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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
March 31, 2021
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-32410
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 April 16, 2021 was 112,632,560.


Table of Contents
CELANESE CORPORATION AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period Ended March 31, 2021
TABLE OF CONTENTS
Page
2

Table of Contents

Item 1. Financial Statements
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31,
20212020
(In $ millions, except share and per share data)
Net sales1,798 1,460 
Cost of sales(1,313)(1,112)
Gross profit485 348 
Selling, general and administrative expenses(137)(125)
Amortization of intangible assets(6)(5)
Research and development expenses(20)(17)
Other (charges) gains, net6 (6)
Foreign exchange gain (loss), net3 (1)
Gain (loss) on disposition of businesses and assets, net(5) 
Operating profit (loss)326 194 
Equity in net earnings (loss) of affiliates29 57 
Non-operating pension and other postretirement employee benefit (expense) income38 28 
Interest expense(25)(28)
Interest income1 2 
Dividend income - equity investments42 37 
Other income (expense), net(2)2 
Earnings (loss) from continuing operations before tax409 292 
Income tax (provision) benefit(85)(65)
Earnings (loss) from continuing operations324 227 
Earnings (loss) from operation of discontinued operations(1)(7)
Income tax (provision) benefit from discontinued operations  
Earnings (loss) from discontinued operations(1)(7)
Net earnings (loss)323 220 
Net (earnings) loss attributable to noncontrolling interests(1)(2)
Net earnings (loss) attributable to Celanese Corporation322 218 
Amounts attributable to Celanese Corporation  
Earnings (loss) from continuing operations323 225 
Earnings (loss) from discontinued operations(1)(7)
Net earnings (loss)322 218 
Earnings (loss) per common share - basic  
Continuing operations2.85 1.89 
Discontinued operations(0.01)(0.06)
Net earnings (loss) - basic2.84 1.83 
Earnings (loss) per common share - diluted  
Continuing operations2.83 1.88 
Discontinued operations(0.01)(0.06)
Net earnings (loss) - diluted2.82 1.82 
Weighted average shares - basic113,511,369 119,251,689 
Weighted average shares - diluted114,028,145 119,899,844 

See the accompanying notes to the unaudited interim consolidated financial statements.
3

Table of Contents
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
Three Months Ended
March 31,
20212020
(In $ millions)
Net earnings (loss)323 220 
Other comprehensive income (loss), net of tax
Foreign currency translation gain (loss)(4)(2)
Gain (loss) on cash flow hedges34 (39)
Pension and postretirement benefits(4) 
Total other comprehensive income (loss), net of tax26 (41)
Total comprehensive income (loss), net of tax349 179 
Comprehensive (income) loss attributable to noncontrolling interests
(1)(2)
Comprehensive income (loss) attributable to Celanese Corporation
348 177 

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

Table of Contents
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
As of
March 31,
2021
As of
December 31,
2020
(In $ millions, except share data)
ASSETS
Current Assets  
Cash and cash equivalents791 955 
Trade receivables - third party and affiliates959 792 
Non-trade receivables, net551 450 
Inventories1,025 978 
Marketable securities331 533 
Other assets53 55 
Total current assets3,710 3,763 
Investments in affiliates796 820 
Property, plant and equipment (net of accumulated depreciation - 2021: $3,309; 2020: $3,279)
3,876 3,939 
Operating lease right-of-use assets221 232 
Deferred income taxes255 259 
Other assets456 411 
Goodwill1,134 1,166 
Intangible assets, net308 319 
Total assets10,756 10,909 
LIABILITIES AND EQUITY
Current Liabilities  
Short-term borrowings and current installments of long-term debt - third party and affiliates
497 496 
Trade payables - third party and affiliates906 797 
Other liabilities489 680 
Income taxes payable43  
Total current liabilities1,935 1,973 
Long-term debt, net of unamortized deferred financing costs3,135 3,227 
Deferred income taxes530 509 
Uncertain tax positions255 240 
Benefit obligations616 643 
Operating lease liabilities187 208 
Other liabilities191 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: 169,699,069 issued and 112,632,584 outstanding; 2020: 169,402,979 issued and 114,168,464 outstanding)
  
