Celanese Corp
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 11, 2025
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Item 1. Financial Statements
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In $ millions, except share and per share data) | ||||
| Net sales | 2,532 | 2,651 | 4,921 | 5,262 |
| Cost of sales | (1,997) | (2,010) | (3,910) | (4,067) |
| Gross profit | 535 | 641 | 1,011 | 1,195 |
| Selling, general and administrative expenses | (213) | (255) | (443) | (520) |
| Amortization of intangible assets | (42) | (38) | (82) | (79) |
| Research and development expenses | (31) | (33) | (62) | (67) |
| Other (charges) gains, net | (20) | (48) | (51) | (62) |
| Foreign exchange gain (loss), net | 6 | (9) | 27 | 2 |
| Gain (loss) on disposition of businesses and assets, net | (2) | (8) | 1 | (9) |
| Operating profit (loss) | 233 | 250 | 401 | 460 |
| Equity in net earnings (loss) of affiliates | 29 | 51 | 51 | 106 |
| Non-operating pension and other postretirement employee benefit (expense) income | 1 | 2 | 3 | 4 |
| Interest expense | (177) | (174) | (347) | (343) |
| Refinancing expense | — | — | (32) | — |
| Interest income | 7 | 10 | 11 | 23 |
| Dividend income - equity investments | 41 | 31 | 42 | 65 |
| Other income (expense), net | 1 | 13 | 3 | 25 |
| Earnings (loss) from continuing operations before tax | 135 | 183 | 132 | 340 |
| Income tax (provision) benefit | 77 | (29) | 68 | (62) |
| Earnings (loss) from continuing operations | 212 | 154 | 200 | 278 |
| Earnings (loss) from operation of discontinued operations | (10) | (1) | (16) | (1) |
| Income tax (provision) benefit from discontinued operations | — | — | 1 | — |
| Earnings (loss) from discontinued operations | (10) | (1) | (15) | (1) |
| Net earnings (loss) | 202 | 153 | 185 | 277 |
| Net (earnings) loss attributable to noncontrolling interests | (3) | 2 | (7) | (1) |
| Net earnings (loss) attributable to Celanese Corporation | 199 | 155 | 178 | 276 |
| Amounts attributable to Celanese Corporation | ||||
| Earnings (loss) from continuing operations | 209 | 156 | 193 | 277 |
| Earnings (loss) from discontinued operations | (10) | (1) | (15) | (1) |
| Net earnings (loss) | 199 | 155 | 178 | 276 |
| Earnings (loss) per common share - basic | ||||
| Continuing operations | 1.91 | 1.43 | 1.76 | 2.54 |
| Discontinued operations | (0.09) | (0.01) | (0.13) | (0.01) |
| Net earnings (loss) - basic | 1.82 | 1.42 | 1.63 | 2.53 |
| Earnings (loss) per common share - diluted | ||||
| Continuing operations | 1.90 | 1.42 | 1.76 | 2.53 |
| Discontinued operations | (0.09) | (0.01) | (0.14) | (0.01) |
| Net earnings (loss) - diluted | 1.81 | 1.41 | 1.62 | 2.52 |
| Weighted average shares - basic | 109,526,113 | 109,314,411 | 109,473,864 | 109,191,736 |
| Weighted average shares - diluted | 109,734,396 | 109,547,401 | 109,686,840 | 109,523,364 |
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In $ millions) | ||||
| Net earnings (loss) | 202 | 153 | 185 | 277 |
| Other comprehensive income (loss), net of tax | ||||
| Foreign currency translation gain (loss) | (70) | (7) | (75) | (61) |
| Gain (loss) on derivative hedges | (15) | 12 | 20 | 14 |
| Pension and postretirement benefits | (1) | — | — | (1) |
| Total other comprehensive income (loss), net of tax | (86) | 5 | (55) | (48) |
| Total comprehensive income (loss), net of tax | 116 | 158 | 130 | 229 |
| Comprehensive (income) loss attributable to noncontrolling interests | (4) | 2 | (8) | (1) |
| Comprehensive income (loss) attributable to Celanese Corporation | 112 | 160 | 122 | 228 |
UNAUDITED CONSOLIDATED BALANCE SHEETS
| As of June 30, 2025 | As of December 31,2024 | |
|---|---|---|
| (In $ millions, except share data) | ||
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents | 1,173 | 962 |
| Trade receivables - third party and affiliates | 1,216 | 1,121 |
| Non-trade receivables, net | 703 | 493 |
| Inventories | 2,288 | 2,284 |
| Other assets | 295 | 285 |
| Total current assets | 5,675 | 5,145 |
| Investments in affiliates | 1,263 | 1,217 |
| Property, plant and equipment (net of accumulated depreciation - 2025: $4,995; 2024: $4,562) | 5,303 | 5,273 |
