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As Of Filer Filing For·On·As Docs:Size 10/22/19 Celanese Corp 10-Q 9/30/19 127:21M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 2.72M 2: EX-10.2 Material Contract HTML 54K 3: EX-31.1 Certification -- §302 - SOA'02 HTML 40K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 40K 5: EX-32.1 Certification -- §906 - SOA'02 HTML 37K 6: EX-32.2 Certification -- §906 - SOA'02 HTML 37K 35: R1 Document and Entity Information HTML 98K 87: R2 Unaudited Interim Consolidated Statement of HTML 177K Operations 124: R3 Unaudited Interim Consolidated Statements of HTML 65K Comprehensive Income (Loss) 57: R4 Unaudited Consolidated Balance Sheets HTML 148K 36: R5 Unaudited Consolidated Balance Sheets HTML 87K (Parenthetical) 88: R6 Unaudited Interim Consolidated Statement Equity HTML 134K 125: R7 Unaudited Interim Consolidated Statements of Cash HTML 131K Flows 54: R8 Description of the Company and Basis of HTML 48K Presentation 39: R9 Recent Accounting Pronouncements HTML 62K 81: R10 Acquisitions, Dispositions and Plant Closures HTML 44K 122: R11 Ventures and Variable Interest Entities HTML 72K 58: R12 Marketable Securities HTML 38K 40: R13 Inventories HTML 43K 82: R14 Goodwill and Intangible Assets, net HTML 109K 123: R15 Current Other Liabilities HTML 55K 59: R16 Noncurrent Other Liabilities HTML 48K 41: R17 Debt HTML 96K 84: R18 Benefit Obligations HTML 78K 121: R19 Environmental HTML 57K 61: R20 Stockholders' Equity HTML 125K 12: R21 Other (Charges) Gains, Net HTML 107K 89: R22 Income Taxes HTML 51K 100: R23 Leases HTML 118K 62: R24 Derivative Financial Instruments HTML 158K 13: R25 Fair Value Measurements HTML 130K 90: R26 Commitments and Contingencies HTML 51K 101: R27 Segment Information HTML 173K 60: R28 Revenue Recognition HTML 97K 14: R29 Earnings (Loss) Per Share HTML 60K 38: R30 Consolidating Guarantor Financial Information HTML 1.09M 55: R31 Description of the Company and Basis of HTML 39K Presentation (Policies) 127: R32 Leases (Policies) HTML 38K 86: R33 Recent Accounting Pronouncements - (Tables) HTML 59K 37: R34 Acquisitions, Dispositions and Plant Closures HTML 43K Plant Closures (Tables) 53: R35 Ventures and Variable Interest Entities (Tables) HTML 71K 126: R36 Inventories (Tables) HTML 45K 85: R37 Goodwill and Intangible Assets, net (Tables) HTML 113K 34: R38 Current Other Liabilities (Tables) HTML 55K 56: R39 Noncurrent Other Liabilities (Tables) HTML 48K 22: R40 Debt (Tables) HTML 100K 69: R41 Benefit Obligations (Tables) HTML 80K 104: R42 Environmental (Tables) HTML 46K 92: R43 Stockholders' Equity (Tables) HTML 129K 20: R44 Other (Charges) Gains, Net (Tables) HTML 105K 68: R45 Income Taxes (Tables) HTML 42K 103: R46 Leases (Tables) HTML 159K 91: R47 Derivative Financial Instruments (Tables) HTML 172K 19: R48 Fair Value Measurements (Tables) HTML 129K 70: R49 Segment Information (Tables) HTML 174K 49: R50 Revenue Recognition (Tables) HTML 90K 28: R51 Earnings (Loss) Per Share (Tables) HTML 60K 71: R52 Consolidating Guarantor Financial Information HTML 1.09M (Tables) 112: R53 Recent Accounting Pronouncements Adoption of ASU HTML 41K 2016-02 (Details) 52: R54 Acquisitions, Dispositions and Plant Closures HTML 56K Plant Closures (Details) 29: R55 Ventures and Variable Interest Entities (Schedule HTML 98K of Variable Interest Entities) (Details) 74: R56 Ventures and Variable Interest Entities HTML 38K (Narrative) (Details) 113: R57 Marketable Securities (Schedule of HTML 38K Available-for-sale Securities) (Details) 47: R58 Inventories (Details) HTML 46K 33: R59 Goodwill and Intangible Assets, net (Schedule of HTML 52K Goodwill) (Details) 93: R60 Goodwill and Intangible Assets, net (Schedule of HTML 84K Finite-lived intangible assets) (Details) 107: R61 Goodwill and Intangible Assets, net (Schedule of HTML 45K Indefinite-lived intangible assets) (Details) 63: R62 Goodwill and Intangible Assets, net (Schedule of HTML 46K Future amortization expense) (Details) 15: R63 Current Other Liabilities (Details) HTML 73K 97: R64 Noncurrent Other Liabilities (Details) HTML 56K 110: R65 Debt (Schedule of Short-term Debt) (Details) HTML 57K 66: R66 Debt (Schedule of Long-term Debt) (Details) HTML 97K 18: R67 Debt (Senior Credit Facilities Narrative) HTML 40K (Details) 98: R68 Debt (Schedule of Revolving Credit Facility) HTML 59K (Details) 105: R69 Debt (Schedule of Senior Notes) (Details) HTML 48K 118: R70 Debt (Schedule of Accounts Receivable HTML 55K Securitization Facility) (Details) 80: R71 Debt Other Financing Arrangement (Details) HTML 36K 26: R72 Benefit Obligations (Schedule of Net Periodic HTML 55K Benefit Costs Recognized) (Details) 45: R73 Benefit Obligations (Schedule of Company HTML 50K Commitments to Fund Benefit Obligations) (Details) 115: R74 Environmental (Schedule of Environmental HTML 45K Remediation Reserves) (Details) 77: R75 Environmental (US Superfund Sites Narrative) HTML 40K (Details) 23: R76 Stockholders' Equity (Schedule of Dividend HTML 50K Increases) (Details) 42: R77 Stockholders' Equity (Schedule of Treasury Stock) HTML 46K (Details) 120: R78 Stockholders' Equity (Schedule of Components of HTML 74K Other Comprehensive Income (Loss), Net) (Details) 76: R79 Stockholders' Equity (Schedule of Adjustments to HTML 61K Accumulated Other Comprehensive Income (Loss), Net) (Details) 117: R80 Stockholders' Equity (Narrative) (Details) HTML 47K 79: R81 Other (Charges) Gains, Net (Schedule of Other HTML 120K (Charges) Gains, Net) (Details) 25: R82 Income Taxes (Schedule of Effective Tax Rate) HTML 37K (Details) 44: R83 Income Taxes (Narrative) (Details) HTML 38K 116: R84 Leases (Details) HTML 36K 78: R85 Leases Narrative (Details) HTML 45K 24: R86 Leases Costs (Details) HTML 52K 43: R87 Leases Supplemental Balance sheet information HTML 50K (Details) 119: R88 Leases Supplemental Lease Information (Details) HTML 44K 75: R89 Leases Supplemental Cash Flow Information HTML 46K (Details) 94: R90 Leases Maturities of Lease Liabilities (Details) HTML 81K 108: R91 Leases Future Minimum Lease Payments (Details) HTML 82K 64: R92 Derivative Financial Instruments (Schedule of HTML 39K Interest Rate Swap Narrative) (Details) 16: R93 Derivative Financial Instruments Derivative HTML 39K Financial Instruments (Schedule of Net Investment Hedges) (Details) 96: R94 Derivative Financial Instruments Derivative HTML 39K Financial Instruments (Schedule of Foreign Currency Forwards) (Details) 109: R95 Derivative Financial Instruments (Schedule of HTML 72K Changes in Fair Value of Derivatives) (Details) 65: R96 Derivative Financial Instruments (Schedule of HTML 53K Offsetting Assets) (Details) 17: R97 Derivative Financial Instruments (Schedule of HTML 53K Offsetting Liabilities) (Details) 99: R98 Fair Value Measurements (Schedule of Assets and HTML 103K Liabilities Measured at Fair Value on a Recurring Basis) (Details) 106: R99 Fair Value Measurements (Schedule of Carrying HTML 56K Values and Fair Values of Financial Instruments) (Details) 30: R100 Commitments and Contingencies (Guarantees - HTML 51K Demerger and Divesture Obligations Narrative) (Details) 51: R101 Commitments and Contingencies Commitments and HTML 37K Contingencies (Purchase Obligations Narrative) (Details) 114: R102 Segment Information (Schedule of Business HTML 116K Segments) (Details) 73: R103 Revenue Recognition - Disaggregation of net sales HTML 82K (Details) 27: R104 Revenue Recognition Remaining Performance HTML 49K Obligations (Details) 50: R105 Earnings (Loss) Per Share (Schedule of Earnings HTML 58K (Loss) Per Share) (Details) 111: R106 Earnings (Loss) Per Share (Narrative) (Details) HTML 37K 72: R107 Consolidating Guarantor Financial Information HTML 191K (Schedule of Consolidating Statement of Operations) (Details) 31: R108 Consolidating Guarantor Financial Information HTML 99K (Schedule of Consolidating Statements of Comprehensive Income (Loss) (Details) 46: R109 Consolidating Guarantor Financial Information HTML 208K (Schedule of Consolidating Balance Sheet) (Details) 67: R110 Consolidating Guarantor Financial Information HTML 157K (Schedule of Consolidating Statement of Cash Flows) (Details) 21: R111 Consolidating Guarantor Financial Information HTML 36K (Narrative) (Details) 95: XML IDEA XML File -- Filing Summary XML 245K 102: XML XBRL Instance -- ce-10q93019_htm XML 7.31M 32: EXCEL IDEA Workbook of Financial Reports XLSX 144K 8: EX-101.CAL XBRL Calculations -- ce-20190930_cal XML 423K 9: EX-101.DEF XBRL Definitions -- ce-20190930_def XML 1.22M 10: EX-101.LAB XBRL Labels -- ce-20190930_lab XML 2.19M 11: EX-101.PRE XBRL Presentations -- ce-20190930_pre XML 1.61M 7: EX-101.SCH XBRL Schema -- ce-20190930 XSD 228K 48: JSON XBRL Instance as JSON Data -- MetaLinks 525± 800K 83: ZIP XBRL Zipped Folder -- 0001306830-19-000191-xbrl Zip 471K
Document |
i ☑ | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended | |
Or | |
i ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware | i 98-0420726 |
(State
or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
i Common
Stock, par value $0.0001 per share | i CE | i The New York Stock Exchange |
i 1.125%
Senior Notes due 2023 | i CE /23 | i The New York Stock Exchange |
i 1.250%
Senior Notes due 2025 | i CE /25 | i The New York Stock Exchange |
i 2.125%
Senior Notes due 2027 | i CE /27 | i The New York Stock Exchange |
Page | ||
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
(In
$ millions, except share and per share data) | |||||||||||
Net sales | i 1,586 | i 1,771 | i 4,865 | i 5,466 | |||||||
Cost
of sales | ( i 1,172 | ) | ( i 1,255 | ) | ( i 3,575 | ) | ( i 3,914 | ) | |||
Gross
profit | i 414 | i 516 | i 1,290 | i 1,552 | |||||||
Selling,
general and administrative expenses | ( i 120 | ) | ( i 129 | ) | ( i 358 | ) | ( i 412 | ) | |||
Amortization
of intangible assets | ( i 6 | ) | ( i 5 | ) | ( i 18 | ) | ( i 18 | ) | |||
Research
and development expenses | ( i 17 | ) | ( i 18 | ) | ( i 50 | ) | ( i 54 | ) | |||
Other
(charges) gains, net | ( i 7 | ) | i 12 | ( i 101 | ) | i 9 | |||||
Foreign
exchange gain (loss), net | ( i 1 | ) | i — | i 5 | i 2 | ||||||
Gain
(loss) on disposition of businesses and assets, net | ( i 3 | ) | ( i 2 | ) | ( i 2 | ) | ( i 4 | ) | |||
Operating
profit (loss) | i 260 | i 374 | i 766 | i 1,075 | |||||||
Equity
in net earnings (loss) of affiliates | i 45 | i 66 | i 134 | i 180 | |||||||
Non-operating
pension and other postretirement employee benefit (expense) income | i 17 | i 25 | i 51 | i 77 | |||||||
Interest
expense | ( i 27 | ) | ( i 30 | ) | ( i 87 | ) | ( i 95 | ) | |||
Refinancing
expense | i — | i — | ( i 4 | ) | i — | ||||||
Interest
income | i 1 | i 2 | i 4 | i 4 | |||||||
Dividend
income - equity investments | i 27 | i 26 | i 89 | i 92 | |||||||
Other
income (expense), net | i — | ( i 1 | ) | ( i 6 | ) | i 3 | |||||
Earnings
(loss) from continuing operations before tax | i 323 | i 462 | i 947 | i 1,336 | |||||||
Income
tax (provision) benefit | ( i 53 | ) | ( i 54 | ) | ( i 127 | ) | ( i 216 | ) | |||
Earnings
(loss) from continuing operations | i 270 | i 408 | i 820 | i 1,120 | |||||||
Earnings
(loss) from operation of discontinued operations | ( i 6 | ) | ( i 7 | ) | ( i 9 | ) | ( i 9 | ) | |||
Income
tax (provision) benefit from discontinued operations | i 1 | i 1 | i 2 | i 1 | |||||||
Earnings
(loss) from discontinued operations | ( i 5 | ) | ( i 6 | ) | ( i 7 | ) | ( i 8 | ) | |||
Net
earnings (loss) | i 265 | i 402 | i 813 | i 1,112 | |||||||
Net
(earnings) loss attributable to noncontrolling interests | ( i 2 | ) | ( i 1 | ) | ( i 4 | ) | ( i 4 | ) | |||
Net
earnings (loss) attributable to Celanese Corporation | i 263 | i 401 | i 809 | i 1,108 | |||||||
Amounts
attributable to Celanese Corporation | |||||||||||
Earnings (loss) from continuing operations | i 268 | i 407 | i 816 | i 1,116 | |||||||
Earnings
(loss) from discontinued operations | ( i 5 | ) | ( i 6 | ) | ( i 7 | ) | ( i 8 | ) | |||
Net
earnings (loss) | i 263 | i 401 | i 809 | i 1,108 | |||||||
Earnings
(loss) per common share - basic | |||||||||||
Continuing operations | i 2.18 | i 3.02 | i 6.52 | i 8.25 | |||||||
Discontinued
operations | ( i 0.04 | ) | ( i 0.04 | ) | ( i 0.06 | ) | ( i 0.06 | ) | |||
Net
earnings (loss) - basic | i 2.14 | i 2.98 | i 6.46 | i 8.19 | |||||||
Earnings
(loss) per common share - diluted | |||||||||||
Continuing operations | i 2.17 | i 3.00 | i 6.49 | i 8.18 | |||||||
Discontinued
operations | ( i 0.04 | ) | ( i 0.04 | ) | ( i 0.06 | ) | ( i 0.06 | ) | |||
Net
earnings (loss) - diluted | i 2.13 | i 2.96 | i 6.43 | i 8.12 | |||||||
Weighted
average shares - basic | i 122,699,859 | i 134,519,301 | i 125,159,647 | i 135,336,704 | |||||||
Weighted
average shares - diluted | i 123,299,664 | i 135,499,390 | i 125,868,829 | i 136,387,703 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
(In
$ millions) | |||||||||||
Net earnings (loss) | i 265 | i 402 | i 813 | i 1,112 | |||||||
Other
comprehensive income (loss), net of tax | |||||||||||
Foreign currency translation gain (loss) | ( i 7 | ) | ( i 35 | ) | ( i 11 | ) | ( i 52 | ) | |||
Gain
(loss) on cash flow hedges | ( i 32 | ) | i 4 | ( i 48 | ) | i 9 | |||||
