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Form 10-Q Celanese Corp For: Jun 30

July 29, 2022 4:14 PM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
June 30, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-32410
ce-20220630_g1.gif
CELANESE CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware98-0420726
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)

222 W. Las Colinas Blvd., Suite 900N
Irving, TX 75039-5421
(Address of Principal Executive Offices and zip code)

(972443-4000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, par value $0.0001 per shareCEThe New York Stock Exchange
1.125% Senior Notes due 2023CE /23The New York Stock Exchange
1.250% Senior Notes due 2025CE /25The New York Stock Exchange
4.777% Senior Notes due 2026CE /26AThe New York Stock Exchange
2.125% Senior Notes due 2027CE /27The New York Stock Exchange
0.625% Senior Notes due 2028CE /28The New York Stock Exchange
5.337% Senior Notes due 2029CE /29AThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  þ Accelerated filer   Non-accelerated filer   Smaller reporting company   Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 
The number of outstanding shares of the registrant's common stock, $0.0001 par value, as of July 22, 2022 was 108,348,653.


CELANESE CORPORATION AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period Ended June 30, 2022
TABLE OF CONTENTS
Page
2


Item 1. Financial Statements
CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
(In $ millions, except share and per share data)
Net sales2,486 2,198 5,024 3,996 
Cost of sales(1,781)(1,437)(3,574)(2,750)
Gross profit705 761 1,450 1,246 
Selling, general and administrative expenses(197)(161)(371)(298)
Amortization of intangible assets(11)(5)(22)(11)
Research and development expenses(26)(22)(50)(42)
Other (charges) gains, net1 (3) 3 
Foreign exchange gain (loss), net(1)(3)(2) 
Gain (loss) on disposition of businesses and assets, net12  9 (5)
Operating profit (loss)483 567 1,014 893 
Equity in net earnings (loss) of affiliates60 37 116 66 
Non-operating pension and other postretirement employee benefit (expense) income25 38 49 76 
Interest expense(48)(24)(83)(49)
Interest income1 4 2 5 
Dividend income - equity investments36 37 73 79 
Other income (expense), net(3)1 (1)(1)
Earnings (loss) from continuing operations before tax554 660 1,170 1,069 
Income tax (provision) benefit(112)(116)(224)(201)
Earnings (loss) from continuing operations442 544 946 868 
Earnings (loss) from operation of discontinued operations(8)(6)(8)(7)
Income tax (provision) benefit from discontinued operations2 2 2 2 
Earnings (loss) from discontinued operations(6)(4)(6)(5)
Net earnings (loss)436 540 940 863 
Net (earnings) loss attributable to noncontrolling interests(2)(2)(4)(3)
Net earnings (loss) attributable to Celanese Corporation434 538 936 860 
Amounts attributable to Celanese Corporation    
Earnings (loss) from continuing operations440 542 942 865 
Earnings (loss) from discontinued operations(6)(4)(6)(5)
Net earnings (loss)434 538 936 860 
Earnings (loss) per common share - basic    
Continuing operations4.06 4.83 8.70 7.66 
Discontinued operations(0.06)(0.04)(0.06)(0.04)
Net earnings (loss) - basic4.00 4.79 8.64 7.62 
Earnings (loss) per common share - diluted    
Continuing operations4.03 4.81 8.63 7.62 
Discontinued operations(0.05)(0.04)(0.06)(0.04)
Net earnings (loss) - diluted3.98 4.77 8.57 7.58 
Weighted average shares - basic108,392,155 112,294,274 108,289,603 112,899,459 
Weighted average shares - diluted109,123,349 112,758,639 109,158,055 113,470,581 

See the accompanying notes to the unaudited interim consolidated financial statements.
3

CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
(In $ millions)
Net earnings (loss)436 540 940 863 
Other comprehensive income (loss), net of tax
Foreign currency translation gain (loss)(131)7 (152)3 
Gain (loss) on cash flow hedges26 (3)41 31 
Pension and postretirement benefits  2 (4)
Total other comprehensive income (loss), net of tax(105)4 (109)30 
Total comprehensive income (loss), net of tax331 544 831 893 
Comprehensive (income) loss attributable to noncontrolling interests
(2)(2)(4)(3)
Comprehensive income (loss) attributable to Celanese Corporation
329 542 827 890 

See the accompanying notes to the unaudited interim consolidated financial statements.
4

CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
As of
June 30,
2022
As of
December 31,
2021
(In $ millions, except share data)
ASSETS
Current Assets  
Cash and cash equivalents783 536 
Trade receivables - third party and affiliates1,317 1,161 
Non-trade receivables, net510 506 
Inventories1,713 1,524 
Marketable securities7 10 
Other assets129 70 
Total current assets4,459 3,807 
Investments in affiliates935 823 
Property, plant and equipment (net of accumulated depreciation - 2022: $3,497; 2021: $3,484)
4,158 4,193 
Operating lease right-of-use assets264 236 
Deferred income taxes232 248 
Other assets642 521 
Goodwill1,348 1,412 
Intangible assets, net675 735 
Total assets12,713 11,975 
LIABILITIES AND EQUITY
Current Liabilities  
Short-term borrowings and current installments of long-term debt - third party and affiliates
809 791 
Trade payables - third party and affiliates1,250 1,160 
Other liabilities419 473 
Income taxes payable117 81 
Total current liabilities2,595 2,505 
Long-term debt, net of unamortized deferred financing costs3,022 3,176 
Deferred income taxes589 555 
Uncertain tax positions285 280 
Benefit obligations514 558 
Operating lease liabilities220 200 
Other liabilities263 164 
Commitments and Contingencies
Stockholders' Equity  
Preferred stock, $0.01 par value, 100,000,000 shares authorized (2022 and 2021: 0 issued and outstanding)
  
Common stock, $0.0001 par value, 400,000,000 shares authorized (2022: 170,050,081 issued and 108,346,035 outstanding; 2021: 169,760,024 issued and 108,023,735 outstanding)
  
Treasury stock, at cost (2022: 61,704,046 shares; 2021: 61,736,289 shares)
(5,492)(5,492)
Additional paid-in capital344 333 
Retained earnings10,466 9,677 
Accumulated other comprehensive income (loss), net(438)(329)
Total Celanese Corporation stockholders' equity4,880 4,189 
Noncontrolling interests345 348 
Total equity5,225 4,537 
Total liabilities and equity12,713 11,975 

See the accompanying notes to the unaudited interim consolidated financial statements.
5

CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF EQUITY
Three Months Ended June 30,
20222021
SharesAmountSharesAmount
(In $ millions, except share data)
Common Stock
Balance as of the beginning of the period108,307,341  112,632,584  
Purchases of treasury stock  (1,562,578) 
Stock awards38,694  45,436  
Balance as of the end of the period108,346,035  111,115,442  
Treasury Stock
Balance as of the beginning of the period61,736,289 (5,492)57,066,485 (4,744)
Purchases of treasury stock, including related fees  1,562,578 (250)
Issuance of treasury stock under stock plans(32,243) (27,186)1 
Balance as of the end of the period61,704,046 (5,492)58,601,877 (4,993)
Additional Paid-In Capital
Balance as of the beginning of the period326 253 
Stock-based compensation, net of tax18 39 
Balance as of the end of the period344 292 
Retained Earnings
Balance as of the beginning of the period10,106 8,335 
Net earnings (loss) attributable to Celanese Corporation434 538 
Common stock dividends(74)(76)
Balance as of the end of the period10,466 8,797 
Accumulated Other Comprehensive Income (Loss), Net
Balance as of the beginning of the period(333)(302)
Other comprehensive income (loss), net of tax(105)4 
Balance as of the end of the period(438)(298)
Total Celanese Corporation stockholders' equity4,880 3,798 
Noncontrolling Interests
Balance as of the beginning of the period346 365 
Net earnings (loss) attributable to noncontrolling interests2 2 
Distributions to noncontrolling interests
(3)(8)
Balance as of the end of the period345 359 
Total equity5,225 4,157 

See the accompanying notes to the unaudited interim consolidated financial statements.
6

CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF EQUITY
Six Months Ended June 30,
20222021
SharesAmountSharesAmount
(In $ millions, except share data)
Common Stock
Balance as of the beginning of the period108,023,735  114,168,464  
Purchases of treasury stock  (3,394,548) 
Stock awards322,300  341,526  
Balance as of the end of the period108,346,035  111,115,442  
Treasury Stock
Balance as of the beginning of the period61,736,289 (5,492)55,234,515 (4,494)
Purchases of treasury stock, including related fees  3,394,548 (500)
Issuance of treasury stock under stock plans(32,243) (27,186)1 
Balance as of the end of the period61,704,046 (5,492)58,601,877 (4,993)
Additional Paid-In Capital
Balance as of the beginning of the period333 257 
Stock-based compensation, net of tax11 35 
Balance as of the end of the period344 292 
Retained Earnings
Balance as of the beginning of the period9,677 8,091 
Net earnings (loss) attributable to Celanese Corporation936 860 
Common stock dividends(147)(154)
Balance as of the end of the period10,466 8,797 
Accumulated Other Comprehensive Income (Loss), Net
Balance as of the beginning of the period(329)(328)
Other comprehensive income (loss), net of tax(109)30 
Balance as of the end of the period(438)(298)
Total Celanese Corporation stockholders' equity4,880 3,798 
Noncontrolling Interests
Balance as of the beginning of the period348 369 
Net earnings (loss) attributable to noncontrolling interests4 3 
Distributions to noncontrolling interests(7)(13)
Balance as of the end of the period345 359 
Total equity5,225 4,157 

See the accompanying notes to the unaudited interim consolidated financial statements.
7

CELANESE CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended
June 30,
20222021
(In $ millions)
Operating Activities
Net earnings (loss)940 863 
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities
Asset impairments 2 
Depreciation, amortization and accretion213 184 
Pension and postretirement net periodic benefit cost(42)(68)
Pension and postretirement contributions(23)(24)
Deferred income taxes, net15 10 
(Gain) loss on disposition of businesses and assets, net(8)6 
Stock-based compensation31 54 
Undistributed earnings in unconsolidated affiliates(10)(13)
Other, net5 7 
Operating cash provided by (used in) discontinued operations(19)3 
Changes in operating assets and liabilities
Trade receivables - third party and affiliates, net(216)(437)
Inventories(251)(150)
Other assets22 (143)
Trade payables - third party and affiliates169 242 
Other liabilities(15)7 
Net cash provided by (used in) operating activities811 543 
Investing Activities
Capital expenditures on property, plant and equipment(261)(202)
Acquisitions, net of cash acquired(14) 
Proceeds from sale of businesses and assets, net16 1 
Proceeds from sale of marketable securities 500 
Other, net(26)(24)
Net cash provided by (used in) investing activities(285)275 
Financing Activities
Net change in short-term borrowings with maturities of 3 months or less19 412 
Repayments of short-term borrowings (6)
Repayments of long-term debt(14)(415)
Purchases of treasury stock, including related fees(17)(517)
Common stock dividends(147)(154)
Distributions to noncontrolling interests(7)(13)
Issuance cost of bridge facility(63) 
Other, net(25)(22)
Net cash provided by (used in) financing activities(254)(715)
Exchange rate effects on cash and cash equivalents(25)(4)
Net increase (decrease) in cash and cash equivalents247 99 
Cash and cash equivalents as of beginning of period536 955 
Cash and cash equivalents as of end of period783 1,054 

See the accompanying notes to the unaudited interim consolidated financial statements.
8

CELANESE CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
1. Description of the Company and Basis of Presentation
Description of the Company
Celanese Corporation and its subsidiaries (collectively, the "Company") is a global chemical and specialty materials company. The Company produces high performance engineered polymers that are used in a variety of high-value applications, as well as acetyl products, which are intermediate chemicals, for nearly all major industries. The Company also engineers and manufactures a wide variety of products essential to everyday living. The Company's broad product portfolio serves a diverse set of end-use applications including automotive, chemical additives, construction, consumer and industrial adhesives, consumer and medical, energy storage, filtration, food and beverage, paints and coatings, paper and packaging, performance industrial and textiles.
Definitions
In this Quarterly Report on Form 10-Q ("Quarterly Report"), the term "Celanese" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The term "Celanese U.S." refers to the Company's subsidiary, Celanese US Holdings LLC, a Delaware limited liability company, and not its subsidiaries.
Basis of Presentation
The unaudited interim consolidated financial statements for the three and six months ended June 30, 2022 and 2021 contained in this Quarterly Report were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for all periods presented and include the accounts of the Company, its majority owned subsidiaries over which the Company exercises control and, when applicable, variable interest entities in which the Company is the primary beneficiary. The unaudited interim consolidated financial statements and other financial information included in this Quarterly Report, unless otherwise specified, have been presented to separately show the effects of discontinued operations.
In the opinion of management, the accompanying unaudited consolidated balance sheets and related unaudited interim consolidated statements of operations, comprehensive income (loss), cash flows and equity include all adjustments, consisting only of normal recurring items necessary for their fair presentation in conformity with U.S. GAAP. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with rules and regulations of the Securities and Exchange Commission ("SEC"). These unaudited interim consolidated financial statements should be read in conjunction with the Company's consolidated financial statements as of and for the year ended December 31, 2021, filed on February 10, 2022 with the SEC as part of the Company's Annual Report on Form 10-K.
Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the entire year.
In the ordinary course of business, the Company enters into contracts and agreements relative to a number of topics, including acquisitions, dispositions, joint ventures, supply agreements, product sales and other arrangements. The Company endeavors to describe those contracts or agreements that are material to its business, results of operations or financial position. The Company may also describe some arrangements that are not material but in which the Company believes investors may have an interest or which may have been included in a Form 8-K filing. Investors should not assume the Company has described all contracts and agreements relative to the Company's business in this Quarterly Report.
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 noncontrolling interests.
Estimates and Assumptions
The preparation of unaudited interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of Net sales, expenses and allocated charges during the reporting period. Significant estimates pertain to impairments of goodwill, intangible assets and other long-lived assets, purchase price allocations, restructuring costs and other (charges) gains, net, income taxes, pension
9

