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Table of Contents
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, 2024
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
(Address of 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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 325,622,260 ordinary shares, €0.04 par value, outstanding at April 24, 2024 (excluding 14,800,238 treasury shares).

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LYONDELLBASELL INDUSTRIES N.V.
TABLE OF CONTENTS
 
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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 share20242023
Sales and other operating revenues:
Trade$9,757 $10,076 
Related parties168 171 
9,925 10,247 
Operating costs and expenses:
Cost of sales8,763 8,864 
Impairments— 252 
Selling, general and administrative expenses426 385 
Research and development expenses32 33 
9,221 9,534 
Operating income704 713 
Interest expense(127)(116)
Interest income41 23 
Other income, net5 5 
Income from continuing operations before equity investments and income taxes623 625 
(Loss) income from equity investments(27)17 
Income from continuing operations before income taxes596 642 
Provision for income taxes122 167 
Income from continuing operations474 475 
Loss from discontinued operations, net of tax(1)(1)
Net income473 474 
Dividends on redeemable non-controlling interests(2)(2)
Net income attributable to the Company shareholders$471 $472 
Earnings per share:
Net income attributable to the Company shareholders —
Basic
Continuing operations$1.45 $1.45 
Discontinued operations— — 
$1.45 $1.45 
Diluted
Continuing operations$1.44 $1.44 
Discontinued operations— — 
$1.44 $1.44 
See Notes to the Consolidated Financial Statements.

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LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 
Three Months Ended
March 31,
Millions of dollars20242023
Net income$473 $474 
Other comprehensive income (loss), net of tax –
Financial derivatives1 4 
Defined benefit pension and other postretirement benefit plans3 2 
Foreign currency translations(60)59 
Total other comprehensive (loss) income, net of tax(56)65 
Comprehensive income 417 539 
Dividends on redeemable non-controlling interests(2)(2)
Comprehensive income attributable to the Company shareholders$415 $537 
See Notes to the Consolidated Financial Statements.

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LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED BALANCE SHEETS
 
Millions of dollarsMarch 31,
2024		December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents$2,314 $3,390 
Restricted cash17 15 
Accounts receivable:
Trade, net4,001 3,356 
Related parties190 151 
Inventories4,853 4,765 
Prepaid expenses and other current assets1,500 1,475 
Total current assets12,875 13,152 
Operating lease assets1,481 1,529 
Property, plant and equipment25,025 24,906 
Less: Accumulated depreciation(9,493)(9,359)
Property, plant and equipment, net15,532 15,547 
Equity investments3,845 3,907 
Goodwill1,628 1,647 
Intangible assets, net631 641 
Other assets632 577 
Total assets$36,624 $37,000 
See Notes to the Consolidated Financial Statements.





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LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED BALANCE SHEETS
 
Millions of dollars, except shares and par value dataMarch 31,
2024		December 31,
2023
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
Current liabilities:
Current maturities of long-term debt$7 $782 
Short-term debt164 117 
Accounts payable:
Trade3,486 3,354 
Related parties486 461 
Accrued and other current liabilities1,944 2,436 
Total current liabilities6,087 7,150 
Long-term debt11,023 10,333 
Operating lease liabilities1,380 1,409 
Other liabilities2,157 2,164 
Deferred income taxes2,870 2,886 
Commitments and contingencies
Redeemable non-controlling interests114 114 
Shareholders’ equity:
Ordinary shares, €0.04 par value, 1,275 million shares authorized, 325,365,833 and 324,483,402 shares outstanding, respectively
19 19 
Additional paid-in capital6,112 6,145 
Retained earnings9,752 9,692 
Accumulated other comprehensive loss(1,532)(1,476)
Treasury stock, at cost, 15,056,665 and 15,939,096 ordinary shares, respectively
(1,372)(1,450)
Total Company share of shareholders’ equity12,979 12,930 
Non-controlling interests14 14 
Total equity12,993 12,944 
Total liabilities, redeemable non-controlling interests and equity$36,624 $37,000 
See Notes to the Consolidated Financial Statements.




