Celanese Corporation Reports Third Quarter Adjusted Earnings Per Share of $1.50; Begins Methanol Production at Clear Lake Facility; Raises Adjusted Earnings Outlook Range to $5.90 to $6.10 Per Share
Celanese Corporation (NYSE: CE), a global technology and specialty
materials company, today reported third quarter 2015 adjusted earnings
per share of $1.50. The company's strong earnings result reflected
continued focus on opportunities to serve key markets while also driving
efficiency throughout our complementary cores. During the quarter, the
company also made progress on a number of strategic initiatives while
also setting several performance records. Highlights for the quarter
follow.
Quarter highlights:
-
The company completed construction and began methanol production at
its 1.3 million ton production unit in Clear Lake, Texas, a joint
venture between Celanese and Mitsui & Co., Ltd., of Tokyo, Japan, in
October 2015
-
Adjusted EBIT margin was a third quarter record at 21.6 percent, 150
basis points higher than the prior year quarter and 40 basis points
below the prior quarter
-
Materials Solutions delivered record performance with adjusted EBIT of
$211 million and core income margin of 36.8 percent
-
The company deployed $420 million to repurchase 6.6 million shares of
common stock and reduced its outstanding share count by 4.3 percent
-
The company also announced its plans to repurchase $1 billion of its
shares over the next two years, based on confidence in its ability to
generate strong free cash flow
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Three Months Ended
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September 30, 2015
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June 30, 2015
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September 30, 2014
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(unaudited)
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(In $ millions)
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Net Sales
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Advanced Engineered Materials
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326
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346
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366
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Consumer Specialties
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247
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249
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291
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Total Materials Solutions
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573
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595
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657
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Industrial Specialties
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274
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|
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287
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|
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314
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Acetyl Intermediates
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680
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707
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937
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Eliminations
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(82
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)
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(83
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)
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(109
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)
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Total Acetyl Chain
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872
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911
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1,142
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Other Activities
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—
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—
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—
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Intersegment eliminations
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(32
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)
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(29
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)
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(30
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)
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Total
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1,413
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1,477
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1,769
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Three Months Ended
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September 30, 2015
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June 30, 2015
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September 30, 2014
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(unaudited)
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(In $ millions, except per share data)
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Operating Profit (Loss) Attributable to Celanese Corporation(1)
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Advanced Engineered Materials
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58
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67
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51
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Consumer Specialties
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77
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77
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105
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Total Materials Solutions
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135
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144
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156
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Industrial Specialties
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19
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28
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16
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Acetyl Intermediates
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64
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58
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175
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Total Acetyl Chain
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83
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86
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191
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Other Activities
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(22
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)
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(38
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)
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(36
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)
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Total
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196
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192
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311
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Net earnings (loss)
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151
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|
|
|
201
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|
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252
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Adjusted EBIT / Total segment income(1)
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305
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|
325
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|
355
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Operating EBITDA(1)
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375
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|
391
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428
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Diluted EPS - continuing operations
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$
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1.07
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$
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1.34
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$
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1.66
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Diluted EPS - total
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$
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1.07
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$
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1.33
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$
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1.63
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Adjusted EPS(1)
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$
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1.50
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$
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1.58
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$
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1.61
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______________________________
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(1) See "Non-US GAAP Financial Measures" below.
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"I am incredibly proud of the team at Clear Lake for their commitment
and tireless efforts to complete construction and begin production at
the methanol unit. This strategic investment provides us with certain
supply of a critical raw material, allowing us to capture the economic
benefit of abundant low cost U.S. natural gas," said Mark Rohr, chairman
and chief executive officer. "By leveraging existing infrastructure and
executing an aggressive project plan, we completed the methanol unit and
reached full operating rates in only 21 months at a capital cost of
under $700 per ton, an impressive accomplishment and testament to our
ability to execute on our strategic goals."
