QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended | |||||
Or | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Page | ||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(In $ millions, except share and per share data) | |||||||||||
Net sales | |||||||||||
Cost of sales | ( | ( | |||||||||
Gross profit | |||||||||||
Selling, general and administrative expenses | ( | ( | |||||||||
Amortization of intangible assets | ( | ( | |||||||||
Research and development expenses | ( | ( | |||||||||
Other (charges) gains, net | ( | ( | |||||||||
Foreign exchange gain (loss), net | ( | ||||||||||
Gain (loss) on disposition of businesses and assets, net | ( | ||||||||||
Operating profit (loss) | |||||||||||
Equity in net earnings (loss) of affiliates | |||||||||||
Non-operating pension and other postretirement employee benefit (expense) income | |||||||||||
Interest expense | ( | ( | |||||||||
Interest income | |||||||||||
Dividend income - equity investments | |||||||||||
Other income (expense), net | ( | ||||||||||
Earnings (loss) from continuing operations before tax | |||||||||||
Income tax (provision) benefit | ( | ( | |||||||||
Earnings (loss) from continuing operations | |||||||||||
Earnings (loss) from operation of discontinued operations | ( | ||||||||||
Income tax (provision) benefit from discontinued operations | |||||||||||
Earnings (loss) from discontinued operations | ( | ||||||||||
Net earnings (loss) | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | ( | ( | |||||||||
Net earnings (loss) attributable to Celanese Corporation | |||||||||||
Amounts attributable to Celanese Corporation | |||||||||||
Earnings (loss) from continuing operations | |||||||||||
Earnings (loss) from discontinued operations | ( | ||||||||||
Net earnings (loss) | |||||||||||
Earnings (loss) per common share - basic | |||||||||||
Continuing operations | |||||||||||
Discontinued operations | ( | ||||||||||
Net earnings (loss) - basic | |||||||||||
Earnings (loss) per common share - diluted | |||||||||||
Continuing operations | |||||||||||
Discontinued operations | ( | ||||||||||
Net earnings (loss) - diluted | |||||||||||
Weighted average shares - basic | |||||||||||
Weighted average shares - diluted |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(In $ millions) | |||||||||||
Net earnings (loss) | |||||||||||
Other comprehensive income (loss), net of tax | |||||||||||
Foreign currency translation gain (loss) | ( | ||||||||||
Gain (loss) on cash flow hedges | |||||||||||
Pension and postretirement benefits | ( | ||||||||||
Total other comprehensive income (loss), net of tax | ( | ||||||||||
Total comprehensive income (loss), net of tax | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | ( | ( | |||||||||
Comprehensive income (loss) attributable to Celanese Corporation |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||
(In $ millions, except share data) | |||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | |||||||||||
Trade receivables - third party and affiliates | |||||||||||
Non-trade receivables, net | |||||||||||
Inventories | |||||||||||
Other assets | |||||||||||
Total current assets | |||||||||||
Investments in affiliates | |||||||||||
Property, plant and equipment (net of accumulated depreciation - 2023: $ | |||||||||||
Operating lease right-of-use assets | |||||||||||
Deferred income taxes | |||||||||||
Other assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Total assets | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities | |||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | |||||||||||
Trade payables - third party and affiliates | |||||||||||
Other liabilities | |||||||||||
Income taxes payable | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net of unamortized deferred financing costs | |||||||||||
Deferred income taxes | |||||||||||
Uncertain tax positions | |||||||||||
Benefit obligations | |||||||||||
Operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
Commitments and Contingencies | |||||||||||
Shareholders' Equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Treasury stock, at cost (2023: | ( | ( | |||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss), net | ( | ( | |||||||||
Total Celanese Corporation shareholders' equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||
(In $ millions, except share data) | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Balance as of the beginning of the period | |||||||||||||||||||||||
Stock awards | |||||||||||||||||||||||
Balance as of the end of the period | |||||||||||||||||||||||
Treasury Stock | |||||||||||||||||||||||
Balance as of the beginning of the period | ( | ( | |||||||||||||||||||||
Purchases of treasury stock, including related fees | |||||||||||||||||||||||
Balance as of the end of the period | ( | ( | |||||||||||||||||||||
Additional Paid-In Capital | |||||||||||||||||||||||
Balance as of the beginning of the period | |||||||||||||||||||||||
Stock-based compensation, net of tax | ( | ( | |||||||||||||||||||||
Balance as of the end of the period | |||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||
Balance as of the beginning of the period | |||||||||||||||||||||||
Net earnings (loss) attributable to Celanese Corporation | |||||||||||||||||||||||
Common stock dividends | ( | ( | |||||||||||||||||||||
Balance as of the end of the period | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net | |||||||||||||||||||||||
Balance as of the beginning of the period | ( | ( | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ||||||||||||||||||||||
Balance as of the end of the period | ( | ( | |||||||||||||||||||||
Total Celanese Corporation shareholders' equity | |||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||
Balance as of the beginning of the period | |||||||||||||||||||||||
Net earnings (loss) attributable to noncontrolling interests | |||||||||||||||||||||||
Dividends to noncontrolling interests | ( | ||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ||||||||||||||||||||||
Balance as of the end of the period | |||||||||||||||||||||||
Total equity |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(In $ millions) | |||||||||||
Operating Activities | |||||||||||
Net earnings (loss) | |||||||||||
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities | |||||||||||
Depreciation, amortization and accretion | |||||||||||
Pension and postretirement net periodic benefit cost | ( | ||||||||||
Pension and postretirement contributions | ( | ( | |||||||||
Deferred income taxes, net | |||||||||||
(Gain) loss on disposition of businesses and assets, net | ( | ||||||||||
Stock-based compensation | |||||||||||
Undistributed earnings in unconsolidated affiliates | ( | ||||||||||
Other, net | ( | ||||||||||
Operating cash provided by (used in) discontinued operations | ( | ||||||||||
Changes in operating assets and liabilities | |||||||||||
Trade receivables - third party and affiliates, net | ( | ( | |||||||||
Inventories | ( | ||||||||||
Other assets | |||||||||||
Trade payables - third party and affiliates | ( | ||||||||||
Other liabilities | ( | ( | |||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Investing Activities | |||||||||||
Capital expenditures on property, plant and equipment | ( | ( | |||||||||
Proceeds from sale of businesses and assets, net | |||||||||||
Other, net | ( | ( | |||||||||
Net cash provided by (used in) investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Net change in short-term borrowings with maturities of 3 months or less | ( | ||||||||||
Proceeds from short-term borrowings | |||||||||||
Repayments of long-term debt | ( | ( | |||||||||
Purchases of treasury stock, including related fees | ( | ||||||||||
Common stock dividends | ( | ( | |||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Issuance cost of bridge facility | ( | ||||||||||
Other, net | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ( | |||||||||
Exchange rate effects on cash and cash equivalents | ( | ||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents as of beginning of period | |||||||||||
Cash and cash equivalents as of end of period |
Three Months Ended March 31, 2022 | |||||
(In $ millions) | |||||
Unaudited Consolidated Pro Forma Results | |||||
Proforma Net sales | |||||
Proforma Earnings (loss) from continuing operations before tax |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||
(In $ millions) | |||||||||||
Finished goods | |||||||||||
Work-in-process | |||||||||||
Raw materials and supplies | |||||||||||
Total |
Engineered Materials | Acetyl Chain | Total | |||||||||||||||
(In $ millions) | |||||||||||||||||
As of December 31, 2022 | |||||||||||||||||
( | ( | ||||||||||||||||
Exchange rate changes | |||||||||||||||||
As of March 31, 2023(1) |
Licenses | Customer- Related Intangible Assets | Developed Technology | Covenants Not to Compete and Other | Total | |||||||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||||||||
Gross Asset Value | |||||||||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||
Exchange rate changes | |||||||||||||||||||||||||||||
As of March 31, 2023 | |||||||||||||||||||||||||||||
Accumulated Amortization | |||||||||||||||||||||||||||||
As of December 31, 2022 | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Amortization | ( | ( | ( | ||||||||||||||||||||||||||
Exchange rate changes | ( | ( | |||||||||||||||||||||||||||
As of March 31, 2023 | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Net book value |
Trademarks and Trade Names | |||||
(In $ millions) | |||||
As of December 31, 2022 | |||||
Exchange rate changes | |||||
As of March 31, 2023 | |||||
(In $ millions) | |||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||
(In $ millions) | |||||||||||
Customer rebates | |||||||||||
Operating leases | |||||||||||
Salaries and benefits | |||||||||||
Sales and use tax/foreign withholding tax payable | |||||||||||
Investment in affiliates | |||||||||||
Other(1) | |||||||||||
Total |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||
(In $ millions) | |||||||||||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | |||||||||||
Current installments of long-term debt | |||||||||||
Short-term borrowings, including amounts due to affiliates(1) | |||||||||||
Revolving credit facilities(2) | |||||||||||
Total |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||
(In $ millions) | |||||||||||
Long-Term Debt | |||||||||||
Senior unsecured notes due 2023, interest rate of | |||||||||||
Senior unsecured notes due 2024, interest rate of | |||||||||||
Senior unsecured notes due 2024, interest rate of | |||||||||||
Senior unsecured notes due 2025, interest rate of | |||||||||||
Senior unsecured notes due 2025, interest rate of | |||||||||||
Senior unsecured term loan due 2025, interest rate of | |||||||||||
Senior unsecured notes due 2026, interest rate of | |||||||||||
Senior unsecured notes due 2026, interest rate of | |||||||||||
Senior unsecured notes due 2027, interest rate of | |||||||||||
Senior unsecured notes due 2027, interest rate of | |||||||||||
Senior unsecured term loan due 2027, interest rate of | |||||||||||
Senior unsecured notes due 2028, interest rate of | |||||||||||
Senior unsecured notes due 2029, interest rate of | |||||||||||
Senior unsecured notes due 2029, interest rate of | |||||||||||
Senior unsecured notes due 2032, interest rate of | |||||||||||
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from | |||||||||||
Bank loans due at various dates through 2026(1) | |||||||||||
Obligations under finance leases due at various dates through 2054 | |||||||||||
Subtotal | |||||||||||
Unamortized debt issuance costs(2) | ( | ( | |||||||||
Current installments of long-term debt | ( | ( | |||||||||
Total |
As of March 31, 2023 | |||||
(In $ millions) | |||||
U.S. Revolving Credit Facility | |||||
Borrowings outstanding | |||||
Available for borrowing | |||||
China Revolving Credit Facility | |||||
Borrowings outstanding | |||||
Available for borrowing |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | Pension Benefits | Post-retirement Benefits | ||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||
Service cost | |||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Total | ( |
As of March 31, 2023 | Total Expected 2023 | ||||||||||
(In $ millions) | |||||||||||
Cash contributions to defined benefit pension plans | |||||||||||
Benefit payments to nonqualified pension plans | |||||||||||
Benefit payments to other postretirement benefit plans | |||||||||||
As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | Pension Benefits | Post-retirement Benefits | ||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||
Noncurrent Other assets | |||||||||||||||||||||||
Current Other liabilities | ( | ( | ( | ( | |||||||||||||||||||
Benefit obligations | ( | ( | ( | ( | |||||||||||||||||||
Net amount recognized | ( | ( | ( | ( |
Total From February 2008 Through March 31, 2023 | |||||
Shares repurchased | |||||
Average purchase price per share | $ | ||||
Shares repurchased (in $ millions) | $ | ||||
Aggregate Board of Directors repurchase authorizations during the period (in $ millions) | $ |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Gross Amount | Income Tax (Provision) Benefit | Net Amount | Gross Amount | Income Tax (Provision) Benefit | Net Amount | ||||||||||||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||||||||||||||
Foreign currency translation gain (loss) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Gain (loss) on cash flow hedges | ( | ||||||||||||||||||||||||||||||||||
Pension and postretirement benefits gain (loss) | ( | ( | |||||||||||||||||||||||||||||||||
Total | ( | ( | ( |
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, 2022 | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||||||||||||||
Income tax (provision) benefit | |||||||||||||||||||||||
As of March 31, 2023 | ( | ( | ( | ( |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(In percentages) | |||||||||||
