0001489393-23-000025.txt : 20230428 0001489393-23-000025.hdr.sgml : 20230428 20230428125856 ACCESSION NUMBER: 0001489393-23-000025 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 77 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230428 DATE AS OF CHANGE: 20230428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LyondellBasell Industries N.V. CENTRAL INDEX KEY: 0001489393 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 980646235 STATE OF INCORPORATION: P7 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34726 FILM NUMBER: 23863210 BUSINESS ADDRESS: STREET 1: 1221 MCKINNEY ST STREET 2: SUITE 700 CITY: HOUSTON STATE: TX ZIP: 77010 BUSINESS PHONE: 713-309-7603 MAIL ADDRESS: STREET 1: 1221 MCKINNEY ST STREET 2: SUITE 700 CITY: HOUSTON STATE: TX ZIP: 77010 10-Q 1 lyb-20230331.htm 10-Q lyb-20230331
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modityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2023-01-012023-03-310001489393us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2022-01-012022-03-310001489393us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2023-01-012023-03-310001489393us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2022-01-012022-03-310001489393us-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2023-01-012023-03-310001489393us-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2022-01-012022-03-310001489393us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2023-01-012023-03-310001489393us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2022-01-012022-03-310001489393us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-03-310001489393us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-03-310001489393us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001489393us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-3100014893932023-02-012023-02-280001489393us-gaap:SegmentContinuingOperationsMember2023-01-012023-03-310001489393us-gaap:SegmentDiscontinuedOperationsMember2023-01-012023-03-310001489393us-gaap:SegmentContinuingOperationsMember2022-01-012022-03-310001489393us-gaap:SegmentDiscontinuedOperationsMember2022-01-012022-03-310001489393lyb:OlefinsAndPolyolefinsAmericasMember2023-01-012023-03-310001489393lyb:OlefinsAndPolyolefinsEuropeAsiaInternationalMember2023-01-012023-03-310001489393lyb:IntermediatesAndDerivativesMember2023-01-012023-03-310001489393lyb:AdvancedPolymerSolutionsMember2023-01-012023-03-310001489393lyb:RefiningMember2023-01-012023-03-310001489393lyb:TechnologyMember2023-01-012023-03-310001489393lyb:CorporateNonSegmentAndEliminationsMember2023-01-012023-03-310001489393us-gaap:IntersegmentEliminationMemberlyb:OlefinsAndPolyolefinsAmericasMember2023-01-012023-03-310001489393us-gaap:IntersegmentEliminationMemberlyb:OlefinsAndPolyolefinsEuropeAsiaInternationalMember2023-01-012023-03-310001489393lyb:IntermediatesAndDerivativesMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310001489393us-gaap:IntersegmentEliminationMemberlyb:AdvancedPolymerSolutionsMember2023-01-012023-03-310001489393lyb:RefiningMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310001489393lyb:TechnologyMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310001489393lyb:CorporateNonSegmentAndEliminationsMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310001489393us-gaap:IntersegmentEliminationMember2023-01-012023-03-310001489393us-gaap:OperatingSegmentsMemberlyb:OlefinsAndPolyolefinsAmericasMember2023-01-012023-03-310001489393us-gaap:OperatingSegmentsMemberlyb:OlefinsAndPolyolefinsEuropeAsiaInternationalMember2023-01-012023-03-310001489393us-gaap:OperatingSegmentsMemberlyb:IntermediatesAndDerivativesMember2023-01-012023-03-310001489393us-gaap:OperatingSegmentsMemberlyb:AdvancedPolymerSolutionsMember2023-01-012023-03-310001489393us-gaap:OperatingSegmentsMemberlyb:RefiningMember2023-01-012023-03-310001489393us-gaap:OperatingSegmentsMemberlyb:TechnologyMember2023-01-012023-03-310001489393us-gaap:OperatingSegmentsMemberlyb:CorporateNonSegmentAndEliminationsMember2023-01-012023-03-310001489393us-gaap:OperatingSegmentsMember2023-01-012023-03-310001489393lyb:OlefinsAndPolyolefinsAmericasMember2022-01-012022-03-310001489393lyb:OlefinsAndPolyolefinsEuropeAsiaInternationalMember2022-01-012022-03-310001489393lyb:IntermediatesAndDerivativesMember2022-01-012022-03-310001489393lyb:AdvancedPolymerSolutionsMember2022-01-012022-03-310001489393lyb:RefiningMember2022-01-012022-03-310001489393lyb:TechnologyMember2022-01-012022-03-310001489393lyb:CorporateNonSegmentAndEliminationsMember2022-01-012022-03-310001489393us-gaap:IntersegmentEliminationMemberlyb:OlefinsAndPolyolefinsAmericasMember2022-01-012022-03-310001489393us-gaap:IntersegmentEliminationMemberlyb:OlefinsAndPolyolefinsEuropeAsiaInternationalMember2022-01-0120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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                
Commission file number: 001-34726
LYONDELLBASELL INDUSTRIES N.V.
(Exact name of registrant as specified in its charter)
Netherlands 98-0646235
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
1221 McKinney St.,4th Floor, One Vine Street
Suite 300LondonDelftseplein 27E
Houston,TexasW1J0AH3013AARotterdam
USA77010United KingdomNetherlands
(Addresses of registrant’s principal executive offices) (Zip Code)
(713)309-7200+44 (0)207220 2600+31 (0)102755 500
(Registrant’s telephone numbers, including area codes)
______________________________________________________________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange On Which Registered
Ordinary Shares, €0.04 Par ValueLYBNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
The registrant had 325,274,141 ordinary shares, €0.04 par value, outstanding at April 26, 2023 (excluding 15,148,357 treasury shares).