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LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31,
Millions of dollars20242023
Cash flows from operating activities:
Net income$473 $474 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization365 396 
Impairments— 252 
Amortization of debt-related costs2 3 
Share-based compensation34 24 
Equity investments—
Equity loss (income)27 (17)
Distributions of earnings, net of tax1 22 
Deferred income tax (benefit) provision (9)6 
Changes in assets and liabilities that provided (used) cash:
Accounts receivable(717)(279)
Inventories(108)(319)
Accounts payable196 40 
Other, net(378)(120)
Net cash (used in) provided by operating activities(114)482 
Cash flows from investing activities:
Expenditures for property, plant and equipment(483)(352)
Other, net(27)(19)
Net cash used in investing activities(510)(371)
Cash flows from financing activities:
Repurchases of Company ordinary shares— (70)
Dividends paid - common stock(408)(389)
Issuance of long-term debt744 — 
Payments of debt issuance costs(7)— 
Repayment of long-term debt(775)— 
Other, net34 (18)
Net cash used in financing activities(412)(477)
Effect of exchange rate changes on cash(38)14 
Decrease in cash and cash equivalents and restricted cash(1,074)(352)
Cash and cash equivalents and restricted cash at beginning of period3,405 2,156 
Cash and cash equivalents and restricted cash at end of period$2,331 $1,804 
See Notes to the Consolidated Financial Statements.

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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, 2023$19 $(1,450)$6,145 $9,692 $(1,476)$12,930 $14 
Net income — — — 473 — 473 — 
Other comprehensive loss— — — — (56)(56)— 
Share-based compensation— 78 (33)(3)— 42 — 
Dividends - common stock ($1.25 per share)
— — — (408)— (408)— 
Dividends - redeemable non-controlling interests ($15.00 per share)
— — — (2)— (2)— 
Balance, March 31, 2024$19 $(1,372)$6,112 $9,752 $(1,532)$12,979 $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, 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 
See Notes to the Consolidated Financial Statements.

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

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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, 2023. 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.
2.    Accounting and Reporting Changes
Recently Adopted Guidance
There were no new Accounting Standard Updates (“ASU”) adopted in the quarter ended March 31, 2024 that had a material impact on the Consolidated Financial Statements.
Accounting Guidance Issued But Not Adopted as of March 31, 2024
Segment Disclosures—In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance improves the disclosures about a public entity’s reportable segments and addresses requests from investors for additional detailed information about a reportable segment’s expenses. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of adopting the new guidance on the Consolidated Financial Statements.
Income Tax Disclosures—In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 74): Improvements to Income Tax Disclosures. The guidance requires companies to disclose certain specific categories in the rate reconciliation and provide additional information for reconciling items that meet the quantitative threshold of 5% of the expected tax using the applicable statutory income tax rate. There is also a required disclosure to provide the net income taxes paid or received disaggregated by federal, state, and foreign taxes with jurisdictions to be separately disclosed if the jurisdiction is 5% or more of the total net income taxes paid or received. The guidance is effective for annual periods beginning after December 15, 2024. Earlier adoption is permitted. We are currently assessing the impact of adopting the new guidance on the Consolidated Financial Statements.

