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Market ClerkRecap
Sun Oct 25 · markets closed1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 30The week ahead

CE

Celanese Corp
NYSE · MATERIALS · PLASTIC MATERIAL, SYNTH RESIN/RUBBER, CELLULOS (NO GLASS)
47.71
+0.49 +1.04%
USD · close Oct 23
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MKT CAP $5.2BP/E —DIV YIELD —FCF YIELD 13.52%REV TTM $9.7B −2.2%NET INCOME −$1.2BNET DEBT $10.5B52W 35.53 – 69.24SEC XBRL · TTM TO Invalid Date

How CE rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
42%
of sentences unchanged
Added
455
new sentences
Dropped
463
sentences removed
Length
−1,017
words, now 46,126

New in FY2025

  • Information about our Executive Officers The names, ages and biographies of our executive officers as of February 24, 2026 are as follows: Name Age Position Scott A.
  • Richardson 49 President, Chief Executive Officer and Director Chuck B.
  • Kyrish 54 Senior Vice President and Chief Financial Officer Mark C.
  • Murray 55 Senior Vice President, Acetyls Todd Elliott 60 Senior Vice President, Engineered Materials Ashley B.
  • Duffie 51 Senior Vice President and General Counsel Scott A.
  • Duffie has served as Celanese's Senior Vice President and General Counsel since November 2023 and from July 2025 to February 2026, she has served as interim Chief Human Resources Officer in addition to her role as Senior Vice President and General Counsel.
  • Holders As of February 20, 2026, there were 126 holders of record of our Common Stock.
  • Dividend Policy The amount available to us to pay our current and anticipated regular quarterly cash dividends is not currently restricted by our existing senior credit facilities and our indentures governing our senior unsecured notes.
  • Celanese Purchases of its Equity Securities We did not repurchase any Common Stock during the three months ended December 31, 2025.
  • As of December 31, 2025, our Board of Directors has authorized the repurchase of $6.9 billion of our Common Stock since February 2008, with $1.1 billion value of shares remaining that may be purchased under the program.
  • Performance Graph The following performance graph compares the cumulative total return on Celanese Corporation Common Stock from December 31, 2020 through December 31, 2025 to that of the Standard & Poor's ("S&P") 500 Stock Index and the Dow Jones U.S.
  • The performance graph assumes an investment of $100 on December 31, 2020.
  • Comparison of Cumulative Total Return Company Name/ Index 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Celanese 100.00 131.71 81.97 127.61 57.97 35.50 S&P 500 Index 100.00 128.68 105.36 133.03 166.28 195.98 Dow Jones U.S.
  • Chemicals Index 100.00 123.54 112.10 122.59 118.84 115.89 The above performance graph and related information shall not be deemed "soliciting material" or to be "filed" with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that we specifically incorporate it by reference into such filing.
  • In addition, the following factors, among others, could cause our actual results to differ materially from those results, performance or achievements that may be expressed or implied by such forward-looking statements: • the ability to successfully achieve planned cost reductions; • 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; • potential liability resulting from pending or future claims or litigation, including investigations or enforcement actions, or from changes in the laws, regulations or policies of governments or other governmental activities, in the countries in which we operate; • our level of indebtedness and our financial condition, each of which could diminish our ability to raise additional capital to fund operations, reduce our business and strategic flexibility, increase our interest expense, limit the success of our deleveraging efforts, and impact changes to our credit ratings, which could increase our interest expense in the event of additional downgrades; • volatility or changes in the price and availability of raw materials and energy, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, carbon monoxide, wood pulp, hexamethylene diamine, Polyamide 66 ("PA66"), polybutylene terephthalate, ethanol, natural gas and fuel oil, and the prices for electricity and other energy sources; • the ability to pass increases in raw materials prices, logistics costs and other costs on to customers or otherwise improve margins through price increases; • the possibility that we will not be able to realize the anticipated benefits of the Mobility & Materials business (the "M&M Business") we acquired from DuPont de Nemours, Inc.
