Celanese Corporation Reports Second Quarter 2018 Earnings; Increases Full Year 2018 Outlook DALLAS
Celanese Corporation (NYSE: CE), a global specialty materials company,
today reported GAAP diluted earnings per share of $2.52, a second
quarter record, and highest ever adjusted earnings per share of $2.90.
Net sales in the quarter expanded 22 percent year over year to
$1.8 billion. Robust pricing across the businesses led to the success
this quarter. The Acetyl Chain captured opportunities by rapidly flexing
its expansive network amid both industry supply disruptions and improved
utilization rates. Engineered Materials continued to demonstrate the
strength of its pipeline model through project commercializations,
improved product mix, and higher pricing.
Second Quarter 2018 Financial Highlights:
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Three Months Ended June 30,
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2018
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2017
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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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Engineered Materials
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114
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105
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Acetate Tow
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39
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41
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Acetyl Chain
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Industrial Specialties
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22
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26
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Acetyl Intermediates
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251
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109
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Subtotal
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273
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135
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Other Activities
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(68
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)
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(63
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Total
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358
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218
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Three Months Ended June 30,
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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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345
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233
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Adjusted EBIT(1)(2)
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Engineered Materials
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175
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150
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Acetate Tow
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77
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71
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Acetyl Chain
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Industrial Specialties
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25
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26
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Acetyl Intermediates
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252
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106
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Subtotal
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277
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132
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Other Activities
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(38
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(27
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Total
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491
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326
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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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38
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Acetate Tow
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33
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28
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Operating EBITDA(1)
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573
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401
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Diluted EPS - continuing operations
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$
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2.52
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$
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1.72
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Diluted EPS - total
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$
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2.52
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$
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1.66
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Adjusted EPS(1)
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$
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2.90
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$
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1.79
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Net cash provided by (used in) investing activities
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(96
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(325
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Net cash provided by (used in) financing activities
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(254
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21
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Net cash provided by (used in) operating activities
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585
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298
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Free cash flow(1)
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500
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240
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___________________________
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(1) See "Non-US GAAP Financial Measures" below.
(2) 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.
Second Quarter 2018 Highlights:
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Initiated the closure of the acetate tow manufacturing unit in
Ocotlán, Jalisco, Mexico. The consolidation will strengthen
competitive positioning, reduce costs, and align production capacities
with anticipated industry demand.
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Commercialized 733 Engineered Materials projects in the second quarter
of 2018, a 34 percent increase over the second quarter of last year.
On pace to deliver close to 3,000 project wins for the full year.
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Launched the “Regulated Product” (RP) acetate tow category with an
increased level of regulatory support and product testing, along with
raw material and product traceability, for United States grades used
in tobacco products.
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Generated all-time record free cash flow of $500 million in the
quarter on the strength of underlying earnings growth and strong
accounts receivable and inventory performance relative to earnings
levels.
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Signed a Letter of Intent with Chengzhi Shareholding Co., Ltd. to sell
the Nanjing ethanol unit to Chengzhi and advance the use of acetic
acid-based ethanol as a clean energy source utilizing the TCX® ethanol
process technology.
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Announced capital efficient technology process improvements across
acetyls manufacturing plants that add 140 kt of acetic acid and 150 kt
of VAM through 2020.
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Announced the addition of a new GUR® ultra-high molecular weight
polyethylene (UHMW-PE) production line at the Nanjing, China
manufacturing facility that is expected to add 15 kt of capacity by
2019.
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Announced a capital efficient multi-phase de-bottlenecking project for
POM production lines with completion of Phase I de-bottlenecking in
2020 and Phase II completion shortly thereafter.
Second Quarter 2018 Business Segment Overview
Engineered Materials (EM)
Engineered Materials delivered its second highest net sales of $664
million in the quarter, 22 percent higher than the prior year. GAAP
operating profit in the second quarter was $114 million and segment
income was $175 million. This growth in adjusted earnings resulted from
the success of the opportunity pipeline, improved product mix, and
recent acquisitions. 733 new projects were commercialized in the
quarter, 34 percent more than in the prior year second quarter. Volume
grew year over year with higher project commercializations, the Omni
acquisition, and growth in Asia and the Americas. Growing demand for the
ability to customize solutions supported by a broad range of polymers
continues to drive growth for EM. Operating profit margin and segment
income margin both dipped slightly lower year over year mainly due to
acquisitions and cost inflation, partially offset by higher pricing
across products. Affiliate earnings were $53 million and increased from
the same quarter last year driven by MTBE pricing and higher economic
interest in the Ibn Sina joint venture.
Acetate Tow
Acetate Tow GAAP operating profit was $39 million and segment income was
$77 million in the second quarter. Volume and price in the quarter
declined in the tow product line compared to the same quarter in 2017
due to lower industry capacity utilization and were partially offset by
mix and productivity gains. Affiliate earnings grew by $5 million to $33
million due to the timing of dividend payments from the Chinese joint
ventures.
Acetyl Chain
The Acetyl Chain’s net sales of $1.0 billion in the second quarter
represented a 27 percent increase over the same quarter in 2017 driven
by continued commercial momentum in the business. GAAP operating profit
was $273 million and core income more than doubled year over year to
$277 million, both all-time highs. Sustained improvements in the acetyl
industry fundamentals allowed the business to considerably increase
network activations compared to the same quarter in 2017. Record GAAP
operating margin and core income margin of 26 percent were achieved
through price increases across products and regions, led by acetic acid
in Asia, which more than offset increases in raw material costs. Demand
continues to be strong across all product lines and in all regions
supporting higher volume and strong earnings.
Cash Flow and Tax
Operating cash flow in the second quarter was $585 million. Free cash
flow was $500 million, driven by robust underlying business results and
strong accounts receivable and inventory performance relative to
earnings. The company is on pace to deliver free cash flow exceeding $1
billion for all of 2018. Capital expenditures were $79 million in the
quarter for a total of $165 million in the first half, driven by a
number of organic capacity expansion projects across the businesses. A
total of $173 million in cash was returned to shareholders, with $100
million in share buybacks and $73 million in dividends.
The effective US GAAP tax rate was 22 percent compared to 14 percent in
the second quarter of 2017 driven mainly by adjustments to valuation
allowances on foreign tax credits. The tax rate for adjusted EPS was 14
percent, 2 percent lower year over year for the quarter, primarily due
to the Tax Cuts and Jobs Act.
