||
Stock option exercises | $ 0 | 0 | |||||
Stock awards (in shares) | 312,806 | ||||||
Stock awards | $ 0 | ||||||
Issuance of treasury stock under stock plans (in shares) | 0 | ||||||
Issuance of treasury stock under stock plans | $ 0 | ||||||
Stock-based compensation, net of tax | (7) | ||||||
Net earnings (loss) attributable to Celanese Corporation | $ 91 | 91 | |||||
Common stock dividends | (76) | ||||||
Other comprehensive income (loss), net of tax | 16 | 16 | |||||
Balance as of the end of the period (in shares) at Mar. 31, 2023 | 108,786,738 | 61,661,493 | |||||
Balance as of the end of the period at Mar. 31, 2023 | 5,661 | $ 0 | $ (5,491) | 365 | 11,289 | (502) | |
Balance as of the beginning of the period, noncontrolling interest at Dec. 31, 2022 | $ 468 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) attributable to noncontrolling interests | 2 | 2 | |||||
Distributions/dividends to noncontrolling interests | (1) | ||||||
Balance as of the end of the period, noncontrolling interest at Mar. 31, 2023 | 469 | ||||||
Balance as of the end of the period at Mar. 31, 2023 | 6,130 | ||||||
Balance as of the beginning of the period (in shares) at Dec. 31, 2023 | 108,906,426 | 61,570,314 | |||||
Balance as of the beginning of the period at Dec. 31, 2023 | 7,091 | $ 0 | $ (5,488) | 394 | 12,929 | (744) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock option exercises, shares | 7,947 | ||||||
Stock option exercises | $ 0 | 1 | |||||
Stock awards (in shares) | 295,913 | ||||||
Stock awards | $ 0 | ||||||
Issuance of treasury stock under stock plans (in shares) | 0 | ||||||
Issuance of treasury stock under stock plans | $ 0 | ||||||
Stock-based compensation, net of tax | (12) | ||||||
Net earnings (loss) attributable to Celanese Corporation | 121 | 121 | |||||
Common stock dividends | (77) | ||||||
Other comprehensive income (loss), net of tax | (53) | (53) | |||||
Balance as of the end of the period (in shares) at Mar. 31, 2024 | 109,210,286 | 61,570,314 | |||||
Balance as of the end of the period at Mar. 31, 2024 | 7,071 | $ 0 | $ (5,488) | $ 383 | $ 12,973 | $ (797) | |
Balance as of the beginning of the period, noncontrolling interest at Dec. 31, 2023 | 461 | 461 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) attributable to noncontrolling interests | 3 | 3 | |||||
Distributions/dividends to noncontrolling interests | (4) | ||||||
Balance as of the end of the period, noncontrolling interest at Mar. 31, 2024 | 460 | $ 460 | |||||
Balance as of the end of the period at Mar. 31, 2024 | $ 7,531 |
Unaudited Interim Consolidate_4
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities | ||
Net earnings (loss) | $ 124 | $ 93 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities | ||
Depreciation, amortization and accretion | 227 | 178 |
Pension and postretirement net periodic benefit cost | 1 | 3 |
Pension and postretirement contributions | (13) | (12) |
Deferred income taxes, net | (6) | 1 |
Gain (Loss) on Disposition of Property Plant Equipment | (1) | 6 |
Stock-based compensation | 10 | 14 |
Undistributed earnings in unconsolidated affiliates | (28) | 25 |
Other, net | 3 | (1) |
Operating cash provided by (used in) discontinued operations | (8) | 1 |
Changes in operating assets and liabilities | ||
Trade receivables - third party and affiliates, net | (55) | (216) |
Inventories | (19) | 45 |
Other assets | 34 | 99 |
Trade payables - third party and affiliates | (21) | (22) |
Other liabilities | (149) | (298) |
Net cash provided by (used in) operating activities | 101 | (96) |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (137) | (164) |
Proceeds from sale of businesses and assets, net | 0 | 9 |
Other, net | (14) | (23) |
Net cash provided by (used in) investing activities | (151) | (178) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | 10 | (300) |
Proceeds from short-term borrowings | 146 | 338 |
Repayments of short-term borrowings | (418) | 0 |
Proceeds from long-term debt | 111 | 0 |
Repayments of long-term debt | 6 | 7 |
Repayments of long-term debt | (6) | (7) |
Stock option exercises | 1 | 0 |
Common stock dividends | (77) | (76) |
Distributions/dividends to noncontrolling interests | (4) | (1) |
Other, net | (22) | (23) |
Net cash provided by (used in) financing activities | (259) | (69) |
Exchange rate effects on cash and cash equivalents | (13) | 2 |
Net increase (decrease) in cash and cash equivalents | (322) | (341) |
Cash and cash equivalents as of beginning of period | 1,805 | 1,508 |
Cash and cash equivalents as of end of period | $ 1,483 | $ 1,167 |
Description of the Company and
Description of the Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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, medical, consumer electronics, energy storage, filtration, paints and coatings, paper and packaging, industrial applications 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, 2024 and 2023 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, 2023, filed on February 23, 2024 with the SEC as part of the Company's Annual Report on Form 10-K. Operating results for the three months ended March 31, 2024 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 shareholders' 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 and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following table provides a brief description of recent Accounting Standard Updates ("ASU") issued by the Financial Accounting Standards Board ("FASB"): Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The new guidance requires an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, the guidance requires an entity to disclose annual income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and disaggregate the information by jurisdiction based on a quantitative threshold. The guidance also requires an entity to disclose income (loss) from continuing operations before income tax expense (benefit) disaggregated between domestic and foreign and income tax expense (benefit) from continuing operations disaggregated by federal (national), state and foreign. Effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption on its financial statement disclosures. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures. The new guidance requires an entity to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within segment profit or loss, as well as an amount of other segment items by reportable segment and a description of its composition. Additionally, the guidance requires an entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The update is required to be applied retrospectively to prior periods presented, based on the significant segment expense categories identified and disclosed in the period of adoption. Effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption on its financial statement disclosures. |
Acquisitions, Dispositions and
Acquisitions, Dispositions and Plant Closures | 3 Months Ended |
Mar. 31, 2024 | |
Acquisitions, Dispositions and Plant Closures [Abstract] | |
Acquisitions, Dispositions and Plant Closures | Acquisitions, Dispositions and Plant Closures Acquisitions • Nutrinova Joint Venture In September 2023, the Company formed a food ingredients joint venture with Mitsui & Co., Ltd. ("Mitsui") under the name Nutrinova. The Company contributed receivables, inventory, property, plant and equipment, certain other assets, liabilities, technology and employees of its food ingredients business while retaining a 30% interest in the joint venture. Mitsui acquired the remaining 70% interest in the food ingredients business for a purchase price of $503 million, subject to transaction adjustments. The Company is accounting for its interest in the joint venture as an equity method investment, and its portion of the results continues to be included in the Engineered Materials segment. A gain on the transaction of $515 million was included in Gain (loss) on disposition of businesses and assets, net in the consolidated statements of operations for the year ended December 31, 2023. Plant Closures • Uentrop, Germany In October 2023, the Company announced the intended closure of its Polyamide 66 ("PA66") and High-Performance Nylon ("HPN") polymerization units at its facility in Uentrop, Germany to optimize production costs across its global network. These operations are included in the Company's Engineered Materials segment. The Company fully ceased operation of the PA66 polymerization unit and partially ceased operation of the HPN polymerization units during the three months ended March 31, 2024. The exit and shutdown costs related to the closure of the PA66 and HPN polymerization units in Uentrop, Germany were as follows: Three Months Ended 2024 (In $ millions) Restructuring (1) 5 Accelerated depreciation expense (2) 37 Total 42 ______________________________ (1) Included in Other (charges) gains, net in the unaudited interim consolidated statements of operations ( Note 1 8 ). (2) Included in Cost of sales in the unaudited interim consolidated statements of operations. The Company expects to incur additional exit and shutdown costs related to the closure of the PA66 and HPN polymerization units in Uentrop, Germany of approximately $36 million, inclusive of estimated employee termination costs, through 2025. • Mechelen, Belgium On February 29, 2024, the Company announced the intended closure of its facility in Mechelen, Belgium to optimize production costs across its global network. This operation is included in the Company's Engineered Materials segment. The Company plans to cease operations in the fourth quarter of 2024. Three Months Ended 2024 (In $ millions) Accelerated depreciation expense (1) 8 Total 8 ______________________________ (1) Included in Cost of sales in the unaudited interim consolidated statements of operations. The Company expects to incur additional exit and shutdown costs related to the closure of the facility at Mechelen, Belgium of approximately $130 million, inclusive of estimated employee termination costs, through 2025. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories As of As of (In $ millions) Finished goods 1,650 1,604 Work-in-process 128 160 Raw materials and supplies 576 593 Total 2,354 2,357 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, net | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net Goodwill Engineered Acetyl Chain Total (In $ millions) As of December 31, 2023 6,602 375 6,977 Exchange rate changes (46) (5) (51) As of March 31, 2024 (1) 6,556 370 6,926 ______________________________ (1) There were no accumulated impairment losses as of March 31, 2024. Intangible Assets, Net Finite-lived intangible assets are as follows: Licenses Customer- Developed Covenants Total (In $ millions) Gross Asset Value As of December 31, 2023 41 2,437 601 55 3,134 Exchange rate changes (1) (28) — — (29) As of March 31, 2024 40 2,409 601 55 3,105 Accumulated Amortization As of December 31, 2023 (38) (639) (95) (42) (814) Amortization — (30) (11) — (41) Exchange rate changes — 9 2 1 12 As of March 31, 2024 (38) (660) (104) (41) (843) Net book value 2 1,749 497 14 2,262 Indefinite-lived intangible assets are as follows: Trademarks (In $ millions) As of December 31, 2023 1,655 Exchange rate changes (15) As of March 31, 2024 1,640 During the three months ended March 31, 2024, the Company did not renew or extend any intangible assets. Estimated amortization expense for the succeeding five fiscal years is as follows: (In $ millions) 2025 161 2026 160 2027 160 2028 160 2029 155 |
Current Other Liabilities
Current Other Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Other Liabilities, Current [Abstract] | |
Current Other Liabilities | Current Other Liabilities As of As of (In $ millions) Benefit obligations ( Note 8 ) 25 25 Customer rebates 76 96 Derivatives ( Note 12 ) 58 90 Interest ( Note 7 ) 194 246 Legal ( Note 14 ) 12 34 Operating leases 86 89 Restructuring ( Note 18 ) 19 18 Salaries and benefits 133 175 Sales and use tax/foreign withholding tax payable 133 128 Investment in affiliates 96 96 Other 179 157 Total 1,011 1,154 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
