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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
 
June 30, 2020
 
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-32410
celanse_imagea01a41.gif
CELANESE CORPORATION
(Exact Name of Registrant as Specified in its Charter)

Delaware
98-0420726
(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 Class
Trading Symbol(s)
 Name of Each Exchange on Which Registered
Common Stock, par value $0.0001 per share
CE
The New York Stock Exchange
1.125% Senior Notes due 2023
CE /23
The New York Stock Exchange
1.250% Senior Notes due 2025
CE /25
The New York Stock Exchange
2.125% Senior Notes due 2027
CE /27
The 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 July 22, 2020 was 118,290,663.
 
 
 
 
 


Table of Contents

CELANESE CORPORATION AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period Ended June 30, 2020
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
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
 
(In $ millions, except share and per share data)
Net sales
1,193

 
1,592

 
2,653

 
3,279

Cost of sales
(951
)
 
(1,169
)
 
(2,063
)
 
(2,403
)
Gross profit
242

 
423

 
590

 
876

Selling, general and administrative expenses
(114
)
 
(118
)
 
(239
)
 
(238
)
Amortization of intangible assets
(6
)
 
(6
)
 
(11
)
 
(12
)
Research and development expenses
(18
)
 
(17
)
 
(35
)
 
(33
)
Other (charges) gains, net
(21
)
 
(98
)
 
(27
)
 
(94
)
Foreign exchange gain (loss), net
1

 
1

 

 
6

Gain (loss) on disposition of businesses and assets, net
(1
)
 
1

 
(1
)
 
1

Operating profit (loss)
83

 
186

 
277

 
506

Equity in net earnings (loss) of affiliates
31

 
39

 
88

 
89

Non-operating pension and other postretirement employee benefit (expense) income
27


17

 
55

 
34

Interest expense
(27
)
 
(29
)
 
(55
)
 
(60
)
Refinancing expense

 
(4
)
 

 
(4
)
Interest income
1

 
2

 
3

 
3

Dividend income - equity investments
32

 
30

 
69

 
62

Other income (expense), net

 
(2
)
 
2

 
(6
)
Earnings (loss) from continuing operations before tax
147

 
239

 
439

 
624

Income tax (provision) benefit
(35
)
 
(28
)
 
(100
)
 
(74
)
Earnings (loss) from continuing operations
112

 
211

 
339

 
550

Earnings (loss) from operation of discontinued operations
(4
)
 
(2
)
 
(11
)
 
(3
)
Income tax (provision) benefit from discontinued operations
1

 
1

 
1

 
1

Earnings (loss) from discontinued operations
(3
)
 
(1
)
 
(10
)
 
(2
)
Net earnings (loss)
109

 
210

 
329

 
548

Net (earnings) loss attributable to noncontrolling interests
(2
)
 
(1
)
 
(4
)
 
(2
)
Net earnings (loss) attributable to Celanese Corporation
107

 
209

 
325

 
546

Amounts attributable to Celanese Corporation
 

 
 

 
 

 
 

Earnings (loss) from continuing operations
110

 
210

 
335

 
548

Earnings (loss) from discontinued operations
(3
)
 
(1
)
 
(10
)
 
(2
)
Net earnings (loss)
107

 
209

 
325

 
546

Earnings (loss) per common share - basic
 

 
 

 
 

 
 

Continuing operations
0.93

 
1.68

 
2.82

 
4.33

Discontinued operations
(0.03
)
 
(0.01
)
 
(0.08
)
 
(0.01
)
Net earnings (loss) - basic
0.90

 
1.67

 
2.74

 
4.32

Earnings (loss) per common share - diluted
 

 
 

 
 

 
 

Continuing operations
0.93

 
1.67

 
2.81

 
4.31

Discontinued operations
(0.03
)
 
(0.01
)
 
(0.09
)
 
(0.01
)
Net earnings (loss) - diluted
0.90

 
1.66

 
2.72

 
4.30

Weighted average shares - basic
118,339,872

 
125,289,967

 
118,795,780

 
126,409,926

Weighted average shares - diluted
118,767,633

 
125,847,894

 
119,377,515

 
127,111,046

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
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
 
(In $ millions)
Net earnings (loss)
109

 
210

 
329

 
548

Other comprehensive income (loss), net of tax


 


 


 
 
Foreign currency translation gain (loss)
(6
)
 
(11
)
 
(8
)
 
(4
)
Gain (loss) on cash flow hedges
1

 
(13
)
 
(38
)
 
(16
)
Total other comprehensive income (loss), net of tax
(5
)
 