Pension
and postretirement benefits gain (loss) | i — | i — | i — | i 1 | |||||||
Total
other comprehensive income (loss), net of tax | ( i 39 | ) | ( i 31 | ) | ( i 59 | ) | ( i 42 | ) | |||
Total
comprehensive income (loss), net of tax | i 226 | i 371 | i 754 | i 1,070 | |||||||
Comprehensive
(income) loss attributable to noncontrolling interests | ( i 2 | ) | ( i 1 | ) | ( i 4 | ) | ( i 4 | ) | |||
Comprehensive
income (loss) attributable to Celanese Corporation | i 224 | i 370 | i 750 | i 1,066 |
As
of September 30, 2019 | As of December 31, 2018 | ||||
(In $ millions, except share data) | |||||
ASSETS | |||||
Current Assets | |||||
Cash
and cash equivalents (variable interest entity restricted - 2019: $46; 2018: $24) | i 497 | i 439 | |||
Trade
receivables - third party and affiliates (net of allowance for doubtful accounts - 2019: $9; 2018: $10; variable interest entity restricted - 2019: $7; 2018: $6) | i 947 | i 1,017 | |||
Non-trade
receivables, net | i 335 | i 301 | |||
Inventories | i 994 | i 1,046 | |||
Marketable
securities, at fair value | i 26 | i 31 | |||
Other
assets | i 44 | i 40 | |||
Total
current assets | i 2,843 | i 2,874 | |||
Investments
in affiliates | i 970 | i 979 | |||
Property,
plant and equipment (net of accumulated depreciation - 2019: $2,848; 2018: $2,803; variable interest entity restricted - 2019: $631; 2018: $659) | i 3,585 | i 3,719 | |||
Operating
lease right-of-use assets | i 206 | i — | |||
Deferred
income taxes | i 98 | i 84 | |||
Other
assets (variable interest entity restricted - 2019: $2; 2018: $5) | i 344 | i 290 | |||
Goodwill | i 1,054 | i 1,057 | |||
Intangible
assets (variable interest entity restricted - 2019: $22; 2018: $23) | i 314 | i 310 | |||
Total
assets | i 9,414 | i 9,313 | |||
LIABILITIES
AND EQUITY | |||||
Current Liabilities | |||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | i 368 | i 561 | |||
Trade
payables - third party and affiliates | i 764 | i 819 | |||
Other
liabilities | i 358 | i 343 | |||
Income
taxes payable | i 43 | i 56 | |||
Total
current liabilities | i 1,533 | i 1,779 | |||
Long-term
debt, net of unamortized deferred financing costs | i 3,359 | i 2,970 | |||
Deferred
income taxes | i 269 | i 255 | |||
Uncertain
tax positions | i 169 | i 158 | |||
Benefit
obligations | i 523 | i 564 | |||
Operating
lease liabilities | i 182 | i — | |||
Other
liabilities | i 240 | i 208 | |||
Commitments
and Contingencies | i | i | |||
Stockholders'
Equity | |||||
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2019 and 2018: 0 issued and outstanding) | i — | i — | |||
Common
stock, $0.0001 par value, 400,000,000 shares authorized (2019: 168,948,063 issued and 121,333,303 outstanding; 2018: 168,418,954 issued and 128,095,849 outstanding) | i — | i — | |||
Treasury
stock, at cost (2019: 47,614,760 shares; 2018: 40,323,105 shares) | ( i 3,622 | ) | ( i 2,849 | ) | |
Additional
paid-in capital | i 244 | i 233 | |||
Retained
earnings | i 6,431 | i 5,847 | |||
Accumulated
other comprehensive income (loss), net | ( i 306 | ) | ( i 247 | ) | |
Total
Celanese Corporation stockholders' equity | i 2,747 | i 2,984 | |||
Noncontrolling
interests | i 392 | i 395 | |||
Total
equity | i 3,139 | i 3,379 | |||
Total
liabilities and equity | i 9,414 | i 9,313 |
Three
Months Ended September 30, | |||||||||||
2019 | 2018 | ||||||||||
Shares | Amount | Shares | Amount | ||||||||
(In
$ millions, except share data) | |||||||||||
Common Stock | |||||||||||
Balance as of the beginning of the period | i 123,740,349 | i — | i 135,018,148 | i — | |||||||
Purchases
of treasury stock | ( i 2,444,278 | ) | i — | ( i 1,292,375 | ) | i — | |||||
Stock
awards | i 37,232 | i — | i 5,736 | i — | |||||||
Balance
as of the end of the period | i 121,333,303 | i — | i 133,731,509 | i — | |||||||
Treasury
Stock | |||||||||||
Balance as of the beginning of the period | i 45,170,482 | ( i 3,347 | ) | i 33,276,096 | ( i 2,131 | ) | |||||
Purchases
of treasury stock, including related fees | i 2,444,278 | ( i 275 | ) | i 1,292,375 | ( i 150 | ) | |||||
Balance
as of the end of the period | i 47,614,760 | ( i 3,622 | ) | i 34,568,471 | ( i 2,281 | ) | |||||
Additional
Paid-In Capital | |||||||||||
Balance as of the beginning of the period | i 233 | i 208 | |||||||||
Stock-based
compensation, net of tax | i 11 | i 14 | |||||||||
Stock
option exercises, net of tax | i — | i — | |||||||||
Balance
as of the end of the period | i 244 | i 222 | |||||||||
Retained
Earnings | |||||||||||
Balance as of the beginning of the period | i 6,245 | i 5,491 | |||||||||
Net
earnings (loss) attributable to Celanese Corporation | i 263 | i 401 | |||||||||
Common
stock dividends | ( i 77 | ) | ( i 73 | ) | |||||||
Balance
as of the end of the period | i 6,431 | i 5,819 | |||||||||
Accumulated
Other Comprehensive Income (Loss), Net | |||||||||||
Balance as of the beginning of the period | ( i 267 | ) | ( i 188 | ) | |||||||
Other
comprehensive income (loss), net of tax | ( i 39 | ) | ( i 31 | ) | |||||||
Balance
as of the end of the period | ( i 306 | ) | ( i 219 | ) | |||||||
Total
Celanese Corporation stockholders' equity | i 2,747 | i 3,541 | |||||||||
Noncontrolling
Interests | |||||||||||
Balance as of the beginning of the period | i 390 | i 407 | |||||||||
Net
earnings (loss) attributable to noncontrolling interests | i 2 | i 1 | |||||||||
(Distributions
to) contributions from noncontrolling interests | i — | ( i 6 | ) | ||||||||
Balance
as of the end of the period | i 392 | i 402 | |||||||||
Total
equity | i 3,139 | i 3,943 |
Nine
Months Ended September 30, | |||||||||||
2019 | 2018 | ||||||||||
Shares | Amount | Shares | Amount | ||||||||
(In
$ millions, except share data) | |||||||||||
Common Stock | |||||||||||
Balance as of the beginning of the period | i 128,095,849 | i — | i 135,769,256 | i — | |||||||
Stock
option exercises | i 14,045 | i — | i — | i — | |||||||
Purchases
of treasury stock | ( i 7,334,433 | ) | i — | ( i 2,180,758 | ) | i — | |||||
Stock
awards | i 557,842 | i — | i 143,011 | i — | |||||||
Balance
as of the end of the period | i 121,333,303 | i — | i 133,731,509 | i — | |||||||
Treasury
Stock | |||||||||||
Balance as of the beginning of the period | i 40,323,105 | ( i 2,849 | ) | i 32,387,713 | ( i 2,031 | ) | |||||
Purchases
of treasury stock, including related fees | i 7,334,433 | ( i 775 | ) | i 2,180,758 | ( i 250 | ) | |||||
Issuance
of treasury stock under stock plans | ( i 42,778 | ) | i 2 | i — | i — | ||||||
Balance
as of the end of the period | i 47,614,760 | ( i 3,622 | ) | i 34,568,471 | ( i 2,281 | ) | |||||
Additional
Paid-In Capital | |||||||||||
Balance as of the beginning of the period | i 233 | i 175 | |||||||||
Stock-based
compensation, net of tax | i 12 | i 47 | |||||||||
Stock
option exercises, net of tax | ( i 1 | ) | i — | ||||||||
Balance
as of the end of the period | i 244 | i 222 | |||||||||
Retained
Earnings | |||||||||||
Balance as of the beginning of the period | i 5,847 | i 4,920 | |||||||||
Net
earnings (loss) attributable to Celanese Corporation | i 809 | i 1,108 | |||||||||
Common
stock dividends | ( i 225 | ) | ( i 209 | ) | |||||||
Balance
as of the end of the period | i 6,431 | i 5,819 | |||||||||
Accumulated
Other Comprehensive Income (Loss), Net | |||||||||||
Balance as of the beginning of the period | ( i 247 | ) | ( i 177 | ) | |||||||
Other
comprehensive income (loss), net of tax | ( i 59 | ) | ( i 42 | ) | |||||||
Balance
as of the end of the period | ( i 306 | ) | ( i 219 | ) | |||||||
Total
Celanese Corporation stockholders' equity | i 2,747 | i 3,541 | |||||||||
Noncontrolling
Interests | |||||||||||
Balance as of the beginning of the period | i 395 | i 412 | |||||||||
Net
earnings (loss) attributable to noncontrolling interests | i 4 | i 4 | |||||||||
(Distributions
to) contributions from noncontrolling interests | ( i 7 | ) | ( i 14 | ) | |||||||
Balance
as of the end of the period | i 392 | i 402 | |||||||||
Total
equity | i 3,139 | i 3,943 |
Nine
Months Ended September 30, | |||||
2019 | 2018 | ||||
(In $ millions) | |||||
Operating Activities | |||||
Net earnings (loss) | i 813 | i 1,112 | |||
Adjustments
to reconcile net earnings (loss) to net cash provided by (used in) operating activities | |||||
Asset impairments | i 83 | i — | |||
Depreciation,
amortization and accretion | i 265 | i 258 | |||
Pension
and postretirement net periodic benefit cost | ( i 44 | ) | ( i 69 | ) | |
Pension
and postretirement contributions | ( i 35 | ) | ( i 35 | ) | |
Deferred
income taxes, net | ( i 21 | ) | i 43 | ||
(Gain)
loss on disposition of businesses and assets, net | i 2 | i 5 | |||
Stock-based
compensation | i 38 | i 53 | |||
Undistributed
earnings in unconsolidated affiliates | ( i 8 | ) | ( i 19 | ) | |
Other,
net | i 15 | i 18 | |||
Operating
cash provided by (used in) discontinued operations | i 5 | i 4 | |||
Changes
in operating assets and liabilities | |||||
Trade receivables - third party and affiliates, net | i 55 | ( i 114 | ) | ||
Inventories | i 34 | ( i 142 | ) | ||
Other
assets | ( i 36 | ) | ( i 60 | ) | |
Trade
payables - third party and affiliates | ( i 44 | ) | i 44 | ||
Other
liabilities | i 6 | i 97 | |||
Net
cash provided by (used in) operating activities | i 1,128 | i 1,195 | |||
Investing
Activities | |||||
Capital expenditures on property, plant and equipment | ( i 226 | ) | ( i 244 | ) | |
Acquisitions,
net of cash acquired | ( i 91 | ) | ( i 144 | ) | |
Proceeds
from sale of businesses and assets, net | i 1 | i 13 | |||
Other,
net | ( i 9 | ) | ( i 34 | ) | |
Net
cash provided by (used in) investing activities | ( i 325 | ) | ( i 409 | ) | |
Financing
Activities | |||||
Net change in short-term borrowings with maturities of 3 months or less | i 127 | ( i 86 | ) | ||
Proceeds
from short-term borrowings | i 110 | i 44 | |||
Repayments
of short-term borrowings | ( i 85 | ) | ( i 62 | ) | |
Proceeds
from long-term debt | i 499 | i — | |||
Repayments
of long-term debt | ( i 354 | ) | ( i 56 | ) | |
Purchases
of treasury stock, including related fees | ( i 763 | ) | ( i 250 | ) | |
Common
stock dividends | ( i 225 | ) | ( i 209 | ) | |
(Distributions
to) contributions from noncontrolling interests | ( i 7 | ) | ( i 14 | ) | |
Other,
net | ( i 38 | ) | ( i 6 | ) | |
Net
cash provided by (used in) financing activities | ( i 736 | ) | ( i 639 | ) | |
Exchange
rate effects on cash and cash equivalents | ( i 9 | ) | ( i 20 | ) | |
Net
increase (decrease) in cash and cash equivalents | i 58 | i 127 | |||
Cash
and cash equivalents as of beginning of period | i 439 | i 576 | |||
Cash
and cash equivalents as of end of period | i 497 | i 703 |
Standard | Description | Effective Date | Effect on the Financial Statements or Other Significant Matters | |||
In
August 2018, the FASB issued ASU 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. | The new guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing disclosures that no longer are considered cost beneficial, clarifying the specific requirements of disclosures and adding disclosure requirements identified as relevant. | January 1, 2020. Early adoption is permitted. | The
Company is currently evaluating the impact of adoption on its financial statements and related disclosures, but does not anticipate a material impact to the consolidated financial statements. | |||
In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. | The
new guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. | The Company adopted the new guidance effective January 1, 2019. The adoption of the new guidance did not have a material impact on the Company. | ||||
In
June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. Since that date, the FASB has issued additional ASUs clarifying certain aspects of ASU 2016-13. | The new guidance requires financial instruments measured at amortized cost basis to be presented at the net amount expected to be collected through application of the current expected credit losses model. The model requires an estimate of the credit losses expected over the life of an exposure or pool of exposures. The income statement will reflect the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. | January
1, 2020. Early adoption is permitted. | The Company is currently evaluating the impact of adoption on its financial statements and related disclosures, but does not anticipate a material impact to the consolidated financial statements. | |||
In
February 2016, the FASB issued ASU 2016-02, Leases. Since that date, the FASB has issued additional ASUs clarifying certain aspects of ASU 2016-02. | The new guidance supersedes the lease guidance under FASB Accounting Standards Codification ("ASC") Topic 840, Leases, resulting in the creation of FASB ASC Topic 842, Leases. The guidance requires a lessee to recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for both finance and operating leases. Subsequent guidance issued after February 2016 did not change the core principle of ASU 2016-02. | The Company adopted the new guidance effective January 1, 2019, using the modified retrospective transition method, which did not require the Company to adjust comparative periods. See the Adoption of ASU 2016-02 section below for additional information. | ||||