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 2,348 1,025 Short-term borrowings, including amounts due to affiliates (1) 50 146 Revolving credit facilities (2) 41 212 Total 2,439 1,383 ______________________________ (1) The weighted average interest rate was 2.2% and 2.9% as of March 31, 2024 and December 31, 2023, respectively. (2) The weighted average interest rate was 3.2% and 3.4% as of March 31, 2024 and December 31, 2023, respectively. As of As of (In $ millions) Long-Term Debt Senior unsecured notes due 2024, interest rate of 3.500% 473 473 Senior unsecured notes due 2024, interest rate of 5.900% 527 527 Senior unsecured notes due 2025, interest rate of 1.250% 324 331 Senior unsecured notes due 2025, interest rate of 6.050% 1,000 1,000 Senior unsecured notes due 2026, interest rate of 1.400% 400 400 Senior unsecured notes due 2026, interest rate of 4.777% 1,081 1,105 Senior unsecured notes due 2027, interest rate of 2.125% 539 551 Senior unsecured notes due 2027, interest rate of 6.165% 2,000 2,000 Senior unsecured term loan due 2027 (1) 880 880 Senior unsecured notes due 2028, interest rate of 0.625% 540 552 Senior unsecured notes due 2028, interest rate of 6.350% 1,000 1,000 Senior unsecured notes due 2029, interest rate of 5.337% 540 552 Senior unsecured notes due 2029, interest rate of 6.330% 750 750 Senior unsecured notes due 2030, interest rate of 6.550% 999 999 Senior unsecured notes due 2032, interest rate of 6.379% 1,000 1,000 Senior unsecured notes due 2033, interest rate of 6.700% 1,000 1,000 Pollution control and industrial revenue bonds due at various dates through 2030 (2) 126 127 Bank loan due 2026, interest rate of 2.8% 111 — Bank loans due at various dates through 2030 (3) 5 5 Obligations under finance leases due at various dates through 2054 140 148 Subtotal 13,435 13,400 Unamortized deferred financing costs (4) (69) (74) Current installments of long-term debt (2,348) (1,025) Total 11,018 12,301 ______________________________ (1) The interest rate was 6.922% and 6.943% as of March 31, 2024 and December 31, 2023, respectively. (2) Interest rates range from 4.05% to 5.00%. (3) The weighted average interest rate was 2.7% and 2.6% as of March 31, 2024 and December 31, 2023, respectively. (4) Related to the Company's long-term debt, excluding obligations under finance leases. Senior Credit Facilities In March 2022, Celanese, Celanese U.S. and certain subsidiaries entered into a term loan credit agreement (as amended to date, the "March 2022 U.S. Term Loan Credit Agreement" ), pursuant to which lenders provided a tranche of delayed-draw term loans due 364 days from issuance in an amount equal to $500 million (the "364-day Term Loans") and a tranche of delayed-draw term loans due 5 years from issuance in an amount equal to $1.0 billion (the "5-year Term Loans"). The 364-day Term Loans have been fully repaid . Also in March 2022, Celanese, Celanese U.S. and certain subsidiaries entered into a new revolving credit agreement (as amended to date, the "U.S. Revolving Credit Agreement" and, together with the March 2022 U.S. Term Loan Credit Agreement, the "U.S. Credit Agreements") consisting of a $1.75 billion senior unsecured revolving credit facility (with a letter of credit sublimit), maturing in 2027 (the "U.S. Revolving Credit Facility"). The margin for borrowings under the U.S. Revolving Credit Facility was 1.00% to 2.00% above certain interbank rates at current Company credit ratings. In August 2023, the Company amended certain covenants in the March 2022 U.S. Term Loan Credit Agreement to permit refinancing of certain senior notes without requiring a mandatory prepayment under the March 2022 U.S. Term Loan Credit Agreement. On February 16, 2024 and February 21, 2023, the Company amended certain covenants in the U.S. Credit Agreements, including financial ratio maintenance covenants. The U.S. Credit Agreements are guaranteed by Celanese, Celanese U.S. and domestic subsidiaries together representing substantially all of the Company's U.S. assets and business operations (the "Subsidiary Guarantors"). The Subsidiary Guarantors are listed in Exhibit 22.1 to this Quarterly Report. In January 2023, Celanese (Shanghai) International Trading Co., Ltd ("CSIT"), a fully consolidated subsidiary, entered into a restatement of an existing credit facility agreement (the "China Revolving Credit Agreement") to upsize and modify the facility thereunder to consist of an aggregate CNY1.75 billion uncommitted senior unsecured revolving credit facility available under two tranches (with overdraft, bank guarantee and documentary credit sublimits) (the "China Revolving Credit Facility"). Obligations bear interest at certain fixed and floating rates. The China Revolving Credit Agreement is guaranteed by Celanese U.S. Also in January 2023, CSIT entered into a senior unsecured working capital loan contract for CNY800 million (the "China Working Capital Term Loan Agreement"), payable 12 months from withdrawal date and bearing interest at 0.5% less than certain interbank rates. The loan under the China Working Capital Term Loan Agreement was fully drawn in January 2023 and was supported by a letter of comfort from the Company. The China Working Capital Term Loan Agreement was fully repaid in the three months ended March 31, 2024. In December 2023, Celanese (Nanjing) Chemical Co., Ltd. ("CNC") entered into a senior unsecured working capital loan agreement for CNY800 million, payable on December 25, 2026 and bearing interest at 2.8% (the "CNC Working Capital Loan Agreement," together with the China Revolving Credit Agreement and the China Working Capital Term Loan Agreement, the "China Credit Agreements," and the China Credit Agreements together with the U.S. Credit Agreements, the "Global Credit Agreements"). The loan under the CNC Working Capital Loan Agreement was fully drawn during the three months ended March 31, 2024. The Company expects that the China Credit Agreements will continue to facilitate its efficient repatriation of cash to the U.S. to repay debt and effectively redomicile a portion of its U.S. debt to China at a lower average interest rate. The Company's debt balances and amounts available for borrowing under its senior unsecured revolving credit facilities are as follows: As of (In $ millions) U.S. Revolving Credit Facility Borrowings outstanding — Available for borrowing 1,750 China Revolving Credit Facility Borrowings outstanding 41 Available for borrowing 201 On May 8, 2024, the Company drew $300 million from its U.S. Revolving Credit Facility. This borrowing and cash on hand were used to repay in full the Company's senior unsecured notes due 2024, with an interest rate of 3.500%, due on May 8, 2024. Senior Notes The Company has outstanding senior unsecured notes, issued in public offerings registered under the Securities Act of 1933, as amended (the "Securities Act") (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. In August 2023, Celanese U.S. completed a public offering registered under the Securities Act of senior unsecured notes as follows (collectively, the "2023 Offering"): Maturity Date Aggregate Principal Discount to Par Interest Rate (In $ millions) November 15, 2028 1,000 99.986% 6.350% November 15, 2030 999 99.950% 6.550% November 15, 2033 1,000 99.992% 6.700% In August 2023, Celanese U.S. completed a cash tender offer for $2.25 billion in aggregate principal amount (the "Tender Offer") as follows: Maturity Date Aggregate Principal Amount Tendered Purchase price per $1,000 principal amount Total Tender Offer Consideration Accrued and Unpaid Interest (In $ millions) (In $ millions) June 30, 2024 1,473 $ 999.92 1,473 12 March 15, 2025 750 $ 1,002.85 752 20 April 30, 2024 27 $ 983.95 27 — The net proceeds from the 2023 Offering were used (i) to fund the Tender Offer and (ii) for the repayment of other outstanding indebtedness, including the payment in full of the 364-day Term Loans and certain 3-year term loans pursuant to a term loan credit agreement entered into in September 2022. Accounts Receivable Purchasing Facility In June 2023, 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, 2025. Under the Amended Receivables Purchase Agreement, transfers of U.S. accounts receivable from the SPE are treated as sales and are accounted for as a reduction in accounts receivable because the agreement transfers effective control over and risk related to the U.S. accounts receivable to the SPE. The Company and related subsidiaries have no continuing involvement in the transferred U.S. accounts receivable, other than collection and administrative responsibilities and, once sold, the U.S. accounts receivable are no longer available to satisfy creditors of the Company or the related subsidiaries. These sales are transacted at 100% of the face value of the relevant U.S. accounts receivable, resulting in derecognition of the U.S. accounts receivables from the Company's unaudited consolidated balance sheet. The Company de-recognized $290 million and $1.4 billion of accounts receivable under this agreement for the three months ended March 31, 2024 and year ended December 31, 2023, respectively, and collected $318 million and $1.3 billion of accounts receivable sold under this agreement during the same periods. Unsold U.S. accounts receivable of $153 million were pledged by the SPE as collateral to the Purchasers as of March 31, 2024. 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. The Company also has a factoring agreement in China with a financial institution to sell 100% of certain accounts receivable on a limited 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 material 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 $164 million and $423 million of accounts receivable under these factoring agreements for the three months ended March 31, 2024 and year ended December 31, 2023, respectively, and collected $110 million and $407 million of accounts receivable sold under these factoring agreements during the same periods. In December 2023, the Company entered into a Master Discounting Agreement (the "Master Discounting Agreement") with a financial institution in China to discount, on a non-recourse basis, banker's acceptance drafts ("BADs"), classified as accounts receivable. Under the Master Discounting Agreement, the transfer of BADs are treated as sales and are accounted for as a reduction in accounts receivable because the Master Discounting Agreement transfers effective control over and risk related to the transferred BADs to the financial institution. The Company has no continuing involvement in the transferred BADs and the BADs are no longer available to satisfy creditors in the event of a bankruptcy. The Company received $15 million and $45 million from the accounts receivable transferred under the Master Discounting Agreement as of March 31, 2024 and December 31, 2023, respectively. Covenants The Company's material financing arrangements contain customary covenants, such as events of default and change of control provisions, and in the case of the U.S. Credit Agreements the maintenance of certain financial ratios (subject to adjustment following certain qualifying acquisitions and dispositions, as set forth in the U.S. Credit Agreements, as amended). 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 the covenants in its material financing arrangements as of March 31, 2024. |
Benefit Obligations
Benefit Obligations | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Benefit Obligations | Benefit Obligations The components of net periodic benefit cost are as follows: Three Months Ended March 31, 2024 2023 Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 3 — 4 — Interest cost 31 1 32 — Expected return on plan assets (34) — (33) — Total — 1 3 — Benefit obligation funding is as follows: As of Total Expected 2024 (In $ millions) Cash contributions to defined benefit pension plans 7 29 Benefit payments to nonqualified pension plans 5 19 Benefit payments to other postretirement benefit plans 1 3 The Company's estimates of its U.S. defined benefit pension plan contributions reflect the provisions of the Pension Protection Act of 2006. Pension and postretirement benefit plan balances recognized in the unaudited consolidated balance sheets consist of the following: As of March 31, 2024 As of December 31, 2023 Pension Post-retirement Pension Post-retirement (In $ millions) Noncurrent Other assets 169 — 166 — Current Other liabilities (22) (3) (22) (3) Benefit obligations (402) (37) (415) (37) Net amount recognized (255) (40) (271) (40) |
Environmental
Environmental | 3 Months Ended |
Mar. 31, 2024 | |
Environmental Remediation Obligations [Abstract] | |
Environmental | Environmental The 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 ) 13 14 Divestiture obligations ( Note 14 ) 13 13 Active sites 25 25 U.S. Superfund sites 7 8 Other environmental remediation liabilities 2 2 Total 60 62 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 (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 Study 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 Study Area. In March 2016, the EPA issued its final Record of Decision concerning the remediation of the lower 8.3 miles of the Lower Passaic River Site ("Lower 8.3 Miles"). Pursuant to the EPA's Record of Decision, the Lower 8.3 Miles must be dredged bank to bank and an engineered cap must be installed at an EPA estimated cost of approximately $1.4 billion. In September 2021, the EPA issued a Record of Decision selecting an interim remedial plan for the upper 9 miles of the Lower Passaic River ("Upper 9 Miles"). Pursuant to the EPA's Record of Decision, targeted dredging will be conducted in the Upper 9 Miles to address surface sediments with elevated contamination followed by the installation of an engineered cap at an EPA estimated cost of $441 million. The Company owned and/or operated facilities in the vicinity of the Lower 8.3 Miles, but has found no evidence that it contributed any of the contaminants of concern to the Passaic River. In June 2018, Occidental Chemical Corporation ("OCC"), the successor to the Diamond Alkali Company, sued a subsidiary of the Company and 119 other parties alleging claims for joint and several damages, contribution and declaratory relief under Section 107 and 113 of Superfund for costs to clean up the LPRSA portion of the Diamond Alkali Superfund Site, Occidental Chemical Corporation v. 21st Century Fox America, Inc., et al, No. 2:18-CV-11273 (MCA) (LDW) (U.S. District Court New Jersey) (the "2018 OCC Lawsuit"), alleging that each of the defendants owned or operated a facility that contributed contamination to the LPRSA. With respect to the Company, the 2018 OCC lawsuit is limited to the former Celanese facility that Essex County, New Jersey