QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol | Name of Each Exchange On Which Registered | ||||||||||||
x | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Page | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars, except earnings per share | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Sales and other operating revenues: | |||||||||||||||||||||||
Trade | $ | $ | $ | $ | |||||||||||||||||||
Related parties | |||||||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Impairment of long-lived assets | — | — | |||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Research and development expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
(Loss) income from continuing operations before equity investments and income taxes | ( | ||||||||||||||||||||||
Income from equity investments | |||||||||||||||||||||||
(Loss) income from continuing operations before income taxes | ( | ||||||||||||||||||||||
(Benefit from) provision for income taxes | ( | ( | |||||||||||||||||||||
Income from continuing operations | |||||||||||||||||||||||
Loss from discontinued operations, net of tax | ( | ( | |||||||||||||||||||||
Net income | |||||||||||||||||||||||
Dividends on redeemable non-controlling interests | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to the Company shareholders | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Net income (loss) attributable to the Company shareholders — | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations | ( | ( | |||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations | ( | ( | |||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax – | |||||||||||||||||||||||
Financial derivatives | ( | ( | ( | ||||||||||||||||||||
Unrealized gains on available-for-sale debt securities | |||||||||||||||||||||||
Defined benefit pension and other postretirement benefit plans | |||||||||||||||||||||||
Foreign currency translations | ( | ( | ( | ||||||||||||||||||||
Total other comprehensive income (loss), net of tax | ( | ( | ( | ||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Dividends on redeemable non-controlling interests | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income attributable to the Company shareholders | $ | $ | $ | $ |
Millions of dollars | September 30, 2020 | December 31, 2019 | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Short-term investments | |||||||||||
Accounts receivable: | |||||||||||
Trade, net | |||||||||||
Related parties | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Operating lease assets | |||||||||||
Property, plant and equipment, at cost | |||||||||||
Less: Accumulated depreciation | ( | ( | |||||||||
Property, plant and equipment, net | |||||||||||
Investments and long-term receivables: | |||||||||||
Investment in PO joint ventures | |||||||||||
Equity investments | |||||||||||
Other investments and long-term receivables | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ |
Millions of dollars, except shares and par value data | September 30, 2020 | December 31, 2019 | |||||||||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current maturities of long-term debt | $ | $ | |||||||||
Short-term debt | |||||||||||
Accounts payable: | |||||||||||
Trade | |||||||||||
Related parties | |||||||||||
Accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
Deferred income taxes | |||||||||||
Commitments and contingencies | |||||||||||
Redeemable non-controlling interests | |||||||||||
Shareholders’ equity: | |||||||||||
Ordinary shares, € and | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock, at cost, | ( | ( | |||||||||
Total Company share of shareholders’ equity | |||||||||||
Non-controlling interests | |||||||||||
Total equity | |||||||||||
Total liabilities, redeemable non-controlling interests and equity | $ | $ |
Nine Months Ended September 30, | |||||||||||
Millions of dollars | 2020 | 2019 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Impairment of long-lived assets | — | ||||||||||
Amortization of debt-related costs | |||||||||||
Share-based compensation | |||||||||||
Inventory valuation charges | — | ||||||||||
Equity investments— | |||||||||||
Equity income | ( | ( | |||||||||
Distributions of earnings, net of tax | |||||||||||
Deferred income taxes | ( | ||||||||||
Changes in assets and liabilities that provided (used) cash: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | ( | ||||||||||
Accounts payable | ( | ( | |||||||||
Other, net | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Expenditures for property, plant and equipment | ( | ( | |||||||||
Purchases of available-for-sale debt securities | ( | ||||||||||
Proceeds from sales and maturities of available-for-sale debt securities | |||||||||||
Purchases of equity securities | ( | ||||||||||
Proceeds from sales of equity securities | |||||||||||
Acquisition of equity method investment | ( | — | |||||||||
Other, net | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Repurchases of Company ordinary shares | ( | ( | |||||||||
Dividends paid - common stock | ( | ( | |||||||||
Purchase of non-controlling interest | ( | ( | |||||||||
Issuance of long-term debt | |||||||||||
Repayments of long-term debt | ( | ( | |||||||||
Payments of debt issuance costs | ( | ( | |||||||||
Issuance of short-term debt | |||||||||||
Repayments of short-term debt | ( | ||||||||||
Net proceeds from (repayments of) commercial paper | ( | ||||||||||
Payments on forward-starting interest rate swaps that include financing elements | ( | — | |||||||||
Proceeds from settlement of cash flow hedges | — | ||||||||||
Other, net | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Effect of exchange rate changes on cash | ( | ||||||||||
Increase in cash and cash equivalents and restricted cash | |||||||||||
Cash and cash equivalents and restricted cash at beginning of period | |||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | $ |
Ordinary Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Company Share of Shareholders’ Equity | Non- Controlling Interests | ||||||||||||||||||||||||||||||||||||
Millions of dollars | Issued | Treasury | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | ( | ||||||||||||||||||||||||||||||||||||||||
Dividends - common stock ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Dividends - redeemable non-controlling interests ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | ( | ||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | ( | $ | $ | $ | ( | $ | $ |
Ordinary Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Company Share of Shareholders’ Equity | Non- Controlling Interests | ||||||||||||||||||||||||||||||||||||
Millions of dollars | Issued | Treasury | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||||||||||||||||
Dividends - common stock ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Dividends - redeemable non-controlling interests ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Repurchases of Company ordinary shares | ( | ( | |||||||||||||||||||||||||||||||||||||||
Purchase of non-controlling interest | ( | ||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | $ | ( | $ | $ | $ | ( | $ | $ |
Ordinary Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Company Share of Shareholders’ Equity | Non- Controlling Interests | ||||||||||||||||||||||||||||||||||||
Millions of dollars | Issued | Treasury | |||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | ( | ||||||||||||||||||||||||||||||||||||||||
Dividends - common stock ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Dividends - redeemable non-controlling interests ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Repurchases of Company ordinary shares | ( | ( | |||||||||||||||||||||||||||||||||||||||
Purchase of non-controlling interest | |||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | ( | ||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | ( | $ | $ | $ | ( | $ | $ |
Ordinary Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Company Share of Shareholders’ Equity | Non- Controlling Interests | ||||||||||||||||||||||||||||||||||||
Millions of dollars | Issued | Treasury | |||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | ( | ||||||||||||||||||||||||||||||||||||||||
Dividends - common stock ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Dividends - redeemable non-controlling interests ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Repurchases of Company ordinary shares | ( | ( | |||||||||||||||||||||||||||||||||||||||
Purchase of non-controlling interest | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | $ | ( | $ | $ | $ | ( | $ | $ |
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Standard | Description | |||||||
ASU 2020-04, Facilitation of the Effects of Relief of Reference Rate Reform on Financial Reporting | This guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions that reference London Inter-Bank Offered Rate (“LIBOR”), or another reference rate, expected to be discontinued because of reference rate reform, if certain criteria are met. The expedients and exceptions provided by this guidance are available from January 1, 2020, prospectively, and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The adoption of the guidance enables us to continue hedge accounting for the relevant designated hedges and is expected to ease the accounting burden associated with transitioning away from reference rates that are expected to be discontinued. | |||||||
ASU 2020-03, Codification Improvements to Financial Instruments | This guidance makes narrow-scope changes that are intended to improve the guidance on financial instruments and current expected credit loss (“CECL”). We adopted the guidance related to CECL and other amendments on a modified retrospective basis. |
Standard | Description | |||||||
ASU 2019-12, Simplifying the Accounting for Income Taxes | This guidance enhances and simplifies various aspects of income tax accounting by removing exceptions for recognizing deferred taxes for changes from a subsidiary to an equity method investment and vice versa, performing intraperiod allocation and calculating income taxes in interim periods. The new guidance also reduces complexity in certain areas, including the tax basis step-up in goodwill in a transaction that is not a business combination and interim period accounting for enacted changes in tax law. We early adopted the amendments applicable to us on a prospective basis. | |||||||
ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract | This guidance requires a customer in a hosted, cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized costs are amortized over the term of the hosting arrangement when the recognized asset is ready for its intended use. | |||||||
ASU 2018-13, Disclosure Framework - Change to the Disclosure Requirements for Fair Value Measurement | This guidance eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. It removes transfer disclosures between Level 1 and Level 2 of the fair value hierarchy, and adds disclosures for the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. |
Standard | Description | |||||||
ASU 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans | This guidance changes disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. It eliminates the requirement of certain disclosures that are no longer considered cost beneficial and adds more pertinent disclosures. This guidance will be effective for public entities for annual periods ending after December 15, 2020. Early adoption is permitted. The adoption of this guidance will not have a material impact on our Consolidated Financial Statements. | |||||||
ASU 2020-06, Debt - Debt with Conversion and Other Options and Derivatives and Hedging - Contracts in Entity’s Own Equity | This guidance simplifies the accounting for convertible instruments by removing the separation models for cash conversion and beneficial conversion features and requires such instruments to be presented wholly as debt unless it contains a derivative requiring bifurcation or if it was issued at a substantial premium. The guidance for the derivatives scope exception for contracts in an entity’s own equity was also amended to reduce the to reduce form-over-substance-based accounting conclusions and improves/amends the related EPS guidance. This guidance will be effective for public entities for fiscal years and interim periods within those fiscal years beginning after December 15, 2021. Early adoption is permitted. The adoption of this guidance will not have a material impact on our Consolidated Financial Statements. | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Sales and other operating revenues: | |||||||||||||||||||||||
Olefins and co-products | $ | $ | $ | $ | |||||||||||||||||||
Polyethylene | |||||||||||||||||||||||
Polypropylene | |||||||||||||||||||||||
Propylene oxide and derivatives | |||||||||||||||||||||||
Oxyfuels and related products | |||||||||||||||||||||||
Intermediate chemicals | |||||||||||||||||||||||
Compounding and solutions | |||||||||||||||||||||||
Advanced polymers | |||||||||||||||||||||||
Refined products | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Sales and other operating revenues: | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
Germany | |||||||||||||||||||||||
China | |||||||||||||||||||||||
Italy | |||||||||||||||||||||||
Mexico | |||||||||||||||||||||||
France | |||||||||||||||||||||||
Japan | |||||||||||||||||||||||
Poland | |||||||||||||||||||||||
The Netherlands | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Millions of dollars | September 30, 2020 | December 31, 2019 | |||||||||
Finished goods | $ | $ | |||||||||
Work-in-process | |||||||||||
Raw materials and supplies | |||||||||||
Total inventories | $ | $ |
Millions of dollars | September 30, 2020 | December 31, 2019 | |||||||||
Senior Notes due | $ | $ | |||||||||
Senior Notes due | |||||||||||
Senior Notes due | |||||||||||
Term Loan due | |||||||||||
Guaranteed Notes due | |||||||||||
Guaranteed Notes due | |||||||||||
Guaranteed Notes due | — | ||||||||||
Guaranteed Notes due | |||||||||||
Guaranteed Notes due | |||||||||||
Guaranteed Notes due | |||||||||||
Guaranteed Notes due | — | ||||||||||
Guaranteed Notes due | |||||||||||
Guaranteed Notes due | |||||||||||
Guaranteed Notes due | |||||||||||
Guaranteed Notes due | |||||||||||
Guaranteed Notes due | — | ||||||||||
Other | |||||||||||
Total | |||||||||||
Less current maturities | ( | ( | |||||||||
Long-term debt | $ | $ |
Gains (Losses) | Cumulative Fair Value Hedging Adjustments Included in Carrying Amount of Debt | ||||||||||||||||||||||||||||||||||||||||