and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates.
2. Recent Accounting Pronouncements
There are no recent Accounting Standard Updates issued by the Financial Accounting Standards Board which are expected to materially impact the Company's financial position, operating results or financial disclosures.
3. Acquisitions, Dispositions and Plant Closures
Acquisitions
In December 2021, the Company acquired the Santoprene™ thermoplastic vulcanizates ("TPV") elastomers business of Exxon Mobil Corporation ("Santoprene") for a purchase price of $1.15 billion in an all-cash transaction. The Company acquired the Santoprene™, Dytron™ and Geolast™ trademarks and product portfolios, customer and supplier contracts and agreements, both production facilities producing TPV, the TPV intellectual property portfolio with associated technical and R&D assets and employees of the TPV elastomer business. The acquisition of Santoprene substantially strengthens our existing elastomers portfolio, allowing the Company to bring a wider range of functionalized solutions into targeted growth areas including future mobility, medical and sustainability. The acquisition was accounted for as a business combination and the acquired operations are included in the Engineered Materials segment. The Company allocated the purchase price of the acquisition to identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The purchase price allocation was based upon preliminary information and is subject to change if additional information about the facts and circumstances that existed at the acquisition date becomes available. The Company is in the ongoing process of conducting a valuation of the assets acquired and liabilities assumed related to the acquisition, including personal and real property, lease obligations, deferred taxes and intangible assets. The final fair value of the net assets acquired may result in adjustments to these assets and liabilities, including goodwill. During the measurement period, there were no adjustments that materially impacted the Company's goodwill initially recorded.
On February 17, 2022, the Company signed a definitive agreement to acquire a majority of the Mobility & Materials business of DuPont de Nemours, Inc. (the "M&M Acquisition") for a purchase price of $11.0 billion, subject to certain adjustments, in an all-cash transaction. The Company will acquire a global production network of 29 facilities, including compounding and polymerization, customer and supplier contracts and agreements, an intellectual property portfolio including approximately 850 patents with associated technical and R&D assets, and expects to acquire approximately 5,000 employees across the manufacturing, technical, and commercial organizations. The acquired operations will be included in the Engineered Materials segment. The Company expects the acquisition to close around the end of 2022, subject to regulatory approvals and customary closing conditions.
In connection with the planned M&M Acquisition, also on February 17, 2022, the Company entered into a bridge facility commitment letter with Bank of America, N.A. ("Bank of America") pursuant to which Bank of America has committed to provide, subject to the terms and conditions set forth therein, a 364-day $11.0 billion senior unsecured bridge term loan facility (the "Bridge Facility"). Subsequently, commitments in respect of the Bridge Facility were syndicated to additional financial institutions as contemplated thereby.
On March 18, 2022, Celanese, Celanese U.S. and certain subsidiaries entered into a term loan credit agreement (the "Term Loan Credit Agreement"), pursuant to which lenders have committed to provide a tranche of delayed-draw term loans due 364 days from issuance in an amount equal to $500 million and a tranche of delayed-draw term loans due 5 years from issuance in an amount equal to $1.0 billion (the "Term Loan Facility"), which reduced the commitments under the Bridge Facility by a corresponding amount. The Term Loan Facility, subject to the terms and conditions set forth in the Term Loan Credit Agreement, together with the Acquisition Notes (as defined and described below), additional debt financing and the Bridge Facility, will be available to finance the M&M Acquisition, and to pay fees and expenses related thereto. The Term Loan Credit Agreement is guaranteed by Celanese and domestic subsidiaries representing substantially all of the Company's U.S. assets and business operations (the "Subsidiary Guarantors").
Amounts outstanding under the 364-day tranche of the Term Loan Credit Agreement will accrue interest at a rate equal to Secured Overnight Financing Rate with an interest period of one or three months ("Term SOFR") plus a margin of 1.00% to 2.00% per annum, or the base rate plus a margin of 0.00% to 1.00%, in each case, based on the Company's senior unsecured debt rating. Amounts outstanding under the 5-year tranche of the Term Loan Credit Agreement will accrue interest at a rate equal to Term SOFR plus a margin of 1.125% to 2.125% per annum, or the base rate plus a margin of 0.125% to 1.125%, in each case, based on the Company's senior unsecured debt rating.
10

