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Delaware
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001-32410
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98-0420726
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(State or other jurisdiction
of incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.)
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N/A
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Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange on Which Registered
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Common Stock, par value $0.0001 per share
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CE
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The New York Stock Exchange
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1.125% Senior Notes due 2023
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CE /23
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The New York Stock Exchange
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1.250% Senior Notes due 2025
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CE /25
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The New York Stock Exchange
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2.125% Senior Notes due 2027
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CE /27
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The New York Stock Exchange
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Exhibit
Number
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Description
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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CELANESE CORPORATION
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||
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By:
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/s/ JAMES R. PEACOCK III
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Name:
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James R. Peacock III
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Title:
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Vice President, Deputy General Counsel and Assistant Corporate Secretary
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Date:
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April 27, 2020
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|
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Celanese Corporation
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222 West Las Colinas Blvd.
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Suite 900N
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Irving, Texas 75039
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Three Months Ended
|
|||||||
|
March 31, 2020
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|
December 31, 2019
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|
March 31, 2019
|
|||
|
(unaudited)
|
|||||||
|
(In $ millions, except per share data)
|
|||||||
Net Sales
|
|
|
|
|
|
|||
Engineered Materials
|
563
|
|
|
539
|
|
|
663
|
|
Acetate Tow
|
129
|
|
|
148
|
|
|
166
|
|
Acetyl Chain
|
799
|
|
|
771
|
|
|
889
|
|
Intersegment Eliminations
|
(31
|
)
|
|
(26
|
)
|
|
(31
|
)
|
Total
|
1,460
|
|
|
1,432
|
|
|
1,687
|
|
|
Three Months Ended
|
|||||||
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
|||
|
(unaudited)
|
|||||||
|
(In $ millions, except per share data)
|
|||||||
Operating Profit (Loss)
|
|
|
|
|
|
|||
Engineered Materials
|
102
|
|
|
88
|
|
|
144
|
|
Acetate Tow
|
27
|
|
|
22
|
|
|
40
|
|
Acetyl Chain
|
135
|
|
|
108
|
|
|
202
|
|
Other Activities
|
(70
|
)
|
|
(150
|
)
|
|
(66
|
)
|
Total
|
194
|
|
|
68
|
|
|
320
|
|
|
Three Months Ended
|
||||||||||
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
||||||
|
(unaudited)
|
||||||||||
|
(In $ millions, except per share data)
|
||||||||||
Net Earnings (Loss)
|
220
|
|
|
45
|
|
|
338
|
|
|||
|
|
|
|
|
|
||||||
Adjusted EBIT(1)
|
|
|
|
|
|
||||||
Engineered Materials
|
165
|
|
|
136
|
|
|
183
|
|
|||
Acetate Tow
|
67
|
|
|
54
|
|
|
72
|
|
|||
Acetyl Chain
|
139
|
|
|
144
|
|
|
203
|
|
|||
Other Activities
|
(29
|
)
|
|
(31
|
)
|
|
(37
|
)
|
|||
Total
|
342
|
|
|
303
|
|
|
421
|
|
|||
|
|
|
|
|
|
||||||
Equity Earnings and Dividend Income, Other Income (Expense)
|
|
|
|
|
|
||||||
Engineered Materials
|
53
|
|
|
45
|
|
|
46
|
|
|||
Acetate Tow
|
37
|
|
|
24
|
|
|
32
|
|
|||
|
|
|
|
|
|
||||||
Operating EBITDA(1)
|
425
|
|
|
387
|
|
|
502
|
|
|||
Diluted EPS - continuing operations
|
$
|
1.88
|
|
|
$
|
0.35
|
|
|
$
|
2.64
|
|
Diluted EPS - total
|
$
|
1.82
|
|
|
$
|
0.36
|
|
|
$
|
2.63
|
|
Adjusted EPS(1)
|
$
|
2.29
|
|
|
$
|
1.99
|
|
|
$
|
2.62
|
|
|
|
|
|
|
|
||||||
Net cash provided by (used in) investing activities
|
(128
|
)
|
|
(168
|
)
|
|
(177
|
)
|
|||
Net cash provided by (used in) financing activities
|
(16
|
)
|
|
(199
|
)
|
|
(130
|
)
|
|||
Net cash provided by (used in) operating activities
|
259
|
|
|
326
|
|
|
307
|
|
|||
Free cash flow(1)
|
135
|
|
|
179
|
|
|
224
|
|
(1)
|
See "Non-US GAAP Financial Measures" below.
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•
|
Completed the previously announced acquisition of Nouryon's redispersible polymers powders business offered under the Elotex brand. The redispersible powders product line compliments the Acetyl Chain derivatization strategy.
|
•
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The Acetyl Chain shifted the timeline associated with the acetic acid reconfiguration project and related capacity expansion in Clear Lake; mechanical completion is now estimated in 2023.
|
•
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Completed US dollar-denominated bilateral term loans totaling $300 million with a borrowing rate of 85 basis points above LIBOR.
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•
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Completed $150 million of share repurchases during the first quarter.
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•
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Successfully met our Engineered Materials project pipeline targets despite travel and collaboration restrictions through most of the first quarter, including key opportunities in electric vehicles, 5G infrastructure, and mobile devices.
|
•
|
Supported many of our customers as they pivoted to respond to the COVID-19 crisis, including the supply of Laprene elastomers to produce reusable personal protective equipment face masks, EVA for respirator tubing, and Clarifoil for anti-fog protection in face shields.
|
•
|
Announced the launch of Sustainability on Celanese.com, enabling sustainability content to be presented in the Environmental, Social, and Governance framework, focused on the Celanese culture of stewardship.
|
•
|
Received the ENERGY STAR Partner of the Year Sustained Excellence Award for continued leadership and superior contributions to ENERGY STAR for the fifth consecutive year.
|
•
|
Elected Lori Ryerkerk to succeed Mark Rohr as Chairman of the Board of Directors on April 16, 2020.
|
Contacts:
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|
|
|
|
Investor Relations
|
|
Media - U.S.