• | the
package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification; |
• | the land easements practical expedient, which allowed the Company to carry forward the accounting treatment for land easements on existing agreements; |
• | the
short-term lease practical expedient, which allowed the Company to exclude short-term leases from recognition in the unaudited consolidated balance sheets; and |
• | the bifurcation of lease and non-lease components practical expedient, which did not require the Company to bifurcate lease and non-lease components for all classes of assets. |
• | Ocotlán, Mexico |
Nine
Months Ended September 30, 2019 | ||
(In $ millions) | ||
Asset impairments(1) | i 83 | |
Restructuring(1) | i 3 | |
Accelerated
depreciation expense | i 7 | |
Loss on disposition of assets, net | i 1 | |
Other(1) | i 1 | |
Total | i 95 |
(1) | Included
in Other (charges) gains, net in the unaudited interim consolidated statement of operations (Note 14). |
As of September 30, 2019 | As of December 31, 2018 | ||||
(In $ millions) | |||||
Cash and cash equivalents | i 46 | i 24 | |||
Trade
receivables, net - third party and affiliates | i 13 | i 11 | |||
Property,
plant and equipment (net of accumulated depreciation - 2019: $161; 2018: $130) | i 631 | i 659 | |||
Intangible
assets (net of accumulated amortization - 2019: $4; 2018: $3) | i 22 | i 23 | |||
Other
assets | i 2 | i 5 | |||
Total
assets(1) | i 714 | i 722 | |||
Trade
payables | i 16 | i 16 | |||
Other
liabilities(2) | i 3 | i 4 | |||
Total
debt | i 4 | i 5 | |||
Deferred
income taxes | i 4 | i 3 | |||
Total
liabilities | i 27 | i 28 |
(1) | Assets
can only be used to settle the obligations of Fairway. |
(2) | Primarily represents amounts owed by Fairway to the Company for reimbursement of expenditures. |
As
of September 30, 2019 | As of December 31, 2018 | ||||
(In $ millions) | |||||
Property, plant and equipment, net | i 32 | i 42 | |||
Trade
payables | i 30 | i 27 | |||
Current
installments of long-term debt | i 15 | i 14 | |||
Long-term
debt | i 46 | i 58 | |||
Total
liabilities | i 91 | i 99 | |||
Maximum
exposure to loss | i 119 | i 134 |
As
of September 30, 2019 | As of December 31, 2018 | ||||
(In $ millions) | |||||
Finished goods | i 668 | i 697 | |||
Work-in-process | i 78 | i 70 | |||
Raw
materials and supplies | i 248 | i 279 | |||
Total | i 994 | i 1,046 |
Engineered Materials | Acetate
Tow | Acetyl Chain | Total | ||||||||
(In $ millions) | |||||||||||
As of December 31, 2018 | i 707 | i 148 | i 202 | i 1,057 | |||||||
Acquisitions | i 29 | (1) | i — | i — | i 29 | ||||||
Exchange
rate changes | ( i 22 | ) | ( i 1 | ) | ( i 9 | ) | ( i 32 | ) | |||
As
of September 30, 2019 | i 714 | i 147 | i 193 | i 1,054 |
(1) | Represents
goodwill related to the acquisition of Next Polymers Ltd. |
Licenses | Customer- Related Intangible Assets | Developed Technology | Covenants Not
to Compete and Other | Total | |||||||||||
(In $ millions) | |||||||||||||||
Gross Asset Value | |||||||||||||||
As
of December 31, 2018 | i 42 | i 651 | i 44 | i 56 | i 793 | ||||||||||
Acquisitions | i — | i 25 | i — | i — | i 25 | (1) | |||||||||
Exchange
rate changes | ( i 1 | ) | ( i 22 | ) | ( i 1 | ) | i — | ( i 24 | ) | ||||||
As
of September 30, 2019 | i 41 | i 654 | i 43 | i 56 | i 794 | ||||||||||
Accumulated
Amortization | |||||||||||||||
As of December 31, 2018 | ( i 33 | ) | ( i 495 | ) | ( i 32 | ) | ( i 35 | ) | ( i 595 | ) | |||||
Amortization | ( i 1 | ) | ( i 12 | ) | ( i 3 | ) | ( i 2 | ) | ( i 18 | ) | |||||
Exchange
rate changes | i 2 | i 18 | i — | i — | i 20 | ||||||||||
As
of September 30, 2019 | ( i 32 | ) | ( i 489 | ) | ( i 35 | ) | ( i 37 | ) | ( i 593 | ) | |||||
Net
book value | i 9 | i 165 | i 8 | i 19 | i 201 |
(1) | Represents
intangible assets acquired related to Next Polymers Ltd. with a weighted average amortization period of i 13 years. |
Trademarks and Trade Names | |||
(In $ millions) | |||
As of December 31, 2018 | i 112 | ||
Acquisitions | i 4 | (1) | |
Accumulated
impairment losses | i — | ||
Exchange rate changes | ( i 3 | ) | |
As
of September 30, 2019 | i 113 |
(1) | Represents
indefinite-lived intangible assets related to the acquisition of Next Polymers Ltd. |
(In $ millions) | ||
2020 | i 21 | |
2021 | i 21 | |
2022 | i 19 | |
2023 | i 17 | |
2024 | i 16 |
As
of September 30, 2019 | As of December 31, 2018 | ||||
(In $ millions) | |||||
Asset retirement obligations | i 9 | i 3 | |||
i 30 | i 30 | ||||
i 62 | i 76 | ||||
i 10 | i 7 | ||||
i 11 | i 20 | ||||
Insurance | i 6 | i 4 | |||
Interest | i 28 | i 21 | |||
i 31 | i — | ||||
i 16 | i 4 | ||||
Salaries
and benefits | i 80 | i 119 | |||
Sales
and use tax/foreign withholding tax payable | i 28 | i 22 | |||
Other | i 47 | i 37 | |||
Total | i 358 | i 343 |
As
of September 30, 2019 | As of December 31, 2018 | ||||
(In $ millions) | |||||
Asset retirement obligations | i 12 | i 13 | |||
Deferred
proceeds | i 42 | i 44 | |||
i 6 | i 7 | ||||
i 58 | i 11 | ||||
i 52 | i 49 | ||||
Insurance | i 42 | i 37 | |||
Other | i 28 | i 47 | |||
Total | i 240 | i 208 |
As
of September 30, 2019 | As of December 31, 2018 | ||||
(In $ millions) | |||||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||||
Current installments of long-term debt | i 26 | i 367 | |||
Short-term
borrowings, including amounts due to affiliates(1) | i 68 | i 77 | |||
Revolving
credit facility(2) | i 159 | i 40 | |||
Accounts
receivable securitization facility(3) | i 115 | i 77 | |||
Total | i 368 | i 561 |
(1) | The
weighted average interest rate was i 2.9% and i 3.2%
as of September 30, 2019 and December 31, 2018, respectively. |
(2) | The weighted average interest rate was i 1.3%
and i 6.0% as of September 30, 2019 and December 31, 2018, respectively. |
(3) | The
weighted average interest rate was i 2.9% and i 3.1%
as of September 30, 2019 and December 31, 2018, respectively. |
As
of September 30, 2019 | As of December 31, 2018 | ||||
(In $ millions) | |||||
Long-Term Debt | |||||
Senior unsecured notes due 2019, interest rate of 3.250% | i — | i 343 | |||
Senior
unsecured notes due 2021, interest rate of 5.875% | i 400 | i 400 | |||
Senior
unsecured notes due 2022, interest rate of 4.625% | i 500 | i 500 | |||
Senior
unsecured notes due 2023, interest rate of 1.125% | i 816 | i 857 | |||
Senior
unsecured notes due 2024, interest rate of 3.500% | i 499 | i — | |||
Senior
unsecured notes due 2025, interest rate of 1.250% | i 326 | i 343 | |||
Senior
unsecured notes due 2027, interest rate of 2.125% | i 541 | i 568 | |||
Pollution
control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00% | i 167 | i 167 | |||
Nilit
bank loans due at various dates through 2026(1) | i 9 | i 10 | |||
Obligations
under finance leases due at various dates through 2054 | i 146 | i 167 | |||
Subtotal | i 3,404 | i 3,355 | |||
Unamortized
debt issuance costs(2) | ( i 19 | ) | ( i 18 | ) | |
Current
installments of long-term debt | ( i 26 | ) | ( i 367 | ) | |
Total | i 3,359 | i 2,970 |
(1) | The
weighted average interest rate was i 1.3% and i 1.3%
as of September 30, 2019 and December 31, 2018, respectively. |
(2) | Related to the Company's long-term debt, excluding obligations under finance leases. |
As of September 30, 2019 | ||
(In $ millions) | ||
Revolving Credit Facility | ||
Borrowings outstanding(1) | i 159 | |
Letters
of credit issued | i — | |
Available for borrowing(2) | i 1,091 |
(1) | The
Company borrowed $ i 982 million and repaid $ i 856
million under its senior unsecured revolving credit facility during the nine months ended September 30, 2019. |
(2) | The margin for borrowings under the senior unsecured revolving credit facility was i 1.25%
above LIBOR or EURIBOR at current Company credit ratings. |
As of September 30, 2019 | ||
(In $ millions) | ||
Accounts Receivable Securitization Facility | ||
Borrowings outstanding | i 115 | |
Letters
of credit issued | i — | |
Available for borrowing | i 5 | |
Total
borrowing base | i 120 | |
Maximum borrowing base(1) | i 120 |
(1) | Outstanding
accounts receivable transferred to the SPE was $ i 182 million. |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Pension
Benefits | Post-retirement Benefits | Pension Benefits | Post-retirement Benefits | Pension Benefits | Post-retirement Benefits | Pension Benefits | Post-retirement
Benefits | ||||||||||||||||
(In $ millions) | |||||||||||||||||||||||
Service cost | i 3 | i — | i 2 | i — | i 7 | i — | i 7 | i — | |||||||||||||||
Interest
cost | i 28 | i 1 | i 26 | i 1 | i 86 | i 2 | i 78 | i 2 | |||||||||||||||
Expected
return on plan assets | ( i 46 | ) | i — | ( i 52 | ) | i — | ( i 139 | ) | i — | ( i 157 | ) | i — | |||||||||||
Special
termination benefit | i — | i — | i — | i — | i — | i — | i 1 | i — | |||||||||||||||
Total | ( i 15 | ) | i 1 | ( i 24 | ) | i 1 | ( i 46 | ) | i 2 | ( i 71 | ) | i 2 |
As
of September 30, 2019 | Total Expected 2019 | ||||
(In $ millions) | |||||
Cash contributions to defined benefit pension plans | i 16 | i 22 | |||
Benefit
payments to nonqualified pension plans | i 16 | i 21 | |||
Benefit
payments to other postretirement benefit plans | i 3 | i 5 | |||
Cash
contributions to German multiemployer defined benefit pension plans(1) | i 6 | i 9 |
(1) | The
Company makes contributions based on specified percentages of employee contributions. |
As of September 30, 2019 | As of December 31, 2018 | ||||
(In $ millions) | |||||
i 24 | i 26 | ||||
i 12 | i 16 | ||||
Active
sites | i 13 | i 14 | |||
US
Superfund sites | i 12 | i 11 | |||
Other
environmental remediation liabilities | i 2 | i 2 | |||
Total | i 63 | i 69 |
Increase | Quarterly
Common Stock Cash Dividend | Annual Common Stock Cash Dividend | Effective Date | ||||
(In percentages) | (In $ per share) | ||||||
April 2018 | i 17 | i 0.54 | i 2.16 | May
2018 | |||
April 2019 | i 15 | i 0.62 | i 2.48 | May
2019 |
Nine
Months Ended September 30, | Total From February 2008 Through September 30, 2019 | ||||||||||
2019 | 2018 | ||||||||||
Shares repurchased | i 7,334,433 | i 2,179,058 | i 55,047,144 | ||||||||
Average
purchase price per share | $ | i 105.67 | $ | i 114.73 | $ | i 71.35 | |||||
Shares
repurchased (in $ millions) | $ | i 775 | $ | i 250 | $ | i 3,928 | |||||
Aggregate
Board of Directors repurchase authorizations during the period (in $ millions)(1) | $ | i 1,500 | $ | i — | $ | i 5,366 |
(1) | These
authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program began in February 2008 and does not have an expiration date. |
Three
Months Ended September 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Gross Amount | Income Tax (Provision) Benefit | Net Amount | Gross Amount | Income Tax (Provision) Benefit | Net Amount | ||||||||||||
(In
$ millions) | |||||||||||||||||
Foreign currency translation gain (loss) | ( i 4 | ) | ( i 3 | ) | ( i 7 | ) | ( i 31 | ) | ( i 4 | ) | ( i 35 | ) | |||||
Gain
(loss) on cash flow hedges | ( i 33 | ) | i 1 | ( i 32 | ) | i 4 | i — | i 4 | |||||||||
Pension
and postretirement benefits gain (loss) | i — | i — | i — | i — | i — | i — | |||||||||||
Total | ( i 37 | ) | ( i 2 | ) | ( i 39 | ) | ( i 27 | ) | ( i 4 | ) | ( i 31 | ) |
Nine
Months Ended September 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Gross Amount | Income Tax (Provision) Benefit | Net Amount | Gross Amount | Income Tax (Provision) Benefit | Net Amount | ||||||||||||
(In
$ millions) | |||||||||||||||||
Foreign currency translation gain (loss) | ( i 3 | ) | ( i 8 | ) | ( i 11 | ) | ( i 58 | ) | i 6 | ( i 52 | ) | ||||||
Gain
(loss) on cash flow hedges | ( i 55 | ) | i 7 | ( i 48 | ) | i 8 | i 1 | i 9 | |||||||||
Pension
and postretirement benefits gain (loss) | i — | i — | i — | i 1 | i — | i 1 | |||||||||||
Total | ( i 58 | ) | ( i 1 | ) | ( i 59 | ) | ( i 49 | ) | i 7 | ( i 42 | ) |
Foreign Currency Translation
Gain (Loss) | Gain (Loss) on Cash Flow Hedges | Pension and Postretirement Benefits Gain (Loss) | Accumulated Other Comprehensive Income (Loss),
Net | ||||||||
(In $ millions) | |||||||||||
As of December 31, 2018 | ( i 236 | ) | ( i 8 | ) | ( i 3 | ) | ( i 247 | ) | |||
Other
comprehensive income (loss) before reclassifications | ( i 3 | ) | ( i 50 | ) | i — | ( i 53 | ) | ||||
Amounts
reclassified from accumulated other comprehensive income (loss) | i — | ( i 5 | ) | i — | ( i 5 | ) | |||||
Income
tax (provision) benefit | ( i 8 | ) | i 7 | i — | ( i 1 | ) | |||||
As
of September 30, 2019 | ( i 247 | ) | ( i 56 | ) | ( i 3 | ) | ( i 306 | ) |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
(In $ millions) | |||||||||||
Restructuring | ( i 6 | ) | ( i 1 | ) | ( i 20 | ) | ( i 4 | ) | |||
Asset
impairments | i — | i — | ( i 83 | ) | i — | ||||||
Plant/office
closures | ( i 1 | ) | i 13 | ( i 2 | ) | i 13 | |||||
Commercial
disputes | i — | i — | i 4 | i — | |||||||
Total | ( i 7 | ) | i 12 | ( i 101 | ) | i 9 |
Engineered Materials | Acetate
Tow | Acetyl Chain | Other | Total | ||||||||||
(In $ millions) | ||||||||||||||
Employee Termination Benefits | ||||||||||||||