Effective income tax rate |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||
(In € millions) | |||||||||||
Total |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||
(In $ millions) | |||||||||||
Total |
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | Gain (Loss) Recognized in Earnings (Loss) | ||||||||||||||||||||||||||||
Three Months Ended March 31, | Statement of Operations Classification | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||||||||
Designated as Cash Flow Hedges | |||||||||||||||||||||||||||||
Commodity swaps | |||||||||||||||||||||||||||||
Interest rate swaps | ( | ( | |||||||||||||||||||||||||||
Foreign currency forwards | ( | ||||||||||||||||||||||||||||
Total | ( | ( | |||||||||||||||||||||||||||
Designated as Net Investment Hedges | |||||||||||||||||||||||||||||
( | N/A | ||||||||||||||||||||||||||||
Cross-currency swaps | ( | N/A | |||||||||||||||||||||||||||
Total | ( | ||||||||||||||||||||||||||||
Not Designated as Hedges | |||||||||||||||||||||||||||||
Foreign currency forwards and swaps | ( | ||||||||||||||||||||||||||||
Total | ( |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||
(In $ millions) | |||||||||||
Gross amount recognized | |||||||||||
Gross amount offset in the consolidated balance sheets | |||||||||||
Net amount presented in the consolidated balance sheets | |||||||||||
Gross amount not offset in the consolidated balance sheets | |||||||||||
Net amount |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||
(In $ millions) | |||||||||||
Gross amount recognized | |||||||||||
Gross amount offset in the consolidated balance sheets | |||||||||||
Net amount presented in the consolidated balance sheets | |||||||||||
Gross amount not offset in the consolidated balance sheets | |||||||||||
Net amount |
Fair Value Measurement | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Total | Balance Sheet Classification | ||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||
As of March 31, 2023 | |||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | |||||||||||||||||||||||
Commodity swaps | |||||||||||||||||||||||
Commodity swaps | |||||||||||||||||||||||
Foreign currency forwards and swaps | Current Other assets | ||||||||||||||||||||||
Derivatives Designated as Net Investment Hedges | |||||||||||||||||||||||
Cross-currency swaps | Current Other assets | ||||||||||||||||||||||
Cross-currency swaps | Noncurrent Other assets | ||||||||||||||||||||||
Derivatives Not Designated as Hedges | |||||||||||||||||||||||
Foreign currency forwards and swaps | Current Other assets | ||||||||||||||||||||||
Total assets | |||||||||||||||||||||||
Derivatives Designated as Net Investment Hedges | |||||||||||||||||||||||
Cross-currency swaps | ( | ( | Current Other liabilities | ||||||||||||||||||||
Cross-currency swaps | ( | ( | Noncurrent Other liabilities | ||||||||||||||||||||
Derivatives Not Designated as Hedges | |||||||||||||||||||||||
Foreign currency forwards and swaps | ( | ( | Current Other liabilities | ||||||||||||||||||||
Total liabilities | ( | ( | |||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Total | Balance Sheet Classification | ||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | |||||||||||||||||||||||
Commodity swaps | |||||||||||||||||||||||
Commodity swaps | |||||||||||||||||||||||
Derivatives Designated as Net Investment Hedges | |||||||||||||||||||||||
Cross-currency swaps | Current Other assets | ||||||||||||||||||||||
Cross-currency swaps | Noncurrent Other assets | ||||||||||||||||||||||
Derivatives Not Designated as Hedges | |||||||||||||||||||||||
Foreign currency forwards and swaps | Current Other assets | ||||||||||||||||||||||
Total assets | |||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | |||||||||||||||||||||||
Commodity swaps | ( | ( | |||||||||||||||||||||
Derivatives Designated as Net Investment Hedges | |||||||||||||||||||||||
Cross-currency swaps | ( | ( | Current Other liabilities | ||||||||||||||||||||
Cross-currency swaps | ( | ( | Noncurrent Other liabilities | ||||||||||||||||||||
Derivatives Not Designated as Hedges | |||||||||||||||||||||||
Foreign currency forwards and swaps | ( | ( | Current Other liabilities | ||||||||||||||||||||
Total liabilities | ( | ( |
Fair Value Measurement | |||||||||||||||||||||||
Carrying Amount | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||
As of March 31, 2023 | |||||||||||||||||||||||
Equity investments without readily determinable fair values | |||||||||||||||||||||||
Insurance contracts in nonqualified trusts | |||||||||||||||||||||||
Long-term debt, including current installments of long-term debt | |||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||
Equity investments without readily determinable fair values | |||||||||||||||||||||||
Insurance contracts in nonqualified trusts | |||||||||||||||||||||||
Long-term debt, including current installments of long-term debt |
Engineered Materials | Acetyl Chain | Other Activities | Eliminations | Consolidated | ||||||||||||||||||||||||||||
(In $ millions) | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||
Net sales | ( | (1) | ||||||||||||||||||||||||||||||
( | ( | ( | ( | |||||||||||||||||||||||||||||
Operating profit (loss) | ( | |||||||||||||||||||||||||||||||
Equity in net earnings (loss) of affiliates | ||||||||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||||||||
Capital expenditures | (2) | |||||||||||||||||||||||||||||||
As of March 31, 2023 | ||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | ||||||||||||||||||||||||||||||||
Total assets | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||
Net sales | ( | (1) | ||||||||||||||||||||||||||||||
( | ( | |||||||||||||||||||||||||||||||
Operating profit (loss) | ( | |||||||||||||||||||||||||||||||
Equity in net earnings (loss) of affiliates | ||||||||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||||||||
Capital expenditures | (2) | |||||||||||||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | ||||||||||||||||||||||||||||||||
Total assets |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(In $ millions) | |||||||||||
Engineered Materials | |||||||||||
North America | |||||||||||
Europe and Africa | |||||||||||
Asia-Pacific | |||||||||||
South America | |||||||||||
Total | |||||||||||
Acetyl Chain | |||||||||||
North America | |||||||||||
Europe and Africa | |||||||||||
Asia-Pacific | |||||||||||
South America | |||||||||||
Total(1) |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(In $ millions, except share data) | |||||||||||
Amounts attributable to Celanese Corporation | |||||||||||
Earnings (loss) from continuing operations | |||||||||||
Earnings (loss) from discontinued operations | ( | ||||||||||
Net earnings (loss) | |||||||||||
Weighted average shares - basic | |||||||||||
Incremental shares attributable to equity awards(1) | |||||||||||
Weighted average shares - diluted |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(In $ millions) | |||||||||||
Restructuring | ( | ( | |||||||||
Total | ( | ( |
Engineered Materials | Acetyl Chain | Other | Total | ||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||
Employee Termination Benefits | |||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||
Additions | |||||||||||||||||||||||
Cash payments | ( | ( | ( | ( | |||||||||||||||||||
As of March 31, 2023 | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
(unaudited) | |||||||||||||||||
(In $ millions, except percentages) | |||||||||||||||||
Statement of Operations Data | |||||||||||||||||
Net sales | 2,853 | 2,538 | 315 | ||||||||||||||
Gross profit | 631 | 745 | (114) | ||||||||||||||
Selling, general and administrative ("SG&A") expenses | (285) | (174) | (111) | ||||||||||||||
Other (charges) gains, net | (23) | (1) | (22) | ||||||||||||||
Operating profit (loss) | 251 | 531 | (280) | ||||||||||||||
Equity in net earnings (loss) of affiliates | 15 | 56 | (41) | ||||||||||||||
Non-operating pension and other postretirement employee benefit (expense) income | 1 | 24 | (23) | ||||||||||||||
Interest expense | (182) | (35) | (147) | ||||||||||||||
Interest income | 8 | 1 | 7 | ||||||||||||||
Dividend income - equity investments | 34 | 37 | (3) | ||||||||||||||
Earnings (loss) from continuing operations before tax | 121 | 616 | (495) | ||||||||||||||
Earnings (loss) from continuing operations | 96 | 504 | (408) | ||||||||||||||
Earnings (loss) from discontinued operations | (3) | — | (3) | ||||||||||||||
Net earnings (loss) | 93 | 504 | (411) | ||||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 91 | 502 | (411) | ||||||||||||||
Other Data | |||||||||||||||||
Depreciation and amortization | 172 | 106 | 66 | ||||||||||||||
SG&A expenses as a percentage of Net sales | 10.0 | % | 6.9 | % | |||||||||||||
Operating margin(1) | 8.8 | % | 20.9 | % | |||||||||||||
Other (charges) gains, net | |||||||||||||||||
Restructuring | (23) | (1) | (22) | ||||||||||||||
Total Other (charges) gains, net | (23) | (1) | (22) |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||
(unaudited) | |||||||||||
(In $ millions) | |||||||||||
Balance Sheet Data | |||||||||||
Cash and cash equivalents | 1,167 | 1,508 | |||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates | 1,386 | 1,306 | |||||||||
Long-term debt, net of unamortized deferred financing costs | 13,396 | 13,373 | |||||||||
Total debt | 14,782 | 14,679 |
Volume | Price | Currency | Total | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
(In percentages) | |||||||||||||||||||||||
Engineered Materials | 80 | 2 | (3) | 79 | |||||||||||||||||||
Acetyl Chain | (9) | (13) | (2) | (24) | |||||||||||||||||||
Total Company | 23 | (8) | (3) | 12 |
Three Months Ended March 31, | Change | % Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
(In $ millions, except percentages) | |||||||||||||||||||||||
Net sales | 1,630 | 910 | 720 | 79.1 | % | ||||||||||||||||||
Net Sales Variance | |||||||||||||||||||||||
Volume | 80 | % | |||||||||||||||||||||
Price | 2 | % | |||||||||||||||||||||
Currency | (3) | % | |||||||||||||||||||||
Other | — | % | |||||||||||||||||||||
Other (charges) gains, net | (21) | (1) | (20) | (2,000.0) | % | ||||||||||||||||||
Operating profit (loss) | 112 | 124 | (12) | (9.7) | % | ||||||||||||||||||
Operating margin | 6.9 | % | 13.6 | % | |||||||||||||||||||
Equity in net earnings (loss) of affiliates | 11 | 49 | (38) | (77.6) | % | ||||||||||||||||||
Depreciation and amortization | 112 | 46 | 66 | 143.5 | % |
Three Months Ended March 31, | Change | % Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
(In $ millions, except percentages) | |||||||||||||||||||||||
Net sales | 1,250 | 1,652 | (402) | (24.3) | % | ||||||||||||||||||
Net Sales Variance | |||||||||||||||||||||||
Volume | (9) | % | |||||||||||||||||||||
Price | (13) | % | |||||||||||||||||||||
Currency | (2) | % | |||||||||||||||||||||
Other | — | % | |||||||||||||||||||||
Operating profit (loss) | 278 | 503 | (225) | (44.7) | % | ||||||||||||||||||
Operating margin | 22.2 | % | 30.4 | % | |||||||||||||||||||
Dividend income - equity investments | 33 | 36 | (3) | (8.3) | % | ||||||||||||||||||
Depreciation and amortization | 54 | 56 | (2) | (3.6) | % |
Three Months Ended March 31, | Change | % Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
(In $ millions, except percentages) | |||||||||||||||||||||||
Operating profit (loss) | (139) | (96) | (43) | (44.8) | % | ||||||||||||||||||
Non-operating pension and other postretirement employee benefit (expense) income | 1 | 24 | (23) | (95.8) | % | ||||||||||||||||||
Three Months Ended March 31, 2023 | |||||
(In $ millions) | |||||
(unaudited) | |||||
Net sales to third parties | 476 | ||||
Net sales to non-guarantor subsidiaries | 291 | ||||
Total net sales | 767 | ||||
Gross profit | 143 | ||||
Earnings (loss) from continuing operations | (153) | ||||
Net earnings (loss) | (155) | ||||
Net earnings (loss) attributable to the Obligor Group | (155) |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||
(In $ millions) | |||||||||||
(unaudited) | |||||||||||
Receivables from non-guarantor subsidiaries | 708 | 754 | |||||||||
Other current assets | 1,608 | 1,588 | |||||||||
Total current assets | 2,316 | 2,342 | |||||||||
Goodwill | 526 | 567 | |||||||||
Other noncurrent assets | 2,729 | 2,718 | |||||||||
Total noncurrent assets | 3,255 | 3,285 | |||||||||
Current liabilities due to non-guarantor subsidiaries | 2,772 | 2,100 | |||||||||
Current liabilities due to affiliates | 2 | 2 | |||||||||
Other current liabilities | 1,756 | 2,201 | |||||||||
Total current liabilities | 4,530 | 4,303 | |||||||||
Noncurrent liabilities due to non-guarantor subsidiaries | 3,391 | 3,400 | |||||||||
Other noncurrent liabilities | 13,860 | 13,842 | |||||||||
Total noncurrent liabilities | 17,251 | 17,242 |
Exhibit Number | ||||||||
Description | ||||||||
2.1† | ||||||||
3.1 | ||||||||
3.1(a) | ||||||||
3.1(b) | ||||||||
3.1(c) | ||||||||
3.2 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4*‡ | ||||||||
10.5*‡ | ||||||||
10.6*‡ | ||||||||
10.7*‡ | ||||||||
22.1 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.INS* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 has been formatted in Inline XBRL. |
CELANESE CORPORATION | ||||||||||||||
By: | /s/ LORI J. RYERKERK | |||||||||||||
Lori J. Ryerkerk | ||||||||||||||
Chair of the Board of Directors, | ||||||||||||||
Chief Executive Officer and President | ||||||||||||||
Date: | May 10, 2023 |
By: | /s/ SCOTT A. RICHARDSON | |||||||||||||
Scott A. Richardson | ||||||||||||||
Executive Vice President and | ||||||||||||||
Chief Financial Officer | ||||||||||||||
Date: | May 10, 2023 |
CELANESE CORPORATION | ||||||||||||||
By: | Lori J. Ryerkerk | |||||||||||||
Chair, Chief Executive Officer and President |
Adjusted EPS (70% weighting) | Result | Goal Achievement for Performance Period1 | Performance Adjustment Percentage | ||||||||
Below Threshold | Less than $[●] | 0% | |||||||||
Threshold | $[●] | 50% | |||||||||
Target | $[●] | 100% | |||||||||