|
|
Media - Europe
|
Abe Paul
|
|
Travis Jacobsen
|
|
Petra Czugler
|
Phone: +1 972 443 4432
|
|
Phone: +1 972 443 3750
|
|
Phone: +49 174 762 8784
|
abraham.paul@celanese.com
|
|
William.Jacobsen@celanese.com
|
|
petra.czugler@celanese.com
|
•
|
Adjusted EBIT is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense and taxes, and further adjusted for Certain Items (refer to Table 8 of our Non-US GAAP Financial Measures and Supplemental Information document). We do not provide reconciliations for adjusted EBIT on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Adjusted EBIT margin is defined by the Company as adjusted EBIT divided by net sales.
|
•
|
Operating EBITDA is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense, taxes and depreciation and amortization, and further adjusted for Certain Items, which Certain Items include accelerated depreciation and amortization expense. Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization.
|
•
|
Adjusted earnings per share is a performance measure used by the Company and is defined by the Company as earnings (loss) from continuing operations attributable to Celanese Corporation, adjusted for income tax (provision) benefit, Certain Items, and refinancing and related expenses, divided by the number of basic common shares and dilutive restricted stock units and stock options calculated using the treasury method. We do not provide reconciliations for adjusted earnings per share on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.
|
•
|
Free cash flow is a liquidity measure used by the Company and is defined by the Company as cash flow from operations, less capital expenditures on property, plant and equipment, and adjusted for capital contributions from or distributions to Mitsui & Co., Ltd. ("Mitsui") related to our methanol joint venture, Fairway Methanol LLC ("Fairway").
|
|
Three Months Ended
|
|||||||
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
1,460
|
|
|
1,432
|
|
|
1,687
|
|
Cost of sales
|
(1,112
|
)
|
|
(1,116
|
)
|
|
(1,234
|
)
|
Gross profit
|
348
|
|
|
316
|
|
|
453
|
|
Selling, general and administrative expenses
|
(125
|
)
|
|
(125
|
)
|
|
(120
|
)
|
Amortization of intangible assets
|
(5
|
)
|
|
(6
|
)
|
|
(6
|
)
|
Research and development expenses
|
(17
|
)
|
|
(17
|
)
|
|
(16
|
)
|
Other (charges) gains, net
|
(6
|
)
|
|
(102
|
)
|
|
4
|
|
Foreign exchange gain (loss), net
|
(1
|
)
|
|
2
|
|
|
5
|
|
Operating profit (loss)
|
194
|
|
|
68
|
|
|
320
|
|
Equity in net earnings (loss) of affiliates
|
57
|
|
|
48
|
|
|
50
|
|
Non-operating pension and other postretirement employee benefit (expense) income
|
28
|
|
|
(71
|
)
|
|
17
|
|
Interest expense
|
(28
|
)
|
|
(28
|
)
|
|
(31
|
)
|
Interest income
|
2
|
|
|
2
|
|
|
1
|
|
Dividend income - equity investments
|
37
|
|
|
24
|
|
|
32
|
|
Other income (expense), net
|
2
|
|
|
(2
|
)
|
|
(4
|
)
|
Earnings (loss) from continuing operations before tax
|
292
|
|
|
41
|
|
|
385
|
|
Income tax (provision) benefit
|
(65
|
)
|
|
3
|
|
|
(46
|
)
|
Earnings (loss) from continuing operations
|
227
|
|
|
44
|
|
|
339
|
|
Earnings (loss) from operation of discontinued operations
|
(7
|
)
|
|
1
|
|
|
(1
|
)
|
Income tax (provision) benefit from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Earnings (loss) from discontinued operations
|
(7
|
)
|
|
1
|
|
|
(1
|
)
|
Net earnings (loss)
|
220
|
|
|
45
|
|
|
338
|
|
Net (earnings) loss attributable to noncontrolling interests
|
(2
|
)
|
|
(2
|
)
|
|
(1
|
)
|
Net earnings (loss) attributable to Celanese Corporation
|
218
|
|
|
43
|
|
|
337
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|||
Earnings (loss) from continuing operations
|
225
|
|
|
42
|
|
|
338
|
|
Earnings (loss) from discontinued operations
|
(7
|
)
|
|
1
|
|
|
(1
|
)
|
Net earnings (loss)
|
218
|
|
|
43
|
|
|
337
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|||
Continuing operations
|
1.89
|
|
|
0.35
|
|
|
2.65
|
|
Discontinued operations
|
(0.06
|
)
|
|
0.01
|
|
|
(0.01
|
)
|
Net earnings (loss) - basic
|
1.83
|
|
|
0.36
|
|
|
2.64
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|||
Continuing operations
|
1.88
|
|
|
0.35
|
|
|
2.64
|
|
Discontinued operations
|
(0.06
|
)
|
|
0.01
|
|
|
(0.01
|
)
|
Net earnings (loss) - diluted
|
1.82
|
|
|
0.36
|
|
|
2.63
|
|
Weighted average shares (in millions)
|
|
|
|
|
|
|||
Basic
|
119.3
|
|
|
120.3
|
|
|
127.5
|
|
Diluted
|
119.9
|
|
|
120.9
|
|
|
128.2
|
|
|
As of
March 31, 2020 |
|
As of
December 31, 2019 |
|||
|
(In $ millions)
|
|||||
ASSETS
|
|
|
|
|||
Current Assets
|
|
|
|
|||
Cash and cash equivalents
|
570
|
|
|
463
|
|
|
Trade receivables - third party and affiliates, net
|
853
|
|
|
850
|
|
|
Non-trade receivables, net
|
307
|
|
|
331
|
|
|
Inventories
|
1,036
|
|
|
1,038
|
|
|
Marketable securities
|
38
|
|
|
40
|
|
|
Other assets
|
51
|
|
|
43
|
|
|
Total current assets
|
2,855
|
|
|
2,765
|
|
|
Investments in affiliates
|
981
|
|
|
975
|
|
|
Property, plant and equipment, net
|
3,678
|
|
|
3,713
|
|
|
Operating lease right-of-use assets
|
201
|
|
|
203
|
|
|
Deferred income taxes
|
91
|
|
|
96
|
|
|
Other assets
|
381
|
|
|
338
|
|
|
Goodwill
|
1,056
|
|
|
1,074
|
|
|
Intangible assets, net
|
302
|
|
|
312
|
|
|
Total assets
|
9,545
|
|
|
9,476
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|||
Current Liabilities
|
|
|
|
|||
Short-term borrowings and current installments of long-term debt - third party and affiliates
|
749
|
|
|
496
|
|
|
Trade payables - third party and affiliates
|
724
|
|
|
780
|
|
|
Other liabilities
|
422
|
|
|
461
|
|
|
Income taxes payable
|
33
|
|
|
17
|
|
|
Total current liabilities
|
1,928
|
|
|
1,754
|
|
|
Long-term debt, net of unamortized deferred financing costs
|
3,356
|
|
|
3,409
|
|
|
Deferred income taxes
|
258
|
|
|
257
|
|
|
Uncertain tax positions
|
161
|
|
|
165
|
|
|
Benefit obligations
|
568
|
|
|
589
|
|
|
Operating lease liabilities
|
175
|
|
|
181
|
|
|
Other liabilities
|
263
|
|
|
223
|
|
|
Commitments and Contingencies
|
|
|
|
|||
Stockholders' Equity
|
|
|
|
|||
Treasury stock, at cost
