Celanese Corporation (NYSE: CE), a global technology and specialty
materials company, today reported first quarter 2018 GAAP diluted
earnings per share of $2.68, its second highest ever, and record
adjusted earnings per share of $2.79. Net sales in the quarter expanded
26 percent year over year to $1.9 billion. Growth in both Engineered
Materials and the Acetyl Chain contributed to a robust quarter.
Engineered Materials expanded earnings through pipeline
commercialization and successful integration of recent acquisitions. The
Acetyl Chain's expansive network and ability to respond quickly to
improved industry utilization rates enabled it to leverage regional
momentum to grow earnings meaningfully.
First Quarter 2018 Financial Highlights:
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Three Months Ended
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March 31,
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2018
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2017
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|
|
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|
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(As Adjusted)
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(unaudited)
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(In $ millions)
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Operating Profit (Loss)
|
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|
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|
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|
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|
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Engineered Materials
|
|
|
|
|
|
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127
|
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104
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Acetate Tow
|
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46
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62
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Acetyl Chain
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Industrial Specialties
|
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|
|
|
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|
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23
|
|
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|
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25
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Acetyl Intermediates
|
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|
|
|
|
|
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231
|
|
|
|
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27
|
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Eliminations
|
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|
|
|
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(1
|
)
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|
|
—
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Subtotal
|
|
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|
|
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253
|
|
|
|
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52
|
|
Other Activities
|
|
|
|
|
|
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(83
|
)
|
|
|
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(48
|
)
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Total
|
|
|
|
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|
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343
|
|
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|
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170
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|
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|
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Three Months Ended
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March 31,
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2018
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2017
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(unaudited)
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(In $ millions, except per share data)
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Net Earnings (Loss)
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365
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184
|
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Adjusted EBIT(1)(2)
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Engineered Materials
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182
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150
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Acetate Tow
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78
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93
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Acetyl Chain
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Industrial Specialties
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23
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|
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25
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Acetyl Intermediates
|
|
|
|
231
|
|
|
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83
|
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Eliminations
|
|
|
|
(1
|
)
|
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|
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—
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Subtotal
|
|
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253
|
|
|
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108
|
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Other Activities
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(39
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)
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(18
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)
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Total
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474
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333
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Equity Earnings, Cost-Dividend Income, Other Income (Expense)
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Engineered Materials
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54
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43
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Acetate Tow
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32
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29
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|
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Operating EBITDA(1)
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553
|
|
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|
|
404
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Diluted EPS - continuing operations
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$
|
2.68
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$
|
1.30
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Diluted EPS - total
|
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$
|
2.66
|
|
|
|
$
|
1.30
|
|
Adjusted EPS(1)
|
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$
|
2.79
|
|
|
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$
|
1.81
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|
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Net cash provided by (used in) investing activities
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(235
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)
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(64
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)
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Net cash provided by (used in) financing activities
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(2
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)
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|
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(270
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)
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Net cash provided by (used in) operating activities
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143
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192
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Free cash flow(1)
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55
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126
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______________________________
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(1)
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See "Non-US GAAP Financial Measures" below.
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(2)
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The Company's discussion of adjusted earnings includes use of terms
such as "segment income" and "core income". Those non-GAAP terms are
defined below and reconciled in our Non-US GAAP Financial Measures
and Supplemental Information document referenced below.
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First Quarter 2018 Highlights:
-
Completed the acquisition of Omni Plastics and its subsidiaries. Omni
specializes in custom compounding of various engineered thermoplastic
materials with a compounding facility and headquarters in Evansville,
Indiana.
-
Commercialized a record 742 projects in Engineered Materials in the
first quarter of 2018, a 45 percent increase over the first quarter of
last year. On-track to deliver approximately 3,000 project wins in
2018.
-
Began the final, large scale installation of critical processing
equipment associated with the 150 kt expansion of the Clear Lake,
Texas VAM unit.
-
Abandoned the joint venture agreement with Blackstone’s Rhodia Acetow
business as parties were unable to reach an agreement with the
European Commission on acceptable conditions.
-
Received the 2018 ENERGY STAR® Partner of the Year Sustained
Excellence Award for continued leadership and superior contributions
to ENERGY STAR.
First Quarter 2018 Business Segment Overview
Engineered Materials (EM)
Engineered Materials delivered record net sales of $665 million in the
first quarter, 29 percent higher than the prior year. Both GAAP
operating profit of $127 million and segment income of $182 million were
all-time highs. Growth in adjusted earnings resulted from the success of
the opportunity pipeline, growth in Asia, and recent acquisitions. A
record 742 projects were commercialized in the quarter, 45 percent
higher than the first quarter of 2017. Customers continue to value the
project-based approach in EM that constantly matches Celanese's broad
solution set and customer-specific needs to uncover opportunities for
partnership. Volume in the first quarter of 2018 increased over last
year primarily from the Nilit and Omni acquisitions. Operating profit
and segment income margins were slightly lower than the same quarter
last year, primarily due to acquisitions, while improving sequentially
from the fourth quarter of 2017, and in-line with expectations for 2018.
Affiliate earnings in Engineered Materials increased year over year to
$54 million driven by Ibn Sina.
Acetate Tow
Acetate tow volume and price in the first quarter were lower than the
same quarter last year due to unique positive carryovers from 2016 into
the first quarter of 2017 as customers transitioned to new contracts
that did not repeat in 2018. Affiliate earnings of $32 million were
higher mainly due to favorable currency.
Acetyl Chain
The Acetyl Chain recorded its highest ever net sales of over $1 billion,
a 32 percent increase year over year. GAAP operating profit and core
income of $253 million each, were both records. Operating profit
expanded $201 million compared to the first quarter in 2017, while core
income was $145 million higher. The business leveraged progressively
improving industry fundamentals in the quarter to deliver a step-change
in earnings growth. More opportunities were pursued to activate the
expansive network and drive growth than any other previous quarter.
Price and Volume increased year-over-year as a result of the improved
industry utilization rates regionally and globally. Record margins of
24.1 percent were driven by higher acetic acid and derivative prices
globally, led by China.
Cash Flow
Operating cash flow in the first quarter was $143 million. Free cash
flow was $55 million driven by timing of sales and collections, on-track
for more than $900 million for 2018. Capital expenditures were
$86 million in the quarter. Cash of $63 million was returned to
shareholders in the quarter in the form of dividends.
Outlook
"The first quarter of 2018 represents a combination of stronger industry
fundamentals and the strength of our commercial models. In Engineered
Materials, there is a continued need for customized solutions to reduce
complexity for customers. The breadth of polymers and customer enabling
competencies have made the business an important partner for our
customers. In the Acetyl Chain, improving global supply and demand
dynamics in the industry led by China, have raised base profitability
levels. A very responsive commercial structure coupled with a global
manufacturing footprint will continue to enable the Acetyl Chain in
translating this momentum into earnings growth around the world. We
believe that the improvement in the acetyls industry will be sustained
in the longer term but expect some moderation in instantaneous
utilization rates as we go through the year. The on-going success in our
businesses gives us confidence that we can grow adjusted earnings per
share by 20-25 percent in 2018," said Mark Rohr, chairman and chief
executive officer.
We are unable to reconcile forecasted adjusted earnings per share growth
to US GAAP diluted earnings per share without unreasonable efforts
because a forecast of Certain Items, such as mark-to-market pension
gains/losses, is not practical.