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

3.    Assets Held for Sale
During the fourth quarter of 2023, we entered into an agreement to sell our U.S. Gulf Coast-based ethylene oxide and derivatives (“EO&D”) business along with the production facility located in Bayport, TX for cash consideration of $700 million, subject to working capital and other adjustments. The EO&D business had been identified as a non-core business within our Intermediates and Derivatives segment. The transaction is expected to close in the second quarter of 2024 following planned maintenance at the facility, which was completed in the first quarter of 2024, and is subject to satisfaction of customary closing conditions.
The following table summarizes the assets and liabilities held for sale which are reported in Prepaid expenses and other current assets and Accrued and other current liabilities, respectively, in the Consolidated Financial Statements:
Millions of dollarsMarch 31,
2024		December 31,
2023
ASSETS
Accounts receivable - Trade, net$41 $42 
Inventories73 100 
Prepaid expenses and other current assets43 43 
Operating lease assets20 20 
Property, plant and equipment, net288 225 
Goodwill13 14 
Total assets held for sale$478 $444 
LIABILITIES
Short-term debt$43 $43 
Accounts payable - Trade23 51 
Accrued and other current liabilities9 7 
Operating lease liabilities17 19 
Total liabilities held for sale$92 $120 

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

4.    Revenues
Contract Balances—Contract liabilities were $139 million and $175 million at March 31, 2024 and December 31, 2023, respectively. Revenue recognized in each reporting period that was 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:
Three Months Ended
March 31,
Millions of dollars20242023
Sales and other operating revenues:
Olefins and co-products
$908 $883 
Polyethylene1,898 2,016 
Polypropylene1,498 1,526 
Propylene oxide and derivatives602 641 
Oxyfuels and related products1,110 1,233 
Intermediate chemicals789 746 
Compounding and solutions960 995 
Refined products1,958 2,057 
Other202 150 
Total$9,925 $10,247 
The following table presents our revenues disaggregated by geography, based upon the location of the customer:
Three Months Ended
March 31,
Millions of dollars20242023
Sales and other operating revenues:
United States$4,788 $4,852 
Germany660 786 
China606 514 
Mexico436 430 
Italy401 376 
France257 294 
Poland242 239 
Japan234 365 
The Netherlands185 233 
Other2,116 2,158 
Total$9,925 $10,247 

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

5.    Accounts Receivable
Accounts receivable are reflected in the Consolidated Balance Sheets, net of allowance for credit losses of $6 million as of March 31, 2024 and December 31, 2023.

6.    Inventories
Inventories consisted of the following components:
Millions of dollarsMarch 31,
2024		December 31,
2023
Finished goods$3,112 $3,134 
Work-in-process202 182 
Raw materials and supplies1,539 1,449 
Total inventories$4,853 $4,765 

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

7.    Debt
Long-term loans, notes and other debt, net of unamortized discount and debt issuance cost, consisted of the following:
Millions of dollarsMarch 31,
2024		December 31,
2023
Senior Notes due 2024, $1,000 million, 5.75%
$— $775 
Senior Notes due 2055, $1,000 million, 4.625% ($15 million of discount; $10 million of debt issuance cost)
975 975 
Guaranteed Notes due 2027, $300 million, 8.1%
300 300 
Issued by LYB International Finance B.V.:
Guaranteed Notes due 2043, $750 million, 5.25% ($18 million of discount; $6 million of debt issuance cost)
726 726 
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; $1 million of debt issuance cost)
529 542 
Guaranteed Notes due 2027, $1,000 million, 3.5% ($2 million of discount; $2 million of debt issuance cost)
581 585 
Guaranteed Notes due 2031, €500 million, 1.625% ($4 million of discount; $2 million of debt issuance cost)
529 542 
Issued by LYB International Finance III LLC:
Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of discount; $1 million of debt issuance cost)
481 481 
Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of debt issuance cost)
121 124 
Guaranteed Notes due 2030, $500 million, 2.25% ($2 million of discount; $3 million of debt issuance cost)
472 474 
Guaranteed Notes due 2033, $500 million, 5.625% ($5 million of debt issuance cost)
495 495 
Guaranteed Notes due 2034, $750 million, 5.5% ($6 million of discount, $7 million of debt issuance cost)
737 — 
Guaranteed Notes due 2040, $750 million, 3.375% ($1 million of discount; $7 million of debt issuance cost)
742 742 
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)
977 975 
Guaranteed Notes due 2051, $1,000 million, 3.625% ($2 million of discount; $10 million of debt issuance cost)
905 916 
Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost)
480 483 
Other22 22 
Total11,030 11,115 
Less current maturities(7)(782)
Long-term debt$11,023 $10,333 