| Operating lease right-of-use assets | 388 | 388 |
| Deferred income taxes | 1,321 | 1,251 |
| Other assets | 525 | 555 |
| Goodwill | 5,466 | 5,387 |
| Intangible assets, net | 3,772 | 3,641 |
| Total assets | 23,713 | 22,857 |
| LIABILITIES AND EQUITY | ||
| Current Liabilities | ||
| Short-term borrowings and current installments of long-term debt - third party and affiliates | 252 | 1,501 |
| Trade payables - third party and affiliates | 1,283 | 1,228 |
| Other liabilities | 1,137 | 1,157 |
| Income taxes payable | 95 | 4 |
| Total current liabilities | 2,767 | 3,890 |
| Long-term debt, net of unamortized deferred financing costs | 12,689 | 11,078 |
| Deferred income taxes | 704 | 925 |
| Uncertain tax positions | 226 | 286 |
| Benefit obligations | 411 | 396 |
| Operating lease liabilities | 295 | 294 |
| Other liabilities | 917 | 408 |
| Commitments and Contingencies | ||
| Shareholders' Equity | ||
| Common stock, $0.0001 par value, 400,000,000 shares authorized (2025: 170,914,461 issued and 109,501,876 outstanding; 2024: 170,827,196 issued and 109,327,556 outstanding) | — | — |
| Treasury stock, at cost (2025: 61,412,585 shares; 2024: 61,499,640 shares) | (5,483) | (5,486) |
| Additional paid-in capital | 419 | 409 |
| Retained earnings | 11,243 | 11,071 |
| Accumulated other comprehensive income (loss), net | (903) | (848) |
| Total Celanese Corporation shareholders' equity | 5,276 | 5,146 |
| Noncontrolling interests | 428 | 434 |
| Total equity | 5,704 | 5,580 |
| Total liabilities and equity | 23,713 | 22,857 |
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF EQUITY
| Three Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2025 · 2024 | ||||||
| Shares · Amount · Shares · Amount | ||||||
| (In $ millions, except share data) | ||||||
| Common Stock | ||||||
| Balance as of the beginning of the period | 109,403,403 | — | 109,210,286 | — | ||
| Stock option exercises | — | — | 1,292 | — | ||
| Stock awards | 98,473 | — | 50,985 | — | ||
| Balance as of the end of the period | 109,501,876 | — | 109,262,563 | — | ||
| Treasury Stock | ||||||
| Balance as of the beginning of the period | 61,499,640 | (5,486) | 61,570,314 | (5,488) | ||
| Issuance of treasury stock under stock plans | (87,055) | 3 | (33,068) | 1 | ||
| Balance as of the end of the period | 61,412,585 | (5,483) | 61,537,246 | (5,487) | ||
| Additional Paid-In Capital | ||||||
| Balance as of the beginning of the period | 413 | 383 | ||||
| Stock-based compensation, net of tax | 6 | 11 | ||||
| Balance as of the end of the period | 419 | 394 | ||||
| Retained Earnings | ||||||
| Balance as of the beginning of the period | 11,047 | 12,953 | ||||
| Net earnings (loss) attributable to Celanese Corporation | 199 | 155 | ||||
| Common stock dividends | (3) | (77) | ||||
| Balance as of the end of the period | 11,243 | 13,031 | ||||
| Accumulated Other Comprehensive Income (Loss), Net | ||||||
| Balance as of the beginning of the period | (817) | (797) | ||||
| Other comprehensive income (loss), net of tax | (86) | 5 | ||||
| Balance as of the end of the period | (903) | (792) | ||||
| Total Celanese Corporation shareholders' equity | 5,276 | 7,146 | ||||
| Noncontrolling Interests | ||||||
| Balance as of the beginning of the period | 429 | 460 | ||||
| Net earnings (loss) attributable to noncontrolling interests | 3 | (2) | ||||
| Other comprehensive income (loss), net of tax | 1 | (1) | ||||
| Distributions/dividends to noncontrolling interests | (5) | (14) | ||||
| Balance as of the end of the period | 428 | 443 | ||||
| Total equity | 5,704 | 7,589 | ||||
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF EQUITY
| Six Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2025 · 2024 | ||||||
| Shares · Amount · Shares · Amount | ||||||
| (In $ millions, except share data) | ||||||
| Common Stock | ||||||
| Balance as of the beginning of the period | 109,327,556 | — | 108,906,426 | — | ||
| Stock option exercises | — | — | 9,239 | — | ||
| Stock awards | 174,320 | — | 346,898 | — | ||
| Balance as of the end of the period | 109,501,876 | — | 109,262,563 | — | ||
| Treasury Stock | ||||||