has agreed to indemnify the Company for and does not change the Company's estimated liability for LPRSA cleanup costs. Separately, the United States lodged a Consent Decree in U.S. District Court for the District of New Jersey in December 2022 that will resolve the Company's liability (and that of more than 80 other settling defendants) to the EPA for costs to clean up both the Lower 8.3 Miles and Upper 9 Miles of the Lower Passaic River Site in exchange for a collective payment of $150 million, United States v. Alden Leeds, Inc., No. 2:22-7326 (MCA) (LDW) (U.S. District Court New Jersey) ("Consent Decree Action"). The Consent Decree also will provide the Company protection from contribution claims by others for costs incurred to clean up both the Lower 8.3 Miles and Upper 9 Miles of the Lower Passaic River Site. The Company's proposed payment toward the $150 million collective settlement payment is not material to the Company's results of operations, cash flows or financial position. The Consent Decree is still subject to public comment and court approval. In March 2023, the U.S. District Court for the District of New Jersey entered an order staying and administratively terminating the 2018 OCC Lawsuit, pending resolution of the request for judicial approval of the Consent Decree in the Consent Decree Action. Also in March 2023, OCC filed a new lawsuit against 40 parties, including a subsidiary of the Company, seeking to recover costs for remedial design work the EPA has ordered OCC to undertake for a portion of the LPRSA at an estimated cost of $71 million, Occidental Chemical Corporation v. Givaudan Fragrances Corporation, No. 2:23-cv-1699 (U.S. District Court New Jersey) (the "2023 OCC Lawsuit"). Like the earlier lawsuit, the 2023 OCC Lawsuit concerns the facility Essex County, New Jersey purchased and for which Essex County, New Jersey has agreed to defend and indemnify the Company. This new lawsuit does not change the Company's estimated liability for LPRSA cleanup costs. The Company will continue to vigorously defend these matters and continues to believe that its ultimate allocable share of the cleanup costs with respect to the Lower Passaic River Site, previously estimated at less than 1%, will not be material. Other Environmental Matters In April 2022, a methanol leak on a pipeline to the Company's Bishop, Texas facility was discovered. The release has been contained, the leak has been repaired and the pipeline has resumed operation. The Company promptly disclosed the incident to state and federal authorities, including the Texas Commission on Environmental Quality and the EPA, and remediation activities are now completed. While the Company has not received a notice of violation nor been assessed any fines or penalties to date, the Company recorded a reserve in Other current liabilities based on anticipated clean-up costs and possible penalties to state or federal authorities. The Company does not believe that resolution of this matter will have a material impact on its financial condition or results of operations. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Shareholders' 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 the Global Credit Agreements 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 $0.70 per share on its Common Stock on April 17, 2024, amounting to $76 million. The cash dividend will be paid on May 13, 2024 to holders of record as of April 29, 2024. 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. Total From Shares repurchased 69,324,429 Average purchase price per share $ 83.71 Shares repurchased (in $ millions) 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 shareholders' equity. The Company did not repurchase any Common Stock during the three months ended March 31, 2024 or 2023. Other Comprehensive Income (Loss), Net Three Months Ended March 31, 2024 2023 Gross Income Net Gross Income Net (In $ millions) Foreign currency translation gain (loss) (27) (27) (54) (4) 17 13 Gain (loss) on derivative hedges 2 — 2 4 — 4 Pension and postretirement benefits gain (loss) (1) — (1) (1) — (1) Total (26) (27) (53) (1) 17 16 Adjustments to Accumulated other comprehensive income (loss), net, are as follows: Foreign Gain (Loss) on Derivative Hedges ( Note 12 ) Pension and Postretirement Benefits Gain (Loss) ( Note 8 ) Accumulated (In $ millions) As of December 31, 2023 (701) (28) (15) (744) Other comprehensive income (loss) before reclassifications (27) 23 (1) (5) Amounts reclassified from accumulated other comprehensive income (loss) — (21) — (21) Income tax (provision) benefit (27) — — (27) As of March 31, 2024 (755) (26) (16) (797) |
Other (Charges) Gains, Net
Other (Charges) Gains, Net | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Other (Charges) Gains, Net | Other (Charges) Gains, Net Three Months Ended 2024 2023 (In $ millions) Restructuring (1) (14) (23) Total (14) (23) ______________________________ (1) Includes employee termination benefits related to Company-wide business optimization projects and the previously announced closure of its polymerization units in Uentrop, Germany ( Note 3 ). The changes in the restructuring liabilities by business segment are as follows: Engineered Acetyl Other Total (In $ millions) Employee Termination Benefits As of December 31, 2023 13 2 3 18 Additions 12 — 3 15 Cash payments (8) (1) (4) (13) Other changes (1) — — (1) As of March 31, 2024 16 1 2 19 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Three Months Ended 2024 2023 (In percentages) Effective income tax rate 21 21 The effective income tax rate for the three months ended March 31, 2024 was consistent with the same period in 2023. The effective income tax rate for the three months ended March 31, 2024 included the tax effects related to internal debt refinancing transactions. The effective income tax rate for the three months ended March 31, 2023 included the impacts of increased valuation allowance on U.S. foreign tax credit carryforwards due to changes in forecasts of foreign sourced income and deductions that did not re-occur in the three months ended March 31, 2024. 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 notices and final and proposed regulatory packages supplementing the TCJA provisions since 2018. There have been no material proposed or final regulatory packages during the three months ended March 31, 2024. In August 2022, the Inflation Reduction Act (the "IRA") was enacted and included a 1% excise tax on share repurchases in excess of $1 million, and a corporate minimum tax of 15% on adjusted book earnings. The corporate minimum tax paid is creditable in future years to the extent regular tax liability exceeds the minimum tax in any given year. The U.S. Treasury issued two sets of proposed regulations related to Section 4501, Excise Tax on Share Repurchase, on April 12, 2024. The Company does not expect these provisions or proposed regulations will have a material impact to future income tax expense. The IRA also provides various beneficial credits for energy efficient related manufacturing, transportation and fuels, hydrogen/carbon recapture and renewable energy, which the Company is evaluating in regard to planned projects. 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 credit carryforwards. The Company is currently evaluating tax planning strategies to enable the use of the Company's foreign tax credit carryforwards that may decrease the Company's effective tax rate in future periods as the valuation allowance is reversed. In December 2021, the Organization for Economic Co-operation and Development ("OECD") issued final Model Rules for Pillars One and Two of its Base Erosion and Profit Shifting ("BEPS") project. In general, Pillar One addresses nexus concerns and the allocation of profits among companies in which a multinational enterprise ("MNE") conducts its business. Pillar Two aims to ensure that all MNEs pay an effective tax rate of no less than 15% on their adjusted net income in each of the jurisdictions in which they have operations. Pillar Two is more impactful to the Company as it allows for assessment even if the individual countries do not enact its minimum tax provisions. In effect, Pillar Two allows any country within which an MNE operates to levy tax upon that MNE to the extent it determines that the MNE is paying less than a 15% effective tax rate on its adjusted net income. The taxes levied may then be allocated among the jurisdictions that conform to the OECD rules. In December 2022, the member states of the European Union ("EU") unanimously voted to adopt the OECD's minimum tax which was agreed to by consensus of the BEPS 2.0 (Pillars One and Two) signatory jurisdictions. Under the EU's minimum tax directive, member states are to adopt domestic legislation implementing the minimum tax rules effective for periods beginning on or after December 31, 2023, with Pillar Two's "under-taxed profit rule" to take effect for periods beginning on or after December 31, 2024. The EU effective dates are January 1, 2024, and January 1, 2025, for different aspects of the directive. Legislatures in multiple countries outside of the EU have also drafted legislation to implement the OECD's minimum tax proposals. In July 2023, the OECD published Administrative Guidance proposing certain safe harbor provisions, including an effective rate test and a routine profits test, which if satisfied effectively will delay effective dates of Pillar Two to January 1, 2027. The EU and a significant number of other countries are expected to implement the safe harbor in local legislation. Based on these safe harbor provisions, the Company currently expects that, in several material jurisdictions, including the U.S., Netherlands, Switzerland, Germany, China, Singapore and Canada, it will qualify for the safe harbor effectively extending the application of the global minimum tax until January 1, 2027. The Company will continue to monitor the developments and implementation of the OECD BEPS projects. Currently the Company does not meet the requirements for the application of Pillar One. The Company analyzed the application of the safe harbor provisions and does not expect a material impact in 2024 from the local adoption of the OECD Pillar Two proposals, but is continuing to model the effect of these provisions on its future effective tax rate and cash taxes. The Company's tax returns have been under audit for the years 2013 through 2015 by the United States, 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 proposed to apply these adjustments to open tax years through 2019. The Company and the Authorities were unable to reach an agreement jointly and therefore the audits continued on a separate jurisdictional basis. In the fourth quarter of 2022, the Company concluded settlement discussions with the Dutch tax authority. The Company is engaged in continuing discussions with the other Authorities and is currently evaluating all additional potential remedies regarding the ongoing examinations. In addition, the Company's income tax returns in Mexico are under audit for the year 2018, and in Canada for the years 2016 through 2022. In August 2023, the Company negotiated a partial settlement with the Mexico tax authority for its audit for the year 2018. The partial settlement did not have a material impact on income tax expense in the consolidated statements of operations for the year ended December 31, 2023. In September 2023, the Canadian tax authority opened tax audits for the years 2019 through 2022, and the audits are in the preliminary stages. The Company is in ongoing discussions regarding the audit findings with the Canadian tax authority for the years 2016 through 2018 and does not expect a material impact to income tax expense. As of March 31, 2024, the Company believes that an adequate provision for income taxes has been made for all open tax years related to the examinations by government authorities. However, the outcome of tax audits cannot be predicted with certainty. If any issues raised in the audits described above are resolved in a manner inconsistent with the Company's expectations or the Company is unsuccessful in defending its positions, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. If required, any such adjustments could be material to the statements of operations and cash flows in the period(s) recorded. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments 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 2024 2023 2024 2023 (In $ millions) Designated as Cash Flow Hedges Commodity swaps 3 — (1) 1 Cost of sales Interest rate swaps — — (2) (2) Interest expense Foreign currency forwards — 2 — (1) Cost of sales Total 3 2 (3) (2) Designated as Fair Value Hedges Cross-currency swaps (1) 19 — 24 — Foreign exchange gain (loss), net Designated as Net Investment Hedges Foreign currency denominated debt 67 (56) — — N/A Cross-currency swaps 70 (19) — — N/A Total 137 (75) — — Not Designated as Hedges Foreign currency forwards and swaps — — 16 2 Foreign exchange gain (loss), net; Other income (expense), net ______________________________ (1) In conjunction with the 2023 Offering ( Note 7 ) in August 2023, the Company entered into a cross-currency swap to effectively convert $500 million of the issued notes into a Japanese yen-denominated borrowing at prevailing yen interest rates, maturing on July 15, 2029. The swap qualifies and has been designated as a fair value hedge of the Company's foreign currency exchange rate exposure on the long-term debt of its Japanese yen-denominated subsidiary. Additionally, in conjunction with the 2023 Offering ( Note 7 ) in August 2023, the Company entered into cross-currency swaps to effectively convert $1.0 billion of the issued notes into 5-year and 7-year euro-denominated borrowings at prevailing euro interest rates, maturing on November 15, 2028 and November 15, 2030, respectively. The swaps qualify and have been designated as fair value hedges of the Company's foreign currency exchange rate exposure on the long-term debt of its euro-denominated subsidiary. 