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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________
Form 10-Q
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
March 31, 2023
Or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-32410
CElogo.jpg
CELANESE CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware98-0420726
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)

222 W. Las Colinas Blvd., Suite 900N
Irving, TX 75039-5421
(Address of Principal Executive Offices and zip code)

(972) 443-4000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, par value $0.0001 per shareCEThe New York Stock Exchange
1.125% Senior Notes due 2023CE /23The New York Stock Exchange
1.250% Senior Notes due 2025CE /25The New York Stock Exchange
4.777% Senior Notes due 2026CE /26AThe New York Stock Exchange
2.125% Senior Notes due 2027CE /27The New York Stock Exchange
0.625% Senior Notes due 2028CE /28The New York Stock Exchange
5.337% Senior Notes due 2029CE /29AThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  þ Accelerated filer  ☐ Non-accelerated filer  ☐ Smaller reporting company  ☐ Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☑
The number of outstanding shares of the registrant's Common Stock, $0.0001 par value, as of May 5, 2023 was 108,787,807.

Table of Contents
CELANESE CORPORATION AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period Ended March 31, 2023
TABLE OF CONTENTS
Page
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Item 1. Financial Statements
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31,
20232022
(In $ millions, except share and per share data)
Net sales2,853 2,538 
Cost of sales(2,222)(1,793)
Gross profit631 745 
Selling, general and administrative expenses(285)(174)
Amortization of intangible assets(41)(11)
Research and development expenses(42)(24)
Other (charges) gains, net(23)(1)
Foreign exchange gain (loss), net6 (1)
Gain (loss) on disposition of businesses and assets, net5 (3)
Operating profit (loss)251 531 
Equity in net earnings (loss) of affiliates15 56 
Non-operating pension and other postretirement employee benefit (expense) income1 24 
Interest expense(182)(35)
Interest income8 1 
Dividend income - equity investments34 37 
Other income (expense), net(6)2 
Earnings (loss) from continuing operations before tax121 616 
Income tax (provision) benefit(25)(112)
Earnings (loss) from continuing operations96 504 
Earnings (loss) from operation of discontinued operations(3)— 
Income tax (provision) benefit from discontinued operations— — 
Earnings (loss) from discontinued operations(3)— 
Net earnings (loss)93 504 
Net (earnings) loss attributable to noncontrolling interests(2)(2)
Net earnings (loss) attributable to Celanese Corporation91 502 
Amounts attributable to Celanese Corporation  
Earnings (loss) from continuing operations94 502 
Earnings (loss) from discontinued operations(3)— 
Net earnings (loss)91 502 
Earnings (loss) per common share - basic  
Continuing operations0.87 4.64 
Discontinued operations(0.03)— 
Net earnings (loss) - basic0.84 4.64 
Earnings (loss) per common share - diluted  
Continuing operations0.86 4.61 
Discontinued operations(0.03)— 
Net earnings (loss) - diluted0.83 4.61 
Weighted average shares - basic108,634,068 108,185,912 
Weighted average shares - diluted109,188,266 108,917,577 

See the accompanying notes to the unaudited interim consolidated financial statements.
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CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
Three Months Ended
March 31,
20232022
(In $ millions)
Net earnings (loss)93 504 
Other comprehensive income (loss), net of tax
Foreign currency translation gain (loss)13 (21)
Gain (loss) on cash flow hedges4 15 
Pension and postretirement benefits(1)2 
Total other comprehensive income (loss), net of tax16 (4)
Total comprehensive income (loss), net of tax109 500 
Comprehensive (income) loss attributable to noncontrolling interests
(2)(2)
Comprehensive income (loss) attributable to Celanese Corporation
107 498 