| Balance as of the beginning of the period | 61,499,640 | (5,486) | 61,570,314 | (5,488) | ||
| Issuance of treasury stock under stock plans | (87,055) | 3 | (33,068) | 1 | ||
| Balance as of the end of the period | 61,412,585 | (5,483) | 61,537,246 | (5,487) | ||
| Additional Paid-In Capital | ||||||
| Balance as of the beginning of the period | 409 | 394 | ||||
| Stock-based compensation, net of tax | 10 | (1) | ||||
| Stock option exercises, net of tax | — | 1 | ||||
| Balance as of the end of the period | 419 | 394 | ||||
| Retained Earnings | ||||||
| Balance as of the beginning of the period | 11,071 | 12,909 | ||||
| Net earnings (loss) attributable to Celanese Corporation | 178 | 276 | ||||
| Common stock dividends | (6) | (154) | ||||
| Balance as of the end of the period | 11,243 | 13,031 | ||||
| Accumulated Other Comprehensive Income (Loss), Net | ||||||
| Balance as of the beginning of the period | (848) | (744) | ||||
| Other comprehensive income (loss), net of tax | (55) | (48) | ||||
| Balance as of the end of the period | (903) | (792) | ||||
| Total Celanese Corporation shareholders' equity | 5,276 | 7,146 | ||||
| Noncontrolling Interests | ||||||
| Balance as of the beginning of the period | 434 | 461 | ||||
| Net earnings (loss) attributable to noncontrolling interests | 7 | 1 | ||||
| Other comprehensive income (loss), net of tax | 1 | (1) | ||||
| Distributions/dividends to noncontrolling interests | (14) | (18) | ||||
| Balance as of the end of the period | 428 | 443 | ||||
| Total equity | 5,704 | 7,589 | ||||
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
| Six Months EndedJune 30, | ||
|---|---|---|
| 2025 | 2024 | |
| (In $ millions) | ||
| Operating Activities | ||
| Net earnings (loss) | 185 | 277 |
| Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities | ||
| Asset impairments | — | 5 |
| Depreciation, amortization and accretion | 384 | 425 |
| Pension and postretirement net periodic benefit cost | 4 | 3 |
| Pension and postretirement contributions | (27) | (25) |
| Deferred income taxes, net | (44) | 4 |
| (Gain) loss on disposition of businesses and assets, net | (2) | 8 |
| Stock-based compensation | 12 | 20 |
| Undistributed earnings in unconsolidated affiliates | 2 | (10) |
| Other, net | 40 | 4 |
| Operating cash provided by (used in) discontinued operations | 8 | (9) |
| Changes in operating assets and liabilities | ||
| Trade receivables - third party and affiliates, net | (31) | (37) |
| Inventories | 115 | (143) |
| Other assets | 99 | (29) |
| Trade payables - third party and affiliates | 38 | 99 |
| Other liabilities | (336) | (199) |
| Net cash provided by (used in) operating activities | 447 | 393 |
| Investing Activities | ||
| Capital expenditures on property, plant and equipment | (195) | (242) |
| Proceeds from sale of businesses and assets, net | 7 | (4) |
| Settlement of cross-currency swap agreement | — | 17 |
| Other, net | 2 | (13) |
| Net cash provided by (used in) investing activities | (186) | (242) |
| Financing Activities | ||
| Net change in short-term borrowings with maturities of 3 months or less | 1 | 8 |
| Proceeds from short-term borrowings | 589 | 160 |
| Repayments of short-term borrowings | (555) | (418) |
| Proceeds from long-term debt | 2,821 | 183 |
| Repayments of long-term debt | (2,833) | (485) |
| Stock option exercises | — | 1 |
| Common stock dividends | (6) | (154) |
| Distributions/dividends to noncontrolling interests | (14) | (18) |
| Other, net | (74) | (25) |
| Net cash provided by (used in) financing activities | (71) | (748) |
| Exchange rate effects on cash and cash equivalents | 21 | (23) |
| Net increase (decrease) in cash and cash equivalents | 211 | (620) |
| Cash and cash equivalents as of beginning of period | 962 | 1,805 |
| Cash and cash equivalents as of end of period | 1,173 | 1,185 |
NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