"I am also pleased to report third quarter adjusted earnings of $1.50
per share. Segment income margin was a third quarter record at 21.6
percent, a 150 basis point increase over the prior year on record margin
in Materials Solutions and productivity actions across the company. This
more than offset lower margin in the Acetyl Chain due to higher methanol
costs prior to start up of the Clear Lake methanol unit. Free cash flow
was $101 million for the quarter, and we returned a record $467 million
of cash to our shareholders through $420 million in share repurchases
and $47 million in dividends," said Rohr.
Third Quarter Business Segment Overview
Materials Solutions
Core income in Materials Solutions was $211 million on net sales of $573
million. Core income margin was 36.8 percent, up 590 basis points
year-over-year and 200 basis points sequentially.
Advanced Engineered Materials
Advanced Engineered Materials generated record segment income of $106
million on net sales of $326 million. Segment income margin was 32.5
percent, 870 basis points higher than the prior year and 300 basis
points higher than the previous quarter. Earnings in the base engineered
materials business, excluding affiliates, were a third quarter record at
$63 million, 43 percent higher than the prior year and 11 percent lower
than the prior quarter on normal seasonality. Volume declined 5 percent
versus the prior quarter as the businesses maintained pricing discipline
and commercial selectivity, prioritizing and commercializing its most
profitable projects. Pricing was down 1 percent sequentially. Success in
this business continues to be driven by our ability to work closely with
customers and develop innovative solutions that leverage our broad and
differentiated polymer portfolio. During the quarter, the business
completed and launched over 200 projects, including both new products
and new applications. Affiliate earnings were $43 million, consistent
with the prior year and 39 percent higher sequentially.
Consumer Specialties
Third quarter segment income in Consumer Specialties was $105 million,
consistent with the prior quarter, on net sales of $247 million. Segment
income margin was a record at 42.5 percent, 30 basis points higher than
the prior quarter primarily due to continued productivity initiatives,
primarily energy. Third quarter volume and pricing were consistent with
second quarter levels. Dividends from the cellulose derivatives ventures
were $25 million.
Acetyl Chain
Core income in the Acetyl Chain was $112 million on net sales of $872
million. Core income margin was 12.8 percent, down 220 basis points from
the prior quarter primarily due to higher U.S. methanol costs. The
higher methanol costs were driven by the expiration of an advantaged
long-term supply contract at the end of the second quarter.
Sequentially, volume declined by 2 percent and price decreased 2 percent
primarily due to normal seasonality in emulsion polymers and continued
muted demand in China.
Cash Flow
The company generated operating cash flow of $173 million and free cash
flow of $101 million in the third quarter. Operating cash flow was lower
sequentially, due to the timing of cash tax payments and receipt of
affiliate dividends versus the prior quarter. Net capital expenditures
were $72 million in the quarter.
The company repurchased 6.6 million shares during the quarter, deploying
$420 million in cash. The company also announced a new $1 billion
repurchase authorization that it intends to execute over the next two
years.
Outlook
"We are confident in the ability of our complementary businesses to
drive unique value despite dramatic year-over-year currency headwinds,
stress in global macroeconomic environments, and the recent slowdown in
China. Our focus on those things we control and our unrelenting drive to
create customer value allow us to match market needs on moderate
macroeconomic trends. For the year we are increasing our 2015 adjusted
earnings outlook range to $5.90 to $6.10 per share," said Rohr.
The company's earnings presentation and prepared remarks related to the
third quarter results will be posted on its website at www.celanese.com
under Investor Relations/Events and Presentations after market close on
October 19, 2015. Information previously included in supplemental tables
to our press release is now included in a separate Non-US GAAP Financial
Measures and Supplemental Information document posted on our website.
See "Reconciliation of Non-US GAAP Financial Measures" below.
