Document and Entity Information
Document and Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 28, 2019 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-34726 | ||
Entity Registrant Name | LyondellBasell Industries N.V. | ||
Entity Central Index Key | 0001489393 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | P7 | ||
Entity Tax Identification Number | 98-0646235 | ||
Title of 12(b) Security | Ordinary Shares, €0.04 Par Value | ||
Trading Symbol | LYB | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 25.3 | ||
Entity Common Stock, Shares Outstanding | 333,554,886 | ||
Documents Incorporated by Reference | Portions of the Notice of the 2020 Annual Meeting of Shareholders and 2020 Proxy Statement, in connection with the Company’s 2020 Annual Meeting of Shareholders (in Part III), as indicated herein. | ||
Entity Addresses [Line Items] | |||
Entity Address, Address Line One | 1221 McKinney St., | ||
Entity Address, Address Line Two | Suite 300 | ||
Entity Address, City or Town | Houston, | ||
Entity Address, State or Province | TX | ||
Entity Address, Country | US | ||
Entity Address, Postal Zip Code | 77010 | ||
City Area Code | (713) | ||
Local Phone Number | 309-7200 | ||
United Kingdom [Member] | |||
Entity Addresses [Line Items] | |||
Entity Address, Address Line One | 4th Floor, One Vine Street | ||
Entity Address, City or Town | London | ||
Entity Address, Country | GB | ||
Entity Address, Postal Zip Code | W1J0AH | ||
Country Region | +44 (0) | ||
City Area Code | 207 | ||
Local Phone Number | 220 2600 | ||
Netherlands [Member] | |||
Entity Addresses [Line Items] | |||
Entity Address, Address Line One | Delftseplein 27E | ||
Entity Address, City or Town | Rotterdam | ||
Entity Address, Country | NL | ||
Entity Address, Postal Zip Code | 3013AA | ||
Country Region | +31 (0) | ||
City Area Code | 10 | ||
Local Phone Number | 2755 500 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sales and other operating revenues: | |||
Trade | $ 33,908 | $ 38,126 | $ 33,705 |
Related parties | 819 | 878 | 779 |
Sales revenue net | 34,727 | 39,004 | 34,484 |
Operating costs and expenses: | |||
Cost of sales | 29,301 | 32,529 | 28,059 |
Selling, general and administrative expenses | 1,199 | 1,129 | 859 |
Research and development expenses | 111 | 115 | 106 |
Costs and expenses | 30,611 | 33,773 | 29,024 |
Operating income | 4,116 | 5,231 | 5,460 |
Interest expense | (347) | (360) | (491) |
Interest income | 19 | 45 | 24 |
Other income, net | 39 | 106 | 179 |
Income from continuing operations before equity investments and income taxes | 3,827 | 5,022 | 5,172 |
Income from equity investments | 225 | 289 | 321 |
Income from continuing operations before income taxes | 4,052 | 5,311 | 5,493 |
Provision for income taxes | 648 | 613 | 598 |
Income from continuing operations | 3,404 | 4,698 | 4,895 |
Loss from discontinued operations, net of tax | (7) | (8) | (18) |
Net income | 3,397 | 4,690 | 4,877 |
Net loss attributable to non-controlling interests | 0 | 0 | 2 |
Net income attributable to LyondellBasell Industries N.V. | 3,397 | 4,690 | 4,879 |
Dividends on redeemable non-controlling interests | (7) | (2) | |
Net income attributable to the Company shareholders | $ 3,390 | $ 4,688 | $ 4,879 |
Net income (loss) attributable to the Company shareholders - Basic: | |||
Continuing operations (in dollars per share) | $ 9.61 | $ 12.06 | $ 12.28 |
Discontinued operations (in dollars per share) | (0.02) | (0.02) | (0.05) |
Basic (in dollars in per share) | 9.59 | 12.04 | 12.23 |
Net income (loss) attributable to the Company shareholders - Diluted: | |||
Continuing operations (in dollars per share) | 9.60 | 12.03 | 12.28 |
Discontinued operations (in dollars per share) | (0.02) | (0.02) | (0.05) |
Diluted (in dollars per share) | $ 9.58 | $ 12.01 | $ 12.23 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 3,397 | $ 4,690 | $ 4,877 |
Other comprehensive income (loss), net of tax - | |||
Financial derivatives | (132) | 54 | (45) |
Unrealized losses on available-for-sale debt securities | 0 | 0 | (1) |
Unrealized gains on equity securities and equity securities held by equity investees | 0 | 0 | 17 |
Defined benefit pension and other postretirement benefit plans | (269) | 30 | 77 |
Foreign currency translations | (20) | (92) | 178 |
Total other comprehensive income (loss), net of tax | (421) | (8) | 226 |
Comprehensive income | 2,976 | 4,682 | 5,103 |
Dividends on redeemable non-controlling interests | (7) | (2) | |
Comprehensive loss attributable to non-controlling interests | 0 | 0 | 2 |
Comprehensive income attributable to the Company shareholders | $ 2,969 | $ 4,680 | $ 5,105 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: [Abstract] | ||
Cash and cash equivalents | $ 858 | $ 332 |
Restricted cash | 30 | 69 |
Short-term investments | 196 | 892 |
Accounts receivable: [Abstract] | ||
Trade, net | 2,981 | 3,355 |
Related parties | 121 | 148 |
Inventories | 4,588 | 4,515 |
Prepaid expenses and other current assets | 736 | 1,255 |
Total current assets | 9,510 | 10,566 |
Operating lease assets | 1,468 | |
Property, plant and equipment, net | 14,130 | 12,477 |
Investments and long-term receivables: | ||
Investment in PO joint ventures | 504 | 469 |
Equity investments | 1,602 | 1,611 |
Other investments and long-term receivables | 22 | 23 |
Goodwill | 1,891 | 1,814 |
Intangible assets, net | 869 | 965 |
Other assets | 439 | 353 |
Total assets | 30,435 | 28,278 |
Current liabilities: [Abstract] | ||
Current maturities of long-term debt | 3 | 5 |
Short-term debt | 445 | 885 |
Accounts payable: [Abstract] | ||
Trade | 2,516 | 2,560 |
Related parties | 412 | 527 |
Accrued liabilities | 1,822 | 1,536 |
Total current liabilities | 5,198 | 5,513 |
Long-term debt | 11,614 | 8,497 |
Operating lease liabilities | 1,216 | |
Other liabilities | 2,213 | 1,897 |
Deferred income taxes | 2,015 | 1,975 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 116 | 116 |
Shareholders' equity: | ||
Ordinary shares, €0.04 par value, 1,275 million shares authorized, 333,476,883 and 375,696,661 shares outstanding, respectively | 19 | 22 |
Additional paid-in capital | 5,954 | 7,041 |
Retained earnings | 4,435 | 6,763 |
Accumulated other comprehensive loss | (1,784) | (1,363) |
Treasury stock, at cost, 6,568,745 and 24,513,619 ordinary shares, respectively | (580) | (2,206) |
Total Company share of shareholders' equity | 8,044 | 10,257 |
Non-controlling interests | 19 | 23 |
Total equity | 8,063 | 10,280 |
Total liabilities, redeemable noncontrolling interests and equity | $ 30,435 | $ 28,278 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - € / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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) | 333,476,883 | 375,696,661 |
Treasury stock, shares (in shares) | 6,568,745 | 24,513,619 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 3,397 | $ 4,690 | $ 4,877 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 1,312 | 1,241 | 1,174 |
Amortization of debt-related costs | 11 | 14 | 15 |
Charges related to repayment of debt | 0 | 0 | 49 |
Share-based compensation | 48 | 39 | 55 |
Inventory valuation adjustment | 33 | 0 | 0 |
Equity investments - | |||
Equity income | (225) | (289) | (321) |
Distribution of earnings, net of tax | 247 | 307 | 309 |
Deferred income taxes | 209 | 260 | (587) |
Gain on sales of business and equity investments | (5) | (36) | (108) |
Changes in assets and liabilities that provided (used) cash: | |||
Accounts receivable | 367 | 433 | (521) |
Inventories | (129) | (141) | (237) |
Accounts payable | (251) | (199) | 165 |
Other, net | (53) | (848) | 336 |
Net cash provided by operating activities | 4,961 | 5,471 | 5,206 |
Cash flows from investing activities: | |||
Expenditures for property, plant and equipment | (2,694) | (2,105) | (1,547) |
Acquisition of A. Schulman, net of cash acquired | 0 | (1,776) | 0 |
Payments for repurchase agreements | 0 | 0 | (512) |
Proceeds from repurchase agreements | 527 | 0 | 381 |
Purchases of available-for-sale debt securities | (108) | (50) | (653) |
Proceeds from sales and maturities of available-for-sale debt securities | 511 | 423 | 499 |
Proceeds from maturities of held-to-maturity securities | 0 | 0 | 75 |
Purchases of equity securities | (33) | (64) | 0 |
Proceeds from sales of equity securities | 332 | 97 | 0 |
Net proceeds from sales of business and equity investments | 5 | 37 | 155 |
Proceeds from settlement of net investment hedges | 0 | 1,108 | 609 |
Payments for settlement of net investment hedges | 0 | (1,078) | (658) |
Other, net | (175) | (151) | (105) |
Net cash used in investing activities | (1,635) | (3,559) | (1,756) |
Cash flows from financing activities: | |||
Repurchases of Company ordinary shares | (3,752) | (1,854) | (866) |
Dividends paid - common stock | (1,462) | (1,554) | (1,415) |
Purchase of non-controlling interest | (63) | 0 | 0 |
Issuance of long-term debt | 5,031 | 0 | 990 |
Repayments of long-term debt | (2,974) | (394) | (1,000) |
Debt extinguishment costs | 0 | 0 | (65) |
Payments of debt issuance costs | (22) | 0 | (8) |
Issuance of short-term debt | 2,500 | 0 | 0 |
Repayments of short-term debt | (1,526) | 0 | 0 |
Net (repayments of) proceeds from commercial paper | (549) | 810 | (493) |
Other, net | (18) | (16) | (2) |
Net cash used in financing activities | (2,835) | (3,008) | (2,859) |
Effect of exchange rate on cash | (4) | (31) | 59 |
Increase (decrease) in cash and cash equivalents and restricted cash | 487 | (1,127) | 650 |
Cash and cash equivalents and restricted cash at beginning of period | 401 | 1,528 | 878 |
Cash and cash equivalents and restricted cash at end of period | 888 | 401 | 1,528 |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid, net of capitalized interest | 318 | 333 | 333 |
Net income taxes paid | $ 403 | $ 1,209 | $ 1,044 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Ordinary shares | Treasury stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Company Share of Shareholders' Equity | Non-Controlling Interests |
Beginning balance at Dec. 31, 2016 | $ 31 | $ (14,945) | $ 10,191 | $ 12,282 | $ (1,511) | $ 6,048 | $ 25 | |
Net income (loss) | $ 4,877 | 0 | 0 | 0 | 4,879 | 0 | 4,879 | (2) |
Other comprehensive income (loss) | 226 | 0 | 0 | 0 | 0 | 226 | 226 | 0 |
Share-based compensation | 0 | 41 | 14 | 0 | 0 | 55 | 0 | |
Dividends - common stock | 0 | 0 | 0 | (1,415) | 0 | (1,415) | 0 | |
Repurchases of Company ordinary shares | (845) | 0 | (845) | 0 | 0 | 0 | (845) | 0 |
Purchase of non-controlling interests | 0 | 0 | 1 | 0 | 0 | 1 | (22) | |
Ending balance at Dec. 31, 2017 | 31 | (15,749) | 10,206 | 15,746 | (1,285) | 8,949 | 1 | |
Adoption of accounting standards | 0 | 0 | 0 | 95 | (70) | 25 | 0 | |
Net income (loss) | 4,690 | 0 | 0 | 0 | 4,690 | 0 | 4,690 | 0 |
Other comprehensive income (loss) | (8) | 0 | 0 | 0 | 0 | (8) | (8) | 0 |
Share-based compensation | 0 | 37 | 28 | (2) | 0 | 63 | 0 | |
Dividends - common stock | (1,554) | 0 | 0 | 0 | (1,554) | 0 | (1,554) | 0 |
Dividends - redeemable non-controlling interests | (2) | 0 | 0 | 0 | (2) | 0 | (2) | 0 |
Repurchases of Company ordinary shares | (1,878) | 0 | (1,878) | 0 | 0 | 0 | (1,878) | 0 |
Purchase of non-controlling interests | 0 | 0 | (28) | 0 | 0 | (28) | 0 | |
Cancellation of Treasury shares | (9) | 15,384 | (3,165) | (12,210) | 0 | 0 | 0 | |
Acquisition of A. Schulman | 0 | 0 | 0 | 0 | 0 | 0 | 22 | |
Ending balance at Dec. 31, 2018 | 10,280 | 22 | (2,206) | 7,041 | 6,763 | (1,363) | 10,257 | 23 |
Net income (loss) | 3,397 | 0 | 0 | 0 | 3,397 | 0 | 3,397 | 0 |
Other comprehensive income (loss) | (421) | 0 | 0 | 0 | 0 | (421) | (421) | 0 |
Share-based compensation | 0 | 42 | 33 | (3) | 0 | 72 | 0 | |
Dividends - common stock | (1,462) | 0 | 0 | 0 | (1,462) | 0 | (1,462) | 0 |
Dividends - redeemable non-controlling interests | (7) | 0 | 0 | 0 | (7) | 0 | (7) | 0 |
Repurchases of Company ordinary shares | (3,728) | 0 | (3,728) | 0 | 0 | 0 | (3,728) | 0 |
Purchase of non-controlling interests | 0 | 0 | (64) | 0 | 0 | (64) | 0 | |
Distribution to non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | (4) | |
Cancellation of Treasury shares | (3) | 5,312 | (1,056) | (4,253) | 0 | 0 | 0 | |
Ending balance at Dec. 31, 2019 | $ 8,063 | $ 19 | $ (580) | $ 5,954 | $ 4,435 | $ (1,784) | $ 8,044 | $ 19 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common stock, dividends per share (in dollars per share) | $ 4.15 | $ 4 | $ 3.55 |
Special stock, dividends per share (in dollars per share) | $ 60 | $ 15 |
Description of Company and Oper
Description of Company and Operations | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Company and Operations [Text Block] | 1 . Description of Company and Operations 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2 . Summary of Significant Accounting Policies Basis of Preparation and Consolidation The accompanying Consolidated Financial Statements have been prepared from the books and records of LyondellBasell N.V. under accounting principles generally accepted in the United States (“U.S. GAAP”). Subsidiaries are defined as being those companies over which we, either directly or indirectly, have control through a majority of the voting rights or the right to exercise control or to obtain the majority of the benefits and be exposed to the majority of the risks. Subsidiaries are consolidated from the date on which control is obtained until the date that such control ceases. All intercompany transactions and balances have been eliminated in consolidation. Cash and Cash Equivalents Our cash equivalents consist of highly liquid debt instruments such as certificates of deposit, commercial paper and money market accounts with major international banks and financial institutions. Cash equivalents include instruments with maturities of three months or less when acquired and exclude restricted cash. Although, we have no current requirements for compensating balances in a specific amount at a specific point in time, we may maintain compensating balances at our discretion for some of our banking services and products. Short-Term Investments Our investments in debt securities are classified as available-for-sale and held-to-maturity on the basis of our intent and ability to hold the investments. Investments classified as available-for-sale are carried at fair value with changes reflected in other comprehensive income. Credit-related impairment, measured using the expected cash flows and limited to the amount by which the amortized cost basis of a security exceeds its fair value, is recognized through an allowance for expected credit losses, and adjusted subsequently if conditions change, with a corresponding impact in earnings. Where there is an intention or a requirement to sell an impaired available-for-sale debt security, the entire impairment is recognized in earnings with a corresponding adjustment to the amortized cost basis of the security. Investments classified as held-to-maturity are carried at amortized cost less allowance for credit losses recorded through net income. We account for investments in equity securities at fair value with changes in fair value recognized in net income. Trade Receivables Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business and are carried at transaction price net of allowance for credit losses. Allowance for credit losses is measured using historical loss rates for the respective risk categories and incorporating forward-looking estimates. The corresponding expense for the loss allowance is reflected in Selling, general and administrative expenses. Loans Receivable We invest in tri-party repurchase agreements. Under these agreements, we make cash purchases of securities according to a pre-agreed profile from our counterparties. The counterparties have an obligation to repurchase, and we have an obligation to sell, the same or substantially the same securities at a pre-defined date for a price equal to the purchase price plus interest. These securities, which pursuant to our internal policies are held by a third-party custodian and must generally have a minimum collateral value of 102%, secure the counterparty’s obligation to repurchase the securities. The investment in tri-party repurchase agreements is carried at amortized cost. We have elected the practical expedient to recognize zero credit losses for the investment in tri-party repurchase agreements given the counterparty’s requirement to maintain collateral of fair value equal to or exceeding the amortized cost basis of the investment. Depending upon maturity, these agreements are treated as short-term loans receivable and are reflected in Prepaid expenses and other current assets or as long-term loans receivable reflected in Other investments and long-term receivables on our Consolidated Balance Sheets. Inventories Cost of our raw materials, work-in-progress and finished goods inventories is determined using the last-in, first-out (“LIFO”) method and is carried at the lower of cost or market value. Cost of our materials and supplies inventory is determined using the moving average cost method and is carried at the lower of cost and net realizable value. Inventory exchange transactions, which involve fungible commodities, are not accounted for as purchases and sales. Any resulting volumetric exchange balances are accounted for as inventory, with cost determined using the LIFO method. Property, Plant and Equipment Property, plant and equipment are recorded at historical cost. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Costs may also include borrowing costs incurred on debt during construction of major projects exceeding one year, costs of major maintenance arising from turnarounds of major units and committed decommissioning costs. Routine maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of assets to their residual values. The residual values and useful lives of assets are reviewed, and adjusted if appropriate, whenever events or circumstances indicate that a revision is warranted. Land is not depreciated. We evaluate property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which, for us, is generally at the plant group level (or, at times, individual plants in certain circumstances where we have isolated production units with separately identifiable cash flows). If it is determined that an asset or asset group’s undiscounted future cash flows will not be sufficient to recover the carrying amount, the asset is written down to its estimated fair value. Gain or loss on retirement or sale of property, plant and equipment is reflected in the Consolidated Statements of Income. Equity Investments We account for equity method investments (“equity investments”) using the equity method of accounting if we have the ability to exercise significant influence over, but not control of, an investee. Significant influence generally exists if we have an ownership interest representing between 20% and 50% of the voting rights. Under the equity method of accounting, investments are stated initially at cost and are adjusted for subsequent additional investments and our proportionate share of profit or losses and distributions. We record our share of the profits or losses of the equity investments, net of income taxes, in the Consolidated Statements of Income. When our share of losses in an equity investment equals or exceeds our interest in the equity investment, including any other unsecured receivables, we do not recognize further losses, unless we have guaranteed obligations or are otherwise committed to provide further financial support to the investee. We assess our equity investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. If the decline in value is considered to be other-than-temporary, the investment is written down to its estimated fair value. Business Combination We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, with any difference compared to the purchase consideration recorded as goodwill or gain from a bargain purchase. Subsequent to the acquisition, and no later than one year from the acquisition date, we may record adjustments to the estimated fair values of assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments of the estimated fair values are recorded to earnings. Acquisition-related costs are expensed as incurred. 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, Inc. (“A. Schulman”). Holders of redeemable non-controlling interest stock are entitled to receive cumulative dividends at the rate of 6% per share on the liquidation preference of $1,000 per share. Redeemable non-controlling interest stock may be redeemed at any time at the discretion of the holders and is reported in the Consolidated Balance Sheets outside of permanent equity. The redeemable non-controlling interests were recorded at fair value at the date of acquisition and is subsequently carried at the greater of estimated redemption value at the end of each reporting period or the initial amount recorded at the date of acquisition adjusted for subsequent redemptions. Dividends on these shares are deducted from or added to the amount of Income (loss) attributable to the Company shareholders if and when declared by the Company. Goodwill Goodwill is tested for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount. We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors assessed for each of the reporting units include, but are not limited to, changes in long-term commodity prices, discount rates, competitive environments, planned capacity, cost factors such as raw material prices, and financial performance of the reporting units. If the qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, a quantitative test is required. If the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge equal to the excess would be recognized up to a maximum amount of goodwill allocated to that reporting unit. In 2019 and 2018, management performed qualitative impairment assessments of our reporting units which indicated that the fair value of our reporting units was greater than their carrying value including goodwill. Accordingly, a quantitative goodwill impairment test was not required and no goodwill impairment was recognized. Intangible Assets Intangible Assets —Intangible assets consist of customer relationships, trade names and trademarks, know-how, emission allowances, various contracts, in-process research and development costs and software costs. These assets are amortized using the straight-line method over their estimated useful lives or over the term of the related agreement. We evaluate definite-lived intangible assets with the associated long-lived asset group for impairment whenever impairment indicators are present. Research and Development —Research and development (“R&D”) costs are expensed when incurred. Subsidies for R&D are included in Other income (expense), net. Depreciation expense related to assets employed in R&D is included as a cost of R&D. Income Taxes The income tax for the period comprises current and deferred tax. Income tax is recognized in the Consolidated Statements of Income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In these cases, the applicable tax amount is recognized in other comprehensive income or directly in equity, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the net tax effects of net operating loss carryforwards. Valuation allowances are provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. We recognize uncertain income tax positions in our financial statements when we believe it is more likely than not, based on the technical merits, that the position or a portion thereof will be sustained upon examination. For a position that is more likely than not to be sustained, the benefit recognized is measured at the largest cumulative amount that is greater than 50 percent likely of being realized. Other Provisions Environmental Remediation Costs —Environmental remediation liabilities include liabilities related to sites we currently own, sites we no longer own, as well as sites where we have operated that belong to other parties. Liabilities for anticipated expenditures related to investigation and remediation of contaminated sites are accrued when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated. Only ongoing operating and monitoring costs, the timing of which can be determined with reasonable certainty, are discounted to present value. Future legal costs associated with such matters, which generally are not estimable, are not included in these liabilities. Asset Retirement Obligations— At some sites, we are contractually obligated to decommission our plants upon site exit. Asset retirement obligations are recorded at the present value of the estimated costs to retire the asset at the time the obligation is incurred. That cost, which is capitalized as part of the related long-lived asset, is depreciated on a straight-line basis over the remaining useful life of the related asset. Accretion expense in connection with the discounted liability is also recognized over the remaining useful life of the related asset. Such depreciation and accretion expenses are included in Cost of sales. Foreign Currency Translation and Remeasurement Functional and Reporting Currency —Items included in the financial information of each of LyondellBasell N.V.’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”) and then translated to the U.S. dollar (“the reporting currency”) through Other comprehensive income as follows: • Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; • Income and expenses for each income statement are translated at monthly average exchange rates; and • All resulting exchange differences are recognized as a separate component within Other comprehensive income (foreign currency translation). Transactions and Balances —Foreign currency transactions are recorded in their respective functional currency using exchange rates prevailing at the dates of the transactions. Exchange gains and losses resulting from the settlement of such transactions and from remeasurement of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in the Consolidated Statements of Income. Revenue Recognition Substantially all our revenues are derived from contracts with customers. We account for contracts when both parties have approved the contract and are committed to perform, the rights of the parties and payment terms have been identified, the contract has commercial substance and collectability is probable. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied. This generally occurs at the point in time when performance obligations are fulfilled and control transfers to the customer. In most instances, control transfers upon transfer of risk of loss and title to the customer, which usually occurs when we ship products to the customer from our manufacturing facility. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. Customer incentives are generally based on volumes purchased and recognized over the period earned. Sales, value-added, and other taxes that we collect concurrent with revenue-producing activities are excluded from the transaction price as they represent amounts collected on behalf of third parties. We apply the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less. Shipping and handling costs are treated as a fulfillment cost and not a separate performance obligation. Payments are typically required within a short period following the transfer of control of the product to the customer. We occasionally require customers to prepay purchases to ensure collectability. Such prepayments do not represent financing arrangements, since payment and fulfillment of the performance obligation occurs within a short time frame. We apply the practical expedient which permits us not to adjust the promised amount of consideration for the effects of a significant financing component when, at contract inception, we expect that payment will occur in one year or less. Contract balances typically arise when a difference in timing between the transfer of control to the customer and receipt of consideration occurs. Our contract liabilities, which are reflected in our Consolidated Financial Statements as Accrued liabilities and Other liabilities, consist primarily of customer payments for products or services received before the transfer of control to the customer occurs. Share-Based Compensation The Company recognizes compensation expense in the financial statements for equity-classified share-based compensation awards based upon the grant date fair value over the vesting period. Compensation expense for liability-classified share-based awards are recognized on a straight-line basis over the vesting period as a liability and re-measured, at fair value, at the balance sheet date. See Note 17 to the Consolidated Financial Statements for additional information. Leases At inception of a contract, we determine if the contract contains a lease. When a lease is identified, we recognize a leased asset and a corresponding lease liability based on the present value of the lease payments over the lease term, discounted using our incremental borrowing rate, unless an implicit rate is readily determinable. Lease payments include fixed and variable lease components. Options to extend or terminate a lease are reflected in the lease payments and lease term when it is reasonably certain that we will exercise those options. Variable components are derived from usage or market-based indices, such as the consumer price index. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the Consolidated Statements of Income. The majority of our leases are operating leases for which we recognize lease expense on a straight-line basis over the lease term. We apply the practical expedient to account for lease and associated non-lease components as a single lease component for all asset classes with the exception of utilities and pipeline assets within major manufacturing equipment. For these assets, non-lease components are separated from lease components and accounted for as normal operating expenses. Leases with an initial term of 12 months or less are recognized in the Consolidated Statements of Income on a straight-line basis over the lease term. Financial Instruments and Hedging Activities Pursuant to our risk management policies, we selectively enter into derivative transactions to manage market risk volatility associated with changes in commodity pricing, currency exchange rates and interest rates. Derivatives used for this purpose are generally designated as net investment hedges, cash flow hedges or fair value hedges. Derivative instruments are recorded at fair value on the balance sheet. Gains and losses related to changes in the fair value of derivative instruments not designated as hedges are recorded in earnings. Cash flows from derivatives designated as hedges are reported in our Consolidated Statements of Cash Flows under the same category as the cash flows from the hedged items unless the derivative contract contains a significant financing element. Cash flows for derivatives with a significant financing element are classified as Cash flows from financing activities. Net Investment Hedges— We enter into foreign currency derivatives and foreign currency denominated debt to reduce the volatility in shareholders’ equity resulting from changes in currency exchange rates of our foreign subsidiaries with respect to the U.S. dollar. Our foreign currency derivatives consist of cross-currency basis swap contracts and forward exchange contracts. We use the critical terms approach through the application of the spot method to assess hedge effectiveness at least quarterly. For derivatives designated as net investment hedges, gains or losses attributable to changes in spot foreign exchange rates over the designation period are reflected in foreign currency translation adjustments within Other comprehensive income (loss). Recognition in earnings is delayed until the net investment is sold or liquidated. At that time, the amount recognized is reported in the same line item as the gain or loss on the liquidation of the hedged foreign operations. For our basis swaps, the associated interest receipts and payments are recorded in Interest expense. For our foreign currency forward contracts, we amortize initial forward point values on a straight-line basis to Interest expense over the life of the hedging instrument. We monitor on a quarterly basis for any over-hedged positions requiring de-designation and re-designation of the hedge to remove such over-hedged condition. Cash Flow Hedges— We enter into cash flow hedges to manage the variability in cash flows of a future transaction. Our cash flow hedges include cross currency swaps, forward starting interest rate swaps and commodity futures and swaps. For derivatives designated as cash flow hedges, the gains and losses are recorded in Other comprehensive income (loss) and released to earnings in the same line item and in the same period during which the hedged item affects earnings. We use the critical terms and the quantitative long-haul methods to assess hedge effectiveness and monitor, at least quarterly, any change in effectiveness. We have cross-currency swap contracts designated as cash flow hedges to reduce our exposure to the foreign currency exchange risk associated with certain intercompany loans. Under the terms of these contracts, we make interest payments in euros and receive interest in U.S. dollars. Upon the maturities of these contracts, we will pay the principal amount of the loans in euros and receive U.S. dollars from our counterparties. We enter into forward-starting interest rate contracts to mitigate the risk of adverse changes in benchmark interest rates on future anticipated debt issuances. We also execute commodity futures and swaps to manage the volatility of the commodity price related to anticipated purchases of raw materials and product sales. We enter into over-the-counter commodity swaps with one or more counterparties whereby we pay a predetermined fixed price and receive a price based on the average monthly rate of a specified index for the specified nominated volumes. Fair Value Hedges— We use interest rate swaps as part of our current interest rate risk management strategy to achieve a desired proportion of variable versus fixed rate debt. Under these arrangements, we exchange fixed-rate for floating-rate interest payments to effectively convert our fixed-rate debt to floating-rate debt. For derivatives that have been designated as fair value hedges, the gains and losses of the derivatives and hedged items are recorded in earnings. We use the long-haul method to assess hedge effectiveness using a regression analysis approach at least quarterly. We perform the regression analysis over an observation period of three years, utilizing data that is relevant to the hedge duration. Fair Value Measurements We categorize assets and liabilities, measured at fair value, into one of three different levels depending on the observability of the inputs employed in the measurement: Level 1—Quoted prices for identical instruments in active markets. Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable. Level 3—Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable. Changes in Fair Value Levels —Management reviews the disclosures regarding fair value measurements at least quarterly. If an instrument classified as Level 1 subsequently ceases to be actively traded, it is transferred out of Level 1. In such cases, instruments are reclassified as Level 2, unless the measurement of its fair value requires the use of significant unobservable inputs, in which case it is reclassified as Level 3. We use the following inputs and valuation techniques to estimate the fair value of our financial instruments disclosed in Note 15 to the Consolidated Financial Statements: Basis Swaps— The fair value of our basis swap contracts is calculated using the present value of future cash flows discounted using observable inputs such as known notional value amounts, yield curves, basis curves and spot and forward exchange rates . Cross-Currency Swaps —The fair value of our cross-currency swaps is calculated using the present value of future cash flows discounted using observable inputs with the foreign currency leg revalued using published spot and future exchange rates on the valuation date. Forward-Starting and Fixed-for-Floating Interest Rate Swaps —The fair value of our forward-starting and fixed-for-floating interest rate swaps is calculated using the present value of future cash flows using observable inputs such as benchmark interest rates and market yield curves. Commodity Derivatives —The fair values of our commodity derivatives are measured using closing market prices of public exchanges and from third-party broker quotes and pricing providers. The fair value of our commodity swaps classified as Level 2 is determined using a combination of observable and unobservable inputs. The observable inputs consist of future market values of various crude and heavy fuel oils, which are readily available through public data sources. The unobservable input, which is the estimated discount or premium used in the market pricing, is calculated using an internally-developed, multi-linear regression model based on the observable prices of the known components and their relationships to historical prices. A significant change in this unobservable input would not have a material impact on the fair value measurement of our Level 2 commodity swaps. Forward Exchange Contracts —The fair value of our forward exchange contracts is based on forward market rates. Available-for-Sale Debt Securities— The fair value of our available-for-sale debt securities is calculated using observable market data for similar securities and broker quotes from recognized purveyors of market data. Equity Securities— The fair value of our investment in equity securities is based on the net asset value provided by the fund administrator. Loans Receivable— The fair value of our tri-party repurchase agreements are based on discounted cash flows, which consider prevailing market rates for the respective instrument maturity, in addition to corroborative support from the minimum underlying collateral requirements. Short-Term Debt —The fair value of short-term borrowings related to precious metal financing arrangements accounted for as embedded derivatives are determined based on the market price of the associated precious metal. Long-Term Debt —The fair value of our senior and guaranteed notes is calculated using pricing data obtained from well-established and recognized vendors of market data for debt valuations. The fair value of our term loan is determined based on a discounted cash flow model using observable inputs such as benchmark interest rates and public information regarding our credit risk. Due to the short maturity, the fair value of all non-derivative financial instruments included in Current assets and Current liabilities approximates the applicable carrying value. Current assets include Cash and cash equivalents, Restricted cash, Short-term investments and Accounts receivable. Current liabilities include Accounts payable and Short-term debt excluding precious metal financings. We use the following inputs and valuation techniques to estimate the fair value of our pension assets disclosed in Note 16 to the Consolidated Financial Statements: Common and Preferred Stock— Valued at the closing price reported on the market on which the individual securities are traded. Fixed Income Securities— Certain securities that are not traded on an exchange are valued at the closing price reported by pricing services. Other securities are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Commingled Funds— Valued based upon the unit values of such collective trust funds held at year end by the pension plans. Unit values are based on the fair value of the underlying assets of the fund derived from inputs principally from, or corroborated by, observable market data by correlation or other means. Real Estate— Valued on the basis of a discounted cash flow approach, which includes the future rental receipts, expenses, and residual values as the highest and best use of the real estate from a market participant view as rental property. Hedge Funds— Valued based upon the unit values of such alternative investments held at year end by the pension plans. Unit values are based on the fair value of the underlying assets of the fund. Private Equity— Valued based upon the unit values of such alternative investments held at year end by the pension plans. Unit values are based on the fair value of the underlying assets of the fund. Certain securities held in the fund are valued at the closing price reported on an exchange or other established quotation service for over-the-counter securities. Other assets held in the fund are valued based on the most recent financial statements prepared by the fund manager. Convertible Securities— Valued at the quoted prices for similar assets or liabilities in active markets. U.S. Government Securities— Certain securities are valued at the closing price reported on the active market on which the individual securities are traded. Other securities are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Cash and Cash Equivalents— Valued at the quoted prices for identical assets or liabilities in active markets. Non-U.S. Insurance Arrangements —Valued based upon the estimated cash surrender value of the underlying insurance contract, which is derived from an actuarial determination of the discounted benefits cash flows. Employee Benefits Pension Plans— We have funded and unfunded defined benefit plans and defined contribution plans. For the defined benefit plans, a projected benefit obligation is calculated annually by independent actuaries using the projected unit credit method. Pension costs primarily represent the increase in the actuarial present value of the obligation for pension benefits based on employee service during the year and the interest on this obligation in respect of employee service in previous years, net of expected return on plan assets. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity and are reflected in Accumulated other comprehensive income in the period in which they arise. Other Post-Employment Obligations— Certain employees are entitled to postretirem |
Business Combination and Dispos
Business Combination and Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combination and Dispositions [Abstract] | |
Business Combination and Disposal Groups Disclosure [Text Block] | 3 . Business Combination and Disposition Business Combination On August 21, 2018 , we acquired all of the outstanding common stock of A. Schulman Inc. , a Delaware corporation, for an adjusted aggregate purchase price of $1,933 million . The purchase price was allocated based on the fair value of the acquired assets and liabilities, redeemable non-controlling interests and non-controlling interests assumed. During 2019, we made certain measurement period adjustments resulting in a $86 million increase of goodwill with corresponding adjustments to property, plant and equipment, contingencies and deferred taxes. For additional information on the goodwill allocated to our reporting units, see Note 8 and Note 22 to the Consolidated Financial Statements. Disposition In October 2018, we received net cash proceeds of $37 million upon the sale of our carbon black subsidiary in France. The net cash proceeds are reflected in Cash flows from investing activities in the Consolidated Statements of Cash Flows. In connection with the sale, we recognized a pre-tax gain of $36 million , which is reflected in Other income, net in the Consolidated Income Statements. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues [Text Block] | 4 . Revenues Contract Balances— Contract liabilities were $124 million and $138 million at December 31, 2019 and 2018 , respectively. Revenue recognized in each reporting period included in the contract liability balance at the beginning of the period was immaterial. Disaggregation of Revenues — We participate globally across the petrochemical value chain and are an industry leader in many of our product lines. Our chemicals businesses consist primarily of large processing plants that convert large volumes of liquid and gaseous hydrocarbon feedstocks into plastic resins and other chemicals. Our chemical products tend to be basic building blocks for other chemicals and plastics. Our plastic products are used in large volumes as well as smaller specialty applications. Our refining business consists of our Houston refinery, which processes crude oil into refined products such as gasoline, diesel and jet fuel. Revenues disaggregated by key products are summarized below: Year Ended December 31, Millions of dollars 2019 2018 2017 Sales and other operating revenues: Olefins & co-products $ 2,957 $ 3,679 $ 4,304 Polyethylene 6,070 7,439 7,368 Polypropylene 5,010 5,703 5,005 Propylene oxide and derivatives 1,924 2,378 2,059 Oxyfuels and related products 3,116 3,399 3,022 Intermediate chemicals 2,516 3,568 3,196 Compounding and solutions 4,096 3,091 2,139 Advanced polymers 750 930 783 Refined products 7,599 8,221 6,165 Other 689 596 443 Total $ 34,727 $ 39,004 $ 34,484 The following table presents our revenues disaggregated by geography, based upon the location of the customer: Year Ended December 31, Millions of dollars 2019 2018 2017 Sales and other operating revenues: United States $ 16,349 $ 18,671 $ 16,618 Germany 2,708 2,949 2,746 Mexico 1,634 2,308 1,504 Italy 1,435 1,582 1,352 France 1,345 1,460 1,306 Japan 1,039 1,257 1,185 China 1,225 1,137 1,024 The Netherlands 929 1,050 1,069 Other 8,063 8,590 7,680 Total $ 34,727 $ 39,004 $ 34,484 Transaction Price Allocated to the Remaining Performance Obligations —We have elected to exclude contracts which have an initial term of one year or less from this disclosure. Our contracts with customers are commodity supply arrangements that settle based on market prices at future delivery dates; therefore, transaction prices are entirely variable. Transaction prices are known at the time revenue is recognized since they are generally determined by the commodity price index at a specific date, at month-end or at the month average once products are shipped to our customers. Future estimates of transaction prices for disclosure purposes are substantially constrained as they are highly susceptible to factors outside our influence, including volatility in commodity markets, industry production capacities and operating rates, planned and unplanned industry operating interruptions, foreign exchange rates and worldwide geopolitical trends. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions [Text Block] | 5 . Related Party Transactions We have related party transactions with our joint venture partners, which are classified as equity investees (see Notes 9 and 10 to the Consolidated Financial Statements). These related party transactions include the sales and purchases of goods in the normal course of business as well as certain financing arrangements. In addition, under contractual arrangements with certain of our equity investees, we receive certain services, utilities and materials at some of our manufacturing sites, and we provide certain services to our equity investees. We have guaranteed $40 million of the indebtedness of two of our joint ventures as of December 31, 2019 . Related party transactions are summarized as follows: Year Ended December 31, Millions of dollars 2019 2018 2017 The Company billed related parties for: Sales of products— Joint venture partners $ 819 $ 878 $ 779 Shared service agreements— Joint venture partners 8 9 16 Related parties billed the Company for: Sales of products— Joint venture partners $ 2,830 $ 2,999 $ 2,759 Shared service agreements— Joint venture partners 71 70 75 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts receivable [Text Block] | 6 . Accounts Receivable We sell our products primarily to other industrial concerns in the petrochemicals and refining industries. We perform ongoing credit evaluations of our customers’ financial conditions and, in certain circumstances, require letters of credit or corporate guarantees from them. Our Accounts receivable are reflected in the Consolidated Balance Sheets net of allowance for credit losses of $16 million in each of the years ended December 31, 2019 and 2018 . We recorded provisions for credit losses for receivables, which are reflected in the Consolidated Statements of Income, of less than $1 million in 2019 , 2018 and 2017 . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories [Text Block] | 7 . Inventories Inventories consisted of the following components at December 31: Millions of dollars 2019 2018 Finished goods $ 3,083 $ 3,066 Work-in-process 130 138 Raw materials and supplies 1,375 1,311 Total inventories $ 4,588 $ 4,515 At December 31, 2019 and 2018 , approximately 85% of our inventories were valued using the last in, first out (“LIFO”) method and the remaining inventories, consisting primarily of materials and supplies, were valued at the moving average cost method. At December 31, 2019 and 2018 , our LIFO cost exceeded current replacement cost under the first-in first-out method. The excess of our inventories at estimated net realizable value over LIFO cost after lower of cost or market (“LCM”) charges was approximately $670 million and $798 million at December 31, 2019 and 2018 , respectively. For information related to LCM inventory valuation charges recognized during 2019, see Note 22 to the Consolidated Financial Statements. |
Property, Plant and Equipment,
Property, Plant and Equipment, Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment, Goodwill and Intangible Assets [Abstract] | |
Property, Plant And Equipment Goodwill And Intangible Assets Disclosure [Text Block] | 8 . Property, Plant and Equipment, Goodwill and Intangible Assets Property, Plant and Equipment —The components of property, plant and equipment, at cost, and the related accumulated depreciation are as follows at December 31: Millions of dollars Estimated Useful Life (years) 2019 2018 Major manufacturing equipment 25 $ 11,572 $ 10,684 Light equipment and instrumentation 5 - 20 2,968 2,639 Construction in progress 3,310 2,255 Major turnarounds 4 - 7 1,866 1,750 Buildings 30 1,090 924 Land 359 364 Information system equipment 3 - 5 69 60 Office furniture 15 26 25 Total property, plant and equipment 21,260 18,701 Less accumulated depreciation (7,130 ) (6,224 ) Property, plant and equipment, net $ 14,130 $ 12,477 Capitalized Interest— We capitalize interest costs incurred on funds used to construct property, plant and equipment. In 2019 , 2018 and 2017 , we capitalized interest of $87 million , $45 million and $20 million , respectively. Intangible Assets —The components of identifiable intangible assets, at cost, and the related accumulated amortization are as follows at December 31: 2019 2018 Millions of dollars Cost Accumulated Amortization Net Cost Accumulated Amortization Net Emission allowances $ 874 $ (593 ) $ 281 $ 807 $ (531 ) $ 276 Various contracts 506 (359 ) 147 508 (329 ) 179 Customer relationships 299 (32 ) 267 300 (8 ) 292 In-process research and development costs 109 (82 ) 27 111 (75 ) 36 Trade name and trademarks 102 (37 ) 65 104 (7 ) 97 Know-how 84 (15 ) 69 84 (4 ) 80 Software costs 74 (61 ) 13 64 (59 ) 5 Total intangible assets $ 2,048 $ (1,179 ) $ 869 $ 1,978 $ (1,013 ) $ 965 Amortization of these identifiable intangible assets for the next five years is expected to be $167 million in 2020 , $76 million in 2021 , $72 million in 2022 , $65 million in 2023 and $57 million in 2024 . Depreciation and Amortization Expense —Depreciation and amortization expense is summarized as follows: Year Ended December 31, Millions of dollars 2019 2018 2017 Property, plant and equipment $ 1,092 $ 1,075 $ 1,023 Investment in PO joint ventures 49 41 41 Emission allowances 63 63 67 Various contracts 32 31 27 Customer relationships 24 8 — In-process research and development costs 8 7 9 Trade name and trademarks 30 7 — Know-how 12 4 — Software costs 2 5 7 Total depreciation and amortization $ 1,312 $ 1,241 $ 1,174 Asset Retirement Obligations —In certain cases, we are contractually obligated to decommission our plants upon site exit. In such cases, we have accrued the net present value of the estimated costs. The majority of our asset retirement obligations are related to facilities in Europe. The changes in our asset retirement obligations are as follows: Year Ended December 31, Millions of dollars 2019 2018 Beginning balance $ 58 $ 58 Payments — (2 ) Changes in estimates 7 2 Accretion expense 1 2 Effects of exchange rate changes (1 ) (2 ) Ending balance $ 65 $ 58 Although, we may have asset retirement obligations associated with some of our other facilities, the present value of those obligations is not material in the context of an indefinite expected life of the facilities. We continually review the optimal future alternatives for our facilities. Any decision to retire one or more facilities may result in an increase in the present value of such obligations. We began reporting the Berre refinery as a discontinued operation in the second quarter of 2012. The estimated cost and associated cash flows pertaining to the final closure and dismantle of our Berre refinery from the Prefect of Bouches du Rhone are not deemed to be material. Goodwill —The changes in the carrying amount of goodwill in each of the Company’s reportable segments for the years ended December 31, 2019 and 2018 were as follows: Millions of dollars O&P – Americas O&P – EAI I&D APS Technology Total December 31, 2017 $ 162 $ 121 $ 237 $ 41 $ 9 $ 570 Acquisition of A. Schulman — — — 1,259 — 1,259 Measurement period adjustments — — — 12 — 12 Foreign currency translation adjustments — (7 ) (8 ) (12 ) — (27 ) December 31, 2018 162 114 229 1,300 9 1,814 Measurement period adjustments — — — 86 — 86 Foreign currency translation adjustments — (2 ) (1 ) (6 ) — (9 ) December 31, 2019 $ 162 $ 112 $ 228 $ 1,380 $ 9 $ 1,891 For additional information related to the August 2018 acquisition of A. Schulman and related goodwill, see Note 3 to the Consolidated Financial Statements. |
Investment in PO Joint Ventures