(24
)
 
(46
)
 
(20
)
Total comprehensive income (loss), net of tax
104

 
186

 
283

 
528

Comprehensive (income) loss attributable to noncontrolling interests
(2
)
 
(1
)
 
(4
)
 
(2
)
Comprehensive income (loss) attributable to Celanese Corporation
102

 
185

 
279

 
526


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
June 30,
2020
 
As of
December 31,
2019
 
(In $ millions, except share data)
ASSETS
 
 
 
Current Assets
 

 
 

Cash and cash equivalents (variable interest entity restricted - 2020: $33; 2019: $57)
539

 
463

Trade receivables - third party and affiliates (net of allowance for doubtful accounts - 2020: $10; 2019: $9; variable interest entity restricted - 2020: $5; 2019: $6)
729

 
850

Non-trade receivables, net
312

 
331

Inventories
1,031

 
1,038

Marketable securities
36

 
40

Other assets
62

 
43

Total current assets
2,709

 
2,765

Investments in affiliates
957

 
975

Property, plant and equipment (net of accumulated depreciation - 2020: $3,087; 2019: $2,957; variable interest entity restricted - 2020: $612; 2019: $622)
3,725

 
3,713

Operating lease right-of-use assets
201

 
203

Deferred income taxes
100

 
96

Other assets (variable interest entity restricted - 2020: $15; 2019: $9)
399

 
338

Goodwill
1,098

 
1,074

Intangible assets (variable interest entity restricted - 2020: $22; 2019: $22)
317

 
312

Total assets
9,506

 
9,476

LIABILITIES AND EQUITY
 
 
 
Current Liabilities
 

 
 

Short-term borrowings and current installments of long-term debt - third party and affiliates
1,045

 
496

Trade payables - third party and affiliates
599

 
780

Other liabilities
572

 
461

Income taxes payable
46

 
17

Total current liabilities
2,262

 
1,754

Long-term debt, net of unamortized deferred financing costs
2,989

 
3,409

Deferred income taxes
256

 
257

Uncertain tax positions
189

 
165

Benefit obligations
579

 
589

Operating lease liabilities
183

 
181

Other liabilities
179

 
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: 169,371,322 issued and 118,288,296 outstanding; 2019: 168,973,172 issued and 119,555,207 outstanding)

 

Treasury stock, at cost (2020: 51,083,026 shares; 2019: 49,417,965 shares)
(3,995
)
 
(3,846
)
Additional paid-in capital
252

 
254

Retained earnings
6,576

 
6,399

Accumulated other comprehensive income (loss), net
(346
)
 
(300
)
Total Celanese Corporation stockholders' equity
2,487

 
2,507

Noncontrolling interests
382

 
391

Total equity
2,869

 
2,898

Total liabilities and equity
9,506

 
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 June 30,
 
2020
 
2019
 
Shares
 
Amount
 
Shares
 
Amount
 
(In $ millions, except share data)
Common Stock
 
 
 
 
 
 
 
Balance as of the beginning of the period
118,228,898

 

 
126,612,492

 

Stock option exercises

 

 
4,108

 

Purchases of treasury stock

 

 
(2,917,864
)
 

Stock awards
59,398

 

 
41,613

 

Balance as of the end of the period
118,288,296

 

 
123,740,349

 

Treasury Stock
 
 
 
 
 
 
 
Balance as of the beginning of the period
51,127,396

 
(3,996
)
 
42,285,459

 
(3,048
)
Purchases of treasury stock, including related fees

 

 
2,917,864

 
(300
)
Issuance of treasury stock under stock plans
(44,370
)
 
1

 
(32,841
)
 
1

Balance as of the end of the period
51,083,026

 
(3,995
)
 
45,170,482

 
(3,347
)
Additional Paid-In Capital
 
 
 
 
 
 
 
Balance as of the beginning of the period
 
 
242

 
 
 
224

Stock-based compensation, net of tax
 
 
10

 
 
 
9

Balance as of the end of the period
 
 
252

 
 
 
233

Retained Earnings
 
 
 
 
 
 
 
Balance as of the beginning of the period
 
 
6,543

 
 
 
6,114

Net earnings (loss) attributable to Celanese Corporation
 
 
107

 
 
 
209

Common stock dividends
 
 
(74
)
 
 
 
(78
)
Balance as of the end of the period
 
 
6,576

 
 
 
6,245

Accumulated Other Comprehensive Income (Loss), Net
 
 
 
 
 
 
 