Inception Year | Three Months Ended September 30, | Nine Months Ended September 30, | September 30, | December 31, | |||||||||||||||||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Senior Notes due | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||
Senior Notes due | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Guaranteed Notes due | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Guaranteed Notes due | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Guaranteed Notes due | ( | — | ( | — | ( | — | |||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Millions of dollars | September 30, 2020 | December 31, 2019 | |||||||||
U.S. Receivables Facility | $ | $ | |||||||||
Commercial paper | |||||||||||
Precious metal financings | |||||||||||
Other | |||||||||||
Total Short-term debt | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Millions of dollars | Notional Amount | Fair Value | Notional Amount | Fair Value | Balance Sheet Classification | ||||||||||||||||||||||||
Assets– | |||||||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||||||
Commodities | $ | $ | $ | $ | Prepaid expenses and other current assets | ||||||||||||||||||||||||
Foreign currency | Prepaid expenses and other current assets | ||||||||||||||||||||||||||||
Foreign currency | Other assets | ||||||||||||||||||||||||||||
Interest rates | Prepaid expenses and other current assets | ||||||||||||||||||||||||||||
Interest rates | Other assets | ||||||||||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||||||
Commodities | Prepaid expenses and other current assets | ||||||||||||||||||||||||||||
Foreign currency | Prepaid expenses and other current assets | ||||||||||||||||||||||||||||
Non-derivatives: | |||||||||||||||||||||||||||||
Available-for-sale debt securities | Short-term investments | ||||||||||||||||||||||||||||
Equity securities | Short-term investments | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||||||||
Liabilities– | |||||||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||||||
Foreign currency | $ | $ | $ | $ | Accrued liabilities | ||||||||||||||||||||||||
Foreign currency | Other liabilities | ||||||||||||||||||||||||||||
Interest rates | Accrued liabilities | ||||||||||||||||||||||||||||
Interest rates | Other liabilities | ||||||||||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||||||
Commodities | Accrued liabilities | ||||||||||||||||||||||||||||
Foreign currency | Accrued liabilities | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Millions of dollars | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||
Non-derivatives: | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Short-term debt | $ | $ | $ | $ | |||||||||||||||||||
Long-term debt | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Millions of euro/dollars | Notional Value | Notional Value | Expiration Date | ||||||||||||||||||||||||||
Equivalent US$ | Equivalent US$ | ||||||||||||||||||||||||||||
Foreign currency | € | $ | € | $ | |||||||||||||||||||||||||
Foreign-currency denominated debt |
September 30, 2020 | December 31, 2019 | ||||||||||||||||
Millions of dollars | Notional Value | Notional Value | Expiration Date | ||||||||||||||
Foreign currency | $ | $ | |||||||||||||||
Interest rates | |||||||||||||||||
Commodities |
September 30, 2020 | December 31, 2019 | ||||||||||||||||
Millions of dollars | Notional Value | Notional Value | Expiration Date | ||||||||||||||
Interest rates | $ | $ |
Effects of Financial Instruments | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
Gain (Loss) Recognized in AOCI | Gain (Loss) Reclassified from AOCI to Income | Gain (Loss) Recognized in Income | Income Statement | ||||||||||||||||||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | Classification | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||||||||||||||||||
Commodities | $ | $ | $ | $ | ( | $ | $ | Sales and other operating revenues | |||||||||||||||||||||||||||||||||
Commodities | ( | Cost of sales | |||||||||||||||||||||||||||||||||||||||
Foreign currency | ( | ( | Interest expense | ||||||||||||||||||||||||||||||||||||||
Interest rates | ( | ( | Interest expense | ||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||||||||||||||||||
Commodities | ( | ( | Sales and other operating revenues | ||||||||||||||||||||||||||||||||||||||
Commodities | Cost of sales | ||||||||||||||||||||||||||||||||||||||||
Foreign currency | ( | Other income, net | |||||||||||||||||||||||||||||||||||||||
Non-derivatives designated as hedges: | |||||||||||||||||||||||||||||||||||||||||
Long-term debt | ( | Other income, net | |||||||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | $ | ( | $ | $ |
Effects of Financial Instruments | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
Gain (Loss) Recognized in AOCI | Gain (Loss) Reclassified from AOCI to Income | Gain (Loss) Recognized in Income | Income Statement | ||||||||||||||||||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | Classification | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||||||||||||||||||||
Commodities | $ | $ | ( | $ | $ | ( | $ | $ | Sales and other operating revenues | ||||||||||||||||||||||||||||||||
Commodities | Cost of sales | ||||||||||||||||||||||||||||||||||||||||
Foreign currency | ( | ( | Interest expense | ||||||||||||||||||||||||||||||||||||||
Interest rates | ( | ( | ( | Interest expense | |||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||||||||||||||||||||
Commodities | Sales and other operating revenues | ||||||||||||||||||||||||||||||||||||||||
Commodities | ( | Cost of sales | |||||||||||||||||||||||||||||||||||||||
Foreign currency | ( | Other income, net | |||||||||||||||||||||||||||||||||||||||
Non-derivatives designated as hedges: | |||||||||||||||||||||||||||||||||||||||||
Long-term debt | ( | Other income, net | |||||||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | ( | $ | $ | ( | $ | $ |
Millions of dollars | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
Debt securities at September 30, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||
Debt securities at December 31, 2019 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Proceeds from maturities of available-for-sale debt securities | $ | $ | $ | $ | |||||||||||||||||||
Proceeds from sales of available-for-sale debt securities |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net gains recognized during the period | $ | $ | $ | $ | |||||||||||||||||||
Less: Net gains recognized during the period on securities sold | |||||||||||||||||||||||
Unrealized losses recognized during the period | $ | $ | $ | $ | ( |
Millions of dollars, except per share amounts | Dividend Per Ordinary Share | Aggregate Dividends Paid | Date of Record | ||||||||||||||
March 2020 | $ | $ | |||||||||||||||
June 2020 | |||||||||||||||||
September 2020 | |||||||||||||||||
$ | $ | ||||||||||||||||
Millions of dollars, except shares and per share amounts | Shares Repurchased | Average Purchase Price | Total Purchase Price, Including Commissions and Fees | |||||||||||||||||
For nine months ended September 30, 2020: | ||||||||||||||||||||
September 2019 Share Repurchase Authorization | $ | $ | ||||||||||||||||||
May 2020 Share Repurchase Authorization | ||||||||||||||||||||
$ | $ | |||||||||||||||||||
For nine months ended September 30, 2019: | ||||||||||||||||||||
June 2018 Share Repurchase Authorization | $ | $ | ||||||||||||||||||
May 2019 Share Repurchase Authorization | ||||||||||||||||||||
$ | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Ordinary shares outstanding: | |||||||||||
Beginning balance | |||||||||||
Share-based compensation | |||||||||||
Employee stock purchase plan | |||||||||||
Purchase of ordinary shares | ( | ( | |||||||||
Ending balance |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Ordinary shares held as treasury shares: | |||||||||||
Beginning balance | |||||||||||
Share-based compensation | ( | ( | |||||||||
Employee stock purchase plan | ( | ( | |||||||||
Purchase of ordinary shares | |||||||||||
Ending balance |
Millions of dollars | Financial Derivatives | Unrealized Gains on Available -for-Sale Debt Securities | Defined Benefit Pension and Other Postretirement Benefit Plans | Foreign Currency Translation Adjustments | Total | ||||||||||||||||||||||||
Balance – January 1, 2020 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
Tax (expense) benefit before reclassifications | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||||||||
Tax (expense) benefit | ( | ( | ( | ||||||||||||||||||||||||||
Net other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||||||||
Balance – September 30, 2020 | $ | ( | $ | $ | ( | $ | ( | $ | ( |
Millions of dollars | Financial Derivatives | Unrealized Gains on Available -for-Sale Debt Securities | Defined Benefit Pension and Other Postretirement Benefit Plans | Foreign Currency Translation Adjustments | Total | ||||||||||||||||||||||||
Balance – January 1, 2019 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
Tax (expense) benefit before reclassifications | ( | ||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ( | |||||||||||||||||||||||||||
Tax (expense) benefit | ( | ||||||||||||||||||||||||||||
Net other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||||||||
Balance – September 30, 2019 | $ | ( | $ | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | Affected Line Item on the Consolidated Statements of Income | |||||||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Reclassification adjustments for: | |||||||||||||||||||||||||||||
Financial derivatives: | |||||||||||||||||||||||||||||
Foreign currency | $ | $ | ( | $ | $ | ( | Other income, net | ||||||||||||||||||||||
Commodities | ( | ( | Sales and other operating revenue | ||||||||||||||||||||||||||
Commodities | Cost of sales | ||||||||||||||||||||||||||||
Interest rates | ( | ( | Interest expense | ||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ( | Provision for income taxes | ||||||||||||||||||||||||||
Financial derivatives, net of tax | ( | ( | |||||||||||||||||||||||||||
Amortization of defined pension items: | |||||||||||||||||||||||||||||
Prior service cost | Other income, net | ||||||||||||||||||||||||||||
Actuarial loss | Other income, net | ||||||||||||||||||||||||||||
Income tax expense (benefit) | Provision for income taxes | ||||||||||||||||||||||||||||
Defined pension items, net of tax | |||||||||||||||||||||||||||||
Total reclassifications, before tax | ( | ( | |||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ( | Provision for income taxes | ||||||||||||||||||||||||||
Total reclassifications, after tax | $ | $ | ( | $ | $ | ( | Amount included in net income |
Three Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Millions of dollars | Continuing Operations | Discontinued Operations | Continuing Operations | Discontinued Operations | |||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Dividends on redeemable non-controlling interests | ( | ( | |||||||||||||||||||||
Net (income) loss attributable to participating securities | ( | ( | |||||||||||||||||||||
Net income (loss) attributable to ordinary shareholders – basic and diluted | $ | $ | $ | $ | ( | ||||||||||||||||||
Millions of shares, except per share amounts | |||||||||||||||||||||||
Basic weighted average common stock outstanding | |||||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Potential dilutive shares | |||||||||||||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | ( | ||||||||||||||||||
Diluted | $ | $ | $ | $ | ( | ||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Millions of dollars | Continuing Operations | Discontinued Operations | Continuing Operations | Discontinued Operations | |||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Dividends on redeemable non-controlling interests | ( | ( | |||||||||||||||||||||
Net (income) loss attributable to participating securities | ( | ( | |||||||||||||||||||||
Net income (loss) attributable to ordinary shareholders – basic and diluted | $ | $ | $ | $ | ( | ||||||||||||||||||
Millions of shares, except per share amounts | |||||||||||||||||||||||
Basic weighted average common stock outstanding | |||||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Potential dilutive shares | |||||||||||||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | ( | ||||||||||||||||||
Diluted | $ | $ | $ | $ | ( | ||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Millions of dollars | O&P– Americas | O&P– EAI | I&D | APS | Refining | Technology | Other | Total | |||||||||||||||||||||||||||||||||||||||
Sales and other operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Customers | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Intersegment | ( | ||||||||||||||||||||||||||||||||||||||||||||||
( | |||||||||||||||||||||||||||||||||||||||||||||||
Income from equity investments | |||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | ( |
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Millions of dollars | O&P– Americas | O&P– EAI | I&D | APS | Refining | Technology | Other | Total | |||||||||||||||||||||||||||||||||||||||
Sales and other operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Customers | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Intersegment | ( | ||||||||||||||||||||||||||||||||||||||||||||||
( | |||||||||||||||||||||||||||||||||||||||||||||||
Income from equity investments | |||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | ( |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Millions of dollars | O&P– Americas | O&P– EAI | I&D | APS | Refining | Technology | Other | Total | |||||||||||||||||||||||||||||||||||||||
Sales and other operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Customers | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Intersegment | ( | ||||||||||||||||||||||||||||||||||||||||||||||
( | |||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from equity investments | ( | ||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Millions of dollars | O&P– Americas | O&P– EAI | I&D | APS | Refining | Technology | Other | Total | |||||||||||||||||||||||||||||||||||||||
Sales and other operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Customers | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Intersegment | ( | ||||||||||||||||||||||||||||||||||||||||||||||
( | |||||||||||||||||||||||||||||||||||||||||||||||
Income from equity investments | |||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
EBITDA: | |||||||||||||||||||||||
Total segment EBITDA | $ | $ | $ | $ | |||||||||||||||||||
Other EBITDA | ( | ||||||||||||||||||||||