Celanese Corporation is a global technology leader in the production
of differentiated chemistry solutions and specialty materials used in
most major industries and consumer applications. With sales almost
equally divided between North America, Europe and Asia, the company uses
the full breadth of its global chemistry, technology and business
expertise to create value for customers and the corporation. Celanese
partners with customers to solve their most critical needs while making
a positive impact on its communities and the world. Based in Dallas,
Texas, Celanese employs approximately 7,400 employees worldwide
and had 2014 net sales of $6.8 billion. For more information about
Celanese Corporation and its product offerings, visit www.celanese.com
or our blog at www.celaneseblog.com.
Forward-Looking Statements
This release may contain "forward-looking statements," which include
information concerning the company's plans, objectives, goals,
strategies, future revenues or performance, capital expenditures,
financing needs and other information that is not historical
information. All forward-looking statements are based upon current
expectations and beliefs and various assumptions. There can be no
assurance that the company will realize these expectations or that these
beliefs will prove correct. There are a number of risks and
uncertainties that could cause actual results to differ materially from
the results expressed or implied in the forward-looking statements
contained in this release. These risks and uncertainties include, among
other things: changes in general economic, business, political and
regulatory conditions in the countries or regions in which we operate;
the length and depth of product and industry business cycles,
particularly in the automotive, electrical, textiles, electronics and
construction industries; changes in the price and availability of raw
materials, particularly changes in the demand for, supply of, and market
prices of ethylene, methanol, natural gas, wood pulp and fuel oil and
the prices for electricity and other energy sources; the ability to pass
increases in raw material prices on to customers or otherwise improve
margins through price increases; the ability to maintain plant
utilization rates and to implement planned capacity additions and
expansions; the ability to reduce or maintain their current levels of
production costs and to improve productivity by implementing
technological improvements to existing plants; increased price
competition and the introduction of competing products by other
companies; market acceptance of our technology; the ability to obtain
governmental approvals and to construct facilities on terms and
schedules acceptable to the company; changes in the degree of
intellectual property and other legal protection afforded to our
products or technologies, or the theft of such intellectual property;
compliance and other costs and potential disruption or interruption of
production or operations due to accidents, interruptions in sources of
raw materials, cyber security incidents, terrorism or political unrest
or other unforeseen events or delays in construction or operation of
facilities, including as a result of geopolitical conditions, the
occurrence of acts of war or terrorist incidents or as a result of
weather or natural disasters; potential liability for remedial actions
and increased costs under existing or future environmental regulations,
including those relating to climate change; potential liability
resulting from pending or future litigation, or from changes in the
laws, regulations or policies of governments or other governmental
activities in the countries in which we operate; changes in currency
exchange rates and interest rates; our level of indebtedness, which
could diminish our ability to raise additional capital to fund
operations or limit our ability to react to changes in the economy or
the chemicals industry; and various other factors discussed from time to
time in the company's filings with the Securities and Exchange
Commission. Any forward-looking statement speaks only as of the date on
which it is made, and the company undertakes no obligation to update any
forward-looking statements to reflect events or circumstances after the
date on which it is made or to reflect the occurrence of anticipated or
unanticipated events or circumstances.
Presentation
This release presents the company's business segments in two
subtotals, reflecting our two cores, the Acetyl Chain and Materials
Solutions, based on similarities among customers, business models and
technical processes. The Acetyl Chain includes the company's Acetyl
Intermediates segment and the Industrial Specialties segment. Materials
Solutions includes the company's Advanced Engineered Materials segment
and the Consumer Specialties segment. For comparative purposes, the
historical financial information included herein has been presented to
reflect the Acetyl Chain and Materials Solutions subtotals. There has
been no change to the composition of the company's business segments.
Non-GAAP Financial Measures
Use of Non-US GAAP Financial Information
This release uses the following non-US GAAP measures: adjusted EBIT,
operating EBITDA, operating profit (loss) attributable to Celanese
Corporation, adjusted earnings per share, free cash flow and net debt.