Outlook
"Success in the second quarter of 2018 came from applying our unique
commercial approach to steady demand increments and tight market
fundamentals across our businesses," said Mark Rohr, chairman and chief
executive officer. "In Engineered Materials, the project pipeline model
continues to advance by custom-matching our full breadth of polymer
solutions to individual customer needs with increasing efficiency. In
the Acetyl Chain, a continuation of tightened supply and demand dynamics
has presented new opportunities to apply our business model. For the
year, Acetate Tow earnings are expected to remain relatively flat to the
prior year. In the Acetyl Chain we anticipate the momentum to carry into
the third quarter with normal seasonality in the fourth quarter.
Considering these factors, we are increasing our expectations for 2018
adjusted earnings to roughly $10.50-$10.75 per share and free cash flow
greater than $1 billion."
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
second quarter results will be posted on its website at www.celanese.com
under Investor Relations/Events and Presentations after market close on
July 19, 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 July 19, 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.
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Consolidated Statements of Operations - Unaudited
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Three Months Ended June 30,
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2018
|
|
2017
|
|
|
|
|
|
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(As Adjusted)
|
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|
|
|
(In $ millions, except share and per share data)
|
Net sales
|
|
|
|
1,844
|
|
|
1,510
|
|
Cost of sales
|
|
|
|
(1,323
|
)
|
|
(1,145
|
)
|
Gross profit
|
|
|
|
521
|
|
|
365
|
|
Selling, general and administrative expenses
|
|
|
|
(136
|
)
|
|
(117
|
)
|
Amortization of intangible assets
|
|
|
|
(7
|
)
|
|
(5
|
)
|
Research and development expenses
|
|
|
|
(18
|
)
|
|
(17
|
)
|
Other (charges) gains, net
|
|
|
|
(3
|
)
|
|
(2
|
)
|
Foreign exchange gain (loss), net
|
|
|
|
3
|
|
|
(4
|
)
|
Gain (loss) on disposition of businesses and assets, net
|
|
|
|
(2
|
)
|
|
(2
|
)
|
Operating profit (loss)
|
|
|
|
358
|
|
|
218
|
|
Equity in net earnings (loss) of affiliates
|
|
|
|
56
|
|
|
38
|
|
Non-operating pension and other postretirement employee benefit
(expense) income
|
|
|
|
26
|
|
|
22
|
|
Interest expense
|
|
|
|
(32
|
)
|
|
(30
|
)
|
Interest income
|
|
|
|
—
|
|
|
1
|
|
Dividend income - cost investments
|
|
|
|
34
|
|
|
29
|
|
Other income (expense), net
|
|
|
|
—
|
|
|
3
|
|
Earnings (loss) from continuing operations before tax
|
|
|
|
442
|
|
|
281
|
|
Income tax (provision) benefit
|
|
|
|
(97
|
)
|
|
(40
|
)
|
Earnings (loss) from continuing operations
|
|
|
|
345
|
|
|
241
|
|
Earnings (loss) from operation of discontinued operations
|
|
|
|
—
|
|
|
(9
|
)
|
Income tax (provision) benefit from discontinued operations
|
|
|
|
—
|
|
|
1
|
|
Earnings (loss) from discontinued operations
|
|
|
|
—
|
|
|
(8
|
)
|
Net earnings (loss)
|
|
|
|
345
|
|
|
233
|
|
Net (earnings) loss attributable to noncontrolling interests
|
|
|
|
(1
|
)
|
|
(2
|
)
|
Net earnings (loss) attributable to Celanese Corporation
|
|
|
|
344
|
|
|
231
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
|
|
|
344
|
|
|
239
|
|
Earnings (loss) from discontinued operations
|
|
|
|
—
|
|
|
(8
|
)
|
Net earnings (loss)
|
|
|
|
344
|
|
|
231
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
2.54
|
|
|
1.73
|
|
Discontinued operations
|
|
|
|
—
|
|
|
(0.06
|
)
|
Net earnings (loss) - basic
|
|
|
|
2.54
|
|
|
1.67
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
2.52
|
|
|
1.72
|
|
Discontinued operations
|
|
|
|
—
|
|
|
(0.06
|
)
|
Net earnings (loss) - diluted
|
|
|
|
2.52
|
|
|
1.66
|
|
Weighted average shares (in millions)
|
|
|
|
|
|
|
Basic
|
|
|
|
135.6
|
|
|
138.6
|
|
Diluted
|
|
|
|
136.3
|
|
|
139.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheets - Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2018
|
|
As of December 31, 2017
|
|
|
|
|
(In $ millions)
|
ASSETS
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
708
|
|
|
576
|
|
Trade receivables - third party and affiliates, net
|
|
|
|
1,156
|
|
|
986
|
|
Non-trade receivables, net
|
|
|
|
289
|
|
|
244
|
|
Inventories
|
|
|
|
917
|
|
|
900
|
|
Marketable securities, at fair value
|
|
|
|
32
|
|
|
32
|
|
Other assets
|
|
|
|
51
|
|
|
54
|
|
Total current assets
|
|
|
|
3,153
|
|
|
2,792
|
|
Investments in affiliates
|
|
|
|
963
|
|
|
976
|
|
Property, plant and equipment, net
|
|
|
|
3,724
|
|
|
3,762
|
|
Deferred income taxes
|
|
|
|
163
|
|
|
366
|
|
Other assets
|
|
|
|
392
|
|
|
338
|
|
Goodwill
|
|
|
|
1,069
|
|
|
1,003
|
|
Intangible assets, net
|
|
|
|
325
|
|
|
301
|
|
Total assets
|
|
|
|
9,789
|
|
|
9,538
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
Short-term borrowings and current installments of long-term debt -
third party and affiliates
|
|
|
|
366
|
|
|
326
|
|
Trade payables - third party and affiliates
|
|
|
|
819
|
|
|
807
|
|
Other liabilities
|
|
|
|
314
|
|
|
354
|
|
Income taxes payable
|
|
|
|
111
|
|
|
72
|
|
Total current liabilities
|
|
|
|
1,610
|
|
|
1,559
|
|
Long-term debt, net of unamortized deferred financing costs
|
|
|
|
3,228
|
|
|
3,315
|
|
Deferred income taxes
|
|
|
|
248
|
|
|
211
|
|
Uncertain tax positions
|
|
|
|
149
|
|
|
156
|
|
Benefit obligations
|
|
|
|
557
|
|
|
585
|
|
Other liabilities
|
|
|
|
210
|
|
|
413
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
Preferred stock
|
|
|
|
—
|
|
|
—
|
|
Common stock
|
|
|
|
—
|
|
|
—
|
|
Treasury stock, at cost
|
|
|
|
(2,131
|
)
|
|
(2,031
|
)
|
Additional paid-in capital
|
|
|
|
208
|
|
|
175
|
|
Retained earnings
|
|
|
|
5,491
|
|
|
4,920
|
|
Accumulated other comprehensive income (loss), net
|
|
|
|
(188
|
)
|
|
(177
|
)
|
Total Celanese Corporation stockholders' equity
|
|
|
|
3,380
|
|
|
2,887
|
|
Noncontrolling interests
|
|
|
|
407
|
|
|
412
|
|
Total equity
|
|
|
|
3,787
|
|
|
3,299
|
|
Total liabilities and equity
|
|
|
|
9,789
|
|
|
9,538
|
|
|
|
|
|
|
|
|
|
|
Non-US GAAP Financial Measures and Supplemental
Information
July 19, 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.