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 201 183 Gross amount offset in the consolidated balance sheets — — Net amount presented in the consolidated balance sheets 201 183 Gross amount not offset in the consolidated balance sheets 32 40 Net amount 169 143 As of As of (In $ millions) Derivative Liabilities Gross amount recognized 316 440 Gross amount offset in the consolidated balance sheets — — Net amount presented in the consolidated balance sheets 316 440 Gross amount not offset in the consolidated balance sheets 32 40 Net amount 284 400 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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 Significant Other Observable Inputs (Level 2) Other assets Other liabilities Notional Amount Current Noncurrent Current Noncurrent (In millions) (In $ millions) As of March 31, 2024 Derivatives Designated as Cash Flow Hedges Commodity swaps $ 59 5 40 2 — Designated as Fair Value Hedges Cross-currency swaps $ 1,500 54 2 22 16 Derivatives Designated as Net Investment Hedges Cross-currency swaps € 5,712 77 — 29 230 Derivatives Not Designated as Hedges Foreign currency forwards and swaps $ 2,137 23 — 5 12 Total 159 42 58 258 As of December 31, 2023 Derivatives Designated as Cash Flow Hedges Commodity swaps $ 67 5 36 2 — Designated as Fair Value Hedges Cross-currency swaps $ 1,500 40 — 11 61 Derivatives Designated as Net Investment Hedges Cross-currency swaps € 5,712 93 — 61 281 Derivatives Not Designated as Hedges Foreign currency forwards and swaps $ 1,954 9 — 16 8 Total 147 36 90 350 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, 2024 Equity investments without readily determinable fair values 170 — — — Insurance contracts in nonqualified trusts 18 18 — 18 Long-term debt, including current installments of long-term debt 13,435 13,472 140 13,612 As of December 31, 2023 Equity investments without readily determinable fair values 170 — — — Insurance contracts in nonqualified trusts 21 21 — 21 Long-term debt, including current installments of long-term debt 13,400 13,514 148 13,662 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 in the unaudited consolidated balance sheets, 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, 2024 and December 31, 2023, the fair values of cash and cash equivalents, receivables, trade payables, short-term borrowings and the current installments of long-term debt approximate carrying values due to the short-term nature of these instruments. These items have been excluded from the table with the exception of the current installments of long-term debt. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 are $114 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, 2024. 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, 2024, the Company had unconditional purchase obligations of $4.2 billion, of which $530 million will be paid in 2024, $592 million in 2025, $483 million in 2026, $429 million in 2027, $289 million in 2028 and the balance thereafter 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, 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 shareholders, 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. As previously reported, in July 2020, the Company settled a European Commission competition law investigation involving certain of its subsidiaries and three other companies related to certain past ethylene purchases. Shell Chemicals Europe and another group of corporate claimants have filed claims for damages with the District Court of Amsterdam against four companies, including Celanese, arising from those activities, and the first court hearing was held in late September 2023. The Company intends to vigorously defend itself against these claims. While it is possible that additional parties could assert demands or claims related to this matter, based on information available at this time, the Company does not expect ultimate resolution of this matter to have a material impact on its financial condition or results of operations. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Engineered Acetyl Other Eliminations Consolidated (In $ millions) Three Months Ended March 31, 2024 Net sales 1,378 1,261 — (28) (1) 2,611 Other (charges) gains, net ( Note 18 ) (11) — (3) — (14) Operating profit (loss) 89 254 (133) — 210 Equity in net earnings (loss) of affiliates 49 2 4 — 55 Depreciation and amortization 147 57 17 — 221 Capital expenditures 37 40 28 — 105 (2) As of March 31, 2024 Goodwill and intangible assets, net 10,407 421 — — 10,828 Total assets 17,620 5,520 2,893 — 26,033 Three Months Ended March 31, 2023 Net sales 1,630 1,250 — (27) (1) 2,853 Other (charges) gains, net ( Note 18 ) (21) (1) (1) — (23) Operating profit (loss) 112 278 (139) — 251 Equity in net earnings (loss) of affiliates 11 1 3 — 15 Depreciation and amortization 112 54 6 — 172 Capital expenditures 45 51 12 — 108 (2) As of December 31, 2023 Goodwill and intangible assets, net 10,525 427 — — 10,952 Total assets 17,930 5,538 3,129 — 26,597 ______________________________ (1) Includes intersegment sales primarily related to the Acetyl Chain. (2) Includes a decrease in accrued capital expenditures of $32 million and $56 million for the three months ended March 31, 2024 and 2023, respectively. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition | 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, 2024, the Company had $1.3 billion of remaining performance obligations related to take-or-pay contracts. The Company expects to recognize approximately $458 million of its remaining performance obligations as Net sales in 2024, $423 million in 2025, $195 million in 2026 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, 2024. 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 that are solutions-based and are tailored to each customer's 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. The Company manages its Acetyl Chain business segment by leveraging its ability to sell chemicals externally to end-use markets or downstream to its acetate tow, intermediate chemistry, emulsion polymers, redispersible powders and ethylene vinyl acetate 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 2024 2023 (In $ millions) Engineered Materials North America 372 479 Europe and Africa 456 560 Asia-Pacific 516 548 South America 34 43 Total 1,378 1,630 Acetyl Chain North America 388 365 Europe and Africa 423 460 Asia-Pacific 394 367 South America 28 31 Total (1) 1,233 1,223 ______________________________ (1) Excludes intersegment sales of $28 million and $27 million for the three months ended March 31, 2024 and 2023, respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Three Months Ended 2024 2023 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 121 94 Earnings (loss) from discontinued operations — (3) Net earnings (loss) 121 91 Weighted average shares - basic 109,069,060 108,634,068 Incremental shares attributable to equity awards (1) 444,931 554,198 Weighted average shares - diluted 109,513,991 109,188,266 ______________________________ (1) Excludes stock options to purchase 68,415, and 86,194 shares of Common Stock for the three months ended March 31, 2024 and 2023, respectively; and 0 and 72,574 equity award shares for the three months ended March 31, 2024 and 2023, respectively, as their effect would have been antidilutive. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net earnings (loss) attributable to Celanese Corporation | $ 121 | $ 91 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Recent Accounting Pronouncements [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 and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy | The following table provides a brief description of recent Accounting Standard Updates ("ASU") issued by the Financial Accounting Standards Board ("FASB"): Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The new guidance requires an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, the guidance requires an entity to disclose annual income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and disaggregate the information by jurisdiction based on a quantitative threshold. The guidance also requires an entity to disclose income (loss) from continuing operations before income tax expense (benefit) disaggregated between domestic and foreign and income tax expense (benefit) from continuing operations disaggregated by federal (national), state and foreign. Effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption on its financial statement disclosures. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures. The new guidance requires an entity to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within segment profit or loss, as well as an amount of other segment items by reportable segment and a description of its composition. Additionally, the guidance requires an entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The update is required to be applied retrospectively to prior periods presented, based on the significant segment expense categories identified and disclosed in the period of adoption. Effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption on its financial statement disclosures. |
Acquisitions, Dispositions an_2
Acquisitions, Dispositions and Plant Closures Plant Closures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Plant Closures [Abstract] | |
Schedule of Exit and Shutdown Cost Related to Closure | The exit and shutdown costs related to the closure of the PA66 and HPN polymerization units in Uentrop, Germany were as follows: Three Months Ended 2024 (In $ millions) Restructuring (1) 5 Accelerated depreciation expense (2) 37 Total 42 ______________________________ (1) Included in Other (charges) gains, net in the unaudited interim consolidated statements of operations ( Note 1 8 ). (2) Included in Cost of sales in the unaudited interim consolidated statements of operations. Three Months Ended 2024 (In $ millions) Accelerated depreciation expense (1) 8 Total 8 ______________________________ (1) Included in Cost of sales in the unaudited interim consolidated statements of operations. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of As of (In $ millions) Finished goods 1,650 1,604 Work-in-process 128 160 Raw materials and supplies 576 593 Total 2,354 2,357 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Engineered Acetyl Chain Total (In $ millions) As of December 31, 2023 6,602 375 6,977 Exchange rate changes (46) (5) (51) As of March 31, 2024 (1) 6,556 370 6,926 ______________________________ (1) There were no accumulated impairment losses as of March 31, 2024. |
Schedule of Finite-Lived Intangible Assets | Finite-lived intangible assets are as follows: Licenses Customer- Developed Covenants Total (In $ millions) Gross Asset Value As of December 31, 2023 41 2,437 601 55 3,134 Exchange rate changes (1) (28) — — (29) As of March 31, 2024 40 2,409 601 55 3,105 Accumulated Amortization As of December 31, 2023 (38) (639) (95) (42) (814) Amortization — (30) (11) — (41) Exchange rate changes — 9 2 1 12 As of March 31, 2024 (38) (660) (104) (41) (843) Net book value 2 1,749 497 14 2,262 |
Schedule of Indefinite-Lived Intangible Assets | Indefinite-lived intangible assets are as follows: Trademarks (In $ millions) As of December 31, 2023 1,655 Exchange rate changes (15) As of March 31, 2024 1,640 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense for the succeeding five fiscal years is as follows: (In $ millions) 2025 161 2026 160 2027 160 2028 160 2029 155 |
Current Other Liabilities (Tabl
Current Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Liabilities, Current [Abstract] | |
Schedule of Current Other Liabilities | As of As of (In $ millions) Benefit obligations ( Note 8 ) 25 25 Customer rebates 76 96 Derivatives ( Note 12 ) 58 90 Interest ( Note 7 ) 194 246 Legal ( Note 14 ) 12 34 Operating leases 86 89 Restructuring ( Note 18 ) 19 18 Salaries and benefits 133 175 Sales and use tax/foreign withholding tax payable 133 128 Investment in affiliates 96 96 Other 179 157 Total 1,011 1,154 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 2,348 1,025 Short-term borrowings, including amounts due to affiliates (1) 50 146 Revolving credit facilities (2) 41 212 Total 2,439 1,383 ______________________________ (1) The weighted average interest rate was 2.2% and 2.9% as of March 31, 2024 and December 31, 2023, respectively. (2) The weighted average interest rate was 3.2% and 3.4% as of March 31, 2024 and December 31, 2023, respectively. |
