Revenue Recognition (Notes)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

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 that 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:

	Year Ended December 31,
	2023	2022	2021
	(In $ millions)
Engineered Materials
North America	1,780	1,197	774
Europe and Africa	1,941	1,538	1,155
Asia-Pacific	2,274	1,180	703
South America	154	109	86
Total	6,149	4,024	2,718
Acetyl Chain
North America	1,448	1,713	1,533
Europe and Africa	1,680	1,961	1,914
Asia-Pacific	1,543	1,811	2,214
South America	120	164	158
Total(1)	4,791	5,649	5,819

______________________________

(1)Excludes intersegment sales of $93 million, $94 million and $75 million for the years ended December 31, 2023, 2022 and 2021, respectively.