Balance as of the beginning of the period
 
 
(341
)
 
 
 
(243
)
Other comprehensive income (loss), net of tax
 
 
(5
)
 
 
 
(24
)
Balance as of the end of the period
 
 
(346
)
 
 
 
(267
)
Total Celanese Corporation stockholders' equity
 
 
2,487

 
 
 
2,864

Noncontrolling Interests
 
 
 
 
 
 
 
Balance as of the beginning of the period
 
 
388

 
 
 
392

Net earnings (loss) attributable to noncontrolling interests
 
 
2

 
 
 
1

Distributions to noncontrolling interests
 
 
(8
)
 
 
 
(3
)
Balance as of the end of the period
 
 
382

 
 
 
390

Total equity
 
 
2,869

 
 
 
3,254


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
 
Six Months Ended June 30,
 
2020
 
2019
 
Shares
 
Amount
 
Shares
 
Amount
 
(In $ millions, except share data)
Common Stock
 
 
 
 
 
 
 
Balance as of the beginning of the period
119,555,207

 

 
128,095,849

 

Stock option exercises

 

 
14,045

 

Purchases of treasury stock
(1,709,431
)
 

 
(4,890,155
)
 

Stock awards
442,520

 

 
520,610

 

Balance as of the end of the period
118,288,296

 

 
123,740,349

 

Treasury Stock
 
 
 
 
 
 
 
Balance as of the beginning of the period
49,417,965

 
(3,846
)
 
40,323,105

 
(2,849
)
Purchases of treasury stock, including related fees
1,709,431

 
(150
)
 
4,890,155

 
(500
)
Issuance of treasury stock under stock plans
(44,370
)
 
1

 
(42,778
)
 
2

Balance as of the end of the period
51,083,026

 
(3,995
)
 
45,170,482

 
(3,347
)
Additional Paid-In Capital
 
 
 
 
 
 
 
Balance as of the beginning of the period
 
 
254

 
 
 
233

Stock-based compensation, net of tax
 
 
(2
)
 
 
 
1

Stock option exercises, net of tax
 
 

 
 
 
(1
)
Balance as of the end of the period
 
 
252

 
 
 
233

Retained Earnings
 
 
 
 
 
 
 
Balance as of the beginning of the period
 
 
6,399

 
 
 
5,847

Net earnings (loss) attributable to Celanese Corporation
 
 
325

 
 
 
546

Common stock dividends
 
 
(148
)
 
 
 
(148
)
Balance as of the end of the period
 
 
6,576

 
 
 
6,245

Accumulated Other Comprehensive Income (Loss), Net
 
 
 
 
 
 
 
Balance as of the beginning of the period
 
 
(300
)
 
 
 
(247
)
Other comprehensive income (loss), net of tax
 
 
(46
)
 
 
 
(20
)
Balance as of the end of the period
 
 
(346
)
 
 
 
(267
)
Total Celanese Corporation stockholders' equity
 
 
2,487

 
 
 
2,864

Noncontrolling Interests
 
 
 
 
 
 
 
Balance as of the beginning of the period
 
 
391

 
 
 
395

Net earnings (loss) attributable to noncontrolling interests
 
 
4

 
 
 
2

Distributions to noncontrolling interests
 
 
(13
)
 
 
 
(7
)
Balance as of the end of the period
 
 
382

 
 
 
390

Total equity
 
 
2,869

 
 
 
3,254


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 CASH FLOWS
 
Six Months Ended
June 30,
 
2020
 
2019
 
(In $ millions)
Operating Activities
 
 
 
Net earnings (loss)
329

 
548

Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities
 
 
 
Asset impairments
29

 
83

Depreciation, amortization and accretion
175

 
170

Pension and postretirement net periodic benefit cost
(49
)
 
(30
)
Pension and postretirement contributions
(23
)
 
(24
)
Deferred income taxes, net
(15
)
 
(17
)
(Gain) loss on disposition of businesses and assets, net
1

 
1

Stock-based compensation
20

 
27

Undistributed earnings in unconsolidated affiliates
17

 
22

Other, net
10

 
13

Operating cash provided by (used in) discontinued operations
6

 

Changes in operating assets and liabilities
 
 
 
Trade receivables - third party and affiliates, net
167

 
52

Inventories
27

 
39

Other assets
84

 
(21
)
Trade payables - third party and affiliates
(150
)
 
(51
)
Other liabilities
10

 
(81
)
Net cash provided by (used in) operating activities
638

 
731

Investing Activities
 
 
 