Less: | |||||||||||||||||||||||
Depreciation and amortization expense | ( | ( | ( | ( | |||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Add: | |||||||||||||||||||||||
Interest income | |||||||||||||||||||||||
(Loss) income from continuing operations before income taxes | $ | ( | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Sales and other operating revenues | $ | 6,776 | $ | 8,722 | $ | 19,816 | $ | 26,548 | |||||||||||||||
Cost of sales | 5,885 | 7,269 | 17,647 | 22,257 | |||||||||||||||||||
Impairment of long-lived assets | 582 | — | 582 | — | |||||||||||||||||||
Selling, general and administrative expenses | 259 | 303 | 842 | 892 | |||||||||||||||||||
Research and development expenses | 27 | 26 | 79 | 81 | |||||||||||||||||||
Operating income | 23 | 1,124 | 666 | 3,318 | |||||||||||||||||||
Interest expense | (122) | (86) | (336) | (259) | |||||||||||||||||||
Interest income | 3 | 5 | 10 | 16 | |||||||||||||||||||
Other income, net | 23 | 11 | 27 | 46 | |||||||||||||||||||
Income from equity investments | 62 | 51 | 123 | 179 | |||||||||||||||||||
(Loss) income from continuing operations before income taxes | (11) | 1,105 | 490 | 3,300 | |||||||||||||||||||
(Benefit from) provision for income taxes | (125) | 136 | (82) | 508 | |||||||||||||||||||
Income from continuing operations | 114 | 969 | 572 | 2,792 | |||||||||||||||||||
Loss from discontinued operations, net of tax | — | (4) | — | (7) | |||||||||||||||||||
Net income | $ | 114 | $ | 965 | $ | 572 | $ | 2,785 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Sales and other operating revenues: | |||||||||||||||||||||||
O&P–Americas segment | $ | 1,840 | $ | 2,137 | $ | 5,065 | $ | 6,362 | |||||||||||||||
O&P–EAI segment | 1,982 | 2,309 | 5,908 | 7,349 | |||||||||||||||||||
I&D segment | 1,538 | 2,046 | 4,465 | 6,002 | |||||||||||||||||||
APS segment | 1,004 | 1,186 | 2,805 | 3,783 | |||||||||||||||||||
Refining segment | 1,101 | 2,134 | 3,468 | 6,196 | |||||||||||||||||||
Technology segment | 193 | 146 | 492 | 460 | |||||||||||||||||||
Other, including intersegment eliminations | (882) | (1,236) | (2,387) | (3,604) | |||||||||||||||||||
Total | $ | 6,776 | $ | 8,722 | $ | 19,816 | $ | 26,548 | |||||||||||||||
Operating income (loss): | |||||||||||||||||||||||
O&P–Americas segment | $ | 309 | $ | 524 | $ | 654 | $ | 1,412 | |||||||||||||||
O&P–EAI segment | 52 | 202 | 268 | 614 | |||||||||||||||||||
I&D segment | 180 | 314 | 335 | 1,000 | |||||||||||||||||||
APS segment | 116 | 67 | 103 | 277 | |||||||||||||||||||
Refining segment | (733) | (52) | (931) | (221) | |||||||||||||||||||
Technology segment | 101 | 73 | 252 | 242 | |||||||||||||||||||
Other, including intersegment eliminations | (2) | (4) | (15) | (6) | |||||||||||||||||||
Total | $ | 23 | $ | 1,124 | $ | 666 | $ | 3,318 | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||
O&P–Americas segment | $ | 134 | $ | 118 | $ | 391 | $ | 350 | |||||||||||||||
O&P–EAI segment | 55 | 51 | 161 | 156 | |||||||||||||||||||
I&D segment | 79 | 75 | 223 | 221 | |||||||||||||||||||
APS segment | 40 | 32 | 123 | 91 | |||||||||||||||||||
Refining segment | 40 | 41 | 131 | 128 | |||||||||||||||||||
Technology segment | 10 | 10 | 27 | 31 | |||||||||||||||||||
Total | $ | 358 | $ | 327 | $ | 1,056 | $ | 977 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Income (loss) from equity investments: | |||||||||||||||||||||||
O&P–Americas segment | $ | 15 | $ | 12 | $ | 24 | $ | 35 | |||||||||||||||
O&P–EAI segment | 40 | 36 | 88 | 139 | |||||||||||||||||||
I&D segment | 7 | 1 | 12 | 5 | |||||||||||||||||||
APS segment | — | 2 | (1) | — | |||||||||||||||||||
Total | $ | 62 | $ | 51 | $ | 123 | $ | 179 | |||||||||||||||
Other income (loss), net: | |||||||||||||||||||||||
O&P–Americas segment | $ | 16 | $ | (1) | $ | 19 | $ | 7 | |||||||||||||||
O&P–EAI segment | 1 | 2 | 5 | 9 | |||||||||||||||||||
I&D segment | 1 | — | 1 | 2 | |||||||||||||||||||
APS segment | 1 | 1 | 1 | 2 | |||||||||||||||||||
Refining segment | 1 | 5 | 1 | 6 | |||||||||||||||||||
Other, including intersegment eliminations | 3 | 4 | — | 20 | |||||||||||||||||||
Total | $ | 23 | $ | 11 | $ | 27 | $ | 46 | |||||||||||||||
EBITDA: | |||||||||||||||||||||||
O&P–Americas segment | $ | 474 | $ | 653 | $ | 1,088 | $ | 1,804 | |||||||||||||||
O&P–EAI segment | 148 | 291 | 522 | 918 | |||||||||||||||||||
I&D segment | 267 | 390 | 571 | 1,228 | |||||||||||||||||||
APS segment | 157 | 102 | 226 | 370 | |||||||||||||||||||
Refining segment | (692) | (6) | (799) | (87) | |||||||||||||||||||
Technology segment | 111 | 83 | 279 | 273 | |||||||||||||||||||
Other, including intersegment eliminations | 1 | — | (15) | 14 | |||||||||||||||||||
Total | $ | 466 | $ | 1,513 | $ | 1,872 | $ | 4,520 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Sales and other operating revenues | $ | 1,840 | $ | 2,137 | $ | 5,065 | $ | 6,362 | |||||||||||||||
Income from equity investments | 15 | 12 | 24 | 35 | |||||||||||||||||||
EBITDA | 474 | 653 | 1,088 | 1,804 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Sales and other operating revenues | $ | 1,982 | $ | 2,309 | $ | 5,908 | $ | 7,349 | |||||||||||||||
Income from equity investments | 40 | 36 | 88 | 139 | |||||||||||||||||||
EBITDA | 148 | 291 | 522 | 918 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Sales and other operating revenues | $ | 1,538 | $ | 2,046 | $ | 4,465 | $ | 6,002 | |||||||||||||||
Income from equity investments | 7 | 1 | 12 | 5 | |||||||||||||||||||
EBITDA | 267 | 390 | 571 | 1,228 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Sales and other operating revenues | $ | 1,004 | $ | 1,186 | $ | 2,805 | $ | 3,783 | |||||||||||||||
Income (loss) from equity investments | — | 2 | (1) | — | |||||||||||||||||||
EBITDA | 157 | 102 | 226 | 370 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Sales and other operating revenues | $ | 1,101 | $ | 2,134 | $ | 3,468 | $ | 6,196 | |||||||||||||||
EBITDA | (692) | (6) | (799) | (87) | |||||||||||||||||||
Thousands of barrels per day | |||||||||||||||||||||||
Heavy crude oil processing rates | 216 | 264 | 226 | 261 | |||||||||||||||||||
Market margins, dollars per barrel | |||||||||||||||||||||||
Brent - 2-1-1 | $ | 5.71 | $ | 12.75 | $ | 5.86 | $ | 11.29 | |||||||||||||||
Brent - Maya differential | 4.18 | 5.36 | 7.61 | 5.58 | |||||||||||||||||||
Total Maya 2-1-1 | $ | 9.89 | $ | 18.11 | $ | 13.47 | $ | 16.87 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Millions of dollars | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Sales and other operating revenues | $ | 193 | $ | 146 | $ | 492 | $ | 460 | |||||||||||||||
EBITDA | 111 | 83 | 279 | 273 |
Nine Months Ended September 30, | |||||||||||
Millions of dollars | 2020 | 2019 | |||||||||
Source (use) of cash: | |||||||||||
Operating activities | $ | 2,661 | $ | 3,719 | |||||||
Investing activities | (2,307) | (1,210) | |||||||||
Financing activities | 1,192 | (2,382) |
Nine Months Ended September 30, | |||||||||||
Millions of dollars | 2020 | 2019 | |||||||||
Capital expenditures by segment: | |||||||||||
O&P–Americas | $ | 524 | $ | 828 | |||||||
O&P–EAI | 114 | 148 | |||||||||
I&D | 761 | 734 | |||||||||
APS | 41 | 41 | |||||||||
Refining | 52 | 137 | |||||||||
Technology | 80 | 60 | |||||||||
Other | 101 | 15 | |||||||||
Consolidated capital expenditures | $ | 1,673 | $ | 1,963 |
Exhibit Number | Description | |||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | ||||||||
4.7 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5+* | ||||||||
Exhibit Number | Description | |||||||
10.6 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32* | ||||||||
101.INS* | XBRL Instance Document–The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH* | XBRL Schema Document | |||||||
101.CAL* | XBRL Calculation Linkbase Document | |||||||
101.DEF* | XBRL Definition Linkbase Document | |||||||
101.LAB* | XBRL Labels Linkbase Document | |||||||
101.PRE* | XBRL Presentation Linkbase Document | |||||||
104* | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | |||||||
LYONDELLBASELL INDUSTRIES N.V. | ||||||||
Date: | October 30, 2020 | /s/ Jacinth C. Smiley | ||||||
Jacinth C. Smiley | ||||||||
Vice President and | ||||||||
Chief Accounting Officer | ||||||||
(Principal Accounting Officer) |
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Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Net income | $ 114 | $ 965 | $ 572 | $ 2,785 |
Other comprehensive income (loss), net of tax – | ||||
Financial derivatives | 75 | (112) | (289) | (230) |
Unrealized gains on available-for-sale debt securities | 0 | 0 | 1 | 1 |
Defined benefit pension and other postretirement benefit plans | 10 | 5 | 31 | 15 |
Foreign currency translations | 86 | (114) | (47) | (106) |
Total other comprehensive income (loss), net of tax | 171 | (221) | (304) | (320) |
Comprehensive income | 285 | 744 | 268 | 2,465 |
Dividends on redeemable non-controlling interests | (2) | (2) | (5) | (5) |
Comprehensive income attributable to the Company shareholders | $ 283 | $ 742 | $ 263 | $ 2,460 |
Consolidated Balance Sheets (Parentheticals) - € / shares |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Shareholders’ equity: | ||
Ordinary shares par value (in euros per share) | € 0.04 | € 0.04 |
Ordinary shares, shares authorized (in shares) | 1,275,000,000 | 1,275,000,000 |
Ordinary shares, shares outstanding (in shares) | 333,918,359 | 333,476,883 |
Treasury stock, shares (in shares) | 6,127,269 | 6,568,745 |
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions |
Total |
Ordinary Shares |
Treasury Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Company Share of Shareholders' Equity |
Non-Controlling Interests |
---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2018 | $ 22 | $ (2,206) | $ 7,041 | $ 6,763 | $ (1,363) | $ 10,257 | $ 23 | |
Net income | $ 2,785 | 0 | 0 | 0 | 2,785 | 0 | 2,785 | 0 |
Other comprehensive income (loss) | (320) | 0 | 0 | 0 | 0 | (320) | (320) | 0 |
Share-based compensation | 0 | 36 | 23 | (2) | 0 | 57 | 0 | |
Dividends - common stock | 0 | 0 | 0 | (1,111) | 0 | (1,111) | 0 | |
Dividends on redeemable non-controlling interests | (5) | 0 | 0 | 0 | (5) | 0 | (5) | 0 |
Repurchases of Company ordinary shares | (3,728) | 0 | (3,728) | 0 | 0 | 0 | (3,728) | 0 |
Purchase of non-controlling interest | 0 | 0 | (47) | 0 | 0 | (47) | (5) | |
Ending balance at Sep. 30, 2019 | 22 | (5,898) | 7,017 | 8,430 | (1,683) | 7,888 | 18 | |
Beginning balance at Jun. 30, 2019 | 22 | (2,663) | 7,006 | 7,818 | (1,462) | 10,721 | 22 | |
Net income | 965 | 0 | 0 | 0 | 965 | 0 | 965 | 0 |
Other comprehensive income (loss) | (221) | 0 | 0 | 0 | 0 | (221) | (221) | 0 |
Share-based compensation | 0 | 5 | 11 | 0 | 0 | 16 | 0 | |
Dividends - common stock | 0 | 0 | 0 | (351) | 0 | (351) | 0 | |
Dividends on redeemable non-controlling interests | (2) | 0 | 0 | 0 | (2) | 0 | (2) | 0 |
Repurchases of Company ordinary shares | 0 | (3,240) | 0 | 0 | 0 | (3,240) | 0 | |
Purchase of non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | (4) | |
Ending balance at Sep. 30, 2019 | 22 | (5,898) | 7,017 | 8,430 | (1,683) | 7,888 | 18 | |
Beginning balance at Dec. 31, 2019 | 8,063 | 19 | (580) | 5,954 | 4,435 | (1,784) | 8,044 | 19 |
Net income | 572 | 0 | 0 | 0 | 572 | 0 | 572 | 0 |
Other comprehensive income (loss) | (304) | 0 | 0 | 0 | 0 | (304) | (304) | 0 |
Share-based compensation | 0 | 44 | 14 | (9) | 0 | 49 | 0 | |
Dividends - common stock | (1,053) | 0 | 0 | 0 | (1,053) | 0 | (1,053) | 0 |
Dividends on redeemable non-controlling interests | (5) | 0 | 0 | 0 | (5) | 0 | (5) | 0 |
Repurchases of Company ordinary shares | (4) | 0 | (4) | 0 | 0 | 0 | (4) | 0 |
Purchase of non-controlling interest | 0 | 0 | (7) | 0 | 0 | (7) | 0 | |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | 0 | 0 | 0 | 0 | 0 | (2) | |
Ending balance at Sep. 30, 2020 | 7,323 | 19 | (540) | 5,975 | 3,940 | (2,088) | 7,306 | 17 |
Beginning balance at Jun. 30, 2020 | 19 | (548) | 5,958 | 4,188 | (2,259) | 7,358 | 19 | |
Net income | 114 | 0 | 0 | 0 | 114 | 0 | 114 | 0 |
Other comprehensive income (loss) | 171 | 0 | 0 | 0 | 0 | 171 | 171 | 0 |
Share-based compensation | 0 | 8 | 17 | (8) | 0 | 17 | 0 | |
Dividends - common stock | 0 | 0 | 0 | (352) | 0 | (352) | 0 | |
Dividends on redeemable non-controlling interests | (2) | 0 | 0 | 0 | (2) | 0 | (2) | 0 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | 0 | 0 | 0 | 0 | 0 | (2) | |
Ending balance at Sep. 30, 2020 | $ 7,323 | $ 19 | $ (540) | $ 5,975 | $ 3,940 | $ (2,088) | $ 7,306 | $ 17 |
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, dividends per share (in dollars per share) | $ 1.05 | $ 1.05 | $ 3.15 | $ 3.10 |
Redeemable non-controlling interests, dividends per share (in dollars per share) | $ 15.00 | $ 15.00 | $ 45.00 | $ 45.00 |
Basis of Presentation |
9 Months Ended |
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Sep. 30, 2020 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation [Text Block] | 1. Basis of Presentation LyondellBasell Industries N.V. is a limited liability company (Naamloze Vennootschap) incorporated under Dutch law by deed of incorporation dated October 15, 2009. Unless otherwise indicated, the “Company,” “we,” “us,” “our” or similar words are used to refer to LyondellBasell Industries N.V. together with its consolidated subsidiaries (“LyondellBasell N.V.”). LyondellBasell N.V. is a worldwide manufacturer of chemicals and polymers, a refiner of crude oil, a significant producer of gasoline blending components and a developer and licensor of technologies for the production of polymers. The accompanying unaudited Consolidated Financial Statements have been prepared from the books and records of LyondellBasell N.V. in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. In our opinion, all adjustments, including normal recurring adjustments, considered necessary for a fair statement have been included. The results for interim periods are not necessarily indicative of results for the entire year. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Events surrounding the COVID-19 pandemic, continue to evolve and negatively impact global markets and demand for our products. We continue to assess the potential financial statement impacts of COVID-19 and commodity price volatility throughout the duration of the pandemic. The extent of the impact of the pandemic on our operational and financial performance will depend on future developments which are uncertain and cannot be predicted. An extended period of economic disruption could have a material adverse impact on our business, results of operations, access to sources of liquidity and financial condition.
