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Table of Contents
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, 2020
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-32410
ce-20200930_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
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 19, 2020 was 116,895,023.


Table of Contents
CELANESE CORPORATION AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period Ended September 30, 2020
TABLE OF CONTENTS
Page





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Table of Contents

Item 1. Financial Statements
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
(In $ millions, except share and per share data)
Net sales1,411 1,586 4,064 4,865 
Cost of sales(1,084)(1,172)(3,147)(3,575)
Gross profit327 414 917 1,290 
Selling, general and administrative expenses(106)(120)(345)(358)
Amortization of intangible assets(6)(6)(17)(18)
Research and development expenses(19)(17)(54)(50)
Other (charges) gains, net(10)(7)(37)(101)
Foreign exchange gain (loss), net(2)(1)(2)5 
Gain (loss) on disposition of businesses and assets, net (3)(1)(2)
Operating profit (loss)184 260 461 766 
Equity in net earnings (loss) of affiliates25 45 113 134 
Non-operating pension and other postretirement employee benefit (expense) income28 17 83 51 
Interest expense(28)(27)(83)(87)
Refinancing expense   (4)
Interest income1 1 4 4 
Dividend income - equity investments29 27 98 89 
Other income (expense), net2  4 (6)
Earnings (loss) from continuing operations before tax241 323 680 947 
Income tax (provision) benefit(30)(53)(130)(127)
Earnings (loss) from continuing operations211 270 550 820 
Earnings (loss) from operation of discontinued operations(2)(6)(13)(9)
Income tax (provision) benefit from discontinued operations 1 1 2 
Earnings (loss) from discontinued operations(2)(5)(12)(7)
Net earnings (loss)209 265 538 813 
Net (earnings) loss attributable to noncontrolling interests(2)(2)(6)(4)
Net earnings (loss) attributable to Celanese Corporation207 263 532 809 
Amounts attributable to Celanese Corporation    
Earnings (loss) from continuing operations209 268 544 816 
Earnings (loss) from discontinued operations(2)(5)(12)(7)
Net earnings (loss)207 263 532 809 
Earnings (loss) per common share - basic    
Continuing operations1.77 2.18 4.59 6.52 
Discontinued operations(0.02)(0.04)(0.10)(0.06)
Net earnings (loss) - basic1.75 2.14 4.49 6.46 
Earnings (loss) per common share - diluted    
Continuing operations1.76 2.17 4.57 6.49 
Discontinued operations(0.01)(0.04)(0.10)(0.06)
Net earnings (loss) - diluted1.75 2.13 4.47 6.43 
Weighted average shares - basic118,045,476 122,699,859 118,543,853 125,159,647 
Weighted average shares - diluted118,564,820 123,299,664 119,119,203 125,868,829 
See the accompanying notes to the unaudited interim consolidated financial statements.





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Table of Contents
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
(In $ millions)
Net earnings (loss)209 265 538 813 
Other comprehensive income (loss), net of tax
Foreign currency translation gain (loss)(3)(7)(11)(11)
Gain (loss) on cash flow hedges5 (32)(33)(48)
Total other comprehensive income (loss), net of tax2 (39)(44)(59)
Total comprehensive income (loss), net of tax211 226 494 754 
Comprehensive (income) loss attributable to noncontrolling interests
(2)(2)(6)(4)
Comprehensive income (loss) attributable to Celanese Corporation
209 224 488 750 

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





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Table of Contents
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
As of
September 30,
2020
As of
December 31,
2019
(In $ millions, except share data)
ASSETS
Current Assets  
Cash and cash equivalents (variable interest entity restricted - 2020: $29; 2019: $57)
615 463 
Trade receivables - third party and affiliates (net of allowance for doubtful accounts - 2020: $10; 2019: $9; variable interest entity restricted - 2020: $6; 2019: $6)
716 850 
Non-trade receivables, net (variable interest entity restricted - 2020: $7; 2019: $0)
347 331 
Inventories1,001 1,038 
Marketable securities35 40 
Other assets57 43 
Total current assets2,771 2,765 
Investments in affiliates993 975 
Property, plant and equipment (net of accumulated depreciation - 2020: $3,201; 2019: $2,957; variable interest entity restricted - 2020: $602; 2019: $622)
3,851 3,713 
Operating lease right-of-use assets210 203 
Deferred income taxes87 96 
Other assets (variable interest entity restricted - 2020: $14; 2019: $9)
412 338 
Goodwill1,128 1,074 
Intangible assets (variable interest entity restricted - 2020: $21; 2019: $22)
317 312 
Total assets9,769 9,476 
LIABILITIES AND EQUITY
Current Liabilities  
Short-term borrowings and current installments of long-term debt - third party and affiliates
958 496 
Trade payables - third party and affiliates699 780 
Other liabilities632 461 
Income taxes payable120 17 
Total current liabilities2,409 1,754 
Long-term debt, net of unamortized deferred financing costs3,140 3,409 
Deferred income taxes164 257 
Uncertain tax positions200 165 
Benefit obligations584 589 
Operating lease liabilities191 181 
Other liabilities197 223 
Commitments and Contingencies
Stockholders' Equity  
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2020 and 2019: 0 issued and outstanding)
  