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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 dollars2024202320242023
Guaranteed Notes due 2025, 1.25%
$— $(2)$9 $9 
Guaranteed Notes due 2026, 0.875%
— (1)8 8 
Guaranteed Notes due 2027, 3.5%
4 (3)6 2 
Guaranteed Notes due 2030, 3.375%
3 (4)20 17 
Guaranteed Notes due 2030, 2.25%
3 (3)23 20 
Guaranteed Notes due 2031, 1.625%
1 (2)4 3 
Guaranteed Notes due 2050, 4.2%
(2)(2)7 9 
Guaranteed Notes due 2051, 3.625%
11 (17)83 72 
Guaranteed Notes due 2060, 3.8%
3 (3)10 7 
Total$23 $(37)$170 $147 
Fair value adjustments are recognized in Interest expense in the Consolidated Statements of Income.
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 also supports our commercial paper program, has a $200 million sub-limit for dollar and euro denominated letters of credit and a $1,000 million uncommitted accordion feature. Borrowings under the facility bear interest at either a base rate, secured overnight financing rate (“SOFR”) or EURIBOR rate, plus an applicable margin. Additional fees are incurred for the average daily unused commitments. At March 31, 2024, we had no borrowings or letters of credit outstanding and $3,250 million of unused availability under this facility.
Guaranteed Notes due 2034—In February 2024, LYB International Finance III, LLC (“LYB Finance III”), a wholly owned finance subsidiary of LyondellBasell Industries N.V., issued $750 million of 5.5% guaranteed notes due 2034 (the “2034 Notes”) at a discounted price of 99.2%. Net proceeds after deducting original issuance discounts, underwriting fees and offering expenses totaled $737 million. We used the net proceeds from the sale of the 2034 Notes to repay our 5.75% senior notes due 2024 as discussed further below.
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.

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

The 2034 Notes may be redeemed at any time in whole, or from time to time in part, prior to the scheduled maturity date, at a redemption price equal to the greater of (i) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the treasury rate plus the applicable basis points) less interest accrued on the notes to be redeemed, and (ii) 100% of the principal amount of the notes redeemed; plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. The 2034 Notes may also be redeemed at any time, on or after the date that is three months prior to the scheduled maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. The notes are also redeemable upon certain tax events.
Senior Notes due 2024—In March 2024, we repaid the $775 million remaining outstanding principal of our 5.75% senior notes due 2024.
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, 2024, 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”). At March 31, 2024, we had no borrowings of outstanding commercial paper.
Precious Metal Financings—At March 31, 2024 and December 31, 2023, we had $164 million and $117 million, respectively, of short-term debt related to our precious metal financings.
Weighted Average Interest Rate—At March 31, 2024 and December 31, 2023, our weighted average interest rates on outstanding Short-term debt were 1.5% and 1.9%, respectively.
Additional Information
Debt Compliance—As of March 31, 2024, we are in compliance with our debt covenants.