Investment in PO Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Investment in PO Joint Ventures [Text Block] | 9 . Investment in PO Joint Ventures We share ownership with Covestro PO LLC, a subsidiary of Covestro AG (collectively “Covestro”), in a U.S. propylene oxide (“PO”) manufacturing joint venture (the “U.S. PO joint venture”). The U.S. PO joint venture owns a PO/styrene monomer (“SM” or “styrene”) and a PO/tertiary butyl alcohol (“TBA”) manufacturing facility. Covestro’s ownership interest represents an undivided interest in certain U.S. PO joint venture assets with correlative PO capacity reservation that resulted in ownership of annual in-kind cost-based PO production of approximately 680 thousand tons in 2019 and 2018 . We take in-kind the remaining cost-based PO and co-product production. In addition, we and Covestro each have a 50% interest in a separate manufacturing joint venture (the “European PO joint venture”), which owns a PO/SM plant at Maasvlakte near Rotterdam, The Netherlands. In substance, each partner’s ownership interest represents an undivided interest in all of the European PO joint venture assets with correlative capacity reservation that resulted in ownership of annual in-kind cost-based PO and SM production. We and Covestro do not share marketing or product sales under the U.S. PO joint venture. We operate the U.S. PO joint venture’s and the European PO joint venture’s (collectively the “PO joint ventures”) plants and arrange and coordinate the logistics of product delivery. The partners share in the cost of production and logistics is based on their product offtake. Our product offtake of PO and its co-products was 2,431 thousand tons in 2019 , 2,623 thousand tons in 2018 and 2,807 thousand tons in 2017 . Changes in our investments in the U.S. and European PO joint ventures for 2019 and 2018 are summarized below: Millions of dollars U.S. PO Joint Venture European PO Joint Venture Total PO Joint Ventures Investments in PO joint ventures—January 1, 2019 $ 363 $ 106 $ 469 Cash contributions 27 59 86 Depreciation and amortization (41 ) (8 ) (49 ) Effect of exchange rate changes — (2 ) (2 ) Investments in PO joint ventures—December 31, 2019 $ 349 $ 155 $ 504 Investments in PO joint ventures—January 1, 2018 $ 310 $ 110 $ 420 Cash contributions 85 10 95 Depreciation and amortization (32 ) (9 ) (41 ) Effect of exchange rate changes — (5 ) (5 ) Investments in PO joint ventures—December 31, 2018 $ 363 $ 106 $ 469 |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments [Text Block] | 10 . Equity Investments Our PO joint ventures, which are also accounted for using the equity method of accounting, are discussed in Note 9 to the accompanying Consolidated Financial Statements and are, therefore, not included in the following discussion. Our remaining principal direct and indirect equity investments are as follows at December 31: Percent of Ownership 2019 2018 Basell Orlen Polyolefins Sp. Z.o.o. 50.00 % 50.00 % PolyPacific Pty. Ltd. 50.00 % 50.00 % Saudi Polyolefins Company 25.00 % 25.00 % Saudi Ethylene & Polyethylene Company Ltd. 25.00 % 25.00 % Al-Waha Petrochemicals Ltd. 25.00 % 25.00 % Polymirae Co. Ltd. 50.00 % 50.00 % HMC Polymers Company Ltd. 28.56 % 28.56 % Indelpro S.A. de C.V. 49.00 % 49.00 % Ningbo ZRCC Lyondell Chemical Co. Ltd. 26.65 % 26.65 % Ningbo ZRCC Lyondell Chemical Marketing Co. 50.00 % 50.00 % NOC Asia Ltd. — % 40.00 % The changes in our equity investments are as follows: Year Ended December 31, Millions of dollars 2019 2018 Beginning balance $ 1,611 $ 1,635 Income from equity investments 225 289 Distribution of earnings, net of tax (247 ) (307 ) Business combination — 16 Currency exchange effects 13 (28 ) Other — 6 Ending balance $ 1,602 $ 1,611 In November 2019, we sold our 40% interest in our NOC Asia Ltd. joint venture and received proceeds of $5 million . Summarized balance sheet information of the Company’s investments accounted for under the equity method are as follows at December 31: Millions of dollars 2019 2018 Current assets $ 2,591 $ 2,824 Noncurrent assets 4,491 4,625 Total assets 7,082 7,449 Current liabilities 1,640 1,485 Noncurrent liabilities 1,060 1,592 Net assets $ 4,382 $ 4,372 Summarized income statement information of the Company’s investments accounted for under the equity method are set forth below: Year Ended December 31, Millions of dollars 2019 2018 2017 Revenues $ 6,753 $ 7,449 $ 6,632 Cost of sales (5,499 ) (5,899 ) (5,119 ) Gross profit 1,254 1,550 1,513 Net operating expenses (253 ) (310 ) (223 ) Operating income 1,001 1,240 1,290 Interest income 5 6 7 Interest expense (63 ) (70 ) (74 ) Foreign currency translation 4 1 11 Other income, net (24 ) 25 11 Income before income taxes 923 1,202 1,245 Provision for income taxes (194 ) (260 ) (153 ) Net income $ 729 $ 942 $ 1,092 The difference between our carrying value and the underlying equity in the net assets of our equity investments are assigned to the assets and liabilities of the investment, based on an analysis of the factors giving rise to the basis difference. The amortization of the basis difference is included in Income from equity investments in the Consolidated Statements of Income. |
Prepaid Expenses, Other Current
Prepaid Expenses, Other Current Assets and Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses, Other Current Assets and Other Assets [Text Block] | 11 . Prepaid Expenses, Other Current Assets and Other Assets The components of Prepaid expenses and other current assets were as follows at December 31: Millions of dollars 2019 2018 Loans receivable $ — $ 544 VAT receivables 178 218 Income tax receivable 175 169 Financial derivatives 54 80 Advances to suppliers 54 57 Renewable identification numbers 39 65 Prepaid insurance 26 25 Other 210 97 Total prepaid expenses and other current assets $ 736 $ 1,255 The renewable identification numbers reflected above represent a U.S. government established credit used to show compliance in meeting the Environmental Protection Agency’s Renewable Fuel Standard. The components of Other assets were as follows at December 31: Millions of dollars 2019 2018 Derivative contracts $ 255 $ 118 Company-owned life insurance 61 62 Deferred tax assets 38 31 Pension assets 22 39 Debt issuance costs 11 12 Other 52 91 Total other assets $ 439 $ 353 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities [Text Block] | 12 . Accrued Liabilities Accrued liabilities consisted of the following components at December 31: Millions of dollars 2019 2018 Payroll and benefits $ 385 $ 534 Operating lease liabilities 273 — Taxes other than income taxes 202 186 Financial derivatives 183 30 Interest 161 154 Product sales rebates 142 163 Contract liabilities 103 128 Income taxes 66 16 Renewable identification numbers 46 72 Other 261 253 Total accrued liabilities $ 1,822 $ 1,536 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt [Text Block] | 13 . Debt Long-term loans, notes and other debt net of unamortized discount and debt issuance cost consisted of the following as of December 31: Millions of dollars 2019 2018 Senior Notes due 2019, $1,000 million, 5.0% $ — $ 988 Senior Notes due 2021, $1,000 million, 6.0% ($3 million of debt issuance cost) 998 975 Senior Notes due 2024, $1,000 million, 5.75% ($5 million of debt issuance cost) 995 993 Senior Notes due 2055, $1,000 million, 4.625% ($16 million of discount; $11 million of debt issuance cost) 973 973 Term Loan due 2022, $4,000 million 1,950 — Guaranteed Notes due 2022, €750 million, 1.875% ($1 million of discount; $2 million of debt issuance cost) 841 855 Guaranteed Notes due 2023, $750 million, 4.0% ($4 million of discount; $2 million of debt issuance cost) 744 742 Guaranteed Notes due 2026, €500 million, 0.875% ($2 million of discount; $4 million of debt issuance cost) 555 — Guaranteed Notes due 2027, $1,000 million, 3.5% ($8 million of discount; $6 million of debt issuance cost) 1,023 964 Guaranteed Notes due 2027, $300 million, 8.1% 300 300 Guaranteed Notes due 2031, €500 million, 1.625% ($6 million of discount; $3 million of debt issuance cost) 552 — Guaranteed Notes due 2043, $750 million, 5.25% ($20 million of discount; $7 million of debt issuance cost) 723 722 Guaranteed Notes due 2044, $1,000 million, 4.875% ($11 million of discount; $9 million of debt issuance cost) 980 980 Guaranteed Notes due 2049, $1,000 million, 4.2% ($15 million of discount; $10 million of debt issuance cost) 975 — Other 8 10 Total 11,617 8,502 Less current maturities (3 ) (5 ) Long-term debt $ 11,614 $ 8,497 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: Millions of dollars Inception Year Gains (Losses) Cumulative Fair Value Hedging Adjustments Included in Carrying Amount of Debt Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 Senior Notes due 2019, 5.0% 2014 $ (11 ) $ (25 ) $ — $ 11 Senior Notes due 2021, 6.0% 2016 (21 ) 8 (1 ) 20 Guaranteed Notes due 2027, 3.5% 2017 (58 ) 22 (37 ) 21 Guaranteed Notes due 2022, 1.875% 2018 (1 ) (1 ) (2 ) (1 ) Total $ (91 ) $ 4 $ (40 ) $ 51 The cumulative fair value hedging adjustments remaining at December 31, 2018 associated with our Senior Notes due 2019 included $7 million for hedges that have been discontinued. These 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 as of December 31: Millions of dollars 2019 2018 Senior Revolving Credit Facility, $2,500 million $ — $ — U.S. Receivables Facility, $900 million — — Commercial paper 262 809 Precious metal financings 181 71 Other 2 5 Total Short-term debt $ 445 $ 885 Aggregate maturities of debt during the next five years are $448 million in 2020 , $1,002 million in 2021 , $2,793 million in 2022 , $751 million in 2023 , $1,000 million in 2024 and $6,173 million thereafter. Long-Term Debt Guaranteed Notes due 2049— In October 2019 , LYB International Finance III, LLC (“LYB Finance III”), a wholly owned finance subsidiary of LyondellBasell N.V., as defined in Rule 3-10(b) of Regulation S-X, issued $1,000 million of 4.2% guaranteed notes due 2049 at a discounted price of 98.488% . Net proceeds from the sale of the notes which totaled $974 million were used to repay indebtedness outstanding under our Term Loan due 2020 discussed below. These 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 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 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 100% of the principal amount of the notes redeemed or 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. The 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. The notes are also redeemable upon certain tax events. Guaranteed Notes due 2026 and 2031— In September 2019 , LYB International Finance II B.V. (“LYB Finance II”), a wholly owned finance subsidiary of LyondellBasell N.V., as defined in Rule 3-10(b) of Regulation S-X, issued €500 million of 0.875% guaranteed notes due 2026 (the “2026 Notes”) at a discounted price of 99.642% , and €500 million of 1.625% guaranteed notes due 2031 (the “2031 Notes”) at a discounted price of 98.924% . In September 2019, we used the net proceeds from the sale of the notes to repay $1,000 million of indebtedness outstanding under the $4,000 million three-year Term Loan due 2022 and a portion of borrowings from our commercial paper program. These unsecured notes, which are fully and unconditionally guaranteed by LyondellBasell N.V., rank equally in right of payment to all of LYB Finance II’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 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 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 100% of the principal amount of the notes redeemed and the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable comparable government bond rate plus 30 basis points in the case of the 2026 Notes and 35 basis points in the case of the 2031 Notes) on the notes to be redeemed. The notes may also be redeemed 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 redeemed plus accrued and unpaid interest. The notes are also redeemable upon certain tax events. Three-Year Term Loan due 2022— In March 2019 , LYB Americas Finance Company LLC (“LYB Americas Finance”), a wholly owned subsidiary of LyondellBasell N.V., entered into a three-year $4,000 million senior unsecured delayed draw term loan credit facility that matures in March 2022 . Proceeds under this credit agreement, which is fully and unconditionally guaranteed by LyondellBasell N.V., were used for general corporate purposes. In July 2019, we borrowed $1,000 million under this facility to fund a portion of the share repurchase price paid pursuant to a modified Dutch Auction tender offer (“tender offer”). The remainder of the repurchase price was funded through borrowings of $500 million from our U.S. Receivables Facility, $1,280 million from our commercial paper program and the remainder from operating cash. See Note 20 to the Consolidated Financial Statements for additional information on the tender offer. In September 2019, we repaid $1,000 million with proceeds from the 2026 and 2031 Notes. In December 2019, we borrowed $1,950 million from this facility to repay amounts outstanding under our commercial paper program and $500 million outstanding under our U.S. Receivables Facility. Borrowings under the credit agreement bear interest at either a base rate or LIBOR rate, as defined, plus in each case, an applicable margin determined by reference to LyondellBasell N.V.’s current credit ratings. The credit agreement contains customary representations and warranties and contains certain restrictive covenants regarding, among other things, secured indebtedness, subsidiary indebtedness, mergers and sales of assets. In addition, we are required to maintain a leverage ratio at the end of every fiscal quarter of 3.50 to 1.00, or less, for the period covering the most recent four quarters. Borrowings under the credit agreement were available through December 31, 2019, subsequent to which no further borrowings may be made under the agreement. Senior Notes due 2019— In February 2019, proceeds from the 364-day term loan due 2020 were used to redeem the remaining $1,000 million outstanding of our 5% Senior Notes due 2019 at par. In conjunction with the redemption of these notes, we recognized non-cash charges of less than $1 million for unamortized debt issuance costs and $8 million for the write-off of the cumulative fair value hedge accounting adjustment related to the redeemed notes. In March 2017 , we redeemed $1,000 million aggregate principal amount of our outstanding 5% senior notes due 2019, and paid $65 million in make-whole premiums. In conjunction with the redemption of these notes, we recognized non-cash charges of $4 million for the write-off of unamortized debt issuance costs and $44 million for the write-off of the cumulative fair value hedge accounting adjustment related to the redeemed notes. Guaranteed Notes due 2027, $1,000 million— In March 2017 , LYB Finance II issued $1,000 million of 3.5% guaranteed notes due 2027 at a discounted price of 98.968% . In March 2017, the net proceeds from these notes, together with available cash, were used to redeem $1,000 million aggregate principal amount of our outstanding 5% senior notes due 2019 . These unsecured notes, which are fully and unconditionally guaranteed by LyondellBasell N.V., rank equally in right of payment to all of LYB Finance II’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 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 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 100% of the principal amount of the notes redeemed and the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 20 basis points) on the notes to be redeemed. The notes may also be redeemed 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 redeemed plus accrued and unpaid interest. Senior Notes due 2021 and 2024— We have outstanding $1,000 million of 6% senior notes due 2021 and $1,000 million aggregate principal amount of 5.75% senior notes due 2024 . The indentures governing the 5.75% and 6% Senior Notes contain limited covenants, including those restricting our ability and the ability of our subsidiaries to incur indebtedness secured by any property or assets, enter into certain sale and lease-back transactions with respect to any assets or enter into consolidations, mergers or sales of all or substantially all of our assets. These notes may be redeemed and repaid, in whole or in part, at any time and from time to time prior to the date that is 90 days 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 a premium for each note redeemed equal to the greater of 1.00% of the then outstanding principal amount of the note and the excess of: (a) the present value at such redemption date of (i) the principal amount of the note at maturity plus (ii) all required interest payments due on the note through maturity (excluding accrued but unpaid interest), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the outstanding principal amount of the note. These notes may also be redeemed, in whole or in part, at any time on or after the date which is 90 days 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 2022— In March 2016 , LYB Finance II issued €750 million of 1.875% guaranteed notes due 2022 at a discounted price of 99.607% . These unsecured notes, which are fully and unconditionally guaranteed by LyondellBasell N.V., rank equally in right of payment to all of LYB Finance II’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 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 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 100% of the principal amount of the notes redeemed and the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable comparable government bond rate plus 35 basis points) on the notes to be redeemed. The notes may also be redeemed 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 redeemed plus accrued and unpaid interest. The notes are also redeemable upon certain tax events. Senior Notes due 2055 —In March 2015 , we issued $1,000 million of 4.625% Notes due 2055 at a discounted price of 98.353% . These unsecured notes rank equally in right of payment to all of LyondellBasell N.V.’s existing and future unsubordinated indebtedness. 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 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 100% of the principal amount of the notes redeemed and 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. The 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 2044 —In February 2014 , LYB International Finance B.V. (“LYB Finance”), a wholly owned finance subsidiary of LyondellBasell N.V., as defined in Rule 3-10(b) of Regulation S-X, issued $1,000 million of 4.875% guaranteed notes due 2044 at a discounted price of 98.831% . These unsecured notes, which are fully and unconditionally guaranteed by LyondellBasell N.V., rank equally in right of payment to all of LYB Finance’s existing and future unsecured indebtedness and to all of LyondellBasell’s existing and future unsubordinated indebtedness. There are no significant restrictions that would impede the Guarantor from obtaining funds by dividend or loan from its subsidiaries. Subsidiaries are generally prohibited from entering into arrangements that would limit their ability to make dividends to or enter into loans with the Guarantor. 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 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 100% of the principal amount of the notes redeemed and the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 20 basis points) on the notes to be redeemed. The 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 2023 and 2043 —In July 2013 , LYB Finance issued $750 million of 4% guaranteed notes due 2023 and $750 million of 5.25% Notes due 2043 at discounted prices of 98.678% and 97.004% , respectively. These unsecured notes, which are fully and unconditionally guaranteed by LyondellBasell N.V., rank equally in right of payment to all of LYB Finance’s existing and future unsecured indebtedness and to all of LyondellBasell’s existing and future unsubordinated indebtedness. There are no significant restrictions that would impede the Guarantor from obtaining funds by dividend or loan from its subsidiaries. Subsidiaries are generally prohibited from entering into arrangements that would limit their ability to make dividends to or enter into loans with the Guarantor. 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 notes may be redeemed and repaid, in whole or in part, at any time and from time to time prior to maturity at a redemption price equal to the greater of 100% of the principal amount of the notes redeemed, and the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed. Such interest will be discounted to the date of redemption on a semi-annual basis at the applicable treasury yield plus 25 basis points in the case of the 4% Notes due 2023 and plus 30 basis points in the case of the 5.25% Notes due 2043. Guaranteed Notes due 2027, $300 million —We have outstanding $300 million aggregate principal amount of 8.1% Guaranteed Notes due 2027 . These notes, which are guaranteed by LyondellBasell Industries Holdings B.V., a subsidiary of LyondellBasell N.V., contain certain restrictions with respect to the level of maximum debt that can be incurred and security that can be granted by certain operating companies that are direct or indirect wholly owned subsidiaries of LyondellBasell Industries Holdings B.V. The 2027 Notes contain customary provisions for default, including, among others, the non-payment of principal and interest, certain failures to perform or observe obligations under the Agreement on the notes, the occurrence of certain defaults under other indebtedness, failure to pay certain indebtedness and the insolvency or bankruptcy of certain LyondellBasell N.V. subsidiaries. Short-Term Debt Term Loan due 2020— In February 2019 , LYB Americas Finance entered into a 364-day , $2,000 million senior unsecured term loan credit agreement and borrowed the entire amount. The proceeds of this term loan, which was fully and unconditionally guaranteed by LyondellBasell N.V. were used for general corporate purposes, including the repayment of debt. In October 2019, we repaid the $2,000 million of indebtedness outstanding under this term loan using $974 million net proceeds from the sale of the Guaranteed Notes due 2049, $726 million of borrowings of commercial paper and the remainder from operating cash. This repayment terminated our commitment under the credit agreement. Senior Revolving Credit Facility— Our $2,500 million senior revolving credit facility which expires June 2022 may be used for dollar and euro denominated borrowings, has a $500 million sublimit for dollar and euro denominated letters of credit, a $1,000 million uncommitted accordion feature, and supports our commercial paper program. The aggregate balance of outstanding borrowings, including amounts outstanding under our commercial paper program, and letters of credit under this facility may not exceed $2,500 million at any given time. 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. At December 31, 2019 , we had no borrowings or letters of credit outstanding under this facility. The facility contains customary covenants and warranties, including specified restrictions on indebtedness and liens. In addition, we are required to maintain a leverage ratio at the end of every fiscal quarter of 3.50 to 1.00 or less for the period covering the most recent four quarters. We are in compliance with these covenants as of December 31, 2019 . 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”). This program is backed by our $2,500 million Senior Revolving Credit Facility. Proceeds from the issuance of commercial paper may be used for general corporate purposes, including dividends and share repurchases. Interest rates on the commercial paper outstanding at December 31, 2019 are based on the terms of the notes and range from 1.87% to 1.99%. At December 31, 2019, we had $262 million of outstanding commercial paper. U.S. Receivables Facility— In July 2018, we amended our $900 million U.S. Receivables Facility to, among other things, extend the term of the facility to July 2021 . The facility 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. We are required to maintain a leverage ratio at the end of every fiscal quarter of 3.50 to 1.00, or less, for the period covering the most recent four quarters. Performance obligations under the facility are guaranteed by LyondellBasell N.V. Additional fees are incurred for the average daily unused commitments. At December 31, 2019 , there were no borrowings or letters of credit outstanding under the facility. Precious Metal Financings —We enter into lease agreements for precious metals which are used in our production processes. All precious metal borrowings are classified as Short-term debt. Weighted Average Interest Rate —At December 31, 2019 and 2018 , our weighted average interest rates on outstanding Short-term debt were 3.3% and 3.1% , respectively. Additional Information Debt Discount and Issuance Costs— Amortization of debt discount and debt issuance costs resulted in amortization expense of $11 million , $14 million and $15 million for the years ended December 31, 2019 , 2018 and 2017 , 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 direct, 100% owned finance subsidiaries of LyondellBasell 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 will be fully and unconditionally guaranteed by LyondellBasell N.V. As of December 31, 2019 , we are in compliance with our debt covenants. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases [Text Block] | 14 . Leases Operating Leases— The majority of our leases are operating leases. We lease storage tanks, terminal facilities, land, office facilities, railcars, pipelines, barges, plant equipment and other equipment. As of December 31, 2019 , our Operating lease assets were $1,468 million . Operating lease liabilities totaled $1,489 million of which $273 million is current and recorded in Accrued liabilities. These values were derived using a weighted average discount rate of 4.2% . Our operating leases have remaining lease terms ranging from less than 1 year to 30 years and have a weighted-average remaining lease term of 7 years . While extension clauses included in our leases do not materially impact our Operating lease assets or Operating lease liabilities, certain leases include options to extend the lease for up to 20 years . Maturities of operating lease liabilities as of December 31, 2019 , are as follows: Millions of dollars 2020 $ 326 2021 275 2022 231 2023 198 2024 171 Thereafter 530 Total lease payments 1,731 Less: Imputed interest (242 ) Present value of lease liabilities $ 1,489 The following table presents the components of operating lease cost: Millions of dollars Year Ended Operating lease cost $ 366 Short-term lease cost 152 Variable lease cost 61 Net operating lease cost $ 579 Cash paid for operating lease liabilities totaled $363 million for the year ended December 31, 2019 . Leased assets obtained in exchange for new operating lease liabilities, including all leases recognized upon adoption of the new lease accounting standard, totaled $1,833 million for the year ended December 31, 2019 . As of December 31, 2019 , we have entered into additional operating leases, with an undiscounted value of $539 million , primarily for storage tanks related to our new PO/TBA plant at our Channelview, Texas facility. These leases, which will commence between the first quarter of 2020 and 2022 , have lease terms ranging from 2 to 20 years . Lease Commitments— As of December 31, 2018, the undiscounted aggregate future estimated payments for our operating lease commitments, including those which have not commenced, and those with an initial term of 12 months or less, were as follows: Millions of dollars 2019 $ 365 2020 288 2021 256 2022 236 2023 204 Thereafter 1,126 Total minimum lease payments $ 2,475 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Financial Instruments and Fair Value Measurements [Text Block] | 15 . Financial Instruments and Fair Value Measurements Market Risks —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. Commodity Prices —We are exposed to commodity price volatility related to purchases of various feedstocks and sales of our products. We selectively use over-the-counter commodity swaps, options and exchange traded futures contracts with various terms to manage the volatility related to these risks. In addition, we are exposed to volatility on the prices of precious metals to the extent that we have obligations, classified as embedded derivatives, tied to the price of precious metals associated with secured borrowings. Interest Rates —We are exposed to fluctuations in interest rates through the company’s debt portfolio in the form of both floating rate debt instruments and the periodic need to refinance fixed-rate debt. We use interest rate derivative products such as forward-starting and interest rate swaps to manage these exposures. Foreign Currency Rates —We have significant worldwide operations. The functional currencies of our consolidated subsidiaries through which we operate are primarily the U.S. dollar and the euro. We enter into transactions denominated in currencies other than our designated functional currencies. As a result, we are exposed to foreign currency risk on receivables and payables. We maintain risk management control policies intended to monitor foreign currency risk attributable to our outstanding foreign currency balances. These control policies involve the centralization of foreign currency exposure management, the offsetting of exposures and the estimation of expected impacts of changes in foreign currency rates on our Comprehensive income. We enter into foreign currency forward and swap contracts to reduce the effects of our net currency exchange exposures. For foreign currency forward and swap contracts that economically hedge recognized foreign currency monetary assets and liabilities, hedge accounting is not applied. Changes in the fair value of such forward and swap contracts, which are reported in the Consolidated Statements of Income, are offset in part by the currency remeasurement results recognized within earnings on the assets and liabilities. Foreign Currency Gain (Loss) —Other income, net, in the Consolidated Statements of Income reflected foreign currency gains of $9 million and $24 million in 2019 and 2018 , respectively, and foreign currency losses of $1 million in 2017 . Cash and Cash Equivalents —At December 31, 2019 and 2018 , we had marketable securities classified as Cash and cash equivalents of $389 million and $19 million , respectively. Financial Instruments Measured at Fair Value on a Recurring Basis —The following table summarizes outstanding financial instruments that are measured at fair value on a recurring basis: December 31, 2019 December 31, 2018 Notional Amount Fair Value Notional Amount Fair Value Balance Sheet Classification Millions of dollars Assets— Derivatives designated as hedges: Commodities $ — $ — $ 472 $ 12 Prepaid expenses and other current assets Foreign currency — 27 — 27 Prepaid expenses and other current assets Foreign currency 2,000 214 2,000 117 Other assets Interest rates — 22 600 33 Prepaid expenses and other current assets Interest rates 1,940 41 143 1 Other assets Derivatives not designated as hedges: Commodities 3 — 35 5 Prepaid expenses and other current assets Foreign currency 580 5 599 3 Prepaid expenses and other current assets Non-derivatives: Available-for-sale debt securities 162 162 567 567 Short-term investments Equity securities 34 34 322 325 Short-term investments Total $ 4,719 $ 505 $ 4,738 $ 1,090 Liabilities— Derivatives designated as hedges: Commodities $ — $ — $ 4 $ — Accrued liabilities Foreign currency — 16 — 17 Accrued liabilities Foreign currency 950 53 950 75 Other liabilities Interest rates 1,000 154 1,400 16 Accrued liabilities Interest rates 700 77 2,500 45 Other liabilities Derivatives not designated as hedges: Commodities 224 34 63 14 Accrued liabilities Foreign currency 200 1 1,165 7 Accrued liabilities Non-derivatives: Performance share units — — 29 29 Accrued liabilities Total $ 3,074 $ 335 $ 6,111 $ 203 Commodity derivatives designated as hedges are classified as Level 1. All other financial instruments in the tables above, including equity securities held at December 31, 2019, are classified as Level 2. Equity securities at December 31, 2018, are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value hierarchy. At December 31, 2019 , our outstanding foreign currency contracts not designated as hedges mature from January 2020 to September 2020 . Our commodity contracts, not designated as hedges, mature from January 2020 to March 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 as of December 31, 2019 and 2018 . Due to the short maturity, the fair value of all non-derivative financial instruments included in Current assets and Current liabilities approximates the applicable carrying value and are excluded from the table below. Short-term loans receivable, which represent our repurchase agreements, and 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 long-term debt exclude capital leases and commercial paper. December 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Millions of dollars Non-derivatives: Assets: Short-term loans receivable $ — $ — $ 544 $ 544 Liabilities: Short-term debt $ 181 $ 215 $ 70 $ 77 Long-term debt 11,609 12,561 8,492 8,476 Total $ 11,790 $ 12,776 $ 8,562 $ 8,553 All financial instruments in the table above are classified as Level 2. There were no transfers between Level 1 and Level 2 for any of our financial instruments during the years ended December 31, 2019 and 2018 . Net Investment Hedges— At December 31, 2019 and 2018 , we had outstanding foreign currency contracts with an aggregate notional value of €617 million ( $650 million ) designated as net investment hedges. We also had outstanding foreign-currency denominated debt designated as a net investment hedge, with notional amounts totaling €750 million ( $842 million ) and €750 million ( $858 million ), as of December 31, 2019 and 2018 , respectively. In 2018, foreign currency contracts with an aggregate notional value of €925 million expired, related to €800 million entered in 2018 and €125 million entered into prior to 2018, that were designated as net investment hedges. Upon settlement of these foreign currency contracts in 2018, we paid €925 million ( $1,078 million at the expiry spot rate) to our counterparties and received $1,108 million from our counterparties. Cash Flow Hedges— The following table summarizes our outstanding cash flow hedges: December 31, 2019 December 31, 2018 Millions of dollars Notional Value Notional Value Expiration Date Foreign currency $ 2,300 $ 2,300 2021 to 2027 Interest rates 1,500 1,500 2020 to 2021 Commodities — 476 2019 In February 2019, we entered into forward-starting interest rate swaps with a total notional amount of $1,000 million expiring in February 2020 (the “Swaps”). As of December 31, 2019, 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 . In January 2020, we amended the terms of the Swaps to extend their maturities to July 2023 and April 2024. Concurrently with the amendment of the Swaps, we posted collateral of $238 million related to the liability position held with our counterparties as of the amendment date. In February 2019 , concurrent with the redemption of $1,000 million of our then outstanding 5% senior notes due 2019 , we received $4 million in settlement of $1,000 million of forward-starting interest rate swaps that we designated as cash flow hedges of forecasted interest payments. There were no other settlements of our forward-starting swap agreements in 2019, 2018 or 2017. In 2018, we entered into forward-starting interest rate swaps with a total notional amount of $500 million to mitigate the risk of variability in interest rates for an expected debt issuance by November 2021 . These swaps were designated as cash flow hedges and will be terminated upon debt issuance. As of December 31, 2019 , on a pre-tax basis, $3 million is scheduled to be reclassified from Accumulated other comprehensive loss as an increase to interest expense over the next twelve months. In 2019 and 2018, we entered into commodity futures contracts to mitigate the risk of variability in feedstock and product sales prices. During the year ended December 31, 2019 , we paid $20 million in settlement of commodity futures contracts that hedge the risk of variability in feedstock prices with a total notional amount of $336 million . Additionally, we received $26 million in settlement of commodity futures contracts that hedge the risk of variability in product sales prices with a total notional amount of $437 million . As of December 31, 2019 , we had no commodity futures contracts outstanding and designated as cash flow hedges. Fair Value Hedges— We had outstanding interest rate contracts with aggregate notional amounts of $2,140 million and $3,143 million at December 31, 2019 and December 31, 2018 , respectively. These fair value hedges have maturities ranging from 2021 to 2027 as of December 31, 2019 . In February 2019, concurrent with the redemption of $1,000 million of our outstanding 5% senior notes due 2019 , we paid $5 million in settlement of $1,000 million of fixed-for-floating interest rate swaps. In 2018, we entered into a euro fixed-for-floating interest rate swap to mitigate the change in the fair value of €125 million ( $147 million ) of our €750 million notes payable due 2022 associated with the risk of variability in the 6-month EURIBOR rate (the benchmark interest rate). The fixed-rate and variable-rate are settled annually and semi-annually, respectively. 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: Effect of Financial Instruments Year Ended December 31, 2019 Millions of dollars Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified from AOCI to Income Additional Gain (Loss) Recognized in Income Income Statement Classification Derivatives designated as hedges: Commodities $ (34 ) $ (26 ) $ — Sales and other operating revenues Commodities 28 20 — Cost of sales Foreign currency 119 (40 ) 65 Other income, net; Interest expense Interest rates (223 ) (4 ) 75 Interest expense Derivatives not designated as hedges: Commodities — — 3 Sales and other operating revenues Commodities — — (34 ) Cost of sales Foreign currency — — 33 Other income, net Non-derivatives designated as hedges: Long-term debt 16 — — Other income, net Total $ (94 ) $ (50 ) $ 142 Effect of Financial Instruments Year Ended December 31, 2018 Millions of dollars Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified from AOCI to Income Additional Gain (Loss) Recognized in Income Income Statement Classification Derivatives designated as hedges: Commodities $ 60 $ — $ — Sales and other operating revenues Commodities (30 ) (11 ) — Cost of sales Foreign currency 190 (100 ) 68 Other income, net; Interest expense Interest rates 43 (1 ) (30 ) Interest expense Derivatives not designated as hedges: Commodities — — 3 Sales and other operating revenues Commodities — — 1 Cost of sales Foreign currency — — 43 Other income, net Non-derivatives designated as hedges: Long-term debt 41 — — Other income, net Total $ 304 $ (112 ) $ 85 Effect of Financial Instruments Year Ended December 31, 2017 Millions of dollars Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified from AOCI to Income Additional Gain (Loss) Recognized in Income Income Statement Classification Derivatives designated as hedges: Commodities $ (11 ) $ — $ — Cost of sales Foreign currency (466 ) 265 42 Other income, net; Interest expense Interest rates (25 ) (1 ) 2 Interest expense Derivatives not designated as hedges: Commodities — — (18 ) Sales and other operating revenues Commodities — — (23 ) Cost of sales Foreign currency — — (23 ) Other income, net Non-derivatives designated as hedges: Long-term debt (109 ) — — Other income, net Total $ (611 ) $ 264 $ (20 ) 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 years ended December 31, 2019 and 2018 were gains of $3 million and $19 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 years ended December 31, 2019 and 2018 were gains of $19 million and $27 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 a $6 million and $5 million increase in interest expense for the years ended December 31, 2019 and 2018 , respectively, and reduced interest expense by $23 million for the year ended December 31, 2017 . 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: Millions of dollars Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale debt securities: Bonds at December 31, 2019 $ 162 $ — $ — $ 162 Bonds at December 31, 2018 567 — — 567 No allowance for credit losses related to our available-for-sale debt securities was recorded for the year ended December 31, 2019 . No losses related to other-than-temporary impairments of our available-for-sale debt securities were recorded in Accumulated other comprehensive loss during the years ended December 31, 2018 and 2017 . As of December 31, 2019 , bonds classified as available-for-sale debt securities had maturities between 3 months and 45 months . The proceeds from maturities and sales of our available-for-sale debt securities are summarized in the following table: Year Ended December 31, Millions of dollars 2019 2018 2017 Proceeds from maturities of available-for-sale debt securities $ 331 $ 423 $ 499 Proceeds from sales of available-for-sale debt securities 180 — — The gross realized gains and losses associated with the sale of available-for-sale debt securities during the year ended December 31, 2019, were less than $1 million . No gain or loss was realized in connection with the sales of our available-for-sale debt securities during the years ended December 31, 2018 , and 2017 , respectively. We use the specific identification method to identify the cost of the securities we sell and the amounts we reclassify out of Accumulated other comprehensive loss into earnings. 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 December 31, 2019 . The following table summarizes the fair value and unrealized losses related to available-for-sale debt securities that were in a continuous unrealized loss position for less than and greater than twelve months as of December 31, 2018 : December 31, 2018 Less than 12 months Greater than 12 months Millions of dollars Fair Value Unrealized Loss Fair Value Unrealized Loss Available-for-sale debt securities: Bonds $ 118 $ (1 ) $ 45 $ — Investments in Equity Securities — Our equity securities primarily consist of limited partnership investments, which include investments in, among other things, equities and equity related securities, debt securities, credit instruments, supply chain finance, global interest rate products, currencies, commodities, futures, options, warrants and swaps. At December 31, 2019 , we had investments in equity securities with a notional amount and a fair value of $34 million . These investments may be redeemed on a weekly basis. At December 31, 2018 , we had investments in equity securities with a notional amount of $322 million and a fair value of $325 million . We received proceeds of $332 million and $97 million related to the sale of our investments in equity securities during the years ended December 31, 2019 and 2018 , respectively. No proceeds were received related to the sale of our investments in equity securities during the year ended December 31, 2017 . The following table summarizes the portion of unrealized gains and losses for the equity securities that were outstanding as of December 31, 2019 and 2018: Millions of dollars 2019 2018 Net gains recognized during the period $ 9 $ 11 Less: Net gains recognized during the period on securities sold 9 5 Unrealized gains recognized during the period $ — $ 6 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits [Text Block] | 16 . Pension and Other Postretirement Benefits We have defined benefit pension plans which cover employees in the U.S. and various non-U.S. countries. We also sponsor postretirement benefit plans other than pensions that provide medical benefits to certain of our U.S., Canadian and French employees. In addition, we provide other postemployment benefits such as early retirement and deferred compensation severance benefits to employees of certain non-U.S. countries. We use a measurement date of December 31 for all of our benefit plans. Pension Benefits —The following tables provide a reconciliation of projected benefit obligations, plan assets and the funded status of our U.S. and non-U.S. defined benefit pension plans: Year Ended December 31, 2019 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligation: Benefit obligation, beginning of period $ 1,752 $ 1,659 $ 1,924 $ 1,511 Service cost 53 36 51 35 Interest cost 70 33 60 32 Actuarial loss (gain) 241 331 (147 ) 23 Plan amendments — 24 — 4 Benefits paid (151 ) (43 ) (129 ) (38 ) Participant contributions — 2 — 1 Settlement — (10 ) (10 ) (20 ) Curtailment — (2 ) — — Business combination — — 3 192 Foreign exchange effects — (13 ) — (81 ) Benefit obligation, end of period 1,965 2,017 1,752 1,659 Change in plan assets: Fair value of plan assets, beginning of period 1,548 871 1,680 852 Actual return on plan assets 194 186 (37 ) 18 Company contributions 46 51 44 56 Benefits paid (151 ) (43 ) (129 ) (38 ) Participant contributions — 2 — 1 Settlement — (10 ) (10 ) (20 ) Business combination — — — 48 Foreign exchange effects — 1 — (46 ) Fair value of plan assets, end of period 1,637 1,058 1,548 871 Funded status of continuing operations, end of period $ (328 ) $ (959 ) $ (204 ) $ (788 ) Amounts recognized in the Consolidated Balance Sheets consists of the following: December 31, 2019 December 31, 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Prepaid benefit cost, long-term $ 4 $ 18 $ 10 $ 29 Accrued benefit liability, current — (28 ) — (27 ) Accrued benefit liability, long-term (332 ) (949 ) (214 ) (790 ) Funded status of continuing operations, end of period $ (328 ) $ (959 ) $ (204 ) $ (788 ) Amounts recognized in Accumulated other comprehensive loss include the following: December 31, 2019 December 31, 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Actuarial and investment loss $ 516 $ 405 $ 374 $ 251 Prior service cost 1 32 2 11 Balance, end of period $ 517 $ 437 $ 376 $ 262 The following additional information is presented for our U.S. and non-U.S. pension plans: December 31, 2019 December 31, 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Accumulated benefit obligation for defined benefit plans $ 1,899 $ 1,859 $ 1,708 $ 1,528 Pension plans with projected benefit obligations in excess of the fair value of assets are summarized as follows: December 31, 2019 December 31, 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Projected benefit obligations $ 1,915 $ 1,778 $ 1,618 $ 1,456 Fair value of assets 1,583 801 1,404 639 Pension plans with accumulated benefit obligations in excess of the fair value of assets are summarized as follows: December 31, 2019 December 31, 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Accumulated benefit obligations $ 1,765 $ 1,079 $ 1,578 $ 904 Fair value of assets 1,493 243 1,404 198 Components of net periodic pension costs for our U.S. and Non-U.S Plans are as follows: U.S. Plans Year Ended December 31, Millions of dollars 2019 2018 2017 Service cost $ 53 $ 51 $ 47 Interest cost 70 60 60 Expected return on plan assets (112 ) (122 ) (121 ) Settlement loss — 2 — Prior service cost amortization — — 1 Actuarial loss amortization 18 21 20 Net periodic benefit cost $ 29 $ 12 $ 7 Non-U.S. Plans Year Ended December 31, Millions of dollars 2019 2018 2017 Service cost $ 36 $ 35 $ 39 Interest cost 33 32 23 Expected return on plan assets (24 ) (24 ) (19 ) Settlement loss 1 1 2 Prior service cost amortization 2 1 2 Actuarial loss amortization 12 10 16 Net periodic benefit cost $ 60 $ 55 $ 63 The actual and target asset allocations for our plans are as follows: 2019 2018 Actual Target Actual Target Canada Equity securities 50 % 50 % 49 % 50 % Fixed income 50 % 50 % 51 % 50 % United Kingdom—Lyondell Chemical Plans Equity securities 36 % 37 % 49 % 50 % Fixed income 64 % 63 % 51 % 50 % United Kingdom—Basell Plans Equity securities 40 % 40 % 49 % 50 % Fixed income 60 % 60 % 51 % 50 % United Kingdom—A. Schulman Plans Growth assets 91 % 89 % 94 % 89 % Matching assets 9 % 11 % 6 % 11 % United States Equity securities 34 % 32 % 32 % 32 % Fixed income 38 % 38 % 39 % 38 % Alternatives 28 % 30 % 29 % 30 % We estimate the following contributions to our pension plans in 2020 : Millions of dollars U.S. Non-U.S. Defined benefit plans $ 46 $ 71 Multi-employer plans — 8 Total $ 46 $ 79 As of December 31, 2019 , future expected benefit payments by our pension plans which reflect expected future service, as appropriate, are as follows: Millions of dollars U.S. Non-U.S. 2020 $ 145 $ 59 2021 144 58 2022 145 59 2023 144 62 2024 143 64 2025 through 2029 676 339 The following tables set forth the principal assumptions on discount rates, projected rates of compensation increase and expected rates of return on plan assets, where applicable. These assumptions vary for the different plans, as they are determined in consideration of local conditions. The weighted average assumptions used in determining the net benefit liabilities for our pension plans were as follows at December 31: 2019 2018 U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.16 % 1.03 % 4.51 % 2.07 % Rate of compensation increase 4.83 % 2.59 % 4.83 % 2.54 % The weighted average assumptions used in determining net benefit costs for our pension plans were as follows: Year Ended December 31, 2019 2018 2017 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 4.51 % 2.07 % 3.73 % 2.13 % 4.20 % 1.52 % Expected return on plan assets 7.50 % 2.79 % 7.50 % 2.92 % 8.00 % 2.15 % Rate of compensation increase 4.83 % 2.54 % 4.00 % 2.94 % 4.00 % 2.93 % The discount rate assumptions reflect the rates at which the benefit obligations could be effectively settled, based on the yields of high quality long-term bonds where the term closely matches the term of the benefit obligations. At the beginning of 2017, we changed the approach used to measure service and interest costs for pension and other postretirement benefits under significant U.S. plans. We measure service and interest costs by applying the specific spot rates along that same yield curve to the projected cash flows of the plans. This approach provides a more precise measurement of service and interest costs. This change did not affect the measurement of our plan obligations. The weighted average expected long-term rate of return on assets in our U.S. plans of 7.50% is based on the average level of earnings that our independent pension investment adviser had advised could be expected to be earned over a fifteen to twenty year time period consistent with the target asset allocation of the plans, historical capital market performance, historical plan performance (since the 1997 inception of the U.S. Master Trust) and a forecast of expected future asset returns. The weighted average expected long-term rate of return on assets in our non-U.S. plans of 2.79% is based on expectations and asset allocations that vary by region. We review these long-term assumptions on a periodic basis. Actual rates of return may differ from the expected rate due to the volatility normally experienced in capital markets. Assets are externally managed by professional investment firms over the long term to achieve optimal returns with an acceptable level of risk and volatility in order to meet the benefit obligations of the plans as they come due. Our pension plans have not directly invested in securities of LyondellBasell N.V., and there have been no significant transactions between any of the pension plans and the Company or related parties thereof. The pension investments that are measured at fair value are summarized below: December 31, 2019 Millions of dollars Fair Value Level 1 Level 2 Level 3 U.S. Common and preferred stock $ 338 $ 338 $ — $ — Commingled funds measured at net asset value 446 Fixed income securities 218 — 218 — Real estate measured at net asset value 106 Hedge funds measured at net asset value 219 Private equity measured at net asset value 130 U.S. government securities 149 149 — — Cash and cash equivalents 33 33 — — Total U.S. Pension Assets $ 1,639 $ 520 $ 218 $ — December 31, 2019 Millions of dollars Fair Value Level 1 Level 2 Level 3 Non-U.S. Insurance arrangements $ 722 $ — $ — $ 722 Commingled funds measured at net asset value 332 Cash and cash equivalents 3 3 — — Total Non-U.S. Pension Assets $ 1,057 $ 3 $ — $ 722 December 31, 2018 Millions of dollars Fair Value Level 1 Level 2 Level 3 U.S. Common and preferred stock $ 330 $ 330 $ — $ — Commingled funds measured at net asset value 411 Fixed income securities 204 — 204 — Real estate measured at net asset value 107 Hedge funds measured at net asset value 241 Private equity measured at net asset value 108 U.S. government securities 133 133 — — Cash and cash equivalents 26 26 — — Total U.S. Pension Assets $ 1,560 $ 489 $ 204 $ — December 31, 2018 Millions of dollars Fair Value Level 1 Level 2 Level 3 Non-U.S. Insurance arrangements $ 570 $ — $ — $ 570 Commingled funds measured at net asset value 298 Cash and cash equivalents 2 2 — — Total Non-U.S. Pension Assets $ 870 $ 2 $ — $ 570 The Netherlands Defined Benefits pension plans has investments in a pooled asset portfolio which are treated as a nonparticipating insurance contract. The associated plan assets underlying the insurance arrangement are measured at the cash surrender value, which is derived primarily from an actuarial determination of the discounted benefits cash flows. As such, these assets are considered as using significant unobservable inputs (Level 3). The plan assets at December 31, 2018 were valued at $524 million and has increased to $675 million at December 31, 2019 . The change is due primarily to a decrease of the discount rate from 2018 to 2019. The fair value measurements of the investments in certain entities that calculate net asset value per share as of December 31, 2019 are as follows: Millions of dollars Fair Value Unfunded Commitments Remaining Life Redemption Frequency (if currently eligible) Trade to Settlement Terms Redemption Notice Period U.S. Commingled fund investing in Domestic Equity $ 132 $ — N/A daily 1 to 3 days 3 to 4 days Commingled fund investing in International Equity 65 — N/A daily 1 to 3 days 3 days Commingled fund investing in Fixed Income 249 — N/A daily 1 to 3 days 3 to 7 days Real Estate 106 8 10 years quarterly 15 to 25 days 45 to 90 days Hedge Funds 219 — N/A quarterly 10 to 30 days 20 to 90 days Private Equity 130 72 10 years Not eligible N/A N/A Total U.S. $ 