The Company's earnings presentation and prepared remarks related to the
first quarter results will be posted on its website at www.celanese.com
under Investor Relations/Events and Presentations after market close on
April 16, 2018. Information about Non-US GAAP measures is included in a
Non-US GAAP Financial Measures and Supplemental Information document
posted on the website and available at the link below. See "Non-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. Our businesses use the
full breadth of Celanese's global chemistry, technology and commercial
expertise to create value for our customers, employees, shareholders and
the corporation. As we partner with our customers to solve their most
critical business needs, we strive to make a positive impact on our
communities and the world through The Celanese Foundation. Based in
Dallas, Celanese employs approximately 7,700 employees worldwide
and had 2017 net sales of $6.1 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, synergies, 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 current levels of
production costs and to improve productivity by implementing
technological improvements to existing plants; the ability to identify
desirable potential acquisition targets and to consummate acquisition or
investment transactions consistent with the Company's strategy;
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 tariffs, tax
rates or legislation; 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.
Non-GAAP Financial Measures
Presentation
This document presents the Company's four business segments,
Engineered Materials, Acetate Tow, Industrial Specialties and Acetyl
Intermediates, with one subtotal reflecting our core, the Acetyl Chain,
which is 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.
Use of Non-US GAAP Financial Information
This release uses the following Non-US GAAP measures: adjusted EBIT,
adjusted EBIT margin, operating EBITDA, adjusted earnings per share and
free cash flow. These measures are not recognized in accordance with US
GAAP and should not be viewed as an alternative to US GAAP measures of
performance or liquidity. 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 adjusted EBIT margin is
operating margin; for adjusted earnings per share is earnings (loss)
from continuing operations attributable to Celanese Corporation per
common share-diluted; and for free cash flow is net cash provided by
(used in) operations.
Definitions of Non-US GAAP Financial Measures
-
Adjusted EBIT is a performance measure used by the Company and 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, plus refinancing expense and
taxes, and further adjusted for Certain Items (refer to Table 8 of our
Non-US GAAP Financial Measures and Supplemental Information document).
We do not provide reconciliations for adjusted EBIT on a
forward-looking basis (including those contained in this document)
when we are unable to provide a meaningful or accurate calculation or
estimation of reconciling items and the information is not available
without unreasonable effort. This is due to the inherent difficulty of
forecasting the timing and amount of Certain Items, such as
mark-to-market pension gains and losses, that have not yet occurred,
are out of our control and/or cannot be reasonably predicted. For the
same reasons, we are unable to address the probable significance of
the unavailable information. Adjusted EBIT margin is defined by the
Company as adjusted EBIT divided by net sales.
-
Adjusted EBIT by core (i.e., the Acetyl Chain) may also be referred
to by management as core income. Adjusted EBIT margin by core may also
be referred to by management as core income margin. Adjusted EBIT by
business segment may also be referred to by management as segment
income. Adjusted EBIT margin by business segment may also be referred
to by management as segment income margin.
-
Operating EBITDA is a performance measure used by the Company and
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, plus
refinancing expense, taxes and depreciation and amortization, and
further adjusted for Certain Items, which Certain Items include
accelerated depreciation and amortization expense. Operating EBITDA is
equal to adjusted EBIT plus depreciation and amortization.
-
Adjusted earnings per share is a performance measure used by the
Company and is defined by the Company as earnings (loss) from
continuing operations attributable to Celanese Corporation, adjusted
for income tax (provision) benefit, Certain Items, and 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. We do not provide reconciliations for adjusted
earnings per share on a forward-looking basis (including those
contained in this document) when we are unable to provide a meaningful
or accurate calculation or estimation of reconciling items and the
information is not available without unreasonable effort. This is due
to the inherent difficulty of forecasting the timing and amount of
Certain Items, such as mark-to-market pension gains and losses, that
have not yet occurred, are out of our control and/or cannot be
reasonably predicted. For the same reasons, we are unable to address
the probable significance of the unavailable information.
Note:
The income tax expense (benefit) on Certain Items ("Non-GAAP
adjustments") is determined using the applicable rates in the taxing
jurisdictions in which the Non-GAAP adjustments occurred and includes
both current and deferred income tax expense (benefit). 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 and related
costs, where applicable, and specifically excludes changes in
uncertain tax positions, discrete recognition of GAAP items on a
quarterly basis, other pre-tax 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 for
GAAP. In determining the adjusted earnings per share tax rate, we
reflect the impact of foreign tax credits when utilized, or expected
to be utilized, absent discrete events impacting the timing of foreign
tax credit utilization. We analyze this rate quarterly and adjust it
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. Table 3a of our Non-US GAAP
Financial Measures and Supplemental Information document summarizes
the reconciliation of our estimated GAAP effective tax rate to the
adjusted tax rate. The estimated GAAP rate excludes discrete
recognition of GAAP items due to our inability to forecast such items.
As part of the year-end reconciliation, we will update the
reconciliation of the GAAP effective tax rate to the adjusted tax rate
for actual results.
-
Free cash flow is a liquidity measure used by the Company and is
defined by the Company as cash flow from operations, less capital
expenditures on property, plant and equipment, and adjusted for
capital contributions from or distributions to Mitsui & Co., Ltd.
("Mitsui") related to our methanol joint venture, Fairway Methanol LLC
("Fairway").
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 April 16, 2018 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.
|
|
Consolidated Statements of Operations - Unaudited
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
(As Adjusted)
|
|
|
|
(In $ millions, except share and per share data)
|
Net sales
|
|
|
1,851
|
|
|
|
1,471
|
|
Cost of sales
|
|
|
(1,336
|
)
|
|
|
(1,121
|
)
|
Gross profit
|
|
|
515
|
|
|
|
350
|
|
Selling, general and administrative expenses
|
|
|
(147
|
)
|
|
|
(103
|
)
|
Amortization of intangible assets
|
|
|
(6
|
)
|
|
|
(4
|
)
|
Research and development expenses
|
|
|
(18
|
)
|
|
|
(17
|
)
|
Other (charges) gains, net
|
|
|
—
|
|
|
|
(55
|
)
|
Foreign exchange gain (loss), net
|
|
|
(1
|
)
|
|
|
—
|
|
Gain (loss) on disposition of businesses and assets, net
|
|
|
—
|
|
|
|
(1
|
)
|
Operating profit (loss)
|
|
|
343
|
|
|
|
170
|
|
Equity in net earnings (loss) of affiliates
|
|
|
58
|
|
|
|
47
|
|
Non-operating pension and other postretirement employee benefit
(expense) income
|
|
|
26
|
|
|
|