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

8.    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:
Fair Value
Millions of dollarsMarch 31, 2024December 31, 2023Balance Sheet Classification
Assets–
Derivatives designated as hedges:
Commodities$2 $1 Prepaid expenses and other current assets
Foreign currency82 44 Prepaid expenses and other current assets
Foreign currency82 45 Other assets
Interest rates28 38 Prepaid expenses and other current assets
Derivatives not designated as hedges:
Commodities62 98 Prepaid expenses and other current assets
Foreign currency3 3 Prepaid expenses and other current assets
Total$259 $229 
Liabilities–
Derivatives designated as hedges:
Commodities$117 $109 Accrued and other current liabilities
Commodities36 33 Other liabilities
Foreign currency28 40 Accrued and other current liabilities
Foreign currency13 32 Other liabilities
Interest rates30 31 Accrued and other current liabilities
Interest rates195 172 Other liabilities
Derivatives not designated as hedges:
Commodities35 52 Accrued and other current liabilities
Foreign currency4 10 Accrued and other current liabilities
Total$458 $479 
The 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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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Financial Instruments Not Measured at Fair Value on a Recurring Basis—The following table presents the carrying value and estimated fair value of our Short-term precious metal financings and Long-term debt:
March 31, 2024December 31, 2023
Millions of dollarsCarrying
 Value		Fair
 Value		Carrying
 Value		Fair
Value
Precious metal financings$164 $162 $117 $114 
Long-term debt11,008 9,735 10,316 9,225 
Total$11,172 $9,897 $10,433 $9,339 
The financial instruments in the table above are classified as Level 2. Our other financial instruments classified within Current assets and Current liabilities have a short maturity and their carrying value generally approximates fair value.
Derivative Instruments:
Commodity Prices—The following table presents the notional amounts of our outstanding commodity derivative instruments:
Notional Amount
Millions of unitsMarch 31, 2024December 31, 2023Unit of MeasureMaturity Date
Derivatives designated as hedges:
Natural gas69 72 MMBtu
2024 to 2027
Ethane17 18 Bbls2024 to 2026
Power1 1 MWhs
2024 to 2027
Refined products1 1 Bbls2024
Derivatives not designated as hedges:
Crude oil9 12 Bbls2024
Refined products12 16 Bbls2024
Precious metals1 1 Troy Ounces2024
Renewable Identification Numbers44 59 RINs2024
Interest Rates—The following table presents the notional amounts of our outstanding interest rate derivative instruments:
Notional Amount
Millions of dollarsMarch 31, 2024December 31, 2023Maturity Date
Cash flow hedges$— $200 
 2024
Fair value hedges2,166 2,171 
2025 to 2031

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

Foreign Currency Rates—The following table presents the notional amounts of our outstanding foreign currency derivative instruments:
Notional Amount
Millions of dollarsMarch 31, 2024December 31, 2023Maturity Date
Net investment hedges$3,289 $3,289 
2024 to 2030
Cash flow hedges1,150 1,150 
2024 to 2027
Not designated788 555 
2024 to 2025
Impact on Earnings and Other Comprehensive Income—The following tables summarize the pre-tax effect of derivative instruments recorded in Accumulated other comprehensive loss (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings:
Effects of Financial Instruments
Three Months Ended March 31,
Balance SheetIncome Statement
Gain (Loss)
Recognized in
AOCI		Gain (Loss) Reclassified
to Income
from AOCI		Additional Gain
(Loss) Recognized
in Income		Income Statement
Millions of dollars202420232024202320242023Classification
Derivatives designated as hedges:
Commodities$(2)$— $1 $— $— $— Sales and other operating revenues
Commodities(48)(5)38 19 — — Cost of sales
Foreign currency95 (55)(28)20 19 14 Interest expense
Interest rates11 (14)1 1 (45)23 Interest expense
Derivatives not designated as hedges:
Commodities— — — — (84)(33)Sales and other operating revenues
Commodities— — — — 77 27 Cost of sales
Foreign currency— — — — 8 (11)Other income, net
Total$56 $(74)$12 $40 $(25)$20 
As of March 31, 2024, on a pre-tax basis, $4 million is scheduled to be reclassified from Accumulated other comprehensive loss as an increase to Interest expense over the next twelve months.
Other Financial Instruments:
Cash and Cash Equivalents—At March 31, 2024 and December 31, 2023, we had marketable securities classified as Cash and cash equivalents of $1,475 million and $2,432 million, respectively.