As
of December 31, 2018 | i — | i 2 | i 2 | i — | i 4 | |||||||||
Additions | i 9 | i 3 | i 1 | i 8 | i 21 | |||||||||
Cash
payments | ( i 4 | ) | ( i 2 | ) | i — | ( i 3 | ) | ( i 9 | ) | |||||
Other
changes | i — | i — | ( i 1 | ) | i — | ( i 1 | ) | |||||||
Exchange
rate changes | i — | i — | i — | i — | i — | |||||||||
As
of September 30, 2019 | i 5 | i 3 | i 2 | i 5 | i 15 | |||||||||
Plant/Office
Closures | ||||||||||||||
As of December 31, 2018 | i — | i — | i — | i — | i — | |||||||||
Additions | i — | i 1 | i — | i — | i 1 | |||||||||
Cash
payments | i — | i — | i — | i — | i — | |||||||||
Other
changes | i — | i — | i — | i — | i — | |||||||||
Exchange
rate changes | i — | i — | i — | i — | i — | |||||||||
As
of September 30, 2019 | i — | i 1 | i — | i — | i 1 | |||||||||
Total | i 5 | i 4 | i 2 | i 5 | i 16 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||
2019 | 2018 | 2019 | 2018 | ||||
(In percentages) | |||||||
Effective
income tax rate | i 16 | i 12 | i 13 | i 16 |
Three Months Ended September 30, | Nine Months Ended September 30, | Statement of Operations Classification | |||||
2019 | |||||||
(In
$ millions) | |||||||
Lease Cost | |||||||
Operating lease cost | i 10 | i 30 | Cost
of sales / Selling, general and administrative expenses | ||||
Short-term lease cost | i 6 | i 16 | Cost
of sales / Selling, general and administrative expenses | ||||
Variable lease cost | i 2 | i 6 | Cost
of sales / Selling, general and administrative expenses | ||||
Finance lease cost | |||||||
Amortization of leased assets | i 5 | i 14 | Cost
of sales | ||||
Interest on lease liabilities | i 4 | i 14 | Interest
expense | ||||
Sublease income | i — | i — | Other
income (expense), net | ||||
Total net lease cost | i 27 | i 80 |
As of September 30, 2019 | Balance Sheet Classification | |||
(In $ millions) | ||||
Leases | ||||
Assets | ||||
Operating
lease assets | i 206 | Operating lease ROU assets | ||
Finance lease assets | i 87 | Property,
plant and equipment, net | ||
Total leased assets | i 293 | |||
Liabilities | ||||
Current | ||||
Operating | i 31 | Current
Other liabilities | ||
Finance | i 24 | Short-term borrowings and current installments of long-term debt | ||
Noncurrent | ||||
Operating | i 182 | Operating
lease liabilities | ||
Finance | i 122 | Long-term debt | ||
Total lease liabilities | i 359 |
As
of September 30, 2019 | ||
Weighted-Average Remaining Lease Term (years) | ||
Operating leases | i 14.9 | |
Finance leases | i 7.0 | |
Weighted-Average
Discount Rate | ||
Operating leases | i 2.7 | % |
Finance leases | i 11.6 | % |
Nine Months
Ended September 30, 2019 | ||
(In $ millions) | ||
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | i 28 | |
Operating
cash flows from finance leases | i 15 | |
Financing cash flows from finance leases | i 17 | |
ROU
assets obtained in exchange for finance lease liabilities | i — | |
ROU assets obtained in exchange for operating lease liabilities | i 9 |
As of September 30, 2019 | |||||
Operating Leases | Finance Leases | ||||
(In $ millions) | |||||
2019 | i 10 | i 11 | |||
2020 | i 34 | i 40 | |||
2021 | i 26 | i 39 | |||
2022 | i 23 | i 30 | |||
2023 | i 20 | i 22 | |||
Later
years | i 146 | i 86 | |||
Sublease
income | i — | i — | |||
Total
lease payments | i 259 | i 228 | |||
Less
amounts representing interest | ( i 46 | ) | ( i 82 | ) | |
Total
lease obligations | i 213 | i 146 |
As of December 31, 2018 | |||||
Operating Leases | Capital
Leases | ||||
(In $ millions) | |||||
2019 | i 43 | i 42 | |||
2020 | i 34 | i 42 | |||
2021 | i 25 | i 40 | |||
2022 | i 23 | i 32 | |||
2023 | i 21 | i 23 | |||
Later
years | i 130 | i 88 | |||
Sublease
income | i — | i — | |||
Minimum
lease commitments | i 276 | i 267 | |||
Less
amounts representing interest | ( i 100 | ) | |||
Present value of net minimum lease obligations | i 167 |
As
of September 30, 2019 | As of December 31, 2018 | ||||
(In € millions) | |||||
Total | i 1,478 | i 1,550 |
As
of September 30, 2019 | As of December 31, 2018 | ||||
(In $ millions) | |||||
Total | i 400 | i 400 |
As
of September 30, 2019 | As of December 31, 2018 | ||||
(In $ millions) | |||||
Total | i 803 | i 1,071 |
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | Gain (Loss) Recognized in Earnings (Loss) | ||||||||||||
Three
Months Ended September 30, | Statement of Operations Classification | ||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||
(In
$ millions) | |||||||||||||
Designated as Cash Flow Hedges | |||||||||||||
Commodity swaps | ( i 13 | ) | i 2 | i 1 | i — | Cost
of sales | |||||||
Interest rate swaps | ( i 19 | ) | i 2 | i — | i — | Interest
expense | |||||||
Total | ( i 32 | ) | i 4 | i 1 | i — | ||||||||
Designated
as Net Investment Hedges | |||||||||||||
i 48 | i 9 | i — | i — | N/A | |||||||||
i 22 | i — | i — | i — | N/A | |||||||||
Total | i 70 | i 9 | i — | i — | |||||||||
Not
Designated as Hedges | |||||||||||||
Foreign currency forwards and swaps | i — | i — | i 9 | ( i 2 | ) | Foreign
exchange gain (loss), net; Other income (expense), net | |||||||
Total | i — | i — | i 9 | ( i 2 | ) |
Gain
(Loss) Recognized in Other Comprehensive Income (Loss) | Gain (Loss) Recognized in Earnings (Loss) | ||||||||||||
Nine Months Ended September 30, | Statement of Operations Classification | ||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||
(In
$ millions) | |||||||||||||
Designated as Cash Flow Hedges | |||||||||||||
Commodity swaps | ( i 5 | ) | i 6 | i 5 | i 1 | Cost
of sales | |||||||
Interest rate swaps | ( i 45 | ) | i 2 | i — | i — | Interest
expense | |||||||
Foreign currency forwards | i — | i 1 | i — | i — | Cost
of sales | ||||||||
Total | ( i 50 | ) | i 9 | i 5 | i 1 | ||||||||
Designated
as Net Investment Hedges | |||||||||||||
i 74 | i 44 | i — | i — | N/A | |||||||||
i 16 | i — | i — | i — | N/A | |||||||||
Total | i 90 | i 44 | i — | i — | |||||||||
Not
Designated as Hedges | |||||||||||||
Foreign currency forwards and swaps | i — | i — | i 9 | i 15 | Foreign
exchange gain (loss), net; Other income (expense), net | ||||||||
Total | i — | i — | i 9 | i 15 |
As
of September 30, 2019 | As of December 31, 2018 | ||||
(In $ millions) | |||||
Derivative Assets | |||||
Gross amount recognized | i 28 | i 11 | |||
Gross
amount offset in the consolidated balance sheets | i 2 | i 2 | |||
Net
amount presented in the consolidated balance sheets | i 26 | i 9 | |||
Gross
amount not offset in the consolidated balance sheets | i 1 | i 3 | |||
Net
amount | i 25 | i 6 |
As
of September 30, 2019 | As of December 31, 2018 | ||||
(In $ millions) | |||||
Derivative Liabilities | |||||
Gross amount recognized | i 70 | i 20 | |||
Gross
amount offset in the consolidated balance sheets | i 2 | i 2 | |||
Net
amount presented in the consolidated balance sheets | i 68 | i 18 | |||
Gross
amount not offset in the consolidated balance sheets | i 1 | i 3 | |||
Net
amount | i 67 | i 15 |
Fair
Value Measurement | ||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Total | Balance
Sheet Classification | |||||||
(In $ millions) | ||||||||||
As of September 30, 2019 | ||||||||||
Designated
as Net Investment Hedges | ||||||||||
Cross-currency swaps | i — | i 16 | i 16 | Noncurrent
Other assets | ||||||
Derivatives Not Designated as Hedges | ||||||||||
Foreign currency forwards and swaps | i — | i 10 | i 10 | Current
Other assets | ||||||
Total assets | i — | i 26 | i 26 | |||||||
Derivatives
Designated as Cash Flow Hedges | ||||||||||
Interest rate swaps | i — | ( i 55 | ) | ( i 55 | ) | Noncurrent
Other liabilities | ||||
Commodity swaps | i — | ( i 6 | ) | ( i 6 | ) | Current
Other liabilities | ||||
Commodity swaps | i — | ( i 3 | ) | ( i 3 | ) | Noncurrent
Other liabilities | ||||
Derivatives Designated as Net Investment Hedges | ||||||||||
Cross-currency swaps | i — | ( i 2 | ) | ( i 2 | ) | Current
Other liabilities | ||||
Derivatives Not Designated as Hedges | ||||||||||
Foreign currency forwards and swaps | i — | ( i 2 | ) | ( i 2 | ) | Current
Other liabilities | ||||
Total liabilities | i — | ( i 68 | ) | ( i 68 | ) | |||||
As
of December 31, 2018 | ||||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||
Commodity
swaps | i — | i 1 | i 1 | Current
Other assets | ||||||
Derivatives Not Designated as Hedges | ||||||||||
Foreign currency forwards and swaps | i — | i 8 | i 8 | Current
Other assets | ||||||
Total assets | i — | i 9 | i 9 | |||||||
Derivatives
Designated as Cash Flow Hedges | ||||||||||
Commodity swaps | i — | ( i 1 | ) | ( i 1 | ) | Noncurrent
Other liabilities | ||||
Interest rate swaps | i — | ( i 10 | ) | ( i 10 | ) | Noncurrent
Other liabilities | ||||
Derivatives Not Designated as Hedges | ||||||||||
Foreign currency forwards and swaps | i — | ( i 7 | ) | ( i 7 | ) | Current
Other liabilities | ||||
Total liabilities | i — | ( i 18 | ) | ( i 18 | ) |
Fair
Value Measurement | |||||||||||
Carrying Amount | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||
(In
$ millions) | |||||||||||
As of September 30, 2019 | |||||||||||
Equity investments without readily determinable fair values | i 170 | i — | i — | i — | |||||||
Insurance
contracts in nonqualified trusts | i 35 | i 35 | i — | i 35 | |||||||
Long-term
debt, including current installments of long-term debt | i 3,404 | i 3,420 | i 146 | i 3,566 | |||||||
As
of December 31, 2018 | |||||||||||
Equity investments without readily determinable fair values | i 164 | i — | i — | i — | |||||||
Insurance
contracts in nonqualified trusts | i 37 | i 37 | i — | i 37 | |||||||
Long-term
debt, including current installments of long-term debt | i 3,355 | i 3,204 | i 167 | i 3,371 |
• | Demerger
Obligations |
• | Divestiture Obligations |
Engineered Materials | Acetate
Tow | Acetyl Chain | Other Activities | Eliminations | Consolidated | |||||||||||||
(In $ millions) | ||||||||||||||||||
Three
Months Ended September 30, 2019 | ||||||||||||||||||
Net sales | i 591 | i 158 | i 867 | i — | ( i 30 | ) | (1) | i 1,586 | ||||||||||
( i 1 | ) | ( i 3 | ) | i — | ( i 3 | ) | i — | ( i 7 | ) | |||||||||
Operating
profit (loss) | i 111 | i 34 | i 180 | ( i 65 | ) | i — | i 260 | |||||||||||
Equity
in net earnings (loss) of affiliates | i 41 | i — | i 1 | i 3 | i — | i 45 | ||||||||||||
Depreciation
and amortization | i 33 | i 14 | i 43 | i 4 | i — | i 94 | ||||||||||||
Capital
expenditures | i 23 | i 9 | i 47 | i 8 | i — | i 87 | (2) | |||||||||||
Three
Months Ended September 30, 2018 | ||||||||||||||||||
Net sales | i 642 | i 158 | i 1,006 | i — | ( i 35 | ) | (1) | i 1,771 | ||||||||||
i — | ( i 1 | ) | i 12 | i 1 | i — | i 12 | ||||||||||||
Operating
profit (loss) | i 124 | i 26 | i 287 | ( i 63 | ) | i — | i 374 | |||||||||||
Equity
in net earnings (loss) of affiliates | i 62 | i — | i 2 | i 2 | i — | i 66 | ||||||||||||
Depreciation
and amortization | i 31 | i 21 | i 36 | i 2 | i — | i 90 | ||||||||||||
Capital
expenditures | i 25 | i 9 | i 39 | i 2 | i — | i 75 | (2) |
(1) | Includes
intersegment sales primarily related to the Acetyl Chain. |
(2) | Includes an increase in accrued capital expenditures of $ i 5 million
and a decrease of $ i 4 million for the three months ended September 30, 2019 and 2018, respectively. |
Engineered Materials | Acetate Tow | Acetyl Chain | Other Activities | Eliminations | Consolidated | |||||||||||||
(In
$ millions) | ||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||
Net sales | i 1,847 | i 488 | i 2,621 | i — | ( i 91 | ) | (1) | i 4,865 | ||||||||||
i 6 | ( i 87 | ) | ( i 1 | ) | ( i 19 | ) | i — | ( i 101 | ) | |||||||||
Operating
profit (loss) | i 358 | i 30 | i 570 | ( i 192 | ) | i — | i 766 | |||||||||||
Equity
in net earnings (loss) of affiliates | i 123 | i — | i 3 | i 8 | i — | i 134 | ||||||||||||
Depreciation
and amortization | i 96 | i 35 | i 119 | i 11 | i — | i 261 | ||||||||||||
Capital
expenditures | i 60 | i 28 | i 108 | i 19 | i — | i 215 | (2) | |||||||||||
As
of September 30, 2019 | ||||||||||||||||||
Goodwill and intangible assets, net | i 988 | i 152 | i 228 | i — | i — | i 1,368 | ||||||||||||
Total
assets | i 4,081 | i 967 | i 3,448 | i 918 | i — | i 9,414 | ||||||||||||
Nine
Months Ended September 30, 2018 | ||||||||||||||||||
Net sales | i 1,971 | i 488 | i 3,106 | i — | ( i 99 | ) | (1) | i 5,466 | ||||||||||
i — | ( i 2 | ) | i 10 | i 1 | i — | i 9 | ||||||||||||
Operating
profit (loss) | i 365 | i 111 | i 813 | ( i 214 | ) | i — | i 1,075 | |||||||||||
Equity
in net earnings (loss) of affiliates | i 169 | i — | i 5 | i 6 | i — | i 180 | ||||||||||||
Depreciation
and amortization | i 96 | i 44 | i 107 | i 8 | i — | i 255 | ||||||||||||
Capital
expenditures | i 72 | i 19 | i 122 | i 7 | i — | i 220 | (2) | |||||||||||
As
of December 31, 2018 | ||||||||||||||||||
Goodwill and intangible assets, net | i 974 | i 153 | i 240 | i — | i — | i 1,367 | ||||||||||||
Total
assets | i 4,012 | i 1,032 | i 3,471 | i 798 | i — | i 9,313 |
(1) | Includes
intersegment sales primarily related to the Acetyl Chain. |
(2) | Includes a decrease in accrued capital expenditures of $ i 11 million and $ i 24
million for the nine months ended September 30, 2019 and 2018, respectively. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