22
|
|
Interest expense
|
|
|
(33
|
)
|
|
|
(29
|
)
|
Interest income
|
|
|
2
|
|
|
|
—
|
|
Dividend income - cost investments
|
|
|
32
|
|
|
|
29
|
|
Other income (expense), net
|
|
|
4
|
|
|
|
1
|
|
Earnings (loss) from continuing operations before tax
|
|
|
432
|
|
|
|
240
|
|
Income tax (provision) benefit
|
|
|
(65
|
)
|
|
|
(56
|
)
|
Earnings (loss) from continuing operations
|
|
|
367
|
|
|
|
184
|
|
Earnings (loss) from operation of discontinued operations
|
|
|
(2
|
)
|
|
|
—
|
|
Income tax (provision) benefit from discontinued operations
|
|
|
—
|
|
|
|
—
|
|
Earnings (loss) from discontinued operations
|
|
|
(2
|
)
|
|
|
—
|
|
Net earnings (loss)
|
|
|
365
|
|
|
|
184
|
|
Net (earnings) loss attributable to noncontrolling interests
|
|
|
(2
|
)
|
|
|
(1
|
)
|
Net earnings (loss) attributable to Celanese Corporation
|
|
|
363
|
|
|
|
183
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
|
|
365
|
|
|
|
183
|
|
Earnings (loss) from discontinued operations
|
|
|
(2
|
)
|
|
|
—
|
|
Net earnings (loss)
|
|
|
363
|
|
|
|
183
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
Continuing operations
|
|
|
2.69
|
|
|
|
1.30
|
|
Discontinued operations
|
|
|
(0.02
|
)
|
|
|
—
|
|
Net earnings (loss) - basic
|
|
|
2.67
|
|
|
|
1.30
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
Continuing operations
|
|
|
2.68
|
|
|
|
1.30
|
|
Discontinued operations
|
|
|
(0.02
|
)
|
|
|
—
|
|
Net earnings (loss) - diluted
|
|
|
2.66
|
|
|
|
1.30
|
|
Weighted average shares (in millions)
|
|
|
|
|
|
|
Basic
|
|
|
135.9
|
|
|
|
140.6
|
|
Diluted
|
|
|
136.4
|
|
|
|
141.0
|
|
|
|
Consolidated Balance Sheets - Unaudited
|
|
|
|
|
As of
|
|
|
As of
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
|
(In $ millions)
|
ASSETS
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
490
|
|
|
|
576
|
|
Trade receivables - third party and affiliates, net
|
|
|
1,205
|
|
|
|
986
|
|
Non-trade receivables, net
|
|
|
271
|
|
|
|
244
|
|
Inventories
|
|
|
955
|
|
|
|
900
|
|
Marketable securities, at fair value
|
|
|
32
|
|
|
|
32
|
|
Other assets
|
|
|
53
|
|
|
|
54
|
|
Total current assets
|
|
|
3,006
|
|
|
|
2,792
|
|
Investments in affiliates
|
|
|
979
|
|
|
|
976
|
|
Property, plant and equipment, net
|
|
|
3,801
|
|
|
|
3,762
|
|
Deferred income taxes
|
|
|
182
|
|
|
|
366
|
|
Other assets
|
|
|
369
|
|
|
|
338
|
|
Goodwill
|
|
|
1,107
|
|
|
|
1,003
|
|
Intangible assets, net
|
|
|
336
|
|
|
|
301
|
|
Total assets
|
|
|
9,780
|
|
|
|
9,538
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
Short-term borrowings and current installments of long-term debt -
third party and affiliates
|
|
|
425
|
|
|
|
326
|
|
Trade payables - third party and affiliates
|
|
|
797
|
|
|
|
807
|
|
Other liabilities
|
|
|
266
|
|
|
|
354
|
|
Income taxes payable
|
|
|
114
|
|
|
|
72
|
|
Total current liabilities
|
|
|
1,602
|
|
|
|
1,559
|
|
Long-term debt, net of unamortized deferred financing costs
|
|
|
3,343
|
|
|
|
3,315
|
|
Deferred income taxes
|
|
|
219
|
|
|
|
211
|
|
Uncertain tax positions
|
|
|
152
|
|
|
|
156
|
|
Benefit obligations
|
|
|
582
|
|
|
|
585
|
|
Other liabilities
|
|
|
217
|
|
|
|
413
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
Preferred stock
|
|
|
—
|
|
|
|
—
|
|
Common stock
|
|
|
—
|
|
|
|
—
|
|
Treasury stock, at cost
|
|
|
(2,031
|
)
|
|
|
(2,031
|
)
|
Additional paid-in capital
|
|
|
192
|
|
|
|
175
|
|
Retained earnings
|
|
|
5,220
|
|
|
|
4,920
|
|
Accumulated other comprehensive income (loss), net
|
|
|
(128
|
)
|
|
|
(177
|
)
|
Total Celanese Corporation stockholders' equity
|
|
|
3,253
|
|
|
|
2,887
|
|
Noncontrolling interests
|
|
|
412
|
|
|
|
412
|
|
Total equity
|
|
|
3,665
|
|
|
|
3,299
|
|
Total liabilities and equity
|
|
|
9,780
|
|
|
|
9,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-US GAAP Financial Measures and Supplemental
Information
April 16, 2018
In this document, the terms the "Company," "we" and "our" refer to
Celanese Corporation and its subsidiaries on a consolidated basis.
Purpose
The purpose of this document is to provide information of interest to
investors, analysts and other parties including supplemental financial
information and reconciliations and other information concerning our use
of non-US GAAP financial measures. This document is updated quarterly.
Presentation
This document presents the Company's four business segments,
Engineered Materials, Acetate Tow, Industrial Specialties and Acetyl
Intermediates, with one subtotal reflecting our core, the Acetyl Chain,
which is based on similarities among customers, business models and
technical processes. The Acetyl Chain includes the Company's Industrial
Specialties segment and Acetyl Intermediates segment.
Use of Non-US GAAP Financial Measures
From time to time, management may publicly disclose certain numerical
"non-GAAP financial measures" in the course of our earnings releases,
financial presentations, earnings conference calls, investor and analyst
meetings and otherwise. For these purposes, the Securities and Exchange
Commission ("SEC") defines a "non-GAAP financial measure" as a numerical
measure of historical or future financial performance, financial
position or cash flows that excludes amounts, or is subject to
adjustments that effectively exclude amounts, included in the most
directly comparable measure calculated and presented in accordance with
US GAAP, and vice versa for measures that include amounts, or are
subject to adjustments that effectively include amounts, that are
excluded from the most directly comparable US GAAP measure so calculated
and presented. For these purposes, "GAAP" refers to generally accepted
accounting principles in the United States.
Non-GAAP financial measures disclosed by management are provided as
additional information to investors, analysts and other parties because
the Company believes them to be important supplemental measures for
assessing our financial and operating results and as a means to evaluate
our financial condition and period-to-period comparisons. These non-GAAP
financial measures should be viewed as supplemental to, and should not
be considered in isolation or as alternatives to, net earnings (loss),
operating profit (loss), operating margin, cash flow from operating
activities (together with cash flow from investing and financing
activities), earnings per share or any other US GAAP financial measure.
These non-GAAP financial measures should be considered within the
context of our complete audited and unaudited financial results for the
given period, which are available on the Investor Relations/Financial
Information/SEC Filings page of our website, www.celanese.com.
The definition and method of calculation of the non-GAAP financial
measures used herein may be different from other companies' methods for
calculating measures with the same or similar titles. Investors,
analysts and other parties should understand how another company
calculates such non-GAAP financial measures before comparing the other
company's non-GAAP financial measures to any of our own. These non-GAAP
financial measures may not be indicative of the historical operating
results of the Company nor are they intended to be predictive or
projections of future results.
Pursuant to the requirements of SEC Regulation G, whenever we refer
to a non-GAAP financial measure, we will also present in this document,
in the presentation itself or on a Form 8-K in connection with the
presentation on the Investor Relations/Financial Information/Non-GAAP
Financial Measures page of our website, www.celanese.com,
to the extent practicable, the most directly comparable financial
measure calculated and presented in accordance with GAAP, along with a
reconciliation of the differences between the non-GAAP financial measure
we reference and such comparable GAAP financial measure.
This document includes definitions and reconciliations of non-GAAP
financial measures used from time to time by the Company.