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

9.    Income Taxes
For interim tax reporting, we estimate an annual effective tax rate which is applied to the year-to-date ordinary income. 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 or losses, the amount of exempt income, changes in unrecognized tax benefits associated with uncertain tax positions and changes in tax laws.
Our exempt income primarily includes interest income, export incentives, and equity earnings of joint ventures. Interest income earned by certain of our subsidiaries through intercompany financings is taxed at rates substantially lower than the U.S. statutory rate. Export incentives relate to tax benefits derived from elections and structures available for U.S. exports. Equity earnings attributable to the earnings of our joint ventures, when paid through dividends to certain European subsidiaries, are exempt from all or portions of normal statutory income tax rates. We currently anticipate the favorable treatment for interest income, dividends, and export incentives to continue in the near term; however, this treatment is based on current law. The United Kingdom, as well as certain other jurisdictions in which we operate, enacted legislation implementing the Organization for Economic Cooperation and Development’s Pillar Two Model Rules effective as of January 1, 2024. We do not expect the impact to be material based on the legislation enacted at this stage.
Our effective income tax rate for the first quarter of 2024 was 20.4% compared to 26.0% for the first quarter of 2023. The lower effective tax rate for the first quarter of 2024 was primarily due to the first quarter 2023 goodwill impairment, for which there was no tax benefit, of 6.6% coupled with a 2.1% decrease in our effective income tax rate related to changes in pre-tax income in countries with varying statutory tax rates. These decreases were partially offset by a 3.0% increase in our effective income tax rate due to a decrease in exempt income.
10.    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 ensure sources of supply and are not expected to be in excess of normal requirements. Additionally, we have capital expenditure commitments, which we incur in our normal course of business.
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 the Consolidated Financial Statements. We have not experienced any unmanageable difficulties in obtaining the required financial assurance instruments for our current operations.
Environmental Remediation—Accrued liabilities for future environmental remediation costs at current and former plant sites and other remediation sites totaled $141 million and $124 million as of March 31, 2024 and December 31, 2023, respectively. At March 31, 2024, the accrued liabilities for individual sites range from less than $1 million to $43 million. The remediation expenditures are expected to occur over a number of years and are 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.

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

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 March 31, 2024, 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 assess the adequacy of legal accruals based on our professional judgment, experience and the information available regarding our cases.
Based on 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.
11.    Shareholders’ Equity and Redeemable Non-controlling Interests
Shareholders’ Equity
Dividend Distributions—The following table summarizes the quarterly dividends paid in the period presented:
Millions of dollars, except per share amountsDividend Per
Ordinary Share		Aggregate
Dividends Paid		Date of Record
March 2024$1.25 $408 March 4, 2024
Share Repurchase Authorization—In May 2023, our shareholders approved a proposal to authorize us to repurchase up to 34.0 million ordinary shares, through November 19, 2024 (“2023 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.

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

The following table summarizes our share repurchase activity for the period presented:
Millions of dollars, except shares and per share amountsShares
Repurchased		Average
Purchase
Price		Total Purchase Price, Including
Commissions and Fees
For three months ended March 31, 2023:
2022 Share Repurchase Authorization846,500 $87.28 $74 
We had no share repurchases for the three months ended March 31, 2024. Total cash paid for the first quarter 2023 was $70 million. Cash payments made during the reporting period may differ from the total purchase price, including commissions and fees, due to the timing of payments.
Ordinary Shares—The changes in the outstanding amounts of ordinary shares are as follows:
 Three Months Ended
March 31,
 20242023
Ordinary shares outstanding:
Beginning balance324,483,402 325,723,567 
Share-based compensation803,335 516,142 
Employee stock purchase plan79,096 75,392 
Purchase of ordinary shares— (846,500)
Ending balance325,365,833 325,468,601 
Treasury Shares—The changes in the amounts of treasury shares held by the Company are as follows:
Three Months Ended
March 31,
 20242023
Ordinary shares held as treasury shares:
Beginning balance15,939,096 14,698,931 
Share-based compensation(803,335)(516,142)
Employee stock purchase plan(79,096)(75,392)
Purchase of ordinary shares— 846,500 
Ending balance15,056,665 14,953,897 