Superior | $[●]or more | 200% |
ROCE (30% weighting) | Result | Goal Achievement for Performance Period1 | Performance Adjustment Percentage | ||||||||
Below Threshold | Less than [●]% | 0% | |||||||||
Threshold | [●]% | 50% | |||||||||
Target | [●]% - [●]% | 100% | |||||||||
Superior | [●]% or more | 200% |
Relative TSR Modifier | Relative TSR Percentile Achieved | Modifier Percentage | ||||||
< 25% | 80% | |||||||
25% to 75% | 100% | |||||||
> 75% | 120% |
CELANESE CORPORATION | ||||||||||||||
By: | Vanessa Dupuis | |||||||||||||
Senior Vice President and Chief Human Resources Officer |
Adjusted EPS (70% weighting) | Result | Goal Achievement for Performance Period1 | Performance Adjustment Percentage | ||||||||
Below Threshold | Less than $[●] | 0% | |||||||||
Threshold | $[●] | 50% | |||||||||
Target | $[●] | 100% | |||||||||
Superior | $[●]or more | 200% |
ROCE (30% weighting) | Result | Goal Achievement for Performance Period1 | Performance Adjustment Percentage | ||||||||
Below Threshold | Less than [●]% | 0% | |||||||||
Threshold | [●]% | 50% | |||||||||
Target | [●]% - [●]% | 100% | |||||||||
Superior | [●]% or more | 200% |
Relative TSR Modifier | Relative TSR Percentile Achieved | Modifier Percentage | ||||||
< 25% | 80% | |||||||
25% to 75% | 100% | |||||||
> 75% | 120% |
Number of Common Shares Subject to Options: | [Number of Shares] | ||||
Exercise Price Per Share (the "Exercise Price"): | [Exercise Price] | ||||
Expiration Date: | [Expiration Date (Put 1 day before 10-year anniversary from Grant Date)] | ||||
Vesting Schedule: | Subject to Sections 4 and 6 of this Agreement, [33% of the Number of Shares] Options shall vest on [Vest Date 1], [33% of the Number of Shares] Options shall vest on [Vest Date 2] and [34% of the Number of Shares] Options shall vest on [Vest Date 3] (each date on which a portion of the Options vest and become exercisable, a "Vesting Date", and each period between the Grant Date and a Vesting Date, a "Vesting Period"). |
CELANESE CORPORATION | ||||||||||||||
By: | Lori J. Ryerkerk | |||||||||||||
Chair, Chief Executive Officer and President |
Number of Common Shares Subject to Options: | [Number of Shares] | ||||
Exercise Price Per Share (the "Exercise Price"): | [Exercise Price] | ||||
Expiration Date: | [Expiration Date (Put 1 day before 10-year anniversary from Grant Date)] | ||||
Vesting Schedule: | Subject to Sections 4 and 6 of this Agreement, [33% of the Number of Shares] Options shall vest on [Vest Date 1], [33% of the Number of Shares] Options shall vest on [Vest Date 2] and [34% of the Number of Shares] Options shall vest on [Vest Date 3] (each date on which a portion of the Options vest and become exercisable, a "Vesting Date", and each period between the Grant Date and a Vesting Date, a "Vesting Period"). |
CELANESE CORPORATION | ||||||||||||||
By: | Vanessa Dupuis | |||||||||||||
Senior Vice President and Chief Human Resources Officer |
/s/ LORI J. RYERKERK | ||||||||
Lori J. Ryerkerk | ||||||||
Chair of the Board of Directors, | ||||||||
Chief Executive Officer and President | ||||||||
May 10, 2023 |
/s/ SCOTT A. RICHARDSON | ||||||||
Scott A. Richardson | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer | ||||||||
May 10, 2023 |
/s/ LORI J. RYERKERK | ||||||||
Lori J. Ryerkerk | ||||||||
Chair of the Board of Directors, | ||||||||
Chief Executive Officer and President | ||||||||
May 10, 2023 |
/s/ SCOTT A. RICHARDSON | ||||||||
Scott A. Richardson | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer | ||||||||
May 10, 2023 |
Unaudited Interim Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net earnings (loss) | $ 93 | $ 504 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation gain (loss) | 13 | (21) |
Gain (loss) on cash flow hedges | 4 | 15 |
Pension and postretirement benefits | (1) | 2 |
Total other comprehensive income (loss), net of tax | 16 | (4) |
Total comprehensive income (loss), net of tax | 109 | 500 |
Comprehensive (income) loss attributable to noncontrolling interests | (2) | (2) |
Comprehensive income (loss) attributable to Celanese Corporation | $ 107 | $ 498 |
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accumulated depreciation, depletion and amortization, property, plant, and equipment | $ 3,791 | $ 3,687 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 170,448,231 | 170,135,425 |
Common stock, shares outstanding (in shares) | 108,786,738 | 108,473,932 |
Treasury stock, shares (in shares) | 61,661,493 | 61,661,493 |
Unaudited Interim Consolidated Statement Equity - USD ($) $ in Millions |
Total |
Common Stock |
Treasury Stock |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss), Net |
Noncontrolling Interests |
---|---|---|---|---|---|---|---|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Celanese Corporation stockholders' equity | $ 0 | $ (5,492) | $ 333 | $ 9,677 | $ (329) | ||
Balance as of the beginning of the period (in shares) at Dec. 31, 2021 | 108,023,735 | 61,736,289 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation, net of tax | (7) | ||||||
Purchases of treasury stock (in shares) | 0 | 0 | |||||
Purchases of treasury stock, including related fees | $ 0 | ||||||
Stock awards (in shares) | 283,606 | ||||||
Stock awards | $ 0 | ||||||
Net earnings (loss) attributable to Celanese Corporation | $ 502 | 502 | |||||
Common stock dividends | (73) | ||||||
Other comprehensive income (loss), net of tax | (4) | (4) | |||||
Balance as of the beginning of the period, noncontrolling interest at Dec. 31, 2021 | $ 348 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) attributable to noncontrolling interests | 2 | 2 | |||||
Dividends to noncontrolling interests | 0 | ||||||
Distributions to noncontrolling interests | (4) | ||||||
Balance as of the end of the period, noncontrolling interest at Mar. 31, 2022 | 346 | ||||||
Balance as of the end of the period (in shares) at Mar. 31, 2022 | 108,307,341 | 61,736,289 | |||||
Balance as of the end of the period at Mar. 31, 2022 | 4,953 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Celanese Corporation stockholders' equity | 4,607 | $ 0 | $ (5,492) | 326 | 10,106 | (333) | |
Celanese Corporation stockholders' equity | 5,637 | $ 0 | $ (5,491) | 372 | 11,274 | (518) | |
Balance as of the beginning of the period (in shares) at Dec. 31, 2022 | 108,473,932 | 61,661,493 | |||||
Balance as of the beginning of the period at Dec. 31, 2022 | $ 6,105 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation, net of tax | (7) | ||||||
Purchases of treasury stock (in shares) | 0 | 0 | |||||
Purchases of treasury stock, including related fees | $ 0 | ||||||
Stock awards (in shares) | 312,806 | ||||||
Stock awards | $ 0 | ||||||
Net earnings (loss) attributable to Celanese Corporation | $ 91 | 91 | |||||
Common stock dividends | (76) | ||||||
Other comprehensive income (loss), net of tax | 16 | 16 | |||||
Balance as of the beginning of the period, noncontrolling interest at Dec. 31, 2022 | 468 | 468 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) attributable to noncontrolling interests | 2 | 2 | |||||
Dividends to noncontrolling interests | (1) | ||||||
Distributions to noncontrolling interests | 0 | ||||||
Balance as of the end of the period, noncontrolling interest at Mar. 31, 2023 | 469 | $ 469 | |||||
Balance as of the end of the period (in shares) at Mar. 31, 2023 | 108,786,738 | 61,661,493 | |||||
Balance as of the end of the period at Mar. 31, 2023 | 6,130 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Celanese Corporation stockholders' equity | $ 5,661 | $ 0 | $ (5,491) | $ 365 | $ 11,289 | $ (502) |
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Operating Activities | ||
Net earnings (loss) | $ 93 | $ 504 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities | ||
Depreciation, amortization and accretion | 178 | 106 |
Pension and postretirement net periodic benefit cost | 3 | (21) |
Pension and postretirement contributions | (12) | (12) |
Deferred income taxes, net | 1 | 4 |
(Gain) loss on disposition of businesses and assets, net | (6) | 3 |
Stock-based compensation | 14 | 15 |
Undistributed earnings in unconsolidated affiliates | 25 | (30) |
Other, net | (1) | 3 |
Operating cash provided by (used in) discontinued operations | 1 | (4) |
Changes in operating assets and liabilities | ||
Trade receivables - third party and affiliates, net | (216) | (240) |
Inventories | 45 | (32) |
Other assets | 99 | 0 |
Trade payables - third party and affiliates | (22) | 49 |
Other liabilities | (298) | (29) |
Net cash provided by (used in) operating activities | (96) | 316 |
Investing Activities | ||
Capital expenditures on property, plant and equipment | (164) | (137) |
Proceeds from sale of businesses and assets, net | 9 | 0 |
Other, net | (23) | (12) |
Net cash provided by (used in) investing activities | (178) | (149) |
Financing Activities | ||
Net change in short-term borrowings with maturities of 3 months or less | (300) | 74 |
Proceeds from short-term borrowings | 338 | 0 |
Repayments of long-term debt | (7) | (7) |
Purchases of treasury stock, including related fees | 0 | (17) |
Common stock dividends | (76) | (73) |
Distributions to noncontrolling interests | (1) | (4) |
Issuance cost of bridge facility | 0 | (44) |
Other, net | (23) | (24) |
Net cash provided by (used in) financing activities | (69) | (95) |
Exchange rate effects on cash and cash equivalents | 2 | (3) |
Net increase (decrease) in cash and cash equivalents | (341) | 69 |
Cash and cash equivalents as of beginning of period | 1,508 | 536 |
Cash and cash equivalents as of end of period | $ 1,167 | $ 605 |
Description of the Company and Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Company and Basis of Presentation | 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 US 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, 2023 and 2022 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, 2022, filed on February 24, 2023 with the SEC as part of the Company's Annual Report on Form 10-K. Operating results for the three months ended March 31, 2023 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 shareholders' 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 and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates.
|
Recent Accounting Pronouncements |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting PronouncementsThere are no recent Accounting Standard Updates issued by the Financial Accounting Standards Board which are expected to materially impact the Company's financial position, operating results or financial disclosures. |
Acquisitions, Dispositions and Plant Closures |
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Acquisitions, Dispositions and Plant Closures [Abstract] | |||||||||||||||||||||||||||||||||||||
Acquisitions, Dispositions and Plant Closures | Acquisitions, Dispositions and Plant Closures Acquisitions In November 2022, the Company acquired 100% ownership of entities and assets consisting of a majority of the Mobility & Materials business ("M&M") of DuPont de Nemours, Inc. ("DuPont") (the "M&M Acquisition") for a purchase price of $11.0 billion, subject to transaction adjustments, in an all-cash transaction. The Company acquired a global production network of 29 facilities, including compounding and polymerization, customer and supplier contracts and agreements, an intellectual property portfolio, including approximately 850 patents with associated technical and R&D assets, and approximately 5,000 employees across the manufacturing, technical, and commercial organizations. This acquisition of M&M enhances the engineered materials product portfolio by adding new polymers, brands, product technology, and backward integration in critical polymers, allowing the Company to accelerate growth in high-value applications including future mobility, connectivity and medical. The acquisition was accounted for as a business combination and the acquired operations are included in the Engineered Materials segment. The Company preliminarily allocated the purchase price of the acquisition to identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The purchase price allocation was based upon preliminary information and is subject to change if additional information about the facts and circumstances that existed at the acquisition date becomes available. The Company is in the ongoing process of conducting a valuation of the assets acquired and liabilities assumed related to the acquisition, including trade names and customer relationships, personal and real property, investment in equity affiliates and deferred taxes. The final fair value of the net assets acquired may result in adjustments to these assets and liabilities, including goodwill. During the measurement period to date, there were no adjustments that materially impacted the Company's goodwill initially recorded. The following unaudited pro forma financial information presents the consolidated results of operations as if the M&M Acquisition had occurred at the beginning of 2022. M&M's pre-acquisition results have been added to the Company's historical results. The pro forma results contained in the table below include adjustments for (i) increased depreciation expense as a result of acquisition date fair value adjustments, (ii) amortization of acquired intangibles, (iii) interest expense and amortization of debt issuance costs of $172 million related to borrowings under the U.S Term Loan Facility (defined below) and the issuance of Acquisition Notes (defined below) as if these had taken place at the beginning of 2022 for the three months ended March 31, 2022 and (iv) net total inventory step up of inventory amortized to Cost of sales of $98 million for the three months ended March 31, 2022. These pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations as they would have been had the acquisitions occurred on the assumed dates, nor are they necessarily an indication of future operating results.