901 $ 80 Millions of dollars Fair Value Unfunded Commitments Remaining Life Redemption Frequency (if currently eligible) Trade to Settlement Terms Redemption Notice Period Non-U.S. Commingled fund investing in Domestic Equity $ 36 $ — N/A 1 to 7 days 1 to 3 days 1 to 3 days Commingled fund investing in International Equity 110 — N/A 1 to 7 days 1 to 3 days 1 to 3 days Commingled fund investing in Fixed Income 186 — N/A daily 1 to 3 days 3 days Total Non-U.S. $ 332 $ — The fair value measurements of the investments in certain entities that calculate net asset value per share as of December 31, 2018 are as follows: Millions of dollars Fair Value Unfunded Commitments Remaining Life Redemption Frequency (if currently eligible) Trade to Settlement Terms Redemption Notice Period U.S. Commingled fund investing in Domestic Equity $ 112 $ — N/A daily 1 to 3 days 3 to 4 days Commingled fund investing in International Equity 58 — N/A daily 1 to 3 days 3 days Commingled fund investing in Fixed Income 241 — N/A daily 1 to 3 days 3 to 7 days Real Estate 107 8 10 years quarterly 15 to 25 days 45 to 90 days Hedge Funds 241 — N/A quarterly 10 to 30 days 20 to 90 days Private Equity 108 76 10 years Not eligible N/A N/A Total U.S. $ 867 $ 84 Millions of dollars Fair Value Unfunded Commitments Remaining Life Redemption Frequency (if currently eligible) Trade to Settlement Terms Redemption Notice Period Non-U.S. Commingled fund investing in Domestic Equity $ 33 $ — N/A 1 to 7 days 1 to 3 days 1 to 3 days Commingled fund investing in International Equity 122 — N/A 1 to 7 days 1 to 3 days 1 to 3 days Commingled fund investing in Fixed Income 143 — N/A daily 1 to 3 days 3 days Total Non-U.S. $ 298 $ — Multi-employer Plan —The Company participates in a multi-employer arrangement with Pensionskasse der BASF WaG V.VaG (“Pensionskasse”) which provides for benefits to the majority of our employees in Germany. Up to a certain salary level, the benefit obligations are covered by contributions of the Company and the employees to the plan. Contributions made to the multi-employer plan are expensed as incurred. The following table provides disclosure related to the Company’s multi-employer plan: Company Contributions Millions of dollars 2019 2018 2017 Pensionskasse $ 8 $ 8 $ 27 The Company-specific plan information for the Pensionskasse is not publicly available and the plan is not subject to a collective-bargaining agreement. The plan provides fixed, monthly retirement payments on the basis of the credits earned by the participating employees. To the extent that the Pensionskasse is underfunded, the future contributions to the plan may increase and may be used to fund retirement benefits for employees related to other employers. The Pensionskasse financial statements for the years ended December 31, 2018 and 2017 indicated total assets of $9,456 million and $9,093 million , respectively; total actuarial present value of accumulated plan benefits of $9,061 million and $8,747 million , respectively; and total contributions for all participating employers of $258 million and $653 million , respectively. Our plan contributions did not exceed 5 percent of the total contributions in 2019, 2018 or 2017. Other Postretirement Benefits —We sponsor unfunded health care and life insurance plans covering certain eligible retired employees and their eligible dependents. Generally, the medical plans pay a stated percentage of medical expenses reduced by deductibles and other coverage. Life insurance benefits are generally provided by insurance contracts. We retain the right, subject to existing agreements, to modify or eliminate these benefits. The following tables provide a reconciliation of benefit obligations of our unfunded other postretirement benefit plans: Year Ended December 31, 2019 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligation: Benefit obligation, beginning of period $ 234 $ 59 $ 280 $ 62 Service cost 1 2 2 2 Interest cost 9 1 9 1 Actuarial (gain) loss 20 18 (46 ) (3 ) Benefits paid (19 ) — (26 ) (1 ) Participant contributions 6 — 6 — Business combination — — 9 — Foreign exchange effects — (1 ) — (2 ) Benefit obligation, end of period 251 79 234 59 Change in plan assets: Fair value of plan assets, beginning of period — — — — Employer contributions 13 — 21 1 Participant contributions 6 — 5 — Benefits paid (19 ) — (26 ) (1 ) Fair value of plan assets, end of period — — — — Funded status, end of period $ (251 ) $ (79 ) $ (234 ) $ (59 ) Amounts recognized in the Consolidated Balance Sheets are as follows: December 31, 2019 December 31, 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Accrued benefit liability, current $ (17 ) $ (1 ) $ (18 ) $ (1 ) Accrued benefit liability, long-term (234 ) (78 ) (216 ) (58 ) Funded status, end of period $ (251 ) $ (79 ) $ (234 ) $ (59 ) Amounts recognized in Accumulated other comprehensive loss are as follows: December 31, 2019 December 31, 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Actuarial and investment income (loss) $ 40 $ (32 ) $ 65 $ (15 ) Balance, end of period $ 40 $ (32 ) $ 65 $ (15 ) The components of net periodic other postretirement costs are as follows: U.S. Plans Year Ended December 31, Millions of dollars 2019 2018 2017 Service cost $ 1 $ 2 $ 3 Interest cost 9 9 9 Actuarial gain amortization (5 ) — — Net periodic benefit cost $ 5 $ 11 $ 12 Non-U.S. Plans Year Ended December 31, Millions of dollars 2019 2018 2017 Service cost $ 2 $ 2 $ 2 Interest cost 1 1 1 Actuarial loss amortization 1 1 3 Net periodic benefit cost $ 4 $ 4 $ 6 The following tables set forth the assumed health care cost trend rates for our U.S. and Non-U.S. Plans: U.S. Plans December 31, 2019 2018 Immediate trend rate 6.1 % 6.4 % Ultimate trend rate (the rate to which the cost trend rate is assumed to decline) 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate 2038 2038 Non-U.S. Plans Canada France December 31, December 31, 2019 2018 2019 2018 Immediate trend rate 5.0 % 5.5 % 4.5 % 4.5 % Ultimate trend rate (the rate to which the cost trend rate is assumed to decline) 4.5 % 4.5 % 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate 2021 2021 — — The health care cost trend rate assumption does not typically have a significant effect on the amounts reported due to limits on maximum contribution levels to the medical plans. However, changing the assumed health care cost trend rates by one percentage point in each year would increase or decrease the accumulated other postretirement benefit liability as of December 31, 2019 by $24 million or $15 million , respectively, for non-U.S. plans and by less than $1 million for U.S. plans. A one percentage point change would not have a material effect on the aggregate service and interest cost components of the net periodic other postretirement benefit cost for the year then ended. The weighted average assumptions used in determining the net benefit liabilities for our other postretirement benefit plans were as follows: December 31, 2019 2018 U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.12 % 1.20 % 4.47 % 2.30 % Rate of compensation increase 4.50 % — 4.50 % — The weighted average assumptions used in determining the net benefit costs for our other postretirement benefit plans were as follows: Year Ended December 31, 2019 2018 2017 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 4.47 % 2.30 % 3.66 % 2.48 % 4.07 % 1.69 % Rate of compensation increase 4.50 % — 4.00 % — 4.00 % — As of December 31, 2019 , future expected benefit payments by our other postretirement benefit plans, which reflect expected future service, as appropriate, were as follows: Millions of dollars U.S. Non-U.S. 2020 $ 17 $ 1 2021 17 1 2022 17 1 2023 17 1 2024 17 1 2025 through 2029 81 8 Accumulated Other Comprehensive Loss —The following pre-tax amounts were recognized in Accumulated other comprehensive loss as of and for the years ended December 31, 2019 and 2018 : Pension Benefits Other Benefits Millions of dollars Actuarial (Gain) Loss Prior Service Cost (Credit) Actuarial (Gain) Loss Prior Service Cost (Credit) December 31, 2017 $ 619 $ 10 $ — $ — Arising during the period 40 4 (49 ) — Actuarial loss amortization (31 ) (1 ) (1 ) — Settlement loss (3 ) — — — December 31, 2018 625 13 (50 ) — Arising during the period 327 22 38 — Actuarial (loss) gain amortization (30 ) (2 ) 4 — Settlement loss (1 ) — — — December 31, 2019 $ 921 $ 33 $ (8 ) $ — In 2019 , pension benefits actuarial loss and other postretirement benefits actuarial loss of $327 million and $38 million , respectively, are primarily due to changes in discount rate assumption. In 2018 , pension benefits actuarial loss of $40 million are primarily attributable to return on plan asset losses. Other postretirement benefits actuarial gains of $49 million are primarily due to favorable liability experience. Deferred income taxes related to amounts in Accumulated other comprehensive loss include provisions of $236 million and $144 million as of December 31, 2019 and 2018 , respectively. At December 31, 2019 , Accumulated other comprehensive loss of $22 million represents net actuarial and investment losses and $3 million of prior service cost related to non-U.S. pension plans that are expected to be recognized as a component of net periodic benefit cost in 2020 . There are $29 million of net actuarial and investment losses in Accumulated other comprehensive loss at December 31, 2019 for U.S. pension plans expected to be recognized in net periodic benefit cost in 2020 . At December 31, 2019 , Accumulated other comprehensive loss included $3 million of net actuarial loss related to non-U.S. other postretirement benefits and $2 million net actuarial gain related to U.S. other post-retirement benefits that is expected to be recognized in net periodic benefit cost in 2020 . Defined Contribution Plans —Most employees in the U.S. and certain non-U.S. countries are eligible to participate in defined contribution plans (“Employee Savings Plan”) by contributing a portion of their compensation. We make employer contributions, such as matching contributions, to certain of these plans. The Company also has a nonqualified deferred compensation plan that covers senior management in the U.S. This plan was amended in April 2013 to provide for Company contributions on behalf of certain eligible employees who earn base pay above the IRS annual compensation limit. The following table provides the Company contributions to the Employee Savings Plans: Company Contributions 2019 2018 2017 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Employee Savings Plans $ 46 $ 7 $ 40 $ 5 $ 36 $ 5 |
Incentive and Share-Based Compe
Incentive and Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Incentive and Share-Based Compensation [Text Block] | 17 . Incentive and Share-Based Compensation We are authorized to grant restricted stock units, stock options, performance share units, and other cash and stock awards under our Long-Term Incentive Plan (“LTIP”). The Compensation Committee oversees our equity award grants, the type of awards, the required performance measures and the timing and duration of each grant. The maximum number of shares of our common stock reserved for issuance under the LTIP is 22,000,000 shares. As of December 31, 2019 , there were 4,034,158 shares remaining available for issuance assuming maximum payout for performance share units awards. Our share-based compensation awards, which are subject to customary partial or accelerated vesting or forfeiture in the event of certain termination events, are accounted for as equity awards with compensation cost recognized over the vesting period in the income statement. We use a straight-line vesting method for cliff-vested awards and a graded vesting method for step-vested awards. We have elected to recognize forfeitures as they occur for stock-based compensation. When options are exercised and awards are paid out, shares are issued from our treasury shares. Total share-based compensation expense and the associated tax benefits are as follows: Year Ended December 31, Millions of dollars 2019 2018 2017 Compensation Expense: Restricted stock units $ 21 $ 15 $ 13 Stock options 7 7 7 Performance share units 20 17 35 Total $ 48 $ 39 $ 55 Tax Benefit: Restricted stock units $ 5 $ 4 $ 5 Stock options 2 2 2 Performance share units 4 4 12 Total $ 11 $ 10 $ 19 Restricted Stock Unit Awards (“RSUs”) —RSUs entitle the recipient to be paid out an equal number of ordinary shares upon vesting. RSUs generally cliff vest on the third anniversary of the grant date. The holders of RSUs are entitled to nonforfeitable dividend equivalents settled in the form of cash payments. Total dividend equivalent payments for RSUs were $2 million in 2019 and 2018 and $1 million in 2017 and are recognized as dividends in Retained earnings. The fair value of RSUs is based on the market price of the underlying stock on the date of grant. The weighted average grant date fair value for RSUs granted during the years ended December 31, 2019 , 2018 and 2017 was $87.36 , $108.52 and $91.14 , respectively. The total fair value of RSUs vested during 2019 and 2018 was $13 million and during 2017 was $8 million . The following table summarizes RSU activity: Number of Units (in thousands) Weighted Average Grant Date Fair Value (per share) Outstanding at January 1, 2019 462 $ 95.69 Granted 338 87.36 Vested (147 ) 86.22 Forfeited (40 ) 95.67 Outstanding at December 31, 2019 613 $ 93.37 As of December 31, 2019 , the unrecognized compensation cost related to RSUs was $26 million , which is expected to be recognized over a weighted average period of 2 years. Stock Option Awards (“Stock Options”) —Stock Options allow employees the opportunity in the future to purchase ordinary shares of stock at an exercise price equal to the market price at the date of grant. The awards generally have a three-year vesting period that vests in equal increments on the first, second and third anniversary of the grant date and have a contractual term of ten years. None of the Stock Options are designed to qualify as incentive Stock Options as defined in Section 422 of the Internal Revenue Code. The fair value of each Stock Option is estimated, based on several assumptions, on the date of grant using the Black-Scholes option valuation model. The principal assumptions utilized in valuing Stock Options include the expected stock price volatility (based on our historical stock price volatility over the expected term); the expected dividend yield; and the risk-free interest rate (an estimate based on the yield of a United States Treasury zero coupon bond with a maturity equal to the expected term of the option). The expected term of all Stock Options granted is estimated based on a simplified approach. In 2010, when the majority of our Stock Options were granted, we determined that the simplified method was appropriate because of the life of LyondellBasell N.V. and its relative stage of development. Similarly, we did not possess exercise patterns similar to our situation. The Stock Options that have been granted since 2010 have been limited in number and have occurred during periods of substantial share price volatility. Weighted average fair values of Stock Options granted and the assumptions used in estimating those fair values are as follows: Year Ended December 31, 2019 2018 2017 Weighted average fair value $ 15.76 $ 21.58 $ 21.55 Fair value assumptions: Dividend yield 4.2 % 4.0 % 4.0 % Expected volatility 27.2-28.1% 27.8-29.0% 34.9-35.1% Risk-free interest rate 1.5-2.6% 2.6-2.9% 2.1-2.3% Weighted average expected term, in years 6.0 6.0 6.0 The following table summarizes Stock Option activity: Number of Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Term Aggregate Intrinsic Value (millions of dollars) Outstanding at January 1, 2019 1,281 $ 90.30 Granted 604 89.78 Exercised (18 ) 70.33 Forfeited (64 ) 94.39 Expired (21 ) 98.82 Outstanding at December 31, 2019 1,782 $ 90.08 7.3 years $ 13 Exercisable at December 31, 2019 942 $ 87.25 6.2 years $ 9 The aggregate intrinsic value of Stock Options exercised during the years ended December 31, 2019 , 2018 and 2017 was less than $1 million , $3 million and $6 million , respectively. As of December 31, 2019 , the unrecognized compensation cost related to Stock Options was $6 million , which is expected to be recognized over a two-year period. During 2019 , cash received from the exercise of Stock Options was $1 million and the tax benefit associated with these exercises was less than $1 million . Performance Share Units Awards (“PSUs”) —A target number of PSUs are granted to participants at the beginning of each performance period. These awards cliff vest after a three-year performance cycle and are settled in shares of common stock, where the ultimate payout can be between 0% and 200% of the target shares granted. Each unit is equivalent to one share of our common stock. For PSUs granted beginning in 2017, the final number of shares payable is determined after the performance period based on the relative Total Shareholder Return (“TSR”). TSR is an objective calculation that takes into account our TSR rank within its peer group and whether our specific TSR is positive or negative. The fair value of PSUs is estimated on the grant date using a Monte-Carlo simulation. For PSUs granted prior to 2017, the final number of shares payable was determined at the end of the performance period by the Compensation Committee based generally on subjective criteria established at the beginning of the performance period. These share awards were treated as liability awards and fair value adjustments were based on the market price of the underlying stock on the date of payment. Outstanding PSUs accrue dividend equivalent units, which will be converted to shares upon payment at the end of the performance period and are classified as Accrued liabilities and Other liabilities on the Consolidated Balance Sheets. Dividend equivalents for PSUs granted in 2016 were recorded as compensation expense while PSUs granted beginning in 2017 were recorded in Retained earnings. The weighted average fair value of PSUs granted in each respective year and the assumptions used in the Monte Carlo simulation to estimate those fair value are as follows: 2019 2018 2017 Weighted average fair value $ 76.35 $ 89.32 $ 93.28 Fair value assumptions: Expected volatility of LyondellBasell N.V. common stock 24.11 % 27.15 % 30.98 % Expected volatility of peer companies 14.57-40.55% 17.45-42.99% 16.98-39.89% Average correlation coefficient of peer companies 0.50 0.50 0.51 Risk-free interest rate 2.48 % 2.40 % 1.46 % The following table summarizes PSU activity, which assumes target payout at 100%: Equity Awards Liability Awards Number of Units (in thousands) Weighted Average Grant Date Fair Value (per share) Number of Units (in thousands) Weighted Average Grant Date Fair Value (per share) Outstanding at January 1, 2019 430 $ 91.33 349 $ 78.01 Granted 307 76.35 — — Vested — — (349 ) 78.01 Forfeited (54 ) 82.27 — — Outstanding at December 31, 2019 683 $ 85.32 — $ — The total fair value of PSUs vested during 2019 , 2018 and 2017 was $22 million , $25 million , and $21 million , respectively. As of December 31, 2019 , the unrecognized compensation cost related to PSUs was $23 million , which is expected to be recognized over a weighted average period of 2 years . Employee Stock Purchase Plan —We have an Employee Share Purchase Plan (“ESPP”) which includes a 10% discount and a look-back provision. These provisions allow participants to purchase our stock at a discount on the lower of the fair market value at either the beginning or end of the purchase period. As a result of the 10% discount and the look-back provision, the ESPP is considered a compensatory plan under generally accepted accounting principles. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | 18 . Income Taxes LyondellBasell Industries N.V. is tax resident in the United Kingdom pursuant to a mutual agreement procedure determination ruling between the Dutch and United Kingdom competent authorities and therefore subject solely to the United Kingdom corporate income tax system. LyondellBasell Industries N.V. has little or no taxable income of its own because, as a holding company, it does not conduct any operations. Through our subsidiaries, we have substantial operations world-wide. Taxes are paid on the earnings generated in various jurisdictions where our subsidiaries operate, including primarily the U.S., the Netherlands, Germany, France, and Italy. We monitor income tax developments and the potential impact to our results of operations. In 2017 , the U.S. enacted “H.R.1”, also known as the “Tax Cuts and Jobs Act” (the “Tax Act”) materially impacting our Consolidated Financial Statements by, among other things, decreasing the tax rate, and significantly affecting future periods. The Tax Act reduced the federal corporate tax rate from 35% to 21% for years beginning after 2017 , which resulted in the remeasurement of our U.S. net deferred income tax liabilities. As a result, we recognized a tax benefit of $819 million in 2017. Following adjustments made in 2018, the cumulative impact of the remeasurement of our U.S. net deferred income tax liabilities and tax accruals was an $814 million income tax benefit. Adjustments to the 2017 provisional amount were reported as a component of income tax expense in the reporting period in which the adjustments were identified. In 2019, as a result of the U.S. Section 245A temporary regulations following the Tax Act, the Company intends to permanently reinvest approximately $550 million of our non-U.S. earnings. Repatriation of these earnings to the U.S. in the future could result in a tax impact of approximately $60 million . Prior to the issuance of the retroactive temporary regulations, the non-U.S. earnings could have been distributed tax free. In prior years, the Company did not assert permanent reinvestment of our foreign earnings. Under the Tax Act, U.S. Treasury was provided expanded regulatory authority. Based on regulations proposed to date, we do not believe there will be further material impact to our financial statements. However, we will continue to analyze the effects of the new law as additional regulations are proposed and finalized. Interest income earned by certain of our European subsidiaries through intercompany financings is either untaxed or taxed at rates substantially lower than the U.S. statutory rate. In 2016 , the U.S. Treasury issued final Section 385 debt-equity regulations that impact our internal financings beginning in 2017 . In October 2019 the US Treasury announced that it intended to propose modifying these debt-equity regulations, but the scope of such changes is uncertain and new regulations could impact our internal financings in future years. In addition, there has been increased attention, both in the U.S. and globally, to the tax practices of multinational companies, including the European Union’s state aid investigations, proposals by the Organization for Economic Cooperation and Development with respect to base erosion and profit shifting, and European Union tax directives and their implementation. Other than the Tax Act, management does not believe that recent changes in income tax laws will have a material impact on our Consolidated Financial Statements, although new or proposed changes to tax laws could affect our tax liabilities in the future. The significant components of the provision for income taxes are as follows: Year Ended December 31, Millions of dollars 2019 2018 2017 Current: U.S. federal $ 122 $ (89 ) $ 543 Non-U.S. 296 404 595 State 21 38 47 Total current 439 353 1,185 Deferred: U.S. federal 124 197 (637 ) Non-U.S. 75 48 22 State 10 15 28 Total deferred 209 260 (587 ) Provision for income taxes before tax effects of other comprehensive income 648 613 598 Tax effects of elements of other comprehensive income: Pension and postretirement liabilities (92 ) 63 29 Financial derivatives (38 ) 16 (14 ) Foreign currency translation 8 18 (33 ) Unrealized gains (losses) from available-for-sale debt securities — — (3 ) Total income tax expense in comprehensive income $ 526 $ 710 $ 577 Since the proportion of U.S. revenues, assets, operating income and associated tax provisions is significantly greater than any other single taxing jurisdiction within the worldwide group, the reconciliation of the differences between the provision for income taxes and the statutory rate is presented on the basis of the U.S. statutory federal income tax rate of 21% as opposed to the United Kingdom statutory rate of 19% . Our effective tax rate for the year ended December 31, 2019 is 16.0% . This summary is shown below: Year Ended December 31, Millions of dollars 2019 2018 2017 Income before income taxes: U.S. $ 1,581 $ 2,795 $ 2,438 Non-U.S. 2,471 2,516 3,055 Total $ 4,052 $ 5,311 $ 5,493 Income tax at U.S. statutory rate $ 851 $ 1,115 $ 1,923 Increase (reduction) resulting from: Non-U.S. income taxed at different statutory rates 64 89 (164 ) Remeasurement of U.S. net deferred tax liability — — (819 ) State income taxes, net of federal benefit 29 53 40 Exempt income (182 ) (296 ) (385 ) Liquidation loss (51 ) — — Patent box ruling (65 ) — — Uncertain tax positions (42 ) (320 ) 28 U.S. manufacturing deduction — — (57 ) Other, net 44 (28 ) 32 Income tax provision $ 648 $ 613 $ 598 The deferred tax effects of tax loss, credit and interest carryforwards (“tax attributes”) and the tax effects of temporary differences between the tax basis of assets and liabilities and their reported amounts in the Consolidated Financial Statements, reduced by a valuation allowance where appropriate, are presented below. December 31, Millions of dollars 2019 2018 Deferred tax liabilities: Accelerated tax depreciation $ 1,973 $ 1,809 Investment in joint venture partnerships 141 147 Intangible assets 116 151 Inventory 319 285 Operating lease asset 322 — Other liabilities 45 22 Total deferred tax liabilities 2,916 2,414 Deferred tax assets: Tax attributes $ 168 $ 180 Employee benefit plans 397 334 Operating lease liability 326 — Other assets 133 76 Total deferred tax assets 1,024 590 Deferred tax asset valuation allowances (85 ) (120 ) Net deferred tax assets 939 470 Net deferred tax liabilities $ 1,977 $ 1,944 December 31, Millions of dollars 2019 2018 Balance sheet classifications: Deferred tax assets—long-term $ 38 $ 31 Deferred tax liabilities—long-term 2,015 1,975 Net deferred tax liabilities $ 1,977 $ 1,944 Deferred taxes on the unremitted earnings of certain equity joint ventures and subsidiaries of $95 million and $96 million at December 31, 2019 and 2018 , respectively, have been provided. At December 31, 2019 and 2018 , we had total tax attributes available in the amount of $877 million and $938 million , respectively, for which a deferred tax asset was recognized at December 31, 2019 and 2018 of $168 million and $180 million , respectively. The scheduled expiration of the tax attributes and the related deferred tax assets, before valuation allowance, as of December 31, 2019 are as follows: Millions of dollars Tax Attributes Deferred Tax on Tax Attributes 2020 $ 28 $ 1 2021 16 1 2022 28 2 2023 9 1 2024 4 1 Thereafter 152 16 Indefinite 640 146 Total $ 877 $ 168 The tax attributes are primarily related to operations in the United