Schedule of Long-term Debt | As of As of (In $ millions) Long-Term Debt Senior unsecured notes due 2024, interest rate of 3.500% 473 473 Senior unsecured notes due 2024, interest rate of 5.900% 527 527 Senior unsecured notes due 2025, interest rate of 1.250% 324 331 Senior unsecured notes due 2025, interest rate of 6.050% 1,000 1,000 Senior unsecured notes due 2026, interest rate of 1.400% 400 400 Senior unsecured notes due 2026, interest rate of 4.777% 1,081 1,105 Senior unsecured notes due 2027, interest rate of 2.125% 539 551 Senior unsecured notes due 2027, interest rate of 6.165% 2,000 2,000 Senior unsecured term loan due 2027 (1) 880 880 Senior unsecured notes due 2028, interest rate of 0.625% 540 552 Senior unsecured notes due 2028, interest rate of 6.350% 1,000 1,000 Senior unsecured notes due 2029, interest rate of 5.337% 540 552 Senior unsecured notes due 2029, interest rate of 6.330% 750 750 Senior unsecured notes due 2030, interest rate of 6.550% 999 999 Senior unsecured notes due 2032, interest rate of 6.379% 1,000 1,000 Senior unsecured notes due 2033, interest rate of 6.700% 1,000 1,000 Pollution control and industrial revenue bonds due at various dates through 2030 (2) 126 127 Bank loan due 2026, interest rate of 2.8% 111 — Bank loans due at various dates through 2030 (3) 5 5 Obligations under finance leases due at various dates through 2054 140 148 Subtotal 13,435 13,400 Unamortized deferred financing costs (4) (69) (74) Current installments of long-term debt (2,348) (1,025) Total 11,018 12,301 ______________________________ (1) The interest rate was 6.922% and 6.943% as of March 31, 2024 and December 31, 2023, respectively. (2) Interest rates range from 4.05% to 5.00%. (3) The weighted average interest rate was 2.7% and 2.6% as of March 31, 2024 and December 31, 2023, respectively. (4) 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 senior unsecured revolving credit facilities are as follows: As of (In $ millions) U.S. Revolving Credit Facility Borrowings outstanding — Available for borrowing 1,750 China Revolving Credit Facility Borrowings outstanding 41 Available for borrowing 201 |
Schedule of Senior Unsecured Notes Offering | In August 2023, Celanese U.S. completed a public offering registered under the Securities Act of senior unsecured notes as follows (collectively, the "2023 Offering"): Maturity Date Aggregate Principal Discount to Par Interest Rate (In $ millions) November 15, 2028 1,000 99.986% 6.350% November 15, 2030 999 99.950% 6.550% November 15, 2033 1,000 99.992% 6.700% |
Schedule of Cash Tender Offer | In August 2023, Celanese U.S. completed a cash tender offer for $2.25 billion in aggregate principal amount (the "Tender Offer") as follows: Maturity Date Aggregate Principal Amount Tendered Purchase price per $1,000 principal amount Total Tender Offer Consideration Accrued and Unpaid Interest (In $ millions) (In $ millions) June 30, 2024 1,473 $ 999.92 1,473 12 March 15, 2025 750 $ 1,002.85 752 20 April 30, 2024 27 $ 983.95 27 — |
Benefit Obligations (Tables)
Benefit Obligations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Pension Post-retirement Pension Post-retirement (In $ millions) Service cost 3 — 4 — Interest cost 31 1 32 — Expected return on plan assets (34) — (33) — Total — 1 3 — |
Schedule of Company Commitments to Fund Benefit Obligations | Benefit obligation funding is as follows: As of Total Expected 2024 (In $ millions) Cash contributions to defined benefit pension plans 7 29 Benefit payments to nonqualified pension plans 5 19 Benefit payments to other postretirement benefit plans 1 3 |
Schedule of Defined Benefit Plans Disclosures | Pension and postretirement benefit plan balances recognized in the unaudited consolidated balance sheets consist of the following: As of March 31, 2024 As of December 31, 2023 Pension Post-retirement Pension Post-retirement (In $ millions) Noncurrent Other assets 169 — 166 — Current Other liabilities (22) (3) (22) (3) Benefit obligations (402) (37) (415) (37) Net amount recognized (255) (40) (271) (40) |
Environmental (Tables)
Environmental (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 ) 13 14 Divestiture obligations ( Note 14 ) 13 13 Active sites 25 25 U.S. Superfund sites 7 8 Other environmental remediation liabilities 2 2 Total 60 62 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Treasury Stock | Total From Shares repurchased 69,324,429 Average purchase price per share $ 83.71 Shares repurchased (in $ millions) 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, 2024 2023 Gross Income Net Gross Income Net (In $ millions) Foreign currency translation gain (loss) (27) (27) (54) (4) 17 13 Gain (loss) on derivative hedges 2 — 2 4 — 4 Pension and postretirement benefits gain (loss) (1) — (1) (1) — (1) Total (26) (27) (53) (1) 17 16 |
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 Derivative Hedges ( Note 12 ) Pension and Postretirement Benefits Gain (Loss) ( Note 8 ) Accumulated (In $ millions) As of December 31, 2023 (701) (28) (15) (744) Other comprehensive income (loss) before reclassifications (27) 23 (1) (5) Amounts reclassified from accumulated other comprehensive income (loss) — (21) — (21) Income tax (provision) benefit (27) — — (27) As of March 31, 2024 (755) (26) (16) (797) |
Other (Charges) Gains, Net (Tab
Other (Charges) Gains, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Other (Charges) Gains, Net | Three Months Ended 2024 2023 (In $ millions) Restructuring (1) (14) (23) Total (14) (23) ______________________________ (1) Includes employee termination benefits related to Company-wide business optimization projects and the previously announced closure of its polymerization units in Uentrop, Germany ( Note 3 ). |
Schedule of Restructuring Reserve by Type of Cost | The changes in the restructuring liabilities by business segment are as follows: Engineered Acetyl Other Total (In $ millions) Employee Termination Benefits As of December 31, 2023 13 2 3 18 Additions 12 — 3 15 Cash payments (8) (1) (4) (13) Other changes (1) — — (1) As of March 31, 2024 16 1 2 19 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Tax Rate | Three Months Ended 2024 2023 (In percentages) Effective income tax rate 21 21 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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 2024 2023 2024 2023 (In $ millions) Designated as Cash Flow Hedges Commodity swaps 3 — (1) 1 Cost of sales Interest rate swaps — — (2) (2) Interest expense Foreign currency forwards — 2 — (1) Cost of sales Total 3 2 (3) (2) Designated as Fair Value Hedges Cross-currency swaps (1) 19 — 24 — Foreign exchange gain (loss), net Designated as Net Investment Hedges Foreign currency denominated debt 67 (56) — — N/A Cross-currency swaps 70 (19) — — N/A Total 137 (75) — — Not Designated as Hedges Foreign currency forwards and swaps — — 16 2 Foreign exchange gain (loss), net; Other income (expense), net ______________________________ (1) In conjunction with the 2023 Offering ( Note 7 ) in August 2023, the Company entered into a cross-currency swap to effectively convert $500 million of the issued notes into a Japanese yen-denominated borrowing at prevailing yen interest rates, maturing on July 15, 2029. The swap qualifies and has been designated as a fair value hedge of the Company's foreign currency exchange rate exposure on the long-term debt of its Japanese yen-denominated subsidiary. Additionally, in conjunction with the 2023 Offering ( Note 7 ) in August 2023, the Company entered into cross-currency swaps to effectively convert $1.0 billion of the issued notes into 5-year and 7-year euro-denominated borrowings at prevailing euro interest rates, maturing on November 15, 2028 and November 15, 2030, respectively. The swaps qualify and have been designated as fair value hedges of the Company's foreign currency exchange rate exposure on the long-term debt of its euro-denominated subsidiary. |
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 201 183 Gross amount offset in the consolidated balance sheets — — Net amount presented in the consolidated balance sheets 201 183 Gross amount not offset in the consolidated balance sheets 32 40 Net amount 169 143 |
Offsetting Liabilities | As of As of (In $ millions) Derivative Liabilities Gross amount recognized 316 440 Gross amount offset in the consolidated balance sheets — — Net amount presented in the consolidated balance sheets 316 440 Gross amount not offset in the consolidated balance sheets 32 40 Net amount 284 400 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | 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 Significant Other Observable Inputs (Level 2) Other assets Other liabilities Notional Amount Current Noncurrent Current Noncurrent (In millions) (In $ millions) As of March 31, 2024 Derivatives Designated as Cash Flow Hedges Commodity swaps $ 59 5 40 2 — Designated as Fair Value Hedges Cross-currency swaps $ 1,500 54 2 22 16 Derivatives Designated as Net Investment Hedges Cross-currency swaps € 5,712 77 — 29 230 Derivatives Not Designated as Hedges Foreign currency forwards and swaps $ 2,137 23 — 5 12 Total 159 42 58 258 As of December 31, 2023 Derivatives Designated as Cash Flow Hedges Commodity swaps $ 67 5 36 2 — Designated as Fair Value Hedges Cross-currency swaps $ 1,500 40 — 11 61 Derivatives Designated as Net Investment Hedges Cross-currency swaps € 5,712 93 — 61 281 Derivatives Not Designated as Hedges Foreign currency forwards and swaps $ 1,954 9 — 16 8 Total 147 36 90 350 |
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, 2024 Equity investments without readily determinable fair values 170 — — — Insurance contracts in nonqualified trusts 18 18 — 18 Long-term debt, including current installments of long-term debt 13,435 13,472 140 13,612 As of December 31, 2023 Equity investments without readily determinable fair values 170 — — — Insurance contracts in nonqualified trusts 21 21 — 21 Long-term debt, including current installments of long-term debt 13,400 13,514 148 13,662 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Business Segments | Engineered Acetyl Other Eliminations Consolidated (In $ millions) Three Months Ended March 31, 2024 Net sales 1,378 1,261 — (28) (1) 2,611 Other (charges) gains, net ( Note 18 ) (11) — (3) — (14) Operating profit (loss) 89 254 (133) — 210 Equity in net earnings (loss) of affiliates 49 2 4 — 55 Depreciation and amortization 147 57 17 — 221 Capital expenditures 37 40 28 — 105 (2) As of March 31, 2024 Goodwill and intangible assets, net 10,407 421 — — 10,828 Total assets 17,620 5,520 2,893 — 26,033 Three Months Ended March 31, 2023 Net sales 1,630 1,250 — (27) (1) 2,853 Other (charges) gains, net ( Note 18 ) (21) (1) (1) — (23) Operating profit (loss) 112 278 (139) — 251 Equity in net earnings (loss) of affiliates 11 1 3 — 15 Depreciation and amortization 112 54 6 — 172 Capital expenditures 45 51 12 — 108 (2) As of December 31, 2023 Goodwill and intangible assets, net 10,525 427 — — 10,952 Total assets 17,930 5,538 3,129 — 26,597 ______________________________ (1) Includes intersegment sales primarily related to the Acetyl Chain. (2) Includes a decrease in accrued capital expenditures of $32 million and $56 million for the three months ended March 31, 2024 and 2023, respectively. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue | Further disaggregation of Net sales by business segment and geographic destination is as follows: Three Months Ended 2024 2023 (In $ millions) Engineered Materials North America 372 479 Europe and Africa 456 560 Asia-Pacific 516 548 South America 34 43 Total 1,378 1,630 Acetyl Chain North America 388 365 Europe and Africa 423 460 Asia-Pacific 394 367 South America 28 31 Total (1) 1,233 1,223 ______________________________ (1) Excludes intersegment sales of $28 million and $27 million for the three months ended March 31, 2024 and 2023, respectively. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share | Three Months Ended 2024 2023 (In $ millions, except share data) Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 121 94 Earnings (loss) from discontinued operations — (3) Net earnings (loss) 121 91 Weighted average shares - basic 109,069,060 108,634,068 Incremental shares attributable to equity awards (1) 444,931 554,198 Weighted average shares - diluted 109,513,991 109,188,266 ______________________________ (1) Excludes stock options to purchase 68,415, and 86,194 shares of Common Stock for the three months ended March 31, 2024 and 2023, respectively; and 0 and 72,574 equity award shares for the three months ended March 31, 2024 and 2023, respectively, as their effect would have been antidilutive. |
Description of the Company an_2
Description of the Company and Basis of Presentation (Narrative) (Details) | Mar. 31, 2024 |
Consolidated Ventures | |
Variable Interest Entity [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 100% |
Acquisitions, Dispositions an_3
Acquisitions, Dispositions and Plant Closures Plant Closures - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | |||
Proceeds from sale of businesses and assets, net | $ 0 | $ 9 | |
Gain (loss) on disposition of businesses and assets, net | (1) | $ 5 | |
Uentrop, Germany | Engineered Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost | 36 | ||
Mechelen, Belgium | Engineered Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost | $ 130 | ||
Nutrinova Joint Venture | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain (loss) on disposition of businesses and assets, net | $ 515 | ||
Celanese Corporation | Nutrinova Joint Venture | |||
Restructuring Cost and Reserve [Line Items] | |||
Equity method investment, ownership percentage | 30% | ||
Mitsui & Co. Ltd. | Nutrinova Joint Venture | |||
Restructuring Cost and Reserve [Line Items] | |||