Treasury stock, at cost (2021: 57,066,485 shares; 2020: 55,234,515 shares)
(4,744)(4,494)
Additional paid-in capital253 257 
Retained earnings8,335 8,091 
Accumulated other comprehensive income (loss), net(302)(328)
Total Celanese Corporation stockholders' equity3,542 3,526 
Noncontrolling interests365 369 
Total equity3,907 3,895 
Total liabilities and equity10,756 10,909 

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
Three Months Ended March 31,
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(1,831,970) (1,709,431) 
Stock awards296,090  383,122  
Balance as of the end of the period112,632,584  118,228,898  
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 fees1,831,970 (250)1,709,431 (150)
Balance as of the end of the period57,066,485 (4,744)51,127,396 (3,996)
Additional Paid-In Capital
Balance as of the beginning of the period257 254 
Stock-based compensation, net of tax(4)(12)
Balance as of the end of the period253 242 
Retained Earnings
Balance as of the beginning of the period8,091 6,399 
Net earnings (loss) attributable to Celanese Corporation322 218 
Common stock dividends(78)(74)
Balance as of the end of the period8,335 6,543 
Accumulated Other Comprehensive Income (Loss), Net
Balance as of the beginning of the period(328)(300)
Other comprehensive income (loss), net of tax26 (41)
Balance as of the end of the period(302)(341)
Total Celanese Corporation stockholders' equity3,542 2,448 
Noncontrolling Interests
Balance as of the beginning of the period369 391 
Net earnings (loss) attributable to noncontrolling interests1 2 
Distributions to noncontrolling interests
(5)(5)
Balance as of the end of the period365 388 
Total equity3,907 2,836 

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
Three Months Ended
March 31,
20212020
(In $ millions)
Operating Activities
Net earnings (loss)323 220 
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities
Asset impairments1 4 
Depreciation, amortization and accretion91 86 
Pension and postretirement net periodic benefit cost(34)(25)
Pension and postretirement contributions(12)(12)
Deferred income taxes, net11 (7)
(Gain) loss on disposition of businesses and assets, net5  
Stock-based compensation12 10 
Undistributed earnings in unconsolidated affiliates6 (11)
Other, net3 4 
Operating cash provided by (used in) discontinued operations(1)5 
Changes in operating assets and liabilities
Trade receivables - third party and affiliates, net(184)(11)
Inventories(62)(11)
Other assets(103)42 
Trade payables - third party and affiliates156 1 
Other liabilities(96)(36)
Net cash provided by (used in) operating activities116 259 
Investing Activities
Capital expenditures on property, plant and equipment(92)(119)
Proceeds from sale of marketable securities200  
Other, net(10)(9)
Net cash provided by (used in) investing activities98 (128)
Financing Activities
Net change in short-term borrowings with maturities of 3 months or less2 (39)
Proceeds from short-term borrowings 300 
Repayments of long-term debt(7)(9)
Purchases of treasury stock, including related fees(267)(167)
Common stock dividends(78)(74)
Distributions to noncontrolling interests(5)(5)
Other, net(16)(22)
Net cash provided by (used in) financing activities(371)(16)
Exchange rate effects on cash and cash equivalents(7)(8)
Net increase (decrease) in cash and cash equivalents(164)107 
Cash and cash equivalents as of beginning of period955 463 
Cash and cash equivalents as of end of period791 570 