  • (the "M&M Acquisition"), including synergies and growth opportunities, whether as a result of difficulties arising from the operation of the M&M Business or other unanticipated delays, costs, inefficiencies or liabilities; • additional impairment of goodwill or intangible assets; • increased commercial, legal or regulatory complexity of entering into, or expanding our exposure to, certain end markets and geographies; • risks in the global economy and equity and credit markets and their potential impact on our ability to pay down debt in the future and/or refinance at suitable rates, in a timely manner, or at all; • the ability to maintain plant utilization rates and to implement planned capacity additions, expansions and maintenance; • the ability to reduce or maintain current levels of production costs and to improve productivity by implementing technological improvements to existing plants; • increased price competition and the introduction of competing products by other companies; • the ability to identify desirable potential acquisition or divestiture opportunities and to complete such transactions, including obtaining regulatory approvals, consistent with our strategy; • market acceptance of our products and technology; • compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, transportation, logistics or supply chain disruptions, cybersecurity incidents, AI-related vulnerabilities, terrorism or political unrest, public health crises, or other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the direct or indirect consequences of acts of war or conflict (such as the Russia-Ukraine conflict or conflicts in the Middle East) or terrorist incidents or as a result of fire, flood, hurricanes, other severe weather, natural disasters, other catastrophic events or other crises; • the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to us; • changes in applicable tariffs, duties, treaties and trade agreements, tax rates or legislation throughout the world including, but not limited to, anti-dumping and countervailing duties, adjustments, changes in estimates or interpretations or the resolution of tax examinations or audits that may impact recorded or future tax impacts and potential regulatory and legislative tax developments in the United States ("U.S.") and other jurisdictions; • changes in the degree of intellectual property and other legal protection afforded to our products or technologies, or the theft of such intellectual property; • potential liability for remedial actions and increased costs under existing or future environmental, health and safety regulations, including those relating to climate change or other sustainability matters; • changes in currency exchange rates and interest rates; • tax rates and changes thereto; and • various other factors, both referenced and not referenced in this Annual Report.
  • We neither intend nor assume any obligation to update these forward-looking statements, which speak only as of the date hereof.
  • Results of Operations Financial Highlights Year Ended December 31, 2025 2024 Change (In $ millions, except percentages) Statement of Operations Data Net sales 9,544 10,268 (724) Gross profit 1,952 2,336 (384) Selling, general and administrative ("SG&A") expenses (899) (1,033) 134 Other (charges) gains, net (1,581) (1,744) 163 Gain (loss) on disposition of businesses and assets, net (5) (14) 9 Operating profit (loss) (786) (720) (66) Equity in net earnings (loss) of affiliates 127 196 (69) Non-operating pension and other postretirement employee benefit (expense) income 55 (20) 75 Interest expense (701) (676) (25) Refinancing expense (68) — (68) Interest income 24 33 (9) Dividend income - equity investments 122 128 (6) Earnings (loss) from continuing operations before tax (1,220) (1,019) (201) Earnings (loss) from continuing operations (1,130) (1,526) 396 Earnings (loss) from discontinued operations (21) (8) (13) Net earnings (loss) (1,151) (1,534) 383 Net earnings (loss) attributable to Celanese Corporation (1,165) (1,542) 377 Other Data Depreciation and amortization 760 801 (41) SG&A expenses as a percentage of Net sales 9.4 % 10.1 % Operating margin (1) (8.2) % (7.0) % Other (charges) gains, net Restructuring (68) (107) 39 Asset impairment losses (1,513) (1,639) 126 Plant/office closures — 2 (2) Total Other (charges) gains, net (1,581) (1,744) 163 _____________________________ (1) Defined as Operating profit (loss) divided by Net sales.