Korea Engineering Plastics Co. Restructuring In April 2022, the Company completed the restructuring of Korea Engineering Plastics Co. ("KEPCO"), a joint venture owned 50% by the Company and 50% by Mitsubishi Gas Chemical Company, Inc. KEPCO was first formed in 1987 to manufacture and market polyoxymethylene ("POM") in Asia, with a particular focus on serving domestic demand in South Korea. KEPCO will now focus solely on manufacturing and supplying high quality products to its shareholders, who will independently market them globally. As part of the restructuring of KEPCO, the Company paid KEPCO $5 million and will pay 5 equal annual installments of €24 million on October 1 of each year beginning in 2022. This resulted in an increase to the Company's investment in KEPCO of $134 million. The Company's joint venture partner will be making similar payments to KEPCO. The restructuring did not result in a change in ownership percentage of KEPCO, nor a change in control, and KEPCO will continue to be accounted for as an equity method investment.
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories
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Goodwill and Intangible Assets, net |
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Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net Goodwill
______________________________ (1)There were no accumulated impairment losses as of March 31, 2023. Intangible Assets, Net Finite-lived intangible assets are as follows:
Indefinite-lived intangible assets are as follows:
During the three months ended March 31, 2023, the Company did not renew or extend any intangible assets. Estimated amortization expense for the succeeding five fiscal years is as follows:
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Current Other Liabilities |
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Current Other Liabilities | Current Other Liabilities
(1)Includes $104 million and $166 million of liabilities related to the M&M Acquisition payable to DuPont as of March 31, 2023 and December 31, 2022, respectively.
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt
______________________________ (1)The weighted average interest rate was 5.6% and 5.8% as of March 31, 2023 and December 31, 2022, respectively. (2)The weighted average interest rate was 3.4% and 5.8% as of March 31, 2023 and December 31, 2022, respectively.
______________________________ (1)The weighted average interest rate was 1.3% and 1.3% as of March 31, 2023 and December 31, 2022, respectively. (2)Related to the Company's long-term debt, excluding obligations under finance leases. Senior Credit Facilities In March 2022, Celanese, Celanese U.S. and certain subsidiaries entered into a term loan credit agreement (the "March 2022 U.S. Term Loan Credit Agreement"), pursuant to which lenders provided a tranche of delayed-draw term loans due 364 days from issuance in an amount equal to $500 million and a tranche of delayed-draw term loans due 5 years from issuance in an amount equal to $1.0 billion. In September 2022, Celanese, Celanese U.S. and certain subsidiaries entered into an additional term loan credit agreement (the "September 2022 U.S. Term Loan Credit Agreement" and, together with the March 2022 U.S. Term Loan Credit Agreement, the "U.S. Term Loan Credit Agreements"), pursuant to which lenders have provided delayed-draw term loans due 3 years from issuance in an amount equal to $750 million (the term loans represented by the U.S. Term Loan Credit Agreements collectively, the "U.S. Term Loan Facility"). The U.S. Term Loan Facility was fully drawn during the three months ended December 31, 2022. Also in March 2022, Celanese, Celanese U.S. and certain subsidiaries entered into a new revolving credit agreement (the "U.S. Revolving Credit Agreement" and, together with the U.S. Term Loan Credit Agreements, the "U.S. Credit Agreements") consisting of a $1.75 billion senior unsecured revolving credit facility (with a letter of credit sublimit), maturing in 2027 (the "U.S. Revolving Credit Facility"). On February 21, 2023, the Company amended certain covenants in the U.S. Credit Agreements, including financial ratio maintenance covenants. The U.S. Credit Agreements are 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. On January 4, 2023, Celanese (Shanghai) International Trading Co., Ltd ("CSIT"), a fully consolidated subsidiary, entered into a restatement of an existing credit facility agreement (the "China Revolving Credit Agreement") to upsize and modify the facility thereunder to consist of an aggregate CNY1.75 billion uncommitted senior unsecured revolving credit facility available under two tranches (with overdraft, bank guarantee and documentary credit sublimits) (the "China Revolving Credit Facility"). Obligations bear interest at certain fixed rates. The China Revolving Credit Agreement is guaranteed by Celanese U.S. Also on January 6, 2023, CSIT entered into a senior unsecured working capital loan contract for CNY800 million (the "China Working Capital Term Loan Agreement," together with the China Revolving Credit Agreement, the "China Credit Agreements," and the China Credit Agreements together with the U.S. Credit Agreements, the "Global Credit Agreements"), payable 12 months from withdrawal date and bearing interest at 0.5% less than certain interbank rates. The loan under the China Working Capital Term Loan Agreement was fully drawn on January 10, 2023 and is supported by a letter of comfort from the Company. The Company expects that the China Credit Agreements will facilitate its efficient repatriation of cash to the U.S. to repay debt and effectively redomicile a portion of its U.S. debt to China at a lower average interest rate. The Company's debt balances and amounts available for borrowing under its senior unsecured revolving credit facilities are as follows:
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. In July 2022, Celanese U.S. completed an offering of $7.5 billion aggregate principal amount of notes of various maturities in a public offering registered under the Securities Act (the "Acquisition USD Notes"). In July 2022, Celanese U.S. completed an offering of €1.5 billion in aggregate principal amount of euro-denominated senior unsecured notes due in 2026 and 2029 in a public offering registered under the Securities Act (collectively, the "Acquisition Euro Notes" and together with the Acquisition USD Notes, the "Acquisition Notes"). Certain of the Acquisition Notes were issued at a discount to par, which will be amortized to Interest expense in the consolidated statement of operations over the terms of the applicable Acquisition Notes. Fees and expenses of the offering of the Acquisition Notes, inclusive of underwriting discounts, were $65 million. Accounts Receivable Purchasing Facility In June 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 $249 million and $1.1 billion of accounts receivable under this agreement for the three months ended March 31, 2023 and twelve months ended December 31, 2022, respectively, and collected $249 million and $1.1 billion of accounts receivable sold under this agreement during the same periods. Unsold U.S. accounts receivable of $109 million were pledged by the SPE as collateral to the Purchasers as of March 31, 2023. 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 $87 million and $320 million of accounts receivable under these factoring agreements for the three months ended March 31, 2023 and twelve months ended December 31, 2022, respectively, and collected $82 million and $325 million of accounts receivable sold under these factoring agreements during the same periods. Covenants The Company's material financing arrangements contain customary covenants, such as events of default and change of control provisions, and in the case of the U.S. Credit Agreements the maintenance of certain financial ratios (subject to adjustment following certain qualifying acquisitions and dispositions, as set forth in the U.S. Credit Agreements, as amended). 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 the covenants in its material financing arrangements as of March 31, 2023.
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Obligations | Benefit Obligations The components of net periodic benefit cost are as follows:
Benefit obligation funding is as follows:
The Company's estimates of its U.S. defined benefit pension plan contributions reflect the provisions of the Pension Protection Act of 2006. Pension and postretirement benefit plan balances recognized in the unaudited consolidated balance sheets consist of:
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Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental | EnvironmentalThe 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. The components of environmental remediation liabilities are as follows:
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 (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 14). 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 Study 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 LPRSA and the Newark Bay Area. 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. In September 2021, the EPA issued a Record of Decision selecting an interim remedial plan for the upper 9 miles of the Lower Passaic River ("Upper 9 Miles"). Pursuant to the EPA's Record of Decision, targeted dredging will be conducted in the Upper 9 Miles to address surface sediments with elevated contamination followed by the installation of an engineered cap at an EPA estimated cost of $441 million. 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 (MCA) (LDW) (U.S. District Court New Jersey) (the "2018 OCC Lawsuit"), alleging that each of the defendants owned or operated a facility that contributed contamination to the LPRSA. With respect to the Company, the 2018 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. Separately, the United States lodged a Consent Decree in U.S. District Court for the District of New Jersey on December 16, 2022 that will resolve the Company's liability (and that of more than 80 other settling defendants) to the EPA for costs to clean up both the Lower 8.3 Miles and Upper 9 Miles of the Lower Passaic River Site in exchange for a collective payment of $150 million, United States v. Alden Leeds, Inc., No. 2:22-7326 (MCA) (LDW) (U.S. District Court New Jersey) ("Consent Decree Action"). The Consent Decree also will provide the Company protection from contribution claims by others for costs incurred to clean up both the Lower 8.3 Miles and Upper 9 Miles of the Lower Passaic River Site. The Company's proposed payment toward the $150 million collective settlement payment is not material to the Company's results of operations, cash flows or financial position. The Consent Decree is still subject to public comment and court approval. On March 7, 2023, the U.S. District Court for the District of New Jersey entered an order staying and administratively terminating the 2018 OCC Lawsuit, pending resolution of the request for judicial approval of the Consent Decree in the Consent Decree Action. On March 24, 2023, OCC filed a new lawsuit against 40 parties, including a subsidiary of the Company, seeking to recover costs for remedial design work the EPA has ordered OCC to undertake for a portion of the LPRSA at an estimated cost of $71 million, Occidental Chemical Corporation v. Givaudan Fragrances Corporation, No. 2:23-cv-1699 (U.S. District Court New Jersey) (the "2023 OCC Lawsuit"). Like the earlier lawsuit, the 2023 OCC Lawsuit concerns the facility Essex County, New Jersey purchased and for which Essex County, New Jersey has agreed to defend and indemnify the Company. This new lawsuit does not change the Company's estimated liability for LPRSA cleanup costs. The Company will continue to vigorously defend these matters and continues to believe that its ultimate allocable share of the cleanup costs with respect to the Lower Passaic River Site, previously estimated at less than 1%, will not be material. Other Environmental Matters In April 2022, a methanol leak on a pipeline to our Bishop, Texas facility was discovered. The release has been contained, the leak has been repaired and the pipeline has resumed operation. The Company promptly disclosed the incident to state and federal authorities, including the Texas Commission on Environmental Quality and the EPA, and remediation activities are now completed. While the Company has not received a notice of violation nor been assessed any fines or penalties to date, the Company recorded a reserve in Other current liabilities based on anticipated clean-up costs and possible penalties to state or federal authorities. The Company does not believe that resolution of this matter will have a material impact on our financial condition or results of operations.
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Stockholders' Equity |
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Shareholders' 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 Global Credit Agreements 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 $0.70 per share on its Common Stock on April 19, 2023, amounting to $76 million. The cash dividend will be paid on May 15, 2023 to holders of record as of May 1, 2023. 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.