Equity method investment, ownership percentage | 70% | ||
Proceeds from sale of businesses and assets, net | $ 503 |
Acquisitions, Dispositions an_4
Acquisitions, Dispositions and Plant Closures Plant Closures - Schedule of Exit and Shutdown Cost Related to Closure (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Restructuring Cost and Reserve [Line Items] | ||||
One Time Termination Benefits | $ 14 | [1] | $ 23 | |
Uentrop, Germany | Engineered Materials | ||||
Restructuring Cost and Reserve [Line Items] | ||||
One Time Termination Benefits | [2] | 5 | ||
Accelerated depreciation expense | [3] | 37 | ||
Plant Shutdown Costs | 42 | |||
Mechelen, Belgium | Engineered Materials | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation expense | [4] | 8 | ||
Plant Shutdown Costs | $ 8 | |||
[1] Includes employee termination benefits related to Company-wide business optimization projects and the previously announced closure of its polymerization units in Uentrop, Germany ( Note 3 ). Included in Other (charges) gains, net in the unaudited interim consolidated statements of operations ( Note 1 8 ). Included in Cost of sales in the unaudited interim consolidated statements of operations. Included in Cost of sales in the unaudited interim consolidated statements of operations. |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 1,650 | $ 1,604 |
Work-in-process | 128 | 160 |
Raw materials and supplies | 576 | 593 |
Total | $ 2,354 | $ 2,357 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) | ||
Goodwill [Line Items] | ||
As of December 31, 2023 | $ 6,977 | |
Exchange rate changes | (51) | |
As of March 31, 2024(1) | 6,926 | [1] |
Goodwill, impaired, accumulated impairment loss | 0 | |
Engineered Materials | ||
Goodwill [Line Items] | ||
As of December 31, 2023 | 6,602 | |
Exchange rate changes | (46) | |
As of March 31, 2024(1) | 6,556 | [1] |
Acetyl Chain | ||
Goodwill [Line Items] | ||
As of December 31, 2023 | 375 | |
Exchange rate changes | (5) | |
As of March 31, 2024(1) | $ 370 | [1] |
[1] There were no accumulated impairment losses as of March 31, 2024. |
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, 2024 | Mar. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2023 | $ 3,134 | |
Exchange rate changes | (29) | |
As of March 31, 2024 | 3,105 | |
As of December 31, 2023 | (814) | |
Amortization | (41) | $ (41) |
Exchange rate changes | 12 | |
As of March 31, 2024 | (843) | |
Net book value | 2,262 | |
Finite-Lived Intangible Assets, Cost Incurred to Renew or Extend | 0 | |
Licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2023 | 41 | |
Exchange rate changes | (1) | |
As of March 31, 2024 | 40 | |
As of December 31, 2023 | (38) | |
Amortization | 0 | |
Exchange rate changes | 0 | |
As of March 31, 2024 | (38) | |
Net book value | 2 | |
Customer- Related Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2023 | 2,437 | |
Exchange rate changes | (28) | |
As of March 31, 2024 | 2,409 | |
As of December 31, 2023 | (639) | |
Amortization | (30) | |
Exchange rate changes | 9 | |
As of March 31, 2024 | (660) | |
Net book value | 1,749 | |
Developed Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2023 | 601 | |
Exchange rate changes | 0 | |
As of March 31, 2024 | 601 | |
As of December 31, 2023 | (95) | |
Amortization | (11) | |
Exchange rate changes | 2 | |
As of March 31, 2024 | (104) | |
Net book value | 497 | |
Covenants Not to Compete and Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2023 | 55 | |
Exchange rate changes | 0 | |
As of March 31, 2024 | 55 | |
As of December 31, 2023 | (42) | |
Amortization | 0 | |
Exchange rate changes | 1 | |
As of March 31, 2024 | (41) | |
Net book value | $ 14 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Schedule of Indefinite-Lived Intangible Assets (Details) - Trademarks and Trade Names $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
As of December 31, 2023 | $ 1,655 |
Exchange rate changes | (15) |
As of March 31, 2024 | $ 1,640 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2025 | $ 161 |
2026 | 160 |
2027 | 160 |
2028 | 160 |
2029 | $ 155 |
Current Other Liabilities (Deta
Current Other Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Other Liabilities, Current [Abstract] | ||
Benefit obligations (Note 8) | $ 25 | $ 25 |
Customer rebates | 76 | 96 |
Derivatives (Note 12) | 58 | 90 |
Interest (Note 7) | 194 | 246 |
Legal (Note 14) | 12 | 34 |
Operating leases | 86 | 89 |
Restructuring (Note 18) | 19 | 18 |
Salaries and benefits | 133 | 175 |
Sales and use tax/foreign withholding tax payable | 133 | 128 |
Investment in affiliates | 96 | 96 |
Other Sundry Liabilities, Current | 179 | 157 |
Total | $ 1,011 | $ 1,154 |
Debt - Schedule of Short-term D
Debt - Schedule of Short-term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Current installments of long-term debt | $ 2,348 | $ 1,025 | |
Short-term borrowings, including amounts due to affiliates(1) | [1] | 50 | 146 |
Total | $ 2,439 | $ 1,383 | |
Loans Payable | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Weighted average interest rate, short-term borrowings | 2.20% | 2.90% | |
Revolving Credit Facility | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Weighted average interest rate, short-term borrowings | 3.20% | 3.40% | |
Revolving Credit Facility | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Revolving credit facilities(2) | [2] | $ 41 | $ 212 |
Revolving Credit Facility | Revolving Credit Facility | |||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||
Revolving credit facilities(2) | $ 0 | ||
[1] The weighted average interest rate was 2.2% and 2.9% as of March 31, 2024 and December 31, 2023, respectively. The weighted average interest rate was 3.2% and 3.4% as of March 31, 2024 and December 31, 2023, respectively. |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Aug. 31, 2023 | |
Debt Instrument [Line Items] | ||||
Obligations under finance leases due at various dates through 2054 | $ 140 | $ 148 | ||
Long-Term Debt and Lease Obligation, Including Current Maturities | 13,435 | 13,400 | ||
Unamortized debt issuance costs | [1] | (69) | (74) | |
Long-Term Debt and Lease Obligation, Current | (2,348) | (1,025) | ||
Long-term debt, net of unamortized deferred financing costs | 11,018 | 12,301 | ||
Senior unsecured notes due 2024, interest rate of 3.500% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 473 | 473 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||
Senior unsecured notes due 2024, interest rate of 5.900% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 527 | 527 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | |||
Senior unsecured notes due 2025, interest rate of 1.250% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 324 | 331 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | |||
Senior unsecured notes due 2025, interest rate of 6.050% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 1,000 | 1,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.05% | |||
Senior unsecured notes due 2026, interest rate of 1.400% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 400 | 400 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.40% | |||
Senior unsecured notes due 2026, interest rate of 4.777% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 1,081 | 1,105 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.777% | |||
Senior unsecured notes due 2027, interest rate of 2.125% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 539 | 551 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.125% | |||
Senior unsecured notes due 2027, interest rate of 6.165% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 2,000 | 2,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.165% | |||
Senior unsecured term loan due 2027(1) | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | [2] | $ 880 | $ 880 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.922% | 6.943% | ||
Senior unsecured notes due 2028, interest rate of 0.625% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 540 | $ 552 | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.625% | |||
Senior unsecured notes due 2028, interest rate of 6.350% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 1,000 | 1,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | 6.35% | ||
Senior unsecured notes due 2029, interest rate of 5.337% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 540 | 552 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.337% | |||
Senior unsecured notes due 2029, interest rate of 6.330% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 750 | 750 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.33% | |||
Senior unsecured notes due 2030, interest rate of 6.550% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 999 | 999 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.55% | 6.55% | ||
Senior unsecured notes due 2032, interest rate of 6.379% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 1,000 | 1,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.379% | |||
Senior unsecured notes due 2033, interest rate of 6.700% | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured debt | $ 1,000 | 1,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.70% | 6.70% | ||
Pollution control and industrial revenue bonds due at various dates through 2030(2) | ||||
Debt Instrument [Line Items] | ||||
Other long-term debt | [3] | $ 126 | 127 | |
Pollution control and industrial revenue bonds due at various dates through 2030(2) | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.05% | |||
Pollution control and industrial revenue bonds due at various dates through 2030(2) | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5% | |||
Bank loan due 2026, interest rate of 2.8% | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | |||
Other long-term debt | $ 111 | 0 | ||
Bank loans due at various dates through 2030(3) | ||||
Debt Instrument [Line Items] | ||||
Other long-term debt | [4] | $ 5 | $ 5 | |
Long-term debt, weighted average interest rate, at point in time | 2.70% | 2.60% | ||
[1] Related to the Company's long-term debt, excluding obligations under finance leases. The interest rate was 6.922% and 6.943% as of March 31, 2024 and December 31, 2023, respectively. Interest rates range from 4.05% to 5.00%. The weighted average interest rate was 2.7% and 2.6% as of March 31, 2024 and December 31, 2023, respectively. |
Debt - Senior Credit Facilities
Debt - Senior Credit Facilities Narrative (Details) ¥ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |||
May 08, 2024 USD ($) | Jan. 31, 2023 CNY (¥) | Mar. 31, 2022 USD ($) | Mar. 31, 2024 CNY (¥) | Dec. 31, 2023 CNY (¥) | |
Revolving Credit Facility | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Proceeds from lines of credit | $ 300 | ||||
364 Day Delayed-Draw Term Loan | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, term | 364 days | ||||
Debt instrument, face amount | $ 500 | ||||
5 Year Delayed-Draw Term Loan | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, term | 5 years | ||||
Debt instrument, face amount | $ 1,000 | ||||
Revolving Credit Facility | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,750 | ||||
Revolving Credit Facility | Revolving Credit Facility | Variable Interbank Interest Rate | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1% | ||||
Revolving Credit Facility | Revolving Credit Facility | Variable Interbank Interest Rate | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2% | ||||
China Revolving Credit Facility | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ | ¥ 1,750 | ||||
China Working Capital Term Loan | China Working Capital Term Loan | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, term | 12 months | ||||
Debt instrument, face amount | ¥ | ¥ 800 | ||||
Repayments of Debt | ¥ | ¥ 800 | ||||
China Working Capital Term Loan | China Working Capital Term Loan | Variable Interbank Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.50% | ||||
Bank loan due 2026, interest rate of 2.8% | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | ||||
Bank loan due 2026, interest rate of 2.8% | 36 month Working Capital Term Loan | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | ¥ | ¥ 800 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | ||||
Senior unsecured notes due 2024, interest rate of 3.500% | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||||
Senior unsecured notes due 2024, interest rate of 3.500% | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||||
Repayments of Debt | $ 300 |
Debt - Schedule of Revolving Cr
Debt - Schedule of Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | |||
Revolving credit facilities(2) | [1] | $ 41 | $ 212 |
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facilities(2) | 0 | ||
Available for borrowing | 1,750 | ||
China Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facilities(2) | 41 | ||
Available for borrowing | $ 201 | ||
[1] The weighted average interest rate was 3.2% and 3.4% as of March 31, 2024 and December 31, 2023, respectively. |
Debt - Senior Notes Narrative (
Debt - Senior Notes Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Instrument [Line Items] | |
Debt instrument, redemption price, percentage | 100% |
Debt (Schedule of Senior Unsecu
Debt (Schedule of Senior Unsecured Notes Offering) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Aug. 31, 2023 |
Senior unsecured notes due 2028, interest rate of 6.350% | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 1,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | 6.35% |