LYONDELLBASELL INDUSTRIES N.V.
TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended
March 31,
Millions of dollars, except earnings per share20232022
Sales and other operating revenues:
Trade$10,076 $12,840 
Related parties171 317 
10,247 13,157 
Operating costs and expenses:
Cost of sales8,864 11,136 
Impairment252 — 
Selling, general and administrative expenses385 328 
Research and development expenses33 32 
9,534 11,496 
Operating income713 1,661 
Interest expense(116)(74)
Interest income23 2 
Other income, net5 19 
Income from continuing operations before equity investments and income taxes625 1,608 
Income from equity investments17 29 
Income from continuing operations before income taxes642 1,637 
Provision for income taxes167 316 
Income from continuing operations475 1,321 
Loss from discontinued operations, net of tax(1)(1)
Net income474 1,320 
Dividends on redeemable non-controlling interests(2)(2)
Net income attributable to the Company shareholders$472 $1,318 
Earnings per share:
Net income attributable to the Company shareholders —
Basic
Continuing operations$1.45 $4.01 
Discontinued operations— — 
$1.45 $4.01 
Diluted
Continuing operations$1.44 $4.00 
Discontinued operations— — 
$1.44 $4.00 
See Notes to the Consolidated Financial Statements.


1
LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 
Three Months Ended
March 31,
Millions of dollars20232022
Net income$474 $1,320 
Other comprehensive income (loss), net of tax –
Financial derivatives4 88 
Defined benefit pension and other postretirement benefit plans2 5 
Foreign currency translations59 (25)
Total other comprehensive income, net of tax65 68 
Comprehensive income 539 1,388 
Dividends on redeemable non-controlling interests(2)(2)
Comprehensive income attributable to the Company shareholders$537 $1,386 
See Notes to the Consolidated Financial Statements.


2
LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED BALANCE SHEETS
 
Millions of dollarsMarch 31,
2023		December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents$1,790 $2,151 
Restricted cash14 5 
Accounts receivable:
Trade, net3,715 3,392 
Related parties186 201 
Inventories5,158 4,804 
Prepaid expenses and other current assets1,161 1,292 
Total current assets12,024 11,845 
Operating lease assets1,677 1,725 
Property, plant and equipment24,130 23,724 
Less: Accumulated depreciation(8,729)(8,337)
Property, plant and equipment, net15,401 15,387 
Equity investments4,266 4,295 
Goodwill1,605 1,827 
Intangible assets, net651 662 
Other assets631 624 
Total assets$36,255 $36,365 
See Notes to the Consolidated Financial Statements.






3
LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED BALANCE SHEETS
 
Millions of dollars, except shares and par value dataMarch 31,
2023		December 31,
2022
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
Current liabilities:
Current maturities of long-term debt$432 $432 
Short-term debt343 349 
Accounts payable:
Trade3,029 3,106 
Related parties543 477 
Accrued liabilities2,166 2,396 
Total current liabilities6,513 6,760 
Long-term debt10,601 10,540 
Operating lease liabilities1,507 1,510 
Other liabilities1,899 1,954 
Deferred income taxes2,886 2,858 
Commitments and contingencies
Redeemable non-controlling interests114 114 
Shareholders’ equity:
Ordinary shares, €0.04 par value, 1,275 million shares authorized, 325,468,601 and 325,723,567 shares outstanding, respectively
19 19 
Additional paid-in capital6,092 6,119 
Retained earnings9,277 9,195 
Accumulated other comprehensive loss(1,307)(1,372)
Treasury stock, at cost, 14,953,897 and 14,698,931 ordinary shares, respectively
(1,360)(1,346)
Total Company share of shareholders’ equity12,721 12,615 
Non-controlling interests14 14 
Total equity12,735 12,629 
Total liabilities, redeemable non-controlling interests and equity$36,255 $36,365 
See Notes to the Consolidated Financial Statements.