See the accompanying notes to the unaudited interim consolidated financial statements.
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CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
As of
March 31,
2023		As of
December 31,
2022
(In $ millions, except share data)
ASSETS
Current Assets  
Cash and cash equivalents1,167 1,508 
Trade receivables - third party and affiliates1,606 1,379 
Non-trade receivables, net707 675 
Inventories2,749 2,808 
Other assets219 241 
Total current assets6,448 6,611 
Investments in affiliates1,049 1,062 
Property, plant and equipment (net of accumulated depreciation - 2023: $3,791; 2022: $3,687)
5,588 5,584 
Operating lease right-of-use assets414 413 
Deferred income taxes813 808 
Other assets553 547 
Goodwill7,139 7,142 
Intangible assets, net4,086 4,105 
Total assets26,090 26,272 
LIABILITIES AND EQUITY
Current Liabilities  
Short-term borrowings and current installments of long-term debt - third party and affiliates
1,386 1,306 
Trade payables - third party and affiliates1,445 1,518 
Other liabilities1,014 1,201 
Income taxes payable6 43 
Total current liabilities3,851 4,068 
Long-term debt, net of unamortized deferred financing costs13,396 13,373 
Deferred income taxes1,223 1,242 
Uncertain tax positions295 322 
Benefit obligations411 411 
Operating lease liabilities359 364 
Other liabilities425 387 
Commitments and Contingencies
Shareholders' Equity  
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2023 and 2022: 0 issued and outstanding)
— — 
Common stock, $0.0001 par value, 400,000,000 shares authorized (2023: 170,448,231 issued and 108,786,738 outstanding; 2022: 170,135,425 issued and 108,473,932 outstanding)
— — 
Treasury stock, at cost (2023: 61,661,493 shares; 2022: 61,661,493 shares)
(5,491)(5,491)
Additional paid-in capital365 372 
Retained earnings11,289 11,274 
Accumulated other comprehensive income (loss), net(502)(518)
Total Celanese Corporation shareholders' equity5,661 5,637 
Noncontrolling interests469 468 
Total equity6,130 6,105 
Total liabilities and equity26,090 26,272 

See the accompanying notes to the unaudited interim consolidated financial statements.
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CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF EQUITY
Three Months Ended March 31,
20232022
SharesAmountSharesAmount
(In $ millions, except share data)
Common Stock
Balance as of the beginning of the period108,473,932 — 108,023,735 — 
Stock awards312,806 — 283,606 — 
Balance as of the end of the period108,786,738 — 108,307,341 — 
Treasury Stock
Balance as of the beginning of the period61,661,493 (5,491)61,736,289 (5,492)
Purchases of treasury stock, including related fees— — — — 
Balance as of the end of the period61,661,493 (5,491)61,736,289 (5,492)
Additional Paid-In Capital
Balance as of the beginning of the period372 333 
Stock-based compensation, net of tax(7)(7)
Balance as of the end of the period365 326 
Retained Earnings
Balance as of the beginning of the period11,274 9,677 
Net earnings (loss) attributable to Celanese Corporation91 502 
Common stock dividends(76)(73)
Balance as of the end of the period11,289 10,106 
Accumulated Other Comprehensive Income (Loss), Net
Balance as of the beginning of the period(518)(329)
Other comprehensive income (loss), net of tax16 (4)
Balance as of the end of the period(502)(333)
Total Celanese Corporation shareholders' equity5,661 4,607 
Noncontrolling Interests
Balance as of the beginning of the period468 348 
Net earnings (loss) attributable to noncontrolling interests2 2 
Dividends to noncontrolling interests(1)— 
Distributions to noncontrolling interests
— (4)
Balance as of the end of the period469 346 
Total equity6,130 4,953 

See the accompanying notes to the unaudited interim consolidated financial statements.
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CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31,
20232022
(In $ millions)
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 accretion178 106 
Pension and postretirement net periodic benefit cost3 (21)
Pension and postretirement contributions(12)(12)
Deferred income taxes, net1 4 
(Gain) loss on disposition of businesses and assets, net(6)3 
Stock-based compensation14 15 
Undistributed earnings in unconsolidated affiliates25 (30)
Other, net(1)3 
Operating cash provided by (used in) discontinued operations1 (4)
Changes in operating assets and liabilities
Trade receivables - third party and affiliates, net(216)(240)
Inventories45 (32)
Other assets99 — 
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, net9 — 
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 borrowings338 — 
Repayments of long-term debt(7)(7)
Purchases of treasury stock, including related fees— (17)
Common stock dividends(76)(73)
Distributions to noncontrolling interests(1)(4)
Issuance cost of bridge facility— (44)
Other, net(23)(24)
Net cash provided by (used in) financing activities(69)(95)
Exchange rate effects on cash and cash equivalents2 (3)
Net increase (decrease) in cash and cash equivalents(341)69 
Cash and cash equivalents as of beginning of period1,508 536 
Cash and cash equivalents as of end of period1,167 605 