|
(3,996
|
)
|
|
(3,846
|
)
|
|
Additional paid-in capital
|
242
|
|
|
254
|
|
|
Retained earnings
|
6,543
|
|
|
6,399
|
|
|
Accumulated other comprehensive income (loss), net
|
(341
|
)
|
|
(300
|
)
|
|
Total Celanese Corporation stockholders' equity
|
2,448
|
|
|
2,507
|
|
|
Noncontrolling interests
|
388
|
|
|
391
|
|
|
Total equity
|
2,836
|
|
|
2,898
|
|
|
Total liabilities and equity
|
9,545
|
|
|
9,476
|
|
•
|
Adjusted EBIT is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense and taxes, and further adjusted for Certain Items (refer to Table 8). We believe that adjusted EBIT provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our primary operating results from period-to-period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. Our management recognizes that adjusted EBIT has inherent limitations because of the excluded items. Adjusted EBIT is one of the measures management uses for planning and budgeting, monitoring and evaluating financial and operating results and as a performance metric in the Company's incentive compensation plan. We do not provide reconciliations for adjusted EBIT on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Adjusted EBIT margin is defined by the Company as adjusted EBIT divided by net sales. Adjusted EBIT margin has the same uses and limitations as Adjusted EBIT.
|
•
|
Operating EBITDA is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense, taxes and depreciation and amortization, and further adjusted for Certain Items, which Certain Items include accelerated depreciation and amortization expense. Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization. We believe that Operating EBITDA provides transparent and useful information to investors, analysts and other parties in evaluating our operating performance relative to our peer companies. Operating EBITDA margin is defined by the Company as Operating EBITDA divided by net sales. Operating EBITDA margin has the same uses and limitations as Operating EBITDA.
|
•
|
Operating profit (loss) attributable to Celanese Corporation is defined by the Company as operating profit (loss), less earnings (loss) attributable to noncontrolling interests ("NCI"). We believe that operating profit (loss) attributable to Celanese Corporation provides transparent and useful information to management, investors, analysts and other parties in evaluating our core operational performance. Operating margin attributable to Celanese Corporation is defined by the Company as operating profit (loss) attributable to Celanese Corporation divided by net sales. Operating margin attributable to Celanese Corporation has the same uses and limitations as Operating profit (loss) attributable to Celanese Corporation.
|
•
|
Adjusted earnings per share is a performance measure used by the Company and is defined by the Company as earnings (loss) from continuing operations attributable to Celanese Corporation, adjusted for income tax (provision) benefit, Certain Items, and refinancing and related expenses, divided by the number of basic common shares and dilutive restricted stock units and stock options calculated using the treasury method. We believe that adjusted earnings per share provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our primary operating results from period-to-period after removing the impact of the above stated items that affect comparability and as a performance metric in the Company's incentive compensation plan. We do not provide reconciliations for adjusted earnings per share on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.
|
•
|
Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operations, less capital expenditures on property, plant and equipment, and adjusted for capital contributions from or distributions to Mitsui & Co., Ltd. ("Mitsui") related to our methanol joint venture, Fairway Methanol LLC ("Fairway"). We believe that free cash flow provides useful information to management, investors, analysts and other parties in evaluating the Company's liquidity and credit quality assessment because it provides an indication of the long-term cash generating ability of our business. Although we use free cash flow as a measure to assess the liquidity generated by our business, the use of free cash flow has important limitations, including that free cash flow does not reflect the cash requirements necessary to service our indebtedness, lease obligations, unconditional purchase obligations or pension and postretirement funding obligations.
|
•
|
Net debt is defined by the Company as total debt less cash and cash equivalents. We believe that net debt provides useful information to management, investors, analysts and other parties in evaluating changes to the Company's capital structure and credit quality assessment.
|
•
|
Return on invested capital (adjusted) is defined by the Company as adjusted EBIT, tax effected using the adjusted tax rate, divided by the sum of the average of beginning and end of the year short- and long-term debt and Celanese Corporation stockholders' equity. We believe that return on invested capital (adjusted) provides useful information to management, investors, analysts and other parties in order to assess our income generation from the point of view of our stockholders and creditors who provide us with capital in the form of equity and debt and whether capital invested in the Company yields competitive returns.
|
•
|
Net sales for each of our business segments and the percentage increase or decrease in net sales attributable to price, volume, currency and other factors for each of our business segments.
|
•
|
Cash dividends received from our equity investments.
|
•
|
For those consolidated ventures in which the Company owns or is exposed to less than 100% of the economics, the outside stockholders' interests are shown as NCI. Beginning in 2014, this includes Fairway for which the Company's ownership percentage is 50%. Amounts referred to as "attributable to Celanese Corporation" are net of any applicable NCI.