Common stock, $0.0001 par value, 400,000,000 shares authorized (2020: 169,373,705 issued and 117,229,789 outstanding; 2019: 168,973,172 issued and 119,555,207 outstanding)
  
Treasury stock, at cost (2020: 52,143,916 shares; 2019: 49,417,965 shares)
(4,106)(3,846)
Additional paid-in capital248 254 
Retained earnings6,710 6,399 
Accumulated other comprehensive income (loss), net(344)(300)
Total Celanese Corporation stockholders' equity2,508 2,507 
Noncontrolling interests376 391 
Total equity2,884 2,898 
Total liabilities and equity9,769 9,476 

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





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Table of Contents
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF EQUITY
Three Months Ended September 30,
20202019
SharesAmountSharesAmount
(In $ millions, except share data)
Common Stock
Balance as of the beginning of the period118,288,296  123,740,349  
Purchases of treasury stock(1,060,890) (2,444,278) 
Stock awards2,383  37,232  
Balance as of the end of the period117,229,789  121,333,303  
Treasury Stock
Balance as of the beginning of the period51,083,026 (3,995)45,170,482 (3,347)
Purchases of treasury stock, including related fees1,060,890 (111)2,444,278 (275)
Balance as of the end of the period52,143,916 (4,106)47,614,760 (3,622)
Additional Paid-In Capital
Balance as of the beginning of the period252 233 
Stock-based compensation, net of tax(4)11 
Balance as of the end of the period248 244 
Retained Earnings
Balance as of the beginning of the period6,576 6,245 
Net earnings (loss) attributable to Celanese Corporation207 263 
Common stock dividends(73)(77)
Balance as of the end of the period6,710 6,431 
Accumulated Other Comprehensive Income (Loss), Net
Balance as of the beginning of the period(346)(267)
Other comprehensive income (loss), net of tax2 (39)
Balance as of the end of the period(344)(306)
Total Celanese Corporation stockholders' equity2,508 2,747 
Noncontrolling Interests
Balance as of the beginning of the period382 390 
Net earnings (loss) attributable to noncontrolling interests2 2 
Distributions to noncontrolling interests
(8) 
Balance as of the end of the period376 392 
Total equity2,884 3,139 

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








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CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF EQUITY
Nine Months Ended September 30,
20202019
SharesAmountSharesAmount
(In $ millions, except share data)
Common Stock
Balance as of the beginning of the period119,555,207  128,095,849  
Stock option exercises  14,045  
Purchases of treasury stock(2,770,321) (7,334,433) 
Stock awards444,903  557,842  
Balance as of the end of the period117,229,789  121,333,303  
Treasury Stock
Balance as of the beginning of the period49,417,965 (3,846)40,323,105 (2,849)
Purchases of treasury stock, including related fees2,770,321 (261)7,334,433 (775)
Issuance of treasury stock under stock plans(44,370)1 (42,778)2 
Balance as of the end of the period52,143,916 (4,106)47,614,760 (3,622)
Additional Paid-In Capital
Balance as of the beginning of the period254 233 
Stock-based compensation, net of tax(6)12 
Stock option exercises, net of tax (1)
Balance as of the end of the period248 244 
Retained Earnings
Balance as of the beginning of the period6,399 5,847 
Net earnings (loss) attributable to Celanese Corporation532 809 
Common stock dividends(221)(225)
Balance as of the end of the period6,710 6,431 
Accumulated Other Comprehensive Income (Loss), Net
Balance as of the beginning of the period(300)(247)
Other comprehensive income (loss), net of tax(44)(59)
Balance as of the end of the period(344)(306)
Total Celanese Corporation stockholders' equity2,508 2,747 
Noncontrolling Interests
Balance as of the beginning of the period391 395 
Net earnings (loss) attributable to noncontrolling interests6 4 
Distributions to noncontrolling interests
(21)(7)
Balance as of the end of the period376 392 
Total equity2,884 3,139 