Debt Instrument, Discount Price, Percentage | 99.986% | |
Senior unsecured notes due 2030, interest rate of 6.550% | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 999 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.55% | 6.55% |
Debt Instrument, Discount Price, Percentage | 99.95% | |
Senior unsecured notes due 2033, interest rate of 6.700% | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 1,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.70% | 6.70% |
Debt Instrument, Discount Price, Percentage | 99.992% |
Debt (Schedule of Cash Tender O
Debt (Schedule of Cash Tender Offer) (Details) | 1 Months Ended |
Aug. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Debt Instrument, Repurchased Face Amount | $ 2,250,000,000 |
Senior unsecured notes due 2024, interest rate of 5.900% | |
Debt Instrument [Line Items] | |
Debt Instrument, Repurchased Face Amount | 1,473,000,000 |
Debt Instrument Tender Purchase Price Per 1000 Principal Amount | 999.92 |
Debt Instrument, Repurchase Amount | 1,473,000,000 |
Interest Expense, Debt | 12,000,000 |
Senior unsecured notes due 2025, interest rate of 6.050% | |
Debt Instrument [Line Items] | |
Debt Instrument, Repurchased Face Amount | 750,000,000 |
Debt Instrument Tender Purchase Price Per 1000 Principal Amount | 1,002.85 |
Debt Instrument, Repurchase Amount | 752,000,000 |
Interest Expense, Debt | 20,000,000 |
Senior unsecured notes due 2024, interest rate of 3.500% | |
Debt Instrument [Line Items] | |
Debt Instrument, Repurchased Face Amount | 27,000,000 |
Debt Instrument Tender Purchase Price Per 1000 Principal Amount | 983.95 |
Debt Instrument, Repurchase Amount | 27,000,000 |
Interest Expense, Debt | $ 0 |
Debt - Accounts Receivable Purc
Debt - Accounts Receivable Purchasing Facility Narrative (Details) - Amended restated receivable purchasing facility - Secured Debt - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | ||
Percentage of fair value of sales receivables | 100% | |
Transfer of financial assets accounted for as sales, amount derecognized | $ 290 | $ 1,400 |
Proceeds collected on accounts receivable sold under factoring facilities | 318 | $ 1,300 |
Trade Receivables Pledged As Collateral | $ 153 |
Debt - Factoring and Discountin
Debt - Factoring and Discounting Agreements Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Europe Factoring Agreements | ||
Debt Instrument [Line Items] | ||
Transfer of financial assets accounted for as sales, non-recourse basis, account receivable percentage | 100% | |
Singapore Factoring Agreements | ||
Debt Instrument [Line Items] | ||
Transfer of financial assets accounted for as sales, non-recourse basis, account receivable percentage | 90% | |
China, Europe and Singapore Factoring Agreements | ||
Debt Instrument [Line Items] | ||
Transfer of financial assets accounted for as sales, amount derecognized | $ 164 | $ 423 |
Proceeds collected on accounts receivable sold under factoring facilities | 110 | 407 |
Master Discounting Agreement | ||
Debt Instrument [Line Items] | ||
Transfer of financial assets accounted for as sales, amount derecognized | $ 15 | $ 45 |
China Factoring Agreements | ||
Debt Instrument [Line Items] | ||
Transfer of financial assets accounted for as sales, non-recourse basis, account receivable percentage | 100% |
Benefit Obligations - Schedule
Benefit Obligations - Schedule of Net Periodic Benefit Costs Recognized (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3 | $ 4 |
Interest cost | 31 | 32 |
Expected return on plan assets | (34) | (33) |
Total | 0 | 3 |
Post-retirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 1 | 0 |
Expected return on plan assets | 0 | 0 |
Total | $ 1 | $ 0 |
Benefit Obligations - Schedul_2
Benefit Obligations - Schedule of Company Commitments to Fund Benefit Obligations (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Cash contributions to defined benefit pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Total contributions year-to-date | $ 7 |
Total expected contributions in current fiscal year | 29 |
Benefit payments to nonqualified pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Total contributions year-to-date | 5 |
Total expected contributions in current fiscal year | 19 |
Benefit payments to other postretirement benefit plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Total contributions year-to-date | 1 |
Total expected contributions in current fiscal year | $ 3 |
Benefit Obligations - Schedul_3
Benefit Obligations - Schedule of Defined Benefit Plans Disclosures (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent Other assets | $ 169 | $ 166 |
Current Other liabilities | (22) | (22) |
Benefit obligations | (402) | (415) |
Net amount recognized | (255) | (271) |
Post-retirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent Other assets | 0 | 0 |
Current Other liabilities | (3) | (3) |
Benefit obligations | (37) | (37) |
Net amount recognized | $ (40) | $ (40) |
Environmental (Schedule of Envi
Environmental (Schedule of Environmental Remediation Reserves) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Environmental Remediation Obligations [Abstract] | ||
Demerger obligations (Note 14) | $ 13 | $ 14 |
Divestiture obligations (Note 14) | 13 | 13 |
Active sites | 25 | 25 |
U.S. Superfund sites | 7 | 8 |
Other environmental remediation liabilities | 2 | 2 |
Total | $ 60 | $ 62 |
Environmental - US Superfund Si
Environmental - US Superfund Sites Narrative (Details) - Passaic River, New Jersey $ in Millions | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Mar. 31, 2016 USD ($) | Mar. 31, 2024 | |
Site Contingency [Line Items] | |||||
Number of parties included in USEPA order | 40 | 70 | |||
Cost of EPA's plan estimate | $ 71 | $ 150 | $ 441 | $ 1,400 | |
Environmental liability percentage | 1% |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 17, 2024 | Mar. 31, 2024 | Dec. 31, 2023 |
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, declared (in dollar per share) | $ 0.70 | ||
Dividends, common stock, cash | $ 76 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 194 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |||
Shares repurchased (in shares) | 0 | 0 | 69,324,429 |
Average purchase price (in dollar per share) | $ 83.71 | ||
Shares repurchased (in $ millions) | $ 5,803 | ||
Aggregate Board of Directors repurchase authorizations during the period (in $ millions) | $ 6,866 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Components of Other Comprehensive Income (Loss), Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | ||
Foreign currency translation gain (loss), gross amount | $ (27) | $ (4) |
Foreign currency translation gain (loss), income tax (provision) benefit | (27) | 17 |
Foreign currency translation gain (loss) | (54) | 13 |
Gain (loss) on derivative hedges, gross amount | 2 | 4 |
Gain (loss) on derivative hedges, income tax (provision) benefit | 0 | 0 |
Gain (loss) on derivative hedges | 2 | 4 |
Pension and postretirement benefits gain (loss), gross amount | (1) | (1) |
Pension and postretirement benefits gain (loss), income tax (provision) benefit | 0 | 0 |
Pension and postretirement benefits | (1) | (1) |
Total other comprehensive income (loss), before tax | (26) | (1) |
Total other comprehensive income (loss), tax | 27 | (17) |
Total other comprehensive income (loss), net of tax | $ (53) | $ 16 |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2023 | $ (744) | |
Other comprehensive income (loss) before reclassifications | (5) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (21) | |
Income tax (provision) benefit | (27) | $ 17 |
As of March 31, 2024 | (797) | |
Foreign Currency Translation Gain (Loss) | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2023 | (701) | |
Other comprehensive income (loss) before reclassifications | (27) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Income tax (provision) benefit | (27) | |
As of March 31, 2024 | (755) | |
Gain (Loss) on Derivative Hedges (Note 12) | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2023 | (28) | |
Other comprehensive income (loss) before reclassifications | 23 | |
Amounts reclassified from accumulated other comprehensive income (loss) | (21) | |
Income tax (provision) benefit | 0 | |
As of March 31, 2024 | (26) | |
Pension and Postretirement Benefits Gain (Loss) (Note 8) | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2023 | (15) | |
Other comprehensive income (loss) before reclassifications | (1) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Income tax (provision) benefit | 0 | |
As of March 31, 2024 | $ (16) |
Other (Charges) Gains, Net - Sc
Other (Charges) Gains, Net - Schedule of Other (Charges) Gains, Net (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Restructuring and Related Activities [Abstract] | |||
Restructuring(1) | $ (14) | [1] | $ (23) |
Total | $ (14) | $ (23) | |
[1] Includes employee termination benefits related to Company-wide business optimization projects and the previously announced closure of its polymerization units in Uentrop, Germany ( Note 3 ). |
Other (Charges) Gains, Net - _2
Other (Charges) Gains, Net - Schedule of Restructuring Reserve by Type of Cost (Details) - Employee Severance $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Reserve as of the beginning of the period | $ 18 |
Additions | 15 |
Cash payments | (13) |
Other changes | (1) |
Reserve as of the end of the period | 19 |
Engineered Materials | |
Restructuring Reserve [Roll Forward] | |
Reserve as of the beginning of the period | 13 |
Additions | 12 |
Cash payments | (8) |
Other changes | (1) |
Reserve as of the end of the period | 16 |
Acetyl Chain [Member] | |
Restructuring Reserve [Roll Forward] | |
Reserve as of the beginning of the period | 2 |
Additions | 0 |
Cash payments | (1) |
Other changes | 0 |
Reserve as of the end of the period | 1 |
Other Activities | |
Restructuring Reserve [Roll Forward] | |
Reserve as of the beginning of the period | 3 |
Additions | 3 |
Cash payments | (4) |
Other changes | 0 |
Reserve as of the end of the period | $ 2 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Tax Rate (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 21% | 21% |
Derivative Financial Instrume_3
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | ||||||
Mar. 31, 2024 USD ($) | Mar. 31, 2024 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Aug. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | ||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 0 | $ 0 | ||||||
Gain (Loss) Recognized in Earnings (Loss) | $ 16 | $ 2 | ||||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Foreign exchange gain (loss), net, Other income (expense), net | Foreign exchange gain (loss), net, Other income (expense), net | ||||||
Derivative, notional amount | $ 2,137 | $ 1,954 | $ 2,137 | |||||
Cash Flow Hedging | ||||||||
Derivative [Line Items] | ||||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 3 | $ 2 | ||||||
Gain (Loss) Recognized in Earnings (Loss) | (3) | (2) | ||||||
Cash Flow Hedging | Commodity Contract | ||||||||
Derivative [Line Items] | ||||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 3 | 0 | ||||||
Gain (Loss) Recognized in Earnings (Loss) | $ (1) | $ 1 | ||||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold | ||||||
Cash Flow Hedging | Commodity Contract | Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Derivative, notional amount | 59 | 67 | $ 59 | |||||
Cash Flow Hedging | Foreign Exchange Contract [Member] | ||||||||
Derivative [Line Items] | ||||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | $ 2 | ||||||
Gain (Loss) Recognized in Earnings (Loss) | $ 0 | $ (1) | ||||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold | ||||||
Cash Flow Hedging | Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 0 | $ 0 | ||||||
Gain (Loss) Recognized in Earnings (Loss) | $ (2) | $ (2) | ||||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | ||||||
Fair Value Hedging | Currency Swap | ||||||||
Derivative [Line Items] | ||||||||
Gain (Loss) Recognized in Earnings (Loss) | [1] | $ 24 | $ 0 | |||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | [1] | $ 19 | $ 0 | |||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Foreign exchange gain (loss), net | Foreign exchange gain (loss), net | ||||||
Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 137 | $ (75) | ||||||
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 | ||||||
Net Investment Hedging | Currency Swap | ||||||||
Derivative [Line Items] | ||||||||
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 | ||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 70 | (19) | ||||||
Foreign Currency Denominated Debt | Fair Value Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional Amount of Nonderivative Instruments | 1,500 | $ 1,500 | ||||||
Foreign Currency Denominated Debt | Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 67 | (56) | ||||||
Gain (Loss) Recognized in Earnings (Loss) | 0 | $ 0 | ||||||
Notional Amount of Nonderivative Instruments | € | € 5,712 | € 5,712 | ||||||
Japanese Notes Due 2029 | Fair Value Hedging | Currency Swap | ||||||||
Derivative [Line Items] | ||||||||
Derivative, notional amount | 500 | $ 500 | 500 | |||||
Euro Notes Due 2028 and 2030 | Fair Value Hedging | Currency Swap | ||||||||
Derivative [Line Items] | ||||||||
Derivative, notional amount | $ 1,000 | $ 1,000 | $ 1,000 | |||||