-
Net debt is defined by the Company as total debt less cash and cash
equivalents. We believe that net debt provides useful information to
management, investors, analysts and other parties in evaluating
changes to the Company's capital structure and credit quality
assessment.
-
Return on invested capital (adjusted) is defined by the Company as
adjusted EBIT, tax effected using the adjusted tax rate, divided by
the sum of the average of beginning and end of the year short- and
long-term debt and Celanese Corporation stockholders' equity. We
believe that return on invested capital (adjusted) provides useful
information to management, investors, analysts and other parties in
order to assess our income generation from the point of view of our
stockholders and creditors who provide us with capital in the form of
equity and debt and whether capital invested in the Company yields
competitive returns. In addition, achievement of certain predetermined
targets relating to return on invested capital (adjusted) is one of
the factors we consider in determining the amount of performance-based
compensation received by our management.
Supplemental Information
Supplemental Information we believe to be of interest to investors,
analysts and other parties includes the following:
-
Net sales for the Acetyl Chain and each of our business segments
and the percentage increase or decrease in net sales attributable to
price, volume, currency and other factors for the Acetyl Chain and
each of our business segments.
-
Cash dividends received from our equity and cost investments.
-
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 '18
|
|
Q1 '18
|
|
2017
|
|
Q4 '17
|
|
Q3 '17
|
|
Q2 '17
|
|
Q1 '17
|
|
|
(In $ millions)
|
Net earnings (loss) attributable to Celanese Corporation
|
|
344
|
|
|
363
|
|
|
843
|
|
|
203
|
|
|
226
|
|
|
231
|
|
|
183
|
(Earnings) loss from discontinued operations
|
|
—
|
|
|
2
|
|
|
13
|
|
|
1
|
|
|
4
|
|
|
8
|
|
|
—
|
Interest income
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
Interest expense
|
|
32
|
|
|
33
|
|
|
122
|
|
|
31
|
|
|
32
|
|
|
30
|
|
|
29
|
Refinancing expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Income tax provision (benefit)
|
|
97
|
|
|
65
|
|
|
213
|
|
|
60
|
|
|
57
|
|
|
40
|
|
|
56
|
Certain Items attributable to Celanese Corporation (Table 8)
|
|
18
|
|
|
13
|
|
|
167
|
|
|
57
|
|
|
27
|
|
|
18
|
|
|
65
|
Adjusted EBIT
|
|
491
|
|
|
474
|
|
|
1,356
|
|
|
352
|
|
|
345
|
|
|
326
|
|
|
333
|
Depreciation and amortization expense(1)
|
|
82
|
|
|
79
|
|
|
303
|
|
|
79
|
|
|
78
|
|
|
75
|
|
|
71
|
Operating EBITDA
|
|
573
|
|
|
553
|
|
|
1,659
|
|
|
431
|
|
|
423
|
|
|
401
|
|
|
404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 '18
|
|
Q1 '18
|
|
2017
|
|
Q4 '17
|
|
Q3 '17
|
|
Q2 '17
|
|
Q1 '17
|
|
|
(In $ millions)
|
Engineered Materials
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Acetate Tow
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Industrial Specialties
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
Acetyl Intermediates
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Other Activities(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Accelerated depreciation and amortization expense
|
|
4
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
Depreciation and amortization expense(1)
|
|
82
|
|
|
79
|
|
|
303
|
|
|
79
|
|
|
78
|
|
|
75
|
|
|
71
|
Total depreciation and amortization expense
|
|
86
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 '18
|
|
Q1 '18
|
|
2017
|
|
Q4 '17
|
|
Q3 '17
|
|
Q2 '17
|
|
Q1 '17
|
|
|
(In $ millions, except percentages)
|
Operating Profit (Loss) / Operating Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Materials
|
|
114
|
|
|
17.2
|
%
|
|
127
|
|
|
19.1
|
%
|
|
412
|
|
|
18.6
|
%
|
|
98
|
|
|
16.9
|
%
|
|
105
|
|
|
18.3
|
%
|
|
105
|
|
|
19.2
|
%
|
|
104
|
|
|
20.2
|
%
|
Acetate Tow
|
|
39
|
|
|
24.1
|
%
|
|
46
|
|
|
27.4
|
%
|
|
189
|
|
|
28.3
|
%
|
|
41
|
|
|
26.1
|
%
|
|
45
|
|
|
28.7
|
%
|
|
41
|
|
|
25.2
|
%
|
|
62
|
|
|
32.5
|
%
|
Acetyl Chain(1)
|
|
273
|
|
|
26.0
|
%
|
|
253
|
|
|
24.1
|
%
|
|
509
|
|
|
15.1
|
%
|
|
175
|
|
|
19.7
|
%
|
|
147
|
|
|
17.0
|
%
|
|
135
|
|
|
16.3
|
%
|
|
52
|
|
|
6.5
|
%
|
Other Activities(2)
|
|
(68
|
)
|
|
|
|
(83
|
)
|
|
|
|
(253
|
)
|
|
|
|
(74
|
)
|
|
|
|
(68
|
)
|
|
|
|
(63
|
)
|
|
|
|
(48
|
)
|
|
|
Total
|
|
358
|
|
|
19.4
|
%
|
|
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)
|
|
1
|
|
|
|
|
2
|
|
|
|
|
6
|
|
|
|
|
1
|
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
|
1
|
|
|
|
Operating Profit (Loss) Attributable to Celanese Corporation
|
|
357
|
|
|
19.4
|
%
|
|
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
|
|
114
|
|
|
17.2
|
%
|
|
127
|
|
|
19.1
|
%
|
|
412
|
|
|
18.6
|
%
|
|
98
|
|
|
16.9
|
%
|
|
105
|
|
|
18.3
|
%
|
|
105
|
|
|
19.2
|
%
|