  • As of December 31, 2025 2024 (In $ millions) Balance Sheet Data Cash and cash equivalents 1,263 962 Short-term borrowings and current installments of long-term debt - third party and affiliates 1,204 1,501 Long-term debt, net of unamortized deferred financing costs 11,394 11,078 Total 12,598 12,579 Factors Affecting Business Segment Net Sales The percentage increase (decrease) in Net sales attributable to each of the factors indicated for each of our business segments is as follows: Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Volume Price Currency Total (In percentages) Engineered Materials (4) (1) 1 (4) Acetyl Chain (6) (6) 1 (11) Total Company (4) (4) 1 (7) Consolidated Results Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Net sales decreased $724 million, or 7%, for the year ended December 31, 2025 compared to the same period in 2024 primarily due to: • lower volume in our Engineered Materials and Acetyl Chain segments, primarily driven by weaker global economic conditions and decreased global demand; and • lower pricing in our Acetyl Chain segment, primarily due to an environment with greater supply than demand, as well as our Engineered Materials segment, primarily due to competitive market dynamics, and product mix; partially offset by: • a favorable currency impact, primarily resulting from a stronger euro relative to the U.S. dollar.
  • Operating loss increased $66 million, or 9%, for the year ended December 31, 2025 compared to the same period in 2024 primarily due to: • lower Net sales across our segments; partially offset by: • a favorable impact of $172 million to Other (charges) gains, net in our Engineered Materials segment, primarily due to a decrease in goodwill and certain trade names impairment losses and decreased severance costs (see Note 9 - Goodwill and Intangible Assets, Net and Note 24 - Other (Charges) Gains, Net in the accompanying consolidated financial statements for further information); • lower raw material costs in our Engineered Materials and Acetyl Chain segments; • lower spending of $195 million, primarily as a result of the realization of synergy and cost savings actions in our Engineered Materials and Other Activities segments during the year ended December 31, 2025; and • a decrease of accelerated depreciation expense of $56 million during the year ended December 31, 2025, primarily due to a decrease of $67 million in our Engineered Materials segment, related to the 2024 closures of our polymerization units in Uentrop, Germany and our facility in Mechelen, Belgium, partially offset by an increase in accelerated depreciation of $11 million in our Acetyl Chain segment related to the intended closure of our facility in Lanaken, Belgium (see Note 4 - Acquisitions, Dispositions and Plant Closures in the accompanying consolidated financial statements for further information).
  • Non-operating pension and other postretirement employee benefit income increased for the year ended December 31, 2025 compared to the same period in 2024 primarily due to: • a decrease in the actuarial loss of $82 million, primarily due to higher than expected asset returns, partially offset by unfavorable plan experience and a decrease in the weighted average discount rate (see Note 12 - Benefit Obligations in the accompanying consolidated financial statements for further information).
  • Our effective income tax rate for the year ended December 31, 2025 was 7.4% compared to (49.8)% for the year ended 2024.
  • The change in the effective income tax rate for the year ended December 31, 2025 compared to the same period in 2024 was primarily due to: • current year impacts of a non-deductible goodwill impairment loss, recognition of a valuation allowance on U.S. foreign tax credit carryforwards due to revised forecasts of foreign sourced income and expenses during the carryforward period, the further integrated global principal operations and the relocation of certain intangible assets among wholly-owned foreign affiliates and the settlement of tax examinations with German tax authorities; and • prior year impacts of a non-deductible goodwill impairment loss and recognition of a valuation allowance against certain local country, non-U.S. tax credit carryforwards due to reduced forecasts of earnings in future periods and capital gains tax arising from an internal integration-related restructuring of our acquired China operations to optimize our debt profile.
  • Discussion of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 and for the year ended December 31, 2023 compared to the year ended December 31, 2022, can be found in Part II - Item 7.
  • Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Reports for the years ended December 31, 2024 and December 31, 2023, respectively.