|
|
Q1 '20
|
|
2019
|
|
Q4 '19
|
|
Q3 '19
|
|
Q2 '19
|
|
Q1 '19
|
||||||
|
(In $ millions)
|
||||||||||||||||
Net earnings (loss) attributable to Celanese Corporation
|
218
|
|
|
852
|
|
|
43
|
|
|
263
|
|
|
209
|
|
|
337
|
|
(Earnings) loss from discontinued operations
|
7
|
|
|
6
|
|
|
(1
|
)
|
|
5
|
|
|
1
|
|
|
1
|
|
Interest income
|
(2
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(1
|
)
|
Interest expense
|
28
|
|
|
115
|
|
|
28
|
|
|
27
|
|
|
29
|
|
|
31
|
|
Refinancing expense
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
Income tax provision (benefit)
|
65
|
|
|
124
|
|
|
(3
|
)
|
|
53
|
|
|
28
|
|
|
46
|
|
Certain Items attributable to Celanese Corporation (Table 8)
|
26
|
|
|
381
|
|
|
238
|
|
|
29
|
|
|
107
|
|
|
7
|
|
Adjusted EBIT
|
342
|
|
|
1,476
|
|
|
303
|
|
|
376
|
|
|
376
|
|
|
421
|
|
Depreciation and amortization expense(1)
|
83
|
|
|
329
|
|
|
84
|
|
|
82
|
|
|
82
|
|
|
81
|
|
Operating EBITDA
|
425
|
|
|
1,805
|
|
|
387
|
|
|
458
|
|
|
458
|
|
|
502
|
|
|
Q1 '20
|
|
2019
|
|
Q4 '19
|
|
Q3 '19
|
|
Q2 '19
|
|
Q1 '19
|
||||||
|
(In $ millions)
|
||||||||||||||||
Engineered Materials
|
2
|
|
|
4
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Acetate Tow
|
—
|
|
|
9
|
|
|
2
|
|
|
5
|
|
|
2
|
|
|
—
|
|
Acetyl Chain
|
—
|
|
|
10
|
|
|
3
|
|
|
6
|
|
|
—
|
|
|
1
|
|
Other Activities(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
2
|
|
|
23
|
|
|
7
|
|
|
12
|
|
|
2
|
|
|
2
|
|
Depreciation and amortization expense(1)
|
83
|
|
|
329
|
|
|
84
|
|
|
82
|
|
|
82
|
|
|
81
|
|
Total depreciation and amortization expense
|
85
|
|
|
352
|
|
|
91
|
|
|
94
|
|
|
84
|
|
|
83
|
|
(1)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above, which amounts are included in Certain Items above.
|
(2)
|
Other Activities includes corporate Selling, general and administrative ("SG&A") expenses, the results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).
|
Table 2 - Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited
|
|
|
|
Q1 '20
|
|
2019
|
|
Q4 '19
|
|
Q3 '19
|
|
Q2 '19
|
|
Q1 '19
|
||||||||||||||||||||||||
|
(In $ millions, except percentages)
|
||||||||||||||||||||||||||||||||||
Operating Profit (Loss) / Operating Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials
|
102
|
|
|
18.1
|
%
|
|
446
|
|
|
18.7
|
%
|
|
88
|
|
|
16.3
|
%
|
|
111
|
|
|
18.8
|
%
|
|
103
|
|
|
17.4
|
%
|
|
144
|
|
|
21.7
|
%
|
Acetate Tow
|
27
|
|
|
20.9
|
%
|
|
52
|
|
|
8.2
|
%
|
|
22
|
|
|
14.9
|
%
|
|
34
|
|
|
21.5
|
%
|
|
(44
|
)
|
|
(26.8
|
)%
|
|
40
|
|
|
24.1
|
%
|
Acetyl Chain(1)
|
135
|
|
|
16.9
|
%
|
|
678
|
|
|
20.0
|
%
|
|
108
|
|
|
14.0
|
%
|
|
180
|
|
|
20.8
|
%
|
|
188
|
|
|
21.7
|
%
|
|
202
|
|
|
22.7
|
%
|
Other Activities(2)
|
(70
|
)
|
|
|
|
(342
|
)
|
|
|
|
(150
|
)
|
|
|
|
(65
|
)
|
|
|
|
(61
|
)
|
|
|
|
(66
|
)
|
|
|
||||||
Total
|
194
|
|
|
13.3
|
%
|
|
834
|
|
|
13.2
|
%
|
|
68
|
|
|
4.7
|
%
|
|
260
|
|
|
16.4
|
%
|
|
186
|
|
|
11.7
|
%
|
|
320
|
|
|
19.0
|
%
|
Less: Net Earnings (Loss) Attributable to NCI(1)
|
2
|
|
|
|
|
6
|
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
||||||
Operating Profit (Loss) Attributable to Celanese Corporation
|
192
|
|
|
13.2
|
%
|
|
828
|
|
|
13.1
|
%
|
|
66
|
|
|
4.6
|
%
|
|
258
|
|
|
16.3
|
%
|
|
185
|
|
|
11.6
|
%
|
|
319
|
|
|
18.9
|
%
|
Operating Profit (Loss) / Operating Margin Attributable to Celanese Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials
|
102
|
|
|
18.1
|
%
|
|
446
|
|
|
18.7
|
%
|
|
88
|
|
|
16.3
|
%
|
|
111
|
|
|
18.8
|
%
|
|
103
|
|
|
17.4
|
%
|
|
144
|
|
|
21.7
|
%
|
Acetate Tow
|
27
|
|
|
20.9
|
%
|
|
52
|
|
|
8.2
|
%
|
|
22
|
|
|
14.9
|
%
|
|
34
|
|
|
21.5
|
%
|
|
(44
|
)
|
|
(26.8
|
)%
|
|
40
|
|
|
24.1
|
%
|
Acetyl Chain(1)
|
133
|
|
|
16.6
|
%
|
|
672
|
|
|
19.8
|
%
|
|
106
|
|
|
13.7
|
%
|
|
178
|
|
|
20.5
|
%
|
|
187
|
|
|
21.6
|
%
|
|
201
|
|
|
22.6
|
%
|
Other Activities(2)
|
(70
|
)
|
|
|
|
(342
|
)
|
|
|
|
|
(150
|
)
|
|
|
|
(65
|
)
|
|
|
|
(61
|
)
|
|
|
|
(66
|
)
|
|
|
|||||
Total
|
192
|
|
|
13.2
|
%
|
|
828
|
|
|
13.1
|
%
|
|
66
|
|
|
4.6
|
%
|
|
258
|
|
|
16.3
|
%
|
|
185
|
|
|
11.6
|
%
|
|
319
|
|
|
18.9
|
%
|
Equity Earnings and Dividend Income, Other Income (Expense) Attributable to Celanese Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials
|
53
|
|
|
|
|
168
|
|
|
|
|
45
|
|
|
|
|
41
|
|
|
|
|
36
|
|
|
|
|
46
