Celanese CorpCE
Celanese Corp Goodwill & Intangibles Disclosure
Goodwill and Intangible Assets, Net
Goodwill
| Engineered Materials | Acetyl Chain | Total | |||||||||||||||
| (In $ millions) | |||||||||||||||||
As of December 31, 2023 | 6,602 | 375 | 6,977 | ||||||||||||||
| (1,517) | — | (1,517) | |||||||||||||||
| Exchange rate changes | (60) | (13) | (73) | ||||||||||||||
As of December 31, 2024(1) | 5,025 | 362 | 5,387 | ||||||||||||||
| (154) | — | (154) | |||||||||||||||
| (1,140) | — | (1,140) | |||||||||||||||
| Exchange rate changes | 51 | 27 | 78 | ||||||||||||||
As of December 31, 2025(2) | 3,782 | 389 | 4,171 | ||||||||||||||
______________________________
(1)Includes accumulated impairment losses of $1.5 billion in the Engineered Materials segment.
(2)Includes accumulated impairment losses of $2.7 billion in the Engineered Materials segment.
During the three months ended September 30, 2025, the Company completed qualitative evaluations of its reporting units, with the exception of the engineered materials reporting unit, which was tested quantitatively. The Company concluded that it was more likely than not that the fair value of the reporting units evaluated qualitatively exceeded such units' carrying value.
The results of the quantitative test of the engineered materials reporting unit determined that the carrying amount of the engineered materials reporting unit exceeded its estimated fair value. Accordingly, the Company recorded a noncash goodwill impairment loss of $1.0 billion in Other charges (gains), net (Note 24) within the Engineered Materials segment. Although the projected cash flows of the engineered materials reporting unit had not declined from the projections used in the December 31, 2024 quantitative analysis, the impairment loss was primarily driven by a decline in the Company's market capitalization as a result of a decrease in the stock price as of the testing date which led to a 275 basis point increase in the discount rate used in the model.
The Company recorded an additional noncash goodwill impairment loss of $98 million in Other charges (gains), net (Note 24) within the Engineered Materials segment during the three months ended September 30, 2025, as a result of the Company's intent to divest the Micromax® business (Note 4).
No events or changes in circumstances occurred during the three months ended December 31, 2025 that indicated the fair values of the Company's reporting units were reduced below their carrying amounts. Accordingly, no additional impairment analysis was performed during that period.
Intangible Assets, Net
Finite-lived intangible assets are as follows:
| Licenses | Customer- Related Intangible Assets | Developed Technology | Covenants Not to Compete and Other | Total | |||||||||||||||||||||||||
| (In $ millions) | |||||||||||||||||||||||||||||
| Gross Asset Value | |||||||||||||||||||||||||||||
| As of December 31, 2023 | 41 | 2,437 | 601 | 55 | 3,134 | ||||||||||||||||||||||||
| Exchange rate changes | (1) | (31) | (14) | — | (46) | ||||||||||||||||||||||||
| As of December 31, 2024 | 40 | 2,406 | 587 | 55 | 3,088 | ||||||||||||||||||||||||
| — | (145) | (51) | — | (196) | |||||||||||||||||||||||||
| Exchange rate changes | 1 | 170 | 27 | (1) | 197 | ||||||||||||||||||||||||
| As of December 31, 2025 | 41 | 2,431 | 563 | 54 | 3,089 | ||||||||||||||||||||||||
| Accumulated Amortization | |||||||||||||||||||||||||||||
| As of December 31, 2023 | (38) | (639) | (95) | (42) | (814) | ||||||||||||||||||||||||
| Amortization | — | (116) | (42) | (1) | (159) | ||||||||||||||||||||||||
| Exchange rate changes | 1 | 27 | 3 | — | 31 | ||||||||||||||||||||||||
| As of December 31, 2024 | (37) | (728) | (134) | (43) | (942) | ||||||||||||||||||||||||
| Amortization | (1) | (120) | (42) | (1) | (164) | ||||||||||||||||||||||||
| — | 22 | 11 | — | 33 | |||||||||||||||||||||||||
| Exchange rate changes | (1) | (61) | (5) | — | (67) | ||||||||||||||||||||||||
| As of December 31, 2025 | (39) | (887) | (170) | (44) | (1,140) | ||||||||||||||||||||||||
| Net book value | 2 | 1,544 | 393 | 10 | 1,949 | ||||||||||||||||||||||||
Indefinite-lived intangible assets are as follows:
| Trademarks and Trade Names | |||||
| (In $ millions) | |||||
| As of December 31, 2023 | 1,655 | ||||
| Impairment losses | (117) | ||||
| Exchange rate changes | (43) | ||||
| As of December 31, 2024 | 1,495 | ||||
| Impairment losses | (346) | ||||
| Exchange rate changes | 86 | ||||
| As of December 31, 2025 | 1,235 | ||||
During the three months ended September 30, 2025, the Company completed qualitative evaluations of its indefinite-lived intangible assets, with the exception of those assigned to the engineered materials reporting unit, and concluded that it was more likely than not that the fair value of those indefinite-lived intangible assets exceeded their carrying value. Indefinite-lived intangible assets assigned to the engineered materials reporting unit were tested quantitatively.
The results of the quantitative testing of the engineered materials indefinite-lived intangible assets determined that the carrying amount of certain trade names exceeded their estimated fair values. Accordingly, the Company recorded a noncash impairment loss of $346 million in Other charges (gains), net (Note 24) to impair the net book value of certain trade names, primarily Zytel®, included in the Engineered Materials segment. The impairment of these trade names was primarily driven by a decline in the Company's market capitalization as a result of a decrease in the stock price as of the testing date which led to an increase in the discount rates used in the models.
No events or changes in circumstances occurred during the three months ended December 31, 2025 that indicated the carrying amount of the Company's remaining indefinite-lived intangible assets may not be fully recoverable. Accordingly, no additional impairment analysis was performed during that period.
During the year ended December 31, 2025, the Company did not renew or extend any intangible assets.
Estimated amortization expense for the next five years is as follows:
| As of December 31, 2025 | |||||
| (In $ millions) | |||||
| 2026 | 158 | ||||
| 2027 | 158 | ||||
| 2028 | 157 | ||||
| 2029 | 153 | ||||
| 2030 | 149 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 10, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | Feb 6, 2020 | |
| 2018 | Feb 7, 2019 | |
| 2017 | Feb 9, 2018 | |
| 2016 | Feb 10, 2017 | |
| 2015 | Feb 5, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.