  • Business Segments Engineered Materials Year Ended December 31, % 2025 2024 Change Change (In $ millions, except percentages) Net sales 5,390 5,595 (205) (3.7) % Net Sales Variance Volume (4) % Price (1) % Currency 1 % Other (charges) gains, net (1,552) (1,724) 172 10.0 % Operating profit (loss) (958) (1,197) 239 20.0 % Operating margin (17.8) % (21.4) % Equity in net earnings (loss) of affiliates 105 172 (67) (39.0) % Depreciation and amortization 447 510 (63) (12.4) % Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Net sales decreased for the year ended December 31, 2025 compared to the same period in 2024 primarily due to: • lower volume, primarily due to weaker global economic conditions; and • lower pricing for most of our products, primarily due to competitive market dynamics, and product mix; partially offset by: • a favorable currency impact, primarily resulting from a stronger euro relative to the U.S. dollar.
  • Operating loss decreased for the year ended December 31, 2025 compared to the same period in 2024 primarily due to: • a favorable impact of $172 million to Other (charges) gains, net, primarily related to a decrease in goodwill and certain trade names impairment losses and decreased severance costs (see Note 9 - Goodwill and Intangible Assets, Net and N ote 24 - Other (Charges) Gains, Net in the accompanying consolidated financial statements for further information); • lower raw material costs and favorable raw materials mix; • lower spending of $98 million, primarily as a result of the realization of synergy and cost savings actions during the year ended December 31, 2025; and • a decrease of accelerated depreciation expense of $67 million for the year ended December 31, 2025, primarily related to the 2024 closures of our polymerization units in Uentrop, Germany and our facility in Mechelen, Belgium; partially offset by: • lower Net sales.
  • Equity in net earnings (loss) of affiliates decreased for the year ended December 31, 2025 compared to the same period in 2024 primarily due to: • a decrease in earnings from our Ibn Sina strategic affiliate, primarily due to lower methyl tertiary-butyl ether ("MTBE") volume arising from weaker economic conditions, as well as lower MTBE pricing and higher feedstock costs.
  • Acetyl Chain Year Ended December 31, % 2025 2024 Change Change (In $ millions, except percentages) Net sales 4,232 4,763 (531) (11.1) % Net Sales Variance Volume (6) % Price (6) % Currency 1 % Operating profit (loss) 539 946 (407) (43.0) % Operating margin 12.7 % 19.9 % Dividend income - equity investments 121 127 (6) (4.7) % Depreciation and amortization 263 244 19 7.8 % Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Net sales decreased for the year ended December 31, 2025 compared to the same period in 2024 primarily due to: • lower pricing for most of our products globally, due to an environment with greater supply than demand; and • lower volume across the chain, primarily for acetate tow, due to decreased global demand; partially offset by: • a favorable currency impact, primarily resulting from a stronger euro relative to the U.S. dollar.
  • Operating profit decreased for the year ended December 31, 2025 compared to the same period in 2024 primarily due to: • lower Net sales; and • an increase of accelerated depreciation expense of $11 million for the year ended December 31, 2025, related to the intended closure of our facility in Lanaken, Belgium (see Note 4 - Acquisitions, Dispositions and Plant Closures in the accompanying consolidated financial statements for further information); partially offset by: • lower raw material and sourcing costs driven by productivity initiatives.
  • Other Activities Year Ended December 31, % 2025 2024 Change Change (In $ millions, except percentages) Operating profit (loss) (367) (469) 102 21.7 % Non-operating pension and other postretirement employee benefit (expense) income 52 (28) 80 285.7 % Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Operating loss decreased for the year ended December 31, 2025 compared to the same period in 2024 primarily due to: • lower spending of $97 million, primarily due to realization of synergy and cost savings actions during the year ended December 31, 2025.
  • As of December 31, 2025, we have $1.75 billion available for borrowing under our senior U.S.
  • Revolving Credit Facility (defined below) and $50 million available for borrowing under our separate China Revolving Credit Facilities (defined below), if required, to meet our working capital needs and other contractual obligations (see Covenants section below for further information).
  • In addition, we held cash and cash equivalents of $1.3 billion as of December 31, 2025.
  • On February 2, 2026, we completed the sale of the Micromax® business to Element Solutions Inc for a purchase price of $492 million, subject to customary transaction adjustments.
  • See Note 4 - Acquisitions, Dispositions and Plant Closures in the accompanying consolidated financial statements for further information.