|
|
|
|
||||||
Acetate Tow
|
37
|
|
|
|
|
112
|
|
|
|
|
24
|
|
|
|
|
27
|
|
|
|
|
29
|
|
|
|
|
32
|
|
|
|
||||||
Acetyl Chain
|
1
|
|
|
|
|
5
|
|
|
|
|
1
|
|
|
|
|
2
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
||||||
Other Activities(2)
|
5
|
|
|
|
|
2
|
|
|
|
|
—
|
|
|
|
|
2
|
|
|
|
|
1
|
|
|
|
|
(1
|
)
|
|
|
||||||
Total
|
96
|
|
|
|
|
287
|
|
|
|
|
70
|
|
|
|
|
72
|
|
|
|
|
67
|
|
|
|
|
78
|
|
|
|
||||||
Non-Operating Pension and Other Post-Retirement Employee Benefit (Expense) Income Attributable to Celanese Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
||||||
Acetate Tow
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
||||||
Acetyl Chain
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
||||||
Other Activities(2)
|
28
|
|
|
|
|
(20
|
)
|
|
|
|
(71
|
)
|
|
|
|
17
|
|
|
|
|
17
|
|
|
|
|
17
|
|
|
|
||||||
Total
|
28
|
|
|
|
|
(20
|
)
|
|
|
|
(71
|
)
|
|
|
|
17
|
|
|
|
|
17
|
|
|
|
|
17
|
|
|
|
||||||
Certain Items Attributable to Celanese Corporation (Table 8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials
|
10
|
|
|
|
|
7
|
|
|
|
|
3
|
|
|
|
|
2
|
|
|
|
|
9
|
|
|
|
|
(7
|
)
|
|
|
||||||
Acetate Tow
|
3
|
|
|
|
|
104
|
|
|
|
|
8
|
|
|
|
|
10
|
|
|
|
|
86
|
|
|
|
|
—
|
|
|
|
||||||
Acetyl Chain
|
5
|
|
|
|
|
50
|
|
|
|
|
37
|
|
|
|
|
11
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
||||||
Other Activities(2)
|
8
|
|
|
|
|
220
|
|
|
|
|
190
|
|
|
|
|
6
|
|
|
|
|
11
|
|
|
|
|
13
|
|
|
|
||||||
Total
|
26
|
|
|
|
|
381
|
|
|
|
|
238
|
|
|
|
|
29
|
|
|
|
|
107
|
|
|
|
|
7
|
|
|
|
||||||
Adjusted EBIT / Adjusted EBIT Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials
|
165
|
|
|
29.3
|
%
|
|
621
|
|
|
26.0
|
%
|
|
136
|
|
|
25.2
|
%
|
|
154
|
|
|
26.1
|
%
|
|
148
|
|
|
25.0
|
%
|
|
183
|
|
|
27.6
|
%
|
Acetate Tow
|
67
|
|
|
51.9
|
%
|
|
268
|
|
|
42.1
|
%
|
|
54
|
|
|
36.5
|
%
|
|
71
|
|
|
44.9
|
%
|
|
71
|
|
|
43.3
|
%
|
|
72
|
|
|
43.4
|
%
|
Acetyl Chain
|
139
|
|
|
17.4
|
%
|
|
727
|
|
|
21.4
|
%
|
|
144
|
|
|
18.7
|
%
|
|
191
|
|
|
22.0
|
%
|
|
189
|
|
|
21.8
|
%
|
|
203
|
|
|
22.8
|
%
|
Other Activities(2)
|
(29
|
)
|
|
|
|
(140
|
)
|
|
|
|
(31
|
)
|
|
|
|
|
(40
|
)
|
|
|
|
(32
|
)
|
|
|
|
(37
|
)
|
|
|
|||||
Total
|
342
|
|
|
23.4
|
%
|
|
1,476
|
|
|
23.4
|
%
|
|
303
|
|
|
21.2
|
%
|
|
376
|
|
|
23.7
|
%
|
|
376
|
|
|
23.6
|
%
|
|
421
|
|
|
25.0
|
%
|
(1)
|
Net earnings (loss) attributable to NCI is included within the Acetyl Chain segment.
|
(2)
|
Other Activities includes corporate SG&A expenses, the results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).
|
Table 2 - Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited (cont.)
|
|
|
|
Q1 '20
|
|
2019
|
|
Q4 '19
|
|
Q3 '19
|
|
Q2 '19
|
|
Q1 '19
|
||||||||||||||||||||||||
|
(In $ millions, except percentages)
|
||||||||||||||||||||||||||||||||||
Depreciation and Amortization Expense(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials
|
32
|
|
|
|
|
127
|
|
|
|
|
33
|
|
|
|
|
32
|
|
|
|
|
31
|
|
|
|
|
31
|
|
|
|
||||||
Acetate Tow
|
8
|
|
|
|
|
36
|
|
|
|
|
8
|
|
|
|
|
9
|
|
|
|
|
9
|
|
|
|
|
10
|
|
|
|
||||||
Acetyl Chain
|
39
|
|
|
|
|
151
|
|
|
|
|
39
|
|
|
|
|
37
|
|
|
|
|
38
|
|
|
|
|
37
|
|
|
|
||||||
Other Activities(2)
|
4
|
|
|
|
|
15
|
|
|
|
|
4
|
|
|
|
|
4
|
|
|
|
|
4
|
|
|
|
|
3
|
|
|
|
||||||
Total
|
83
|
|
|
|
|
329
|
|
|
|
|
84
|
|
|
|
|
82
|
|
|
|
|
82
|
|
|
|
|
81
|
|
|
|
||||||
Operating EBITDA / Operating EBITDA Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineered Materials
|
197
|
|
|
35.0
|
%
|
|
748
|
|
|
31.3
|
%
|
|
169
|
|
|
31.4
|
%
|
|
186
|
|
|
31.5
|
%
|
|
179
|
|
|
30.2
|
%
|
|
214
|
|
|
32.3
|
%
|
Acetate Tow
|
75
|
|
|
58.1
|
%
|
|
304
|
|
|
47.8
|
%
|
|
62
|
|
|
41.9
|
%
|
|
80
|
|
|
50.6
|
%
|
|
80
|
|
|
48.8
|
%
|
|
82
|
|
|
49.4
|
%
|
Acetyl Chain
|
178
|
|
|
22.3
|
%
|
|
878
|
|
|
25.9
|
%
|
|
183
|
|
|
23.7
|
%
|
|
228
|
|
|
26.3
|
%
|
|
227
|
|
|
26.2
|
%
|
|
240
|
|
|
27.0
|
%
|
Other Activities(2)
|
(25
|
)
|
|
|
|
(125
|
)
|
|
|
|
(27
|
)
|
|
|
|
(36
|
)
|
|
|
|
(28
|
)
|
|
|
|
(34
|
)
|
|
|
||||||
Total
|
425
|
|
|
29.1
|
%
|
|
1,805
|
|
|
28.7
|
%
|
|
387
|
|
|
27.0
|
%
|
|
458
|
|
|
28.9
|
%
|
|
458
|
|
|
28.8
|
%
|
|
502
|
|
|
29.8
|
%
|
(1)
|
Excludes accelerated depreciation and amortization expense, which amounts are included in Certain Items above. See Table 1 for details.