4
LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31,
Millions of dollars20232022
Cash flows from operating activities:
Net income$474 $1,320 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization396 311 
Impairment252 — 
Amortization of debt-related costs3 4 
Share-based compensation24 18 
Equity investments—
Equity income(17)(29)
Distributions of earnings, net of tax22 34 
Deferred income tax provision 6 137 
Changes in assets and liabilities that provided (used) cash:
Accounts receivable(279)(629)
Inventories(319)(117)
Accounts payable40 724 
Other, net(120)(271)
Net cash provided by operating activities482 1,502 
Cash flows from investing activities:
Expenditures for property, plant and equipment(352)(446)
Proceeds from equity securities— 8 
Acquisition of equity method investment(2)— 
Other, net(17)(18)
Net cash used in investing activities(371)(456)
Cash flows from financing activities:
Repurchases of Company ordinary shares(70)(217)
Dividends paid - common stock(389)(371)
Net proceeds from (repayments of) commercial paper— (169)
Collateral received from interest rate derivatives— 51 
Other, net(18)(7)
Net cash used in financing activities(477)(713)
Effect of exchange rate changes on cash14 (16)
(Decrease) increase in cash and cash equivalents and restricted cash(352)317 
Cash and cash equivalents and restricted cash at beginning of period2,156 1,477 
Cash and cash equivalents and restricted cash at end of period$1,804 $1,794 
See Notes to the Consolidated Financial Statements.


5
LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Ordinary SharesAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Company
Share of
Shareholders’
Equity		Non-
Controlling
Interests
Millions of dollarsIssuedTreasury
Balance, December 31, 2022$19 $(1,346)$6,119 $9,195 $(1,372)$12,615 $14 
Net income — — — 474 — 474 — 
Other comprehensive income— — — — 65 65 — 
Share-based compensation— 60 (27)(1)— 32 — 
Dividends - common stock ($1.19 per share)
— — — (389)— (389)— 
Dividends - redeemable non-controlling interests ($15.00 per share)
— — — (2)— (2)— 
Repurchases of Company ordinary shares— (74)— — — (74)— 
Balance, March 31, 2023$19 $(1,360)$6,092 $9,277 $(1,307)$12,721 $14 
Ordinary SharesAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Company
Share of
Shareholders’
Equity		Non-
Controlling
Interests
Millions of dollarsIssuedTreasury
Balance, December 31, 2021$19 $(965)$6,044 $8,563 $(1,803)$11,858 $14 
Net income— — — 1,320 — 1,320 — 
Other comprehensive income— — — — 68 68 — 
Share-based compensation— 11 12 4 — 27 — 
Dividends - common stock ($1.13 per share)
— — — (371)— (371)— 
Dividends - redeemable non-controlling interests ($15.00 per share)
— — — (2)— (2)— 
Repurchases of Company ordinary shares— (202)— — — (202)— 
Balance, March 31, 2022$19 $(1,156)$6,056 $9,514 $(1,735)$12,698 $14 
See Notes to the Consolidated Financial Statements.


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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

TABLE OF CONTENTS
 


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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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 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. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. 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. 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, 2022. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement have been included. These statements contain some amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The results for interim periods are not necessarily indicative of results for the entire year.
Effective January 1, 2023, our Catalloy and polybutene-1 products were moved from our Advanced Polymer Solutions (“APS”) segment and reintegrated into our Olefins and Polyolefins-Americas (“O&P-Americas”) and Olefins and Polyolefins-Europe, Asia, International (“O&P-EAI”) segments. This move allows the APS team to focus on our compounding and solutions business, and to develop a more agile operating model with meaningful regional and segment growth strategies. Segment information provided throughout the report has been revised for all periods presented to reflect these changes.
2.    Accounting and Reporting Changes
Recently Adopted Guidance
Supplier Finance Program—In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The guidance requires an entity that uses supplier finance programs in connection with the purchase of goods and services to disclose certain qualitative and quantitative information about its programs including the key terms and conditions, activity during the period, and potential magnitude. The guidance is effective retrospectively for the year ending December 31, 2023, including interim periods, with disclosures required for each period for which a balance sheet is presented, except for the disclosure of roll forward information, which is effective for fiscal years beginning after December 15, 2023. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements.
Accounting Guidance Issued But Not Adopted as of March 31, 2023
Fair Value Measurement—In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security because it is a characteristic of the entity holding the equity security rather than a characteristic of the security and is not considered in measuring its fair value. The guidance is effective prospectively for the year ending December 31, 2024, including the interim periods, with the impact of adoption reflected in earnings. Early adoption is permitted. The adoption of this guidance will not have a material impact on our Consolidated Financial Statements.