|
104
|
|
|
20.2
|
%
|
Acetate Tow
|
|
39
|
|
|
24.1
|
%
|
|
46
|
|
|
27.4
|
%
|
|
189
|
|
|
28.3
|
%
|
|
41
|
|
|
26.1
|
%
|
|
45
|
|
|
28.7
|
%
|
|
41
|
|
|
25.2
|
%
|
|
62
|
|
|
32.5
|
%
|
Acetyl Chain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
22
|
|
|
7.6
|
%
|
|
23
|
|
|
8.4
|
%
|
|
85
|
|
|
8.3
|
%
|
|
15
|
|
|
6.0
|
%
|
|
19
|
|
|
7.2
|
%
|
|
26
|
|
|
9.9
|
%
|
|
25
|
|
|
10.2
|
%
|
Acetyl Intermediates(1)
|
|
250
|
|
|
29.0
|
%
|
|
229
|
|
|
26.3
|
%
|
|
418
|
|
|
15.7
|
%
|
|
159
|
|
|
22.2
|
%
|
|
126
|
|
|
18.4
|
%
|
|
107
|
|
|
16.5
|
%
|
|
26
|
|
|
4.2
|
%
|
Eliminations
|
|
—
|
|
|
|
|
(1
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Subtotal
|
|
272
|
|
|
25.9
|
%
|
|
251
|
|
|
23.9
|
%
|
|
503
|
|
|
14.9
|
%
|
|
174
|
|
|
19.6
|
%
|
|
145
|
|
|
16.8
|
%
|
|
133
|
|
|
16.1
|
%
|
|
51
|
|
|
6.4
|
%
|
Other Activities(2)
|
|
(68
|
)
|
|
|
|
(83
|
)
|
|
|
|
(253
|
)
|
|
|
|
(74
|
)
|
|
|
|
(68
|
)
|
|
|
|
(63
|
)
|
|
|
|
(48
|
)
|
|
|
Total
|
|
357
|
|
|
19.4
|
%
|
|
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
|
|
|
|
|
54
|
|
|
|
|
171
|
|
|
|
|
43
|
|
|
|
|
47
|
|
|
|
|
38
|
|
|
|
|
43
|
|
|
|
Acetate Tow
|
|
33
|
|
|
|
|
32
|
|
|
|
|
107
|
|
|
|
|
26
|
|
|
|
|
24
|
|
|
|
|
28
|
|
|
|
|
29
|
|
|
|
Acetyl Chain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Acetyl Intermediates
|
|
2
|
|
|
|
|
2
|
|
|
|
|
6
|
|
|
|
|
2
|
|
|
|
|
1
|
|
|
|
|
2
|
|
|
|
|
1
|
|
|
|
Subtotal
|
|
3
|
|
|
|
|
2
|
|
|
|
|
6
|
|
|
|
|
2
|
|
|
|
|
1
|
|
|
|
|
2
|
|
|
|
|
1
|
|
|
|
Other Activities(2)
|
|
—
|
|
|
|
|
6
|
|
|
|
|
10
|
|
|
|
|
8
|
|
|
|
|
(4
|
)
|
|
|
|
2
|
|
|
|
|
4
|
|
|
|
Total
|
|
90
|
|
|
|
|
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
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Acetyl Chain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
—
|
|
|
|
|
—
|
|
|
|
|
2
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Acetyl Intermediates
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Subtotal
|
|
—
|
|
|
|
|
—
|
|
|
|
|
2
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Other Activities(2)
|
|
26
|
|
|
|
|
26
|
|
|
|
|
42
|
|
|
|
|
(24
|
)
|
|
|
|
22
|
|
|
|
|
22
|
|
|
|
|
22
|
|
|
|
Total
|
|
26
|
|
|
|
|
26
|
|
|
|
|
44
|
|
|
|
|
(23
|
)
|
|
|
|
23
|
|
|
|
|
22
|
|
|
|
|
22
|
|
|
|
Certain Items Attributable to Celanese Corporation (Table
8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Materials
|
|
7
|
|
|
|
|
1
|
|
|
|
|
16
|
|
|
|
|
1
|
|
|
|
|
5
|
|
|
|
|
7
|
|
|
|
|
3
|
|
|
|
Acetate Tow
|
|
5
|
|
|
|
|
—
|
|
|
|
|
5
|
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
Acetyl Chain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
2
|
|
|
|
|
—
|
|
|
|
|
3
|
|
|
|
|
—
|
|
|
|
|
3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Acetyl Intermediates
|
|
—
|
|
|
|
|
—
|
|
|
|
|
61
|
|
|
|
|
1
|
|
|
|
|
7
|
|
|
|
|
(3
|
)
|
|
|
|
56
|
|
|
|
Subtotal
|
|
2
|
|
|
|
|
—
|
|
|
|
|
64
|
|
|
|
|
1
|
|
|
|
|
10
|
|
|
|
|
(3
|
)
|
|
|
|
56
|
|
|
|
Other Activities(2)
|
|
4
|
|
|
|
|
12
|
|
|
|
|
82
|
|
|
|
|
54
|
|
|
|
|
12
|
|
|
|
|
12
|
|
|
|
|
4
|
|
|
|
Total
|
|
18
|
|
|
|
|
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.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 '18
|
|
Q1 '18
|
|
2017
|
|
Q4 '17
|
|
Q3 '17
|
|
Q2 '17
|
|
Q1 '17
|
|
|
(In $ millions, except percentages)
|
Adjusted EBIT / Adjusted EBIT Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Materials
|
|
175
|
|
|
26.4
|
%
|
|
182
|
|
|
27.4
|
%
|
|
599
|
|
|
27.1
|
%
|
|
142
|
|
|
24.5
|
%
|
|
157
|
|
|
27.4
|
%
|
|
150
|
|
|
27.5
|
%
|
|
150
|
|
|
29.2
|
%
|
Acetate Tow
|
|
77
|
|
|
47.5
|
%
|
|
78
|
|
|
46.4
|
%
|
|
301
|
|
|
45.1
|
%
|
|
68
|
|
|
43.3
|
%
|
|
69
|
|
|
43.9
|
%
|
|
71
|
|
|
43.6
|
%
|
|
93
|
|
|
48.7
|
%
|
Acetyl Chain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
25
|
|
|
8.7
|
%
|
|
23
|
|
|
8.4
|
%
|
|
90
|
|
|
8.8
|
%
|
|
16
|
|
|
6.3
|
%
|
|
23
|
|
|
8.7
|
%
|
|
26
|
|
|
9.9
|
%
|
|
25
|
|
|
10.2
|
%
|
Acetyl Intermediates
|
|
252
|
|
|
29.3
|
%
|
|
231
|
|
|
26.5
|
%
|
|
485
|
|
|
18.2
|
%
|
|
162
|
|
|
22.6
|
%
|
|
134
|
|
|
19.6
|
%
|
|
106
|
|
|
16.3
|
%
|
|
83
|
|
|
13.4
|
%
|
Eliminations
|
|
—
|
|
|
|
|
(1
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Subtotal
|
|
277
|
|
|
26.4
|
%
|
|
253
|
|
|
24.1
|
%
|
|
575
|
|
|
17.1
|
%
|
|
178
|
|
|
20.0
|
%
|
|
157
|
|
|
18.2
|
%
|
|
132
|
|
|
16.0
|
%
|
|
108
|
|
|
13.6
|
%
|
Other Activities(2)
|
|
(38
|
)
|
|
|
|
(39
|
)
|
|
|
|
(119
|
)
|
|
|
|
(36
|
)
|
|
|
|
(38
|
)
|
|
|
|
(27
|
)
|
|
|
|
(18
|
)
|
|
|
Total
|
|
491
|
|
|
26.6
|
%
|
|
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
|
|
|
|
|
32
|
|
|
|
|
111
|
|
|
|
|
29
|
|
|
|
|
30
|
|
|
|
|
27
|
|
|
|
|
25
|
|
|
|
Acetate Tow
|
|
10
|
|
|
|
|
10
|
|
|
|
|
41
|
|
|
|
|
11
|
|
|
|
|
10
|
|
|
|
|
10
|
|
|
|
|
10
|
|
|
|