|
(2)
|
Other Activities includes corporate SG&A expenses, the results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).
|
|
Q1 '20
|
|
2019
|
|
Q4 '19
|
|
Q3 '19
|
|
Q2 '19
|
|
Q1 '19
|
||||||||||||||||||||||||
|
|
|
per share
|
|
|
|
per share
|
|
|
|
per share
|
|
|
|
per share
|
|
|
|
per share
|
|
|
|
per share
|
||||||||||||
|
(In $ millions, except per share data)
|
||||||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations attributable to Celanese Corporation
|
225
|
|
|
1.88
|
|
|
858
|
|
|
6.89
|
|
|
42
|
|
|
0.35
|
|
|
268
|
|
|
2.17
|
|
|
210
|
|
|
1.67
|
|
|
338
|
|
|
2.64
|
|
Income tax provision (benefit)
|
65
|
|
|
|
|
124
|
|
|
|
|
(3
|
)
|
|
|
|
53
|
|
|
|
|
28
|
|
|
|
|
46
|
|
|
|
||||||
Earnings (loss) from continuing operations before tax
|
290
|
|
|
|
|
982
|
|
|
|
|
39
|
|
|
|
|
321
|
|
|
|
|
238
|
|
|
|
|
384
|
|
|
|
||||||
Certain Items attributable to Celanese Corporation (Table 8)
|
26
|
|
|
|
|
381
|
|
|
|
|
238
|
|
|
|
|
29
|
|
|
|
|
107
|
|
|
|
|
7
|
|
|
|
||||||
Refinancing and related expenses
|
—
|
|
|
|
|
4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
4
|
|
|
|
|
—
|
|
|
|
||||||
Adjusted earnings (loss) from continuing operations before tax
|
316
|
|
|
|
|
1,367
|
|
|
|
|
277
|
|
|
|
|
350
|
|
|
|
|
349
|
|
|
|
|
391
|
|
|
|
||||||
Income tax (provision) benefit on adjusted earnings(1)
|
(41
|
)
|
|
|
|
(178
|
)
|
|
|
|
(36
|
)
|
|
|
|
(38
|
)
|
|
|
|
(49
|
)
|
|
|
|
(55
|
)
|
|
|
||||||
Adjusted earnings (loss) from continuing operations(2)
|
275
|
|
|
2.29
|
|
|
1,189
|
|
|
9.53
|
|
|
241
|
|
|
1.99
|
|
|
312
|
|
|
2.53
|
|
|
300
|
|
|
2.38
|
|
|
336
|
|
|
2.62
|
|
|
Diluted shares (in millions)(3)
|
||||||||||||||||||||||||||||||||||
Weighted average shares outstanding
|
119.3
|
|
|
|
|
123.9
|
|
|
|
|
120.3
|
|
|
|
|
122.7
|
|
|
|
|
125.3
|
|
|
|
|
127.5
|
|
|
|
||||||
Incremental shares attributable to equity awards
|
0.6
|
|
|
|
|
0.8
|
|
|
|
|
0.6
|
|
|
|
|
0.6
|
|
|
|
|
0.5
|
|
|
|
|
0.7
|
|
|
|
||||||
Total diluted shares
|
119.9
|
|
|
|
|
124.7
|
|
|
|
|
120.9
|
|
|
|
|
123.3
|
|
|
|
|
125.8
|
|
|
|
|
128.2
|
|
|
|
(1)
|
Calculated using adjusted effective tax rates (Table 3a) as follows:
|
|
Q1 '20
|
|
2019
|
|
Q4 '19
|
|
Q3 '19
|
|
Q2 '19
|
|
Q1 '19
|
||||||||||||
|
(In percentages)
|
||||||||||||||||||||||
Adjusted effective tax rate
|
13
|
|
|
|
13
|
|
|
|
13
|
|
|
|
11
|
|
|
|
14
|
|
|
|
14
|
|
|
(2)
|
Excludes the immediate recognition of actuarial gains and losses and the impact of actual vs. expected plan asset returns.
|
|
|
Actual Plan Asset Returns
|
|
Expected Plan Asset Returns
|
||
|
|
(In percentages)
|
||||
2019
|
|
16.7
|
|
|
6.5
|
|
(3)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
|
Estimated
|
|
Actual
|
||
|
2020
|
|
2019
|
||
|
(In percentages)
|
||||
US GAAP annual effective tax rate
|
17
|
|
|
13
|
|
Discrete quarterly recognition of GAAP items(1)
|
(2
|
)
|
|
—
|
|
Tax impact of other charges and adjustments(2)
|
(1
|
)
|
|
—
|
|
Utilization of foreign tax credits
|
(1
|
)
|
|
(3
|
)
|
Changes in valuation allowances, excluding impact of other charges and adjustments(3)
|
—
|
|
|
3
|
|
Adjusted tax rate
|
13
|
|
|
13
|
|
(1)
|
Such as changes in tax laws (including US tax reform), deferred taxes on outside basis differences, changes in uncertain tax positions and prior year audit adjustments.
