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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
September 30, 2021
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-32410
ce-20210930_g1.gif
CELANESE CORPORATION
(Exact Name of Registrant as Specified in its Charter)

Delaware98-0420726
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)

222 W. Las Colinas Blvd., Suite 900N
Irving, TX 75039-5421
(Address of Principal Executive Offices and zip code)

(972443-4000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, par value $0.0001 per shareCEThe New York Stock Exchange
1.125% Senior Notes due 2023CE /23The New York Stock Exchange
1.250% Senior Notes due 2025CE /25The New York Stock Exchange
2.125% Senior Notes due 2027CE /27The New York Stock Exchange
0.625% Senior Notes due 2028CE /28The New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  þ Accelerated filer   Non-accelerated filer   Smaller reporting company   Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 
The number of outstanding shares of the registrant's common stock, $0.0001 par value, as of October 15, 2021 was 108,870,848.


CELANESE CORPORATION AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period Ended September 30, 2021
TABLE OF CONTENTS
Page
2


Item 1. Financial Statements
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
(In $ millions, except share and per share data)
Net sales2,266 1,411 6,262 4,064 
Cost of sales(1,551)(1,084)(4,301)(3,147)
Gross profit715 327 1,961 917 
Selling, general and administrative expenses(165)(106)(463)(345)
Amortization of intangible assets(6)(6)(17)(17)
Research and development expenses(21)(19)(63)(54)
Other (charges) gains, net (10)3 (37)
Foreign exchange gain (loss), net2 (2)2 (2)
Gain (loss) on disposition of businesses and assets, net11  6 (1)
Operating profit (loss)536 184 1,429 461 
Equity in net earnings (loss) of affiliates44 25 110 113 
Non-operating pension and other postretirement employee benefit (expense) income37 28 113 83 
Interest expense(21)(28)(70)(83)
Refinancing expense(9) (9) 
Interest income2 1 7 4 
Dividend income - equity investments35 29 114 98 
Other income (expense), net(2)2 (3)4 
Earnings (loss) from continuing operations before tax622 241 1,691 680 
Income tax (provision) benefit(102)(30)(303)(130)
Earnings (loss) from continuing operations520 211 1,388 550 
Earnings (loss) from operation of discontinued operations(17)(2)(24)(13)
Income tax (provision) benefit from discontinued operations4  6 1 
Earnings (loss) from discontinued operations(13)(2)(18)(12)
Net earnings (loss)507 209 1,370 538 
Net (earnings) loss attributable to noncontrolling interests(1)(2)(4)(6)
Net earnings (loss) attributable to Celanese Corporation506 207 1,366 532 
Amounts attributable to Celanese Corporation    
Earnings (loss) from continuing operations519 209 1,384 544 
Earnings (loss) from discontinued operations(13)(2)(18)(12)
Net earnings (loss)506 207 1,366 532 
Earnings (loss) per common share - basic    
Continuing operations4.70 1.77 12.35 4.59 
Discontinued operations(0.12)(0.02)(0.16)(0.10)
Net earnings (loss) - basic4.58 1.75 12.19 4.49 
Earnings (loss) per common share - diluted    
Continuing operations4.67 1.76 12.28 4.57 
Discontinued operations(0.11)(0.01)(0.16)(0.10)
Net earnings (loss) - diluted4.56 1.75 12.12 4.47 
Weighted average shares - basic110,532,051 118,045,476 112,101,651 118,543,853 
Weighted average shares - diluted111,044,558 118,564,820 112,699,297 119,119,203 
See the accompanying notes to the unaudited interim consolidated financial statements.
3

CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
(In $ millions)
Net earnings (loss)507 209 1,370 538 
Other comprehensive income (loss), net of tax
Foreign currency translation gain (loss)(15)(3)(12)(11)
Gain (loss) on cash flow hedges(15)5 16 (33)
Pension and postretirement benefits  (4) 
Total other comprehensive income (loss), net of tax(30)2  (44)
Total comprehensive income (loss), net of tax477 211 1,370 494 
Comprehensive (income) loss attributable to noncontrolling interests
(1)(2)(4)(6)
Comprehensive income (loss) attributable to Celanese Corporation
476 209 1,366 488 