States, United Kingdom and France. The related deferred tax assets by primary jurisdictions are shown below: December 31, Millions of dollars 2019 2018 2017 United States $ 68 $ 14 $ 10 United Kingdom 36 36 17 France 30 64 92 Spain 8 11 32 The Netherlands 4 12 13 Canada — 28 31 Other 22 15 1 Total $ 168 $ 180 $ 196 To fully realize these net deferred tax assets, we will need to generate sufficient future taxable income in the countries where these tax attributes exist during the periods in which the attributes can be utilized. Based upon projections of future taxable income over the periods in which the attributes can be utilized and/or temporary differences can be reversed, management believes it is more likely than not that $83 million of these deferred tax assets at December 31, 2019 will be realized. Prior to the close of each reporting period, management considers the weight of all evidence, both positive and negative, to determine if a valuation allowance is necessary for each jurisdictions’ net deferred tax assets. We place greater weight on historical evidence over future predictions of our ability to utilize net deferred tax assets. We consider future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences, and taxable income in prior carryback year(s) if carryback is permitted under applicable law, as well as available prudent and feasible tax planning strategies that would, if necessary, be implemented to ensure realization of the net deferred tax asset. A summary of the valuation allowances by primary jurisdiction is shown below, reflecting the valuation allowances for all the net deferred tax assets, including deferred tax assets for tax attributes and other temporary differences. December 31, Millions of dollars 2019 2018 2017 United Kingdom $ 36 $ 33 $ 17 France 23 23 25 United States 13 13 10 The Netherlands 3 12 12 Canada — 28 32 Other 10 11 — $ 85 $ 120 $ 96 Historically, we have maintained a full valuation allowance against the net deferred tax asset in Canada. In 2019 , we liquidated this Canadian entity resulting in the write-off of both the deferred tax asset and the associated valuation allowance. During 2018 , the valuation allowance increased in the United Kingdom due to disallowed interest deductions where we do not expect to realize a future benefit. This increase also includes the addition of valuation allowances associated with A. Schulman entities acquired in 2018 where management assessed that deferred tax attributes are not likely to be realized. During 2017 , the valuation allowance decreased in the U.S. due to the remeasurement of our U.S. net deferred income tax liability. This reduction was offset by increases in the valuation allowances of other jurisdictions due primarily to currency translation adjustments. Tax benefits totaling $238 million , $269 million and $544 million relating to uncertain tax positions, which are reflected in Other liabilities, were unrecognized as of December 31, 2019 , 2018 and 2017 , respectively. The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits: Year Ended December 31, Millions of dollars 2019 2018 2017 Balance, beginning of period $ 269 $ 544 $ 546 Additions for tax positions of current year 49 16 15 Additions for tax positions of prior years 20 23 3 Reductions for tax positions of prior years (100 ) (299 ) (20 ) Settlements (payments/refunds) — (15 ) — Balance, end of period $ 238 $ 269 $ 544 The majority of the uncertain tax positions, if recognized, will affect the effective tax rate. We operate in multiple jurisdictions throughout the world, and our tax returns are periodically audited or subjected to review by tax authorities. We are currently under examination in a number of tax jurisdictions. As a result, there is an uncertainty in income taxes recognized in our financial statements. Positions challenged by the tax authorities may be settled or appealed by us. During 2019 , we recognized a $113 million non-cash benefit to our effective tax rate consisting of $100 million of previously unrecognized tax benefits as a reduction for tax positions of a prior year and the release of $13 million of previously accrued interest. These benefits were largely due to the expiration of certain statutes of limitations. During 2018 , we entered into various audit settlements impacting specific uncertain tax positions. These audit settlements resulted in a $358 million non-cash benefit to our effective tax rate consisting of the recognition of $299 million of previously unrecognized tax benefits as a reduction for tax positions of prior years and the release of $59 million of previously accrued interest. These non-cash reductions in unrecognized tax benefits are reflected on our Consolidated Balance Sheets in Other liabilities and on our Consolidated Statements of Cash Flows in Other operating activities. We are no longer subject to any significant income tax examinations by tax authorities for the years prior to 2017 in the Netherlands, prior to 2014 in Italy, prior to 2005 in Germany, prior to 2010 in France, prior to 2016 in the United Kingdom, and prior to 2016 in the U.S., our principal tax jurisdictions. It is reasonably possible that, within the next twelve months, due to the settlement of uncertain tax positions with various tax authorities and the expiration of statutes of limitations, unrecognized tax benefits could decrease by up to approximately $100 million . We recognize interest associated with unrecognized tax benefits in income tax expense. Income tax expense includes a benefit of interest and penalties totaling $1 million and $47 million in 2019 and 2018 , respectively, and interest expense totaling $16 million in 2017 . We had accrued approximately $15 million , $16 million and $63 million for interest and penalties as of December 31, 2019 , 2018 and 2017 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | 19 . 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 December 31, 2019 , we had capital expenditure commitments which we incurred in our normal course of business, including commitments of approximately $449 million related to building our new PO/TBA plant on the Texas Gulf Coast. 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 $132 million and $90 million as of December 31, 2019 and 2018 , respectively. At December 31, 2019 , the accrued liabilities for individual sites range from less than $1 million to $17 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. The following table summarizes the activity in our accrued environmental liability included in “Accrued liabilities” and “Other liabilities:” Year Ended December 31, Millions of dollars 2019 2018 Beginning balance $ 90 $ 102 Additional provisions 44 — Changes in estimates 15 4 Amounts paid (16 ) (13 ) Foreign exchange effects (1 ) (3 ) Ending balance $ 132 $ 90 Additional provisions recognized during the year ended December 31, 2019 are primarily associated with our acquisition of A. Schulman in August 2018. 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 December 31, 2019 , 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 financial statements. |
Shareholders' Equity and Redeem
Shareholders' Equity and Redeemable Non-controlling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Shareholders' Equity and Redeemable Non-controlling Interests [Abstract] | |
Shareholders' Equity [Text Block] | 20 . Shareholders’ Equity and Redeemable Non-controlling Interests Shareholders’ Equity Dividend Distributions —The following table summarizes the dividends paid to common shareholders in the periods presented: Millions of dollars, except per share amounts Dividend Per Ordinary Share Aggregate Dividends Paid Date of Record For the year 2019: March $ 1.00 $ 372 March 4, 2019 June 1.05 388 June 10, 2019 September 1.05 351 September 4, 2019 December 1.05 351 December 2, 2019 $ 4.15 $ 1,462 For the year 2018: March $ 1.00 $ 395 March 5, 2018 June 1.00 392 June 11, 2018 September 1.00 389 September 5, 2018 December 1.00 378 December 10, 2018 $ 4.00 $ 1,554 Share Repurchase Authorization —In May 2019, our shareholders approved a proposal to authorize us to repurchase up to 37.0 million of our ordinary shares through November 30, 2020 (“May 2019 Share Repurchase Authorization”), which superseded the remaining authorization under our 2018 Share Repurchase Authorization. Upon the completion of the tender offer in July 2019, we repurchased 35.1 million ordinary shares, under the May 2019 Share Repurchase Authorization, at a tender offer price of $88.00 per share for a total of $3,099 million , including $6 million of fees and expenses related to the tender offer. The remaining 1.9 million shares under the May 2019 Share Repurchase Authorization were repurchased from the open market in August 2019. In September 2019 , our shareholders approved a proposal to authorize us to repurchase up to 33.3 million ordinary shares through March 12, 2021 (“September 2019 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. As of December 31, 2019, there were no repurchases under the September 2019 Share Repurchase Authorization. The following table summarizes our share repurchase activity for the periods presented: Millions of dollars, except shares and per share amounts Shares Repurchased Average Purchase Price Total Purchase Price, Including Commissions and Fees For the year 2019: 2018 Share Repurchase Authorization 5,648,900 $ 86.38 $ 488 May 2019 Share Repurchase Authorization 37,032,594 87.50 3,240 42,681,494 $ 87.35 $ 3,728 For the year 2018: 2017 Share Repurchase Authorization 4,004,753 $ 106.05 $ 425 2018 Share Repurchase Authorization 15,215,966 95.49 1,453 19,220,719 $ 97.69 $ 1,878 For the year 2017: 2016 Share Repurchase Authorization 3,501,084 $ 85.71 $ 300 2017 Share Repurchase Authorization 6,516,917 83.54 545 10,018,001 $ 84.30 $ 845 Due to the timing of settlements, total cash paid for share repurchases for the years ended December 31, 2019 , 2018 and 2017 was $3,752 million , $1,854 million and $866 million , respectively. Ordinary Shares —The changes in the outstanding amounts of ordinary shares are as follows: Year Ended December 31, 2019 2018 2017 Ordinary shares outstanding: Beginning balance 375,696,661 394,512,054 404,046,331 Share-based compensation 295,984 307,335 371,980 Warrants exercised — — 4,184 Employee stock purchase plan 165,743 121,398 107,560 Purchase of ordinary shares (42,681,505 ) (19,244,126 ) (10,018,001 ) Ending balance 333,476,883 375,696,661 394,512,054 Treasury Shares —The changes in the amounts of treasury shares held by the Company are as follows: Year Ended December 31, 2019 2018 2017 Ordinary shares held as treasury shares: Beginning balance 24,513,619 183,928,109 174,389,139 Share-based compensation (295,984 ) (307,335 ) (371,980 ) Warrants exercised — — 509 Employee stock purchase plan (165,743 ) (121,398 ) (107,560 ) Purchase of ordinary shares 42,681,505 19,244,126 10,018,001 Treasury shares canceled (60,164,652 ) (178,229,883 ) — Ending balance 6,568,745 24,513,619 183,928,109 During 2019 and 2018 , following approval by our management and shareholders, we canceled 60,164,652 and 178,229,883 ordinary shares, respectively, held in our treasury account in accordance with cancellation requirements under Dutch law. Purchase of ordinary shares during 2019 and 2018 includes 11 shares and 23,407 shares, respectively, that were returned to us at no cost resulting from unclaimed distributions to creditors. Accumulated Other Comprehensive Loss —The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the years ended December 31, 2019 , 2018 and 2017 are presented in the following table: Millions of dollars Financial Derivatives Unrealized Gains (Losses) on Available-for-Sale Debt Securities Unrealized Gains on Equity Securities and Equity Securities Held by Equity Investees Defined Benefit Pension and Other Postretirement Benefit Plans Foreign Currency Translation Adjustments Total Balance—January 1, 2017 $ (75 ) $ 1 $ — $ (498 ) $ (939 ) $ (1,511 ) Other comprehensive income (loss) before reclassifications (323 ) (2 ) 15 62 145 (103 ) Tax (expense) benefit before reclassifications 86 1 2 (15 ) 33 107 Amounts reclassified from accumulated other comprehensive loss 264 — — 44 — 308 Tax expense (72 ) — — (14 ) — (86 ) Net other comprehensive income (loss) (45 ) (1 ) 17 77 178 226 Balance—December 31, 2017 $ (120 ) $ — $ 17 $ (421 ) $ (761 ) $ (1,285 ) Balance—January 1, 2018 $ (120 ) $ — $ 17 $ (421 ) $ (761 ) $ (1,285 ) Adoption of accounting standards (2 ) — (17 ) (51 ) — (70 ) Other comprehensive income (loss) before reclassifications 180 — — 5 (74 ) 111 Tax (expense) benefit before reclassifications (43 ) — — 2 (18 ) (59 ) Amounts reclassified from accumulated other comprehensive loss (110 ) — — 36 — (74 ) Tax (expense) benefit 27 — — (13 ) — 14 Net other comprehensive income (loss) 54 — — 30 (92 ) (8 ) Balance—December 31, 2018 $ (68 ) $ — $ — $ (442 ) $ (853 ) $ (1,363 ) Balance—January 1, 2019 $ (68 ) $ — $ — $ (442 ) $ (853 ) $ (1,363 ) Other comprehensive income (loss) before reclassifications (120 ) — — (390 ) (12 ) (522 ) Tax (expense) benefit before reclassifications 25 — — 98 (8 ) 115 Amounts reclassified from accumulated other comprehensive loss (50 ) — — 29 — (21 ) Tax (expense) benefit 13 — — (6 ) — 7 Net other comprehensive income (loss) (132 ) — — (269 ) (20 ) (421 ) Balance—December 31, 2019 $ (200 ) $ — $ — $ (711 ) $ (873 ) $ (1,784 ) The amounts reclassified out of each component of Accumulated other comprehensive loss are as follows: Millions of dollars Year Ended December 31, Affected Line Items on the Consolidated Statements of Income 2019 2018 2017 Reclassification adjustments for: Financial derivatives $ (50 ) $ (110 ) $ 264 Other income, net Income tax expense (benefit) (13 ) (27 ) 72 Provision for income taxes Financial derivatives, net of tax (37 ) (83 ) 192 Amortization of defined pension items: Prior service cost 2 1 3 Other income, net Actuarial loss 26 32 39 Other income, net Settlement loss 1 3 2 Other income, net Income tax expense (benefit) 6 13 14 Provision for income taxes Defined pension items, net of tax 23 23 30 Total reclassifications, before tax (21 ) (74 ) 308 Income tax expense (benefit) (7 ) (14 ) 86 Provision for income taxes Total reclassifications, after tax $ (14 ) $ (60 ) $ 222 Amount included in net income Amortization of prior service cost and actuarial loss are included in the computation of net periodic pension and other postretirement benefit costs (see Note 16 to the Consolidated Financial Statements). Non-Controlling Interests —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 . In April 2017, we increased our interest in the entity that holds our equity interest in Al Waha Petrochemicals Ltd. from 83.79% to 100% by paying $21 million to exercise a call option to purchase the remaining 16.21% interest held by a third party. Redeemable Non-controlling Interests Our redeemable non-controlling interests relate to shares of cumulative perpetual special stock issued by our consolidated subsidiary, formerly known as A. Schulman. As of December 31, 2019 and 2018 , we had 115,374 shares of redeemable non-controlling interest stock outstanding. In February, May, August and November 2019, we paid a cash dividend of $15.00 per share to our redeemable non-controlling interest shareholders of record as of January 15, 2019 , April 15, 2019 , July 15, 2019 , and October 15, 2019 , respectively. In 2019 and 2018 , we paid a total of $7 million and $2 million , respectively, related to dividends on redeemable non-controlling interest stock. |
Per Share Data
Per Share Data | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Per Share Data [Text Block] | 21 . Per Share Data Basic earnings per share is 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 options 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: Year Ended December 31, 2019 2018 2017 Continuing Discontinued Continuing Discontinued Continuing Discontinued Millions of dollars Operations Operations Operations Operations Operations Operations Net income (loss) $ 3,404 $ (7 ) $ 4,698 $ (8 ) $ 4,895 $ (18 ) Less: net loss attributable to non-controlling interests — — — — 2 — Net income (loss) attributable to the Company shareholders 3,404 (7 ) 4,698 (8 ) 4,897 (18 ) Dividends on redeemable non-controlling interest stock (7 ) — (2 ) — — — Net income attributable to participating securities (6 ) — (6 ) — (5 ) — Net income (loss) attributable to ordinary shareholders—basic $ 3,391 $ (7 ) $ 4,690 $ (8 ) $ 4,892 $ (18 ) Potential diluted effect of performance share units — — (5 ) — — — Net income (loss) attributable to ordinary shareholders— diluted $ 3,391 $ (7 ) $ 4,685 $ (8 ) $ 4,892 $ (18 ) Millions of shares, except per share amounts Basic weighted average common stock outstanding 353 353 389 389 398 398 Effect of dilutive securities: Stock options — — — — 1 1 Potential dilutive shares 353 353 389 389 399 399 Earnings (loss) per share: Basic $ 9.61 $ (0.02 ) $ 12.06 $ (0.02 ) $ 12.28 $ (0.05 ) Diluted $ 9.60 $ (0.02 ) $ 12.03 $ (0.02 ) $ 12.28 $ (0.05 ) |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment and Related Information [Text Block] | 22 . 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: Year Ended December 31, 2019 O&P – O&P – I&D APS Refining Technology Other Total Millions of dollars Sales and other operating revenues: Customers $ 5,311 $ 8,764 $ 7,642 $ 4,846 $ 7,599 $ 565 $ — $ 34,727 Intersegment 3,124 740 192 4 652 98 (4,810 ) — 8,435 9,504 7,834 4,850 8,251 663 (4,810 ) 34,727 Depreciation and amortization expense 470 208 295 133 169 37 — 1,312 Other income, net 9 9 6 1 6 — 8 39 Income from equity investments 46 172 7 — — — — 225 Capital expenditures 1,099 213 1,064 59 149 94 16 2,694 EBITDA 2,302 1,062 1,557 424 (65 ) 411 1 5,692 Year Ended December 31, 2018 Millions of dollars O&P – O&P – I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 6,883 $ 9,984 $ 9,426 $ 4,022 $ 8,221 $ 468 $ — $ 39,004 Intersegment 3,525 854 162 2 936 115 (5,594 ) — 10,408 10,838 9,588 4,024 9,157 583 (5,594 ) 39,004 Depreciation and amortization expense 442 208 287 69 192 43 — 1,241 Other income, net 11 48 2 2 3 1 39 106 Income from equity investments 58 225 6 — — — — 289 Capital expenditures 1,079 248 409 62 250 48 9 2,105 EBITDA 2,762 1,163 2,011 400 167 328 36 6,867 Year Ended December 31, 2017 Millions of dollars O&P – Americas O&P – EAI I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 7,265 $ 9,445 $ 8,346 $ 2,922 $ 6,165 $ 341 $ — $ 34,484 Intersegment 2,739 773 126 — 683 109 (4,430 ) — 10,004 10,218 8,472 2,922 6,848 450 (4,430 ) 34,484 Depreciation and amortization expense 433 210 279 35 177 40 — 1,174 Other income (expense), net 42 138 1 (2 ) 2 — (2 ) 179 Income from equity investments 42 271 8 — — — — 321 Capital expenditures 741 163 332 55 213 32 11 1,547 EBITDA 2,899 1,927 1,490 438 157 223 — 7,134 In 2019 , EBITDA for our O&P—Americas segment and APS segment results include non-cash, LCM inventory valuation charges of $25 million and $8 million , respectively, primarily due to a decline in domestic polyethylene prices. Additionally, our APS segment results include charges totaling $116 million for integration costs associated with our acquisition of A. Schulman. In 2018 , EBITDA for our O&P—EAI segment includes a $36 million gain from the fourth quarter 2018 sale of our carbon black subsidiary in France. Our APS segment results include charges totaling $69 million for acquisition-related transaction and integration costs associated with our acquisition of A. Schulman. In 2017 , our O&P—Americas results include a $31 million gain on the first quarter sale of property in Lake Charles, Louisiana. EBITDA for our O&P—EAI segment includes a $108 million gain on the sale of our 27% interest in Geosel and also includes a $21 million non-cash gain stemming from the elimination of an obligation associated with a lease. A reconciliation of EBITDA to Income from continuing operations before income taxes is shown in the following table for each of the periods presented: Year Ended December 31, Millions of dollars 2019 2018 2017 EBITDA: Total segment EBITDA $ 5,691 $ 6,831 $ 7,134 Other EBITDA 1 36 — Less: Depreciation and amortization expense (1,312 ) (1,241 ) (1,174 ) Interest expense (347 ) (360 ) (491 ) Add: Interest income 19 45 24 Income from continuing operations before income taxes $ 4,052 $ 5,311 $ 5,493 The following assets are summarized and reconciled to consolidated totals in the following table: Millions of dollars O&P – Americas O&P – EAI I&D APS Refining Technology Total December 31, 2019 Property, plant and equipment, net $ 6,454 $ 1,706 $ 3,640 $ 806 $ 1,190 $ 334 $ 14,130 Investment in PO joint ventures — — 504 — — — 504 Equity investments 193 1,335 71 3 — — 1,602 Goodwill 162 112 228 1,380 — 9 1,891 December 31, 2018 Property, plant and equipment, net $ 5,769 $ 1,745 $ 2,663 $ 818 $ 1,216 $ 266 $ 12,477 Investment in PO joint ventures — — 469 — — — 469 Equity investments 196 1,326 73 16 — — 1,611 Goodwill 162 114 229 1,300 — 9 1,814 Long-lived assets include Property, plant and equipment, net, Intangible assets, net, Investments in PO joint ventures, and Equity investments (see Notes 8 , 9 and 10 to the Consolidated Financial Statements). The following long-lived assets data is based upon the location of the assets: December 31, Millions of dollars 2019 2018 Long-lived assets: United States $ 11,999 $ 10,346 Germany 1,476 1,527 The Netherlands 814 757 France 540 565 Italy 326 343 Mexico 249 254 Other 1,701 1,730 Total $ 17,105 $ 15,522 |
Unaudited Quarterly Results
Unaudited Quarterly Results | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Results [Text Block] | 23 . Unaudited Quarterly Results The following table presents selected quarterly financial data: For the 2019 Quarter Ended Millions of dollars, except per share amounts March 31 June 30 September 30 December 31 Sales and other operating revenues $ 8,778 $ 9,048 $ 8,722 $ 8,179 Gross profit (a) 1,332 1,506 1,453 1,135 Operating income (b) 1,017 1,177 1,124 798 Income from equity investments 64 64 51 46 Income from continuing operations (b)(c) 817 1,006 969 612 Loss from discontinued operations, net of tax — (3 ) (4 ) — Net income (b)(c) 817 1,003 965 612 Earnings per share: Basic 2.19 2.70 2.85 1.83 Diluted 2.19 2.70 2.85 1.83 For the 2018 Quarter Ended Millions of dollars, except per share amounts March 31 June 30 September 30 December 31 Sales and other operating revenues $ 9,767 $ 10,206 $ 10,155 $ 8,876 Gross profit (a) 1,755 1,916 1,656 1,148 Operating income (b) 1,494 1,626 1,317 794 Income from equity investments 96 68 89 36 Income from continuing operations (b)(c) 1,231 1,655 1,115 697 Loss from discontinued operations, net of tax — (1 ) (2 ) (5 ) Net income (b)(c) 1,231 1,654 1,113 692 Earnings per share: Basic 3.12 4.23 2.86 1.81 Diluted 3.11 4.22 2.85 1.79 (a) Represents Sales and other operating revenues less Cost of sales. (b) The three months ended March, June, September and December 2019 include charges for integration costs associated with our acquisition of A. Schulman of $16 million , $19 million , $43 million and $38 million ( $12 million , $15 million , $33 million and $29 million , after tax), respectively. Includes a pretax LCM inventory valuation charge of $33 million ( $25 million , after tax) in the three months ended December 31, 2019. The three months ended September 30, 2018 includes charges for acquisition-related transaction and integration costs associated with our acquisition of A. Schulman of $53 million ( $42 million , after tax). The three months ended December 31, 2018 includes charges for integration costs of $20 million ( $15 million , after tax). (c) The three months ended September 2019 and June 2018 include a non-cash benefit of $85 million and $346 million benefits, respectively, related to previously unrecognized tax benefits and the release of associated accrued interest. The three months ended December 31, 2019 includes an after tax gain of $5 million on the sale of a joint venture interest in Asia. The three months ended December 31, 2018 includes a $34 million after tax gain on the sale of our carbon black subsidiary in France. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of preparation and consolidation [Policy Text Block] | Basis of Preparation and Consolidation The accompanying Consolidated Financial Statements have been prepared from the books and records of LyondellBasell N.V. under accounting principles generally accepted in the United States (“U.S. GAAP”). Subsidiaries are defined as being those companies over which we, either directly or indirectly, have control through a majority of the voting rights or the right to exercise control or to obtain the majority of the benefits and be exposed to the majority of the risks. Subsidiaries are consolidated from the date on which control is obtained until the date that such control ceases. All intercompany transactions and balances have been eliminated in consolidation. |
Cash and cash equivalents [Policy Text Block] | Cash and Cash Equivalents Our cash equivalents consist of highly liquid debt instruments such as certificates of deposit, commercial paper and money market accounts with major international banks and financial institutions. Cash equivalents include instruments with maturities of three months or less when acquired and exclude restricted cash. Although, we have no current requirements for compensating balances in a specific amount at a specific point in time, we may maintain compensating balances at our discretion for some of our banking services and products. |
Short-term investments [Policy Text Block] | Short-Term Investments Our investments in debt securities are classified as available-for-sale and held-to-maturity on the basis of our intent and ability to hold the investments. Investments classified as available-for-sale are carried at fair value with changes reflected in other comprehensive income. Credit-related impairment, measured using the expected cash flows and limited to the amount by which the amortized cost basis of a security exceeds its fair value, is recognized through an allowance for expected credit losses, and adjusted subsequently if conditions change, with a corresponding impact in earnings. Where there is an intention or a requirement to sell an impaired available-for-sale debt security, the entire impairment is recognized in earnings with a corresponding adjustment to the amortized cost basis of the security. Investments classified as held-to-maturity are carried at amortized cost less allowance for credit losses recorded through net income. We account for investments in equity securities at fair value with changes in fair value recognized in net income. |
Trade receivables [Policy Text Block] | Trade Receivables |