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 shareholders' equity. The Company did not repurchase any Common Stock during the three months ended March 31, 2023 and 2022. Other Comprehensive Income (Loss), Net
Adjustments to Accumulated other comprehensive income (loss), net, are as follows:
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Other (Charges) Gains, Net |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (Charges) Gains, Net | Other (Charges) Gains, Net
During the three months ended March 31, 2023, the Company recorded $23 million of employee termination benefits primarily related to Company-wide business optimization projects. The changes in the restructuring liabilities by business segment are as follows:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes
The effective income tax rate for the three months ended March 31, 2023, was higher compared to the same period in 2022, primarily due to increases in valuation allowances on U.S. foreign tax credit carryforwards due to revised forecasts of foreign sourced income and expenses during the carryforward period, partially offset by increased earnings in low taxed jurisdictions during the three months ended March 31, 2023. In December 2017, the Tax Cuts and Jobs Act (the "TCJA") was enacted and was effective January 1, 2018. The U.S. Treasury has issued various final and proposed regulatory packages supplementing the TCJA provisions since 2018. There have been no material proposed or final regulatory packages during the three months ended March 31, 2023. In August 2022, the Inflation Reduction Act (the "IRA") was enacted and included a 1% excise tax on share repurchases in excess of $1 million, and a corporate minimum tax of 15% on adjusted book earnings. The corporate minimum tax paid is creditable in future years to the extent that regular tax liability exceeds the minimum tax in any given year. The Company does not expect these provisions and any newly issued administrative guidance to have a material impact to future income tax expense. The IRA also provides various beneficial credits for energy efficient related manufacturing, transportation and fuels, hydrogen/carbon recapture and renewable energy, which the Company is evaluating in regard to planned projects. The Company will continue to monitor the expected impacts of any new guidance on the Company's filing positions and will record the impacts as discrete income tax expense adjustments in the period the guidance is finalized or becomes effective. Due to the TCJA and uncertainty as to future foreign source income, the Company previously recorded a valuation allowance on a substantial portion of its foreign tax credit carryforwards. The Company is currently evaluating tax planning strategies to enable the use of the Company's foreign tax credit carryforwards that may decrease the Company's effective tax rate in future periods as the valuation allowance is reversed. The Company's tax returns have been under joint audit for the years 2013 through 2015 by the United States, Netherlands and Germany (the "Authorities"). In September 2021, the Company received a draft joint audit report proposing adjustments to transfer pricing and the reallocation of income between the related jurisdictions. The Authorities also proposed to apply these adjustments to open tax years through 2019. The Company and the Authorities were unable to reach an agreement jointly and therefore the audits continued on a separate jurisdictional basis. In the fourth quarter of 2022, the Company concluded settlement discussions with the Dutch tax authorities. The Company is engaged in ongoing discussions with the other authorities regarding the ongoing examinations and will evaluate all additional potential remedies as the discussions progress. In addition, the Company's income tax returns in Mexico are under audit for the years 2017 and 2018, and in Canada for the years 2016 through 2018. In January 2022, the Mexico tax authorities issued preliminary findings for disallowance of operating expenses on several of the applicable tax returns. The Company has analyzed the preliminary findings, engaged in preliminary discussions with the Mexico tax authorities and has recorded the appropriate tax reserves as of March 31, 2023. The Company will continue discussions with the Mexico authorities in 2023. Related to Canada, the Company is discussing preliminary findings with the Canadian authorities and does not expect a material impact to income tax expense. As of March 31, 2023, the Company believes that an adequate provision for income taxes has been made for all open tax years related to the examinations by government authorities. However, the outcome of tax audits cannot be predicted with certainty. If any issues raised in the audits described above are resolved in a manner inconsistent with the Company's expectations or the Company is unsuccessful in defending its positions, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. If required, any such adjustments could be material to the statements of operations and cash flows in the period(s) recorded.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments Derivatives Designated As Hedges Net Investment Hedges The total notional amount of foreign currency denominated debt and cross-currency swaps designated as net investment hedges are as follows:
Concurrently with the offering of the Acquisition USD Notes in July 2022 (Note 7), the Company entered into cross-currency swaps to effectively convert $2.0 billion and $500 million of the Acquisition USD Notes into a euro-denominated borrowing at prevailing euro interest rates, maturing on July 15, 2027 and July 15, 2032, respectively. The swaps and €1.5 billion of the Acquisition Euro Notes qualify and have been designated as net investment hedges of the Company's foreign currency exchange rate exposure on the net investments of certain of its euro-denominated subsidiaries. Derivatives Not Designated As Hedges Foreign Currency Forwards and Swaps Gross notional values of the foreign currency forwards and swaps not designated as hedges are as follows:
Information regarding changes in the fair value of the Company's derivative and non-derivative instruments is as follows:
See Note 13 for additional information regarding the fair value of the Company's derivative instruments. Certain of the Company's commodity swaps, interest rate swaps, cross-currency swaps and foreign currency forwards and swaps permit the Company to net settle all contracts with the counterparty through a single payment in an agreed upon currency in the event of default or early termination of the contract, similar to a master netting arrangement. Information regarding the gross amounts of the Company's derivative instruments and the amounts offset in the unaudited consolidated balance sheets is as follows:
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Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company's financial assets and liabilities are measured at fair value on a recurring basis as follows: Derivative financial instruments include interest rate swaps, commodity swaps, cross-currency swaps and foreign currency forwards and swaps and are valued in the market using discounted cash flow techniques. These techniques incorporate Level 1 and Level 2 fair value measurement inputs such as interest rates and foreign currency exchange rates. These market inputs are utilized in the discounted cash flow calculation considering the instrument's term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation for interest rate swaps, commodity swaps, cross-currency swaps and foreign currency forwards and swaps are observable in the active markets and are classified as Level 2 in the fair value measurement hierarchy.
Carrying values and fair values of financial instruments that are not carried at fair value are as follows:
In general, the equity investments included in the table above are not publicly traded and their fair values are not readily determinable. The Company believes the carrying values approximate fair value. Insurance contracts in nonqualified trusts consist of long-term fixed income securities, which are valued using independent vendor pricing models with observable inputs in the active market and therefore represent a Level 2 fair value measurement. The fair value of long-term debt is based on valuations from third-party banks and market quotations and is classified as Level 2 in the fair value measurement hierarchy. The fair value of obligations under finance leases, which are included in long-term debt, is based on lease payments and discount rates, which are not observable in the market and therefore represents a Level 3 fair value measurement. As of March 31, 2023, and December 31, 2022, the fair values of cash and cash equivalents, receivables, marketable securities, trade payables, short-term borrowings and the current installments of long-term debt approximate carrying values due to the short-term nature of these instruments. These items have been excluded from the table with the exception of the current installments of long-term debt.
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Commitments and Contingencies |
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Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Guarantees The Company has agreed to guarantee or indemnify third parties for environmental and other liabilities pursuant to a variety of agreements, including asset and business divestiture agreements, leases, settlement agreements and various agreements with affiliated companies. Although many of these obligations contain monetary and/or time limitations, others do not provide such limitations. The Company has accrued for all probable and reasonably estimable losses associated with all known matters or claims. These known obligations include the following: •Demerger Obligations In connection with the Hoechst demerger, the Company agreed to indemnify Hoechst, and its legal successors, for various liabilities under the demerger agreement, including for environmental liabilities associated with contamination arising either from environmental damage in general ("Category A") or under 19 divestiture agreements entered into by Hoechst prior to the demerger ("Category B") (Note 9). The Company's obligation to indemnify Hoechst, and its legal successors, is capped under Category B at €250 million. If and to the extent the environmental damage should exceed €750 million in aggregate, the Company's obligation to indemnify Hoechst and its legal successors applies, but is then limited to 33.33% of the remediation cost without further limitations. Cumulative payments under the divestiture agreements as of March 31, 2023 are $108 million. Though the Company is significantly under its obligation cap under Category B, most of the divestiture agreements have become time barred and/or any notified environmental damage claims have been partially settled. The Company has also undertaken in the demerger agreement to indemnify Hoechst and its legal successors for (i) 33.33% of any and all Category A liabilities that result from Hoechst being held as the responsible party pursuant to public law or current or future environmental law or by third parties pursuant to private or public law related to contamination and (ii) liabilities that Hoechst is required to discharge, including tax liabilities, which are associated with businesses that were included in the demerger but were not demerged due to legal restrictions on the transfers of such items. These indemnities do not provide for any monetary or time limitations. The Company has not been requested by Hoechst to make any payments in connection with this indemnification. Accordingly, the Company has not made any payments to Hoechst and its legal successors. Based on the Company's evaluation of currently available information, including the lack of requests for indemnification, the Company cannot estimate the remaining demerger obligations, if any, in excess of amounts accrued. •Divestiture Obligations The Company and its predecessor companies agreed to indemnify third-party purchasers of former businesses and assets for various pre-closing conditions, as well as for breaches of representations, warranties and covenants. Such liabilities also include environmental liability, product liability, antitrust and other liabilities. These indemnifications and guarantees represent standard contractual terms associated with typical divestiture agreements and, other than environmental liabilities, the Company does not believe that they expose the Company to significant risk (Note 9). The Company has divested numerous businesses, investments and facilities through agreements containing indemnifications or guarantees to the purchasers. Many of the obligations contain monetary and/or time limitations, which extend through 2037. The aggregate amount of outstanding indemnifications and guarantees provided for under these agreements is $126 million as of March 31, 2023. Other agreements do not provide for any monetary or time limitations. Based on the Company's evaluation of currently available information, including the number of requests for indemnification or other payment received by the Company, the Company cannot estimate the remaining divestiture obligations, if any, in excess of amounts accrued. Purchase Obligations In the normal course of business, the Company enters into various purchase commitments for goods and services. The Company maintains a number of "take-or-pay" contracts for purchases of raw materials, utilities and other services. Certain of the contracts contain a contract termination buy-out provision that allows for the Company to exit the contracts for amounts less than the remaining take-or-pay obligations. Additionally, the Company has other outstanding commitments representing maintenance and service agreements, energy and utility agreements, consulting contracts and software agreements. As of March 31, 2023, the Company had unconditional purchase obligations of $4.2 billion, of which $532 million will be paid in 2023, $675 million in 2024, $549 million in 2025, $419 million in 2026, $341 million in 2027 and the balance thereafter through 2042. Contingencies The Company is involved in legal and regulatory proceedings, lawsuits, claims and investigations incidental to the normal conduct of business, relating to such matters as product liability, land disputes, insurance coverage disputes, contracts, employment, antitrust or competition, intellectual property, personal injury and other actions in tort, workers' compensation, chemical exposure, asbestos exposure, taxes, trade compliance, acquisitions and divestitures, claims of current and legacy shareholders, past waste disposal practices and release of chemicals into the environment. The Company is actively defending those matters where the Company is named as a defendant and, based on the current facts, does not believe the outcomes from these matters would be material to the Company's results of operations, cash flows or financial position.
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Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information
______________________________ (1)Includes intersegment sales primarily related to the Acetyl Chain. (2)Includes a decrease in accrued capital expenditures of $56 million and $23 million for the three months ended March 31, 2023 and 2022, respectively.
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Revenue Recognition |
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Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition The Company has certain contracts that represent take-or-pay revenue arrangements in which the Company's performance obligations extend over multiple years. As of March 31, 2023, the Company had $1.4 billion of remaining performance obligations related to take-or-pay contracts. The Company expects to recognize approximately $378 million of its remaining performance obligations as Net sales in 2023, $460 million in 2024, $319 million in 2025 and the balance thereafter. Contract Balances Contract liabilities primarily relate to advances or deposits received from the Company's customers before revenue is recognized. These amounts are recorded as deferred revenue and are included in Current and Noncurrent Other liabilities in the unaudited consolidated balance sheets. The Company does not have any material contract assets as of March 31, 2023. Disaggregated Revenue In general, the Company's business segmentation is aligned according to the nature and economic characteristics of its products and customer relationships and provides meaningful disaggregation of each business segment's results of operations. The Company manages its Engineered Materials business segment through its project management pipeline, which is comprised of a broad range of projects which are solutions-based and are tailored to each customer's unique needs. Projects are identified and selected based on success rate and may involve a number of different polymers per project for use in multiple end-use applications. Therefore, the Company is agnostic toward products and end-use markets for the Engineered Materials business segment. The Company manages its Acetyl Chain business segment by leveraging its ability to sell chemicals externally to end-use markets or downstream to its acetate tow, intermediate chemistry, emulsion polymers, redispersible powders and ethylene vinyl acetate polymers businesses. Decisions to sell externally and geographically or downstream and along the Acetyl Chain are based on market demand, trade flows and maximizing the value of its chemicals. Therefore, the Company's strategic focus is on executing within this integrated chain model and less on driving product-specific revenue. Further disaggregation of Net sales by business segment and geographic destination is as follows:
______________________________ (1)Excludes intersegment sales of $27 million and $24 million for the three months ended March 31, 2023 and 2022, respectively.