(In
$ millions) | |||||||||||
Engineered Materials | |||||||||||
North America | i 195 | i 197 | i 571 | i 567 | |||||||
Europe
and Africa | i 251 | i 277 | i 822 | i 945 | |||||||
Asia-Pacific | i 126 | i 145 | i 400 | i 403 | |||||||
South
America | i 19 | i 23 | i 54 | i 56 | |||||||
Total | i 591 | i 642 | i 1,847 | i 1,971 | |||||||
Acetate
Tow | |||||||||||
North America | i 30 | i 30 | i 97 | i 98 | |||||||
Europe
and Africa | i 63 | i 78 | i 193 | i 196 | |||||||
Asia-Pacific | i 60 | i 44 | i 176 | i 163 | |||||||
South
America | i 5 | i 6 | i 22 | i 31 | |||||||
Total | i 158 | i 158 | i 488 | i 488 | |||||||
Acetyl
Chain | |||||||||||
North America | i 273 | i 298 | i 837 | i 873 | |||||||
Europe
and Africa | i 280 | i 302 | i 856 | i 958 | |||||||
Asia-Pacific | i 264 | i 341 | i 772 | i 1,081 | |||||||
South
America | i 20 | i 30 | i 65 | i 95 | |||||||
Total(1) | i 837 | i 971 | i 2,530 | i 3,007 |
(1) | Excludes
intersegment sales of $ i 30 million and $ i 35
million for the three months ended September 30, 2019 and 2018, respectively. Excludes intersegment sales of $ i 91 million
and $ i 99 million for the nine months ended September 30, 2019 and 2018, respectively. |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
(In
$ millions, except share data) | |||||||||||
Amounts attributable to Celanese Corporation | |||||||||||
Earnings (loss) from continuing operations | i 268 | i 407 | i 816 | i 1,116 | |||||||
Earnings
(loss) from discontinued operations | ( i 5 | ) | ( i 6 | ) | ( i 7 | ) | ( i 8 | ) | |||
Net
earnings (loss) | i 263 | i 401 | i 809 | i 1,108 | |||||||
Weighted
average shares - basic | i 122,699,859 | i 134,519,301 | i 125,159,647 | i 135,336,704 | |||||||
Incremental
shares attributable to equity awards | i 599,805 | i 980,089 | i 709,182 | i 1,050,999 | |||||||
Weighted
average shares - diluted | i 123,299,664 | i 135,499,390 | i 125,868,829 | i 136,387,703 |
Three Months Ended September 30, 2019 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In
$ millions) | |||||||||||||||||
Net sales | i — | i — | i 570 | i 1,292 | ( i 276 | ) | i 1,586 | ||||||||||
Cost
of sales | i — | i — | ( i 444 | ) | ( i 1,011 | ) | i 283 | ( i 1,172 | ) | ||||||||
Gross
profit | i — | i — | i 126 | i 281 | i 7 | i 414 | |||||||||||
Selling,
general and administrative expenses | i — | i — | ( i 46 | ) | ( i 74 | ) | i — | ( i 120 | ) | ||||||||
Amortization
of intangible assets | i — | i — | ( i 2 | ) | ( i 4 | ) | i — | ( i 6 | ) | ||||||||
Research
and development expenses | i — | i — | ( i 7 | ) | ( i 10 | ) | i — | ( i 17 | ) | ||||||||
Other
(charges) gains, net | i — | i — | ( i 1 | ) | ( i 6 | ) | i — | ( i 7 | ) | ||||||||
Foreign
exchange gain (loss), net | i — | i — | i — | ( i 1 | ) | i — | ( i 1 | ) | |||||||||
Gain
(loss) on disposition of businesses and assets, net | i — | i — | ( i 3 | ) | i — | i — | ( i 3 | ) | |||||||||
Operating
profit (loss) | i — | i — | i 67 | i 186 | i 7 | i 260 | |||||||||||
Equity
in net earnings (loss) of affiliates | i 277 | i 267 | i 183 | i 43 | ( i 725 | ) | i 45 | ||||||||||
Non-operating
pension and other postretirement employee benefit (expense) income | i — | i — | i 15 | i 2 | i — | i 17 | |||||||||||
Interest
expense | ( i 20 | ) | ( i 5 | ) | ( i 37 | ) | ( i 9 | ) | i 44 | ( i 27 | ) | ||||||
Interest
income | i — | i 18 | i 23 | i 4 | ( i 44 | ) | i 1 | ||||||||||
Dividend
income - equity investments | i — | i — | i — | i 27 | i — | i 27 | |||||||||||
Other
income (expense), net | i — | i — | i 1 | ( i 1 | ) | i — | i — | ||||||||||
Earnings
(loss) from continuing operations before tax | i 257 | i 280 | i 252 | i 252 | ( i 718 | ) | i 323 | ||||||||||
Income
tax (provision) benefit | i 6 | ( i 3 | ) | i 2 | ( i 57 | ) | ( i 1 | ) | ( i 53 | ) | |||||||
Earnings
(loss) from continuing operations | i 263 | i 277 | i 254 | i 195 | ( i 719 | ) | i 270 | ||||||||||
Earnings
(loss) from operation of discontinued operations | i — | i — | ( i 6 | ) | i — | i — | ( i 6 | ) | |||||||||
Income
tax (provision) benefit from discontinued operations | i — | i — | i 1 | i — | i — | i 1 | |||||||||||
Earnings
(loss) from discontinued operations | i — | i — | ( i 5 | ) | i — | i — | ( i 5 | ) | |||||||||
Net
earnings (loss) | i 263 | i 277 | i 249 | i 195 | ( i 719 | ) | i 265 | ||||||||||
Net
(earnings) loss attributable to noncontrolling interests | i — | i — | i — | ( i 2 | ) | i — | ( i 2 | ) | |||||||||
Net
earnings (loss) attributable to Celanese Corporation | i 263 | i 277 | i 249 | i 193 | ( i 719 | ) | i 263 |
Three
Months Ended September 30, 2018 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In
$ millions) | |||||||||||||||||
Net sales | i — | i — | i 565 | i 1,483 | ( i 277 | ) | i 1,771 | ||||||||||
Cost
of sales | i — | i — | ( i 432 | ) | ( i 1,105 | ) | i 282 | ( i 1,255 | ) | ||||||||
Gross
profit | i — | i — | i 133 | i 378 | i 5 | i 516 | |||||||||||
Selling,
general and administrative expenses | i — | i — | ( i 46 | ) | ( i 83 | ) | i — | ( i 129 | ) | ||||||||
Amortization
of intangible assets | i — | i — | ( i 1 | ) | ( i 4 | ) | i — | ( i 5 | ) | ||||||||
Research
and development expenses | i — | i — | ( i 7 | ) | ( i 11 | ) | i — | ( i 18 | ) | ||||||||
Other
(charges) gains, net | i — | i — | i — | i 12 | i — | i 12 | |||||||||||
Foreign
exchange gain (loss), net | i — | ( i 3 | ) | i — | i 3 | i — | i — | ||||||||||
Gain
(loss) on disposition of businesses and assets, net | i — | i — | ( i 3 | ) | i 1 | i — | ( i 2 | ) | |||||||||
Operating
profit (loss) | i — | ( i 3 | ) | i 76 | i 296 | i 5 | i 374 | ||||||||||
Equity
in net earnings (loss) of affiliates | i 401 | i 411 | i 286 | i 64 | ( i 1,096 | ) | i 66 | ||||||||||
Non-operating
pension and other postretirement employee benefit (expense) income | i — | i — | i 23 | i 3 | ( i 1 | ) | i 25 | ||||||||||
Interest
expense | i — | ( i 5 | ) | ( i 33 | ) | ( i 8 | ) | i 16 | ( i 30 | ) | |||||||
Interest
income | i — | i 13 | i 1 | i 3 | ( i 15 | ) | i 2 | ||||||||||
Dividend
income - equity investments | i — | i — | i — | i 25 | i 1 | i 26 | |||||||||||
Other
income (expense), net | i — | i — | i 1 | ( i 1 | ) | ( i 1 | ) | ( i 1 | ) | ||||||||
Earnings
(loss) from continuing operations before tax | i 401 | i 416 | i 354 | i 382 | ( i 1,091 | ) | i 462 | ||||||||||
Income
tax (provision) benefit | i — | ( i 15 | ) | ( i 10 | ) | ( i 28 | ) | ( i 1 | ) | ( i 54 | ) | ||||||
Earnings
(loss) from continuing operations | i 401 | i 401 | i 344 | i 354 | ( i 1,092 | ) | i 408 | ||||||||||
Earnings
(loss) from operation of discontinued operations | i — | i — | ( i 1 | ) | ( i 6 | ) | i — | ( i 7 | ) | ||||||||
Income
tax (provision) benefit from discontinued operations | i — | i — | i — | i 1 | i — | i 1 | |||||||||||
Earnings
(loss) from discontinued operations | i — | i — | ( i 1 | ) | ( i 5 | ) | i — | ( i 6 | ) | ||||||||
Net
earnings (loss) | i 401 | i 401 | i 343 | i 349 | ( i 1,092 | ) | i 402 | ||||||||||
Net
(earnings) loss attributable to noncontrolling interests | i — | i — | i — | ( i 1 | ) | i — | ( i 1 | ) | |||||||||
Net
earnings (loss) attributable to Celanese Corporation | i 401 | i 401 | i 343 | i 348 | ( i 1,092 | ) | i 401 |
Nine
Months Ended September 30, 2019 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In
$ millions) | |||||||||||||||||
Net sales | i — | i — | i 1,780 | i 3,963 | ( i 878 | ) | i 4,865 | ||||||||||
Cost
of sales | i — | i — | ( i 1,345 | ) | ( i 3,108 | ) | i 878 | ( i 3,575 | ) | ||||||||
Gross
profit | i — | i — | i 435 | i 855 | i — | i 1,290 | |||||||||||
Selling,
general and administrative expenses | i — | i — | ( i 125 | ) | ( i 233 | ) | i — | ( i 358 | ) | ||||||||
Amortization
of intangible assets | i — | i — | ( i 6 | ) | ( i 12 | ) | i — | ( i 18 | ) | ||||||||
Research
and development expenses | i — | i — | ( i 20 | ) | ( i 30 | ) | i — | ( i 50 | ) | ||||||||
Other
(charges) gains, net | i — | i — | ( i 6 | ) | ( i 95 | ) | i — | ( i 101 | ) | ||||||||
Foreign
exchange gain (loss), net | i — | i — | i — | i 5 | i — | i 5 | |||||||||||
Gain
(loss) on disposition of businesses and assets, net | i — | i — | ( i 7 | ) | i 5 | i — | ( i 2 | ) | |||||||||
Operating
profit (loss) | i — | i — | i 271 | i 495 | i — | i 766 | |||||||||||
Equity
in net earnings (loss) of affiliates | i 823 | i 814 | i 522 | i 120 | ( i 2,145 | ) | i 134 | ||||||||||
Non-operating
pension and other postretirement employee benefit (expense) income | i — | i — | i 46 | i 5 | i — | i 51 | |||||||||||
Interest
expense | ( i 20 | ) | ( i 24 | ) | ( i 103 | ) | ( i 29 | ) | i 89 | ( i 87 | ) | ||||||
Refinancing
expense | i — | ( i 4 | ) | i — | i — | i — | ( i 4 | ) | |||||||||
Interest
income | i — | i 49 | i 36 | i 8 | ( i 89 | ) | i 4 | ||||||||||
Dividend
income - equity investments | i — | i — | i — | i 89 | i — | i 89 | |||||||||||
Other
income (expense), net | i — | ( i 3 | ) | i 1 | ( i 4 | ) | i — | ( i 6 | ) | ||||||||
Earnings
(loss) from continuing operations before tax | i 803 | i 832 | i 773 | i 684 | ( i 2,145 | ) | i 947 | ||||||||||
Income
tax (provision) benefit | i 6 | ( i 9 | ) | ( i 28 | ) | ( i 96 | ) | i — | ( i 127 | ) | |||||||
Earnings
(loss) from continuing operations | i 809 | i 823 | i 745 | i 588 | ( i 2,145 | ) | i 820 | ||||||||||
Earnings
(loss) from operation of discontinued operations | i — | i — | ( i 9 | ) | i — | i — | ( i 9 | ) | |||||||||
Income
tax (provision) benefit from discontinued operations | i — | i — | i 2 | i — | i — | i 2 | |||||||||||
Earnings
(loss) from discontinued operations | i — | i — | ( i 7 | ) | i — | i — | ( i 7 | ) | |||||||||
Net
earnings (loss) | i 809 | i 823 | i 738 | i 588 | ( i 2,145 | ) | i 813 | ||||||||||
Net
(earnings) loss attributable to noncontrolling interests | i — | i — | i — | ( i 4 | ) | i — | ( i 4 | ) | |||||||||
Net
earnings (loss) attributable to Celanese Corporation | i 809 | i 823 | i 738 | i 584 | ( i 2,145 | ) | i 809 |
Nine
Months Ended September 30, 2018 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In
$ millions) | |||||||||||||||||
Net sales | i — | i — | i 1,733 | i 4,621 | ( i 888 | ) | i 5,466 | ||||||||||
Cost
of sales | i — | i — | ( i 1,337 | ) | ( i 3,470 | ) | i 893 | ( i 3,914 | ) | ||||||||
Gross
profit | i — | i — | i 396 | i 1,151 | i 5 | i 1,552 | |||||||||||
Selling,
general and administrative expenses | i — | i — | ( i 156 | ) | ( i 256 | ) | i — | ( i 412 | ) | ||||||||
Amortization
of intangible assets | i — | i — | ( i 3 | ) | ( i 15 | ) | i — | ( i 18 | ) | ||||||||
Research
and development expenses | i — | i — | ( i 22 | ) | ( i 32 | ) | i — | ( i 54 | ) | ||||||||
Other
(charges) gains, net | i — | i — | i — | i 9 | i — | i 9 | |||||||||||
Foreign
exchange gain (loss), net | i — | ( i 3 | ) | i — | i 5 | i — | i 2 | ||||||||||
Gain
(loss) on disposition of businesses and assets, net | i — | i — | ( i 8 | ) | i 4 | i — | ( i 4 | ) | |||||||||
Operating
profit (loss) | i — | ( i 3 | ) | i 207 | i 866 | i 5 | i 1,075 | ||||||||||
Equity
in net earnings (loss) of affiliates | i 1,108 | i 1,112 | i 872 | i 170 | ( i 3,082 | ) | i 180 | ||||||||||
Non-operating
pension and other postretirement employee benefit (expense) income | i — | i — | i 70 | i 8 | ( i 1 | ) | i 77 | ||||||||||
Interest
expense | i — | ( i 15 | ) | ( i 93 | ) | ( i 25 | ) | i 38 | ( i 95 | ) | |||||||
Interest
income | i — | i 31 | i 5 | i 7 | ( i 39 | ) | i 4 | ||||||||||
Dividend
income - equity investments | i — | i — | i — | i 89 | i 3 | i 92 | |||||||||||
Other
income (expense), net | i — | i — | i 1 | i 3 | ( i 1 | ) | i 3 | ||||||||||
Earnings
(loss) from continuing operations before tax | i 1,108 | i 1,125 | i 1,062 | i 1,118 | ( i 3,077 | ) | i 1,336 | ||||||||||
Income
tax (provision) benefit | i — | ( i 17 | ) | ( i 115 | ) | ( i 83 | ) | ( i 1 | ) | ( i 216 | ) | ||||||
Earnings
(loss) from continuing operations | i 1,108 | i 1,108 | i 947 | i 1,035 | ( i 3,078 | ) | i 1,120 | ||||||||||
Earnings
(loss) from operation of discontinued operations | i — | i — | ( i 2 | ) | ( i 7 | ) | i — | ( i 9 | ) | ||||||||
Income
tax (provision) benefit from discontinued operations | i — | i — | i — | i 1 | i — | i 1 | |||||||||||
Earnings
(loss) from discontinued operations | i — | i — | ( i 2 | ) | ( i 6 | ) | i — | ( i 8 | ) | ||||||||
Net
earnings (loss) | i 1,108 | i 1,108 | i 945 | i 1,029 | ( i 3,078 | ) | i 1,112 | ||||||||||
Net
(earnings) loss attributable to noncontrolling interests | i — | i — | i — | ( i 4 | ) | i — | ( i 4 | ) | |||||||||
Net
earnings (loss) attributable to Celanese Corporation | i 1,108 | i 1,108 | i 945 | i 1,025 | ( i 3,078 | ) | i 1,108 |
Three
Months Ended September 30, 2019 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In
$ millions) | |||||||||||||||||
Net earnings (loss) | i 263 | i 277 | i 249 | i 195 | ( i 719 | ) | i 265 | ||||||||||
Other
comprehensive income (loss), net of tax | |||||||||||||||||
Foreign currency translation gain (loss) | ( i 7 | ) | ( i 7 | ) | ( i 52 | ) | ( i 67 | ) | i 126 | ( i 7 | ) | ||||||
Gain