Specific Measures Used
This document provides information about the following non-GAAP
measures: adjusted EBIT, adjusted EBIT margin, operating EBITDA,
operating EBITDA margin, operating profit (loss) attributable to
Celanese Corporation, adjusted earnings per share, net debt, free cash
flow and return on invested capital (adjusted). 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
adjusted EBIT margin and operating EBITDA margin is operating margin;
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 net debt is total debt; for free cash flow
is net cash provided by (used in) operations; and for return on invested
capital (adjusted) is net earnings (loss) attributable to Celanese
Corporation divided by the sum of the average of beginning and end of
the year short- and long-term debt and Celanese Corporation
stockholders' equity.
Definitions
-
Adjusted EBIT is a performance measure used by the Company and 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, plus refinancing expense and
taxes, and further adjusted for Certain Items (refer to Table 8). We
believe that adjusted EBIT provides transparent and useful information
to management, investors, analysts and other parties in evaluating and
assessing our primary operating results from period-to-period after
removing the impact of unusual, non-operational or
restructuring-related activities that affect comparability. Our
management recognizes that adjusted EBIT has inherent limitations
because of the excluded items. Adjusted EBIT is one of the measures
management uses for planning and budgeting, monitoring and evaluating
financial and operating results and as a performance metric in the
Company's incentive compensation plan. We do not provide
reconciliations for adjusted EBIT on a forward-looking basis
(including those contained in this document) when we are unable to
provide a meaningful or accurate calculation or estimation of
reconciling items and the information is not available without
unreasonable effort. This is due to the inherent difficulty of
forecasting the timing and amount of Certain Items, such as
mark-to-market pension gains and losses, that have not yet occurred,
are out of our control and/or cannot be reasonably predicted. For the
same reasons, we are unable to address the probable significance of
the unavailable information. Adjusted EBIT margin is defined by the
Company as adjusted EBIT divided by net sales. Adjusted EBIT margin
has the same uses and limitations as Adjusted EBIT.
-
Adjusted EBIT by core (i.e. the Acetyl Chain) may also be referred
to by management as core income. Adjusted EBIT margin by core may also
be referred to by management as core income margin. Adjusted EBIT by
business segment may also be referred to by management as segment
income. Adjusted EBIT margin by business segment may also be referred
to by management as segment income margin.
-
Operating EBITDA is a performance measure used by the Company and
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, plus
refinancing expense, taxes and depreciation and amortization, and
further adjusted for Certain Items, which Certain Items include
accelerated depreciation and amortization expense. Operating EBITDA is
equal to adjusted EBIT plus depreciation and amortization. We believe
that Operating EBITDA provides transparent and useful information to
investors, analysts and other parties in evaluating our operating
performance relative to our peer companies. Operating EBITDA margin is
defined by the Company as Operating EBITDA divided by net sales.
Operating EBITDA margin has the same uses and limitations as Operating
EBITDA.
-
Operating profit (loss) attributable to Celanese Corporation is
defined by the Company as operating profit (loss), less earnings
(loss) attributable to noncontrolling interests ("NCI"). We believe
that operating profit (loss) attributable to Celanese Corporation
provides transparent and useful information to management, investors,
analysts and other parties in evaluating our core operational
performance. Operating margin attributable to Celanese Corporation is
defined by the Company as operating profit (loss) attributable to
Celanese Corporation divided by net sales. Operating margin
attributable to Celanese Corporation has the same uses and limitations
as Operating profit (loss) attributable to Celanese Corporation.
-
Adjusted earnings per share is a performance measure used by the
Company and is defined by the Company as earnings (loss) from
continuing operations attributable to Celanese Corporation, adjusted
for income tax (provision) benefit, Certain Items, and 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. We believe that adjusted earnings per share provides
transparent and useful information to management, investors, analysts
and other parties in evaluating and assessing our primary operating
results from period-to-period after removing the impact of the above
stated items that affect comparability and as a performance metric in
the Company's incentive compensation plan. We do not provide
reconciliations for adjusted earnings per share on a forward-looking
basis (including those contained in this document) when we are unable
to provide a meaningful or accurate calculation or estimation of
reconciling items and the information is not available without
unreasonable effort. This is due to the inherent difficulty of
forecasting the timing and amount of Certain Items, such as
mark-to-market pension gains and losses, that have not yet occurred,
are out of our control and/or cannot be reasonably predicted. For the
same reasons, we are unable to address the probable significance of
the unavailable information.
Note: The income tax
expense (benefit) on Certain Items ("Non-GAAP adjustments") is
determined using the applicable rates in the taxing jurisdictions in
which the Non-GAAP adjustments occurred and includes both current and
deferred income tax expense (benefit). 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 and related costs,
where applicable, and specifically excludes changes in uncertain tax
positions, discrete recognition of GAAP items on a quarterly basis,
other pre-tax 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 for GAAP. In
determining the adjusted earnings per share tax rate, we reflect the
impact of foreign tax credits when utilized, or expected to be
utilized, absent discrete events impacting the timing of foreign tax
credit utilization. We analyze this rate quarterly and adjust it 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. Table 3a summarizes the
reconciliation of our estimated GAAP effective tax rate to the
adjusted tax rate. The estimated GAAP rate excludes discrete
recognition of GAAP items due to our inability to forecast such items.
As part of the year-end reconciliation, we will update the
reconciliation of the GAAP effective tax rate to the adjusted tax rate
for actual results.
-
Free cash flow is a liquidity measure used by the Company and is
defined by the Company as net cash provided by (used in) operations,
less capital expenditures on property, plant and equipment, and
adjusted for capital contributions from or distributions to Mitsui &
Co., Ltd. ("Mitsui") related to our methanol joint venture, Fairway
Methanol LLC ("Fairway"). We believe that free cash flow provides
useful information to management, investors, analysts and other
parties in evaluating the Company's liquidity and credit quality
assessment because it provides an indication of the long-term cash
generating ability of our business. Although we use free cash flow as
a measure to assess the liquidity generated by our business, the use
of free cash flow has important limitations, including that free cash
flow does not reflect the cash requirements necessary to service our
indebtedness, lease obligations, unconditional purchase obligations or
pension and postretirement funding obligations.
Supplemental Information
Supplemental Information we believe to be of interest to investors,
analysts and other parties includes the following:
-
For those consolidated ventures in which the Company owns or is
exposed to less than 100% of the economics, the outside stockholders'
interests are shown as NCI. Beginning in 2014, this includes Fairway
for which the Company's ownership percentage is 50%. Amounts referred
to as "attributable to Celanese Corporation" are net of any applicable
NCI.
Recent Developments
Effective January 1, 2018, we reorganized our operating and
reportable segments to align with recent structural and management
reporting changes. The change reflects the movement of our food
ingredients business from the Consumer Specialties reportable segment
into the Engineered Materials reportable segment. The former Consumer
Specialties reportable segment is being renamed the Acetate Tow segment
and the former Advanced Engineered Materials reportable segment is being
renamed the Engineered Materials segment. This reorganization better
reflects how we manage our food ingredients' related products
commercially. Engineered Materials and food ingredients are both
project-based models which focus on delivering customized solutions and
are led by the same senior management team. These changes in operating
and reportable segments were applied retrospectively to prior periods
through 2014.