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

Accumulated Other Comprehensive Loss—The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the three months ended March 31, 2024 and 2023 are presented in the following tables:
Millions of dollarsFinancial
Derivatives		Defined Benefit
Pension and Other
Postretirement
Benefit Plans		Foreign
Currency
Translation
Adjustments		Total
Balance – December 31, 2023$(226)$(279)$(971)$(1,476)
Other comprehensive loss before reclassifications(12)— (43)(55)
Tax benefit (expense) before reclassifications2 — (17)(15)
Amounts reclassified from accumulated other comprehensive loss12 4 — 16 
Tax expense(1)(1)— (2)
Net other comprehensive income (loss)1 3 (60)(56)
Balance – March 31, 2024$(225)$(276)$(1,031)$(1,532)
Millions of dollarsFinancial
Derivatives		Defined Benefit
Pension and Other
Postretirement
Benefit Plans		Foreign
Currency
Translation
Adjustments		Total
Balance – December 31, 2022$(146)$(182)$(1,044)$(1,372)
Other comprehensive (loss) income before reclassifications(35)— 49 14 
Tax benefit before reclassifications9 — 10 19 
Amounts reclassified from accumulated other comprehensive loss40 3 — 43 
Tax expense(10)(1)— (11)
Net other comprehensive income4 2 59 65 
Balance – March 31, 2023$(142)$(180)$(985)$(1,307)

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

The amounts reclassified out of each component of Accumulated other comprehensive loss are as follows: 
 Three Months Ended
March 31,		Affected Line Item on
the Consolidated
Statements of Income
Millions of dollars20242023
Reclassification adjustments for:
Financial derivatives:
Commodities$1 $— Sales and other operating revenue
Commodities38 19 Cost of sales
Foreign currency(28)20 Interest expense
Interest rates1 1 Interest expense
Income tax expense(1)(10)Provision for income taxes
Financial derivatives, net of tax11 30 
Amortization of defined pension items:
Actuarial loss3 2 Other income, net
Prior service cost1 1 Other income, net
Income tax expense(1)(1)Provision for income taxes
Defined pension items, net of tax3 2 
Total reclassifications, before tax16 43 
Income tax expense(2)(11)Provision for income taxes
Total reclassifications, after tax$14 $32 Amount included in net income
Redeemable Non-controlling Interests
Our redeemable non-controlling interests relate to shares of cumulative perpetual special stock (“redeemable non-controlling interest stock”) issued by a consolidated subsidiary. As of March 31, 2024 and December 31, 2023, we had 113,064 and 113,075 shares of redeemable non-controlling interest stock outstanding, respectively. These shares may be redeemed at any time at the discretion of the holders.
In February 2024, we paid cash dividends of $15.00 per share to our redeemable non-controlling interest shareholders of record as of January 15, 2024. These dividends totaled $2 million for each of the three months ended March 31, 2024 and 2023.




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

12.    Per Share Data
Basic earnings per share is based upon the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share includes the effect of certain stock option and other equity-based compensation awards. Our unvested restricted stock units contain non-forfeitable rights to dividend equivalents and are considered participating securities. We compute basic and diluted earnings per share under the two-class method.
Earnings per share data is as follows:
 Three Months Ended March 31,
20242023
Millions of dollarsContinuing
Operations		Discontinued
Operations		Continuing
Operations		Discontinued
Operations
Net income (loss)$474 $(1)$475 $(1)
Dividends on redeemable non-controlling interests(2)— (2)— 
Net income attributable to participating securities(1)— (1)— 
Net income (loss) attributable to ordinary shareholders – basic and diluted$471 $(1)$472 $(1)
Millions of shares, except per share amounts
Basic weighted average common stock outstanding325 325