(loss) on cash flow hedges | ( i 32 | ) | ( i 32 | ) | ( i 12 | ) | ( i 12 | ) | i 56 | ( i 32 | ) | ||||||
Total
other comprehensive income (loss), net of tax | ( i 39 | ) | ( i 39 | ) | ( i 64 | ) | ( i 79 | ) | i 182 | ( i 39 | ) | ||||||
Total
comprehensive income (loss), net of tax | i 224 | i 238 | i 185 | i 116 | ( i 537 | ) | i 226 | ||||||||||
Comprehensive
(income) loss attributable to noncontrolling interests | i — | i — | i — | ( i 2 | ) | i — | ( i 2 | ) | |||||||||
Comprehensive
income (loss) attributable to Celanese Corporation | i 224 | i 238 | i 185 | i 114 | ( i 537 | ) | i 224 |
Three
Months Ended September 30, 2018 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In
$ millions) | |||||||||||||||||
Net earnings (loss) | i 401 | i 401 | i 343 | i 349 | ( i 1,092 | ) | i 402 | ||||||||||
Other
comprehensive income (loss), net of tax | |||||||||||||||||
Unrealized gain (loss) on marketable securities | i — | i — | i 1 | i — | ( i 1 | ) | i — | ||||||||||
Foreign
currency translation gain (loss) | ( i 35 | ) | ( i 35 | ) | ( i 31 | ) | ( i 37 | ) | i 103 | ( i 35 | ) | ||||||
Gain
(loss) on cash flow hedges | i 4 | i 4 | i 2 | i 2 | ( i 8 | ) | i 4 | ||||||||||
Total
other comprehensive income (loss), net of tax | ( i 31 | ) | ( i 31 | ) | ( i 28 | ) | ( i 35 | ) | i 94 | ( i 31 | ) | ||||||
Total
comprehensive income (loss), net of tax | i 370 | i 370 | i 315 | i 314 | ( i 998 | ) | i 371 | ||||||||||
Comprehensive
(income) loss attributable to noncontrolling interests | i — | i — | i — | ( i 1 | ) | i — | ( i 1 | ) | |||||||||
Comprehensive
income (loss) attributable to Celanese Corporation | i 370 | i 370 | i 315 | i 313 | ( i 998 | ) | i 370 |
Nine
Months Ended September 30, 2019 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In
$ millions) | |||||||||||||||||
Net earnings (loss) | i 809 | i 823 | i 738 | i 588 | ( i 2,145 | ) | i 813 | ||||||||||
Other
comprehensive income (loss), net of tax | |||||||||||||||||
Foreign currency translation gain (loss) | ( i 11 | ) | ( i 11 | ) | ( i 68 | ) | ( i 87 | ) | i 166 | ( i 11 | ) | ||||||
Gain
(loss) on cash flow hedges | ( i 48 | ) | ( i 48 | ) | ( i 9 | ) | ( i 7 | ) | i 64 | ( i 48 | ) | ||||||
Total
other comprehensive income (loss), net of tax | ( i 59 | ) | ( i 59 | ) | ( i 77 | ) | ( i 94 | ) | i 230 | ( i 59 | ) | ||||||
Total
comprehensive income (loss), net of tax | i 750 | i 764 | i 661 | i 494 | ( i 1,915 | ) | i 754 | ||||||||||
Comprehensive
(income) loss attributable to noncontrolling interests | i — | i — | i — | ( i 4 | ) | i — | ( i 4 | ) | |||||||||
Comprehensive
income (loss) attributable to Celanese Corporation | i 750 | i 764 | i 661 | i 490 | ( i 1,915 | ) | i 750 |
Nine
Months Ended September 30, 2018 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In
$ millions) | |||||||||||||||||
Net earnings (loss) | i 1,108 | i 1,108 | i 945 | i 1,029 | ( i 3,078 | ) | i 1,112 | ||||||||||
Other
comprehensive income (loss), net of tax | |||||||||||||||||
Unrealized gain (loss) on marketable securities | i — | i — | i 6 | i 13 | ( i 19 | ) | i — | ||||||||||
Foreign
currency translation gain (loss) | ( i 52 | ) | ( i 52 | ) | ( i 77 | ) | ( i 95 | ) | i 224 | ( i 52 | ) | ||||||
Gain
(loss) on cash flow hedges | i 9 | i 9 | i 6 | i 7 | ( i 22 | ) | i 9 | ||||||||||
Pension
and postretirement benefits gain (loss) | i 1 | i 1 | i 1 | i 1 | ( i 3 | ) | i 1 | ||||||||||
Total
other comprehensive income (loss), net of tax | ( i 42 | ) | ( i 42 | ) | ( i 64 | ) | ( i 74 | ) | i 180 | ( i 42 | ) | ||||||
Total
comprehensive income (loss), net of tax | i 1,066 | i 1,066 | i 881 | i 955 | ( i 2,898 | ) | i 1,070 | ||||||||||
Comprehensive
(income) loss attributable to noncontrolling interests | i — | i — | i — | ( i 4 | ) | i — | ( i 4 | ) | |||||||||
Comprehensive
income (loss) attributable to Celanese Corporation | i 1,066 | i 1,066 | i 881 | i 951 | ( i 2,898 | ) | i 1,066 |
As
of September 30, 2019 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In
$ millions) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current Assets | |||||||||||||||||
Cash
and cash equivalents | i — | i — | i 87 | i 410 | i — | i 497 | |||||||||||
Trade
receivables - third party and affiliates | i — | i — | i 102 | i 958 | ( i 113 | ) | i 947 | ||||||||||
Non-trade
receivables, net | i 46 | i 1,082 | i 1,771 | i 705 | ( i 3,269 | ) | i 335 | ||||||||||
Inventories,
net | i — | i — | i 337 | i 706 | ( i 49 | ) | i 994 | ||||||||||
Marketable
securities, at fair value | i — | i — | i 26 | i — | i — | i 26 | |||||||||||
Other
assets | i — | i 31 | i 17 | i 73 | ( i 77 | ) | i 44 | ||||||||||
Total
current assets | i 46 | i 1,113 | i 2,340 | i 2,852 | ( i 3,508 | ) | i 2,843 | ||||||||||
Investments
in affiliates | i 4,006 | i 5,135 | i 4,241 | i 839 | ( i 13,251 | ) | i 970 | ||||||||||
Property,
plant and equipment, net | i — | i — | i 1,373 | i 2,212 | i — | i 3,585 | |||||||||||
Operating
lease right-of-use assets | i — | i — | i 54 | i 152 | i — | i 206 | |||||||||||
Deferred
income taxes | i — | i — | i — | i 100 | ( i 2 | ) | i 98 | ||||||||||
Other
assets | i 1 | i 1,674 | i 194 | i 426 | ( i 1,951 | ) | i 344 | ||||||||||
Goodwill | i — | i — | i 399 | i 655 | i — | i 1,054 | |||||||||||
Intangible
assets, net | i — | i — | i 127 | i 187 | i — | i 314 | |||||||||||
Total
assets | i 4,053 | i 7,922 | i 8,728 | i 7,423 | ( i 18,712 | ) | i 9,414 | ||||||||||
LIABILITIES
AND EQUITY | |||||||||||||||||
Current Liabilities | |||||||||||||||||
Short-term
borrowings and current installments of long-term debt - third party and affiliates | i 1,280 | i 251 | i 914 | i 555 | ( i 2,632 | ) | i 368 | ||||||||||
Trade
payables - third party and affiliates | i 25 | i 1 | i 295 | i 556 | ( i 113 | ) | i 764 | ||||||||||
Other
liabilities | i — | i 79 | i 190 | i 297 | ( i 208 | ) | i 358 | ||||||||||
Income
taxes payable | i 1 | i — | i 495 | i 53 | ( i 506 | ) | i 43 | ||||||||||
Total
current liabilities | i 1,306 | i 331 | i 1,894 | i 1,461 | ( i 3,459 | ) | i 1,533 | ||||||||||
Noncurrent
Liabilities | |||||||||||||||||
Long-term debt | i — | i 3,502 | i 1,678 | i 104 | ( i 1,925 | ) | i 3,359 | ||||||||||
Deferred
income taxes | i — | i 26 | i 84 | i 161 | ( i 2 | ) | i 269 | ||||||||||
Uncertain
tax positions | i — | i 2 | i 6 | i 161 | i — | i 169 | |||||||||||
Benefit
obligations | i — | i — | i 237 | i 286 | i — | i 523 | |||||||||||
Operating
lease liabilities | i — | i — | i 43 | i 139 | i — | i 182 | |||||||||||
Other
liabilities | i — | i 55 | i 94 | i 126 | ( i 35 | ) | i 240 | ||||||||||
Total
noncurrent liabilities | i — | i 3,585 | i 2,142 | i 977 | ( i 1,962 | ) | i 4,742 | ||||||||||
Total
Celanese Corporation stockholders' equity | i 2,747 | i 4,006 | i 4,692 | i 4,593 | ( i 13,291 | ) | i 2,747 | ||||||||||
Noncontrolling
interests | i — | i — | i — | i 392 | i — | i 392 | |||||||||||
Total
equity | i 2,747 | i 4,006 | i 4,692 | i 4,985 | ( i 13,291 | ) | i 3,139 | ||||||||||
Total
liabilities and equity | i 4,053 | i 7,922 | i 8,728 | i 7,423 | ( i 18,712 | ) | i 9,414 |
As
of December 31, 2018 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In
$ millions) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current Assets | |||||||||||||||||
Cash
and cash equivalents | i — | i — | i 30 | i 409 | i — | i 439 | |||||||||||
Trade
receivables - third party and affiliates | i — | i — | i 96 | i 1,040 | ( i 119 | ) | i 1,017 | ||||||||||
Non-trade
receivables, net | i 40 | i 551 | i 797 | i 697 | ( i 1,784 | ) | i 301 | ||||||||||
Inventories,
net | i — | i — | i 329 | i 765 | ( i 48 | ) | i 1,046 | ||||||||||
Marketable
securities, at fair value | i — | i — | i 31 | i — | i — | i 31 | |||||||||||
Other
assets | i — | i 24 | i 10 | i 37 | ( i 31 | ) | i 40 | ||||||||||
Total
current assets | i 40 | i 575 | i 1,293 | i 2,948 | ( i 1,982 | ) | i 2,874 | ||||||||||
Investments
in affiliates | i 3,503 | i 4,820 | i 4,678 | i 855 | ( i 12,877 | ) | i 979 | ||||||||||
Property,
plant and equipment, net | i — | i — | i 1,289 | i 2,430 | i — | i 3,719 | |||||||||||
Deferred
income taxes | i — | i — | i — | i 86 | ( i 2 | ) | i 84 | ||||||||||
Other
assets | i — | i 1,658 | i 142 | i 461 | ( i 1,971 | ) | i 290 | ||||||||||
Goodwill | i — | i — | i 399 | i 658 | i — | i 1,057 | |||||||||||
Intangible
assets, net | i — | i — | i 132 | i 178 | i — | i 310 | |||||||||||
Total
assets | i 3,543 | i 7,053 | i 7,933 | i 7,616 | ( i 16,832 | ) | i 9,313 | ||||||||||
LIABILITIES
AND EQUITY | |||||||||||||||||
Current Liabilities | |||||||||||||||||
Short-term
borrowings and current installments of long-term debt - third party and affiliates | i 544 | i 333 | i 465 | i 258 | ( i 1,039 | ) | i 561 | ||||||||||
Trade
payables - third party and affiliates | i 13 | i 1 | i 342 | i 583 | ( i 120 | ) | i 819 | ||||||||||
Other
liabilities | i 1 | i 87 | i 267 | i 258 | ( i 270 | ) | i 343 | ||||||||||
Income
taxes payable | i — | i — | i 475 | i 88 | ( i 507 | ) | i 56 | ||||||||||
Total
current liabilities | i 558 | i 421 | i 1,549 | i 1,187 | ( i 1,936 | ) | i 1,779 | ||||||||||
Noncurrent
Liabilities | |||||||||||||||||
Long-term debt | i — | i 3,104 | i 1,679 | i 127 | ( i 1,940 | ) | i 2,970 | ||||||||||
Deferred
income taxes | i — | i 15 | i 85 | i 157 | ( i 2 | ) | i 255 | ||||||||||
Uncertain
tax positions | i — | i — | i 6 | i 152 | i — | i 158 | |||||||||||
Benefit
obligations | i — | i — | i 250 | i 314 | i — | i 564 | |||||||||||
Other
liabilities | i 1 | i 10 | i 99 | i 138 | ( i 40 | ) | i 208 | ||||||||||
Total
noncurrent liabilities | i 1 | i 3,129 | i 2,119 | i 888 | ( i 1,982 | ) | i 4,155 | ||||||||||
Total
Celanese Corporation stockholders' equity | i 2,984 | i 3,503 | i 4,265 | i 5,146 | ( i 12,914 | ) | i 2,984 | ||||||||||
Noncontrolling
interests | i — | i — | i — | i 395 | i — | i 395 | |||||||||||
Total
equity | i 2,984 | i 3,503 | i 4,265 | i 5,541 | ( i 12,914 | ) | i 3,379 | ||||||||||
Total
liabilities and equity | i 3,543 | i 7,053 | i 7,933 | i 7,616 | ( i 16,832 | ) | i 9,313 |
Nine
Months Ended September 30, 2019 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In
$ millions) | |||||||||||||||||
Net cash provided by (used in) operating activities | i 988 | ( i 47 | ) | i 1,132 | i 616 | ( i 1,561 | ) | i 1,128 | |||||||||
Investing
Activities | |||||||||||||||||
Capital expenditures on property, plant and equipment | i — | i — | ( i 137 | ) | ( i 89 | ) | i — | ( i 226 | ) | ||||||||
Acquisitions,
net of cash acquired | i — | i — | ( i 31 | ) | ( i 60 | ) | i — | ( i 91 | ) | ||||||||
Proceeds
from sale of businesses and assets, net | i — | i — | i 6 | i — | ( i 5 | ) | i 1 | ||||||||||
Return
of capital from subsidiary | i — | i — | i 7 | i — | ( i 7 | ) | i — | ||||||||||
Intercompany
loan receipts (disbursements) | i — | i — | ( i 649 | ) | i — | i 649 | i — | ||||||||||
Other,
net | i — | i — | i 1 | ( i 15 | ) | i 5 | ( i 9 | ) | |||||||||
Net
cash provided by (used in) investing activities | i — | i — | ( i 803 | ) | ( i 164 | ) | i 642 | ( i 325 | ) | ||||||||
Financing
Activities | |||||||||||||||||
Net
change in short-term borrowings with maturities of 3 months or less | i — | i 165 | i 4 | ( i 3 | ) | ( i 39 | ) | i 127 | |||||||||
Proceeds
from short-term borrowings | i — | i — | i — | i 720 | ( i 610 | ) | i 110 | ||||||||||
Repayments
of short-term borrowings | i — | i — | i — | ( i 85 | ) | i — | ( i 85 | ) | |||||||||
Proceeds
from long-term debt | i — | i 499 | i — | i — | i — | i 499 | |||||||||||
Repayments
of long-term debt | i — | ( i 335 | ) | ( i 1 | ) | ( i 18 | ) | i — | ( i 354 | ) | |||||||
Purchases
of treasury stock, including related fees | ( i 763 | ) | i — | i — | i — | i — | ( i 763 | ) | |||||||||
Dividends
to parent | i — | ( i 272 | ) | ( i 251 | ) | ( i 1,038 | ) | i 1,561 | i — | ||||||||
Common
stock dividends | ( i 225 | ) | i — | i — | i — | i — | ( i 225 | ) | |||||||||
Return
of capital to parent | i — | i — | i — | ( i 7 | ) | i 7 | i — | ||||||||||
(Distributions
to) contributions from noncontrolling interests | i — | i — | i — | ( i 7 | ) | i — | ( i 7 | ) | |||||||||
Other,
net | i — | ( i 10 | ) | ( i 24 | ) | ( i 4 | ) | i — | ( i 38 | ) | |||||||
Net
cash provided by (used in) financing activities | ( i 988 | ) | i 47 | ( i 272 | ) | ( i 442 | ) | i 919 | ( i 736 | ) | |||||||
Exchange
rate effects on cash and cash equivalents | i — | i — | i — | ( i 9 | ) | i — | ( i 9 | ) | |||||||||
Net
increase (decrease) in cash and cash equivalents | i — | i — | i 57 | i 1 | i — | i 58 | |||||||||||
Cash
and cash equivalents as of beginning of period | i — | i — | i 30 | i 409 | i — | i 439 | |||||||||||
Cash
and cash equivalents as of end of period | i — | i — | i 87 | i 410 | i — | i 497 |
Nine
Months Ended September 30, 2018 | |||||||||||||||||
Parent Guarantor | Issuer | Subsidiary Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||
(In
$ millions) | |||||||||||||||||
Net cash provided by (used in) operating activities | i 459 | i 567 | i 224 | i 1,015 | ( i 1,070 | ) | i 1,195 | ||||||||||
Investing
Activities | |||||||||||||||||