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Accounting and Reporting Changes |
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting and Reporting Changes [Text Block] | 2. Accounting and Reporting Changes Recently Adopted Guidance The following table provides a brief description of recently adopted Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The adoption of the new standards listed below in the first quarter of 2020 did not have a material impact on our Consolidated Financial Statements.
Accounting Guidance Issued But Not Adopted as of September 30, 2020
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Revenues |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues [Text Block] | 3. Revenues Contract Balances—Contract liabilities were $199 million and $124 million at September 30, 2020 and December 31, 2019, respectively. Revenue recognized in each reporting period, included in the contract liability balance at the beginning of the period, was immaterial. Disaggregation of Revenues—The following table presents our revenues disaggregated by key products:
The following table presents our revenues disaggregated by geography, based upon the location of the customer:
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Impairment of Long-Lived Assets |
9 Months Ended |
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Sep. 30, 2020 | |
Asset Impairment Charges [Abstract] | |
Asset Impairment Charges [Text Block] | 4. Impairment of Long-Lived Assets During the third quarter of 2020, we identified impairment triggers relating to our Houston refinery’s asset group as a result of significant negative impacts to the Refining segment forecasted cash flows. We expect that prolonged reduction of travel and associated transportation fuels consumption resulting from the pandemic has created length in global fuel markets that will pressure refining profitability for an extended period of time. In addition, the refinery is expected to continue to be adversely affected by lower discounts for the heavy crude oil feedstocks that we utilize. Due to these trends, we assessed the Houston refinery for impairment and determined that the asset group carrying value exceeded its undiscounted estimated pre-tax cash flows. We estimated the fair value of the Houston refinery’s long-lived assets to be $560 million, which was less than the carrying value. As a result, we recognized a non-cash impairment charge in the third quarter of 2020 of $582 million. The fair value measurement for the asset group is a Level 3.
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Accounts Receivable |
9 Months Ended |
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Sep. 30, 2020 | |
Receivables [Abstract] | |
Accounts Receivable [Text Block] | 5. Accounts Receivable Our accounts receivable are reflected in the Consolidated Balance Sheets net of allowance for credit losses of $15 million and $16 million at September 30, 2020 and December 31, 2019, respectively.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Text Block] | 6. Inventories Inventories consisted of the following components:
Our inventories are stated at the lower of cost or market (“LCM”). Cost is determined using the last-in, first-out (“LIFO”) inventory valuation methodology, which means that the most recently incurred costs are charged to cost of sales and inventories are valued at the earliest acquisition costs. Market is determined based on an assessment of the current estimated replacement cost and selling price of the inventory. In periods where the market price of our inventory declines substantially, cost values of inventory may be higher than the market value, and as a result we adjust the value of inventory to market value. Fluctuations in the prices of crude oil, natural gas and correlated products from period to period may result in the recognition of charges to adjust the value of inventory to the lower of cost or market in periods of falling prices and the reversal of those charges in subsequent interim periods, within the fiscal year, as market prices recover. During the first nine months of 2020, we recognized an LCM inventory valuation charge of $163 million related to the decline in pricing for many of our raw material and finished goods inventories since December 31, 2019. During the third quarter of 2020, we recognized an LCM inventory valuation benefit of $160 million, largely driven by the recovery of market pricing for many of our raw material and finished goods inventories during the quarter.
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Equity Investments |
9 Months Ended |
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Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments [Text Block] | 7. Equity Investments During the third quarter of 2020, we executed a joint venture agreement with the Liaoning Bora Enterprise Group (“Bora”) to form the Bora LyondellBasell Petrochemical Co. Ltd (“BLYB”). We contributed $472 million in cash for a 50% equity interest in the joint venture. This joint venture is included in our Olefins and Polyolefins–Europe, Asia, International segment. Production began at the BLYB complex during the third quarter of 2020. BLYB’s manufacturing facility located in Panjin, China includes a 1.1 million tons per annum flexible naphtha / LPG cracker and associated polyethylene production capacity of 0.8 million tons per annum and 0.6 million tons per annum of polypropylene. The materials produced at the facility serve various industries in China, including packaging, transportation, building and construction, and healthcare and hygiene. The complex utilizes LyondellBasell’s Spheripol and Spherizone polypropylene technologies along with the company’s Hostalen ACP polyethylene technology. We will market all the polypropylene and high-density polyethylene produced. Additionally, on October 1, 2020 we signed a definitive agreement with Sasol Chemicals (USA) LLC (“Sasol”) to form the Louisiana Integrated PolyEthylene JV LLC joint venture (the “Louisiana Joint Venture”). The transaction is expected to close by the end of 2020, subject to customary regulatory approvals and approval by Sasol shareholders. Following closing and through the creation of this joint venture, we will acquire 50% of the 1.5 million ton ethane cracker, 0.9 million ton low and linear-low density polyethylene plants and associated infrastructure located in Lake Charles, Louisiana, for a total cash consideration of $2 billion subject to customary adjustments for working capital and other items. Following closing, the joint venture will be included within our Olefins and Polyolefins–Americas segment. Under the terms of the transaction agreements, each joint venture partner will provide pro-rata shares of ethane feedstocks and will off-take pro-rata shares of cracker and polyethylene products. We will operate the Louisiana Joint Venture assets and market all the polyethylene off-take through our global sales team.
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt [Text Block] | 8. Debt Long-term loans, notes and other debt, net of unamortized discount and debt issuance cost, consisted of the following:
Fair value hedging adjustments associated with the fair value hedge accounting of our fixed-for-floating interest rate swaps for the applicable periods are as follows:
Fair value adjustments are recognized in Interest expense in the Consolidated Statements of Income. Short-term loans, notes and other debt consisted of the following:
Long-Term Debt Senior Revolving Credit Facility—Our $2,500 million Senior Revolving Credit Facility which may be used for dollar and euro denominated borrowings, has a $500 million sub-limit for dollar and euro denominated letters of credit, a $1,000 million uncommitted accordion feature, and supports our commercial paper program. Borrowings under the facility bear interest at either a base rate or LIBOR rate, plus an applicable margin. Additional fees are incurred for the average daily unused commitments. The facility contains customary covenants and warranties, including specified restrictions on indebtedness and liens. At September 30, 2020, we had no borrowings or letters of credit outstanding and $2,045 million of unused availability under this facility. See subsequent events below for additional information. Guaranteed Notes due 2025, 2030 and 2050—In April 2020, LYB International Finance III, LLC (“LYB Finance III”), a wholly owned finance subsidiary of LyondellBasell Industries N.V., as defined in Rule 3-10(b) of Regulation S-X, issued $500 million of 2.875% guaranteed notes due 2025 (the “2025 Notes”) at a discounted price of 99.911%, $500 million of 3.375% guaranteed notes due 2030 (the “2030 Notes”) at a discounted price of 99.813% and $1,000 million of 4.2% guaranteed notes due 2050 (the “2050 Notes”) at a discounted price of 99.373%. Net proceeds from the sale of the notes totaled $1,974 million. We used the net proceeds from the sale of the notes for general corporate purposes, including to increase our liquidity and manage short-term debt maturities. These unsecured notes, which are fully and unconditionally guaranteed by LyondellBasell Industries N.V., rank equally in right of payment to all of LYB Finance III’s and LyondellBasell Industries N.V.’s existing and future senior unsecured indebtedness and will rank senior in right of payment to any future subordinated indebtedness that LYB Finance III or LyondellBasell Industries N.V. incurs. There are no significant restrictions that would impede LyondellBasell Industries N.V., as guarantor, from obtaining funds by dividend or loan from its subsidiaries. The indenture governing these notes contains limited covenants, including those restricting our ability and the ability of our subsidiaries to incur indebtedness secured by significant property or by capital stock of subsidiaries that own significant property, enter into certain sale and lease-back transactions with respect to any significant property or enter into consolidations, mergers or sales of all or substantially all of our assets. The 2025 Notes, 2030 Notes and 2050 Notes may be redeemed before the date that is one month, three months, or six months, respectively, prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 40 basis points in the case of the 2025 Notes or 45 basis points in the case of the 2030 Notes and 2050 Notes) on the notes to be redeemed. The 2025 Notes, 2030 Notes and 2050 Notes may also be redeemed on or after the date that is one month, three months, or six months, respectively, prior to the scheduled maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. The notes are also redeemable upon certain tax events. Short-Term Debt U.S. Receivables Facility—Our U.S. Receivables Facility, which expires in July 2021, has a purchase limit of $900 million in addition to a $300 million uncommitted accordion feature. This facility provides liquidity through the sale or contribution of trade receivables by certain of our U.S. subsidiaries to a wholly owned, bankruptcy-remote subsidiary on an ongoing basis and without recourse. The bankruptcy-remote subsidiary may then, at its option and subject to a borrowing base of eligible receivables, sell undivided interests in the pool of trade receivables to financial institutions participating in the facility (“Purchasers”). The sale of the undivided interest in the pool of trade receivables is accounted for as a secured borrowing in the Consolidated Balance Sheets. We are responsible for servicing the receivables. We pay variable interest rates on our secured borrowings. In the event of liquidation, the bankruptcy-remote subsidiary’s assets will be used to satisfy the claims of the Purchasers prior to any assets or value in the bankruptcy-remote subsidiary becoming available to us. This facility also provides for the issuance of letters of credit up to $200 million. The term of the facility may be extended in accordance with the terms of the agreement. The facility is also subject to customary warranties and covenants, including limits and reserves and the maintenance of specified financial ratios. Performance obligations under the facility are guaranteed by LyondellBasell Industries N.V. Additional fees are incurred for the average daily unused commitments. At September 30, 2020, we had no borrowings or letters of credit outstanding and $646 million unused availability under this facility. See subsequent events below for additional information. Commercial Paper Program—We have a commercial paper program under which we may issue up to $2,500 million of privately placed, unsecured, short-term promissory notes (“commercial paper”). Interest rates on the commercial paper outstanding at September 30, 2020 are based on the terms of the notes and range from 0.16% to 0.22%. At September 30, 2020, we had $455 million of outstanding commercial paper. Weighted Average Interest Rate—At September 30, 2020 and December 31, 2019, our weighted average interest rates on outstanding Short-term debt were 0.9% and 3.3%, respectively. Additional Information Debt Discount and Issuance Costs—Amortization of debt discounts and debt issuance costs resulted in amortization expense of $12 million and $7 million for the nine months ended September 30, 2020 and 2019, respectively, which is included in Interest expense in the Consolidated Statements of Income. Other Information—LYB International Finance B.V., LYB International Finance II B.V. and LYB International Finance III, LLC are 100% owned finance subsidiaries of LyondellBasell Industries N.V., as defined in Rule 3-10(b) of Regulation S-X. Any debt securities issued by LYB International Finance B.V., LYB International Finance II B.V. and LYB International Finance III, LLC are fully and unconditionally guaranteed by LyondellBasell Industries N.V. In April 2020, we entered into amendments and related documents (collectively, the “Amendments”) to our Senior Revolving Credit Facility, Term Loan due 2022, and U.S. Receivables Facility (collectively, as amended, the “Credit Agreements”). The Amendments amended each Credit Agreement’s leverage ratio covenant to permit netting of unrestricted cash and cash equivalents in excess of $300 million (with certain restrictions on non-US cash) and, in respect of the Senior Revolving Credit Facility and Term Loan due 2022, restrict certain dividends and other specified restricted payments. As of September 30, 2020, we are in compliance with our debt covenants. Subsequent Events Credit Agreements— In October 2020, we entered into amendments and related documents (collectively, the “October Amendments”) to our Credit Agreements. Among other things, the October Amendments amended each Credit Agreement’s maximum leverage ratio (calculated as the ratio of total net funded debt to consolidated earnings before interest, taxes and depreciation and amortization, both as defined in our Credit Agreements) financial covenant to (i) 4.25 to 1.00 for the fiscal quarter ending December 31, 2020; (ii) 4.50 to 1.00 for the fiscal quarter ending March 31, 2021; (iii) 4.00 to 1.00 for the fiscal quarter ending June 30, 2021; (iv) 3.75 to 1.00 for the fiscal quarter ending September 30, 2021; and (v) 3.50 to 1.00 for the fiscal quarter ending December 31, 2021 and thereafter; provided, that, to the extent our recently announced Louisiana Joint Venture is consummated, the maximum leverage ratio financial covenant will automatically adjust to (i) 5.00 to 1.00 for the fiscal quarters ending December 31, 2020 and March 31, 2021; (ii) 4.75 to 1.00 for the fiscal quarter ending June 30, 2021; (iii) 4.50 to 1.00 for the fiscal quarters ending September 30, 2021 and December 31, 2021; (iv) 4.00 to 1.00 for the fiscal quarter ending March 30, 2022; (v) 3.50 to 1.00 for the fiscal quarter ending June 30, 2022 (or, if the Louisiana Joint Venture is consummated after December 31, 2020, 4.00 to 1.00); and (vi) 3.50 to 1.00 for the fiscal quarter ending September 30, 2022 and thereafter. In addition, with respect to the Senior Revolving Credit Facility and the Term Loan due 2022, the October Amendments further restrict certain dividends and other specified restricted payments. In October 2020, we also further amended our Amended and Restated Credit Agreement (the “Amendment and Consent Agreement”) to extend the term of $2,440 million of the $2,500 million Senior Revolving Credit Facility for one year until June 2023, the remainder expires in June 2022. The Amendment and Consent Agreement also included customary LIBOR replacement language, which took effect in October 2020. All other material terms of the Credit Agreement remain unchanged. Also in October 2020, LYB Finance III completed a number of financing activities as described below. Guaranteed Floating Rate Notes due 2023—LYB Finance III issued $650 million of guaranteed floating rate notes due 2023 (the “Floating Rate Notes”). The floating rate notes will bear interest equal to three-month LIBOR rate, plus 1.000% per annum. These notes may be redeemed on or after the date that is two years prior to the scheduled maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. 1.25% Guaranteed Notes due 2025—LYB Finance III issued $500 million of 1.25% guaranteed notes due 2025 (the “1.25% 2025 Notes”) at a discounted price of 99.683%. These notes may be redeemed before the date that is one month prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 15 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is one month prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. 2.25% Guaranteed Notes due 2030—LYB Finance III issued $500 million of 2.25% guaranteed notes due 2030 (the “2.25% 2030 Notes”) at a discounted price of 99.203%. These notes may be redeemed before the date that is three months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 25 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is three months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. Guaranteed Notes due 2040—LYB Finance III issued $750 million of 3.375% guaranteed notes due 2040 (the “2040 Notes”) at a discounted price of 99.77%. These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 30 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. Guaranteed Notes due 2051—LYB Finance III issued $1,000 million of 3.625% guaranteed notes due 2051 (the “2051 Notes”) at a discounted price of 99.707%. These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 35 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. Guaranteed Notes due 2060—LYB Finance III issued $500 million of 3.8% guaranteed notes due 2060 (the “2060 Notes”) at a discounted price of 99.166%. These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 35 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. If the Louisiana Joint Venture transaction does not close on or prior to March 31, 2021, or is terminated on or prior to completion, we will be required to redeem all of the outstanding 1.25% 2025 Notes, 2.25% 2030 Notes and 2060 Notes at a redemption price equal to 101% of the aggregate principal amount plus accrued and unpaid interest for each of these notes. We may use net proceeds of this offering to fund such redemption. The net proceeds of the Floating Rate Notes, 1.25% 2025 Notes, 2.25% 2030 Notes, 2040 Notes, 2051 Notes and 2060 Notes (collectively, the “October Notes”) was $3,848 million. In October, we used $500 million of the net proceeds to repay a portion of the indebtedness outstanding under our Term Loan due 2022. The remaining proceeds will be used in the fourth quarter to fund a portion of the purchase price for the Louisiana Joint Venture, redeem or repay up to $1 billion aggregate principal amount of our 6.0% senior notes due 2021, and redeem or repay up to €750 million aggregate principal amount of our 1.875% guaranteed notes due 2022. Such redemption notices have been issued in October 2020. In conjunction with the redemption of these notes, we expect to pay an estimated $116 million in related premiums, accrued interest and fees and expenses associated with such redemption or repayment of both notes. Additional non-cash charges of $4 million for the write-off of unamortized debt discount and issuance costs and $12 million for the write-off of the cumulative fair value hedge accounting adjustment are expected to be recognized in the fourth quarter related to the redeemed notes. The October Notes are unsecured notes, which are fully and unconditionally guaranteed by LyondellBasell N.V., rank equally in right of payment to all of LYB Finance III’s existing and future unsecured indebtedness and to all of LyondellBasell N.V.’s existing and future unsubordinated indebtedness. There are no significant restrictions that would impede LyondellBasell N.V., as guarantor, from obtaining funds by dividend or loan from its subsidiaries. The indenture governing the October Notes contains limited covenants, including those restricting our ability and the ability of our subsidiaries to incur indebtedness secured by significant property or by capital stock of subsidiaries that own significant property, enter into certain sale and lease-back transactions with respect to any significant property or enter into consolidations, mergers or sales of all or substantially all of our assets.