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Earnings (Loss) Per Share |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share
______________________________ (1)Excludes options to purchase 86,194 and 0 shares of Common Stock for the three months ended March 31, 2023 and 2022, respectively; and 72,574 and 61,297 shares of Common Stock for the three months ended March 31, 2023 and 2022, respectively, as their effect would have been antidilutive.
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Recent Accounting Pronouncements (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Recent Accounting Pronouncements [Abstract] | |
Estimates and Assumptions | 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 and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates.
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New Accounting Pronouncements, Policy | There are no recent Accounting Standard Updates issued by the Financial Accounting Standards Board which are expected to materially impact the Company's financial position, operating results or financial disclosures. |
Acquisitions, Dispositions and Plant Closures Plant Closures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||
Plant Closures [Abstract] | |||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information |
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Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories |
|
Goodwill and Intangible Assets, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill |
______________________________ (1)There were no accumulated impairment losses as of March 31, 2023.
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Schedule of Finite-Lived Intangible Assets | Finite-lived intangible assets are as follows:
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Schedule of Indefinite-Lived Intangible Assets | Indefinite-lived intangible assets are as follows:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense for the succeeding five fiscal years is as follows:
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Current Other Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Current Other Liabilities |
(1)Includes $104 million and $166 million of liabilities related to the M&M Acquisition payable to DuPont as of March 31, 2023 and December 31, 2022, respectively.
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt |
______________________________ (1)The weighted average interest rate was 5.6% and 5.8% as of March 31, 2023 and December 31, 2022, respectively. (2)The weighted average interest rate was 3.4% and 5.8% as of March 31, 2023 and December 31, 2022, respectively.
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Schedule of Long-term Debt |
______________________________ (1)The weighted average interest rate was 1.3% and 1.3% as of March 31, 2023 and December 31, 2022, respectively. (2)Related to the Company's long-term debt, excluding obligations under finance leases.
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Schedule of Balances Available for Borrowing | The Company's debt balances and amounts available for borrowing under its senior unsecured revolving credit facilities are as follows:
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Benefit Obligations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic Benefit Costs Recognized | The components of net periodic benefit cost are as follows:
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Schedule of Company Commitments to Fund Benefit Obligations | Benefit obligation funding is as follows:
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Schedule of Defined Benefit Plans Disclosures | Pension and postretirement benefit plan balances recognized in the unaudited consolidated balance sheets consist of:
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Environmental (Tables) |
3 Months Ended |
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Mar. 31, 2023 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Remediation Reserves | The components of environmental remediation liabilities are as follows:
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Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Treasury Stock |
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Schedule of Components of Other Comprehensive Income (Loss), Net |
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Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net | Adjustments to Accumulated other comprehensive income (loss), net, are as follows:
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Other (Charges) Gains, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other (Charges) Gains, Net |
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Schedule of Restructuring Reserve by Type of Cost | The changes in the restructuring liabilities by business segment are as follows:
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Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Tax Rate |
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Derivative Financial Instruments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Fair Value of Derivatives | Information regarding changes in the fair value of the Company's derivative and non-derivative instruments is as follows:
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Offsetting Assets | Information regarding the gross amounts of the Company's derivative instruments and the amounts offset in the unaudited consolidated balance sheets is as follows:
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Offsetting Liabilities |
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Net Investment Hedging [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Derivative and Nonderivative Instruments | The total notional amount of foreign currency denominated debt and cross-currency swaps designated as net investment hedges are as follows:
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Not Designated as Hedging Instrument | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Derivative and Nonderivative Instruments | Gross notional values of the foreign currency forwards and swaps not designated as hedges are as follows:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
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Schedule of Carrying Values and Fair Values of Financial Instruments | Carrying values and fair values of financial instruments that are not carried at fair value are as follows:
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Segment Information (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Segments |
______________________________ (1)Includes intersegment sales primarily related to the Acetyl Chain. (2)Includes a decrease in accrued capital expenditures of $56 million and $23 million for the three months ended March 31, 2023 and 2022, respectively.
|
Revenue Recognition (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments | Further disaggregation of Net sales by business segment and geographic destination is as follows:
______________________________ (1)Excludes intersegment sales of $27 million and $24 million for the three months ended March 31, 2023 and 2022, respectively.
|
Earnings (Loss) Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings (Loss) Per Share |
______________________________ (1)Excludes options to purchase 86,194 and 0 shares of Common Stock for the three months ended March 31, 2023 and 2022, respectively; and 72,574 and 61,297 shares of Common Stock for the three months ended March 31, 2023 and 2022, respectively, as their effect would have been antidilutive.
|
Description of the Company and Basis of Presentation (Narrative) (Details) |
Mar. 31, 2023 |
---|---|
Consolidated Ventures | |
Variable Interest Entity [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 100.00% |
Acquisitions, Dispositions and Plant Closures Plant Closures - Narrative (Details) € in Millions, $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Nov. 01, 2022
USD ($)
employees
facility
patent
|
Apr. 01, 2022
USD ($)
annualInstallment
|
Apr. 01, 2022
EUR (€)
annualInstallment
|
Mar. 31, 2022
USD ($)
|
|
Korea Engineering Plastics Co., Ltd. | ||||
Business Acquisition [Line Items] | ||||
Payments to equity method investment | $ 5 | € 24 | ||
Number of equal annual investments restructuring payment | annualInstallment | 5 | 5 | ||
Equity method investment, increase | $ 134 | |||
Celanese Corporation | Korea Engineering Plastics Co., Ltd. | ||||
Business Acquisition [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||
Mitsubishi Gas Chemical Company | Korea Engineering Plastics Co., Ltd. | ||||
Business Acquisition [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||
Mobility & Materials | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Payments to acquire businesses, gross | $ 11,000 | |||
Number of facilities | facility | 29 | |||
Number of patents | patent | 850 | |||
Entity number of employees | employees | 5,000 | |||
Business Combination, Pro Forma Information, Interest Expense and Debt Issuance Cost Amortization | $ 172 | |||
Business Combination, Pro Forma Information, Inventory Step Up Amortization | $ 98 |
Acquisitions, Dispositions and Plant Closures - Business Acquisition, Pro Forma Information (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Restructuring and Related Activities [Abstract] | |
Proforma Net sales | $ 3,427 |
Proforma Earnings (loss) from continuing operations before tax | $ 312 |
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 1,811 | $ 1,820 |
Work-in-process | 210 | 202 |
Raw materials and supplies | 728 | 786 |
Total | $ 2,749 | $ 2,808 |
Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023
USD ($)
| ||||
Goodwill [Line Items] | ||||
As of December 31, 2022 | $ 7,142 | |||
Acquisitions (Note 3) | (18) | |||
Exchange rate changes | 15 | |||
As of March 31, 2023(1) | 7,139 | [1] | ||
Goodwill, impaired, accumulated impairment loss | 0 | |||
Engineered Materials | ||||
Goodwill [Line Items] | ||||
As of December 31, 2022 | 6,775 | |||
Acquisitions (Note 3) | (18) | |||
Exchange rate changes | 11 | |||
As of March 31, 2023(1) | 6,768 | [1] | ||
Acetyl Chain | ||||
Goodwill [Line Items] | ||||
As of December 31, 2022 | 367 | |||
Acquisitions (Note 3) | 0 | |||
Exchange rate changes | 4 | |||
As of March 31, 2023(1) | $ 371 | [1] | ||
|
Goodwill and Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2022 | $ 3,153 | |
Exchange rate changes | 22 | |
As of March 31, 2023 | 3,175 | |
As of December 31, 2022 | (696) | |
Amortization | (41) | $ (11) |
Exchange rate changes | (8) | |
As of March 31, 2023 | (745) | |
Net book value | 2,430 | |
Finite-Lived Intangible Assets, Cost Incurred to Renew or Extend | 0 | |
Licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2022 | 42 | |
Exchange rate changes | 0 | |
As of March 31, 2023 | 42 | |
As of December 31, 2022 | (39) | |
Amortization | 0 | |
Exchange rate changes | 0 | |
As of March 31, 2023 | (39) | |
Net book value | 3 | |
Customer- Related Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2022 | 2,455 | |
Exchange rate changes | 22 | |
As of March 31, 2023 | 2,477 | |
As of December 31, 2022 | (567) | |
Amortization | (30) | |
Exchange rate changes | (8) | |
As of March 31, 2023 | (605) | |
Net book value | 1,872 | |
Developed Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2022 | 601 | |
Exchange rate changes | 0 | |
As of March 31, 2023 | 601 | |
As of December 31, 2022 | (50) | |
Amortization | (11) | |
Exchange rate changes | 0 | |
As of March 31, 2023 | (61) | |
Net book value | 540 | |
Covenants Not to Compete and Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
As of December 31, 2022 | 55 | |
Exchange rate changes | 0 | |
As of March 31, 2023 | 55 | |
As of December 31, 2022 | (40) | |
Amortization | 0 | |
Exchange rate changes | 0 | |
As of March 31, 2023 | (40) | |
Net book value | $ 15 |
Goodwill and Intangible Assets, Net - Schedule of Indefinite-Lived Intangible Assets (Details) - Trademarks and Trade Names $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Indefinite-lived Intangible Assets [Line Items] | |
As of December 31, 2022 | $ 1,648 |
Exchange rate changes | 8 |
As of March 31, 2023 | $ 1,656 |
Goodwill and Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 160 |
2025 | 160 |
2026 | 160 |
2027 | 160 |
2028 | $ 160 |
Current Other Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Current Other Liabilities [Line Items] | ||||
Benefit obligations (Note 8) | $ 25 | $ 25 | ||
Customer rebates | 91 | 101 | ||
Derivatives (Note 12) | 39 | 63 | ||
Interest (Note 7) | 155 | 265 | ||
Legal (Note 14) | 22 | 21 | ||
Operating leases | 88 | 83 | ||
Restructuring (Note 18) | 23 | 6 | ||
Salaries and benefits | 123 | 151 | ||
Sales and use tax/foreign withholding tax payable | 91 | 108 | ||
Investment in affiliates | 94 | 79 | ||
Other Sundry Liabilities, Current | [1] | 263 | 299 | |
Total | 1,014 | 1,201 | ||
Mobility & Materials | ||||
Current Other Liabilities [Line Items] | ||||
Other Sundry Liabilities, Current | $ 104 | $ 166 | ||
|
Debt - Schedule of Short-term Debt (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
||||
---|---|---|---|---|---|---|
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||||||
Current installments of long-term debt | $ 551 | $ 506 | ||||
Short-term borrowings, including amounts due to affiliates(1) | [1] | 617 | 500 | |||
Total | $ 1,386 | $ 1,306 | ||||
Loans Payable | ||||||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||||||
Weighted average interest rate, short-term borrowings | 5.60% | 5.80% | ||||
Revolving Credit Facility | ||||||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||||||
Weighted average interest rate, short-term borrowings | 3.40% | 5.80% | ||||
Revolving Credit Facility | ||||||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||||||
Revolving credit facilities(2) | [2] | $ 218 | $ 300 | |||
Revolving Credit Facility | Revolving Credit Facility | ||||||
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates | ||||||
Revolving credit facilities(2) | $ 0 | |||||
|
Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
||||
---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||
Total debt | $ 169 | $ 172 | ||||
Subtotal | 14,017 | 13,953 | ||||
Unamortized debt issuance costs | [1] | (70) | (74) | |||
Long-Term Debt and Lease Obligation, Current | (551) | (506) | ||||
Total | 13,396 | 13,373 | ||||
Senior Unsecured Notes Due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 489 | 480 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.125% | |||||
Senior Unsecured Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 499 | 499 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||||
Acquisition Notes Due July 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 2,000 | 2,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | |||||