See the accompanying notes to the unaudited interim consolidated financial statements.
4

CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
As of
September 30,
2021
As of
December 31,
2020
(In $ millions, except share data)
ASSETS
Current Assets  
Cash and cash equivalents1,340 955 
Trade receivables - third party and affiliates1,172 792 
Non-trade receivables, net566 450 
Inventories1,159 978 
Marketable securities28 533 
Other assets90 55 
Total current assets4,355 3,763 
Investments in affiliates842 820 
Property, plant and equipment (net of accumulated depreciation - 2021: $3,424; 2020: $3,279)
3,924 3,939 
Operating lease right-of-use assets231 232 
Deferred income taxes254 259 
Other assets543 411 
Goodwill1,131 1,166 
Intangible assets, net303 319 
Total assets11,583 10,909 
LIABILITIES AND EQUITY
Current Liabilities  
Short-term borrowings and current installments of long-term debt - third party and affiliates
103 496 
Trade payables - third party and affiliates1,042 797 
Other liabilities529 680 
Income taxes payable138  
Total current liabilities1,812 1,973 
Long-term debt, net of unamortized deferred financing costs3,724 3,227 
Deferred income taxes537 509 
Uncertain tax positions272 240 
Benefit obligations592 643 
Operating lease liabilities197 208 
Other liabilities178 214 
Commitments and Contingencies
Stockholders' Equity  
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2021 and 2020: 0 issued and outstanding)
  
Common stock, $0.0001 par value, 400,000,000 shares authorized (2021: 169,720,379 issued and 109,180,323 outstanding; 2020: 169,402,979 issued and 114,168,464 outstanding)
  
Treasury stock, at cost (2021: 60,540,056 shares; 2020: 55,234,515 shares)
(5,293)(4,494)
Additional paid-in capital313 257 
Retained earnings9,227 8,091 
Accumulated other comprehensive income (loss), net(328)(328)
Total Celanese Corporation stockholders' equity3,919 3,526 
Noncontrolling interests352 369 
Total equity4,271 3,895 
Total liabilities and equity11,583 10,909 

See the accompanying notes to the unaudited interim consolidated financial statements.
5

CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF EQUITY
Three Months Ended September 30,
20212020
SharesAmountSharesAmount
(In $ millions, except share data)
Common Stock
Balance as of the beginning of the period111,115,442  118,288,296  
Purchases of treasury stock(1,938,179) (1,060,890) 
Stock awards3,060  2,383  
Balance as of the end of the period109,180,323  117,229,789  
Treasury Stock
Balance as of the beginning of the period58,601,877 (4,993)51,083,026 (3,995)
Purchases of treasury stock, including related fees1,938,179 (300)1,060,890 (111)
Balance as of the end of the period60,540,056 (5,293)52,143,916 (4,106)
Additional Paid-In Capital
Balance as of the beginning of the period292 252 
Stock-based compensation, net of tax21 (4)
Balance as of the end of the period313 248 
Retained Earnings
Balance as of the beginning of the period8,797 6,576 
Net earnings (loss) attributable to Celanese Corporation506 207 
Common stock dividends(76)(73)
Balance as of the end of the period9,227 6,710 
Accumulated Other Comprehensive Income (Loss), Net
Balance as of the beginning of the period(298)(346)
Other comprehensive income (loss), net of tax(30)2 
Balance as of the end of the period(328)(344)
Total Celanese Corporation stockholders' equity3,919 2,508 
Noncontrolling Interests
Balance as of the beginning of the period359 382 
Net earnings (loss) attributable to noncontrolling interests1 2 
Distributions to noncontrolling interests
(8)(8)
Balance as of the end of the period352 376 
Total equity4,271 2,884 

See the accompanying notes to the unaudited interim consolidated financial statements.