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.
|
Table 1 Adjusted EBIT and Operating EBITDA -
Reconciliation of Non-GAAP Measures - Unaudited
|
|
|
|
|
Q1 '18
|
|
|
2017
|
|
|
Q4 '17
|
|
|
Q3 '17
|
|
|
Q2 '17
|
|
|
Q1 '17
|
|
|
|
(In $ millions)
|
Net earnings (loss) attributable to Celanese Corporation
|
|
|
363
|
|
|
|
843
|
|
|
|
203
|
|
|
|
226
|
|
|
|
231
|
|
|
|
183
|
(Earnings) loss from discontinued operations
|
|
|
2
|
|
|
|
13
|
|
|
|
1
|
|
|
|
4
|
|
|
|
8
|
|
|
|
—
|
Interest income
|
|
|
(2
|
)
|
|
|
(2
|
)
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
|
|
—
|
Interest expense
|
|
|
33
|
|
|
|
122
|
|
|
|
31
|
|
|
|
32
|
|
|
|
30
|
|
|
|
29
|
Refinancing expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Income tax provision (benefit)
|
|
|
65
|
|
|
|
213
|
|
|
|
60
|
|
|
|
57
|
|
|
|
40
|
|
|
|
56
|
Certain Items attributable to Celanese Corporation (Table 8)
|
|
|
13
|
|
|
|
167
|
|
|
|
57
|
|
|
|
27
|
|
|
|
18
|
|
|
|
65
|
Adjusted EBIT
|
|
|
474
|
|
|
|
1,356
|
|
|
|
352
|
|
|
|
345
|
|
|
|
326
|
|
|
|
333
|
Depreciation and amortization expense(1)
|
|
|
79
|
|
|
|
303
|
|
|
|
79
|
|
|
|
78
|
|
|
|
75
|
|
|
|
71
|
Operating EBITDA
|
|
|
553
|
|
|
|
1,659
|
|
|
|
431
|
|
|
|
423
|
|
|
|
401
|
|
|
|
404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 '18
|
|
|
|
2017
|
|
|
|
Q4 '17
|
|
|
|
Q3 '17
|
|
|
|
Q2 '17
|
|
|
|
Q1 '17
|
|
|
|
(In $ millions)
|
Engineered Materials
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Acetate Tow
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Industrial Specialties
|
|
|
—
|
|
|
|
2
|
|
|
|
—
|
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
Acetyl Intermediates
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Other Activities(2)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Accelerated depreciation and amortization expense
|
|
|
—
|
|
|
|
2
|
|
|
|
—
|
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
Depreciation and amortization expense(1)
|
|
|
79
|
|
|
|
303
|
|
|
|
79
|
|
|
|
78
|
|
|
|
75
|
|
|
|
71
|
Total depreciation and amortization expense
|
|
|
79
|
|
|
|
305
|
|
|
|
79
|
|
|
|
80
|
|
|
|
75
|
|
|
|
71
|
______________________________
|
|
(1)
|
|
Excludes accelerated depreciation and amortization expense as
detailed in the table above, which amounts are included in Certain
Items above.
|
(2)
|
|
Other Activities includes corporate Selling, general and
administrative ("SG&A") expenses, the results of captive insurance
companies and certain components of net periodic benefit cost
(interest cost, expected return on plan assets and net actuarial
gains and losses).
|
|
|
|
|
|
Table 2 - Supplemental Segment Data and Reconciliation of
Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures -
Unaudited
|
|
|
|
|
Q1 '18
|
|
|
2017
|
|
|
Q4 '17
|
|
|
Q3 '17
|
|
|
Q2 '17
|
|
|
Q1 '17
|
|
|
|
(In $ millions, except percentages)
|
Operating Profit (Loss) / Operating Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Materials
|
|
|
127
|
|
|
|
19.1
|
%
|
|
|
412
|
|
|
|
18.6
|
%
|
|
|
98
|
|
|
|
16.9
|
%
|
|
|
105
|
|
|
|
18.3
|
%
|
|
|
105
|
|
|
|
19.2
|
%
|
|
|
104
|
|
|
|
20.2
|
%
|
Acetate Tow
|
|
|
46
|
|
|
|
27.4
|
%
|
|
|
189
|
|
|
|
28.3
|
%
|
|
|
41
|
|
|
|
26.1
|
%
|
|
|
45
|
|
|
|
28.7
|
%
|
|
|
41
|
|
|
|
25.2
|
%
|
|
|
62
|
|
|
|
32.5
|
%
|
Acetyl Chain(1)
|
|
|
253
|
|
|
|
24.1
|
%
|
|
|
509
|
|
|
|
15.1
|
%
|
|
|
175
|
|
|
|
19.7
|
%
|
|
|
147
|
|
|
|
17.0
|
%
|
|
|
135
|
|
|
|
16.3
|
%
|
|
|
52
|
|
|
|
6.5
|
%
|
Other Activities(2)
|
|
|
(83
|
)
|
|
|
|
|
|
(253
|
)
|
|
|
|
|
|
(74
|
)
|
|
|
|
|
|
(68
|
)
|
|
|
|
|
|
(63
|
)
|
|
|
|
|
|
(48
|
)
|
|
|
|
Total
|
|
|
343
|
|
|
|
18.5
|
%
|
|
|
857
|
|
|
|
14.0
|
%
|
|
|
240
|
|
|
|
15.1
|
%
|
|
|
229
|
|
|
|
14.6
|
%
|
|
|
218
|
|
|
|
14.4
|
%
|
|
|
170
|
|
|
|
11.6
|
%
|
Less: Net Earnings (Loss) Attributable to NCI(1)
|
|
|
2
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
1
|
|
|
|
|
Operating Profit (Loss) Attributable to Celanese Corporation
|
|
|
341
|
|
|
|
18.4
|
%
|
|
|
851
|
|
|
|
13.9
|
%
|
|
|
239
|
|
|
|
15.0
|
%
|
|
|
227
|
|
|
|
14.5
|
%
|
|
|
216
|
|
|
|
14.3
|
%
|
|
|
169
|
|
|
|
11.5
|
%
|
Operating Profit (Loss) / Operating Margin Attributable to
Celanese Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Materials
|
|
|
127
|
|
|
|
19.1
|
%
|
|
|
412
|
|
|
|
18.6
|
%
|
|
|
98
|
|
|
|
16.9
|
%
|
|
|
105
|
|
|
|
18.3
|
%
|
|
|
105
|
|
|
|
19.2
|
%
|
|
|
104
|
|
|
|
20.2
|
%
|
Acetate Tow
|
|
|
46
|
|
|
|
27.4
|
%
|
|
|
189
|
|
|
|
28.3
|
%
|
|
|
41
|
|
|
|
26.1
|
%
|
|
|
45
|
|
|
|
28.7
|
%
|
|
|
41
|
|
|
|
25.2
|
%
|
|
|
62
|
|
|
|
32.5
|
%
|
Industrial Specialties
|
|
|
23
|
|
|
|
8.4
|
%
|
|
|
85
|
|
|
|
8.3
|
%
|
|
|
15
|
|
|
|
6.0
|
%
|
|
|
19
|
|
|
|
7.2
|
%
|
|
|
26
|
|
|
|
9.9
|
%
|
|
|
25
|
|
|
|
10.2
|
%
|
Acetyl Intermediates(1)
|
|
|
229
|
|
|
|
26.3
|
%
|
|
|
418
|
|
|
|
15.7
|
%
|
|
|
159
|
|
|
|
22.2
|
%
|
|
|
126
|
|
|
|
18.4
|
%
|
|
|
107
|
|
|
|
16.5
|
%
|
|
|
26
|
|
|
|
4.2
|
%
|
Eliminations
|
|
|
(1
|
)
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