|
(2)
|
Reflects the tax impact on pre-tax adjustments presented in Certain Items (Table 8), which are excluded from pre-tax income for adjusted earnings per share purposes.
|
(3)
|
Reflects changes in valuation allowances related to changes in judgment regarding the realizability of deferred tax assets or current year operations, excluding other charges and adjustments.
|
|
Q1 '20
|
|
2019
|
|
Q4 '19
|
|
Q3 '19
|
|
Q2 '19
|
|
Q1 '19
|
||||||
|
(In $ millions)
|
||||||||||||||||
Engineered Materials
|
563
|
|
|
2,386
|
|
|
539
|
|
|
591
|
|
|
593
|
|
|
663
|
|
Acetate Tow
|
129
|
|
|
636
|
|
|
148
|
|
|
158
|
|
|
164
|
|
|
166
|
|
Acetyl Chain
|
799
|
|
|
3,392
|
|
|
771
|
|
|
867
|
|
|
865
|
|
|
889
|
|
Intersegment eliminations(1)
|
(31
|
)
|
|
(117
|
)
|
|
(26
|
)
|
|
(30
|
)
|
|
(30
|
)
|
|
(31
|
)
|
Net sales
|
1,460
|
|
|
6,297
|
|
|
1,432
|
|
|
1,586
|
|
|
1,592
|
|
|
1,687
|
|
(1)
|
Includes intersegment sales primarily related to the Acetyl Chain.
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|||
|
(In percentages)
|
|
|||||||||||
Engineered Materials
|
4
|
|
|
—
|
|
|
—
|
|
—
|
|
4
|
|
|
Acetate Tow
|
(9
|
)
|
|
(4
|
)
|
|
—
|
|
—
|
|
(13
|
)
|
|
Acetyl Chain
|
5
|
|
|
(1
|
)
|
|
—
|
|
—
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Company
|
3
|
|
|
(1
|
)
|
|
—
|
|
—
|
|
2
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
||
|
(In percentages)
|
|
||||||||||
Engineered Materials
|
(9
|
)
|
|
—
|
|
—
|
|
—
|
|
(9
|
)
|
|
Acetate Tow
|
(6
|
)
|
|
—
|
|
—
|
|
—
|
|
(6
|
)
|
|
Acetyl Chain
|
(11
|
)
|
|
—
|
|
—
|
|
—
|
|
(11
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Company
|
(10
|
)
|
|
—
|
|
—
|
|
—
|
|
(10
|
)
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
||||
|
(In percentages)
|
|
||||||||||||
Engineered Materials
|
2
|
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
(1
|
)
|
|
Acetate Tow
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
(3
|
)
|
|
Acetyl Chain
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company
|
2
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
—
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
||||
|
(In percentages)
|
|
||||||||||||
Engineered Materials
|
(7
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
(11
|
)
|
|
Acetate Tow
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
(1
|
)
|
|
Acetyl Chain
|
2
|
|
|
(4
|
)
|
|
(1
|
)
|
|
—
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company
|
(2
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
(6
|
)
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
||
|
(In percentages)
|
|
||||||||||
Engineered Materials
|
5
|
|
2
|
|
|
—
|
|
—
|
|
7
|
|
(1)
|
Acetate Tow
|
1
|
|
2
|
|
|
—
|
|
—
|
|
3
|
|
|
Acetyl Chain
|
5
|
|
(10
|
)
|
|
—
|
|
—
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Company
|
5
|
|
(5
|
)
|
|
—
|
|
—
|
|
—
|
|
|
(1)
|
2019 includes the effect of the acquisition of Next Polymers Ltd.
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
||||
|
(In percentages)
|
||||||||||||
Engineered Materials
|
(9
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
—
|
|
(15
|
)
|
Acetate Tow
|
(17
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
(22
|
)
|
Acetyl Chain
|
(3
|
)
|
|
(7
|
)
|
|
(1
|
)
|
|
1
|
|
(10
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company
|
(7
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
1
|
|
(13
|
)
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
||||
|
(In percentages)
|
||||||||||||
Engineered Materials
|
(9
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
(13
|
)
|
Acetate Tow
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
(8
|
)
|
Acetyl Chain
|
(4
|
)
|
|
(13
|
)
|
|
(1
|
)
|
|
—
|
|
(18
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company
|
(6
|
)
|
|
(8
|
)
|
|
(1
|
)
|
|
—
|
|
(15
|
)
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
||||
|
(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
|
||||
|
(In percentages)
|
||||||||||||
Engineered Materials
|
(8
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
(11
|
)
|
Acetate Tow
|
1
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
1
|
|
Acetyl Chain
|
(1
|
)
|
|
(14
|
)
|
|
(3
|
)
|
|
—
|
|
(18
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company
|
(3
|
)
|
|
(8
|
)
|
|
(3
|
)
|
|
—
|
|
(14
|
)
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
||||
|
(In percentages)
|
||||||||||||
Engineered Materials
|
(5
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
(8
|
)
|
Acetate Tow
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
(2
|
)
|
Acetyl Chain
|
(1
|
)
|
|
(13
|
)
|
|
(2
|
)
|
|
—
|
|
(16
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company
|
(3
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
—
|
|
(12
|
)
|
|
Q1 '20
|
|
2019
|
|
Q4 '19
|
|
Q3 '19
|
|
Q2 '19
|
|
Q1 '19
|
||||||
|
(In $ millions, except percentages)
|
||||||||||||||||
Net cash provided by (used in) investing activities
|
(128
|
)
|
|
(493
|
)
|
|
(168
|
)
|
|
(82
|
)
|
|
(66
|
)
|
|
(177
|
)
|
Net cash provided by (used in) financing activities
|
(16
|
)
|
|
(935
|
)
|
|
(199
|
)
|
|
(299
|
)
|
|
(307
|
)
|
|
(130
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net cash provided by (used in) operating activities
|
259
|
|
|
1,454
|
|
|
326
|
|
|
397
|
|
|
424
|
|
|
307
|
|
Capital expenditures on property, plant and equipment
|
(119
|
)
|
|
(370
|
)
|
|
(144
|
)
|
|
(82
|
)
|
|
(65
|
)
|
|
(79
|
)
|
Distributions to NCI
|
(5
|
)
|
|
(10
|
)
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
(4
|
)
|
Free cash flow(1)(2)
|
135
|
|
|
1,074
|
|
|
179
|
|
|
315
|
|
|
356
|
|
|
224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net sales
|
1,460
|
|
|
6,297
|
|
|
1,432
|
|
|
1,586
|
|
|
1,592
|
|
|
1,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Free cash flow as % of Net sales
|
9.2
|
%
|
|
17.1
|
%
|
|
12.5
|
%
|
|
19.9
|
%
|
|
22.4
|
%
|
|
13.3
|
%
|
(1)
|
Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operating activities, less capital expenditures on property, plant and equipment, and adjusted for capital contributions from or distributions to Mitsui & Co., Ltd. ("Mitsui") related to our joint venture, Fairway Methanol LLC ("Fairway").