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






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CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
20202019
(In $ millions)
Operating Activities
Net earnings (loss)538 813 
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities
Asset impairments31 83 
Depreciation, amortization and accretion265 265 
Pension and postretirement net periodic benefit cost(74)(44)
Pension and postretirement contributions(35)(35)
Deferred income taxes, net(90)(21)
(Gain) loss on disposition of businesses and assets, net1 2 
Stock-based compensation17 38 
Undistributed earnings in unconsolidated affiliates(2)(8)
Other, net15 15 
Operating cash provided by (used in) discontinued operations7 5 
Changes in operating assets and liabilities
Trade receivables - third party and affiliates, net196 55 
Inventories78 34 
Other assets68 (36)
Trade payables - third party and affiliates(57)(44)
Other liabilities111 6 
Net cash provided by (used in) operating activities1,069 1,128 
Investing Activities
Capital expenditures on property, plant and equipment(279)(226)
Acquisitions, net of cash acquired(100)(91)
Proceeds from sale of businesses and assets, net17 1 
Other, net(25)(9)
Net cash provided by (used in) investing activities(387)(325)
Financing Activities
Net change in short-term borrowings with maturities of 3 months or less170 127 
Proceeds from short-term borrowings306 110 
Repayments of short-term borrowings(452)(85)
Proceeds from long-term debt 499 
Repayments of long-term debt(23)(354)
Purchases of treasury stock, including related fees(272)(763)
Common stock dividends(221)(225)
Distributions to noncontrolling interests(21)(7)
Other, net(25)(38)
Net cash provided by (used in) financing activities(538)(736)
Exchange rate effects on cash and cash equivalents8 (9)
Net increase (decrease) in cash and cash equivalents152 58 
Cash and cash equivalents as of beginning of period463 439 
Cash and cash equivalents as of end of period615 497 

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





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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 US" refers to the Company's subsidiary, Celanese US Holdings LLC, a Delaware limited liability company, and not its subsidiaries.
Basis of Presentation
The unaudited interim consolidated financial statements for the three and nine months ended September 30, 2020 and 2019 contained in this Quarterly Report were prepared in accordance with accounting principles generally accepted in the United States of America ("US 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 US GAAP. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US 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, 2019, filed on February 6, 2020 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, 2020 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.





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Estimates and Assumptions
The preparation of unaudited interim consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of Net sales, expenses and allocated charges during the reporting period. Significant estimates pertain to impairments of goodwill, intangible assets and other long-lived assets, purchase price allocations, restructuring costs and other (charges) gains, net, income taxes, pension and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates.
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 US 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 will 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. Early adoption is permitted.
The Company has completed its assessment and will adopt the new guidance effective January 1, 2021. The adoption of the new guidance will not have a material impact to the Company.
3. Ventures and Variable Interest Entities
Consolidated Variable Interest Entities
The Company has a joint venture, Fairway Methanol LLC ("Fairway"), with Mitsui & Co., Ltd., of Tokyo, Japan ("Mitsui"), in which the Company owns 50% of Fairway, for the production of methanol at the Company's integrated chemical plant in Clear Lake, Texas. The methanol unit utilizes natural gas in the US Gulf Coast region as a feedstock and benefits from the existing infrastructure at the Company's Clear Lake facility. Both Mitsui and the Company supply their own natural gas to Fairway in exchange for methanol tolling under a cost-plus off-take arrangement.
Fairway is a variable interest entity ("VIE") in which the Company is the primary beneficiary. Under the terms of the joint venture agreements, the Company provides site services and day-to-day operations for the methanol facility. In addition, the joint venture agreements provide that the Company indemnifies Mitsui for environmental obligations that exceed a specified threshold, as well as an equity option between the partners. Accordingly, the Company consolidates the venture and records a noncontrolling interest for the share of the venture owned by Mitsui. Fairway is included in the Company's Acetyl Chain segment.





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The carrying amount of the assets and liabilities associated with Fairway included in the unaudited consolidated balance sheets are as follows:
As of
September 30,
2020
As of
December 31,
2019
(In $ millions)
Cash and cash equivalents29 57 
Trade receivables, net - third party and affiliates11 12 
Non-trade receivables, net7  
Property, plant and equipment (net of accumulated depreciation - 2020: $201; 2019: $174)
602 622 
Other assets14 9 
Intangible assets (net of accumulated amortization - 2020: $5; 2019: $4)