Acetyl Chain
|
|
|
251
|
|
|
|
23.9
|
%
|
|
|
503
|
|
|
|
14.9
|
%
|
|
|
174
|
|
|
|
19.6
|
%
|
|
|
145
|
|
|
|
16.8
|
%
|
|
|
133
|
|
|
|
16.1
|
%
|
|
|
51
|
|
|
|
6.4
|
%
|
Other Activities(2)
|
|
|
(83
|
)
|
|
|
|
|
|
(253
|
)
|
|
|
|
|
|
(74
|
)
|
|
|
|
|
|
(68
|
)
|
|
|
|
|
|
(63
|
)
|
|
|
|
|
|
(48
|
)
|
|
|
|
Total
|
|
|
341
|
|
|
|
18.4
|
%
|
|
|
851
|
|
|
|
13.9
|
%
|
|
|
239
|
|
|
|
15.0
|
%
|
|
|
227
|
|
|
|
14.5
|
%
|
|
|
216
|
|
|
|
14.3
|
%
|
|
|
169
|
|
|
|
11.5
|
%
|
Equity Earnings, Cost-Dividend Income, Other Income (Expense)
Attributable to Celanese Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Materials
|
|
|
54
|
|
|
|
|
|
|
171
|
|
|
|
|
|
|
43
|
|
|
|
|
|
|
47
|
|
|
|
|
|
|
38
|
|
|
|
|
|
|
43
|
|
|
|
|
Acetate Tow
|
|
|
32
|
|
|
|
|
|
|
107
|
|
|
|
|
|
|
26
|
|
|
|
|
|
|
24
|
|
|
|
|
|
|
28
|
|
|
|
|
|
|
29
|
|
|
|
|
Industrial Specialties
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
Acetyl Intermediates
|
|
|
2
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
1
|
|
|
|
|
Acetyl Chain
|
|
|
2
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
1
|
|
|
|
|
Other Activities(2)
|
|
|
6
|
|
|
|
|
|
|
10
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
2
|
|
|
|
|
|
|
4
|
|
|
|
|
Total
|
|
|
94
|
|
|
|
|
|
|
294
|
|
|
|
|
|
|
79
|
|
|
|
|
|
|
68
|
|
|
|
|
|
|
70
|
|
|
|
|
|
|
77
|
|
|
|
|
Non-Operating Pension and Other Post-Retirement Employee Benefit
(Expense) Income Attributable to Celanese Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Materials
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
Acetate Tow
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
Industrial Specialties
|
|
|
—
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
Acetyl Intermediates
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
Acetyl Chain
|
|
|
—
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
Other Activities(2)
|
|
|
26
|
|
|
|
|
|
|
42
|
|
|
|
|
|
|
(24
|
)
|
|
|
|
|
|
22
|
|
|
|
|
|
|
22
|
|
|
|
|
|
|
22
|
|
|
|
|
Total
|
|
|
26
|
|
|
|
|
|
|
44
|
|
|
|
|
|
|
(23
|
)
|
|
|
|
|
|
23
|
|
|
|
|
|
|
22
|
|
|
|
|
|
|
22
|
|
|
|
|
Certain Items Attributable to Celanese Corporation (Table
8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Materials
|
|
|
1
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
3
|
|
|
|
|
Acetate Tow
|
|
|
—
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
2
|
|
|
|
|
Industrial Specialties
|
|
|
—
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
Acetyl Intermediates
|
|
|
—
|
|
|
|
|
|
|
61
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
(3
|
)
|
|
|
|
|
|
56
|
|
|
|
|
Acetyl Chain
|
|
|
—
|
|
|
|
|
|
|
64
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
10
|
|
|
|
|
|
|
(3
|
)
|
|
|
|
|
|
56
|
|
|
|
|
Other Activities(2)
|
|
|
12
|
|
|
|
|
|
|
82
|
|
|
|
|
|
|
54
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
4
|
|
|
|
|
Total
|
|
|
13
|
|
|
|
|
|
|
167
|
|
|
|
|
|
|
57
|
|
|
|
|
|
|
27
|
|
|
|
|
|
|
18
|
|
|
|
|
|
|
65
|
|
|
|
|
___________________________
|
(1)
|
|
Net earnings (loss) attributable to NCI is included within the
Acetyl Intermediates segment.
|
(2)
|
|
Other Activities includes corporate SG&A expenses, the results of
captive insurance companies and certain components of net periodic
benefit cost (interest cost, expected return on plan assets and net
actuarial gains and losses).
|
|
|
|
|
|
Table 2 - Supplemental Segment Data and Reconciliation of
Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures -
Unaudited (cont.)
|
|
|
|
|
Q1 '18
|
|
|
2017
|
|
|
Q4 '17
|
|
|
Q3 '17
|
|
|
Q2 '17
|
|
|
Q1 '17
|
|
|
|
(In $ millions, except percentages)
|
Adjusted EBIT / Adjusted EBIT Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Materials
|
|
|
182
|
|
|
27.4
|
%
|
|
|
599
|
|
|
27.1
|
%
|
|
|
142
|
|
|
24.5
|
%
|
|
|
157
|
|
|
27.4
|
%
|
|
|
150
|
|
|
27.5
|
%
|
|
|
150
|
|
|
29.2
|
%
|
Acetate Tow
|
|
|
78
|
|
|
46.4
|
%
|
|
|
301
|
|
|
45.1
|
%
|
|
|
68
|
|
|
43.3
|
%
|
|
|
69
|
|
|
43.9
|
%
|
|
|
71
|
|
|
43.6
|
%
|
|
|
93
|
|
|
48.7
|
%
|
Industrial Specialties
|
|
|
23
|
|
|
8.4
|
%
|
|
|
90
|
|
|
8.8
|
%
|
|
|
16
|
|
|
6.3
|
%
|
|
|
23
|
|
|
8.7
|
%
|
|
|
26
|
|
|
9.9
|
%
|
|
|
25
|
|
|
10.2
|
%
|
Acetyl Intermediates
|
|
|
231
|
|
|
26.5
|
%
|
|
|
485
|
|
|
18.2
|
%
|
|
|
162
|
|
|
22.6
|
%
|
|
|
134
|
|
|
19.6
|
%
|
|
|
106
|
|
|
16.3
|
%
|
|
|
83
|
|
|
13.4
|
%
|
Eliminations
|
|
|
(1
|
)
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
Acetyl Chain
|
|
|
253
|
|
|
24.1
|
%
|
|
|
575
|
|
|
17.1
|
%
|
|
|
178
|
|
|
20.0
|
%
|
|
|
157
|
|
|
18.2
|
%
|
|
|
132
|
|
|
16.0
|
%
|
|
|
108
|
|
|
13.6
|
%
|
Other Activities(2)
|
|
|
(39
|
)
|
|
|
|
|
(119
|
)
|
|
|
|
|
(36
|
)
|
|
|
|
|
(38
|
)
|
|
|
|
|
(27
|
)
|
|
|
|
|
(18
|
)
|
|
|
Total
|
|
|
474
|
|
|
25.6
|
%
|
|
|
1,356
|
|
|
22.1
|
%
|
|
|
352
|
|
|
22.1
|
%
|
|
|
345
|
|
|
22.0
|
%
|
|
|
326
|
|
|
21.6
|
%
|
|
|
333
|
|
|
22.6
|
%
|
Depreciation and Amortization Expense(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Materials
|
|
|
32