- 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, medical, consumer electronics, energy storage, filtration, paints and coatings, paper and packaging, industrial applications 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, 2025 and 2024 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, 2024, filed on February 21, 2025 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, 2025 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 shareholders' interests are shown as noncontrolling interests.
Immaterial Revision of Prior Period Financial Statements
During the three months ended June 30, 2025, the Company identified an immaterial error in the estimate of the rebates accrual for certain distributors included in Customer rebates (Note 6). The Company evaluated the error, both quantitatively and qualitatively, and concluded that the impact of this error is not material to any previously issued annual or interim consolidated financial statements for the impacted periods and is not material to the current period if left uncorrected; however, to promote the consistency and comparability of the financial statements, the Company has voluntarily revised previously reported financial information.
The Company corrected this error in the accompanying consolidated balance sheet as of December 31, 2024, increasing Other current liabilities by $37 million, decreasing Deferred income taxes liability by $8 million and decreasing Retained earnings by $29 million. The consolidated statements of operations for the years ended December 31, 2024, 2023, 2022 and 2021 were impacted by a decrease to Net sales of $12 million, $14 million, $5 million and $6 million, respectively, and a decrease to Income tax provision of $3 million, an increase to Income tax benefit of $3 million, an increase to Income tax benefit of $1 million, and a decrease to Income tax provision of $1 million, respectively.
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 and other postretirement benefits, asset retirement obligations, environmental liabilities and loss contingencies, among others. Actual results could differ from those estimates.
- Recent Accounting Pronouncements
The following table provides a brief description of recent Accounting Standard Updates ("ASU") issued by the Financial Accounting Standards Board ("FASB") and final rules issued by the Securities and Exchange Commission ("SEC"):
| Standard/Final Rule | Description | Effective Date | Effect on the Financial Statements or Other Significant Matters |
|---|---|---|---|
| In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) and on January 6, 2025, the FASB issued ASU 2025-01, Clarifying the Effective Date. | The new guidance requires a public business entity ("PBE") to disclose, on an annual and interim basis, additional information about certain costs and expenses in the notes to financial statements. Specifically, in a tabular disclosure, the amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption. Within the same tabular disclosure, a PBE is required to include certain expense, gain, or loss amounts that are already required to be disclosed under U.S. GAAP. Additionally, a PBE is required to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The guidance also requires a PBE to disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. | Effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. | The Company is currently evaluating the impact of the adoption on its financial statement disclosures. |
| Standard/Final Rule | Description | Effective Date | Effect on the Financial Statements or Other Significant Matters |
|---|---|---|---|
| In March 2024, the SEC issued Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. | The final rule will require the disclosure of Scope 1 and Scope 2 greenhouse gas emissions, if material, which will be subject to phased-in assurance requirements, governance of climate-related risks, risk management processes and climate-related targets and goals. Within the notes to financial statements, the final rule requires disclosure of certain climate-related financial statement effects and metrics. | Phased-in and effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The SEC stayed the effectiveness of the final rule in April 2024, pending judicial review. In March 2025, the SEC voted to end its defense of the final rule. | The Company is currently evaluating the impact of the adoption on its financial statement disclosures. |