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 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 months ended March 31, 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 months ended March 31, 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
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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
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 2022.
The exit and shutdown costs related to the Forli, Italy consolidation were as follows:
Three Months Ended
March 31, 2021
(In $ millions)
Accelerated depreciation expense2 
Plant/office closures(1)
(9)
Total(7)
______________________________
(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 $22 million through 2022.
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4. Inventories
As of
March 31,
2021
As of
December 31,
2020
(In $ millions)
Finished goods666 653 
Work-in-process75 74 
Raw materials and supplies284 251 
Total1,025 978 
5. Goodwill and Intangible Assets, Net
Goodwill
Engineered
Materials
Acetate TowAcetyl ChainTotal
(In $ millions)
As of December 31, 2020768 149 249 1,166 
Exchange rate changes(22) (10)(32)
As of March 31, 2021(1)
746 149 239 1,134 
______________________________
(1)There were no accumulated impairment losses as of March 31, 2021.
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 
Exchange rate changes (21)  (21)
As of March 31, 202144 703 45 56 848 
Accumulated Amortization
As of December 31, 2020(38)(555)(40)(39)(672)
Amortization (4)(2) (6)
Exchange rate changes 17 2  19 
As of March 31, 2021(38)(542)(40)(39)(659)
Net book value6 161 5 17 189 
Indefinite-lived intangible assets are as follows:
Trademarks
and Trade Names
(In $ millions)
As of December 31, 2020122 
Exchange rate changes(3)
As of March 31, 2021119 
During the three months ended March 31, 2021, the Company did not renew or extend any intangible assets.
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Estimated amortization expense for the succeeding five fiscal years is as follows:
(In $ millions)
202221 
202319 
202418 
202518 
202618 
6. Current Other Liabilities
As of
March 31,
2021
As of
December 31,
2020
(In $ millions)
Asset retirement obligations8 10 
Benefit obligations (Note 9)
27 27 
Customer rebates42 53 
Derivatives (Note 14)
52 87 
Environmental (Note 10)
12 11 
Insurance5 5 
Interest25 29 
Legal (Note 16)
15 107 
Operating leases36 36 
Restructuring (Note 12)
10 11 
Salaries and benefits98 121 
Sales and use tax/foreign withholding tax payable117 140 
Other42 43 
Total489 680 
7. Noncurrent Other Liabilities
As of
March 31,
2021
As of
December 31,
2020
(In $ millions)
Asset retirement obligations13 10 
Deferred proceeds45 47 
Deferred revenue (Note 18)
4 4 
Derivatives (Note 14)
14 34 
Environmental (Note 10)
54 58 
Insurance34 33 
Other27 28 
Total191 214 
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8. Debt
As of
March 31,
2021
As of
December 31,
2020
(In $ millions)
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates
Current installments of long-term debt431 431 
Short-term borrowings, including amounts due to affiliates(1)
66 65 
Total497 496 
______________________________
(1)The weighted average interest rate was 0.6% and 0.6% as of March 31, 2021 and December 31, 2020, respectively.
As of
March 31,
2021
As of
December 31,
2020
(In $ millions)
Long-Term Debt
Senior unsecured notes due 2021, interest rate of 5.875%
400 400 
Senior unsecured notes due 2022, interest rate of 4.625%
500 500 
Senior unsecured notes due 2023, interest rate of 1.125%
878 919 
Senior unsecured notes due 2024, interest rate of 3.500%
499 499 
Senior unsecured notes due 2025, interest rate of 1.250%
351 368 
Senior unsecured notes due 2027, interest rate of 2.125%
583 610 
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00%
166 166 
Bank loans due at various dates through 2026(1)
7 8 
Obligations under finance leases due at various dates through 2054194 201 
Subtotal3,578 3,671 
Unamortized debt issuance costs(2)
(12)(13)
Current installments of long-term debt(431)(431)
Total3,135 3,227 
______________________________
(1)The weighted average interest rate was 1.3% and 1.3% as of March 31, 2021 and December 31, 2020, respectively.
(2)Related to the Company's long-term debt, excluding obligations under finance leases.
Senior Credit Facilities
The Company has a senior credit agreement (the "Credit Agreement") consisting of a $1.25 billion senior unsecured revolving credit facility (with a letter of credit sublimit), maturing in 2024. The Credit Agreement is guaranteed by Celanese, Celanese U.S. and domestic subsidiaries together representing substantially all of the Company's U.S. assets and business operations ("the Subsidiary Guarantors"). The Subsidiary Guarantors are listed in Exhibit 22.1 to this Quarterly Report.