These measures are not recognized in accordance with US GAAP and should
not be viewed as an alternative to US GAAP measures of performance. The
most directly comparable financial measure presented in accordance with
US GAAP in our consolidated financial statements for adjusted EBIT and
operating EBITDA is net earnings (loss) attributable to Celanese
Corporation; for operating profit (loss) attributable to Celanese
Corporation is operating profit (loss); for adjusted earnings per share
is earnings (loss) from continuing operations attributable to Celanese
Corporation per common share-diluted; for free cash flow is cash flow
from operations; and for net debt is total debt.
Definitions of Non-US GAAP Financial Measures
-
Adjusted EBIT is defined by the Company as net earnings (loss)
attributable to Celanese Corporation, plus (earnings) loss from
discontinued operations, less interest income, plus interest expense,
refinancing expense and taxes, and further adjusted for certain items
attributable to Celanese Corporation. Adjusted EBIT by business
segment may also be referred to by management as segment income.
Adjusted EBIT by core may also be referred to by management as core
income.
-
Operating EBITDA is defined by the Company as net earnings (loss)
attributable to Celanese Corporation, plus (earnings) loss from
discontinued operations, less interest income, plus interest expense,
refinancing expense, taxes and depreciation and amortization, and
further adjusted for certain items attributable to Celanese
Corporation. Operating EBITDA is equal to adjusted EBIT plus
depreciation and amortization.
-
Operating profit (loss) attributable to Celanese Corporation is
defined by the Company as operating profit (loss), less earnings
(loss) attributable to noncontrolling interests ("NCI").
-
Adjusted earnings per share is defined by the Company as earnings
(loss) from continuing operations attributable to Celanese
Corporation, adjusted for income tax (provision) benefit, certain
items, refinancing and related expenses, divided by the number of
basic common shares and dilutive restricted stock units and stock
options calculated using the treasury method.
Note: The income tax rate used for adjusted earnings per share
approximates the midpoint in a range of forecasted tax rates for the
year. This range may include certain partial or full-year forecasted tax
opportunities, where applicable, and specifically excludes changes in
uncertain tax positions, discrete items and other material items
adjusted out of our GAAP earnings for adjusted earnings per share
purposes, and changes in management's assessments regarding the ability
to realize deferred tax assets. We also reflect the impact of foreign
tax credits when utilized for the adjusted earnings per share tax rate.
We analyze this rate quarterly and adjust if there is a material change
in the range of forecasted tax rates; an updated forecast would not
necessarily result in a change to our tax rate used for adjusted
earnings per share. The adjusted tax rate is an estimate and may differ
from the actual tax rate used for GAAP reporting in any given reporting
period. It is not practical to reconcile our prospective adjusted tax
rate to the actual GAAP tax rate in any given future period.
-
Free cash flow is defined by the Company as cash flow from
operations, less capital expenditures on property, plant and
equipment, and adjusted for capital contributions from Mitsui & Co.,
Ltd. to Fairway Methanol LLC.
-
Net debt is defined by the Company as total debt less cash and cash
equivalents.
Reconciliation of Non-US GAAP Financial Measures
Reconciliations of the non-US GAAP financial measures used in this
press release to the comparable US GAAP financial measure, together with
information about the purposes and uses of non-US GAAP financial
measures, are included in our Non-US GAAP Financial Measures and
Supplemental Information document filed as an exhibit to our Current
Report on Form 8-K filed with the SEC on or about October 19, 2015 and
also available on our website at www.celanese.com
under Financial Information, Non-GAAP Financial Measures, or at this
link: http://investors.celanese.com/interactive/lookandfeel/4103411/Non-GAAP.PDF
Results Unaudited
The results in this document, together with the adjustments made to
present the results on a comparable basis, have not been audited and are
based on internal financial data furnished to management. Quarterly
results should not be taken as an indication of the results of
operations to be reported for any subsequent period or for the full
fiscal year.