Loan receivables [Policy Text Block] | Loans Receivable We invest in tri-party repurchase agreements. Under these agreements, we make cash purchases of securities according to a pre-agreed profile from our counterparties. The counterparties have an obligation to repurchase, and we have an obligation to sell, the same or substantially the same securities at a pre-defined date for a price equal to the purchase price plus interest. These securities, which pursuant to our internal policies are held by a third-party custodian and must generally have a minimum collateral value of 102%, secure the counterparty’s obligation to repurchase the securities. The investment in tri-party repurchase agreements is carried at amortized cost. We have elected the practical expedient to recognize zero credit losses for the investment in tri-party repurchase agreements given the counterparty’s requirement to maintain collateral of fair value equal to or exceeding the amortized cost basis of the investment. Depending upon maturity, these agreements are treated as short-term loans receivable and are reflected in Prepaid expenses and other current assets or as long-term loans receivable reflected in Other investments and long-term receivables on our Consolidated Balance Sheets. |
Inventories [Policy Text Block] | Inventories Cost of our raw materials, work-in-progress and finished goods inventories is determined using the last-in, first-out (“LIFO”) method and is carried at the lower of cost or market value. Cost of our materials and supplies inventory is determined using the moving average cost method and is carried at the lower of cost and net realizable value. Inventory exchange transactions, which involve fungible commodities, are not accounted for as purchases and sales. Any resulting volumetric exchange balances are accounted for as inventory, with cost determined using the LIFO method. |
Property, plant and equipment [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are recorded at historical cost. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Costs may also include borrowing costs incurred on debt during construction of major projects exceeding one year, costs of major maintenance arising from turnarounds of major units and committed decommissioning costs. Routine maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of assets to their residual values. The residual values and useful lives of assets are reviewed, and adjusted if appropriate, whenever events or circumstances indicate that a revision is warranted. Land is not depreciated. We evaluate property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which, for us, is generally at the plant group level (or, at times, individual plants in certain circumstances where we have isolated production units with separately identifiable cash flows). If it is determined that an asset or asset group’s undiscounted future cash flows will not be sufficient to recover the carrying amount, the asset is written down to its estimated fair value. Gain or loss on retirement or sale of property, plant and equipment is reflected in the Consolidated Statements of Income. |
Equity investments [Policy Text Block] | Equity Investments We account for equity method investments (“equity investments”) using the equity method of accounting if we have the ability to exercise significant influence over, but not control of, an investee. Significant influence generally exists if we have an ownership interest representing between 20% and 50% of the voting rights. Under the equity method of accounting, investments are stated initially at cost and are adjusted for subsequent additional investments and our proportionate share of profit or losses and distributions. We record our share of the profits or losses of the equity investments, net of income taxes, in the Consolidated Statements of Income. When our share of losses in an equity investment equals or exceeds our interest in the equity investment, including any other unsecured receivables, we do not recognize further losses, unless we have guaranteed obligations or are otherwise committed to provide further financial support to the investee. We assess our equity investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. If the decline in value is considered to be other-than-temporary, the investment is written down to its estimated fair value. |
Business combination [Policy Text Block] | Business Combination We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, with any difference compared to the purchase consideration recorded as goodwill or gain from a bargain purchase. Subsequent to the acquisition, and no later than one year from the acquisition date, we may record adjustments to the estimated fair values of assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments of the estimated fair values are recorded to earnings. Acquisition-related costs are expensed as incurred. |
Redeemable noncontrolling interests [Policy Text Block] | 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, Inc. (“A. Schulman”). Holders of redeemable non-controlling interest stock are entitled to receive cumulative dividends at the rate of 6% per share on the liquidation preference of $1,000 per share. Redeemable non-controlling interest stock may be redeemed at any time at the discretion of the holders and is reported in the Consolidated Balance Sheets outside of permanent equity. The redeemable non-controlling interests were recorded at fair value at the date of acquisition and is subsequently carried at the greater of estimated redemption value at the end of each reporting period or the initial amount recorded at the date of acquisition adjusted for subsequent redemptions. Dividends on these shares are deducted from or added to the amount of Income (loss) attributable to the Company shareholders if and when declared by the Company. |
Goodwill [Policy Text Block] | Goodwill Goodwill is tested for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount. We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors assessed for each of the reporting units include, but are not limited to, changes in long-term commodity prices, discount rates, competitive environments, planned capacity, cost factors such as raw material prices, and financial performance of the reporting units. If the qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, a quantitative test is required. If the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge equal to the excess would be recognized up to a maximum amount of goodwill allocated to that reporting unit. In 2019 and 2018, management performed qualitative impairment assessments of our reporting units which indicated that the fair value of our reporting units was greater than their carrying value including goodwill. Accordingly, a quantitative goodwill impairment test was not required and no goodwill impairment was recognized. |
Intangible assets [Policy Text Block] | Intangible Assets —Intangible assets consist of customer relationships, trade names and trademarks, know-how, emission allowances, various contracts, in-process research and development costs and software costs. These assets are amortized using the straight-line method over their estimated useful lives or over the term of the related agreement. We evaluate definite-lived intangible assets with the associated long-lived asset group for impairment whenever impairment indicators are present. |
Research and development [Policy Text Block] | Research and Development —Research and development (“R&D”) costs are expensed when incurred. Subsidies for R&D are included in Other income (expense), net. Depreciation expense related to assets employed in R&D is included as a cost of R&D. |
Income taxes [Policy Text Block] | Income Taxes The income tax for the period comprises current and deferred tax. Income tax is recognized in the Consolidated Statements of Income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In these cases, the applicable tax amount is recognized in other comprehensive income or directly in equity, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the net tax effects of net operating loss carryforwards. Valuation allowances are provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. We recognize uncertain income tax positions in our financial statements when we believe it is more likely than not, based on the technical merits, that the position or a portion thereof will be sustained upon examination. For a position that is more likely than not to be sustained, the benefit recognized is measured at the largest cumulative amount that is greater than 50 percent likely of being realized. |
Environmental remediation costs [Policy Text Block] | Environmental Remediation Costs —Environmental remediation liabilities include liabilities related to sites we currently own, sites we no longer own, as well as sites where we have operated that belong to other parties. Liabilities for anticipated expenditures related to investigation and remediation of contaminated sites are accrued when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated. Only ongoing operating and monitoring costs, the timing of which can be determined with reasonable certainty, are discounted to present value. Future legal costs associated with such matters, which generally are not estimable, are not included in these liabilities. |
Asset retirement obligations [Policy Text Block] | Asset Retirement Obligations— At some sites, we are contractually obligated to decommission our plants upon site exit. Asset retirement obligations are recorded at the present value of the estimated costs to retire the asset at the time the obligation is incurred. That cost, which is capitalized as part of the related long-lived asset, is depreciated on a straight-line basis over the remaining useful life of the related asset. Accretion expense in connection with the discounted liability is also recognized over the remaining useful life of the related asset. Such depreciation and accretion expenses are included in Cost of sales. |
Foreign currency translation [Policy Text Block] | Foreign Currency Translation and Remeasurement Functional and Reporting Currency —Items included in the financial information of each of LyondellBasell N.V.’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”) and then translated to the U.S. dollar (“the reporting currency”) through Other comprehensive income as follows: • Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; • Income and expenses for each income statement are translated at monthly average exchange rates; and • All resulting exchange differences are recognized as a separate component within Other comprehensive income (foreign currency translation). Transactions and Balances —Foreign currency transactions are recorded in their respective functional currency using exchange rates prevailing at the dates of the transactions. Exchange gains and losses resulting from the settlement of such transactions and from remeasurement of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in the Consolidated Statements of Income. |
Revenue from contract with customer [Policy Text Block] | Revenue Recognition Substantially all our revenues are derived from contracts with customers. We account for contracts when both parties have approved the contract and are committed to perform, the rights of the parties and payment terms have been identified, the contract has commercial substance and collectability is probable. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied. This generally occurs at the point in time when performance obligations are fulfilled and control transfers to the customer. In most instances, control transfers upon transfer of risk of loss and title to the customer, which usually occurs when we ship products to the customer from our manufacturing facility. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. Customer incentives are generally based on volumes purchased and recognized over the period earned. Sales, value-added, and other taxes that we collect concurrent with revenue-producing activities are excluded from the transaction price as they represent amounts collected on behalf of third parties. We apply the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less. Shipping and handling costs are treated as a fulfillment cost and not a separate performance obligation. Payments are typically required within a short period following the transfer of control of the product to the customer. We occasionally require customers to prepay purchases to ensure collectability. Such prepayments do not represent financing arrangements, since payment and fulfillment of the performance obligation occurs within a short time frame. We apply the practical expedient which permits us not to adjust the promised amount of consideration for the effects of a significant financing component when, at contract inception, we expect that payment will occur in one year or less. Contract balances typically arise when a difference in timing between the transfer of control to the customer and receipt of consideration occurs. Our contract liabilities, which are reflected in our Consolidated Financial Statements as Accrued liabilities and Other liabilities, consist primarily of customer payments for products or services received before the transfer of control to the customer occurs. |
Share-based compensation [Policy Text Block] | Share-Based Compensation The Company recognizes compensation expense in the financial statements for equity-classified share-based compensation awards based upon the grant date fair value over the vesting period. Compensation expense for liability-classified share-based awards are recognized on a straight-line basis over the vesting period as a liability and re-measured, at fair value, at the balance sheet date. See Note 17 to the Consolidated Financial Statements for additional information. |
Lessee, leases [Policy Text Block] | Leases At inception of a contract, we determine if the contract contains a lease. When a lease is identified, we recognize a leased asset and a corresponding lease liability based on the present value of the lease payments over the lease term, discounted using our incremental borrowing rate, unless an implicit rate is readily determinable. Lease payments include fixed and variable lease components. Options to extend or terminate a lease are reflected in the lease payments and lease term when it is reasonably certain that we will exercise those options. Variable components are derived from usage or market-based indices, such as the consumer price index. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the Consolidated Statements of Income. The majority of our leases are operating leases for which we recognize lease expense on a straight-line basis over the lease term. We apply the practical expedient to account for lease and associated non-lease components as a single lease component for all asset classes with the exception of utilities and pipeline assets within major manufacturing equipment. For these assets, non-lease components are separated from lease components and accounted for as normal operating expenses. Leases with an initial term of 12 months or less are recognized in the Consolidated Statements of Income on a straight-line basis over the lease term. |
Financial instruments and hedging activities [Policy Text Block] | Financial Instruments and Hedging Activities Pursuant to our risk management policies, we selectively enter into derivative transactions to manage market risk volatility associated with changes in commodity pricing, currency exchange rates and interest rates. Derivatives used for this purpose are generally designated as net investment hedges, cash flow hedges or fair value hedges. Derivative instruments are recorded at fair value on the balance sheet. Gains and losses related to changes in the fair value of derivative instruments not designated as hedges are recorded in earnings. Cash flows from derivatives designated as hedges are reported in our Consolidated Statements of Cash Flows under the same category as the cash flows from the hedged items unless the derivative contract contains a significant financing element. Cash flows for derivatives with a significant financing element are classified as Cash flows from financing activities. Net Investment Hedges— We enter into foreign currency derivatives and foreign currency denominated debt to reduce the volatility in shareholders’ equity resulting from changes in currency exchange rates of our foreign subsidiaries with respect to the U.S. dollar. Our foreign currency derivatives consist of cross-currency basis swap contracts and forward exchange contracts. We use the critical terms approach through the application of the spot method to assess hedge effectiveness at least quarterly. For derivatives designated as net investment hedges, gains or losses attributable to changes in spot foreign exchange rates over the designation period are reflected in foreign currency translation adjustments within Other comprehensive income (loss). Recognition in earnings is delayed until the net investment is sold or liquidated. At that time, the amount recognized is reported in the same line item as the gain or loss on the liquidation of the hedged foreign operations. For our basis swaps, the associated interest receipts and payments are recorded in Interest expense. For our foreign currency forward contracts, we amortize initial forward point values on a straight-line basis to Interest expense over the life of the hedging instrument. We monitor on a quarterly basis for any over-hedged positions requiring de-designation and re-designation of the hedge to remove such over-hedged condition. Cash Flow Hedges— We enter into cash flow hedges to manage the variability in cash flows of a future transaction. Our cash flow hedges include cross currency swaps, forward starting interest rate swaps and commodity futures and swaps. For derivatives designated as cash flow hedges, the gains and losses are recorded in Other comprehensive income (loss) and released to earnings in the same line item and in the same period during which the hedged item affects earnings. We use the critical terms and the quantitative long-haul methods to assess hedge effectiveness and monitor, at least quarterly, any change in effectiveness. We have cross-currency swap contracts designated as cash flow hedges to reduce our exposure to the foreign currency exchange risk associated with certain intercompany loans. Under the terms of these contracts, we make interest payments in euros and receive interest in U.S. dollars. Upon the maturities of these contracts, we will pay the principal amount of the loans in euros and receive U.S. dollars from our counterparties. We enter into forward-starting interest rate contracts to mitigate the risk of adverse changes in benchmark interest rates on future anticipated debt issuances. We also execute commodity futures and swaps to manage the volatility of the commodity price related to anticipated purchases of raw materials and product sales. We enter into over-the-counter commodity swaps with one or more counterparties whereby we pay a predetermined fixed price and receive a price based on the average monthly rate of a specified index for the specified nominated volumes. Fair Value Hedges— We use interest rate swaps as part of our current interest rate risk management strategy to achieve a desired proportion of variable versus fixed rate debt. Under these arrangements, we exchange fixed-rate for floating-rate interest payments to effectively convert our fixed-rate debt to floating-rate debt. For derivatives that have been designated as fair value hedges, the gains and losses of the derivatives and hedged items are recorded in earnings. We use the long-haul method to assess hedge effectiveness using a regression analysis approach at least quarterly. We perform the regression analysis over an observation period of three years, utilizing data that is relevant to the hedge duration. Fair Value Measurements We categorize assets and liabilities, measured at fair value, into one of three different levels depending on the observability of the inputs employed in the measurement: Level 1—Quoted prices for identical instruments in active markets. Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable. Level 3—Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable. Changes in Fair Value Levels —Management reviews the disclosures regarding fair value measurements at least quarterly. If an instrument classified as Level 1 subsequently ceases to be actively traded, it is transferred out of Level 1. In such cases, instruments are reclassified as Level 2, unless the measurement of its fair value requires the use of significant unobservable inputs, in which case it is reclassified as Level 3. We use the following inputs and valuation techniques to estimate the fair value of our financial instruments disclosed in Note 15 to the Consolidated Financial Statements: Basis Swaps— The fair value of our basis swap contracts is calculated using the present value of future cash flows discounted using observable inputs such as known notional value amounts, yield curves, basis curves and spot and forward exchange rates . Cross-Currency Swaps —The fair value of our cross-currency swaps is calculated using the present value of future cash flows discounted using observable inputs with the foreign currency leg revalued using published spot and future exchange rates on the valuation date. Forward-Starting and Fixed-for-Floating Interest Rate Swaps —The fair value of our forward-starting and fixed-for-floating interest rate swaps is calculated using the present value of future cash flows using observable inputs such as benchmark interest rates and market yield curves. Commodity Derivatives —The fair values of our commodity derivatives are measured using closing market prices of public exchanges and from third-party broker quotes and pricing providers. The fair value of our commodity swaps classified as Level 2 is determined using a combination of observable and unobservable inputs. The observable inputs consist of future market values of various crude and heavy fuel oils, which are readily available through public data sources. The unobservable input, which is the estimated discount or premium used in the market pricing, is calculated using an internally-developed, multi-linear regression model based on the observable prices of the known components and their relationships to historical prices. A significant change in this unobservable input would not have a material impact on the fair value measurement of our Level 2 commodity swaps. Forward Exchange Contracts —The fair value of our forward exchange contracts is based on forward market rates. Available-for-Sale Debt Securities— The fair value of our available-for-sale debt securities is calculated using observable market data for similar securities and broker quotes from recognized purveyors of market data. Equity Securities— The fair value of our investment in equity securities is based on the net asset value provided by the fund administrator. Loans Receivable— The fair value of our tri-party repurchase agreements are based on discounted cash flows, which consider prevailing market rates for the respective instrument maturity, in addition to corroborative support from the minimum underlying collateral requirements. Short-Term Debt —The fair value of short-term borrowings related to precious metal financing arrangements accounted for as embedded derivatives are determined based on the market price of the associated precious metal. Long-Term Debt —The fair value of our senior and guaranteed notes is calculated using pricing data obtained from well-established and recognized vendors of market data for debt valuations. The fair value of our term loan is determined based on a discounted cash flow model using observable inputs such as benchmark interest rates and public information regarding our credit risk. Due to the short maturity, the fair value of all non-derivative financial instruments included in Current assets and Current liabilities approximates the applicable carrying value. Current assets include Cash and cash equivalents, Restricted cash, Short-term investments and Accounts receivable. Current liabilities include Accounts payable and Short-term debt excluding precious metal financings. We use the following inputs and valuation techniques to estimate the fair value of our pension assets disclosed in Note 16 to the Consolidated Financial Statements: Common and Preferred Stock— Valued at the closing price reported on the market on which the individual securities are traded. Fixed Income Securities— Certain securities that are not traded on an exchange are valued at the closing price reported by pricing services. Other securities are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Commingled Funds— Valued based upon the unit values of such collective trust funds held at year end by the pension plans. Unit values are based on the fair value of the underlying assets of the fund derived from inputs principally from, or corroborated by, observable market data by correlation or other means. Real Estate— Valued on the basis of a discounted cash flow approach, which includes the future rental receipts, expenses, and residual values as the highest and best use of the real estate from a market participant view as rental property. Hedge Funds— Valued based upon the unit values of such alternative investments held at year end by the pension plans. Unit values are based on the fair value of the underlying assets of the fund. Private Equity— Valued based upon the unit values of such alternative investments held at year end by the pension plans. Unit values are based on the fair value of the underlying assets of the fund. Certain securities held in the fund are valued at the closing price reported on an exchange or other established quotation service for over-the-counter securities. Other assets held in the fund are valued based on the most recent financial statements prepared by the fund manager. Convertible Securities— Valued at the quoted prices for similar assets or liabilities in active markets. U.S. Government Securities— Certain securities are valued at the closing price reported on the active market on which the individual securities are traded. Other securities are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Cash and Cash Equivalents— Valued at the quoted prices for identical assets or liabilities in active markets. Non-U.S. Insurance Arrangements —Valued based upon the estimated cash surrender value of the underlying insurance contract, which is derived from an actuarial determination of the discounted benefits cash flows. |
Fair value measurement [Policy Text Block] | Fair Value Measurements We categorize assets and liabilities, measured at fair value, into one of three different levels depending on the observability of the inputs employed in the measurement: Level 1—Quoted prices for identical instruments in active markets. Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable. Level 3—Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable. |
Pension plans [Policy Text Block] | Pension Plans— We have funded and unfunded defined benefit plans and defined contribution plans. For the defined benefit plans, a projected benefit obligation is calculated annually by independent actuaries using the projected unit credit method. Pension costs primarily represent the increase in the actuarial present value of the obligation for pension benefits based on employee service during the year and the interest on this obligation in respect of employee service in previous years, net of expected return on plan assets. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity and are reflected in Accumulated other comprehensive income in the period in which they arise. |