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The Company's debt balances and amounts available for borrowing under its senior unsecured revolving credit facility are as follows:
As of
March 31,
2021
(In $ millions)
Revolving Credit Facility
Available for borrowing(1)
1,250 
______________________________
(1)The margin for borrowings under the senior unsecured revolving credit facility was 1.5% above LIBOR or EURIBOR at current Company credit ratings.
Senior Notes
The Company has outstanding senior unsecured notes, issued in public offerings registered under the Securities Act of 1933 ("Securities Act"), as amended (collectively, the "Senior Notes"). The Senior Notes were issued by Celanese U.S. and are guaranteed on a senior unsecured basis by Celanese and the Subsidiary Guarantors. Celanese U.S. may redeem some or all of each of the Senior Notes, prior to their respective maturity dates, at a redemption price of 100% of the principal amount, plus a "make-whole" premium as specified in the applicable indenture, plus accrued and unpaid interest, if any, to the redemption date.
Accounts Receivable Securitization Facility
In July 2020, the Company entered into an amended and restated receivables purchase agreement (the "Amended Receivables Purchase Agreement") under its U.S. accounts receivable securitization facility among certain of the Company's subsidiaries, its wholly-owned, "bankruptcy remote" special purpose subsidiary ("SPE") and certain global financial institutions ("Purchasers"). The Amended Receivables Purchase Agreement extends the term of the securitization facility such that the SPE may sell certain receivables until July 2, 2021. Under the Amended Receivables Purchase Agreement, transfers of U.S. accounts receivable from the SPE are treated as sales and are accounted for as a reduction in accounts receivable because the agreement transfers effective control over and risk related to the U.S. accounts receivable to the SPE. The Company and related subsidiaries have no continuing involvement in the transferred U.S. accounts receivable, other than collection and administrative responsibilities and, once sold, the U.S. accounts receivable are no longer available to satisfy creditors of the Company or the related subsidiaries. In July 2020, the Company sold $87 million of its U.S. accounts receivable and repaid $87 million of borrowings from the U.S. accounts receivable securitization facility. These sales were transacted at 100% of the face value of the relevant U.S. accounts receivable, resulting in derecognition of the U.S. accounts receivables from the Company's unaudited consolidated balance sheet. The Company de-recognized $268 million of accounts receivable under this agreement as of March 31, 2021. Unsold U.S. accounts receivable of $50 million were pledged by the SPE as collateral to the Purchasers as of March 31, 2021.
Factoring and Discounting Agreements
The Company has factoring agreements in Europe and Singapore with financial institutions to sell 100% and 90% of certain accounts receivable, respectively, on a non-recourse basis. These transactions are treated as sales and are accounted for as reductions in accounts receivable because the agreements transfer effective control over and risk related to the receivables to the buyer. The Company has no continuing involvement in the transferred receivables, other than collection and administrative responsibilities and, once sold, the accounts receivable are no longer available to satisfy creditors in the event of bankruptcy. The Company de-recognized $36 million and $233 million of accounts receivable under these factoring agreements as of March 31, 2021 and December 31, 2020, respectively.
In March 2021, the Company entered into an agreement in Singapore with a financial institution to discount, on a non-recourse basis, documentary credits or other documents recorded as accounts receivable. These transactions are treated as a sale and are accounted for as a reduction in accounts receivable because the agreement transfers effective control over and risk related to the receivables to the buyer. The Company has no continuing involvement in the transferred receivables and, once sold, the accounts receivable are no longer available to satisfy creditors in the event of bankruptcy. The Company de-recognized $20 million of accounts receivable under this agreement as of March 31, 2021.
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Covenants
The Company's material financing arrangements contain customary covenants, including the maintenance of certain financial ratios, events of default and change of control provisions. Failure to comply with these covenants, or the occurrence of any other event of default, could result in acceleration of the borrowings and other financial obligations. The Company is in compliance with all of the covenants related to its debt agreements as of March 31, 2021.
9. Benefit Obligations
The components of net periodic benefit cost are as follows:
Three Months Ended March 31,
20212020
Pension
Benefits
Post-retirement
Benefits
Pension
Benefits
Post-retirement
Benefits
(In $ millions)
Service cost4  3  
Interest cost13  21 1 
Expected return on plan assets
(51) (50) 
Total(34) (26)1 
Benefit obligation funding is as follows:
As of
March 31,
2021
Total
Expected
2021
(In $ millions)
Cash contributions to defined benefit pension plans6 23 
Benefit payments to nonqualified pension plans5 20 
Benefit payments to other postretirement benefit plans1 4 
Cash contributions to German multiemployer defined benefit pension plans(1)
2 9 
______________________________
(1)The Company makes contributions based on specified percentages of employee contributions.
The Company's estimates of its U.S. defined benefit pension plan contributions reflect the provisions of the Pension Protection Act of 2006.
10. Environmental
The Company is subject to environmental laws and regulations worldwide that impose limitations on the discharge of pollutants into the air and water, establish standards for the treatment, storage and disposal of solid and hazardous wastes, and impose record keeping and notification requirements. Failure to timely comply with these laws and regulations may expose the Company to penalties. The Company believes that it is in substantial compliance with all applicable environmental laws and regulations and engages in an ongoing process of updating its controls to mitigate compliance risks. The Company is also subject to retained environmental obligations specified in various contractual agreements arising from the divestiture of certain businesses by the Company or one of its predecessor companies.