Supplemental Information
Additional information about our prior period performance is included
in our Quarterly Reports on Form 10-Q and in our Non-US GAAP Financial
Measures and Supplemental Information document.
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Consolidated Statements of Operations - Unaudited
|
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Three Months Ended
|
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September 30, 2015
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June 30, 2015
|
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September 30, 2014
|
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(In $ millions, except share and per share data)
|
Net sales
|
|
|
|
1,413
|
|
|
|
1,477
|
|
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1,769
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Cost of sales
|
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|
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(1,110
|
)
|
|
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(1,102
|
)
|
|
|
(1,333
|
)
|
Gross profit
|
|
|
|
303
|
|
|
|
375
|
|
|
|
436
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|
Selling, general and administrative expenses
|
|
|
|
(93
|
)
|
|
|
(106
|
)
|
|
|
(118
|
)
|
Amortization of intangible assets
|
|
|
|
(3
|
)
|
|
|
(3
|
)
|
|
|
(5
|
)
|
Research and development expenses
|
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|
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(19
|
)
|
|
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(59
|
)
|
|
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(22
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)
|
Other (charges) gains, net
|
|
|
|
(4
|
)
|
|
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(10
|
)
|
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20
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|
Foreign exchange gain (loss), net
|
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|
|
3
|
|
|
|
(3
|
)
|
|
|
1
|
|
Gain (loss) on disposition of businesses and asset, net
|
|
|
|
(1
|
)
|
|
|
(6
|
)
|
|
|
(2
|
)
|
Operating profit (loss)
|
|
|
|
186
|
|
|
|
188
|
|
|
|
310
|
|
Equity in net earnings (loss) of affiliates
|
|
|
|
50
|
|
|
|
40
|
|
|
|
52
|
|
Interest expense
|
|
|
|
(29
|
)
|
|
|
(30
|
)
|
|
|
(41
|
)
|
Refinancing expense
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4
|
)
|
Interest income
|
|
|
|
—
|
|
|
|
1
|
|
|
|
3
|
|
Dividend income - cost investments
|
|
|
|
26
|
|
|
|
26
|
|
|
|
29
|
|
Other income (expense), net
|
|
|
|
(8
|
)
|
|
|
2
|
|
|
|
(2
|
)
|
Earnings (loss) from continuing operations before tax
|
|
|
|
225
|
|
|
|
227
|
|
|
|
347
|
|
Income tax (provision) benefit
|
|
|
|
(74
|
)
|
|
|
(24
|
)
|
|
|
(90
|
)
|
Earnings (loss) from continuing operations
|
|
|
|
151
|
|
|
|
203
|
|
|
|
257
|
|
Earnings (loss) from operation of discontinued operations
|
|
|
|
—
|
|
|
|
(3
|
)
|
|
|
(7
|
)
|
Income tax (provision) benefit from discontinued operations
|
|
|
|
—
|
|
|
|
1
|
|
|
|
2
|
|
Earnings (loss) from discontinued operations
|
|
|
|
—
|
|
|
|
(2
|
)
|
|
|
(5
|
)
|
Net earnings (loss)
|
|
|
|
151
|
|
|
|
201
|
|
|
|
252
|
|
Net (earnings) loss attributable to noncontrolling interests
|
|
|
|
10
|
|
|
|
4
|
|
|
|
1
|
|