See the accompanying notes to the unaudited interim consolidated financial statements.
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CELANESE CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
1. Description of the Company and Basis of Presentation
Description of the Company
Celanese Corporation and its subsidiaries (collectively, the "Company") is a global chemical and specialty materials company. The Company produces high performance engineered polymers that are used in a variety of high-value applications, as well as acetyl products, which are intermediate chemicals, for nearly all major industries. The Company also engineers and manufactures a wide variety of products essential to everyday living. The Company's broad product portfolio serves a diverse set of end-use applications including automotive, chemical additives, construction, consumer and industrial adhesives, consumer and medical, energy storage, filtration, food and beverage, paints and coatings, paper and packaging, performance industrial and textiles.
Definitions
In this Quarterly Report on Form 10-Q ("Quarterly Report"), the term "Celanese" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The term "Celanese U.S." refers to the Company's subsidiary, Celanese 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
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and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates.
2. Recent Accounting Pronouncements
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.
3. 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.
Three Months Ended
March 31, 2022
(In $ millions)
Unaudited Consolidated Pro Forma Results
Proforma Net sales
3,427 
Proforma Earnings (loss) from continuing operations before tax
312 
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
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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.
4. Inventories
As of
March 31,
2023		As of
December 31,
2022
(In $ millions)
Finished goods1,811 1,820 
Work-in-process210 202 
Raw materials and supplies728 786 
Total2,749 2,808 
5. Goodwill and Intangible Assets, Net
Goodwill
Engineered
Materials		Acetyl ChainTotal
(In $ millions)
As of December 31, 20226,775 367 7,142 
Acquisitions (Note 3)
(18)— (18)
Exchange rate changes11 4 15 
As of March 31, 2023(1)
6,768 371 7,139 
______________________________
(1)There were no accumulated impairment losses as of March 31, 2023.
Intangible Assets, Net
Finite-lived intangible assets are as follows:
LicensesCustomer-
Related
Intangible
Assets		Developed
Technology		Covenants
Not to
Compete
and Other		Total
(In $ millions)
Gross Asset Value
As of December 31, 202242 2,455 601 55 3,153 
Exchange rate changes— 22 — — 22 
As of March 31, 202342 2,477 601 55 3,175 
Accumulated Amortization
As of December 31, 2022(39)(567)(50)(40)(696)
Amortization— (30)(11)— (41)
Exchange rate changes— (8)— — (8)
As of March 31, 2023(39)(605)(61)(40)(745)
Net book value3 1,872 540 15 2,430 
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Indefinite-lived intangible assets are as follows:
Trademarks
and Trade Names
(In $ millions)
As of December 31, 20221,648 
Exchange rate changes8 
As of March 31, 20231,656 
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:
(In $ millions)
2024160 
2025160 
2026160 
2027160 
2028160 
6. Current Other Liabilities
As of
March 31,
2023		As of
December 31,
2022
(In $ millions)
Benefit obligations (Note 8)
25 25 
Customer rebates91 101 
Derivatives (Note 12)
39 63 
Interest (Note 7)
155 265 
Legal (Note 14)
22 21 
Operating leases88 83 
Restructuring (Note 18)
23 6 
Salaries and benefits123 151 
Sales and use tax/foreign withholding tax payable91 108 
Investment in affiliates94 79 
Other(1)
263 299 
Total1,014 1,201 
____________________________
(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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7. Debt
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 debt551 506 
Short-term borrowings, including amounts due to affiliates(1)
617 500 
Revolving credit facilities(2)
218 300 
Total1,386 1,306 
______________________________
(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.
As of
March 31,
2023		As of
December 31,
2022
(In $ millions)
Long-Term Debt
Senior unsecured notes due 2023, interest rate of 1.125%
489 480 
Senior unsecured notes due 2024, interest rate of 3.500%
499 499 
Senior unsecured notes due 2024, interest rate of 5.900%
2,000 2,000 
Senior unsecured notes due 2025, interest rate of 1.250%
326 320 
Senior unsecured notes due 2025, interest rate of 6.050%
1,750 1,750 
Senior unsecured term loan due 2025, interest rate of 6.265%
750 750 
Senior unsecured notes due 2026, interest rate of 1.400%
400 400 
Senior unsecured notes due 2026, interest rate of 4.777%
1,088 1,067 
Senior unsecured notes due 2027, interest rate of 2.125%
542 531 
Senior unsecured notes due 2027, interest rate of 6.165%