6

CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF EQUITY
Nine Months Ended September 30,
20212020
SharesAmountSharesAmount
(In $ millions, except share data)
Common Stock
Balance as of the beginning of the period114,168,464  119,555,207  
Purchases of treasury stock(5,332,727) (2,770,321) 
Stock awards344,586  444,903  
Balance as of the end of the period109,180,323  117,229,789  
Treasury Stock
Balance as of the beginning of the period55,234,515 (4,494)49,417,965 (3,846)
Purchases of treasury stock, including related fees5,332,727 (800)2,770,321 (261)
Issuance of treasury stock under stock plans(27,186)1 (44,370)1 
Balance as of the end of the period60,540,056 (5,293)52,143,916 (4,106)
Additional Paid-In Capital
Balance as of the beginning of the period257 254 
Stock-based compensation, net of tax56 (6)
Balance as of the end of the period313 248 
Retained Earnings
Balance as of the beginning of the period8,091 6,399 
Net earnings (loss) attributable to Celanese Corporation1,366 532 
Common stock dividends(230)(221)
Balance as of the end of the period9,227 6,710 
Accumulated Other Comprehensive Income (Loss), Net
Balance as of the beginning of the period(328)(300)
Other comprehensive income (loss), net of tax (44)
Balance as of the end of the period(328)(344)
Total Celanese Corporation stockholders' equity3,919 2,508 
Noncontrolling Interests
Balance as of the beginning of the period369 391 
Net earnings (loss) attributable to noncontrolling interests4 6 
Distributions to noncontrolling interests(21)(21)
Balance as of the end of the period352 376 
Total equity4,271 2,884 

See the accompanying notes to the unaudited interim consolidated financial statements.
7

CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
20212020
(In $ millions)
Operating Activities
Net earnings (loss)1,370 538 
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities
Asset impairments2 31 
Depreciation, amortization and accretion278 265 
Pension and postretirement net periodic benefit cost(102)(74)
Pension and postretirement contributions(36)(35)
Deferred income taxes, net9 (90)
(Gain) loss on disposition of businesses and assets, net(7)1 
Stock-based compensation76 17 
Undistributed earnings in unconsolidated affiliates(48)(2)
Other, net21 15 
Operating cash provided by (used in) discontinued operations14 7 
Changes in operating assets and liabilities
Trade receivables - third party and affiliates, net(402)196 
Inventories(207)78 
Other assets(150)68 
Trade payables - third party and affiliates259 (57)
Other liabilities96 111 
Net cash provided by (used in) operating activities1,173 1,069 
Investing Activities
Capital expenditures on property, plant and equipment(304)(279)
Acquisitions, net of cash acquired(15)(100)
Proceeds from sale of businesses and assets, net22 17 
Proceeds from sale of marketable securities500  
Other, net(36)(25)
Net cash provided by (used in) investing activities167 (387)
Financing Activities
Net change in short-term borrowings with maturities of 3 months or less17 170 
Proceeds from short-term borrowings 306 
Repayments of short-term borrowings(6)(452)
Proceeds from long-term debt991  
Repayments of long-term debt(778)(23)
Purchases of treasury stock, including related fees(803)(272)
Common stock dividends(230)(221)
Distributions to noncontrolling interests(21)(21)
Settlement of forward-starting interest rate swaps(72) 
Other, net(41)(25)
Net cash provided by (used in) financing activities(943)(538)
Exchange rate effects on cash and cash equivalents(12)8 
Net increase (decrease) in cash and cash equivalents385 152 
Cash and cash equivalents as of beginning of period955 463 
Cash and cash equivalents as of end of period1,340 615 

See the accompanying notes to the unaudited interim consolidated financial statements.
8