  • On October 28, 2025, we announced the intended closure of our facility in Lanaken, Belgium to streamline our production costs across our global network.
  • We intend to permanently cease all manufacturing operations during the second half of 2026.
  • We expect to incur additional exit and shutdown costs related to the closure of the facility of $140 million, including employee termination costs, through 2027.
  • In February 2024, we announced the intended closure of our facility in Mechelen, Belgium to optimize production costs across our global network.

and 415 more.

Gone since FY2024

  • Information about our Executive Officers The names, ages and biographies of our executive officers as of February 21, 2025 are as follows: Name Age Position Scott A.
  • Richardson 48 President, Chief Executive Officer and Director Chuck B.
  • Kyrish 53 Senior Vice President and Chief Financial Officer Todd Elliott 59 Senior Vice President, Engineered Materials Mark C.
  • Murray 54 Senior Vice President, Acetyls Ashley B.
  • Duffie 50 Senior Vice President and General Counsel Scott A.
  • Duffie has served as Celanese's Senior Vice President and General Counsel since November 2023.
  • Holders As of February 17, 2025, there were 125 holders of record of our Common Stock.
  • Dividend Policy The amount available to us to pay cash dividends is not currently restricted by our existing senior credit facilities and our indentures governing our senior unsecured notes.
  • Celanese Purchases of its Equity Securities We did not repurchase any Common Stock during the three months ended December 31, 2024.
  • As of December 31, 2024, our Board of Directors had authorized the repurchase of $6.9 billion of our Common Stock since February 2008, with approximately $1.1 billion value of shares remaining that may be purchased under the program.
  • Performance Graph The following performance graph compares the cumulative total return on Celanese Corporation Common Stock from December 31, 2019 through December 31, 2024 to that of the Standard & Poor's ("S&P") 500 Stock Index and the Dow Jones U.S.
  • The performance graph assumes an investment of $100 on December 31, 2019.
  • Comparison of Cumulative Total Return The above performance graph and related information shall not be deemed "soliciting material" or to be "filed" with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that we specifically incorporate it by reference into such filing.
  • In addition, the following factors, among others, could cause our actual results to differ materially from those results, performance or achievements that may be expressed or implied by such forward-looking statements: • 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; • volatility or changes in the price and availability of raw materials and energy, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, carbon monoxide, wood pulp, hexamethylene diamine, Polyamide 66 ("PA66"), polybutylene terephthalate, ethanol, natural gas and fuel oil, and the prices for electricity and other energy sources; • the ability to pass increases in raw materials prices, logistics costs and other costs on to customers or otherwise improve margins through price increases; • the possibility that we will not be able to realize the anticipated benefits of the Mobility & Materials business (the "M&M Business") we acquired from DuPont de Nemours, Inc.
  • (the "M&M Acquisition"), including synergies and growth opportunities, whether as a result of difficulties arising from the operation of the M&M Business or other unanticipated delays, costs, inefficiencies or liabilities; • additional impairments of goodwill or intangible assets; • increased commercial, legal or regulatory complexity of entering into, or expanding our exposure to, certain end markets and geographies; • risks in the global economy and equity and credit markets and their potential impact on our ability to pay down debt in the future and/or refinance at suitable rates, in a timely manner, or at all; • risks and costs associated with increased leverage from the M&M Acquisition, including increased interest expense and potential reduction of business and strategic flexibility; • the ability to maintain plant utilization rates and to implement planned capacity additions, expansions and maintenance; • the ability to reduce or maintain current levels of production costs and to improve productivity by implementing technological improvements to existing plants; • increased price competition and the introduction of competing products by other companies; • the ability to identify desirable potential acquisition or divestiture opportunities and to complete such transactions, including obtaining regulatory approvals, consistent with our strategy; • market acceptance of our products and technology; • compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, transportation, logistics or supply chain disruptions, cybersecurity incidents, terrorism or political unrest, public health crises, or other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the direct or indirect consequences of acts of war or conflict (such as the Russia-Ukraine conflict or conflicts in the Middle East) or terrorist incidents or as a result of weather, natural disasters, or other crises; • the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to us; • changes in applicable tariffs, duties and trade agreements, tax rates or legislation throughout the world including, but not limited to, anti-dumping and countervailing duties, adjustments, changes in estimates or interpretations or the resolution of tax examinations or audits that may impact recorded or future tax impacts and potential regulatory and legislative tax developments in the United States and other jurisdictions; • changes in the degree of intellectual property and other legal protection afforded to our products or technologies, or the theft of such intellectual property; • potential liability for remedial actions and increased costs under existing or future environmental, health and safety regulations, including those relating to climate change or other sustainability matters; • potential liability resulting from pending or future claims or litigation, including investigations or enforcement actions, or from changes in the laws, regulations or policies of governments or other governmental activities, in the countries in which we operate; • 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 chemical industry, and the success of our deleveraging efforts, as well as any changes to our credit ratings. • changes in currency exchange rates and interest rates; • tax rates and changes thereto; and • various other factors, both referenced and not referenced in this Annual Report.