Net earnings (loss) attributable to Celanese Corporation
|
|
|
|
161
|
|
|
|
205
|
|
|
|
253
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
|
|
|
161
|
|
|
|
207
|
|
|
|
258
|
|
Earnings (loss) from discontinued operations
|
|
|
|
—
|
|
|
|
(2
|
)
|
|
|
(5
|
)
|
Net earnings (loss)
|
|
|
|
161
|
|
|
|
205
|
|
|
|
253
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
1.07
|
|
|
|
1.35
|
|
|
|
1.67
|
|
Discontinued operations
|
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
|
(0.03
|
)
|
Net earnings (loss) - basic
|
|
|
|
1.07
|
|
|
|
1.34
|
|
|
|
1.64
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
1.07
|
|
|
|
1.34
|
|
|
|
1.66
|
|
Discontinued operations
|
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
|
(0.03
|
)
|
Net earnings (loss) - diluted
|
|
|
|
1.07
|
|
|
|
1.33
|
|
|
|
1.63
|
|
Weighted average shares (in millions)
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
149.8
|
|
|
|
153.5
|
|
|
|
154.5
|
|
Diluted
|
|
|
|
151.0
|
|
|
|
154.0
|
|
|
|
155.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheets - Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2015
|
|
|
As of December 31, 2014
|
|
|
|
|
(In $ millions)
|
ASSETS
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
952
|
|
|
|
780
|
|
Trade receivables - third party and affiliates, net
|
|
|
|
793
|
|
|
|
801
|
|
Non-trade receivables, net
|
|
|
|
231
|
|
|
|
241
|
|
Inventories
|
|
|
|
738
|
|
|
|
782
|
|
Deferred income taxes
|
|
|
|
15
|
|
|
|
29
|
|
Marketable securities, at fair value
|
|
|
|
30
|
|
|
|
32
|
|
Other assets
|
|
|
|
37
|
|
|
|
33
|
|
Total current assets
|
|
|
|
2,796
|
|
|
|
2,698
|
|
Investments in affiliates
|
|
|
|
868
|
|
|
|
876
|
|
Property, plant and equipment, net
|
|
|
|
3,778
|
|
|
|
3,733
|
|
Deferred income taxes
|
|
|
|
278
|
|
|
|
253
|
|
Other assets
|
|
|
|
350
|
|
|
|
377
|
|
Goodwill
|
|
|
|
716
|
|
|
|
749
|
|
Intangible assets, net
|
|
|
|
122
|
|
|
|
132
|
|
Total assets
|
|
|
|
8,908
|
|
|
|
8,818
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
Short-term borrowings and current installments of long-term debt -
third party and affiliates
|
|
|
|
463
|
|
|
|
137
|
|
Trade payables - third party and affiliates
|
|
|
|
608
|
|
|
|
757
|
|
Other liabilities
|
|
|
|
331
|
|
|
|
432
|
|
Deferred income taxes
|
|
|
|
7
|
|
|
|
7
|
|
Income taxes payable
|
|
|
|
107
|
|
|
|
5
|
|
Total current liabilities
|
|
|
|
1,516
|
|
|
|
1,338
|
|
Long-term debt
|
|
|
|
2,541
|
|
|
|
2,608
|
|
Deferred income taxes
|
|
|
|
122
|
|
|
|
141
|
|
Uncertain tax positions
|
|
|
|
165
|
|
|
|
159
|
|
Benefit obligations
|
|
|
|
1,103
|
|
|
|
1,211
|
|
Other liabilities
|
|
|
|
264
|
|
|
|
283
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
|
—
|
|
|
|
—
|
|
Common stock
|
|
|
|
—
|
|
|
|
—
|
|
Treasury stock, at cost
|
|
|
|
(1,031
|
)
|
|
|
(611
|
)
|
Additional paid-in capital
|
|
|
|
127
|
|
|
|
103
|
|
Retained earnings
|
|
|
|
3,962
|
|
|
|
3,491
|
|
Accumulated other comprehensive income (loss), net
|
|
|
|
(292
|
)
|
|
|
(165
|
)
|
Total Celanese Corporation stockholders' equity
|
|
|
|
2,766
|
|
|
|
2,818
|
|
Noncontrolling interests
|
|
|
|
431
|
|
|
|
260
|
|
Total equity
|
|
|
|
3,197
|
|
|
|
3,078
|
|
Total liabilities and equity
|
|
|
|
8,908
|
|
|
|
8,818
|
|
|
|
|
|
|
|
|
|
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