|
|
|
|
|
|
111
|
|
|
|
|
|
29
|
|
|
|
|
|
30
|
|
|
|
|
|
27
|
|
|
|
|
|
25
|
|
|
|
Acetate Tow
|
|
|
10
|
|
|
|
|
|
41
|
|
|
|
|
|
11
|
|
|
|
|
|
10
|
|
|
|
|
|
10
|
|
|
|
|
|
10
|
|
|
|
Industrial Specialties
|
|
|
9
|
|
|
|
|
|
36
|
|
|
|
|
|
10
|
|
|
|
|
|
8
|
|
|
|
|
|
10
|
|
|
|
|
|
8
|
|
|
|
Acetyl Intermediates
|
|
|
26
|
|
|
|
|
|
105
|
|
|
|
|
|
27
|
|
|
|
|
|
26
|
|
|
|
|
|
26
|
|
|
|
|
|
26
|
|
|
|
Acetyl Chain
|
|
|
35
|
|
|
|
|
|
141
|
|
|
|
|
|
37
|
|
|
|
|
|
34
|
|
|
|
|
|
36
|
|
|
|
|
|
34
|
|
|
|
Other Activities(2)
|
|
|
2
|
|
|
|
|
|
10
|
|
|
|
|
|
2
|
|
|
|
|
|
4
|
|
|
|
|
|
2
|
|
|
|
|
|
2
|
|
|
|
Total
|
|
|
79
|
|
|
|
|
|
303
|
|
|
|
|
|
79
|
|
|
|
|
|
78
|
|
|
|
|
|
75
|
|
|
|
|
|
71
|
|
|
|
Operating EBITDA / Operating EBITDA Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Materials
|
|
|
214
|
|
|
32.2
|
%
|
|
|
710
|
|
|
32.1
|
%
|
|
|
171
|
|
|
29.5
|
%
|
|
|
187
|
|
|
32.6
|
%
|
|
|
177
|
|
|
32.4
|
%
|
|
|
175
|
|
|
34.0
|
%
|
Acetate Tow
|
|
|
88
|
|
|
52.4
|
%
|
|
|
342
|
|
|
51.2
|
%
|
|
|
79
|
|
|
50.3
|
%
|
|
|
79
|
|
|
50.3
|
%
|
|
|
81
|
|
|
49.7
|
%
|
|
|
103
|
|
|
53.9
|
%
|
Industrial Specialties
|
|
|
32
|
|
|
11.7
|
%
|
|
|
126
|
|
|
12.3
|
%
|
|
|
26
|
|
|
10.3
|
%
|
|
|
31
|
|
|
11.7
|
%
|
|
|
36
|
|
|
13.7
|
%
|
|
|
33
|
|
|
13.5
|
%
|
Acetyl Intermediates
|
|
|
257
|
|
|
29.5
|
%
|
|
|
590
|
|
|
22.1
|
%
|
|
|
189
|
|
|
26.4
|
%
|
|
|
160
|
|
|
23.4
|
%
|
|
|
132
|
|
|
20.3
|
%
|
|
|
109
|
|
|
17.6
|
%
|
Eliminations
|
|
|
(1
|
)
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
Acetyl Chain
|
|
|
288
|
|
|
27.4
|
%
|
|
|
716
|
|
|
21.2
|
%
|
|
|
215
|
|
|
24.2
|
%
|
|
|
191
|
|
|
22.1
|
%
|
|
|
168
|
|
|
20.3
|
%
|
|
|
142
|
|
|
17.9
|
%
|
Other Activities(2)
|
|
|
(37
|
)
|
|
|
|
|
(109
|
)
|
|
|
|
|
(34
|
)
|
|
|
|
|
(34
|
)
|
|
|
|
|
(25
|
)
|
|
|
|
|
(16
|
)
|
|
|
Total
|
|
|
553
|
|
|
29.9
|
%
|
|
|
1,659
|
|
|
27.0
|
%
|
|
|
431
|
|
|
27.1
|
%
|
|
|
423
|
|
|
27.0
|
%
|
|
|
401
|
|
|
26.6
|
%
|
|
|
404
|
|
|
27.5
|
%
|
___________________________
|
(1)
|
|
Excludes accelerated depreciation and amortization expense, which
amounts are included in Certain Items above. See Table 1 for details.
|
(2)
|
|
Other Activities includes corporate SG&A expenses, the results of
captive insurance companies and certain components of net periodic
benefit cost (interest cost, expected return on plan assets and net
actuarial gains and losses).
|
|
|
|
|
|
Table 3 Adjusted Earnings (Loss) per Share -
Reconciliation of a Non-GAAP Measure - Unaudited
|
|
|
|
|
Q1 '18
|
|
|
2017
|
|
|
Q4 '17
|
|
|
Q3 '17
|
|
|
Q2 '17
|
|
|
Q1 '17
|
|
|
|
|
|
|
per share
|
|
|
|
|
|
per share
|
|
|
|
|
|
per share
|
|
|
|
|
|
per share
|
|
|
|
|
|
per share
|
|
|
|
|
|
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations attributable to Celanese
Corporation
|
|
|
365
|
|
|
|
2.68
|
|
|
|
856
|
|
|
|
6.19
|
|
|
|
204
|
|
|
|
1.50
|
|
|
|
230
|
|
|
|
1.68
|
|
|
|
239
|
|
|
|
1.72
|
|
|
|
183
|
|
|
|
1.30
|
Income tax provision (benefit)
|
|
|
65
|
|
|
|
|
|
|
213
|
|
|
|
|
|
|
60
|
|
|
|
|
|
|
57
|
|
|
|
|
|
|
40
|
|
|
|
|
|
|
56
|
|
|
|
|
Earnings (loss) from continuing operations before tax
|
|
|
430
|
|
|
|
|
|
|
1,069
|
|
|
|
|
|
|
264
|
|
|
|
|
|
|
287
|
|
|
|
|
|
|
279
|
|
|
|
|
|
|
239
|
|
|
|
|
Certain Items attributable to Celanese Corporation (Table
8)
|
|
|
13
|
|
|
|
|
|
|
167
|
|
|
|
|
|
|
57
|
|
|
|
|
|
|
27
|
|
|
|
|
|
|
18
|
|
|
|
|
|
|
65
|
|
|
|
|
Adjusted earnings (loss) from continuing operations before tax
|
|
|
443
|
|
|
|
|
|
|
1,236
|
|
|
|
|
|
|
321
|
|
|
|
|
|
|
314
|
|
|
|
|
|
|
297
|
|
|
|
|
|
|
304
|
|
|
|
|
Income tax (provision) benefit on adjusted earnings(1)
|
|
|
(62
|
)
|
|
|
|
|
|
(198
|
)
|
|
|
|
|
|
(51
|
)
|
|
|
|
|
|
(50
|
)
|
|
|
|
|
|
(48
|
)
|
|
|
|
|
|
(49
|
)
|
|
|
|
Adjusted earnings (loss) from continuing operations(2)
|
|
|
381
|
|
|
|
2.79
|
|
|
|
1,038
|
|
|
|
7.51
|
|
|
|
270
|
|
|
|
1.98
|
|
|
|
264
|
|
|
|
1.93
|
|
|
|
249
|
|
|
|
1.79
|
|
|
|
255
|
|
|
|
1.81
|
|
|
|
Diluted shares (in millions)(3)
|
Weighted average shares outstanding
|
|
|
135.9
|
|
|
|
|
|
|
137.9
|
|
|
|
|
|
|
135.8
|
|
|
|
|
|
|
136.6
|
|
|
|
|
|
|
138.6
|
|
|
|
|
|
|
140.6
|
|
|
|
|
Incremental shares attributable to equity awards
|
|
|
0.5
|
|
|
|
|
|
|
0.4
|
|
|
|
|
|
|
0.5
|
|
|
|
|
|
|
0.4
|
|
|
|
|
|
|
0.4
|
|
|
|
|
|
|
0.4
|
|
|
|
|
Total diluted shares
|
|
|
136.4
|
|
|
|
|
|
|
138.3
|
|
|
|
|
|
|
136.3
|
|
|
|
|
|
|
137.0
|
|
|
|
|
|
|
139.0
|
|
|
|
|
|
|
141.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
______________________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculated using adjusted effective tax rates
(Table 3a) as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 '18
|
|
|
2017
|
|
|
Q4 '17
|
|
|
Q3 '17
|
|
|
Q2 '17
|
|
|
Q1 '17
|
|
|
|
(In percentages)
|
Adjusted effective tax rate
|
|
|
14
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Excludes the immediate recognition of actuarial
gains and losses and the impact of actual vs. expected plan asset
returns.
