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Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt Debt
As of
June 30,
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 debt30 431 
Short-term borrowings, including amounts due to affiliates(1)
70 65 
Revolving credit facility(2)
400 — 
Total500 496 
______________________________
(1)The weighted average interest rate was 0.2% and 0.6% as of June 30, 2021 and December 31, 2020, respectively.
(2)The weighted average interest rate was 1.6% and 0.0% as of June 30, 2021 and December 31, 2020, respectively.
As of
June 30,
2021		As of
December 31,
2020
(In $ millions)
Long-Term Debt
Senior unsecured notes due 2021, interest rate of 5.875%
— 400 
Senior unsecured notes due 2022, interest rate of 4.625%
500 500 
Senior unsecured notes due 2023, interest rate of 1.125%
890 919 
Senior unsecured notes due 2024, interest rate of 3.500%
499 499 
Senior unsecured notes due 2025, interest rate of 1.250%
356 368 
Senior unsecured notes due 2027, interest rate of 2.125%
591 610 
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 2054188 201 
Subtotal3,197 3,671 
Unamortized debt issuance costs(2)
(11)(13)
Current installments of long-term debt(30)(431)
Total3,156 3,227 
______________________________
(1)The weighted average interest rate was 1.3% and 1.3% as of June 30, 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.
The Company's debt balances and amounts available for borrowing under its senior unsecured revolving credit facility are as follows:
As of
June 30,
2021
(In $ millions)
Revolving Credit Facility
Borrowings outstanding(1)
400 
Available for borrowing(2)
850 
______________________________
(1)The Company borrowed $400 million under its senior unsecured revolving credit facility to repay the 5.875% senior unsecured notes due June 15, 2021, which matured during the six months ended June 30, 2021.
(2)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 Purchasing Facility
On June 18, 2021, the Company entered into an amendment to the amended and restated receivables purchase agreement (the "Amended Receivables Purchase Agreement") under its U.S. accounts receivable purchasing 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 accounts receivable purchasing facility such that the SPE may sell certain receivables until June 18, 2024. 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. These sales are 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 $530 million and $595 million of accounts receivable under this agreement for the six months ended June 30, 2021 and twelve months ended December 31, 2020, respectively, and collected $530 million and $476 million of accounts receivable sold under this agreement during the same periods. Unsold U.S. accounts receivable of $104 million were pledged by the SPE as collateral to the Purchasers as of June 30, 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 $75 million and $233 million of accounts receivable under these factoring agreements for the six months ended June 30, 2021 and twelve months ended December 31, 2020, respectively, and collected $93 million and $237 million of accounts receivable sold under these factoring agreements during the same periods.
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 $37 million of accounts receivable under this agreement for the six months ended June 30, 2021.
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 June 30, 2021.