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements [Text Block] | 9. Financial Instruments and Fair Value Measurements We are exposed to market risks, such as changes in commodity pricing, interest rates and currency exchange rates. To manage the volatility related to these exposures, we selectively enter into derivative contracts pursuant to our risk management policies. A summary of our financial instruments, risk management policies, derivative instruments, hedging activities and fair value measurement can be found in Notes 2 and 15 to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2019. If applicable, updates have been included in the respective sections below. Cash and Cash Equivalents—At September 30, 2020 and December 31, 2019, we had marketable securities classified as Cash and cash equivalents of $1,191 million and $389 million, respectively. Foreign Currency Gain (Loss)—Other income, net, in the Consolidated Statements of Income reflected foreign currency gains of $3 million and losses of $4 million, and gains of $2 million and $16 million for the three and nine months ended September 30, 2020 and 2019, respectively. Financial Instruments Measured at Fair Value on a Recurring Basis—The following table summarizes financial instruments outstanding for the periods presented that are measured at fair value on a recurring basis:
All financial instruments in the table above are classified as Level 2. We present the gross assets and liabilities of our derivative financial instruments on the Consolidated Balance Sheets. At September 30, 2020, our outstanding foreign currency contracts, not designated as hedges, mature from October 2020 to June 2021. Our commodity contracts, not designated as hedges, mature from October 2020 to December 2020. Financial Instruments Not Measured at Fair Value on a Recurring Basis—The following table presents the carrying value and estimated fair value of our financial instruments that are not measured at fair value on a recurring basis for the periods presented. Due to the short maturity, the fair value of all non-derivative financial instruments included in Current assets and Current liabilities for which the carrying value approximates fair value are excluded from the table below. Short-term and long-term debt are recorded at amortized cost in the Consolidated Balance Sheets. The carrying and fair values of short-term and of long-term debt exclude commercial paper and other miscellaneous debt.
All financial instruments in the table above are classified as Level 2. Net Investment Hedges—The following table summarizes our net investment hedges outstanding for the periods presented:
In September 2020, we entered into €300 million of foreign currency contracts that were designated as net investment hedges. In October 2020, euro denominated debt due 2022 with notional amounts totaling €750 million previously designated as net investment hedge, were dedesignated. Concurrent with the dedesignation of the 2022 euro denominated debt, we entered into €750 million of cross currency interest rate swaps that were designated as net investment hedges. Also, in October 2020, we entered into €750 million of foreign currency contracts to economically hedge the redemption or repayment expected by November 2020 of up to €750 million aggregate principal amount of our 1.875% guaranteed notes due 2022. These foreign currency contracts were not designated as hedges. Cash Flow Hedges—The following table summarizes our cash flow hedges outstanding for the periods presented:
In January 2020, we amended previously existing forward-starting interest rate swaps with a total notional amount of $1,000 million (the “Swaps”) to extend their maturities to July 2023 and April 2024. As of September 30, 2020, the Swaps were designated as cash flow hedges to mitigate the risk of variability in interest rates of future expected debt issuance by July 2023 and April 2024. Other assets as of September 30, 2020 includes $238 million of collateral held with our counterparties related to our forward-starting interest rate swaps; this amount represents the maximum amount of collateral required in accordance with the Swap agreements. Related cash flows are included in financing activities in the Consolidated Statements of Cash Flows. In May 2020, we terminated and cash settled $2,000 million in notional value of our cross-currency interest rate swaps, designated as cash flows hedges, maturing in 2021 and 2024. Upon termination of the swaps, we received $346 million from our counterparties. Concurrent with the settlement of the swaps, we entered into $1,705 million cross-currency interest rate swaps with euro notional amounts and maturity dates matching the original swaps. The swaps are designated as cash flow hedges to reduce the variability in the functional currency equivalent cash flows of certain foreign currency denominated intercompany loans. During the nine months ended September 30, 2020, we entered into over-the-counter commodity swaps with a total notional amount of $60 million. During the third quarter of 2020, we also entered into costless collars, which are a combination of a purchased call option with an aggregate notional volume of 4 million MMBtu and a sold put option with an aggregate notional volume of 4 million MMBtu. These transactions were designated as cash flow hedges to manage the volatility of commodity prices related to anticipated purchases of feedstock for the years 2021 and 2022. In October 2020, we terminated and cash settled $500 million in notional value of our forward-starting interest rate swaps which were designated as cash flow hedges originally set to expire in 2021. Upon termination of the forward-starting interest rate swaps, we paid $229 million to our counterparties. As of September 30, 2020, on a pre-tax basis, $6 million is scheduled to be reclassified from Accumulated other comprehensive loss as an increase to interest expense over the next twelve months. Fair Value Hedges—The following table summarizes our fair value hedges outstanding for the periods presented:
In January 2020, we entered into a euro fixed-for-floating interest rate swap to mitigate the change in the fair value of €100 million of our €500 million guaranteed notes due 2026 associated with the risk of variability in the 6-month EURIBOR rate, the benchmark interest rate. The fixed-rate and variable-rate components are settled annually and semi-annually, respectively. In April 2020, we terminated $2,000 million in notional value of our fixed-for-floating interest rate swaps which were designated as fair value hedges originally set to expire in 2021 and 2027. Upon termination of the fixed-for-floating interest rate swaps, we received $147 million from our counterparties. Impact on Earnings and Other Comprehensive Income—The following tables summarize the pre-tax effect of derivative and non-derivative instruments recorded in Accumulated other comprehensive loss (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings:
The derivative amounts excluded from the assessment of effectiveness for foreign currency contracts designated as net investment hedges recognized in other comprehensive income for the three and nine months ended September 30, 2020 were gains of $1 million and losses of less than $1 million, and for the three and nine months ended September 30, 2019 were gains of $3 million and less than $1 million, respectively. The derivative amounts excluded from the assessment of effectiveness for foreign currency contracts designated as net investment hedges recognized in interest expense for the three and nine months ended September 30, 2020 were gains of $1 million and $8 million, respectively, and for the three and nine months ended September 30, 2019 were gains of $5 million and $15 million, respectively. The pre-tax effect of the periodic receipt of fixed interest and payment of variable interest associated with our fixed-for-floating interest rate swaps resulted in less than $1 million and $3 million decrease in interest expense during the three and nine months ended September 30, 2020, respectively, and $1 million and $7 million increase in interest expense during the three and nine months ended September 30, 2019, respectively. Investments in Available-for-Sale Debt Securities—The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of our outstanding available-for-sale debt securities:
No allowance for credit losses related to our available-for-sale debt securities was recorded for the nine months ended September 30, 2020 or for the year ended December 31, 2019. As of September 30, 2020, bonds classified as available-for-sale debt securities had maturities between 1 month and 9 months. The proceeds from maturities and sales of our available-for-sale-debt securities during the three and nine months ended September 30, 2020 and 2019 are summarized in the following table:
No gain or loss was realized in connection with the sales of our available-for-sale debt securities during the three and nine months ended September 30, 2020. The gross realized gains and losses associated with the sale of available-for-sale debt securities during the three and nine months ended September 30, 2019 were less than $1 million in each respective period. We had no available-for-sale debt securities which were in a continuous unrealized loss position for less than or greater than twelve months as of September 30, 2020 and December 31, 2019. Investments in Equity Securities—Our investment in equity securities primarily consisted of limited partnership investments. At September 30, 2020, we had no outstanding investment in equity securities. At December 31, 2019, we had investments in equity securities with a notional amount and a fair value of $34 million. We received proceeds of $313 million and $332 million related to the sale of our investments in equity securities during the nine months ended September 30, 2020 and 2019, respectively. We received proceeds of $312 million related to the sale of our investments in equity securities during the three months ended September 30, 2020. No proceeds related to the sale of investments in equity securities were received during the three months ended September 30, 2019. The following table summarizes the portion of unrealized gains and losses for the equity securities that are outstanding for the periods presented:
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Income Taxes |
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Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | 10. Income Taxes For interim tax reporting, we estimate an annual effective tax rate which is applied to the year-to-date ordinary income/(loss). Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. Our effective income tax rate fluctuates based on, among other factors, changes in pre-tax income in countries with varying statutory tax rates, changes in valuation allowances, changes in foreign exchange gains/losses, the amount of exempt income, changes in unrecognized tax benefits associated with uncertain tax positions, and changes in tax laws. Our effective income tax rate for the three months ended September 30, 2020 was 1,136.4% compared with 12.3% for the three months ended September 30, 2019. In the third quarter of 2020, we recognized a tax benefit of $125 million, primarily from a non-cash impairment, resulting in a tax rate of 1,136.4% on our $11 million pre-tax loss. Our effective income tax rate for the nine months ended September 30, 2020 was -16.7% compared with 15.4% for the nine months ended September 30, 2019. The lower effective tax rate for the nine months ended September 30, 2020 was primarily attributable to lower earnings largely from a non-cash impairment. This decreased pre-tax earnings increased the relative impact of our tax rate drivers, primarily exempt income and to a lesser extent a tax benefit in relation to the CARES Act. On March 27, 2020, the U.S. enacted the Coronavirus Aid, Relief, and Economic Security Act, also known as the “CARES Act,” which contains numerous income tax provisions and other stimulus measures. We anticipate that several of the tax measures will favorably impact our income tax on our Consolidated Financial Statements for the year ended December 31, 2020. Based on our analysis as of September 30, 2020, we recorded an overall tax benefit including the impact of an expected net operating loss carry-back. We continue to assess the impact that the CARES Act will have on our Company.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||
Commitments and Contingencies [Text Block] | 11. Commitments and Contingencies Commitments—We have various purchase commitments for materials, supplies and services incidental to the ordinary conduct of business, generally for quantities required for our businesses and at prevailing market prices. These commitments are designed to assure sources of supply and are not expected to be in excess of normal requirements. As of September 30, 2020, we had capital expenditure commitments, which we incurred in our normal course of business, including commitments of approximately $376 million related to building our new PO/TBA plant in Houston, Texas. Financial Assurance Instruments—We have obtained letters of credit, performance and surety bonds and have issued financial and performance guarantees to support trade payables, potential liabilities and other obligations. Considering the frequency of claims made against the financial instruments we use to support our obligations, and the magnitude of those financial instruments in light of our current financial position, management does not expect that any claims against or draws on these instruments would have a material adverse effect on our Consolidated Financial Statements. We have not experienced any unmanageable difficulty in obtaining the required financial assurance instruments for our current operations. Environmental Remediation—Our accrued liability for future environmental remediation costs at current and former plant sites and other remediation sites totaled $130 million and $132 million as of September 30, 2020 and December 31, 2019, respectively. At September 30, 2020, the accrued liabilities for individual sites range from less than $1 million to $16 million. The remediation expenditures are expected to occur over a number of years, and not concentrated in any single year. In our opinion, it is reasonably possible that losses in excess of the liabilities recorded may have been incurred. However, we cannot estimate any amount or range of such possible additional losses. New information about sites, new technology or future developments such as involvement in investigations by regulatory agencies, could require us to reassess our potential exposure related to environmental matters. Indemnification—We are parties to various indemnification arrangements, including arrangements entered into in connection with acquisitions, divestitures and the formation and dissolution of joint ventures. Pursuant to these arrangements, we provide indemnification to and/or receive indemnification from other parties in connection with liabilities that may arise in connection with the transactions and in connection with activities prior to completion of the transactions. These indemnification arrangements typically include provisions pertaining to third-party claims relating to environmental and tax matters and various types of litigation. As of September 30, 2020, we had not accrued any significant amounts for our indemnification obligations, and we are not aware of other circumstances that would likely lead to significant future indemnification obligations. We cannot determine with certainty the potential amount of future payments under the indemnification arrangements until events arise that would trigger a liability under the arrangements. As part of our technology licensing contracts, we give indemnifications to our licensees for liabilities arising from possible patent infringement claims with respect to certain proprietary licensed technologies. Such indemnifications have a stated maximum amount and generally cover a period of 5 to 10 years. Legal Proceedings—We are subject to various lawsuits and claims, including but not limited to, matters involving contract disputes, environmental damages, personal injury and property damage. We vigorously defend ourselves and prosecute these matters as appropriate. Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor legal proceedings in which we are a party. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial, mediation or other resolution. We regularly assesses the adequacy of legal accruals based on our professional judgment, experience and the information available regarding our cases. Based on a consideration of all relevant facts and circumstances, we do not believe the ultimate outcome of any currently pending lawsuit against us will have a material adverse effect upon our operations, financial condition or Consolidated Financial Statements.