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The components of environmental remediation liabilities are as follows:
As of
March 31,
2021
As of
December 31,
2020
(In $ millions)
Demerger obligations (Note 16)
27 29 
Divestiture obligations (Note 16)
14 15 
Active sites11 12 
U.S. Superfund sites12 11 
Other environmental remediation liabilities2 2 
Total66 69 
Remediation
Due to its industrial history and through retained contractual and legal obligations, the Company has the obligation to remediate specific areas on its own sites as well as on divested, demerger, orphan or U.S. Superfund sites (as defined below). In addition, as part of the demerger agreement between the Company and Hoechst AG ("Hoechst"), a specified portion of the responsibility for environmental liabilities from a number of Hoechst divestitures was transferred to the Company (Note 16). Certain of these sites, at which the Company maintains continuing involvement, were and continue to be designated as discontinued operations when closed. The Company provides for such obligations when the event of loss is probable and reasonably estimable. The Company believes that environmental remediation costs will not have a material adverse effect on the financial position of the Company, but may have a material adverse effect on the results of operations or cash flows in any given period.
U.S. Superfund Sites
In the U.S., the Company may be subject to substantial claims brought by U.S. federal or state regulatory agencies or private individuals pursuant to statutory authority or common law. In particular, the Company has a potential liability under the U.S. Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, and related state laws (collectively referred to as "Superfund") for investigation and cleanup costs at certain sites. At most of these sites, numerous companies, including the Company, or one of its predecessor companies, have been notified that the U.S. Environmental Protection Agency ("EPA"), state governing bodies or private individuals consider such companies to be potentially responsible parties ("PRP") under Superfund or related laws. The proceedings relating to these sites are in various stages. The cleanup process has not been completed at most sites, and the status of the insurance coverage for some of these proceedings is uncertain. Consequently, the Company cannot accurately determine its ultimate liability for investigation or cleanup costs at these sites.
As events progress at each site for which it has been named a PRP, the Company accrues any probable and reasonably estimable liabilities. In establishing these liabilities, the Company considers the contaminants of concern, the potential impact thereof, the relationship of the contaminants of concern to its current and historic operations, its shipment of waste to a site, its percentage of total waste shipped to the site, the types of wastes involved, the conclusions of any studies, the magnitude of any remedial actions that may be necessary and the number and viability of other PRPs. Often the Company joins with other PRPs to sign joint defense agreements that settle, among PRPs, each party's percentage allocation of costs at the site. Although the ultimate liability may differ from the estimate, the Company routinely reviews the liabilities and revises the estimate, as appropriate, based on the most current information available.
One such site is the Diamond Alkali Superfund Site, which is comprised of a number of sub-sites, including the Lower Passaic River Study Area ("LPRSA"), which is the lower 17-mile stretch of the Passaic River ("Lower Passaic River Site"), and the Newark Bay Area. The Company and 70 other companies are parties to a May 2007 Administrative Order on Consent with the EPA to perform a Remedial Investigation/Feasibility Study ("RI/FS") at the Lower Passaic River Site in order to identify the levels of contaminants and potential cleanup actions, including the potential migration of contaminants between the Lower Passaic River Site and the Newark Bay Area. Work on the RI/FS is ongoing.
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In March 2016, the EPA issued its final Record of Decision concerning the remediation of the lower 8.3 miles of the Lower Passaic River Site ("Lower 8.3 Miles"). Pursuant to the EPA's Record of Decision, the Lower 8.3 Miles must be dredged bank to bank and an engineered cap must be installed at an EPA estimated cost of approximately $1.4 billion. The Company owned and/or operated facilities in the vicinity of the Lower 8.3 Miles, but has found no evidence that it contributed any of the contaminants of concern to the Passaic River. In June 2018, Occidental Chemical Corporation ("OCC"), the successor to the Diamond Alkali Company, sued a subsidiary of the Company and 119 other parties alleging claims for joint and several damages, contribution and declaratory relief under Section 107 and 113 of Superfund for costs to clean up the LPRSA portion of the Diamond Alkali Superfund Site, Occidental Chemical Corporation v. 21st Century Fox America, Inc., et al, No. 2:18-CV-11273-JLL-JAD (U.S. District Court New Jersey), alleging that each of the defendants owned or operated a facility that contributed contamination to the LPRSA. With respect to the Company, the OCC lawsuit is limited to the former Celanese facility that Essex County, New Jersey has agreed to indemnify the Company for and does not change the Company's estimated liability for LPRSA cleanup costs. The Company is vigorously defending these matters and currently believes that its ultimate allocable share of the cleanup costs with respect to the Lower Passaic River Site, estimated at less than 1%, will not be material to the Company's results of operations, cash flows or financial position.