Acetyl Chain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
10
|
|
|
|
|
9
|
|
|
|
|
36
|
|
|
|
|
10
|
|
|
|
|
8
|
|
|
|
|
10
|
|
|
|
|
8
|
|
|
|
Acetyl Intermediates
|
|
26
|
|
|
|
|
26
|
|
|
|
|
105
|
|
|
|
|
27
|
|
|
|
|
26
|
|
|
|
|
26
|
|
|
|
|
26
|
|
|
|
Subtotal
|
|
36
|
|
|
|
|
35
|
|
|
|
|
141
|
|
|
|
|
37
|
|
|
|
|
34
|
|
|
|
|
36
|
|
|
|
|
34
|
|
|
|
Other Activities(2)
|
|
4
|
|
|
|
|
2
|
|
|
|
|
10
|
|
|
|
|
2
|
|
|
|
|
4
|
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
Total
|
|
82
|
|
|
|
|
79
|
|
|
|
|
303
|
|
|
|
|
79
|
|
|
|
|
78
|
|
|
|
|
75
|
|
|
|
|
71
|
|
|
|
Operating EBITDA / Operating EBITDA Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Materials
|
|
207
|
|
|
31.2
|
%
|
|
214
|
|
|
32.2
|
%
|
|
710
|
|
|
32.1
|
%
|
|
171
|
|
|
29.5
|
%
|
|
187
|
|
|
32.6
|
%
|
|
177
|
|
|
32.4
|
%
|
|
175
|
|
|
34.0
|
%
|
Acetate Tow
|
|
87
|
|
|
53.7
|
%
|
|
88
|
|
|
52.4
|
%
|
|
342
|
|
|
51.2
|
%
|
|
79
|
|
|
50.3
|
%
|
|
79
|
|
|
50.3
|
%
|
|
81
|
|
|
49.7
|
%
|
|
103
|
|
|
53.9
|
%
|
Acetyl Chain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
35
|
|
|
12.2
|
%
|
|
32
|
|
|
11.7
|
%
|
|
126
|
|
|
12.3
|
%
|
|
26
|
|
|
10.3
|
%
|
|
31
|
|
|
11.7
|
%
|
|
36
|
|
|
13.7
|
%
|
|
33
|
|
|
13.5
|
%
|
Acetyl Intermediates
|
|
278
|
|
|
32.3
|
%
|
|
257
|
|
|
29.5
|
%
|
|
590
|
|
|
22.1
|
%
|
|
189
|
|
|
26.4
|
%
|
|
160
|
|
|
23.4
|
%
|
|
132
|
|
|
20.3
|
%
|
|
109
|
|
|
17.6
|
%
|
Eliminations
|
|
—
|
|
|
|
|
(1
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Subtotal
|
|
313
|
|
|
29.8
|
%
|
|
288
|
|
|
27.4
|
%
|
|
716
|
|
|
21.2
|
%
|
|
215
|
|
|
24.2
|
%
|
|
191
|
|
|
22.1
|
%
|
|
168
|
|
|
20.3
|
%
|
|
142
|
|
|
17.9
|
%
|
Other Activities(2)
|
|
(34
|
)
|
|
|
|
(37
|
)
|
|
|
|
(109
|
)
|
|
|
|
(34
|
)
|
|
|
|
(34
|
)
|
|
|
|
(25
|
)
|
|
|
|
(16
|
)
|
|
|
Total
|
|
573
|
|
|
31.1
|
%
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 '18
|
|
Q1 '18
|
|
2017
|
|
Q4 '17
|
|
Q3 '17
|
|
Q2 '17
|
|
Q1 '17
|
|
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
|
|
(In $ millions, except per share data)
|
Earnings (loss) from continuing operations attributable to Celanese
Corporation
|
|
344
|
|
|
2.52
|
|
|
365
|
|
|
2.68
|
|
|
856
|
|
|
6.19
|
|
|
204
|
|
|
1.50
|
|
|
230
|
|
|
1.68
|
|
|
239
|
|
|
1.72
|
|
|
183
|
|
|
1.30
|
Income tax provision (benefit)
|
|
97
|
|
|
|
|
65
|
|
|
|
|
213
|
|
|
|
|
60
|
|
|
|
|
57
|
|
|
|
|
40
|
|
|
|
|
56
|
|
|
|
Earnings (loss) from continuing operations before tax
|
|
441
|
|
|
|
|
430
|
|
|
|
|
1,069
|
|
|
|
|
264
|
|
|
|
|
287
|
|
|
|
|
279
|
|
|
|
|
239
|
|
|
|
Certain Items attributable to Celanese Corporation (Table 8)
|
|
18
|
|
|
|
|
13
|
|
|
|
|
167
|
|
|
|
|
57
|
|
|
|
|
27
|
|
|
|
|
18
|
|
|
|
|
65
|
|
|
|
Adjusted earnings (loss) from continuing operations before tax
|
|
459
|
|
|
|
|
443
|
|
|
|
|
1,236
|
|
|
|
|
321
|
|
|
|
|
314
|
|
|
|
|
297
|
|
|
|
|
304
|
|
|
|
Income tax (provision) benefit on adjusted earnings(1)
|
|
(64
|
)
|
|
|
|
(62
|
)
|
|
|
|
(198
|
)
|
|
|
|
(51
|
)
|
|
|
|
(50
|
)
|
|
|
|
(48
|
)
|
|
|
|
(49
|
)
|
|
|
Adjusted earnings (loss) from continuing operations(2)
|
|
395
|
|
|
2.90
|
|
|
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
|
|
135.6
|
|
|
|
|
135.9
|
|
|
|
|
137.9
|
|
|
|
|
135.8
|
|
|
|
|
136.6
|
|
|
|
|
138.6
|
|
|
|
|
140.6
|
|
|
|
Incremental shares attributable to equity awards
|
|
0.7
|
|
|
|
|
0.5
|
|
|
|
|
0.4
|
|
|
|
|
0.5
|
|
|
|
|
0.4
|
|
|
|
|
0.4
|
|
|
|
|
0.4
|
|
|
|
Total diluted shares
|
|
136.3
|
|
|
|
|
136.4
|
|
|
|
|
138.3
|
|
|
|
|
136.3
|
|
|
|
|
137.0
|
|
|
|
|
139.0
|
|
|
|
|
141.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
______________________________
(1) Calculated using adjusted effective tax rates
(Table 3a) as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 '18
|
|
Q1 '18
|
|
2017
|
|
Q4 '17
|
|
Q3 '17
|
|
Q2 '17
|
|
Q1 '17
|
|
|
(In percentages)
|
Adjusted effective tax rate
|
|
14
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected
|
|
|
|
|
Actual Plan
|
|
Plan Asset
|
|
|
|
|
Asset Returns
|
|
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
|
|
16
|
|
|
20
|
|
Discrete quarterly recognition of GAAP items(1)
|
|
(3
|
)
|
|
(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)
|
|
2
|
|
|
(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 4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales by Segment - Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 '18
|
|
Q1 '18
|
|
2017
|
|
Q4 '17
|
|
Q3 '17
|
|
Q2 '17
|
|
Q1 '17
|
|
|
(In $ millions)
|
Engineered Materials
|
|
664
|
|
|
665
|
|
|
2,213
|
|
|
580
|
|
|
573
|
|
|
546
|
|
|
514
|
|
Acetate Tow
|
|
162
|
|
|
168
|
|
|
668
|
|
|
157
|
|
|
157
|
|
|
163
|
|
|
191
|
|
Acetyl Chain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
288
|
|
|
274
|
|
|
1,023
|
|
|
252
|
|
|
264
|
|
|
262