Capital expenditures on property, plant and equipment
(207
)
 
(144
)
Acquisitions, net of cash acquired
(88
)
 
(91
)
Proceeds from sale of businesses and assets, net
3

 

Other, net
(17
)
 
(8
)
Net cash provided by (used in) investing activities
(309
)
 
(243
)
Financing Activities
 
 
 
Net change in short-term borrowings with maturities of 3 months or less
(136
)
 
105

Proceeds from short-term borrowings
306

 

Repayments of short-term borrowings
(50
)
 
(12
)
Proceeds from long-term debt

 
499

Repayments of long-term debt
(16
)
 
(348
)
Purchases of treasury stock, including related fees
(167
)
 
(488
)
Common stock dividends
(148
)
 
(148
)
Distributions to noncontrolling interests
(13
)
 
(7
)
Other, net
(24
)
 
(38
)
Net cash provided by (used in) financing activities
(248
)
 
(437
)
Exchange rate effects on cash and cash equivalents
(5
)
 
1

Net increase (decrease) in cash and cash equivalents
76

 
52

Cash and cash equivalents as of beginning of period
463

 
439

Cash and cash equivalents as of end of period
539

 
491


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

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Table of Contents

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 six months ended June 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 six months ended June 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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Table of Contents

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"):
Standard
 
Description
 
Effective Date
 
Effect 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 is currently evaluating the impact of adoption on its financial statements and related disclosures.
 
 
 
 
 
 
 
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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Table of Contents

The carrying amount of the assets and liabilities associated with Fairway included in the unaudited consolidated balance sheets are as follows:
 
As of
June 30,
2020
 
As of
December 31,
2019
 
(In $ millions)
Cash and cash equivalents
33

 
57

Trade receivables, net - third party and affiliates
10

 
12

Non-trade receivables, net
2

 

Property, plant and equipment (net of accumulated depreciation - 2020: $191; 2019: $174)
612

 
622

Other assets
15

 
9

Intangible assets (net of accumulated amortization - 2020: $4; 2019: $4)
22

 
22

Total assets(1)
694

 
722

 
 
 
 
Trade payables
11

 
24

Other liabilities(2)
10

 
5

Total debt
3

 
4

Deferred income taxes
4

 
4

Total liabilities
28

 
37

______________________________
(1) 
Joint venture assets can only be used to settle the obligations of Fairway.
(2) 
Primarily represents amounts owed by Fairway to the Company for reimbursement of expenditures.
Nonconsolidated Variable Interest Entities
The Company holds variable interests in entities that supply certain raw materials and services to the Company. The variable interests primarily relate to cost-plus contractual arrangements with the suppliers and recovery of capital expenditures for certain plant assets plus a rate of return on such assets. Liabilities for such supplier recoveries of capital expenditures have been recorded as finance lease obligations. The entities are not consolidated because the Company is not the primary beneficiary of the entities as it does not have the power to direct the activities of the entities that most significantly impact the entities' economic performance. The Company's maximum exposure to loss as a result of its involvement with these VIEs as of June 30, 2020, relates primarily to the recovery of capital expenditures for certain property, plant and equipment.
The carrying amount of the assets and liabilities associated with the obligations to nonconsolidated VIEs, as well as the maximum exposure to loss relating to these nonconsolidated VIEs are as follows:
 
As of
June 30,
2020
 
As of
December 31,
2019
 
(In $ millions)
Property, plant and equipment, net
25

 
31

 
 
 
 
Trade payables
22

 
30

Current installments of long-term debt
17

 
16

Long-term debt
33

 
41

Total liabilities
72

 
87

 
 
 
 
Maximum exposure to loss
93

 
113


The difference between the total liabilities associated with obligations to nonconsolidated VIEs and the maximum exposure to loss primarily represents take-or-pay obligations for services included in the Company's unconditional purchase obligations (Note 16).

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Table of Contents

4. Inventories
 
As of
June 30,
2020
 
As of
December 31,
2019
 
(In $ millions)
Finished goods
713

 
718

Work-in-process
67

 
76

Raw materials and supplies
251

 
244

Total
1,031

 
1,038


5. Goodwill and Intangible Assets, Net
Goodwill
 
Engineered
Materials
 
Acetate Tow
 
Acetyl Chain
 
Total
 
(In $ millions)
As of December 31, 2019
727

 
148

 
199

 
1,074

Acquisitions

 

 
28

(1) 
28

Exchange rate changes
(3
)
 
(1
)
 

 
(4
)
As of June 30, 2020(2)
724

 
147

 
227