Capital expenditures on property, plant and equipment | i — | i — | ( i 163 | ) | ( i 81 | ) | i — | ( i 244 | ) | ||||||||
Acquisitions,
net of cash acquired | i — | i — | ( i 144 | ) | i — | i — | ( i 144 | ) | |||||||||
Proceeds
from sale of businesses and assets, net | i — | i — | i — | i 13 | i — | i 13 | |||||||||||
Return
of capital from subsidiary | i — | i — | i 225 | i — | ( i 225 | ) | i — | ||||||||||
Contributions
to subsidiary | i — | i — | ( i 16 | ) | i — | i 16 | i — | ||||||||||
Intercompany
loan receipts (disbursements) | i — | ( i 327 | ) | ( i 12 | ) | ( i 285 | ) | i 624 | i — | ||||||||
Other,
net | i — | i — | ( i 7 | ) | ( i 27 | ) | i — | ( i 34 | ) | ||||||||
Net
cash provided by (used in) investing activities | i — | ( i 327 | ) | ( i 117 | ) | ( i 380 | ) | i 415 | ( i 409 | ) | |||||||
Financing
Activities | |||||||||||||||||
Net change in short-term borrowings with maturities of 3 months or less | i — | ( i 33 | ) | i 11 | ( i 52 | ) | ( i 12 | ) | ( i 86 | ) | |||||||
Proceeds
from short-term borrowings | i — | i — | i — | i 44 | i — | i 44 | |||||||||||
Repayments
of short-term borrowings | i — | i — | i — | ( i 62 | ) | i — | ( i 62 | ) | |||||||||
Proceeds
from long-term debt | i — | i 285 | i 327 | i — | ( i 612 | ) | i — | ||||||||||
Repayments
of long-term debt | i — | ( i 19 | ) | ( i 13 | ) | ( i 24 | ) | i — | ( i 56 | ) | |||||||
Purchases
of treasury stock, including related fees | ( i 250 | ) | i — | i — | i — | i — | ( i 250 | ) | |||||||||
Dividends
to parent | i — | ( i 459 | ) | ( i 611 | ) | i — | i 1,070 | i — | |||||||||
Contributions
from parent | i — | i — | i — | i 16 | ( i 16 | ) | i — | ||||||||||
Common
stock dividends | ( i 209 | ) | i — | i — | i — | i — | ( i 209 | ) | |||||||||
Return
of capital to parent | i — | i — | i — | ( i 225 | ) | i 225 | i — | ||||||||||
(Distributions
to) contributions from noncontrolling interests | i — | i — | i — | ( i 14 | ) | i — | ( i 14 | ) | |||||||||
Other,
net | i — | i — | ( i 5 | ) | ( i 1 | ) | i — | ( i 6 | ) | ||||||||
Net
cash provided by (used in) financing activities | ( i 459 | ) | ( i 226 | ) | ( i 291 | ) | ( i 318 | ) | i 655 | ( i 639 | ) | ||||||
Exchange
rate effects on cash and cash equivalents | i — | i — | i — | ( i 20 | ) | i — | ( i 20 | ) | |||||||||
Net
increase (decrease) in cash and cash equivalents | i — | i 14 | ( i 184 | ) | i 297 | i — | i 127 | ||||||||||
Cash
and cash equivalents as of beginning of period | i — | i — | i 230 | i 346 | i — | i 576 | |||||||||||
Cash
and cash equivalents as of end of period | i — | i 14 | i 46 | i 643 | i — | i 703 |
• | changes in general economic, business, political and regulatory conditions in the countries or regions in which we operate; |
• | the length and depth of product and industry business cycles particularly in the automotive, electrical,
textiles, electronics and construction industries; |
• | changes in the price and availability of raw materials, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, wood pulp and fuel oil and the prices for electricity and other energy sources; |
• | the ability to pass increases in raw material prices on to customers or otherwise improve margins through price increases; |
• | the
ability to maintain plant utilization rates and to implement planned capacity additions, expansions and maintenance; |
• | the ability to reduce or maintain current levels of production costs and to improve productivity by implementing technological improvements to existing plants; |
• | increased price competition and the introduction of competing products by other companies; |
• | the
ability to identify desirable potential acquisition targets and to consummate acquisition or investment transactions, including obtaining regulatory approvals, consistent with our strategy; |
• | market acceptance of our technology; |
• | the
ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to us; |
• | changes in applicable tariffs, duties and trade agreements, tax rates or legislation throughout the world including, but not limited to, adjustments, changes in estimates or interpretations that may impact recorded or future tax impacts associated with the Tax Cuts and Jobs Act (the "TCJA"); |
• | changes in the degree of intellectual property and other legal protection afforded to our products or technologies,
or the theft of such intellectual property; |
• | compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, cyber security incidents, terrorism or political unrest, or other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the occurrence of acts of war or terrorist incidents or as a result of weather or natural disasters; |
• | potential liability for remedial
actions and increased costs under existing or future environmental regulations, including those relating to climate change; |
• | potential liability resulting from pending or future claims or litigation, including investigations or enforcement actions, or from changes in the laws, regulations or policies of governments or other governmental activities, in the countries in which we operate; |
• | changes in currency exchange rates and interest rates; |
• | our
level of indebtedness, which could diminish our ability to raise additional capital to fund operations or limit our ability to react to changes in the economy or the chemicals industry; and |
• | various other factors, both referenced and not referenced in this Quarterly Report. |
Three Months Ended September 30, | Nine
Months Ended September 30, | ||||||||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | ||||||||||||
(unaudited) | |||||||||||||||||
(In
$ millions, except percentages) | |||||||||||||||||
Statement of Operations Data | |||||||||||||||||
Net
sales | 1,586 | 1,771 | (185 | ) | 4,865 | 5,466 | (601 | ) | |||||||||
Gross
profit | 414 | 516 | (102 | ) | 1,290 | 1,552 | (262 | ) | |||||||||
Selling,
general and administrative ("SG&A") expenses | (120 | ) | (129 | ) | 9 | (358 | ) | (412 | ) | 54 | |||||||
Other
(charges) gains, net | (7 | ) | 12 | (19 | ) | (101 | ) | 9 | (110 | ) | |||||||
Operating
profit (loss) | 260 | 374 | (114 | ) | 766 | 1,075 | (309 | ) | |||||||||
Equity
in net earnings (loss) of affiliates | 45 | 66 | (21 | ) | 134 | 180 | (46 | ) | |||||||||
Non-operating
pension and other postretirement employee benefit (expense) income | 17 | 25 | (8 | ) | 51 | 77 | (26 | ) | |||||||||
Interest
expense | (27 | ) | (30 | ) | 3 | (87 | ) | (95 | ) | 8 | |||||||
Refinancing
expense | — | — | — | (4 | ) | — | (4 | ) | |||||||||
Dividend
income - equity investments | 27 | 26 | 1 | 89 | 92 | (3 | ) | ||||||||||
Earnings
(loss) from continuing operations before tax | 323 | 462 | (139 | ) | 947 | 1,336 | (389 | ) | |||||||||
Earnings
(loss) from continuing operations | 270 | 408 | (138 | ) | 820 | 1,120 | (300 | ) | |||||||||
Earnings
(loss) from discontinued operations | (5 | ) | (6 | ) | 1 | (7 | ) | (8 | ) | 1 | |||||||
Net
earnings (loss) | 265 | 402 | (137 | ) | 813 | 1,112 | (299 | ) | |||||||||
Net
earnings (loss) attributable to Celanese Corporation | 263 | 401 | (138 | ) | 809 | 1,108 | (299 | ) | |||||||||
Other
Data | |||||||||||||||||
Depreciation and amortization | 94 | 90 | 4 | 261 | 255 | 6 | |||||||||||
SG&A
expenses as a percentage of Net sales | 7.6 | % | 7.3 | % | 7.4 | % | 7.5 | % | |||||||||
Operating
margin(1) | 16.4 | % | 21.1 | % | 15.7 | % | 19.7 | % | |||||||||
Other
(charges) gains, net | |||||||||||||||||
Restructuring | (6 | ) | (1 | ) | (5 | ) | (20 | ) | (4 | ) | (16 | ) | |||||
Asset
impairments | — | — | — | (83 | ) | — | (83 | ) | |||||||||
Plant/office
closures | (1 | ) | 13 | (14 | ) | (2 | ) | 13 | (15 | ) | |||||||
Commercial
disputes | — | — | — | 4 | — | 4 | |||||||||||
Total
Other (charges) gains, net | (7 | ) | 12 | (19 | ) | (101 | ) | 9 | (110 | ) |
(1) | Defined
as Operating profit (loss) divided by Net sales. |
As of September 30, 2019 | As
of December 31, 2018 | ||||
(unaudited) | |||||
(In $ millions) | |||||
Balance Sheet Data | |||||
Cash and cash equivalents | 497 | 439 | |||
Short-term
borrowings and current installments of long-term debt - third party and affiliates | 368 | 561 | |||
Long-term debt, net of unamortized deferred financing costs | 3,359 | 2,970 | |||
Total debt | 3,727 | 3,531 |
Volume | Price | Currency | Other | Total | |||||||||
(unaudited) | |||||||||||||
(In
percentages) | |||||||||||||
Engineered Materials | (4 | ) | (2 | ) | (2 | ) | — | (8 | ) | ||||
Acetate
Tow | — | — | — | — | — | ||||||||
Acetyl Chain | 6 | (18 | ) | (2 | ) | — | (14 | ) | |||||
Total
Company | 2 | (11 | ) | (2 | ) | 1 | (10 | ) |
Volume | Price | Currency | Other | Total | |||||||||
(unaudited) | |||||||||||||
(In
percentages) | |||||||||||||
Engineered Materials | (5 | ) | 2 | (3 | ) | — | (6 | ) | |||||
Acetate
Tow | — | — | — | — | — | ||||||||
Acetyl Chain | — | (13 | ) | (3 | ) | — | (16 | ) | |||||
Total
Company | (2 | ) | (6 | ) | (3 | ) | — | (11 | ) |
• | lower pricing in our Acetyl
Chain and Engineered Materials segments; |
• | an unfavorable currency impact in our Acetyl Chain and Engineered Materials segments; and |
• | lower volume in our Engineered Materials segment, primarily due to slower global economic conditions and customer destocking; |
• | higher
volume in our Acetyl Chain segment, primarily for VAM due to expansion in the western hemisphere. |
• | lower
Net sales in our Acetyl Chain and Engineered Materials segments; and |
• | an unfavorable impact to Other (charges) gains. During the three months ended September 30, 2018, we received a $13 million non-income tax receivable refund from Nanjing, China, which did not recur in the current year. See Note 14 - Other (Charges) Gains, Net in the accompanying unaudited interim consolidated financial statements for further information; |
• | lower raw material costs within our Acetyl Chain and Engineered Materials segments. |
• | a decrease in equity investment
in earnings of $21 million from our Ibn Sina strategic affiliate, primarily as a result of plant turnaround activity. |
• | lower pricing in our Acetyl Chain segment; |
• | lower volume in our Engineered Materials segment, primarily due to slower global economic conditions and customer destocking; and |
• | an
unfavorable currency impact within our Acetyl Chain and Engineered Materials segments; |
• | higher pricing in our Engineered Materials segment. |
• | lower
Net sales in our Acetyl Chain and Engineered Materials segments; and |
• | an unfavorable impact to Other (charges) gains, net. During the nine months ended September 30, 2019, we recorded an $83 million long-lived asset impairment loss in our Acetate Tow segment related to the closure of our acetate flake manufacturing operations in Ocotlán, Mexico and $20 million in employee termination benefits, primarily related to business optimization projects. See Note
14 - Other (Charges) Gains, Net in the accompanying unaudited interim consolidated financial statements for further information; |
• | lower raw material costs within our Acetyl Chain segment; and |
• | lower
incentive compensation costs and project spending within Other Activities. |
• | a decrease in equity investment in earnings of $32 million from our Ibn Sina strategic affiliate, primarily as a result of plant turnaround
activity; and |
• | a decrease in equity investment in earnings of $13 million from our Polyplastics Co., Ltd. ("Polyplastics") strategic affiliate as a result of softer market conditions in China. |
Three
Months Ended September 30, | Change | % Change | Nine Months Ended September 30, | Change | % Change | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
(In
$ millions, except percentages) | |||||||||||||||||||||||
Net sales | 591 | 642 | (51 | ) | (7.9 | )% | 1,847 | 1,971 | (124 | ) | (6.3 | )% | |||||||||||
Net
Sales Variance | |||||||||||||||||||||||
Volume | (4 | )% | (5 | )% | |||||||||||||||||||
Price | (2 | )% | 2 | % | |||||||||||||||||||
Currency | (2 | )% | (3 | )% | |||||||||||||||||||
Other | — | % | — | % | |||||||||||||||||||
Other
(charges) gains, net | (1 | ) | — | (1 | ) | (100.0 | )% | 6 | — | 6 | 100.0 | % | |||||||||||
Operating
profit (loss) | 111 | 124 | (13 | ) | (10.5 | )% | 358 | 365 | (7 | ) | (1.9 | )% | |||||||||||
Operating
margin | 18.8 | % | 19.3 | % | 19.4 | % | 18.5 | % | |||||||||||||||
Equity
in net earnings (loss) of affiliates | 41 | 62 | (21 | ) | (33.9 | )% | 123 | 169 | (46 | ) | (27.2 | )% | |||||||||||
Depreciation
and amortization | 33 | 31 | 2 | 6.5 | % | 96 | 96 | — | — | % |
• | lower volume within our base business driven by slower global economic conditions and customer destocking; |
• | lower pricing for most of our products, primarily due to reduced customer demand in Asia, as well as product mix; and |
• | an
unfavorable currency impact resulting from a weaker Euro relative to the US dollar. |
• | lower Net sales; |
• | lower
raw material costs, primarily for methanol. |
• | a decrease in equity investment in earnings of $21 million from our Ibn Sina strategic affiliate, primarily as a result of plant turnaround activity. |