|
|
|
245
|
|
Acetyl Intermediates
|
|
861
|
|
|
871
|
|
|
2,669
|
|
|
717
|
|
|
684
|
|
|
649
|
|
|
619
|
|
Eliminations(1)
|
|
(100
|
)
|
|
(94
|
)
|
|
(321
|
)
|
|
(81
|
)
|
|
(85
|
)
|
|
(85
|
)
|
|
(70
|
)
|
Subtotal
|
|
1,049
|
|
|
1,051
|
|
|
3,371
|
|
|
888
|
|
|
863
|
|
|
826
|
|
|
794
|
|
Other Activities(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Intersegment eliminations(1)
|
|
(31
|
)
|
|
(33
|
)
|
|
(112
|
)
|
|
(32
|
)
|
|
(27
|
)
|
|
(25
|
)
|
|
(28
|
)
|
Net sales
|
|
1,844
|
|
|
1,851
|
|
|
6,140
|
|
|
1,593
|
|
|
1,566
|
|
|
1,510
|
|
|
1,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
___________________________
(1) Includes intersegment sales as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 '18
|
|
Q1 '18
|
|
2017
|
|
Q4 '17
|
|
Q3 '17
|
|
Q2 '17
|
|
Q1 '17
|
|
|
(In $ millions)
|
Acetate Tow
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Industrial Specialties
|
|
(1
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
Acetyl Intermediates
|
|
(130
|
)
|
|
(125
|
)
|
|
(427
|
)
|
|
(110
|
)
|
|
(111
|
)
|
|
(109
|
)
|
|
(97
|
)
|
Intersegment eliminations
|
|
(131
|
)
|
|
(127
|
)
|
|
(433
|
)
|
|
(113
|
)
|
|
(112
|
)
|
|
(110
|
)
|
|
(98
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 4a
|
Factors Affecting Segment Net Sales Sequentially - Unaudited
|
|
Three Months Ended June 30, 2018 Compared to Three Months Ended
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
|
(In percentages)
|
|
Engineered Materials
|
|
(1
|
)
|
|
3
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
Acetate Tow
|
|
(3
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
6
|
|
|
1
|
|
|
(2
|
)
|
|
—
|
|
|
5
|
|
|
Acetyl Intermediates
|
|
(4
|
)
|
|
4
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
Acetyl Chain
|
|
(2
|
)
|
|
4
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
(2
|
)
|
|
3
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2018 Compared to Three Months
Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
|
(In percentages)
|
|
Engineered Materials
|
|
10
|
|
|
3
|
|
|
2
|
|
|
—
|
|
|
15
|
|
(1)
|
Acetate Tow
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
5
|
|
|
1
|
|
|
3
|
|
|
—
|
|
|
9
|
|
|
Acetyl Intermediates
|
|
9
|
|
|
11
|
|
|
2
|
|
|
—
|
|
|
22
|
|
|
Acetyl Chain
|
|
8
|
|
|
9
|
|
|
3
|
|
|
(2
|
)
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
9
|
|
|
6
|
|
|
2
|
|
|
(1
|
)
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2017 Compared to Three Months
Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
|
(In percentages)
|
|
Engineered Materials
|
|
(8
|
)
|
|
9
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
Acetate Tow
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
(6
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
Acetyl Intermediates
|
|
(4
|
)
|
|
9
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
Acetyl Chain
|
|
(5
|
)
|
|
7
|
|
|
—
|
|
|
1
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
(5
|
)
|
|
7
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2017 Compared to Three Months
Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
|
(In percentages)
|
|
Engineered Materials
|
|
1
|
|
|
1
|
|
|
3
|
|
|
—
|
|
|
5
|
|
|
Acetate Tow
|
|
(5
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
(4
|
)
|
|
2
|
|
|
3
|
|
|
—
|
|
|
1
|
|
|
Acetyl Intermediates
|
|
3
|
|
|
(1
|
)
|
|
3
|
|
|
—
|
|
|
5
|
|
|
Acetyl Chain
|
|
1
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
—
|
|
|
1
|
|
|
3
|
|
|
—
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2017 Compared to Three Months Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
|
(In percentages)
|
|
Engineered Materials
|
|
4
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
6
|
|
(2)
|
Acetate Tow
|
|
(12
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
2
|
|
|
3
|
|
|
2
|
|
|
—
|
|
|
7
|
|
|
Acetyl Intermediates
|
|
(1
|
)
|
|
5
|
|
|
1
|
|
|
—
|
|
|
5
|
|
|
Acetyl Chain
|
|
—
|
|
|
5
|
|
|
1
|
|
|
(2
|
)
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
—
|
|
|
3
|
|
|
1
|
|
|
(1
|
)
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017 Compared to Three Months
Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
|
(In percentages)
|
|
Engineered Materials
|
|
33
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
32
|
|
(3)
|
Acetate Tow
|
|
2
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
11
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
Acetyl Intermediates
|
|
(2
|
)
|
|
6
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
Acetyl Chain
|
|
2
|
|
|
5
|
|
|
(1
|
)
|
|
—
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
11
|
|
|
2
|
|
|
(1
|
)
|
|
—
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
___________________________
|
(1)
|
|
2018 includes the effect of the acquisition of Omni Plastics,
L.L.C.