2,000 2,000 
Senior unsecured term loan due 2027, interest rate of 6.265%
1,000 1,000 
Senior unsecured notes due 2028, interest rate of 0.625%
543 533 
Senior unsecured notes due 2029, interest rate of 5.337%
544 533 
Senior unsecured notes due 2029, interest rate of 6.330%
750 750 
Senior unsecured notes due 2032, interest rate of 6.379%
1,000 1,000 
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00%
163 164 
Bank loans due at various dates through 2026(1)
4 4 
Obligations under finance leases due at various dates through 2054
169 172 
Subtotal14,017 13,953 
Unamortized debt issuance costs(2)
(70)(74)
Current installments of long-term debt(551)(506)
Total13,396 13,373 
______________________________
(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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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:
As of
March 31,
2023
(In $ millions)
U.S. Revolving Credit Facility
Borrowings outstanding— 
Available for borrowing1,750 
China Revolving Credit Facility
Borrowings outstanding218 
Available for borrowing37 
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.
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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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8. Benefit Obligations
The components of net periodic benefit cost are as follows:
Three Months Ended March 31,
20232022
Pension
Benefits		Post-retirement
Benefits		Pension
Benefits		Post-retirement
Benefits
(In $ millions)
Service cost4 — 3 — 
Interest cost32 — 17 — 
Expected return on plan assets
(33)— (41)— 
Total3 — (21)— 
Benefit obligation funding is as follows:
As of
March 31,
2023
Total
Expected
2023
(In $ millions)
Cash contributions to defined benefit pension plans6 27 
Benefit payments to nonqualified pension plans5 18 
Benefit payments to other postretirement benefit plans1 4 
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:
As of March 31, 2023As of December 31, 2022
Pension
Benefits		Post-retirement
Benefits		Pension
Benefits		Post-retirement
Benefits
(In $ millions)
Noncurrent Other assets166 — 160 — 
Current Other liabilities(21)(3)(21)(3)
Benefit obligations(371)(35)(372)(35)
Net amount recognized(226)(38)(233)(38)
9. Environmental
The Company is subject to environmental laws and regulations worldwide that impose limitations on the discharge of pollutants into the air and water, establish standards for the treatment, storage and disposal of solid and hazardous wastes, and impose record keeping and notification requirements. Failure to timely comply with these laws and regulations may expose the Company to penalties. The Company believes that it is in substantial compliance with all applicable environmental laws and regulations and engages in an ongoing process of updating its controls to mitigate compliance risks. The Company is also subject to retained environmental obligations specified in various contractual agreements arising from the divestiture of certain businesses by the Company or one of its predecessor companies.
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The components of environmental remediation liabilities are as follows:
As of
March 31,
2023		As of
December 31,
2022
(In $ millions)
Demerger obligations (Note 14)
19 20 
Divestiture obligations (Note 14)
14 14 
Active sites20 21 
U.S. Superfund sites9 10 
Other environmental remediation liabilities2 2 
Total64 67 
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.
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In March 2016, the EPA issued its final Record of Decision concerning the remediation of the lower 8.3 miles of the Lower Passaic River Site ("Lower 8.3 Miles"). Pursuant to the EPA's Record of Decision, the Lower 8.3 Miles must be dredged bank to bank and an engineered cap must be installed at an EPA estimated cost of approximately $1.4 billion. 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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10. 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.
Total From
February 2008
Through
March 31, 2023
Shares repurchased69,324,429 
Average purchase price per share$83.71 
Shares repurchased (in $ millions)$5,803 
Aggregate Board of Directors repurchase authorizations during the period (in $ millions)
$6,866 
The purchase of treasury stock reduces the number of shares outstanding. The repurchased shares may be used by the Company for compensation programs utilizing the Company's stock and other corporate purposes. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of 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
Three Months Ended March 31,
20232022
Gross
Amount		Income
Tax
(Provision)
Benefit		Net
Amount		Gross
Amount		Income
Tax
(Provision)
Benefit		Net
Amount
(In $ millions)
Foreign currency translation gain (loss)(4)17 13 (15)(6)(21)
Gain (loss) on cash flow hedges4 —