  • We neither intend nor assume any obligation to update these forward-looking statements, which speak only as of the dates hereof.
  • Results of Operations Financial Highlights Year Ended December 31, 2024 2023 Change (In $ millions, except percentages) Statement of Operations Data Net sales 10,280 10,940 (660) Gross profit 2,356 2,603 (247) Selling, general and administrative ("SG&A") expenses (1,030) (1,075) 45 Other (charges) gains, net (1,744) (68) (1,676) Gain (loss) on disposition of businesses and assets, net (14) 505 (519) Operating profit (loss) (697) 1,687 (2,384) Equity in net earnings (loss) of affiliates 196 102 94 Non-operating pension and other postretirement employee benefit (expense) income (20) (69) 49 Interest expense (676) (720) 44 Interest income 33 39 (6) Dividend income - equity investments 128 126 2 Earnings (loss) from continuing operations before tax (996) 1,183 (2,179) Earnings (loss) from continuing operations (1,506) 1,973 (3,479) Earnings (loss) from discontinued operations (8) (9) 1 Net earnings (loss) (1,514) 1,964 (3,478) Net earnings (loss) attributable to Celanese Corporation (1,522) 1,960 (3,482) Other Data Depreciation and amortization 801 706 95 SG&A expenses as a percentage of Net sales 10.0 % 9.8 % Operating margin (1) (6.8) % 15.4 % Other (charges) gains, net Restructuring (107) (52) (55) Asset impairments (1,639) (15) (1,624) Plant/office closures 2 (1) 3 Total Other (charges) gains, net (1,744) (68) (1,676) _____________________________ (1) Defined as Operating profit (loss) divided by Net sales.
  • As of December 31, 2024 2023 (In $ millions) Balance Sheet Data Cash and cash equivalents 962 1,805 Short-term borrowings and current installments of long-term debt - third party and affiliates 1,501 1,383 Long-term debt, net of unamortized deferred financing costs 11,078 12,301 Total debt 12,579 13,684 Factors Affecting Business Segment Net Sales The percentage increase (decrease) in Net sales attributable to each of the factors indicated for each of our business segments is as follows: Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Volume Price Currency Total (In percentages) Engineered Materials (5) (3) (1) (9) Acetyl Chain 4 (6) — (2) Total Company (1) (4) (1) (6) Consolidated Results Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Net sales decreased $660 million, or 6%, for the year ended December 31, 2024 compared to the same period in 2023 primarily due to: • lower pricing, driven by our Acetyl Chain segment due to an environment with greater supply than demand, as well as our Engineered Materials segment due to competitive market dynamics, product mix, and decreased energy surcharges; • lower volume in our Engineered Materials segment primarily due to the formation of the Nutrinova joint venture (see Note 4 - Acquisitions, Dispositions and Plant Closures in the accompanying consolidated financial statements for further information) and reduced demand for elastomers due to weaker automotive demand, partially offset by higher volume, principally for POM in Europe and Asia; and • an unfavorable currency impact, primarily resulting from a weaker Chinese Yuan ("CNY") and Japanese Yen ("JPY") relative to the U.S. dollar; partially offset by: • higher volume in our Acetyl Chain segment for most of our products, primarily methanol, downstream derivative products, acid, and VAM.