11. Stockholders' Equity
Common Stock
The Company's Board of Directors follows a policy of declaring, subject to legally available funds, a quarterly cash dividend on each share of the Company's Common Stock, par value $0.0001 per share ("Common Stock"), unless the Company's Board of Directors, in its sole discretion, determines otherwise. The amount available to the Company to pay cash dividends is not currently restricted by its existing senior credit facility and its indentures governing its senior unsecured notes. Any decision to declare and pay dividends in the future will be made at the discretion of the Company's Board of Directors and will depend on, among other things, the results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Company's Board of Directors may deem relevant.
The Company declared a quarterly cash dividend of $0.68 per share on its Common Stock on April 14, 2021, amounting to $77 million. The cash dividend will be paid on May 10, 2021 to holders of record as of April 26, 2021.
Treasury Stock
The Company's Board of Directors authorizes repurchases of Common Stock from time to time. These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program does not have an expiration date.
Three Months Ended
March 31,
Total From
February 2008
Through
March 31, 2021
20212020
Shares repurchased1,831,970 1,709,431 64,600,021 
Average purchase price per share$136.47 $87.87 $78.22 
Shares repurchased (in $ millions)$250 $150 $5,053 
Aggregate Board of Directors repurchase authorizations during the period (in $ millions)
$ $ $5,866 
The purchase of treasury stock reduces the number of shares outstanding. The repurchased shares may be used by the Company for compensation programs utilizing the Company's stock and other corporate purposes. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders' equity.
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Other Comprehensive Income (Loss), Net
Three Months Ended March 31,
20212020
Gross
Amount
Income
Tax
(Provision)
Benefit
Net
Amount
Gross
Amount
Income
Tax
(Provision)
Benefit
Net
Amount
(In $ millions)
Foreign currency translation gain (loss)3 (7)(4)10 (12)(2)
Gain (loss) on cash flow hedges44 (10)34 (51)12 (39)
Pension and postretirement benefits gain (loss)(4) (4)   
Total43 (17)26 (41) (41)
Adjustments to Accumulated other comprehensive income (loss), net, are as follows:
Foreign
Currency
Translation Gain (Loss)
Gain (Loss)
on Cash
Flow
Hedges
Pension
and
Postretirement
Benefits Gain (Loss)
Accumulated
Other
Comprehensive
Income
(Loss), Net
(In $ millions)
As of December 31, 2020(260)(56)(12)(328)
Other comprehensive income (loss) before reclassifications
3 44 (4)43 
Income tax (provision) benefit(7)(10) (17)
As of March 31, 2021(264)(22)(16)(302)
12. Other (Charges) Gains, Net
Three Months Ended
March 31,
20212020
(In $ millions)
Restructuring(2)(6)
Asset impairments(1)(4)
Plant/office closures9 (1)
Commercial disputes 5 
Total6 (6)
During the three months ended March 31, 2021 and 2020, the Company recorded $2 million and $6 million, respectively, of employee termination benefits primarily related to Company-wide business optimization projects.
During the three months ended March 31, 2021, the Company recorded a $9 million gain within plant/office closures related to the termination of its Ferrara Marconi, Italy office lease, which was included in the Company's Engineered Materials segment.
During the three months ended March 31, 2020, the Company recorded a $4 million long-lived asset impairment loss related to the closure of its manufacturing operations in Lebanon, Tennessee. The long-lived asset impairment loss was measured at the date of impairment to write-down the related property, plant and equipment and was included in the Company's Engineered Materials segment.
During the three months ended March 31, 2020, the Company recorded a $5 million gain within commercial disputes, primarily related to the receipt of a settlement claim from a previous acquisition that was included within the Company's Engineered Materials segment.

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The changes in the restructuring liabilities by business segment are as follows:
Engineered
Materials
Acetate TowAcetyl ChainOtherTotal
(In $ millions)
Employee Termination Benefits
As of December 31, 20208 1  2 11 
Additions2    2 
Cash payments(