|
(2)
|
|
2017 includes the effect of the acquisition of the nylon
compounding division of Nilit Group.
|
(3)
|
|
2017 includes the effect of the SO.F.TER. S.p.A. acquisition.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4b
|
Factors Affecting Segment Net Sales Year Over Year - Unaudited
|
|
Three Months Ended June 30, 2018 Compared to Three Months Ended
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
(In percentages)
|
Engineered Materials
|
|
11
|
|
|
7
|
|
|
4
|
|
|
—
|
|
|
22
|
|
Acetate Tow
|
|
1
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
10
|
|
Acetyl Intermediates
|
|
8
|
|
|
22
|
|
|
4
|
|
|
(1
|
)
|
|
33
|
|
Acetyl Chain
|
|
6
|
|
|
19
|
|
|
5
|
|
|
(3
|
)
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
7
|
|
|
13
|
|
|
4
|
|
|
(2
|
)
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2018 Compared to Three Months
Ended March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
(In percentages)
|
Engineered Materials
|
|
19
|
|
|
3
|
|
|
7
|
|
|
—
|
|
|
29
|
|
Acetate Tow
|
|
(9
|
)
|
|
(4
|
)
|
|
1
|
|
|
—
|
|
|
(12
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
(3
|
)
|
|
7
|
|
|
8
|
|
|
—
|
|
|
12
|
|
Acetyl Intermediates
|
|
5
|
|
|
30
|
|
|
6
|
|
|
—
|
|
|
41
|
|
Acetyl Chain
|
|
3
|
|
|
25
|
|
|
7
|
|
|
(3
|
)
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
7
|
|
|
14
|
|
|
6
|
|
|
(1
|
)
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2017 Compared to Three Months
Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
(In percentages)
|
Engineered Materials
|
|
45
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
49
|
|
Acetate Tow
|
|
(14
|
)
|
|
(9
|
)
|
|
1
|
|
|
1
|
|
|
(21
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
3
|
|
|
7
|
|
|
5
|
|
|
—
|
|
|
15
|
|
Acetyl Intermediates
|
|
(4
|
)
|
|
21
|
|
|
3
|
|
|
—
|
|
|
20
|
|
Acetyl Chain
|
|
(2
|
)
|
|
19
|
|
|
4
|
|
|
(2
|
)
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
10
|
|
|
10
|
|
|
3
|
|
|
(1
|
)
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2017 Compared to Three Months
Ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
(In percentages)
|
Engineered Materials
|
|
45
|
|
|
(2
|
)
|
|
2
|
|
|
—
|
|
|
45
|
|
Acetate Tow
|
|
(12
|
)
|
|
(8
|
)
|
|
1
|
|
|
—
|
|
|
(19
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
2
|
|
|
4
|
|
|
2
|
|
|
—
|
|
|
8
|
|
Acetyl Intermediates
|
|
(1
|
)
|
|
16
|
|
|
1
|
|
|
—
|
|
|
16
|
|
Acetyl Chain
|
|
—
|
|
|
13
|
|
|
2
|
|
|
(2
|
)
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
11
|
|
|
6
|
|
|
2
|
|
|
(1
|
)
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2017 Compared to Three Months Ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
(In percentages)
|
Engineered Materials
|
|
42
|
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
39
|
|
Acetate Tow
|
|
(13
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
(1
|
)
|
|
3
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
|
(4
|
)
|
|
14
|
|
|
(1
|
)
|
|
1
|
|
|
10
|
|
Acetyl Chain
|
|
(3
|
)
|
|
12
|
|
|
(2
|
)
|
|
(1
|
)
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
8
|
|
|
5
|
|
|
(1
|
)
|
|
—
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017 Compared to Three Months
Ended March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
(In percentages)
|
Engineered Materials
|
|
43
|
|
|
(4
|
)
|
|
(2
|
)
|
|
—
|
|
|
37
|
|
Acetate Tow
|
|
(6
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
1
|
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
(3
|
)
|
Acetyl Intermediates
|
|
(12
|
)
|
|
7
|
|
|
(2
|
)
|
|
—
|
|
|
(7
|
)
|
Acetyl Chain
|
|
(9
|
)
|
|
5
|
|
|
(2
|
)
|
|
1
|
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
5
|
|
|
1
|
|
|
(2
|
)
|
|
1
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4c
|
Factors Affecting Segment Net Sales Year Over Year - Unaudited
|
|
Year Ended December 31, 2017 Compared to Year Ended December
31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Price
|
|
Currency
|
|
Other
|
|
Total
|
|
|
(In percentages)
|
Engineered Materials
|
|
44
|
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
43
|
|
Acetate Tow
|
|
(11
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Specialties
|
|
1
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
4
|
|
Acetyl Intermediates
|
|
(5
|
)
|
|
14
|
|
|
—
|
|
|
—
|
|
|
9
|
|
Acetyl Chain
|
|
(4
|
)
|
|
12
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
9
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 5
Free Cash Flow - Reconciliation of a Non-GAAP Measure -
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 '18
|
|
Q1 '18
|
|
2017
|
|
Q4 '17
|
|
Q3 '17
|
|
Q2 '17
|
|
Q1 '17
|
|
|
(In $ millions)