|
|
|
|
|
|
Actual Plan Asset Returns
|
|
|
Expected Plan Asset Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In percentages)
|
|
2017
|
|
|
10.5
|
|
|
7.3
|
|
|
|
|
|
|
|
|
|
(3) Potentially dilutive shares are included in the
adjusted earnings per share calculation when adjusted earnings are
positive.
|
|
|
Table 3a Adjusted Tax Rate - Reconciliation of a
Non-GAAP Measure - Unaudited
|
|
|
|
|
Estimated
|
|
|
Actual
|
|
|
|
2018
|
|
|
2017
|
|
|
|
(In percentages)
|
US GAAP annual effective tax rate
|
|
|
14
|
|
|
|
20
|
|
Discrete quarterly recognition of GAAP items(1)
|
|
|
—
|
|
|
|
(11
|
)
|
Tax impact of other charges and adjustments(2)
|
|
|
(2
|
)
|
|
|
1
|
|
Utilization of foreign tax credits
|
|
|
—
|
|
|
|
20
|
|
Changes in valuation allowances, excluding impact of other charges
and adjustments(3)
|
|
|
1
|
|
|
|
(13
|
)
|
Other(4)
|
|
|
1
|
|
|
|
(1
|
)
|
Adjusted tax rate
|
|
|
14
|
|
|
|
16
|
|
______________________________
|
Note: As part of the year-end reconciliation, we will update
the reconciliation of the GAAP effective tax rate for actual
results.
|
(1)
|
|
Such as changes in tax laws (including US tax reform), deferred
taxes on outside basis differences, changes in uncertain tax
positions and prior year audit adjustments.
|
(2)
|
|
Reflects the tax impact on pre-tax adjustments presented in Certain
Items (Table 8), which are excluded from pre-tax income for adjusted
earnings per share purposes.
|
(3)
|
|
Reflects changes in valuation allowances related to changes in
judgment regarding the realizability of deferred tax assets or
current year operations, excluding other charges and adjustments.
|
(4)
|
|
Tax impacts related to full-year forecasted tax opportunities and
related costs.
|
|
|
|
|
|
Table 5 Free Cash Flow - Reconciliation of a
Non-GAAP Measure - Unaudited
|
|
|
|
|
Q1 '18
|
|
|
2017
|
|
|
Q4 '17
|
|
|
Q3 '17
|
|
|
Q2 '17
|
|
|
Q1 '17
|
|
|
|
(In $ millions)
|
Net cash provided by (used in) investing activities
|
|
|
(235
|
)
|
|
|
(549
|
)
|
|
|
(92
|
)
|
|
|
(68
|
)
|
|
|
(325
|
)
|
|
|
(64
|
)
|
Net cash provided by (used in) financing activities
|
|
|
(2
|
)
|
|
|
(351
|
)
|
|
|
145
|
|
|
|
(247
|
)
|
|
|
21
|
|
|
|
(270
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
143
|
|
|
|
803
|
|
|
|
58
|
|
|
|
255
|
|
|
|
298
|
|
|
|
192
|
|
Capital expenditures on property, plant and equipment
|
|
|
(86
|
)
|
|
|
(267
|
)
|
|
|
(87
|
)
|
|
|
(64
|
)
|
|
|
(54
|
)
|
|
|
(62
|
)
|
Capital (distributions to) contributions from NCI
|
|
|
(2
|
)
|
|
|
(27
|
)
|
|
|
(9
|
)
|
|
|
(10
|
)
|
|
|
(4
|
)
|
|
|
(4
|
)
|
Free cash flow(1)(2)
|
|
|
55
|
|
|
|
509
|
|
|
|
(38
|
)
|
|
|
181
|
|
|
|
240
|
|
|
|
126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
1,851
|
|
|
|
6,140
|
|
|
|
1,593
|
|
|
|
1,566
|
|
|
|
1,510
|
|
|
|
1,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow as % of Net sales
|
|
|
3.0
|
%
|
|
|
8.3
|
%
|
|
|
(2.4
|
)%
|
|
|
11.6
|
%
|
|
|
15.9
|
%
|
|
|
8.6
|
%
|
______________________________
|
(1)
|
|
Free cash flow is a liquidity measure used by the Company and is
defined by the Company as net cash provided by (used in) operating
activities, less capital expenditures on property, plant and
equipment, and adjusted for capital contributions from or
distributions to Mitsui & Co., Ltd. ("Mitsui") related to our joint
venture, Fairway Methanol LLC ("Fairway").
|
(2)
|
|
Excludes required debt service and capital lease payments of $63
million and $27 million for the years ending December 31, 2018 and
2017, respectively.
|
|
|
|
|
Table 8 Certain Items - Unaudited
|
|
The following Certain Items attributable to Celanese Corporation
are included in Net earnings (loss) and are adjustments to
non-GAAP measures:
|
|
|
|
|
Q1 '18
|
|
|
2017
|
|
|
Q4 '17
|
|
|
Q3 '17
|
|
|
Q2 '17
|
|
|
Q1 '17
|
|
|
Income Statement Classification
|
|
|
|
(In $ millions)
|
|
|
|
Plant/office closures
|
|
|
—
|
|
|
|
58
|
|
|
|
2
|
|
|
|
2
|
|
|
|
(3
|
)
|
|
|
57
|
|
|
|
Cost of sales / SG&A / R&D / Other charges (gains), net
|
Mergers and acquisitions
|
|
|
13
|
|
|
|
35
|
|
|
|
9
|
|
|
|
10
|
|
|
|
7
|
|
|
|
9
|
|
|
|
Cost of sales / SG&A / Other income (expense), net
|
Impact from natural disasters(1)
|
|
|
—
|
|
|
|
11
|
|
|
|
—
|
|
|
|
11
|
|
|
|
—
|
|
|
|
—
|
|
|
|
Cost of sales
|
InfraServ ownership change
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
|
|
Other charges (gains), net / Equity in net earnings (loss) of
affiliates
|
Actuarial (gain) loss on pension and postretirement plans
|
|
|
—
|
|
|
|
46
|
|
|
|
46
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
Cost of sales / SG&A / R&D
|
Restructuring
|
|
|
—
|
|
|
|
9
|
|
|
|
—
|
|
|
|
4
|
|
|
|
3
|
|
|
|
2
|
|
|
|
Cost of sales / SG&A / R&D / Other charges (gains), net
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
(3
|
)
|
|
|
(Gain) loss on disposition, net / Equity in net earnings (loss) of
affiliates
|
Certain Items attributable to Celanese Corporation
|
|
|
13
|
|
|
|
167
|
|
|
|
57
|
|
|
|
27
|
|
|
|
18
|
|
|
|
65
|
|
|
|
|
______________________________
|
(1)
|
|
Primarily associated with Hurricane Harvey.
|
|
|
|
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