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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

3.    Revenues
Contract Balances—Contract liabilities were $175 million and $167 million at March 31, 2023 and December 31, 2022, respectively. Revenue recognized in each reporting period, included in the contract liability balance at the beginning of the period, was immaterial.
Disaggregation of Revenues—Effective January 1, 2023, our Catalloy and polybutene-1 products were moved from our APS segment and reintegrated into our O&P-Americas and O&P-EAI segments. See Note 12 for additional detail regarding the change in segments. Consistent with this change, we have updated the disclosure of revenue disaggregated by key products for all periods presented.
The following table presents our revenues disaggregated by key products:
Three Months Ended
March 31,
Millions of dollars20232022
Sales and other operating revenues:
Olefins and co-products
$883 $1,157 
Polyethylene2,016 2,707 
Polypropylene1,526 2,263 
Propylene oxide and derivatives641 885 
Oxyfuels and related products1,233 1,254 
Intermediate chemicals746 1,110 
Compounding and solutions995 1,135 
Refined products2,057 2,458 
Other150 188 
Total$10,247 $13,157 
The following table presents our revenues disaggregated by geography, based upon the location of the customer:
Three Months Ended
March 31,
Millions of dollars20232022
Sales and other operating revenues:
United States$4,852 $6,074 
Germany786 995 
China514 656 
Mexico430 442 
Italy376 518 
Japan365 423 
France294 387 
Poland239 395 
The Netherlands233 390 
Other2,158 2,877 
Total$10,247 $13,157 


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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

4.    Accounts Receivable
Our accounts receivable are reflected in the Consolidated Balance Sheets, net of allowance for credit losses of $6 million as of March 31, 2023 and December 31, 2022.

5.    Inventories
Inventories consisted of the following components:
Millions of dollarsMarch 31,
2023		December 31,
2022
Finished goods$3,443 $3,027 
Work-in-process219 227 
Raw materials and supplies1,496 1,550 
Total inventories$5,158 $4,804 


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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

6.    Debt
Long-term loans, notes and other debt, net of unamortized discount and debt issuance cost, consisted of the following:
Millions of dollarsMarch 31,
2023		December 31,
2022
Senior Notes due 2024, $1,000 million, 5.75% ($1 million of debt issuance cost)
$774 $774 
Senior Notes due 2055, $1,000 million, 4.625% ($15 million of discount; $11 million of debt issuance cost)
974 974 
Guaranteed Notes due 2027, $300 million, 8.1%
300 300 
Issued by LYB International Finance B.V.:
Guaranteed Notes due 2023, $750 million, 4.0%
425 424 
Guaranteed Notes due 2043, $750 million, 5.25% ($19 million of discount; $6 million of debt issuance cost)
725 725 
Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 million of discount; $8 million of debt issuance cost)
982 982 
Issued by LYB International Finance II B.V.:
Guaranteed Notes due 2026, €500 million, 0.875% ($1 million of discount; $2 million of debt issuance cost)
529 518 
Guaranteed Notes due 2027, $1,000 million, 3.5% ($2 million of discount; $2 million of debt issuance cost)
590 587 
Guaranteed Notes due 2031, €500 million, 1.625% ($4 million of discount; $3 million of debt issuance cost)
528 516 
Issued by LYB International Finance III LLC:
Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of discount; $2 million of debt issuance cost)
477 475 
Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of debt issuance cost)
124 120 
Guaranteed Notes due 2030, $500 million, 2.25% ($3 million of discount; $3 million of debt issuance cost)
473 469 
Guaranteed Notes due 2040, $750 million, 3.375% ($2 million of discount; $7 million of debt issuance cost)
741 741 
Guaranteed Notes due 2049, $1,000 million, 4.2% ($14 million of discount; $10 million of debt issuance cost)
976 976 
Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost)
973 971 
Guaranteed Notes due 2051, $1,000 million, 3.625% ($2 million of discount; $11 million of debt issuance cost)
914 897 
Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost)
484 481 
Other44 42 
Total11,033 10,972 
Less current maturities(432)(432)
Long-term debt$10,601 $10,540 