|
Net cash provided by (used in) investing activities
|
|
(96
|
)
|
|
(235
|
)
|
|
(549
|
)
|
|
(92
|
)
|
|
(68
|
)
|
|
(325
|
)
|
|
(64
|
)
|
Net cash provided by (used in) financing activities
|
|
(254
|
)
|
|
(2
|
)
|
|
(351
|
)
|
|
145
|
|
|
(247
|
)
|
|
21
|
|
|
(270
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
585
|
|
|
143
|
|
|
803
|
|
|
58
|
|
|
255
|
|
|
298
|
|
|
192
|
|
Capital expenditures on property, plant and equipment
|
|
(79
|
)
|
|
(86
|
)
|
|
(267
|
)
|
|
(87
|
)
|
|
(64
|
)
|
|
(54
|
)
|
|
(62
|
)
|
Capital (distributions to) contributions from NCI
|
|
(6
|
)
|
|
(2
|
)
|
|
(27
|
)
|
|
(9
|
)
|
|
(10
|
)
|
|
(4
|
)
|
|
(4
|
)
|
Free cash flow(1)(2)
|
|
500
|
|
|
55
|
|
|
509
|
|
|
(38
|
)
|
|
181
|
|
|
240
|
|
|
126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
1,844
|
|
|
1,851
|
|
|
6,140
|
|
|
1,593
|
|
|
1,566
|
|
|
1,510
|
|
|
1,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow as % of Net sales
|
|
27.1
|
%
|
|
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 6
|
Cash Dividends Received - Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 '18
|
|
Q1 '18
|
|
2017
|
|
Q4 '17
|
|
Q3 '17
|
|
Q2 '17
|
|
Q1 '17
|
|
|
(In $ millions)
|
Dividends from equity method investments
|
|
39
|
|
|
76
|
|
|
131
|
|
|
17
|
|
|
5
|
|
|
59
|
|
|
50
|
|
Dividends from cost method investments
|
|
34
|
|
|
32
|
|
|
108
|
|
|
26
|
|
|
24
|
|
|
29
|
|
|
29
|
|
Total
|
|
73
|
|
|
108
|
|
|
239
|
|
|
43
|
|
|
29
|
|
|
88
|
|
|
79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 7
|
Net Debt - Reconciliation of a Non-GAAP Measure - Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 '18
|
|
Q1 '18
|
|
2017
|
|
Q4 '17
|
|
Q3 '17
|
|
Q2 '17
|
|
Q1 '17
|
|
|
(In $ millions)
|
Short-term borrowings and current installments of long-term debt -
third party and affiliates
|
|
366
|
|
|
425
|
|
|
326
|
|
|
326
|
|
|
435
|
|
|
384
|
|
|
107
|
|
Long-term debt, net of unamortized deferred financing costs
|
|
3,228
|
|
|
3,343
|
|
|
3,315
|
|
|
3,315
|
|
|
2,954
|
|
|
2,931
|
|
|
2,851
|
|
Total debt
|
|
3,594
|
|
|
3,768
|
|
|
3,641
|
|
|
3,641
|
|
|
3,389
|
|
|
3,315
|
|
|
2,958
|
|
Cash and cash equivalents
|
|
(708
|
)
|
|
(490
|
)
|
|
(576
|
)
|
|
(576
|
)
|
|
(461
|
)
|
|
(511
|
)
|
|
(501
|
)
|
Net debt
|
|
2,886
|
|
|
3,278
|
|
|
3,065
|
|
|
3,065
|
|
|
2,928
|
|
|
2,804
|
|
|
2,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 '18
|
|
Q1 '18
|
|
2017
|
|
Q4 '17
|
|
Q3 '17
|
|
Q2 '17
|
|
Q1 '17
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
Plant/office closures
|
|
3
|
|
|
—
|
|
|
58
|
|
|
2
|
|
|
2
|
|
|
(3
|
)
|
|
57
|
|
|
Cost of sales / SG&A / R&D / Other charges (gains), net
|
Mergers and acquisitions
|
|
11
|
|
|
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
|
|
3
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
4
|
|
|
3
|
|
|
2
|
|
|
Cost of sales / SG&A / R&D / Other charges (gains), net
|
Other
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
|
(Gain) loss on disposition, net / Equity in net earnings (loss) of
affiliates
|
Certain Items attributable to Celanese Corporation
|
|
18
|
|
|
13
|
|
|
167
|
|
|
57
|
|
|
27
|
|
|
18
|
|
|
65
|
|
|
|
______________________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Primarily associated with Hurricane Harvey.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 9
Return on Invested Capital (Adjusted) - Presentation of a
Non-GAAP Measure - Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
(In $ millions,
except percentages)
|
Net earnings (loss) attributable to Celanese Corporation
|
|
|
|
|
|
843
|
|
|
|
|
|
|
|
|
Adjusted EBIT (Table 1)
|
|
|
|
|
|
1,356
|
|
Adjusted effective tax rate (Table 3a)
|
|
|
|
|
|
16
|
%
|
Adjusted EBIT tax effected
|
|
|
|
|
|
1,139
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
Average
|
|
|
(In $ millions, except percentages)
|
Short-term borrowings and current installments of long-term debt -
third parties and affiliates
|
|
326
|
|
|
118
|
|
|
222
|
|
Long-term debt, net of unamortized deferred financing costs
|
|
3,315
|
|
|
2,890
|
|
|
3,103
|
|
Celanese Corporation stockholders' equity
|
|
2,887
|
|
|
2,588
|
|
|
2,738
|
|
Invested capital
|
|
|
|
|
|
6,063
|
|
|
|
|
|
|
|
|
Return on invested capital (adjusted)
|
|
|
|
|
|
18.8
|
%
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to Celanese Corporation as a
percentage of invested capital
|
|
|
|
|
|
13.9
|
%
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180719005835/en/ Copyright Business Wire 2018
Source: Business Wire
(July 19, 2018 - 4:25 PM EDT)
News by QuoteMedia
www.quotemedia.com
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