|
(2)
|
Excludes required debt service and finance lease payments of $26 million and $24 million for the years ended December 31, 2020 and 2019, respectively.
|
|
Q1 '20
|
|
2019
|
|
Q4 '19
|
|
Q3 '19
|
|
Q2 '19
|
|
Q1 '19
|
||||||
|
(In $ millions)
|
||||||||||||||||
Dividends from equity method investments
|
46
|
|
|
168
|
|
|
42
|
|
|
15
|
|
|
41
|
|
|
70
|
|
Dividends from equity investments without readily determinable fair values
|
37
|
|
|
113
|
|
|
24
|
|
|
27
|
|
|
30
|
|
|
32
|
|
Total
|
83
|
|
|
281
|
|
|
66
|
|
|
42
|
|
|
71
|
|
|
102
|
|
|
Q1 '20
|
|
2019
|
|
Q4 '19
|
|
Q3 '19
|
|
Q2 '19
|
|
Q1 '19
|
||||||
|
(In $ millions)
|
||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates
|
749
|
|
|
496
|
|
|
496
|
|
|
368
|
|
|
319
|
|
|
743
|
|
Long-term debt, net of unamortized deferred financing costs
|
3,356
|
|
|
3,409
|
|
|
3,409
|
|
|
3,359
|
|
|
3,444
|
|
|
2,933
|
|
Total debt
|
4,105
|
|
|
3,905
|
|
|
3,905
|
|
|
3,727
|
|
|
3,763
|
|
|
3,676
|
|
Cash and cash equivalents
|
(570
|
)
|
|
(463
|
)
|
|
(463
|
)
|
|
(497
|
)
|
|
(491
|
)
|
|
(441
|
)
|
Net debt
|
3,535
|
|
|
3,442
|
|
|
3,442
|
|
|
3,230
|
|
|
3,272
|
|
|
3,235
|
|
|
Q1 '20
|
|
2019
|
|
Q4 '19
|
|
Q3 '19
|
|
Q2 '19
|
|
Q1 '19
|
|
Income Statement Classification
|
||||||
|
(In $ millions)
|
|
|
||||||||||||||||
Plant/office closures
|
3
|
|
|
26
|
|
|
12
|
|
|
9
|
|
|
2
|
|
|
3
|
|
|
Cost of sales / SG&A / Other (charges) gains, net / Gain (loss) on disposition of businesses and assets, net
|
Asset impairments
|
4
|
|
|
94
|
|
(1)
|
2
|
|
|
9
|
|
|
83
|
|
|
—
|
|
|
Cost of sales / Other (charges) gains, net
|
Clear Lake incident
|
4
|
|
|
34
|
|
|
32
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
Cost of sales
|
Mergers and acquisitions
|
7
|
|
|
12
|
|
|
3
|
|
|
2
|
|
|
4
|
|
|
3
|
|
|
Cost of sales / SG&A
|
Actuarial (gain) loss on pension and postretirement plans
|
—
|
|
|
88
|
|
|
88
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Cost of sales / SG&A / Non-operating pension and other postretirement employee benefit (expense) income
|
Restructuring
|
7
|
|
|
27
|
|
|
6
|
|
|
7
|
|
|
15
|
|
|
(1
|
)
|
|
SG&A / Other (charges) gains, net / Non-operating pension and other postretirement employee benefit (expense) income
|
European Commission investigation
|
—
|
|
|
89
|
|
|
89
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other (charges) gains, net
|
Commercial disputes
|
—
|
|
|
10
|
|
|
6
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
Cost of sales / SG&A / Other (charges) gains, net
|
Other
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
SG&A / Gain (loss) on disposition of businesses and assets, net
|
Certain Items attributable to Celanese Corporation
|
26
|
|
|
381
|
|
|
238
|
|
|
29
|
|
|
107
|
|
|
7
|
|
|
|
(1)
|
Includes $5 million of asset impairments in 2019 related to the Clear Lake incident.
|
|
|
|
|
|
2019
|
|||
|
|
|
|
|
(In $ millions, except percentages)
|
|||
Net earnings (loss) attributable to Celanese Corporation
|
|
|
|
|
852
|
|
||
|
|
|
|
|
|
|||
Adjusted EBIT (Table 1)
|
|
|
|
|
1,476
|
|
||
Adjusted effective tax rate (Table 3a)
|
|
|
|
|
13
|
%
|
||
Adjusted EBIT tax effected
|
|
|
|
|
1,284
|
|
||
|
|
|
|
|
|
|||
|
2019
|
|
2018
|
|
Average
|
|||
|
(In $ millions, except percentages)
|
|||||||
Short-term borrowings and current installments of long-term debt - third parties and affiliates
|
496
|
|
|
561
|
|
|
529
|
|
Long-term debt, net of unamortized deferred financing costs
|
3,409
|
|
|
2,970
|
|
|
3,190
|
|
Celanese Corporation stockholders' equity
|
2,507
|
|
|
2,984
|
|
|
2,746
|
|
Invested capital
|
|
|
|
|
6,465
|
|
||
|
|
|
|
|
|
|||
Return on invested capital (adjusted)
|
|
|
|
|
19.9
|
%
|
||
|
|
|
|
|
|
|||
Net earnings (loss) attributable to Celanese Corporation as a percentage of invested capital
|
|
|
|
|
13.2
|
%
|