  • Operating profit decreased $2.4 billion, or 141%, for the year ended December 31, 2024 compared to the same period in 2023 primarily due to: • an unfavorable impact of $1.7 billion to Other (charges) gains, net primarily in our Engineered Materials segment related to an impairment loss on goodwill of $1.5 billion and impairment losses on certain trade names, primarily Zytel ® (see Note 9 - Goodwill and Intangible Assets, Net and Note 24 - Other (Charges) Gains, Net in the accompanying consolidated financial statements for further information); • lower Net sales across our segments; and • a gain of $515 million in our Engineered Materials segment recognized on the formation of the Nutrinova joint venture during the year ended December 31, 2023, which did not recur in the current year (see Note 4 - Acquisitions, Dispositions and Plant Closures in the accompanying consolidated financial statements for further information); partially offset by: • lower raw material costs in our Engineered Materials and Acetyl Chain segments.
  • Non-operating pension and other postretirement employee expense decreased $49 million for the year ended December 31, 2024 compared to the same period in 2023 primarily due to a decrease in recognized actuarial loss of $29 million as a result of an increase in the weighted average discount rate used to determine benefit obligations from 4.5% to 4.8%, partially offset by lower than expected actual asset returns.
  • Our effective income tax rate for the year ended December 31, 2024 was (51)% compared to (67)% for the year ended 2023.
  • The change in the effective income tax rate for the year ended December 31, 2024 compared to the same period in 2023 was primarily due to: • prior year impacts that did not recur in the current year, including the relocation of certain intangible assets to better align with the acquired M&M foreign operations, the realignment of our European headquarters and principal operations to Switzerland to achieve operational efficiencies, the release of valuation allowances on U.S. foreign tax credit carryforwards, and the excess of the U.S.
  • GAAP gain over the tax gain from the formation of the Nutrinova joint venture; and • current year impacts of a non-deductible goodwill impairment loss and recognition of a valuation allowance against certain local country, non-U.S. tax credit carryforwards due to reduced forecasts of earnings in future periods and capital gains tax arising from an internal integration-related restructuring of our acquired China operations to optimize our debt profile.
  • Discussion of our financial condition and results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022 and for the year ended December 31, 2022 compared to the year ended December 31, 2021, can be found in Part II - Item 7.
  • Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Reports for the years ended December 31, 2023 and December 31, 2022, respectively.
  • Business Segments Engineered Materials Year Ended December 31, % 2024 2023 Change Change (In $ millions, except percentages) Net sales 5,607 6,149 (542) (8.8) % Net Sales Variance Volume (5) % Price (3) % Currency (1) % Other (charges) gains, net (1,724) (56) (1,668) (2,978.6) % Operating profit (loss) (1,179) 1,083 (2,262) (208.9) % Operating margin (21.0) % 17.6 % Equity in net earnings (loss) of affiliates 172 83 89 107.2 % Depreciation and amortization 510 462 48 10.4 % Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Net sales decreased for the year ended December 31, 2024 compared to the same period in 2023 primarily due to: • lower volume, primarily driven by the formation of the Nutrinova joint venture (see Note 4 - Acquisitions, Dispositions and Plant Closures in the accompanying consolidated financial statements for further information) and reduced demand for elastomers due to weaker automotive demand, partially offset by higher volume for certain products, principally for POM in Europe and Asia; • lower pricing for most of our products, primarily due to competitive market dynamics, product mix, and decreased energy surcharges; and • an unfavorable currency impact, primarily resulting from a weaker JPY and CNY relative to the U.S. dollar.