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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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: 
Gains (Losses)Cumulative Fair Value
Hedging Adjustments Included
in Carrying Amount of Debt
Three Months Ended
March 31,		March 31,December 31,
Millions of dollars2023202220232022
Guaranteed Notes due 2025, 1.25%
$(2)$7 $12 $14 
Guaranteed Notes due 2026, 0.875%
(1)4 12 13 
Guaranteed Notes due 2027, 3.5%
(3)19 (3)— 
Guaranteed Notes due 2030, 3.375%
(4)10 17 21 
Guaranteed Notes due 2030, 2.25%
(3)10 21 24 
Guaranteed Notes due 2031, 1.625%
(2)— 9 11 
Guaranteed Notes due 2050, 4.2%
(2)5 11 13 
Guaranteed Notes due 2051, 3.625%
(17)29 73 90 
Guaranteed Notes due 2060, 3.8%
(3)— 6 9 
Total$(37)$84 $158 $195 
Fair value adjustments are recognized in Interest expense in the Consolidated Statements of Income.
Short-term loans, notes and other debt consisted of the following:
Millions of dollarsMarch 31,
2023		December 31,
2022
U.S. Receivables Facility$— $— 
Commercial paper200 200 
Precious metal financings142 131 
Other1 18 
Total Short-term debt$343 $349 
Long-Term Debt
Senior Revolving Credit Facility—Our $3,250 million senior unsecured revolving credit facility (the “Senior Revolving Credit Facility”), which expires in November 2026, may be used for dollar and euro denominated borrowings. The facility has a $200 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, LIBOR rate or EURIBOR rate, plus an applicable margin. Additional fees are incurred for the average daily unused commitments. At March 31, 2023, we had no borrowings or letters of credit outstanding and $3,050 million of unused availability under this facility.


12

LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Short-Term Debt
U.S. Receivables Facility—Our U.S. Receivables Facility, which expires in June 2024, 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. We pay variable interest rates on our secured borrowings. Additional fees are incurred for the average daily unused commitments. This facility also provides for the issuance of letters of credit up to $200 million. At March 31, 2023, we had no borrowings or letters of credit outstanding and $900 million unused availability under this facility.
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 commercial paper outstanding at March 31, 2023 are based on the terms of the notes and range from 4.90% to 4.98%. At March 31, 2023, we had $200 million of outstanding commercial paper.
Weighted Average Interest Rate—At March 31, 2023 and December 31, 2022, our weighted average interest rates on outstanding Short-term debt were 4.0% and 3.7%, respectively.
Additional Information
Debt Compliance—As of March 31, 2023, we are in compliance with our debt covenants.
Supply Chain Finance Arrangements
We facilitate a voluntary supply chain finance (“SCF”) program that provides suppliers, at their sole discretion, the opportunity to sell their receivables due from us to a participating financial intermediary in order to be paid earlier than our contracted payment terms. We are not a party to any agreement between our suppliers and the financial intermediary. When a supplier utilizes the program and receives an early payment from the financial intermediary, the supplier takes a discount on the invoice. We pay the financial intermediary the full amount of the invoice on the contractually agreed upon due date. The majority of the suppliers using the program are on 90-day payment terms. We have no economic impact from a supplier’s decision to take an early payment. No guarantees are provided by us or any of our subsidiaries under the program.
As of March 31, 2023 and December 31, 2022, Accounts payable-Trade included $63 million and $53 million, respectively, payable to suppliers who have elected to participate in the supply chain financing program. We do not believe that future changes in the availability of supply chain financing will have a significant impact on our liquidity.




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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

7.    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.
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:
 March 31, 2023December 31, 2022 
Millions of dollarsNotional AmountFair ValueNotional AmountFair ValueBalance Sheet
Classification
Assets–
Derivatives designated as hedges:
Commodities$8 $2 $— $— Prepaid expenses and other current assets
Commodities32 4 — — Other assets
Foreign currency903 114 903 109 Prepaid expenses and other current assets
Foreign currency2,099 114 2,725 133 Other assets
Interest rates— 28 — 16 Prepaid expenses and other current assets
Interest rates400 10 400 25 Other assets
Derivatives not designated as hedges:
Commodities215 39 192 27 Prepaid expenses and other current assets
Foreign currency144 1