• | lower volume within our base business driven by slower global economic conditions and customer destocking; and |
• | an
unfavorable currency impact resulting from a weaker Euro relative to the US dollar; |
• | higher pricing for certain products, primarily due to pricing efforts to align with rising raw material and distribution costs, as well as product mix. |
• | an
unfavorable volume and currency impact within Net sales; and |
• | higher raw material costs, primarily for polymers; |
• | a favorable pricing impact within Net sales; |
• | lower energy costs of $13 million, primarily for steam; and |
• | a
favorable impact of $6 million to Other (charges) gains, net. During the nine months ended September 30, 2019, we recorded a $15 million gain related to a settlement of a commercial dispute from a previous acquisition, partially offset by $9 million in employee termination benefits, primarily related to business optimization projects. See Note 14 - Other (Charges) Gains, Net in the accompanying unaudited interim consolidated financial statements for further information. |
• | a decrease in equity investment in earnings of $32 million from our Ibn Sina strategic affiliate, primarily as a result of plant turnaround activity; and |
• | a
decrease in equity investment in earnings of $13 million from our Polyplastics strategic affiliate as a result of softer market conditions in China. |
Three
Months Ended September 30, | Change | % Change | Nine Months Ended September 30, | Change | % Change | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
(In
$ millions, except percentages) | |||||||||||||||||||||||
Net sales | 158 | 158 | — | — | % | 488 | 488 | — | — | % | |||||||||||||
Net
Sales Variance | |||||||||||||||||||||||
Volume | — | % | — | % | |||||||||||||||||||
Price | — | % | — | % | |||||||||||||||||||
Currency | — | % | — | % | |||||||||||||||||||
Other | — | % | — | % | |||||||||||||||||||
Other
(charges) gains, net | (3 | ) | (1 | ) | (2 | ) | (200.0 | )% | (87 | ) | (2 | ) | (85 | ) | (4,250.0 | )% | |||||||
Operating
profit (loss) | 34 | 26 | 8 | 30.8 | % | 30 | 111 | (81 | ) | (73.0 | )% | ||||||||||||
Operating
margin | 21.5 | % | 16.5 | % | 6.1 | % | 22.7 | % | |||||||||||||||
Dividend
income - equity investments | 27 | 26 | 1 | 3.8 | % | 88 | 91 | (3 | ) | (3.3 | )% | ||||||||||||
Depreciation
and amortization | 14 | 21 | (7 | ) | (33.3 | )% | 35 | 44 | (9 | ) | (20.5 | )% |
• | higher
accelerated depreciation and amortization expense of $7 million in 2018 related to the closure of our acetate tow manufacturing unit in Ocotlán, Mexico; and |
• | lower energy costs of $6 million, primarily related to natural gas prices. |
• | an
unfavorable impact of $85 million to Other (charges) gains, net. During the nine months ended September 30, 2019, we recorded an $83 million long-lived asset impairment loss related to the closure of our acetate flake manufacturing operations in Ocotlán, Mexico. We expect to incur additional exit and shutdown costs related to Ocotlán, Mexico of approximately $12 million through the first quarter of 2020. See Note 3 - Acquisitions, Dispositions and Plant Closures in the accompanying unaudited interim consolidated financial statements for further information; |
• | higher accelerated depreciation and amortization expense of $8 million in 2018 related to the closure of our acetate tow manufacturing unit in Ocotlán, Mexico; and |
• | lower energy costs of $8 million, primarily related to natural gas prices. |
Three
Months Ended September 30, | Change | % Change | Nine Months Ended September 30, | Change | % Change | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
(In
$ millions, except percentages) | |||||||||||||||||||||||
Net sales | 867 | 1,006 | (139 | ) | (13.8 | )% | 2,621 | 3,106 | (485 | ) | (15.6 | )% | |||||||||||
Net
Sales Variance | |||||||||||||||||||||||
Volume | 6 | % | — | % | |||||||||||||||||||
Price | (18 | )% | (13 | )% | |||||||||||||||||||
Currency | (2 | )% | (3 | )% | |||||||||||||||||||
Other | — | % | — | % | |||||||||||||||||||
Other
(charges) gains, net | — | 12 | (12 | ) | (100.0 | )% | (1 | ) | 10 | (11 | ) | (110.0 | )% | ||||||||||
Operating
profit (loss) | 180 | 287 | (107 | ) | (37.3 | )% | 570 | 813 | (243 | ) | (29.9 | )% | |||||||||||
Operating
margin | 20.8 | % | 28.5 | % | 21.7 | % | 26.2 | % | |||||||||||||||
Depreciation
and amortization | 43 | 36 | 7 | 19.4 | % | 119 | 107 | 12 | 11.2 | % |
• | lower pricing for most of our products, primarily due to reduced customer demand in Asia and an overall deflationary environment for raw materials; and |
• | an
unfavorable currency impact resulting from a weaker Euro relative to the US dollar; |
• | higher volume, primarily for VAM due to expansion in the western hemisphere, which represents substantially all of the increase in volume. |
• | lower
Net sales; and |
• | an unfavorable impact of $12 million to Other (charges) gains, net. During the three months ended September 30, 2018, we received a $13 million non-income tax receivable refund from Nanjing, China, which did not recur in the current year. See Note 14 - Other (Charges) Gains, Net in the accompanying unaudited interim consolidated financial statements for further
information; |
• | lower raw material costs for methanol, ethylene and acetic acid, which combined represents approximately three-fourths of the decrease. |
• | lower pricing for most of our products, primarily due to reduced customer demand in Asia and an overall deflationary environment for raw materials; and |
• | an unfavorable currency impact resulting from a weaker Euro relative to the US dollar. |
• | lower Net sales; and |
• | an
unfavorable impact of $11 million to Other (charges) gains, net. During the nine months ended September 30, 2018, we received a $13 million non-income tax receivable refund from Nanjing, China, which did not recur in the current year. See Note 14 - Other (Charges) Gains, Net in the accompanying unaudited interim consolidated financial statements for further information; |
• | lower
raw material costs for methanol, ethylene and acetic acid, which combined represents approximately three-fourths of the decrease. |
Three
Months Ended September 30, | Change | % Change | Nine Months Ended September 30, | Change | % Change | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
(In
$ millions, except percentages) | |||||||||||||||||||||||
Other (charges) gains, net | (3 | ) | 1 | (4 | ) | (400.0 | )% | (19 | ) | 1 | (20 | ) | (2,000.0 | )% | |||||||||
Operating
profit (loss) | (65 | ) | (63 | ) | (2 | ) | (3.2 | )% | (192 | ) | (214 | ) | 22 | 10.3 | % | ||||||||
Equity
in net earnings (loss) of affiliates | 3 | 2 | 1 | 50.0 | % | 8 | 6 | 2 | 33.3 | % | |||||||||||||
Non-operating
pension and other postretirement employee benefit (expense) income | 17 | 25 | (8 | ) | (32.0 | )% | 51 | 77 | (26 | ) | (33.8 | )% | |||||||||||
Dividend
income - equity investments | — | — | — | — | % | 1 | 1 | — | — | % | |||||||||||||
Depreciation
and amortization | 4 | 2 | 2 | 100.0 | % | 11 | 8 | 3 | 37.5 | % |
• | an unfavorable impact of $4 million to Other (charges) gains, net. During the three months ended September 30, 2019 we recorded $3 million in employee termination benefits, primarily related to business optimization projects. See Note
14 - Other (Charges) Gains, Net in the accompanying unaudited interim consolidated financial statements for further information; and |
• | higher functional spending of $3 million; |
• | lower incentive compensation costs. |
• | lower expected return on plan assets. |
• | lower incentive compensation costs and project spending of $37 million; |
• | an unfavorable impact of $20 million
to Other (charges) gains, net. During the nine months ended September 30, 2019 we recorded an $11 million loss related to a settlement by our captive insurer with a former third-party customer. In addition, during the nine months ended September 30, 2019 we recorded $8 million in employee termination benefits, primarily related to business optimization projects. See Note 14 - Other (Charges) Gains, Net in the accompanying unaudited interim consolidated financial statements for further information. |
• | lower expected return on plan assets. |
• | Net Cash Provided by (Used in) Operating Activities |
• | a decrease in net earnings; |
• | favorable trade working
capital of $257 million, primarily due to a decrease in inventory and trade receivables. Inventory decreased as a result of inventory build-up for plant turnarounds which occurred in the prior year and lower costs for raw materials in the current year. Trade receivables decreased due to timing of collections. |
• | Net Cash Provided by (Used in) Investing Activities |
• | a net cash outflow of $144 million related to the acquisition of Omni Plastics, L.L.C. and its subsidiaries in February 2018, which did not recur this year; and |
• | higher capital expenditures during the nine months ended September 30, 2018, primarily due to plant expansions within our Acetyl Chain segment in the prior year; |
• | a net cash outflow of $91 million, primarily related to the acquisition of Next Polymers
Ltd. in January 2019. |
• | Net Cash Provided by (Used in) Financing Activities |
• | an
increase of $513 million in share repurchases of our Common Stock during the nine months ended September 30, 2019; and |
• | an increase in cash dividends on our Common Stock of $16 million. During the nine months ended September 30, 2019, we increased our quarterly cash dividend rate from $0.54 to $0.62
per share; |
• | an increase in net borrowings on short-term debt of $256 million, primarily as a result of higher borrowings under our revolving credit facility during the nine months ended September 30, 2019 related to the timing of share repurchases of our Common Stock; and |
• | an
increase in net proceeds from long-term debt of $201 million, primarily due to the issuance of $500 million in principal amount of the 3.500% senior unsecured notes due May 8, 2024 (the "3.500% Notes"), partially offset by the redemption of the 3.250% senior unsecured notes (the "3.250% Notes") during the nine months ended September 30, 2019, as discussed below. |
Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares Remaining that may be Purchased Under the Program(2) | ||||||||||
(unaudited) | ||||||||||||||
July 1-31, 2019 | 267,200 | $ | 112.25 | 267,200 | $ | 1,683,000,000 | ||||||||
August
1-31, 2019 | 1,524,662 | $ | 108.22 | 1,524,662 | $ | 1,518,000,000 | ||||||||
September
1-30, 2019 | 652,416 | $ | 122.64 | 652,416 | $ | 1,438,000,000 | ||||||||
Total | 2,444,278 | 2,444,278 |
(1) | May
include shares withheld from employees to cover their withholding requirements for personal income taxes related to the vesting of restricted stock. |
(2) | As of September 30, 2019, our Board of Directors has authorized the repurchase of $5.4 billion of our Common Stock since February 2008. |
Exhibit Number | ||
Description | ||
3.1 | ||
3.1(a) | ||
3.1(b) | ||
3.1(c) | ||
3.2 | ||
10.2*‡† | ||
31.1* | ||
31.2* | ||
32.1* | ||
32.2* | ||
101.INS* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH* | Inline
XBRL Taxonomy Extension Schema Document. | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB* | Inline
XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
104 | The cover page from the
Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 has been formatted in Inline XBRL. |
* |
‡ | Indicates a management contract or compensatory plan or arrangement. |
† | This
document was previously filed as the like-numbered exhibit to our Form 10-Q for the quarter ended June 30, 2019, filed with the SEC on July 23, 2019, and is being refiled to correct typographical errors in the version previously filed to conform to the executed version. |
(1) | The Company and its subsidiaries have in the past issued, and may in the future
issue from time to time, long-term debt. The Company may not file with the applicable report copies of the instruments defining the rights of holders of long-term debt to the extent that the aggregate principal amount of the debt instruments of any one series of such debt instruments for which the instruments have not been filed has not exceeded or will not exceed 10% of the assets of the Company at any pertinent time. The Company hereby agrees to furnish a copy of any such instrument(s) to the SEC upon request. |
CELANESE CORPORATION | ||||
By: | /s/
LORI J. RYERKERK | |||
Chief Executive Officer and President | ||||
Date: |
By: | ||||
Senior Vice President and | ||||
Chief Financial Officer | ||||
Date: |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
5/8/24 | ||||
7/6/20 | ||||
1/1/20 | ||||
11/7/19 | 4 | |||
10/28/19 | ||||
Filed on: | 10/22/19 | 4 | ||
10/16/19 | ||||
10/15/19 | 4 | |||
For Period end: | 9/30/19 | |||
9/21/19 | ||||
7/23/19 | 10-Q | |||
7/8/19 | ||||
6/30/19 | 10-Q | |||
6/28/19 | 8-K | |||
6/14/19 | ||||
5/8/19 | 8-K | |||
3/31/19 | 10-Q | |||
3/6/19 | ||||
2/7/19 | 10-K | |||
1/7/19 | 8-K | |||
1/1/19 | ||||
12/31/18 | 10-K, 11-K, 4, 5, SD | |||
9/30/18 | 10-Q | |||
6/30/18 | 10-Q | |||
List all Filings |