Senior Unsecured Notes Due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 326 | 320 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | |||||
Acquisition Notes Due March 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 1,750 | 1,750 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.05% | |||||
Senior Unsecured Term Loan Due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 750 | 750 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.265% | |||||
Senior Unsecured Notes Due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 400 | 400 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.40% | |||||
EUR Senior Unsecured Notes Due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 1,088 | 1,067 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.777% | |||||
Senior Unsecured Notes Due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 542 | 531 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.125% | |||||
USD Senior Unsecured Notes Due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 2,000 | 2,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.165% | |||||
Senior Unsecured Term Loan Due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 1,000 | 1,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.265% | |||||
Senior Unsecured Notes Due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 543 | 533 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.625% | |||||
EUR Senior Unsecured Notes Due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 544 | 533 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.337% | |||||
Acquisition Notes Due July 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 750 | 750 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.33% | |||||
USD Senior Unsecured Notes Due 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured debt | $ 1,000 | 1,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.379% | |||||
Refunding loan for pollution control and industrial revenue bonds | ||||||
Debt Instrument [Line Items] | ||||||
Other long-term debt | $ 163 | 164 | ||||
Refunding loan for pollution control and industrial revenue bonds | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.05% | |||||
Refunding loan for pollution control and industrial revenue bonds | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||
Loans Payable | ||||||
Debt Instrument [Line Items] | ||||||
Other long-term debt | [2] | $ 4 | $ 4 | |||
Long-term debt, weighted average interest rate, at point in time | 1.30% | 1.30% | ||||
|
Debt - Senior Credit Facilities Narrative (Details) ¥ in Millions, $ in Millions |
Jan. 06, 2023
CNY (¥)
|
Sep. 30, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Jan. 04, 2023
CNY (¥)
|
---|---|---|---|---|
364 Day Delayed-Draw Term Loan | Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, term | 364 days | |||
Debt instrument, face amount | $ 500 | |||
5 Year Delayed-Draw Term Loan | Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, term | 5 years | |||
Debt instrument, face amount | $ 1,000 | |||
3 Year Delayed-Draw Term Loan | Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, term | 3 years | |||
Debt instrument, face amount | $ 750 | |||
Revolving Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing base | $ 1,750 | |||
China Revolving Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing base | ¥ | ¥ 1,750 | |||
China Working Capital Term Loan | China Working Capital Term Loan | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, term | 12 months | |||
Debt instrument, face amount | ¥ | ¥ 800 | |||
China Working Capital Term Loan | China Working Capital Term Loan | Variable Interbank Interest Rate | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.50% |
Debt - Schedule of Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||
Revolving credit facilities(2) | [1] | $ 218 | $ 300 | |
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facilities(2) | 0 | |||
Available for borrowing | 1,750 | |||
China Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facilities(2) | 218 | |||
Available for borrowing | $ 37 | |||
|
Debt - Senior Notes Narrative (Details) $ in Millions, € in Billions |
3 Months Ended | ||
---|---|---|---|
Jul. 31, 2022
USD ($)
|
Mar. 31, 2023 |
Jul. 31, 2022
EUR (€)
|
|
Debt Instrument [Line Items] | |||
Debt instrument, redemption price, percentage | 100.00% | ||
Acquisition Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 7,500 | € 1.5 | |
Notes offering related costs | $ 65 |
Debt - Accounts Receivable Securitization Facility Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Amended restated receivable securitization facility | Secured Debt | ||
Line of Credit Facility [Line Items] | ||
Percentage of fair value of sales receivables | 100.00% | |
Secured Debt | Amended restated receivable securitization facility | ||
Line of Credit Facility [Line Items] | ||
Transfer of financial assets accounted for as sales, amount derecognized | $ 249 | $ 1,100 |
Proceeds collected on accounts receivable sold under factoring facilities | 249 | $ 1,100 |
Cash flows between transferor and transferee, proceeds from new transfers | $ 109 |
Debt - Factoring and Discounting Agreements Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Europe Factoring Agreements | ||
Debt Instrument [Line Items] | ||
Transfer of financial assets accounted for as sales, non-recourse basis, account receivable percentage | 100.00% | |
Singapore Factoring Agreements | ||
Debt Instrument [Line Items] | ||
Transfer of financial assets accounted for as sales, non-recourse basis, account receivable percentage | 90.00% | |
Europe and Singapore Factoring Agreement | ||
Debt Instrument [Line Items] | ||
Transfer of financial assets accounted for as sales, amount derecognized | $ 87 | $ 320 |
Proceeds collected on accounts receivable sold under factoring facilities | $ 82 | $ 325 |
Benefit Obligations - Schedule of Net Periodic Benefit Costs Recognized (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 4 | $ 3 |
Interest cost | 32 | 17 |
Expected return on plan assets | (33) | (41) |
Total | 3 | (21) |
Post-retirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 0 | 0 |
Expected return on plan assets | 0 | 0 |
Total | $ 0 | $ 0 |
Benefit Obligations - Schedule of Company Commitments to Fund Benefit Obligations (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Cash contributions to defined benefit pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Total contributions year-to-date | $ 6 |
Total expected contributions in current fiscal year | 27 |
Benefit payments to nonqualified pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Total contributions year-to-date | 5 |
Total expected contributions in current fiscal year | 18 |
Benefit payments to other postretirement benefit plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Total contributions year-to-date | 1 |
Total expected contributions in current fiscal year | $ 4 |
Benefit Obligations - Schedule of Defined Benefit Plans Disclosures (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent Other assets | $ 166 | $ 160 |
Current Other liabilities | (21) | (21) |
Benefit obligations | (371) | (372) |
Net amount recognized | (226) | (233) |
Post-retirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent Other assets | 0 | 0 |
Current Other liabilities | (3) | (3) |
Benefit obligations | (35) | (35) |
Net amount recognized | $ (38) | $ (38) |
Environmental (Schedule of Environmental Remediation Reserves) (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Environmental Remediation Obligations [Abstract] | ||
Demerger obligations (Note 14) | $ 19 | $ 20 |
Divestiture obligations (Note 14) | 14 | 14 |
Active sites | 20 | 21 |
U.S. Superfund sites | 9 | 10 |
Other environmental remediation liabilities | 2 | 2 |
Total | $ 64 | $ 67 |
Environmental - US Superfund Sites Narrative (Details) - Passaic River, New Jersey $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 24, 2023
USD ($)
|
Dec. 16, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Mar. 31, 2016
USD ($)
|
Mar. 31, 2023 |
|
Site Contingency [Line Items] | |||||
Number of parties included in USEPA order | 40 | 70 | |||
Cost of EPA's plan estimate | $ 71 | $ 150 | $ 441 | $ 1,400 | |
Environmental liability percentage | 1.00% |
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
Apr. 19, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Subsequent Event | |||
Class of Stock [Line Items] | |||
Common stock, dividends, declared (in dollar per share) | $ 0.70 | ||
Dividends, common stock, cash | $ 76 |
Stockholders' Equity - Schedule of Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 182 Months Ended | |
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2023 |
|
Stockholders' Equity Note [Abstract] | |||
Shares repurchased (in shares) | 0 | 0 | 69,324,429 |
Average purchase price (in dollar per share) | $ 83.71 | ||
Shares repurchased (in $ millions) | $ 5,803 | ||
Aggregate Board of Directors repurchase authorizations during the period (in $ millions) | $ 6,866 |
Stockholders' Equity - Schedule of Components of Other Comprehensive Income (Loss), Net (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Stockholders' Equity Note [Abstract] | ||
Foreign currency translation gain (loss), gross amount | $ (4) | $ (15) |
Foreign currency translation gain (loss), income tax (provision) benefit | 17 | (6) |
Foreign currency translation gain (loss) | 13 | (21) |
Gain (loss) on cash flow hedges, gross amount | 4 | 19 |
Gain (loss) on cash flow hedges, income tax (provision) benefit | 0 | (4) |
Gain (loss) on cash flow hedges, net amount | 4 | 15 |
Total other comprehensive income (loss), before tax | (1) | 6 |
Total other comprehensive income (loss), tax | (17) | 10 |
Total other comprehensive income (loss), net of tax | 16 | (4) |
Pension and postretirement benefits gain (loss), gross amount | (1) | 2 |
Pension and postretirement benefits gain (loss), income tax (provision) benefit | 0 | 0 |
Pension and postretirement benefits | $ (1) | $ 2 |
Stockholders' Equity - Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss), Net (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2022 | $ (518) | |
Other comprehensive income (loss) before reclassifications | (3) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 2 | |
Income tax (provision) benefit | 17 | $ (10) |
As of March 31, 2023 | (502) | |
Foreign Currency Translation Gain (Loss) | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2022 | (488) | |
Other comprehensive income (loss) before reclassifications | (4) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Income tax (provision) benefit | 17 | |
As of March 31, 2023 | (475) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2022 | (22) | |
Other comprehensive income (loss) before reclassifications | 2 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 2 | |
Income tax (provision) benefit | 0 | |
As of March 31, 2023 | (18) | |
Pension and Postretirement Benefits | ||
Accumulated Other Comprehensive Income (Loss), net [Line Items] | ||
As of December 31, 2022 | (8) | |
Other comprehensive income (loss) before reclassifications | (1) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Income tax (provision) benefit | 0 | |
As of March 31, 2023 | $ (9) |
Other (Charges) Gains, Net - Schedule of Other (Charges) Gains, Net (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Restructuring and Related Activities [Abstract] | ||
Restructuring | $ (23) | $ (1) |
Total | $ (23) | $ (1) |
Other (Charges) Gains, Net - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Restructuring and Related Activities [Abstract] | ||
Restructuring Charges | $ (23) | $ (1) |
Other (Charges) Gains, Net - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Restructuring Reserve [Roll Forward] | ||
Additions | $ 23 | $ 1 |
Employee Severance | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 6 | |
Additions | 23 | |
Cash payments | (6) | |
Ending balance | 23 | |
Employee Severance | Engineered Materials | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 4 | |
Additions | 21 | |
Cash payments | (4) | |
Ending balance | 21 | |
Employee Severance | Acetyl Chain [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 1 | |
Additions | 1 | |
Cash payments | (1) | |
Ending balance | 1 | |
Employee Severance | Other Activities | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 1 | |
Additions | 1 | |
Cash payments | (1) | |
Ending balance | $ 1 |
Income Taxes - Schedule of Effective Tax Rate (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 21.00% | 18.00% |
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Net Investment Hedges) (Details) € in Millions, $ in Millions |
Mar. 31, 2023
EUR (€)
|
Dec. 31, 2022
EUR (€)
|
Jul. 31, 2022
EUR (€)
|
Jul. 31, 2022
USD ($)
|
---|---|---|---|---|
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount of Nonderivative Instruments | € | € 5,652 | € 5,639 | ||
USD Senior Unsecured Notes Due 2027 | Currency Swap | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | $ | $ 2,000 | |||
USD Senior Unsecured Notes Due 2032 | Currency Swap | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | $ | $ 500 | |||
Acquisition Notes | Net Investment Hedging [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount of Nonderivative Instruments | € | € 1,500 |
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Foreign Currency Forwards) (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Not Designated as Hedging Instrument | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 1,892 | $ 1,314 |
Derivative Financial Instruments (Schedule of Changes in Fair Value of Derivatives) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 0 | $ 0 |
Gain (Loss) Recognized in Earnings (Loss) | 2 | (1) |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | 0 |
Gain (Loss) Recognized in Earnings (Loss) | $ 2 | $ (1) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Foreign exchange gain (loss), net, Other income (expense), net | Foreign exchange gain (loss), net, Other income (expense), net |
Derivatives Designated as Cash Flow Hedges | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 2 | $ 17 |
Gain (Loss) Recognized in Earnings (Loss) | (2) | (2) |
Derivatives Designated as Cash Flow Hedges | Commodity swaps | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 0 | 17 |
Gain (Loss) Recognized in Earnings (Loss) | $ 1 | $ 0 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold |
Derivatives Designated as Cash Flow Hedges | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 2 | $ 0 |
Gain (Loss) Recognized in Earnings (Loss) | $ (1) | $ 0 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold |
Derivatives Designated as Cash Flow Hedges | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 0 | $ 0 |
Gain (Loss) Recognized in Earnings (Loss) | $ (2) | $ (2) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense |
Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ (75) | $ 30 |
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 |
Net Investment Hedging [Member] | Currency Swap | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Earnings (Loss) | 0 | 0 |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | (19) | 2 |
Foreign Currency Denominated Debt [Member] | Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) | (56) | 28 |
Gain (Loss) Recognized in Earnings (Loss) | $ 0 | $ 0 |
Derivative Financial Instruments (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative Assets [Abstract] | ||
Gross amount recognized | $ 139 | $ 169 |
Gross amount offset in the consolidated balance sheets | 1 | 0 |
Net amount presented in the consolidated balance sheets | 138 | 169 |
Gross amount not offset in the consolidated balance sheets | 26 | 16 |
Net amount | $ 112 | $ 153 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, Other Assets, Noncurrent | Other assets, Other Assets, Noncurrent |
Derivative Financial Instruments (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative Liabilities [Abstract] | ||
Gross amount recognized | $ 185 | $ 189 |
Gross amount offset in the consolidated balance sheets | 1 | 0 |
Net amount presented in the consolidated balance sheets | 184 | 189 |
Gross amount not offset in the consolidated balance sheets | 26 | 16 |
Net amount | $ 158 | $ 173 |
Derivative liability, statement of financial position [Extensible Enumeration] | Other liabilities, Other liabilities | Other liabilities, Other liabilities |
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 112 | $ 153 |
Commodity swaps | $ (158) | $ (173) |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Derivative liability, statement of financial position [Extensible Enumeration] | Other liabilities | |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 138 | $ 169 |
Total liabilities | (184) | (189) |
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 138 | 169 |
Total liabilities | (184) | (189) |
Current Other assets | Fair Value, Recurring | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 12 | 9 |
Current Other assets | Fair Value, Recurring | Not Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 0 | 0 |
Current Other assets | Fair Value, Recurring | Not Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 12 | 9 |
Current Other liabilities | Fair Value, Recurring | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (10) | (3) |
Current Other liabilities | Fair Value, Recurring | Not Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 0 | 0 |
Current Other liabilities | Fair Value, Recurring | Not Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (10) | (3) |
Derivatives Designated as Cash Flow Hedges | Current Other assets | Fair Value, Recurring | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 1 | |
Derivatives Designated as Cash Flow Hedges | Current Other assets | Fair Value, Recurring | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 0 | |
Derivatives Designated as Cash Flow Hedges | Current Other assets | Fair Value, Recurring | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 1 | |
Commodity swaps | Derivatives Designated as Cash Flow Hedges | Fair Value, Recurring | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swaps | (2) | |
Commodity swaps | Derivatives Designated as Cash Flow Hedges | Fair Value, Recurring | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swaps | 0 | |
Commodity swaps | Derivatives Designated as Cash Flow Hedges | Fair Value, Recurring | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swaps | (2) | |
Commodity swaps | Derivatives Designated as Cash Flow Hedges | Current Other assets | Fair Value, Recurring | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 4 | 9 |
Commodity swaps | Derivatives Designated as Cash Flow Hedges | Current Other assets | Fair Value, Recurring | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Commodity swaps | Derivatives Designated as Cash Flow Hedges | Current Other assets | Fair Value, Recurring | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 4 | 9 |
Commodity swaps | Derivatives Designated as Cash Flow Hedges | Noncurrent Other assets | Fair Value, Recurring | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 43 | 39 |
Commodity swaps | Derivatives Designated as Cash Flow Hedges | Noncurrent Other assets | Fair Value, Recurring | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Commodity swaps | Derivatives Designated as Cash Flow Hedges | Noncurrent Other assets | Fair Value, Recurring | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 43 | 39 |
Currency Swap | Net Investment Hedging [Member] | Current Other assets | Fair Value, Recurring | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 67 | 99 |
Currency Swap | Net Investment Hedging [Member] | Current Other assets | Fair Value, Recurring | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 0 | 0 |
Currency Swap | Net Investment Hedging [Member] | Current Other assets | Fair Value, Recurring | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 67 | 99 |
Currency Swap | Net Investment Hedging [Member] | Noncurrent Other assets | Fair Value, Recurring | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 11 | 13 |
Currency Swap | Net Investment Hedging [Member] | Noncurrent Other assets | Fair Value, Recurring | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 0 | 0 |
Currency Swap | Net Investment Hedging [Member] | Noncurrent Other assets | Fair Value, Recurring | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 11 | 13 |
Currency Swap | Net Investment Hedging [Member] | Current Other liabilities | Fair Value, Recurring | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (29) | (58) |
Currency Swap | Net Investment Hedging [Member] | Current Other liabilities | Fair Value, Recurring | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 0 | 0 |
Currency Swap | Net Investment Hedging [Member] | Current Other liabilities | Fair Value, Recurring | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (29) | (58) |
Currency Swap | Net Investment Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | (145) | (126) |
Currency Swap | Net Investment Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | 0 | 0 |
Currency Swap | Net Investment Hedging [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Recurring | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forwards and swaps | $ (145) | $ (126) |
Fair Value Measurements - Schedule of Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity investments without readily determinable fair values, carrying amount | $ 170 | $ 170 | ||
Equity investments without readily determinable fair values, fair value | 0 | 0 | ||
Insurance contracts in nonqualified trusts, carrying amount | 21 | 22 | ||
Insurance contracts in nonqualified trusts, fair value | 21 | 23 | ||
Long-term debt, including current installments of long-term debt, carrying amount | 14,017 | 13,953 | ||
Long-term debt, including current installments of long-term debt, fair value | 13,777 | 13,419 | ||
Cash and cash equivalents | 1,167 | 1,508 | $ 605 | $ 536 |
Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity investments without readily determinable fair values, fair value | 0 | 0 | ||
Insurance contracts in nonqualified trusts, fair value | 21 | 23 | ||
Long-term debt, including current installments of long-term debt, fair value | 13,608 | 13,247 | ||
Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity investments without readily determinable fair values, fair value | 0 | 0 | ||
Insurance contracts in nonqualified trusts, fair value | 0 | 0 | ||
Long-term debt, including current installments of long-term debt, fair value | $ 169 | $ 172 |
Commitments and Contingencies - Narrative (Details) - 281 months ended Mar. 31, 2023 € in Millions, $ in Millions |
USD ($) |
EUR (€) |
USD ($) |
---|---|---|---|
Loss Contingencies [Line Items] | |||
Unrecorded unconditional purchase obligations | $ 4,200 | ||
Unrecorded Unconditional Purchase Obligation, to be Paid, Remainder of Fiscal Year | 532 | ||
Unrecorded Unconditional Purchase Obligation, to be Paid, Year One | 675 | ||
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Two | 549 | ||
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Three | 419 | ||
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Four | $ 341 | ||
Indemnification Agreements Hoechst | |||
Loss Contingencies [Line Items] | |||
Number of divestiture agreements | 19 | 19 | |
Indemnification amount | € | € 250 | ||
Indemnification ceiling amount | € | € 750 | ||
Indemnification percentage exceeding ceiling amount | 33.33% | 33.33% | |
Loss contingency accrual, carrying value, payments | $ 108 | ||
Indemnification percentage, other | 33.33% | 33.33% | |
Divestiture Agreements | |||
Loss Contingencies [Line Items] | |||
Guarantor obligations, maximum exposure | $ 126 |
Segment Information - Schedule of Business Segments (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | $ 2,853 | $ 2,538 | |||||||
Other (charges) gains, net (Note 14) | (23) | (1) | |||||||
Operating profit (loss) | 251 | 531 | |||||||
Equity in net earnings (loss) of affiliates | 15 | 56 | |||||||
Depreciation and amortization | 172 | 106 | |||||||
Capital expenditures | [1] | 108 | 114 | ||||||
Goodwill and intangible assets, net | 11,225 | $ 11,247 | |||||||
Total assets | 26,090 | 26,272 | |||||||
Increase (decrease) in accrued capital expenditures | (56) | (23) | |||||||
Engineered Materials | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 1,630 | 910 | |||||||
Acetyl Chain | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | [2] | 1,223 | 1,628 | ||||||
Operating Segments | Engineered Materials | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 1,630 | 910 | |||||||
Other (charges) gains, net (Note 14) | (21) | (1) | |||||||
Operating profit (loss) | 112 | 124 | |||||||
Equity in net earnings (loss) of affiliates | 11 | 49 | |||||||
Depreciation and amortization | 112 | 46 | |||||||
Capital expenditures | 45 | 30 | |||||||
Goodwill and intangible assets, net | 10,800 | 10,826 | |||||||
Total assets | 18,522 | 20,611 | |||||||
Operating Segments | Acetyl Chain | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 1,250 | 1,652 | |||||||
Other (charges) gains, net (Note 14) | (1) | 0 | |||||||
Operating profit (loss) | 278 | 503 | |||||||
Equity in net earnings (loss) of affiliates | 1 | 4 | |||||||
Depreciation and amortization | 54 | 56 | |||||||
Capital expenditures | 51 | 70 | |||||||
Goodwill and intangible assets, net | 425 | 421 | |||||||
Total assets | 5,730 | 5,471 | |||||||
Corporate, Non-Segment | Other Activities | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 0 | 0 | |||||||
Other (charges) gains, net (Note 14) | (1) | 0 | |||||||
Operating profit (loss) | (139) | (96) | |||||||
Equity in net earnings (loss) of affiliates | 3 | 3 | |||||||
Depreciation and amortization | 6 | 4 | |||||||
Capital expenditures | 12 | 14 | |||||||
Goodwill and intangible assets, net | 0 | 0 | |||||||
Total assets | 1,838 | 190 | |||||||
Eliminations | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | [3] | (27) | (24) | ||||||
Other (charges) gains, net (Note 14) | 0 | 0 | |||||||
Operating profit (loss) | 0 | 0 | |||||||
Equity in net earnings (loss) of affiliates | 0 | 0 | |||||||
Depreciation and amortization | 0 | 0 | |||||||
Capital expenditures | 0 | 0 | |||||||
Goodwill and intangible assets, net | 0 | 0 | |||||||
Total assets | 0 | $ 0 | |||||||
Eliminations | Acetyl Chain | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | $ 27 | $ 24 | |||||||
|
Revenue Recognition - Disaggregation of net sales (Details) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||||
Revenue, Major Customer [Line Items] | ||||||
Net sales | $ 2,853 | $ 2,538 | ||||
Engineered Materials | ||||||
Revenue, Major Customer [Line Items] | ||||||
Net sales | 1,630 | 910 | ||||
Acetyl Chain | ||||||
Revenue, Major Customer [Line Items] | ||||||
Net sales | [1] | 1,223 | 1,628 | |||
Intersegment Eliminations | ||||||
Revenue, Major Customer [Line Items] | ||||||
Net sales | [2] | (27) | (24) | |||
Intersegment Eliminations | Acetyl Chain | ||||||
Revenue, Major Customer [Line Items] | ||||||
Net sales | 27 | 24 | ||||
North America | Engineered Materials | ||||||
Revenue, Major Customer [Line Items] | ||||||
Net sales | 479 | 289 | ||||
North America | Acetyl Chain | ||||||
Revenue, Major Customer [Line Items] | ||||||
Net sales | 365 | 425 | ||||
Europe and Africa | Engineered Materials | ||||||
Revenue, Major Customer [Line Items] | ||||||
Net sales | 560 | 377 | ||||
Europe and Africa | Acetyl Chain | ||||||
Revenue, Major Customer [Line Items] | ||||||
Net sales | 460 | 592 | ||||
Asia-Pacific | Engineered Materials | ||||||
Revenue, Major Customer [Line Items] | ||||||
Net sales | 548 | 221 | ||||
Asia-Pacific | Acetyl Chain | ||||||
Revenue, Major Customer [Line Items] | ||||||
Net sales | 367 | 561 | ||||
South America | Engineered Materials | ||||||
Revenue, Major Customer [Line Items] | ||||||
Net sales | 43 | 23 | ||||
South America | Acetyl Chain | ||||||
Revenue, Major Customer [Line Items] | ||||||
Net sales | $ 31 | $ 50 | ||||
|
Revenue Recognition Remaining Performance Obligations (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Revenue, Major Customer [Line Items] | |
Revenue, remaining performance obligation, amount | $ 1,400 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Major Customer [Line Items] | |
Revenue, remaining performance obligation, amount | $ 378 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Major Customer [Line Items] | |
Revenue, remaining performance obligation, amount | $ 460 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Major Customer [Line Items] | |
Revenue, remaining performance obligation, amount | $ 319 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Earnings (Loss) Per Share - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||
Amounts attributable to Celanese Corporation | ||||
Earnings (loss) from continuing operations | $ 94 | $ 502 | ||
Earnings (loss) from discontinued operations | (3) | 0 | ||
Net earnings (loss) | $ 91 | $ 502 | ||
Weighted average shares - basic (in shares) | 108,634,068 | 108,185,912 | ||
Incremental shares attributable to equity awards(1) | [1] | 554,198 | 731,665 | |
Weighted average shares - diluted | 109,188,266 | 108,917,577 | ||
|
Earnings (Loss) Per Share - Narrative (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-Based Payment Arrangement, Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 86,194 | 0 |
Antidilutive securities excluded from computation of earnings per share, amount | 86,194 | 0 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 72,574 | 61,297 |
Antidilutive securities excluded from computation of earnings per share, amount | 72,574 | 61,297 |
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