Euro Notes Due 2028 | ||||||||
Derivative [Line Items] | ||||||||
Debt instrument, term | 5 years | |||||||
Euro Notes Due 2030 | ||||||||
Derivative [Line Items] | ||||||||
Debt instrument, term | 7 years | |||||||
[1] In conjunction with the 2023 Offering ( Note 7 ) in August 2023, the Company entered into a cross-currency swap to effectively convert $500 million of the issued notes into a Japanese yen-denominated borrowing at prevailing yen interest rates, maturing on July 15, 2029. The swap qualifies and has been designated as a fair value hedge of the Company's foreign currency exchange rate exposure on the long-term debt of its Japanese yen-denominated subsidiary. Additionally, in conjunction with the 2023 Offering ( Note 7 ) in August 2023, the Company entered into cross-currency swaps to effectively convert $1.0 billion of the issued notes into 5-year and 7-year euro-denominated borrowings at prevailing euro interest rates, maturing on November 15, 2028 and November 15, 2030, respectively. The swaps qualify and have been designated as fair value hedges of the Company's foreign currency exchange rate exposure on the long-term debt of its euro-denominated subsidiary. |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Assets [Abstract] | ||
Gross amount recognized | $ 201 | $ 183 |
Gross amount offset in the consolidated balance sheets | 0 | 0 |
Net amount presented in the consolidated balance sheets | 201 | 183 |
Gross amount not offset in the consolidated balance sheets | 32 | 40 |
Net amount | $ 169 | $ 143 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, Other Assets, Noncurrent | Other assets, Other Assets, Noncurrent |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Liabilities [Abstract] | ||
Gross amount recognized | $ 316 | $ 440 |
Gross amount offset in the consolidated balance sheets | 0 | 0 |
Net amount presented in the consolidated balance sheets | 316 | 440 |
Gross amount not offset in the consolidated balance sheets | 32 | 40 |
Net amount | $ 284 | $ 400 |
Derivative liability, statement of financial position [Extensible Enumeration] | Other liabilities, Other liabilities | Other liabilities, Other liabilities |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) € in Millions, $ in Millions | Mar. 31, 2024 USD ($) | Mar. 31, 2024 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | $ 169 | $ 143 | ||
Derivative Liability | $ (284) | $ (400) | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | ||
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | ||
Derivative liability, statement of financial position [Extensible Enumeration] | Other liabilities | Other liabilities | ||
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities | ||
Other Current Assets | Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure | $ 159 | $ 147 | ||
Other Current Assets | Fair Value, Recurring | Not Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 23 | 9 | ||
Other Noncurrent Assets | Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure | 42 | 36 | ||
Other Noncurrent Assets | Fair Value, Recurring | Not Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | ||
Other Current Liabilities | Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities, Fair Value Disclosure | (58) | (90) | ||
Other Current Liabilities | Fair Value, Recurring | Not Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (5) | (16) | ||
Other Noncurrent Liabilities | Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities, Fair Value Disclosure | (258) | (350) | ||
Other Noncurrent Liabilities | Fair Value, Recurring | Not Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (12) | (8) | ||
Fair Value Hedging | Foreign Currency Denominated Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notional Amount of Nonderivative Instruments | 1,500 | 1,500 | ||
Net Investment Hedging | Foreign Currency Denominated Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notional Amount of Nonderivative Instruments | € | € 5,712 | € 5,712 | ||
Commodity Contract | Cash Flow Hedging | Designated as Hedging Instrument | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, notional amount | 59 | 67 | ||
Commodity Contract | Cash Flow Hedging | Other Current Assets | Fair Value, Recurring | Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 5 | 5 | ||
Commodity Contract | Cash Flow Hedging | Other Noncurrent Assets | Fair Value, Recurring | Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 40 | 36 | ||
Commodity Contract | Cash Flow Hedging | Other Current Liabilities | Fair Value, Recurring | Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability | (2) | (2) | ||
Commodity Contract | Cash Flow Hedging | Other Noncurrent Liabilities | Fair Value, Recurring | Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability | 0 | 0 | ||
Currency Swap | Fair Value Hedging | Other Current Assets | Fair Value, Recurring | Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 54 | 40 | ||
Currency Swap | Fair Value Hedging | Other Noncurrent Assets | Fair Value, Recurring | Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 2 | 0 | ||
Currency Swap | Fair Value Hedging | Other Current Liabilities | Fair Value, Recurring | Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (22) | (11) | ||
Currency Swap | Fair Value Hedging | Other Noncurrent Liabilities | Fair Value, Recurring | Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (16) | (61) | ||
Currency Swap | Net Investment Hedging | Other Current Assets | Fair Value, Recurring | Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 77 | 93 | ||
Currency Swap | Net Investment Hedging | Other Noncurrent Assets | Fair Value, Recurring | Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | ||
Currency Swap | Net Investment Hedging | Other Current Liabilities | Fair Value, Recurring | Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (29) | (61) | ||
Currency Swap | Net Investment Hedging | Other Noncurrent Liabilities | Fair Value, Recurring | Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (230) | (281) | ||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, notional amount | $ 2,137 | $ 1,954 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
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 | 18 | 21 |
Insurance contracts in nonqualified trusts, fair value | 18 | 21 |
Long-term debt, including current installments of long-term debt, carrying amount | 13,435 | 13,400 |
Long-term debt, including current installments of long-term debt, fair value | 13,612 | 13,662 |
Fair Value, Inputs, Level 2 | ||
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 | 18 | 21 |
Long-term debt, including current installments of long-term debt, fair value | 13,472 | 13,514 |
Unobservable Inputs (Level 3) | ||
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 | $ 140 | $ 148 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - 293 months ended Mar. 31, 2024 € 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 | $ | $ 114 | ||
Indemnification percentage, other | 33.33% | 33.33% | |
Divestiture Agreements | |||
Loss Contingencies [Line Items] | |||
Guarantor obligations, maximum exposure | $ | $ 116 |
Commitments and Contingencies (
Commitments and Contingencies (Purchase Obligations Narrative) (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded unconditional purchase obligations | $ 4,200 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Remainder of Fiscal Year | 530 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year One | 592 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Two | 483 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Three | 429 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Four | $ 289 |
Segment Information - Schedule
Segment Information - Schedule of Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,611 | $ 2,853 | ||
Other (charges) gains, net (Note 14) | (14) | (23) | ||
Operating profit (loss) | 210 | 251 | ||
Equity in net earnings (loss) of affiliates | 55 | 15 | ||
Depreciation and amortization | 221 | 172 | ||
Capital expenditures | [1] | 105 | 108 | |
Goodwill and intangible assets, net | 10,828 | $ 10,952 | ||
Total assets | 26,033 | 26,597 | ||
Increase (decrease) in accrued capital expenditures | (32) | (56) | ||
Engineered Materials | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,378 | 1,630 | ||
Acetyl Chain | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [2] | 1,233 | 1,223 | |
Operating Segments | Engineered Materials | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,378 | 1,630 | ||
Other (charges) gains, net (Note 14) | (11) | (21) | ||
Operating profit (loss) | 89 | 112 | ||
Equity in net earnings (loss) of affiliates | 49 | 11 | ||
Depreciation and amortization | 147 | 112 | ||
Capital expenditures | 37 | 45 | ||
Goodwill and intangible assets, net | 10,407 | 10,525 | ||
Total assets | 17,620 | 17,930 | ||
Operating Segments | Acetyl Chain | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,261 | 1,250 | ||
Other (charges) gains, net (Note 14) | 0 | (1) | ||
Operating profit (loss) | 254 | 278 | ||
Equity in net earnings (loss) of affiliates | 2 | 1 | ||
Depreciation and amortization | 57 | 54 | ||
Capital expenditures | 40 | 51 | ||
Goodwill and intangible assets, net | 421 | 427 | ||
Total assets | 5,520 | 5,538 | ||
Corporate, Non-Segment | Other Activities | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | ||
Other (charges) gains, net (Note 14) | (3) | (1) | ||
Operating profit (loss) | (133) | (139) | ||
Equity in net earnings (loss) of affiliates | 4 | 3 | ||
Depreciation and amortization | 17 | 6 | ||
Capital expenditures | 28 | 12 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Total assets | 2,893 | 3,129 | ||
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [3] | (28) | (27) | |
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 | Acetyl Chain | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 28 | $ 27 | ||
[1] Includes a decrease in accrued capital expenditures of $32 million and $56 million for the three months ended March 31, 2024 and 2023, respectively. Excludes intersegment sales of $28 million and $27 million for the three months ended March 31, 2024 and 2023, respectively. Includes intersegment sales primarily related to the Acetyl Chain. |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of net sales (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 2,611 | $ 2,853 | |
Engineered Materials | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,378 | 1,630 | |
Acetyl Chain | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | [1] | 1,233 | 1,223 |
Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | [2] | (28) | (27) |
Intersegment Eliminations | Acetyl Chain | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 28 | 27 | |
North America | Engineered Materials | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 372 | 479 | |
North America | Acetyl Chain | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 388 | 365 | |
Europe and Africa | Engineered Materials | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 456 | 560 | |
Europe and Africa | Acetyl Chain | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 423 | 460 | |
Asia-Pacific | Engineered Materials | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 516 | 548 | |
Asia-Pacific | Acetyl Chain | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 394 | 367 | |
South America | Engineered Materials | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 34 | 43 | |
South America | Acetyl Chain | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 28 | $ 31 | |
[1] Excludes intersegment sales of $28 million and $27 million for the three months ended March 31, 2024 and 2023, respectively. Includes intersegment sales primarily related to the Acetyl Chain. |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligations (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Revenue, Major Customer [Line Items] | |
Revenue, remaining performance obligation, amount | $ 1,300 |
Contract with Customer, Asset, after Allowance for Credit Loss | 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Major Customer [Line Items] | |
Revenue, remaining performance obligation, amount | $ 458 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Major Customer [Line Items] | |
Revenue, remaining performance obligation, amount | $ 423 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Major Customer [Line Items] | |
Revenue, remaining performance obligation, amount | $ 195 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Amounts attributable to Celanese Corporation | |||
Earnings (loss) from continuing operations | $ 121 | $ 94 | |
Earnings (loss) from discontinued operations | 0 | (3) | |
Net earnings (loss) | $ 121 | $ 91 | |
Weighted average shares - basic (in shares) | 109,069,060 | 108,634,068 | |
Incremental shares attributable to equity awards(1) | [1] | 444,931 | 554,198 |
Weighted average shares - diluted | 109,513,991 | 109,188,266 | |
[1] Excludes stock options to purchase 68,415, and 86,194 shares of Common Stock for the three months ended March 31, 2024 and 2023, respectively; and 0 and 72,574 equity award shares for the three months ended March 31, 2024 and 2023, respectively, as their effect would have been antidilutive. |
Earnings (Loss) Per Share - Nar
Earnings (Loss) Per Share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 68,415 | 86,194 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 72,574 |