CELANESE CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
1. Description of the Company and Basis of Presentation
Description of the Company
Celanese Corporation and its subsidiaries (collectively, the "Company") is a global chemical and specialty materials company. The Company produces high performance engineered polymers that are used in a variety of high-value applications, as well as acetyl products, which are intermediate chemicals, for nearly all major industries. The Company also engineers and manufactures a wide variety of products essential to everyday living. The Company's broad product portfolio serves a diverse set of end-use applications including automotive, chemical additives, construction, consumer and industrial adhesives, consumer and medical, energy storage, filtration, food and beverage, paints and coatings, paper and packaging, performance industrial and textiles.
Definitions
In this Quarterly Report on Form 10-Q ("Quarterly Report"), the term "Celanese" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The term "Celanese U.S." refers to the Company's subsidiary, Celanese U.S. Holdings LLC, a Delaware limited liability company, and not its subsidiaries.
Basis of Presentation
The unaudited interim consolidated financial statements for the three and nine months ended September 30, 2021 and 2020 contained in this Quarterly Report were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for all periods presented and include the accounts of the Company, its majority owned subsidiaries over which the Company exercises control and, when applicable, variable interest entities in which the Company is the primary beneficiary. The unaudited interim consolidated financial statements and other financial information included in this Quarterly Report, unless otherwise specified, have been presented to separately show the effects of discontinued operations.
In the opinion of management, the accompanying unaudited consolidated balance sheets and related unaudited interim consolidated statements of operations, comprehensive income (loss), cash flows and equity include all adjustments, consisting only of normal recurring items necessary for their fair presentation in conformity with U.S. GAAP. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with rules and regulations of the Securities and Exchange Commission ("SEC"). These unaudited interim consolidated financial statements should be read in conjunction with the Company's consolidated financial statements as of and for the year ended December 31, 2020, filed on February 11, 2021 with the SEC as part of the Company's Annual Report on Form 10-K.
Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the entire year.
In the ordinary course of business, the Company enters into contracts and agreements relative to a number of topics, including acquisitions, dispositions, joint ventures, supply agreements, product sales and other arrangements. The Company endeavors to describe those contracts or agreements that are material to its business, results of operations or financial position. The Company may also describe some arrangements that are not material but in which the Company believes investors may have an interest or which may have been included in a Form 8-K filing. Investors should not assume the Company has described all contracts and agreements relative to the Company's business in this Quarterly Report.
For those consolidated ventures in which the Company owns or is exposed to less than 100% of the economics, the outside stockholders' interests are shown as noncontrolling interests.
Estimates and Assumptions
The preparation of unaudited interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of Net sales, expenses and allocated charges during the reporting period. Significant estimates pertain to impairments of goodwill, intangible assets and other long-lived assets, purchase price allocations, restructuring costs and other (charges) gains, net, income taxes, pension
9

and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates.
2. Recent Accounting Pronouncements
The following table provides a brief description of recent Accounting Standard Updates ("ASU") issued by the Financial Accounting Standards Board ("FASB"):
StandardDescriptionEffective DateEffect on the Financial Statements or Other Significant Matters
In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting.
The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The guidance applies only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.March 12, 2020 through December 31, 2022.The Company has completed its assessment, and the adoption of the new guidance did not have a material impact to the Company.
In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes.
The new guidance simplifies the accounting for income taxes by removing certain exceptions to the general principles in FASB Accounting Standards Codification Topic 740, Income Taxes ("Topic 740"). The guidance also clarifies and amends existing guidance under Topic 740.January 1, 2021.
The Company adopted the new guidance effective January 1, 2021. The adoption of the new guidance did not have a material impact to the Company.
3. Acquisitions, Dispositions and Plant Closures
Acquisition
On June 30, 2021, the Company signed a definitive agreement to acquire the Santoprene™ thermoplastic vulcanizates ("TPV") elastomers business of Exxon Mobil Corporation for a purchase price of $1.15 billion in an all-cash transaction. The Company will acquire the Santoprene™, Dytron™ and Geolast™ trademarks and product portfolios, customer and supplier contracts and agreements, both production facilities producing Santoprene, the TPV intellectual property portfolio with associated technical and R&D assets and employees of the TPV elastomer business. The acquired operations will be included in the Engineered Materials segment. The Company expects the acquisition to close in the fourth quarter of 2021, subject to regulatory approvals, carve-out preparations and other customary closing conditions.
Plant Closures
•    European Compounding Center of Excellence
In July 2020, the Company announced that it is establishing a European Compounding Center of Excellence at its Forli, Italy facility, which includes the intended consolidation of its compounding operations in Kaiserslautern, Germany; Wehr, Germany; and Ferrara Marconi, Italy. These operations are included in the Company's Engineered Materials segment. The Company expects to complete the consolidation of the compounding operations by the end of 2022.
10