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Shareholders' Equity and Redeemable Non-controlling Interests |
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Shareholders Equity and Redeemable Non-controlling Interests Abstract [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity and Redeemable Non-controlling Interests Disclosure [Text Block] | 12. Shareholders’ Equity and Redeemable Non-controlling Interests Shareholders’ Equity Dividend Distributions—The following table summarizes the dividends paid in the periods presented:
Share Repurchase Authorization—In May 2020, our shareholders approved a proposal to authorize us to repurchase up to 34.0 million ordinary shares, through November 29, 2021 (“May 2020 Share Repurchase Authorization”), which superseded any prior repurchase authorizations. The timing and amount of these repurchases, which are determined based on our evaluation of market conditions and other factors, may be executed from time to time through open market or privately negotiated transactions. The repurchased shares, which are recorded at cost, are classified as Treasury stock and may be retired or used for general corporate purposes, including for various employee benefit and compensation plans. Upon completion of the tender offer in July 2019, we repurchased 35.1 million ordinary shares for a total of $3,099 million, including $6 million of fees and expenses related to the tender offer, under our May 2019 Share Repurchase Authorization. The following table summarizes our share repurchase activity for the periods presented:
Due to the timing of settlements, total cash paid for share repurchases for the nine months ended September 30, 2020 and 2019 was $4 million and $3,752 million, respectively. Ordinary Shares—The changes in the outstanding amounts of ordinary shares are as follows:
Treasury Shares—The changes in the amounts of treasury shares held by the Company are as follows:
Accumulated Other Comprehensive Loss—The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the nine months ended September 30, 2020 and 2019 are presented in the following tables:
The amounts reclassified out of each component of Accumulated other comprehensive loss are as follows:
Non-controlling Interest—In February 2019, we increased our interest in our subsidiary La Porte Methanol Company, L.P., from 85% to 100%, for cash consideration of $63 million. Redeemable Non-controlling Interests Our redeemable non-controlling interests relate to shares of cumulative perpetual special stock (“redeemable non-controlling interest stock”) issued by our consolidated subsidiary, formerly known as A. Schulman. As of September 30, 2020 and December 31, 2019, we had 115,374 shares of redeemable non-controlling interest stock outstanding. In February, May and August 2020, we paid cash dividends of $15.00 per share to our redeemable non-controlling interest shareholders of record as of January 15, 2020, April 15, 2020, and July 15, 2020, respectively. These dividends totaled $5 million for each of the nine months ended September 30, 2020 and 2019.
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Per Share Data |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Data [Text Block] | 13. Per Share Data Basic earnings per share are based upon the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share includes the effect of certain stock option awards and other equity-based compensation awards. We have unvested restricted stock units that are considered participating securities for earnings per share. Earnings per share data and dividends declared per share of common stock are as follows:
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Segment and Related Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Related Information [Text Block] | 14. Segment and Related Information Our operations are managed by senior executives who report to our Chief Executive Officer, the chief operating decision maker. Discrete financial information is available for each of the segments, and our Chief Executive Officer uses the operating results of each of the operating segments for performance evaluation and resource allocation. The activities of each of our segments from which they earn revenues and incur expenses are described below: •Olefins and Polyolefins—Americas (“O&P—Americas”). Our O&P—Americas segment produces and markets olefins and co-products, polyethylene and polypropylene. •Olefins and Polyolefins—Europe, Asia, International (“O&P—EAI”). Our O&P—EAI segment produces and markets olefins and co-products, polyethylene and polypropylene. •Intermediates and Derivatives (“I&D”). Our I&D segment produces and markets propylene oxide and its derivatives, oxyfuels and related products, and intermediate chemicals such as styrene monomer, acetyls, ethylene oxide and ethylene glycol. •Advanced Polymer Solutions (“APS”). Our APS segment produces and markets compounding and solutions, such as polypropylene compounds, engineered plastics, masterbatches, engineered composites, colors and powders, and advanced polymers, which includes Catalloy and polybutene-1. •Refining. Our Refining segment refines heavy, high-sulfur crude oil and other crude oils of varied types and sources available on the U.S. Gulf Coast into refined products, including gasoline and distillates. •Technology. Our Technology segment develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts. Our chief operating decision maker uses EBITDA as the primary measure for reviewing profitability of our segments, and therefore, we have presented EBITDA for all segments. We define EBITDA as earnings before interest, income taxes, and depreciation and amortization. “Other” includes intersegment eliminations and items that are not directly related or allocated to business operations, such as foreign exchange gains or losses and components of pension and other postretirement benefit costs other than service costs. Sales between segments are made primarily at prices approximating prevailing market prices. Summarized financial information concerning reportable segments is shown in the following tables for the periods presented:
Operating results for our O&P–Americas segment include an LCM inventory valuation charge of $3 million during the first nine months of 2020, primarily driven by declines in the prices of polymers. During the third quarter of 2020, operating results for our O&P–Americas segment include an LCM inventory valuation benefit of $70 million largely driven by recovery of market prices of ethylene and polymers. Operating results for our O&P–Americas segment also include a LIFO inventory charge of $61 million for the third quarter and first nine months of 2020. Operating results for our O&P–EAI segment include an LCM inventory valuation charge of $53 million during the first nine months of 2020, primarily driven by declines in the prices of naphtha and polymers. During the third quarter of 2020, operating results for our O&P–EAI segment include an LCM inventory valuation benefit of $17 million, largely due to recovery of market prices of naphtha and polymers. Operating results for our I&D segment include an LCM inventory valuation charge of $76 million during the first nine months of 2020 driven by declines in the prices of various gasoline blending components, benzene and styrene. During the third quarter of 2020, operating results for our I&D segment include an LCM inventory valuation benefit of $22 million largely due to recovery of prices for gas blending components. Operating results for our APS segment include an LCM inventory valuation charge of $29 million during the first nine months of 2020 driven by a decline in the price of polymers. During the third quarter of 2020, operating results for our APS segment include an LCM inventory valuation benefit of $40 million driven by a recovery in prices of polymers. Our APS segment results include integration costs associated with our 2018 acquisition of A. Schulman for the third quarter of 2020 and 2019 of $7 million and $43 million, respectively, and for the first nine months of 2020 and 2019 of $37 million and $78 million, respectively. Operating results for our Refining segment include an LCM inventory valuation charge of $2 million during the first nine months of 2020, primarily driven by declines in the prices of refined products. During the third quarter of 2020, operating results for our Refining segment include an LCM inventory valuation benefit of $11 million primarily due to the recovery of market prices of refined products. Results for our Refining segment also include a non-cash impairment charge of $582 million which was recognized during the third quarter of 2020 as we expect that prolonged reduction of travel and associated transportation fuels consumption resulting from the pandemic has created length in global fuel markets that will pressure refining profitability for an extended period of time. In addition, the refinery is expected to continue to be adversely affected by lower discounts for the heavy crude oil feedstocks that we utilize. A reconciliation of EBITDA to Income from continuing operations before income taxes is shown in the following table for each of the periods presented:
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Accounting and Reporting Changes (Tables) |
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accounting and reporting changes [Table Text Block] | The following table provides a brief description of recently adopted Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The adoption of the new standards listed below in the first quarter of 2020 did not have a material impact on our Consolidated Financial Statements.
Accounting Guidance Issued But Not Adopted as of September 30, 2020
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Revenues (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of revenue [Table Text Block] | Disaggregation of Revenues—The following table presents our revenues disaggregated by key products:
The following table presents our revenues disaggregated by geography, based upon the location of the customer:
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventory [Table Text Block] | Inventories consisted of the following components:
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Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt [Table Text Block] | Long-term loans, notes and other debt, net of unamortized discount and debt issuance cost, consisted of the following:
Fair value hedging adjustments associated with the fair value hedge accounting of our fixed-for-floating interest rate swaps for the applicable periods are as follows:
Fair value adjustments are recognized in Interest expense in the Consolidated Statements of Income.
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Schedule of short-term debt [Table Text Block] | Short-term loans, notes and other debt consisted of the following:
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Financial Instruments and Fair Value Measurements (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of fair value of outstanding financial instruments [Table Text Block] | Financial Instruments Measured at Fair Value on a Recurring Basis—The following table summarizes financial instruments outstanding for the periods presented that are measured at fair value on a recurring basis:
All financial instruments in the table above are classified as Level 2. We present the gross assets and liabilities of our derivative financial instruments on the Consolidated Balance Sheets.
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Schedule of the carrying value and estimated fair value of non-derivative financial instruments [Table Text Block] | Financial Instruments Not Measured at Fair Value on a Recurring Basis—The following table presents the carrying value and estimated fair value of our financial instruments that are not measured at fair value on a recurring basis for the periods presented. Due to the short maturity, the fair value of all non-derivative financial instruments included in Current assets and Current liabilities for which the carrying value approximates fair value are excluded from the table below. Short-term and long-term debt are recorded at amortized cost in the Consolidated Balance Sheets. The carrying and fair values of short-term and of long-term debt exclude commercial paper and other miscellaneous debt.
All financial instruments in the table above are classified as Level 2.