The Term Loan Credit Agreement contains certain covenants described in Note 7.
As described above, the entry into the Term Loan Credit Agreement reduced availability under the Bridge Facility by $1.5 billion, resulting in $9.5 billion in Bridge Facility commitments remaining as of June 30, 2022. The Company completed offerings of USD- and Euro-denominated notes on July 14, 2022 and July 19, 2022, respectively, reducing the availability of remaining Bridge Facility commitments to $552 million. See Note 18 for further information.
During the six months ended June 30, 2022, the Company paid $63 million in fees related to the Bridge Facility commitment, $23 million and $37 million of which were amortized to interest expense in the three and six months ended June 30, 2022, respectively, and $26 million of which were recorded as a deferred asset as of June 30, 2022 and will be amortized to interest expense.
Korea Engineering Plastics Co. Restructuring
On April 1, 2022, the Company completed the restructuring of Korea Engineering Plastics Co. ("KEPCO"), a joint venture owned 50% by the Company and 50% by Mitsubishi Gas Chemical Company, Inc. KEPCO was first formed in 1987 to manufacture and market polyoxymethylene ("POM") in Asia, with a particular focus on serving domestic demand in South Korea. KEPCO will now focus solely on manufacturing and supplying high quality products to its stockholders, who will independently market them globally. As part of the restructuring of KEPCO, the Company paid KEPCO $5 million and will pay 5 equal annual installments of €24 million on October 1 of each year beginning in 2022. This resulted in an increase to the Company's investment in KEPCO of $134 million. The Company's joint venture partner will be making similar payments to KEPCO. The restructuring did not result in a change in ownership percentage of KEPCO, nor a change in control, and will continue to be accounted for as an equity method investment.
4. Inventories
As of
June 30,
2022
As of
December 31,
2021
(In $ millions)
Finished goods1,122 1,014 
Work-in-process85 75 
Raw materials and supplies506 435 
Total1,713 1,524 
5. Goodwill and Intangible Assets, Net
Goodwill
Engineered
Materials
Acetate TowAcetyl ChainTotal
(In $ millions)
As of December 31, 20211,030 149 233 1,412 
Acquisitions (Note 3)
2   2 
(1)
Exchange rate changes(46)(2)(18)(66)
As of June 30, 2022(2)
986 147 215 1,348 
______________________________
(1)Represents goodwill related to the acquisition of Santoprene.
(2)There were no accumulated impairment losses as of June 30, 2022.
11

Intangible Assets, Net
Finite-lived intangible assets are as follows:
LicensesCustomer-
Related
Intangible
Assets
Developed
Technology
Covenants
Not to
Compete
and Other
Total
(In $ millions)
Gross Asset Value
As of December 31, 202145 996 45 55 1,141 
Exchange rate changes(2)(57)(1) (60)
As of June 30, 202243 939 44 55 1,081 
Accumulated Amortization
As of December 31, 2021(41)(543)(42)(39)(665)
Amortization(2)(19)(1) (22)
Exchange rate changes3 32 1  36 
As of June 30, 2022(40)(530)(42)(39)(651)
Net book value3 409 2 16 430 
Indefinite-lived intangible assets are as follows:
Trademarks
and Trade Names
(In $ millions)
As of December 31, 2021259 
Exchange rate changes(14)
As of June 30, 2022245 
During the six months ended June 30, 2022, the Company did not renew or extend any intangible assets.
Estimated amortization expense for the succeeding five fiscal years is as follows:
(In $ millions)
202340 
202439 
202539 
202639