The exit and shutdown costs related to the Forli, Italy consolidation were as follows:
Nine Months Ended
September 30, 2021
(In $ millions)
Accelerated depreciation expense5 
Plant/office closures(1)
(9)
Total(4)
______________________________
(1)Included in Other (charges) gains, net in the unaudited interim consolidated statement of operations (Note 12).
The Company expects to incur additional exit and shutdown costs related to the Forli, Italy consolidation of approximately $12 million through 2022.
4. Inventories
As of
September 30,
2021
As of
December 31,
2020
(In $ millions)
Finished goods736 653 
Work-in-process74 74 
Raw materials and supplies349 251 
Total1,159 978 
5. Goodwill and Intangible Assets, Net
Goodwill
Engineered
Materials
Acetate TowAcetyl ChainTotal
(In $ millions)
As of December 31, 2020768 149 249 1,166 
Acquisitions4  2 6 
Exchange rate changes(28) (13)(41)
As of September 30, 2021(1)
744 149 238 1,131 
______________________________
(1)There were no accumulated impairment losses as of September 30, 2021.
The Company assesses the recoverability of the carrying amount of its reporting unit goodwill either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. In connection with the Company's annual goodwill impairment assessment, the Company did not record an impairment loss to goodwill during the nine months ended September 30, 2021 as the estimated fair value for each of the Company's reporting units exceeded the carrying amount of the underlying assets by a substantial margin.
11

Intangible Assets, Net
Finite-lived intangible assets are as follows:
LicensesCustomer-
Related
Intangible
Assets
Developed
Technology
Covenants
Not to
Compete
and Other
Total
(In $ millions)
Gross Asset Value
As of December 31, 202044 724 45 56 869 
Acquisitions 8   8 
Exchange rate changes (26)(1) (27)
As of September 30, 202144 706 44 56 850 
Accumulated Amortization
As of December 31, 2020(38)(555)(40)(39)(672)
Amortization(1)(13)(2)(1)(17)
Exchange rate changes 23 1  24 
As of September 30, 2021(39)(545)(41)(40)(665)
Net book value5 161 3 16 185 
Indefinite-lived intangible assets are as follows:
Trademarks
and Trade Names
(In $ millions)
As of December 31, 2020122 
Exchange rate changes(4)
As of September 30, 2021118 
The Company assesses the recoverability of the carrying amount of its indefinite-lived intangible assets either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. In connection with the Company's annual indefinite-lived intangible assets impairment assessment, the Company did not record an impairment loss to indefinite-lived intangible assets during the nine months ended September 30, 2021 as the estimated fair value of each of the Company's indefinite-lived intangible assets exceeded the carrying value of the underlying assets by a substantial margin.
During the nine months ended September 30, 2021, the Company did not renew or extend any intangible assets.
Estimated amortization expense for the succeeding five fiscal years is as follows:
(In $ millions)
202222 
202320 
202419 
202519 
202618 
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6. Current Other Liabilities
As of
September 30,
2021
As of
December 31,
2020
(In $ millions)
Asset retirement obligations12 10 
Benefit obligations (Note 9)
27 27 
Customer rebates72 53 
Derivatives (Note 14)
9 87 
Environmental (Note 10)
14 11 
Insurance6 5 
Interest22 29 
Legal (Note 16)
33 107 
Operating leases35 36 
Restructuring (Note 12)
8 11 
Salaries and benefits139 121 
Sales and use tax/foreign withholding tax payable110 140 
Other42 43 
Total529 680 
7. Noncurrent Other Liabilities
As of
September 30,
2021
As of
December 31,
2020
(In $ millions)
Asset retirement obligations13 10 
Deferred proceeds44 47 
Deferred revenue (Note 18)
4 4 
Derivatives (Note 14)
9 34 
Environmental (Note 10)
45 58 
Insurance38 33 
Other25 28 
Total178 214 
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8. Debt