| In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. | The new guidance requires an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, the guidance requires an entity to disclose annual income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and disaggregate the information by jurisdiction based on a quantitative threshold. The guidance also requires an entity to disclose income (loss) from continuing operations before income tax expense (benefit) disaggregated between domestic and foreign and income tax expense (benefit) from continuing operations disaggregated by federal (national), state and foreign. | Effective for annual periods beginning after December 15, 2024. Early adoption is permitted. | The Company is currently evaluating the impact of the adoption on its financial statement disclosures. |
| In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures. | The new guidance requires an entity to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within segment profit or loss, as well as an amount of other segment items by reportable segment and a description of its composition. Additionally, the guidance requires an entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The update is required to be applied retrospectively to prior periods presented, based on the significant segment expense categories identified and disclosed in the period of adoption. | Effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption is permitted. | The Company adopted the new guidance effective for the year ended December 31, 2024. The adoption of the new guidance did not have a material impact to the Company. |
- Acquisitions, Dispositions and Plant Closures
On May 5, 2025, the Company announced its intent to divest its Micromax® portfolio of products as an opportunity for cash generation and deleveraging of the Company's balance sheet. These operations do not meet the accounting criteria to be classified as assets held for sale as of June 30, 2025, nor does the proposed transaction represent a strategic shift in the Company's future operations and financial results.
- Inventories
| As of June 30, 2025 | As of December 31,2024 | |
|---|---|---|
| (In $ millions) | ||
| Finished goods | 1,645 | 1,605 |
| Work-in-process | 115 | 119 |
| Raw materials and supplies | 528 | 560 |
| Total | 2,288 | 2,284 |
- Goodwill and Intangible Assets, Net
Goodwill
| EngineeredMaterials | Acetyl Chain | Total | |
|---|---|---|---|
| (In $ millions) | |||
| As of December 31, 2024(1) | 5,025 | 362 | 5,387 |
| Exchange rate changes | 52 | 27 | 79 |
| As of June 30, 2025(1) | 5,077 | 389 | 5,466 |
(1)Includes accumulated impairment losses of $1.5 billion in the Engineered Materials segment as of June 30, 2025 and December 31, 2024.
Intangible Assets, Net
Finite-lived intangible assets are as follows:
| Licenses | Customer-RelatedIntangibleAssets | DevelopedTechnology | CovenantsNot toCompeteand Other | Total | |
|---|---|---|---|---|---|
| (In $ millions) | |||||
| Gross Asset Value | |||||
| As of December 31, 2024 | 40 | 2,406 | 587 | 55 | 3,088 |
| Exchange rate changes | 1 | 164 | 27 | 1 | 193 |
| As of June 30, 2025 | 41 | 2,570 | 614 | 56 | 3,281 |
| Accumulated Amortization | |||||
| As of December 31, 2024 | (37) | (728) | (134) | (43) | (942) |
| Amortization | — | (60) | (21) | (1) | (82) |
| Exchange rate changes | (1) | (57) | (6) | — | (64) |
| As of June 30, 2025 | (38) | (845) | (161) | (44) | (1,088) |
| Net book value | 3 | 1,725 | 453 | 12 | 2,193 |
Indefinite-lived intangible assets are as follows:
| Trademarksand Trade Names | |
|---|---|
| (In $ millions) | |
| As of December 31, 2024 | 1,495 |
| Exchange rate changes | 84 |
| As of June 30, 2025 | 1,579 |
During the six months ended June 30, 2025, the Company didnot renew or extend any intangible assets.
Estimated amortization expense for the succeeding five fiscal years is as follows:
| (In $ millions) | |
|---|---|
| 2026 | 166 |
| 2027 | 166 |
| 2028 | 165 |
| 2029 | 160 |
| 2030 | 157 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.