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Summary of net investment hedges [Table Text Block] | Net Investment Hedges—The following table summarizes our net investment hedges outstanding for the periods presented:
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Summary of cash flow hedges [Table Text Block] | Cash Flow Hedges—The following table summarizes our cash flow hedges outstanding for the periods presented:
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Summary of fair value hedges [Table Text Block] | Fair Value Hedges—The following table summarizes our fair value hedges outstanding for the periods presented:
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Summary of the impact of financial instruments on earnings and other comprehensive income [Table Text Block] | Impact on Earnings and Other Comprehensive Income—The following tables summarize the pre-tax effect of derivative and non-derivative instruments recorded in Accumulated other comprehensive loss (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings:
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Schedule of available-for-sale debt securities reconciliation [Table Text Block] | Investments in Available-for-Sale Debt Securities—The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of our outstanding available-for-sale debt securities:
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Summary of proceeds from maturities and sales of available-for-sale debt securities [Table Text Block] | The proceeds from maturities and sales of our available-for-sale-debt securities during the three and nine months ended September 30, 2020 and 2019 are summarized in the following table:
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Summary of the portion of unrealized gains and losses for equity securities outstanding [Table Text Block] | The following table summarizes the portion of unrealized gains and losses for the equity securities that are outstanding for the periods presented:
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Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Shareholders Equity and Redeemable Non-controlling Interests Abstract [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend distributions [Table Text Block] | Dividend Distributions—The following table summarizes the dividends paid in the periods presented:
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Schedule of share repurchase authorization [Table Text Block] | The following table summarizes our share repurchase activity for the periods presented:
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Schedule of changes in ordinary and treasury shares outstanding during the period [Table Text Block] | Ordinary Shares—The changes in the outstanding amounts of ordinary shares are as follows:
Treasury Shares—The changes in the amounts of treasury shares held by the Company are as follows:
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Schedule of accumulated other comprehensive income (loss) [Table Text Block] | Accumulated Other Comprehensive Loss—The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the nine months ended September 30, 2020 and 2019 are presented in the following tables:
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Reclassification out of accumulated other comprehensive income (loss) [Table Text Block] | The amounts reclassified out of each component of Accumulated other comprehensive loss are as follows:
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Per Share Data (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share, basic and diluted [Table Text Block] | Earnings per share data and dividends declared per share of common stock are as follows:
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Segment and Related Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting information, by segment [Table Text Block] | Summarized financial information concerning reportable segments is shown in the following tables for the periods presented:
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Reconciliation of EBITDA to income (loss) from continuing operations before income taxes [Table Text Block] | A reconciliation of EBITDA to Income from continuing operations before income taxes is shown in the following table for each of the periods presented:
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Revenues (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
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Contract with customer, liability [Abstract] | |||
Contract with customer liability | $ 199 | $ 124 | |
Revenue recognized included in beginning contract liability | Revenue recognized in each reporting period, included in the contract liability balance at the beginning of the period, was immaterial. | Revenue recognized in each reporting period, included in the contract liability balance at the beginning of the period, was immaterial. |
Impairment of Long-Lived Assets (Details) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset group fair value | $ 560 | $ 560 |
Impairment of long-lived assets | $ 582 | $ 582 |
Fair value measurement description | The fair value measurement for the asset group is a Level 3. |
Accounts Receivable (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Receivables [Abstract] | ||
Allowance for credit losses, receivables | $ 15 | $ 16 |
Inventories (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
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Inventory, finished goods, work-in-process, and raw materials and supplies [Abstract] | |||
Finished goods | $ 2,529 | $ 2,529 | $ 3,083 |
Work-in-process | 154 | 154 | 130 |
Raw materials and supplies | 1,322 | 1,322 | 1,375 |
Total inventories | 4,005 | 4,005 | $ 4,588 |
Lower of cost or market inventory valuation charge (benefit) [Abstract] | |||
LCM inventory valuation charge (benefit) | $ (160) | $ 163 |
Equity Investments (Details) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
|
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Equity investments [Line Items] | ||
Payment for acquisition of equity method investments | $ 472 | |
Bora LyondellBasell Petrochemical Co. Ltd [Member] | ||
Equity investments [Line Items] | ||
Payment for acquisition of equity method investments | $ 472 | |
Equity investment, ownership percentage | 50.00% | 50.00% |
Equity investment, description of principal activities | BLYB’s manufacturing facility located in Panjin, China includes a 1.1 million tons per annum flexible naphtha / LPG cracker and associated polyethylene production capacity of 0.8 million tons per annum and 0.6 million tons per annum of polypropylene. The materials produced at the facility serve various industries in China, including packaging, transportation, building and construction, and healthcare and hygiene. |
Equity Investments Sub Event (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Oct. 01, 2020 |
Sep. 30, 2020 |
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Subsequent Event [Line Items] | ||
Payment for acquisition of equity method investments | $ 472 | |
Subsequent Event [Member] | Louisiana Integrated PolyEthylene JV LLC [Member] | ||
Subsequent Event [Line Items] | ||
Equity investment, ownership percentage | 50.00% | |
Payment for acquisition of equity method investments | $ 2,000 | |
Equity investment, description of principal activities | Under the terms of the transaction agreements, each joint venture partner will provide pro-rata shares of ethane feedstocks and will off-take pro-rata shares of cracker and polyethylene products. We will operate the Louisiana Joint Venture assets and market all the polyethylene off-take through our global sales team. |
Debt, Short-term debt (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Short-term debt [Line Items] | ||
Short-term debt | $ 616 | $ 445 |
U.S. Receivables Facility [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | 0 | 0 |
Commercial paper [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | 455 | 262 |
Precious metal financings [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | 138 | 181 |
Other short-term debt [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | $ 23 | $ 2 |
Debt, Description of long-term debt (Details) - USD ($) $ in Millions |
1 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2020 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Long-term debt [Line Items] | ||||
Outstanding borrowings | $ 13,761 | $ 11,617 | ||
Proceeds from issuance of long-term debt | 2,492 | $ 2,096 | ||
Senior Revolving Credit Facility [Member] | ||||
Long-term debt [Line Items] | ||||
Maximum borrowing capacity | 2,500 | |||
Maximum allowed letters of credit | 500 | |||
Additional borrowing capacity, uncommitted loans | $ 1,000 | |||
Credit facility description of interest rate | Borrowings under the facility bear interest at either a base rate or LIBOR rate, plus an applicable margin. Additional fees are incurred for the average daily unused commitments. | |||
Outstanding borrowings | $ 0 | |||
Outstanding letters of credit | 0 | |||
Unused availability | 2,045 | |||
Guaranteed notes due 2025, 2.875% [Member] | ||||
Long-term debt [Line Items] | ||||
Outstanding borrowings | 496 | |||
Face amount | $ 500 | $ 500 | ||
Interest rate | 2.875% | 2.875% | ||
Maturity year | 2025 | 2025 | ||
Discounted prices at which long-term debt was issued (in thousandths) | 99.911% | |||
Guaranteed notes due 2030, 3.375% [Member] | ||||
Long-term debt [Line Items] | ||||
Outstanding borrowings | $ 495 | |||
Face amount | $ 500 | $ 500 | ||
Interest rate | 3.375% | 3.375% | ||
Maturity year | 2030 | 2030 | ||
Discounted prices at which long-term debt was issued (in thousandths) | 99.813% | |||
Guaranteed notes due 2050, 4.2% [Member] | ||||
Long-term debt [Line Items] | ||||
Outstanding borrowings | $ 984 | |||
Face amount | $ 1,000 | $ 1,000 | ||
Interest rate | 4.20% | 4.20% | ||
Maturity year | 2050 | 2050 | ||
Discounted prices at which long-term debt was issued (in thousandths) | 99.373% | |||
Guaranteed notes due 2025, 2030 and 2050 [Member] | ||||
Long-term debt [Line Items] | ||||
Issuance date | April 2020 | |||
Proceeds from issuance of long-term debt | $ 1,974 | |||
Restrictive debt covenants | The indenture governing these notes contains limited covenants, including those restricting our ability and the ability of our subsidiaries to incur indebtedness secured by significant property or by capital stock of subsidiaries that own significant property, enter into certain sale and lease-back transactions with respect to any significant property or enter into consolidations, mergers or sales of all or substantially all of our assets | |||
Description of debt redemption terms | The 2025 Notes, 2030 Notes and 2050 Notes may be redeemed before the date that is one month, three months, or six months, respectively, prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 40 basis points in the case of the 2025 Notes or 45 basis points in the case of the 2030 Notes and 2050 Notes) on the notes to be redeemed. The 2025 Notes, 2030 Notes and 2050 Notes may also be redeemed on or after the date that is one month, three months, or six months, respectively, prior to the scheduled maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. The notes are also redeemable upon certain tax events. |
Debt, Debt discount and issuance costs included in interest expense (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Debt discount and issuance costs [Abstract] | ||
Amortization of debt discounts and debt issuance costs | $ 12 | $ 7 |
Debt, Formation of LYB International Finance B.V., LYB International Finance II B.V. and LYB International Finance III, LLC (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Formation of 100% owned finance subsidiaries [Abstract] | |
LYB International Finance B.V., LYB International Finance II B.V. and LYB International Finance III, LLC business activities and description | LYB International Finance B.V., LYB International Finance II B.V. and LYB International Finance III, LLC are 100% owned finance subsidiaries of LyondellBasell Industries N.V., as defined in Rule 3-10(b) of Regulation S-X. Any debt securities issued by LYB International Finance B.V., LYB International Finance II B.V. and LYB International Finance III, LLC are fully and unconditionally guaranteed by LyondellBasell Industries N.V. |
Debt, Credit Facility Amendment (Details) |
1 Months Ended |
---|---|
Apr. 30, 2020 | |
Credit facility [Member] | |
Credit facility [Line Items] | |
Credit facility covenant terms | The Amendments amended each Credit Agreement’s leverage ratio covenant to permit netting of unrestricted cash and cash equivalents in excess of $300 million (with certain restrictions on non-US cash) and, in respect of the Senior Revolving Credit Facility and Term Loan due 2022, restrict certain dividends and other specified restricted payments. |
Debt, Covenant Compliance (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt instrument, covenant compliance | we are in compliance with our debt covenants |
Debt, Subsequent Events (Details) € in Millions, $ in Millions |
1 Months Ended | 9 Months Ended | ||||
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Oct. 30, 2020
USD ($)
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Oct. 30, 2020
EUR (€)
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Apr. 30, 2020 |
Sep. 30, 2020
USD ($)
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Sep. 30, 2019
USD ($)
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Sep. 30, 2020
EUR (€)
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Subsequent Event [Line Items] | ||||||
Proceeds from issuance of long-term debt | $ 2,492 | $ 2,096 | ||||
Repayments of long-term debt | 500 | $ 2,000 | ||||
Revolving Credit Facility [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Maximum borrowing capacity | $ 2,500 | |||||
Remaining expiration date | June 2022 | |||||
Term Loan due 2022, $4,000 million [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Maximum borrowing capacity | $ 4,000 | |||||
Maturity year | 2022 | |||||
Senior Notes due 2021, $1,000 million, 6.0% [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Face amount | $ 1,000 | |||||
Stated interest rate (in hundredths) | 6.00% | 6.00% | ||||
Maturity year | 2021 | |||||
Guaranteed Notes due 2022, €750 million, 1.875% [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Face amount | € | € 750 | |||||
Stated interest rate (in hundredths) | 1.875% | 1.875% | ||||
Maturity year | 2022 | |||||
Credit facility [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Credit facility covenant terms | The Amendments amended each Credit Agreement’s leverage ratio covenant to permit netting of unrestricted cash and cash equivalents in excess of $300 million (with certain restrictions on non-US cash) and, in respect of the Senior Revolving Credit Facility and Term Loan due 2022, restrict certain dividends and other specified restricted payments. | |||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Extended term borrowing capacity | $ 2,440 | |||||
Extended expiration date | June 2023 | June 2023 | ||||
Subsequent Event [Member] | Guaranteed floating rate note due 2023 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Face amount | $ 650 | |||||
Description of variable interest rate | The floating rate notes will bear interest equal to three-month LIBOR rate, plus 1.000% per annum | The floating rate notes will bear interest equal to three-month LIBOR rate, plus 1.000% per annum | ||||
Maturity year | 2023 | 2023 | ||||
Description of debt redemption terms | These notes may be redeemed on or after the date that is two years prior to the scheduled maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest | These notes may be redeemed on or after the date that is two years prior to the scheduled maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest | ||||
Subsequent Event [Member] | 1.25% Guaranteed notes due 2025 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Face amount | $ 500 | |||||
Stated interest rate (in hundredths) | 1.25% | |||||
Maturity year | 2025 | 2025 | ||||
Discounted prices at which long-term debt was issued (in thousandths) | 99.683% | |||||