  • Operating profit decreased for the year ended December 31, 2024 compared to the same period in 2023 primarily due to: • an unfavorable impact of $1.7 billion to Other (charges) gains, net primarily related to an impairment loss on goodwill of $1.5 billion and impairment losses on certain trade names, primarily Zytel ® (see Note 9 - Goodwill and Intangible Assets, Net and Note 24 - Other (Charges) Gains, Net in the accompanying consolidated financial statements for further information); • a gain of $515 million recognized on the formation of the Nutrinova joint venture during the year ended December 31, 2023, which did not recur in the current year (see Note 4 - Acquisitions, Dispositions and Plant Closures in the accompanying consolidated financial statements for further information); and • lower Net sales; partially offset by: • lower raw materials costs for most of our products.
  • Equity in net earnings (loss) of affiliates increased for the year ended December 31, 2024 compared to the same period in 2023 primarily due to: • an increase in earnings from our Mylar Specialty Films strategic affiliates of $61 million, primarily due to increased restructuring costs incurred in the year ended December 31, 2023, which did not recur in the current year.
  • Acetyl Chain Year Ended December 31, % 2024 2023 Change Change (In $ millions, except percentages) Net sales 4,763 4,884 (121) (2.5) % Net Sales Variance Volume 4 % Price (6) % Currency — % Operating profit (loss) 951 1,109 (158) (14.2) % Operating margin 20.0 % 22.7 % Dividend income - equity investments 127 124 3 2.4 % Depreciation and amortization 244 217 27 12.4 % Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Net sales decreased for the year ended December 31, 2024 compared to the same period in 2023 primarily due to: • lower pricing for most of our products globally, due to an environment with greater supply than demand during the year ended December 31, 2024; partially offset by: • higher volume for most of our products, primarily methanol, downstream derivative products, acid, and VAM.
  • Operating profit decreased for the year ended December 31, 2024 compared to the same period in 2023 primarily due to: • lower Net sales; and • higher spending of $40 million, primarily as a result of increased plant operating and maintenance expenses, including costs at our new acetic acid unit at Clear Lake, Texas, and plant turnaround costs related to our joint venture, Fairway Methanol LLC; partially offset by: • lower raw material and sourcing costs, primarily for carbon monoxide and methanol.
  • Other Activities Year Ended December 31, % 2024 2023 Change Change (In $ millions, except percentages) Operating profit (loss) (469) (505) 36 7.1 % Non-operating pension and other postretirement employee benefit (expense) income (28) (68) 40 58.8 % Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Operating loss decreased for the year ended December 31, 2024 compared to the same period in 2023 primarily due to: • lower functional spending and incentive compensation cost of $33 million.
  • Non-operating pension and other postretirement employee expense decreased for the year ended December 31, 2024 compared to the same period in 2023 primarily due to: • a decrease in the actuarial loss of $29 million as a result of an increase in the weighted average discount rate used to determine benefit obligations from 4.5% to 4.8%, partially offset by lower than expected actual asset returns.
  • As of December 31, 2024, we have $1.75 billion available for borrowing under our senior U.S. unsecured revolving credit facility, $171 million available for borrowing under our separate China Revolving Credit Facilities (defined below) and up to $1.0 billion under the November 2024 U.S.
  • Term Loan Credit Agreement (defined below), if required, in meeting our working capital needs and other contractual obligations.
  • In addition, we held cash and cash equivalents of $962 million as of December 31, 2024.
  • On February 29, 2024, we announced the intended closure of our facility in Mechelen, Belgium to optimize production costs across our global network.
  • We fully ceased operations during the three months ended December 31, 2024.
  • We expect to incur additional exit and shutdown costs related to the closure of the facility of approximately $20 million, inclusive of estimated employee termination costs, through 2028.
  • See Note 4 - Acquisitions, Dispositions and Plant Closures in the accompanying consolidated financial statements.
  • In October 2023, we announced the intended closure of our PA66 and High-Performance Nylon ("HPN") polymerization units at our facility in Uentrop, Germany to optimize production costs across our global network.

and 423 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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