Description of debt redemption terms | These notes may be redeemed before the date that is one month prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 15 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is one month prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. | These notes may be redeemed before the date that is one month prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 15 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is one month prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. | ||||
Subsequent Event [Member] | 2.25% Guaranteed notes due 2030 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Face amount | $ 500 | |||||
Stated interest rate (in hundredths) | 2.25% | |||||
Maturity year | 2030 | 2030 | ||||
Discounted prices at which long-term debt was issued (in thousandths) | 99.203% | |||||
Description of debt redemption terms | These notes may be redeemed before the date that is three months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 25 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is three months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. | These notes may be redeemed before the date that is three months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 25 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is three months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. | ||||
Subsequent Event [Member] | Guaranteed notes due 2040 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Face amount | $ 750 | |||||
Stated interest rate (in hundredths) | 3.375% | |||||
Maturity year | 2040 | 2040 | ||||
Discounted prices at which long-term debt was issued (in thousandths) | 99.77% | |||||
Description of debt redemption terms | These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 30 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. | These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 30 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. | ||||
Subsequent Event [Member] | Guaranteed notes due 2051 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Face amount | $ 1,000 | |||||
Stated interest rate (in hundredths) | 3.625% | |||||
Maturity year | 2051 | 2051 | ||||
Discounted prices at which long-term debt was issued (in thousandths) | 99.707% | |||||
Description of debt redemption terms | These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 35 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. | These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 35 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. | ||||
Subsequent Event [Member] | Guaranteed Notes due 2060 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Face amount | $ 500 | |||||
Stated interest rate (in hundredths) | 3.80% | |||||
Maturity year | 2060 | 2060 | ||||
Discounted prices at which long-term debt was issued (in thousandths) | 99.166% | |||||
Description of debt redemption terms | These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 35 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. | These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 35 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. | ||||
Subsequent Event [Member] | Guaranteed 1.25% 2025 notes, 2.25% 2030 notes and 2060 notes [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Description of debt redemption terms | If the Louisiana Joint Venture transaction does not close on or prior to March 31, 2021, or is terminated on or prior to completion, we will be required to redeem all of the outstanding 1.25% 2025 Notes, 2.25% 2030 Notes and 2060 Notes at a redemption price equal to 101% of the aggregate principal amount plus accrued and unpaid interest for each of these notes | If the Louisiana Joint Venture transaction does not close on or prior to March 31, 2021, or is terminated on or prior to completion, we will be required to redeem all of the outstanding 1.25% 2025 Notes, 2.25% 2030 Notes and 2060 Notes at a redemption price equal to 101% of the aggregate principal amount plus accrued and unpaid interest for each of these notes | ||||
Subsequent Event [Member] | Guaranteed notes due 2023, 2025, 2030, 2040, 2051, and 2060 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Issuance date | October 2020 | October 2020 | ||||
Proceeds from issuance of long-term debt | $ 3,848 | |||||
Restrictive debt covenants | The indenture governing the October Notes contains limited covenants, including those restricting our ability and the ability of our subsidiaries to incur indebtedness secured by significant property or by capital stock of subsidiaries that own significant property, enter into certain sale and lease-back transactions with respect to any significant property or enter into consolidations, mergers or sales of all or substantially all of our assets | The indenture governing the October Notes contains limited covenants, including those restricting our ability and the ability of our subsidiaries to incur indebtedness secured by significant property or by capital stock of subsidiaries that own significant property, enter into certain sale and lease-back transactions with respect to any significant property or enter into consolidations, mergers or sales of all or substantially all of our assets | ||||
Subsequent Event [Member] | Term Loan due 2022, $4,000 million [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Maturity year | 2022 | 2022 | ||||
Repayments of long-term debt | $ 500 | |||||
Subsequent Event [Member] | Senior Notes due 2021, $1,000 million, 6.0% [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stated interest rate (in hundredths) | 6.00% | |||||
Maturity year | 2021 | 2021 | ||||
Repayments of long-term debt | $ 1,000 | |||||
Subsequent Event [Member] | Guaranteed Notes due 2022, €750 million, 1.875% [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stated interest rate (in hundredths) | 1.875% | |||||
Maturity year | 2022 | 2022 | ||||
Repayments of long-term debt | € | € 750 | |||||
Subsequent Event [Member] | Senior notes due 2021, and guaranteed note due 2022 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Payment of debt redemption costs | $ 116 | |||||
Write off of unamortized debt issuance cost | 4 | |||||
Write-off of the cumulative fair value hedge accounting adjustment | $ 12 | |||||
Subsequent Event [Member] | Credit facility [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Credit facility covenant terms | maximum leverage ratio (calculated as the ratio of total net funded debt to consolidated earnings before interest, taxes and depreciation and amortization, both as defined in our Credit Agreements) financial covenant to (i) 4.25 to 1.00 for the fiscal quarter ending December 31, 2020; (ii) 4.50 to 1.00 for the fiscal quarter ending March 31, 2021; (iii) 4.00 to 1.00 for the fiscal quarter ending June 30, 2021; (iv) 3.75 to 1.00 for the fiscal quarter ending September 30, 2021; and (v) 3.50 to 1.00 for the fiscal quarter ending December 31, 2021 and thereafter; provided, that, to the extent our recently announced Louisiana Joint Venture is consummated, the maximum leverage ratio financial covenant will automatically adjust to (i) 5.00 to 1.00 for the fiscal quarters ending December 31, 2020 and March 31, 2021; (ii) 4.75 to 1.00 for the fiscal quarter ending June 30, 2021; (iii) 4.50 to 1.00 for the fiscal quarters ending September 30, 2021 and December 31, 2021; (iv) 4.00 to 1.00 for the fiscal quarter ending March 30, 2022; (v) 3.50 to 1.00 for the fiscal quarter ending June 30, 2022 (or, if the Louisiana Joint Venture is consummated after December 31, 2020, 4.00 to 1.00); and (vi) 3.50 to 1.00 for the fiscal quarter ending September 30, 2022 and thereafter. In addition, with respect to the Senior Revolving Credit Facility and the Term Loan due 2022, the October Amendments further restrict certain dividends and other specified restricted payments. | maximum leverage ratio (calculated as the ratio of total net funded debt to consolidated earnings before interest, taxes and depreciation and amortization, both as defined in our Credit Agreements) financial covenant to (i) 4.25 to 1.00 for the fiscal quarter ending December 31, 2020; (ii) 4.50 to 1.00 for the fiscal quarter ending March 31, 2021; (iii) 4.00 to 1.00 for the fiscal quarter ending June 30, 2021; (iv) 3.75 to 1.00 for the fiscal quarter ending September 30, 2021; and (v) 3.50 to 1.00 for the fiscal quarter ending December 31, 2021 and thereafter; provided, that, to the extent our recently announced Louisiana Joint Venture is consummated, the maximum leverage ratio financial covenant will automatically adjust to (i) 5.00 to 1.00 for the fiscal quarters ending December 31, 2020 and March 31, 2021; (ii) 4.75 to 1.00 for the fiscal quarter ending June 30, 2021; (iii) 4.50 to 1.00 for the fiscal quarters ending September 30, 2021 and December 31, 2021; (iv) 4.00 to 1.00 for the fiscal quarter ending March 30, 2022; (v) 3.50 to 1.00 for the fiscal quarter ending June 30, 2022 (or, if the Louisiana Joint Venture is consummated after December 31, 2020, 4.00 to 1.00); and (vi) 3.50 to 1.00 for the fiscal quarter ending September 30, 2022 and thereafter. In addition, with respect to the Senior Revolving Credit Facility and the Term Loan due 2022, the October Amendments further restrict certain dividends and other specified restricted payments. |
Financial Instruments and Fair Value Measurements, Market risks, commodity prices and foreign currency rates (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Cash and Cash Equivalents, at Carrying Value [Abstract] | |||||
Amount of marketable securities classified as cash and cash equivalents | $ 1,191 | $ 1,191 | $ 389 | ||
Foreign currency [Abstract] | |||||
Foreign currency gain (loss) | $ 3 | $ 2 | $ (4) | $ 16 |
Financial Instruments and Fair Value Measurements, Outstanding foreign currency and commodity contracts (Details) - Not designated as hedges: [Member] |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Foreign currency rates [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | October 2020 |
Foreign currency rates [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | June 2021 |
Commodities [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | October 2020 |
Commodities [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | December 2020 |
Financial Instruments and Fair Value Measurements, Carrying value and estimated fair value of non-derivative financial instruments (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Liabilities: [Abstract] | ||
Short-term debt, carrying value | $ 616 | $ 445 |
Nonrecurring [Member] | Non-derivatives: [Member] | ||
Liabilities: [Abstract] | ||
Short-term debt, carrying value | 138 | 181 |
Long-term debt, carrying value | 13,755 | 11,609 |
Total liabilities, carrying value | 13,893 | 11,790 |
Short-term debt, fair value | 147 | 215 |
Long-term debt, fair value | 15,132 | 12,561 |
Total liabilities, fair value | $ 15,279 | $ 12,776 |
Non-derivative fair value level and transfers description | All financial instruments in the table above are classified as Level 2. |
Financial Instruments and Fair Value Measurements, Equity securities (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Proceeds from Sale, Maturity and Collection of Investments [Abstract] | |||||
Proceeds from sale of equity securities | $ 312 | $ 0 | $ 313 | $ 332 | |
Unrealized gains and losses for equity securities [Abstract] | |||||
Net gains (losses) recognized during the period | 0 | 0 | 0 | 6 | |
Less: Net gains (losses) during the period on securities sold | 0 | 0 | 0 | 9 | |
Unrealized gains (losses) on equity securities | 0 | $ 0 | 0 | $ (3) | |
Equity securities [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 34 | ||||
Fair value | $ 0 | $ 0 | $ 34 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Effective income tax rate reconciliation, percent [Abstract] | ||||
Effective income tax rate (in hundredths) | 1136.40% | 12.30% | (16.70%) | 15.40% |
(Benefit from) provision for income taxes | $ (125) | $ 136 | $ (82) | $ 508 |
Income (loss) before income taxes | $ (11) | $ 1,105 | $ 490 | $ 3,300 |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Commitments and Contingencies Disclosure [Abstract] | ||
Capital purchase commitment | $ 376 | |
Site contingency [Line Items] | ||
Future environmental remediation costs | $ 130 | $ 132 |
Minimum [Member] | ||
Site contingency [Line Items] | ||
Minimum accrued liability for individual site range | less than $1 million | |
Maximum [Member] | ||
Site contingency [Line Items] | ||
Maximum accrued liability for individual site range | $ 16 |
Commitments and Contingencies, Indemnification (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Technology licensing contracts indemnification period | 5 years |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Technology licensing contracts indemnification period | 10 years |
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Dividend distributions (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2020 |
|
Payments of Dividends [Abstract] | ||||
Dividend per ordinary share (per share) | $ 1.05 | $ 1.05 | $ 1.05 | $ 3.15 |
Aggregate dividends paid | $ 352 | $ 350 | $ 351 | $ 1,053 |
Date of record common stock shareholders | Aug. 31, 2020 | Jun. 08, 2020 | Mar. 02, 2020 |
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Ordinary shares (Details) - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Ordinary share outstanding [Abstract] | ||
Beginning balance (in shares) | 333,476,883 | |
Purchase of ordinary shares (in shares) | (50,685) | (42,681,494) |
Ending balance (in shares) | 333,918,359 | |
Ordinary shares [Member] | ||
Ordinary share outstanding [Abstract] | ||
Beginning balance (in shares) | 333,476,883 | 375,696,661 |
Share-based compensation (in shares) | 246,640 | 268,851 |
Employee stock purchase plan (in shares) | 245,521 | 123,869 |
Purchase of ordinary shares (in shares) | (50,685) | (42,681,505) |
Ending balance (in shares) | 333,918,359 | 333,407,876 |
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Treasury shares (Details) - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Increase (Decrease) in Treasury Stock [Roll Forward] | ||
Beginning balance (in shares) | 6,568,745 | |
Purchase of ordinary shares (in shares) | 50,685 | 42,681,494 |
Ending balance (in shares) | 6,127,269 | |
Treasury shares [Member] | ||
Increase (Decrease) in Treasury Stock [Roll Forward] | ||
Beginning balance (in shares) | 6,568,745 | 24,513,619 |
Share-based compensation (in shares) | (246,640) | (268,851) |
Employee stock purchase plan (in shares) | (245,521) | (123,869) |
Purchase of ordinary shares (in shares) | 50,685 | 42,681,505 |
Ending balance (in shares) | 6,127,269 | 66,802,404 |
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Purchase of non-controlling interest (Details) - Lyondell Basell N.V. [Member] - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
Feb. 28, 2019 |
Dec. 31, 2018 |
|
Non-controlling interest, ownership percentage by parent | 100.00% | 85.00% |
Purchase of non-controlling interest in subsidiary La Porte Methanol Company, L.P. | $ 63 |
Shareholders' Equity and Redeemable Non-controlling Interests, Redeemable non-controlling interests (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Aug. 31, 2020 |
May 31, 2020 |
Feb. 29, 2020 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Temporary Equity [Abstract] | ||||||||
Cumulative redeemable non-controlling interest stock outstanding | 115,374 | 115,374 | 115,374 | |||||
Redeemable non-controlling interests, dividends per share (in dollars per share) | $ 15.00 | $ 15.00 | $ 15.00 | $ 15.00 | $ 15.00 | $ 45.00 | $ 45.00 | |
Date of record redeemable non-controlling interest shareholders | Jul. 15, 2020 | Apr. 15, 2020 | Jan. 15, 2020 | |||||
Dividends on redeemable non-controlling interests | $ 2 | $ 2 | $ 5 | $ 5 |
Segment and Related Information, Reconciliation of EBITDA to income (loss) from continuing operations before income taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
EBITDA: [Abstract] | ||||
Total segment EBITDA | $ 465 | $ 1,513 | $ 1,887 | $ 4,506 |
Other EBITDA | 1 | 0 | (15) | 14 |
Less: [Abstract] | ||||
Depreciation and amortization expense | (358) | (327) | (1,056) | (977) |
Interest expense | (122) | (86) | (336) | (259) |
Add: [Abstract] | ||||
Interest income | 3 | 5 | 10 | 16 |
(Loss) income from continuing operations before income taxes | $ (11) | $ 1,105 | $ 490 | $ 3,300 |