Other post-employment obligations [Policy Text Block] | Other Post-Employment Obligations— Certain employees are entitled to postretirement medical benefits upon retirement. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment applying the same accounting methodology used for defined benefit plans. |
Termination benefits [Policy Text Block] | Termination Benefits— Contractual termination benefits are payable when employment is terminated due to an event specified in the provisions of a social/labor plan or statutory law. A liability is recognized for one-time termination benefits when we are committed to (i) make payments and the number of affected employees and the benefits received are known to both parties, and (ii) terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal and can reasonably estimate such amount. Benefits falling due more than 12 months after the balance sheet date are discounted to present value. |
Use of estimates [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
New accounting pronouncements, policy [Policy Text Block] | Recently Adopted Guidance Leases— Effective January 1, 2019, we adopted the Financial Accounting Standards Board’s (“FASB”) Standard, Leases (Topic 842) as amended. This guidance establishes a right-of-use model that requires a lessee to recognize a leased asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating, with classification affecting the timing and classification of expense recognition. We used the modified retrospective method and recognized at January 1, 2019, Operating leased assets and Operating lease liabilities of $1,533 million and $1,553 million , respectively. We also reduced Accrued liabilities and Other liabilities by $2 million and $18 million , respectively. We elected the practical expedients permitted under the transition guidance that allowed us not to reassess our prior conclusions about lease identification, lease classification, initial direct costs and whether existing land easements that were not accounted for as leases under previous accounting standards are, or contain, a lease under the new standard. The adoption of this new guidance did not have a material impact on our Consolidated Statements of Income or Cash Flows. Comparative financial information has not been restated and continues to be reported under the accounting standards in effect for those periods. See Note 14 to the Consolidated Financial Statements for the disclosures related to the adoption of this guidance. Financial Instruments— Effective January 1, 2019, we early adopted the FASB’s update Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This guidance amends the impairment model to utilize an expected credit loss method in place of the incurred loss method for financial instruments measured at amortized cost, which may result in earlier recognition of credit losses. The expected credit loss is recorded using a valuation allowance and considers the risk of loss over the asset’s contractual life, even if remote, historical experience, current conditions and forecasts. This guidance also modifies the impairment model for available-for-sale debt securities by eliminating the concept of “other than temporary” impairment. Our early adoption of this guidance, including subsequent amendments, did not have a material impact on our Consolidated Financial Statements. Accounting Guidance Issued But Not Adopted as of December 31, 2019 Intangibles— Effective January 1, 2020, we will adopt FASB update, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): 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. The adoption of this guidance will not have a material impact on our Consolidated Financial Statements. Fair Value Measurement— Effective January 1, 2020, we will adopt FASB update, Fair Value Measurement (Topic 820): 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. The adoption of this guidance will not have a material impact on our Consolidated Financial Statements. Income Taxes— In December 2019, the FASB issued the update, Income Taxes (Topic 742): 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. The guidance will be effective for fiscal years and interim periods beginning after December 15, 2020 using a combination of retrospective, modified retrospective and prospective basis. Early adoption is permitted. We are currently evaluating the impact of the new guidance on our Consolidated Financial Statements. Compensation— In August 2018, FASB issued update, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): 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; however, it adds more pertinent disclosures. This guidance will be effective for public entities for annual periods ending after December 15, 2020. Early adoption is permitted. We are currently evaluating the impact of the new guidance on our Consolidated Financial Statements. |
Investment in PO Joint Ventur_2
Investment in PO Joint Ventures (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Investment in PO joint ventures [Policy Text Block] | We and Covestro do not share marketing or product sales under the U.S. PO joint venture. We operate the U.S. PO joint venture’s and the European PO joint venture’s (collectively the “PO joint ventures”) plants and arrange and coordinate the logistics of product delivery. The partners share in the cost of production and logistics is based on their product offtake. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue [Table Text Block] | Revenues disaggregated by key products are summarized below: Year Ended December 31, Millions of dollars 2019 2018 2017 Sales and other operating revenues: Olefins & co-products $ 2,957 $ 3,679 $ 4,304 Polyethylene 6,070 7,439 7,368 Polypropylene 5,010 5,703 5,005 Propylene oxide and derivatives 1,924 2,378 2,059 Oxyfuels and related products 3,116 3,399 3,022 Intermediate chemicals 2,516 3,568 3,196 Compounding and solutions 4,096 3,091 2,139 Advanced polymers 750 930 783 Refined products 7,599 8,221 6,165 Other 689 596 443 Total $ 34,727 $ 39,004 $ 34,484 The following table presents our revenues disaggregated by geography, based upon the location of the customer: Year Ended December 31, Millions of dollars 2019 2018 2017 Sales and other operating revenues: United States $ 16,349 $ 18,671 $ 16,618 Germany 2,708 2,949 2,746 Mexico 1,634 2,308 1,504 Italy 1,435 1,582 1,352 France 1,345 1,460 1,306 Japan 1,039 1,257 1,185 China 1,225 1,137 1,024 The Netherlands 929 1,050 1,069 Other 8,063 8,590 7,680 Total $ 34,727 $ 39,004 $ 34,484 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Summary of related party transactions [Table Text Block] | Related party transactions are summarized as follows: Year Ended December 31, Millions of dollars 2019 2018 2017 The Company billed related parties for: Sales of products— Joint venture partners $ 819 $ 878 $ 779 Shared service agreements— Joint venture partners 8 9 16 Related parties billed the Company for: Sales of products— Joint venture partners $ 2,830 $ 2,999 $ 2,759 Shared service agreements— Joint venture partners 71 70 75 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory, current [Table Text Block] | Inventories consisted of the following components at December 31: Millions of dollars 2019 2018 Finished goods $ 3,083 $ 3,066 Work-in-process 130 138 Raw materials and supplies 1,375 1,311 Total inventories $ 4,588 $ 4,515 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment, Goodwill and Intangible Assets [Abstract] | |
Components of property, plant and equipment, at cost, and the related accumulated depreciation [Table Text Block] | Property, Plant and Equipment —The components of property, plant and equipment, at cost, and the related accumulated depreciation are as follows at December 31: Millions of dollars Estimated Useful Life (years) 2019 2018 Major manufacturing equipment 25 $ 11,572 $ 10,684 Light equipment and instrumentation 5 - 20 2,968 2,639 Construction in progress 3,310 2,255 Major turnarounds 4 - 7 1,866 1,750 Buildings 30 1,090 924 Land 359 364 Information system equipment 3 - 5 69 60 Office furniture 15 26 25 Total property, plant and equipment 21,260 18,701 Less accumulated depreciation (7,130 ) (6,224 ) Property, plant and equipment, net $ 14,130 $ 12,477 |
Components of intangible assets, at cost, and the related amortization [Table Text Block] | Intangible Assets —The components of identifiable intangible assets, at cost, and the related accumulated amortization are as follows at December 31: 2019 2018 Millions of dollars Cost Accumulated Amortization Net Cost Accumulated Amortization Net Emission allowances $ 874 $ (593 ) $ 281 $ 807 $ (531 ) $ 276 Various contracts 506 (359 ) 147 508 (329 ) 179 Customer relationships 299 (32 ) 267 300 (8 ) 292 In-process research and development costs 109 (82 ) 27 111 (75 ) 36 Trade name and trademarks 102 (37 ) 65 104 (7 ) 97 Know-how 84 (15 ) 69 84 (4 ) 80 Software costs 74 (61 ) 13 64 (59 ) 5 Total intangible assets $ 2,048 $ (1,179 ) $ 869 $ 1,978 $ (1,013 ) $ 965 |
Depreciation and amortization by major asset class [Table Text Block] | Depreciation and Amortization Expense —Depreciation and amortization expense is summarized as follows: Year Ended December 31, Millions of dollars 2019 2018 2017 Property, plant and equipment $ 1,092 $ 1,075 $ 1,023 Investment in PO joint ventures 49 41 41 Emission allowances 63 63 67 Various contracts 32 31 27 Customer relationships 24 8 — In-process research and development costs 8 7 9 Trade name and trademarks 30 7 — Know-how 12 4 — Software costs 2 5 7 Total depreciation and amortization $ 1,312 $ 1,241 $ 1,174 |
Changes in asset retirement obligations [Table Text Block] | Asset Retirement Obligations —In certain cases, we are contractually obligated to decommission our plants upon site exit. In such cases, we have accrued the net present value of the estimated costs. The majority of our asset retirement obligations are related to facilities in Europe. The changes in our asset retirement obligations are as follows: Year Ended December 31, Millions of dollars 2019 2018 Beginning balance $ 58 $ 58 Payments — (2 ) Changes in estimates 7 2 Accretion expense 1 2 Effects of exchange rate changes (1 ) (2 ) Ending balance $ 65 $ 58 |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill in each of the Company’s reportable segments for the years ended December 31, 2019 and 2018 were as follows: Millions of dollars O&P – Americas O&P – EAI I&D APS Technology Total December 31, 2017 $ 162 $ 121 $ 237 $ 41 $ 9 $ 570 Acquisition of A. Schulman — — — 1,259 — 1,259 Measurement period adjustments — — — 12 — 12 Foreign currency translation adjustments — (7 ) (8 ) (12 ) — (27 ) December 31, 2018 162 114 229 1,300 9 1,814 Measurement period adjustments — — — 86 — 86 Foreign currency translation adjustments — (2 ) (1 ) (6 ) — (9 ) December 31, 2019 $ 162 $ 112 $ 228 $ 1,380 $ 9 $ 1,891 For additional information related to the August 2018 acquisition of A. Schulman and related goodwill, see Note 3 to the Consolidated Financial Statements. |
Investment in PO Joint Ventur_3
Investment in PO Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Schedule of changes in investments in PO joint ventures [Table Text Block] | Changes in our investments in the U.S. and European PO joint ventures for 2019 and 2018 are summarized below: Millions of dollars U.S. PO Joint Venture European PO Joint Venture Total PO Joint Ventures Investments in PO joint ventures—January 1, 2019 $ 363 $ 106 $ 469 Cash contributions 27 59 86 Depreciation and amortization (41 ) (8 ) (49 ) Effect of exchange rate changes — (2 ) (2 ) Investments in PO joint ventures—December 31, 2019 $ 349 $ 155 $ 504 Investments in PO joint ventures—January 1, 2018 $ 310 $ 110 $ 420 Cash contributions 85 10 95 Depreciation and amortization (32 ) (9 ) (41 ) Effect of exchange rate changes — (5 ) (5 ) Investments in PO joint ventures—December 31, 2018 $ 363 $ 106 $ 469 |
Equity Investments (Tables)
Equity Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of equity method investments [Table Text Block] | Our remaining principal direct and indirect equity investments are as follows at December 31: Percent of Ownership 2019 2018 Basell Orlen Polyolefins Sp. Z.o.o. 50.00 % 50.00 % PolyPacific Pty. Ltd. 50.00 % 50.00 % Saudi Polyolefins Company 25.00 % 25.00 % Saudi Ethylene & Polyethylene Company Ltd. 25.00 % 25.00 % Al-Waha Petrochemicals Ltd. 25.00 % 25.00 % Polymirae Co. Ltd. 50.00 % 50.00 % HMC Polymers Company Ltd. 28.56 % 28.56 % Indelpro S.A. de C.V. 49.00 % 49.00 % Ningbo ZRCC Lyondell Chemical Co. Ltd. 26.65 % 26.65 % Ningbo ZRCC Lyondell Chemical Marketing Co. 50.00 % 50.00 % NOC Asia Ltd. — % 40.00 % |
Schedule of changes in equity investments [Table Text Block] | The changes in our equity investments are as follows: Year Ended December 31, Millions of dollars 2019 2018 Beginning balance $ 1,611 $ 1,635 Income from equity investments 225 289 Distribution of earnings, net of tax (247 ) (307 ) Business combination — 16 Currency exchange effects 13 (28 ) Other — 6 Ending balance $ 1,602 $ 1,611 |
Schedule of balance sheet information of equity investments [Table Text Block] | Summarized balance sheet information of the Company’s investments accounted for under the equity method are as follows at December 31: Millions of dollars 2019 2018 Current assets $ 2,591 $ 2,824 Noncurrent assets 4,491 4,625 Total assets 7,082 7,449 Current liabilities 1,640 1,485 Noncurrent liabilities 1,060 1,592 Net assets $ 4,382 $ 4,372 |
Schedule of income statement information of equity method investments [Table Text Block] | Summarized income statement information of the Company’s investments accounted for under the equity method are set forth below: Year Ended December 31, Millions of dollars 2019 2018 2017 Revenues $ 6,753 $ 7,449 $ 6,632 Cost of sales (5,499 ) (5,899 ) (5,119 ) Gross profit 1,254 1,550 1,513 Net operating expenses (253 ) (310 ) (223 ) Operating income 1,001 1,240 1,290 Interest income 5 6 7 Interest expense (63 ) (70 ) (74 ) Foreign currency translation 4 1 11 Other income, net (24 ) 25 11 Income before income taxes 923 1,202 1,245 Provision for income taxes (194 ) (260 ) (153 ) Net income $ 729 $ 942 $ 1,092 |
Prepaid Expenses, Other Curre_2
Prepaid Expenses, Other Current Assets and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of prepaid expenses, other current assets and other assets disclosure [Table Text Block] | The components of Prepaid expenses and other current assets were as follows at December 31: Millions of dollars 2019 2018 Loans receivable $ — $ 544 VAT receivables 178 218 Income tax receivable 175 169 Financial derivatives 54 80 Advances to suppliers 54 57 Renewable identification numbers 39 65 Prepaid insurance 26 25 Other 210 97 Total prepaid expenses and other current assets $ 736 $ 1,255 The renewable identification numbers reflected above represent a U.S. government established credit used to show compliance in meeting the Environmental Protection Agency’s Renewable Fuel Standard. The components of Other assets were as follows at December 31: Millions of dollars 2019 2018 Derivative contracts $ 255 $ 118 Company-owned life insurance 61 62 Deferred tax assets 38 31 Pension assets 22 39 Debt issuance costs 11 12 Other 52 91 Total other assets $ 439 $ 353 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of accrued liabilities [Table Text Block] | Accrued liabilities consisted of the following components at December 31: Millions of dollars 2019 2018 Payroll and benefits $ 385 $ 534 Operating lease liabilities 273 — Taxes other than income taxes 202 186 Financial derivatives 183 30 Interest 161 154 Product sales rebates 142 163 Contract liabilities 103 128 Income taxes 66 16 Renewable identification numbers 46 72 Other 261 253 Total accrued liabilities $ 1,822 $ 1,536 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 as of December 31: Millions of dollars 2019 2018 Senior Notes due 2019, $1,000 million, 5.0% $ — $ 988 Senior Notes due 2021, $1,000 million, 6.0% ($3 million of debt issuance cost) 998 975 Senior Notes due 2024, $1,000 million, 5.75% ($5 million of debt issuance cost) 995 993 Senior Notes due 2055, $1,000 million, 4.625% ($16 million of discount; $11 million of debt issuance cost) 973 973 Term Loan due 2022, $4,000 million 1,950 — Guaranteed Notes due 2022, €750 million, 1.875% ($1 million of discount; $2 million of debt issuance cost) 841 855 Guaranteed Notes due 2023, $750 million, 4.0% ($4 million of discount; $2 million of debt issuance cost) 744 742 Guaranteed Notes due 2026, €500 million, 0.875% ($2 million of discount; $4 million of debt issuance cost) 555 — Guaranteed Notes due 2027, $1,000 million, 3.5% ($8 million of discount; $6 million of debt issuance cost) 1,023 964 Guaranteed Notes due 2027, $300 million, 8.1% 300 300 Guaranteed Notes due 2031, €500 million, 1.625% ($6 million of discount; $3 million of debt issuance cost) 552 — Guaranteed Notes due 2043, $750 million, 5.25% ($20 million of discount; $7 million of debt issuance cost) 723 722 Guaranteed Notes due 2044, $1,000 million, 4.875% ($11 million of discount; $9 million of debt issuance cost) 980 980 Guaranteed Notes due 2049, $1,000 million, 4.2% ($15 million of discount; $10 million of debt issuance cost) 975 — Other 8 10 Total 11,617 8,502 Less current maturities (3 ) (5 ) Long-term debt $ 11,614 $ 8,497 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: Millions of dollars Inception Year Gains (Losses) Cumulative Fair Value Hedging Adjustments Included in Carrying Amount of Debt Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 Senior Notes due 2019, 5.0% 2014 $ (11 ) $ (25 ) $ — $ 11 Senior Notes due 2021, 6.0% 2016 (21 ) 8 (1 ) 20 Guaranteed Notes due 2027, 3.5% 2017 (58 ) 22 (37 ) 21 Guaranteed Notes due 2022, 1.875% 2018 (1 ) (1 ) (2 ) (1 ) Total $ (91 ) $ 4 $ (40 ) $ 51 |
Schedule of short-term debt [Table Text Block] | Short-term loans, notes and other debt consisted of the following as of December 31: Millions of dollars 2019 2018 Senior Revolving Credit Facility, $2,500 million $ — $ — U.S. Receivables Facility, $900 million — — Commercial paper 262 809 Precious metal financings 181 71 Other 2 5 Total Short-term debt $ 445 $ 885 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Maturities of operating lease liabilities [Table Text Block] | Maturities of operating lease liabilities as of December 31, 2019 , are as follows: Millions of dollars 2020 $ 326 2021 275 2022 231 2023 198 2024 171 Thereafter 530 Total lease payments 1,731 Less: Imputed interest (242 ) Present value of lease liabilities $ 1,489 |
Schedule of operating lease cost [Table Text Block] | The following table presents the components of operating lease cost: Millions of dollars Year Ended Operating lease cost $ 366 Short-term lease cost 152 Variable lease cost 61 Net operating lease cost $ 579 |
Schedule of future estimated minimum rental payments for operating leases [Table Text Block] | Lease Commitments— As of December 31, 2018, the undiscounted aggregate future estimated payments for our operating lease commitments, including those which have not commenced, and those with an initial term of 12 months or less, were as follows: Millions of dollars 2019 $ 365 2020 288 2021 256 2022 236 2023 204 Thereafter 1,126 Total minimum lease payments $ 2,475 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments and Fair Value Measurements [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 outstanding financial instruments that are measured at fair value on a recurring basis: December 31, 2019 December 31, 2018 Notional Amount Fair Value Notional Amount Fair Value Balance Sheet Classification Millions of dollars Assets— Derivatives designated as hedges: Commodities $ — $ — $ 472 $ 12 Prepaid expenses and other current assets Foreign currency — 27 — 27 Prepaid expenses and other current assets Foreign currency 2,000 214 2,000 117 Other assets Interest rates — 22 600 33 Prepaid expenses and other current assets Interest rates 1,940 41 143 1 Other assets Derivatives not designated as hedges: Commodities 3 — 35 5 Prepaid expenses and other current assets Foreign currency 580 5 599 3 Prepaid expenses and other current assets Non-derivatives: Available-for-sale debt securities 162 162 567 567 Short-term investments Equity securities 34 34 322 325 Short-term investments Total $ 4,719 $ 505 $ 4,738 $ 1,090 Liabilities— Derivatives designated as hedges: Commodities $ — $ — $ 4 $ — Accrued liabilities Foreign currency — 16 — 17 Accrued liabilities Foreign currency 950 53 950 75 Other liabilities Interest rates 1,000 154 1,400 16 Accrued liabilities Interest rates 700 77 2,500 45 Other liabilities Derivatives not designated as hedges: Commodities 224 34 63 14 Accrued liabilities Foreign currency 200 1 1,165 7 Accrued liabilities Non-derivatives: Performance share units — — 29 29 Accrued liabilities Total $ 3,074 $ 335 $ 6,111 $ 203 |
Summary 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 as of December 31, 2019 and 2018 . Due to the short maturity, the fair value of all non-derivative financial instruments included in Current assets and Current liabilities approximates the applicable carrying value and are excluded from the table below. Short-term loans receivable, which represent our repurchase agreements, and 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 long-term debt exclude capital leases and commercial paper. December 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Millions of dollars Non-derivatives: Assets: Short-term loans receivable $ — $ — $ 544 $ 544 Liabilities: Short-term debt $ 181 $ 215 $ 70 $ 77 Long-term debt 11,609 12,561 8,492 8,476 Total $ 11,790 $ 12,776 $ 8,562 $ 8,553 All financial instruments in the table above are classified as Level 2. |
Summary of cash flow hedges [Table Text Block] | Cash Flow Hedges— The following table summarizes our outstanding cash flow hedges: December 31, 2019 December 31, 2018 Millions of dollars Notional Value Notional Value Expiration Date Foreign currency $ 2,300 $ 2,300 2021 to 2027 Interest rates 1,500 1,500 2020 to 2021 Commodities — 476 2019 |
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: Effect of Financial Instruments Year Ended December 31, 2019 Millions of dollars Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified from AOCI to Income Additional Gain (Loss) Recognized in Income Income Statement Classification Derivatives designated as hedges: Commodities $ (34 ) $ (26 ) $ — Sales and other operating revenues Commodities 28 20 — Cost of sales Foreign currency 119 (40 ) 65 Other income, net; Interest expense Interest rates (223 ) (4 ) 75 Interest expense Derivatives not designated as hedges: Commodities — — 3 Sales and other operating revenues Commodities — — (34 ) Cost of sales Foreign currency — — 33 Other income, net Non-derivatives designated as hedges: Long-term debt 16 — — Other income, net Total $ (94 ) $ (50 ) $ 142 Effect of Financial Instruments Year Ended December 31, 2018 Millions of dollars Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified from AOCI to Income Additional Gain (Loss) Recognized in Income Income Statement Classification Derivatives designated as hedges: Commodities $ 60 $ — $ — Sales and other operating revenues Commodities (30 ) (11 ) — Cost of sales Foreign currency 190 (100 ) 68 Other income, net; Interest expense Interest rates 43 (1 ) (30 ) Interest expense Derivatives not designated as hedges: Commodities — — 3 Sales and other operating revenues Commodities — — 1 Cost of sales Foreign currency — — 43 Other income, net Non-derivatives designated as hedges: Long-term debt 41 — — Other income, net Total $ 304 $ (112 ) $ 85 Effect of Financial Instruments Year Ended December 31, 2017 Millions of dollars Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified from AOCI to Income Additional Gain (Loss) Recognized in Income Income Statement Classification Derivatives designated as hedges: Commodities $ (11 ) $ — $ — Cost of sales Foreign currency (466 ) 265 42 Other income, net; Interest expense Interest rates (25 ) (1 ) 2 Interest expense Derivatives not designated as hedges: Commodities — — (18 ) Sales and other operating revenues Commodities — — (23 ) Cost of sales Foreign currency — — (23 ) Other income, net Non-derivatives designated as hedges: Long-term debt (109 ) — — Other income, net Total $ (611 ) $ 264 $ (20 ) |
Summary 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: Millions of dollars Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale debt securities: Bonds at December 31, 2019 $ 162 $ — $ — $ 162 Bonds at December 31, 2018 567 — — 567 |
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 are summarized in the following table: Year Ended December 31, Millions of dollars 2019 2018 2017 Proceeds from maturities of available-for-sale debt securities $ 331 $ 423 $ 499 Proceeds from sales of available-for-sale debt securities 180 — — |
Summary of available-for-sale debt securities, continuous unrealized loss position, fair value [Table Text Block] | 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 December 31, 2019 . The following table summarizes the fair value and unrealized losses related to available-for-sale debt securities that were in a continuous unrealized loss position for less than and greater than twelve months as of December 31, 2018 : December 31, 2018 Less than 12 months Greater than 12 months Millions of dollars Fair Value Unrealized Loss Fair Value Unrealized Loss Available-for-sale debt securities: Bonds $ 118 $ (1 ) $ 45 $ — |
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 were outstanding as of December 31, 2019 and 2018: Millions of dollars 2019 2018 Net gains recognized during the period $ 9 $ 11 Less: Net gains recognized during the period on securities sold 9 5 Unrealized gains recognized during the period $ — $ 6 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Reconciliation of projected benefit obligations, schedule of plan assets and the funded status of defined benefit and other postretirement benefit plans[Table Text Block] | Pension Benefits —The following tables provide a reconciliation of projected benefit obligations, plan assets and the funded status of our U.S. and non-U.S. defined benefit pension plans: Year Ended December 31, 2019 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligation: Benefit obligation, beginning of period $ 1,752 $ 1,659 $ 1,924 $ 1,511 Service cost 53 36 51 35 Interest cost 70 33 60 32 Actuarial loss (gain) 241 331 (147 ) 23 Plan amendments — 24 — 4 Benefits paid (151 ) (43 ) (129 ) (38 ) Participant contributions — 2 — 1 Settlement — (10 ) (10 ) (20 ) Curtailment — (2 ) — — Business combination — — 3 192 Foreign exchange effects — (13 ) — (81 ) Benefit obligation, end of period 1,965 2,017 1,752 1,659 Change in plan assets: Fair value of plan assets, beginning of period 1,548 871 1,680 852 Actual return on plan assets 194 186 (37 ) 18 Company contributions 46 51 44 56 Benefits paid (151 ) (43 ) (129 ) (38 ) Participant contributions — 2 — 1 Settlement — (10 ) (10 ) (20 ) Business combination — — — 48 Foreign exchange effects — 1 — (46 ) Fair value of plan assets, end of period 1,637 1,058 1,548 871 Funded status of continuing operations, end of period $ (328 ) $ (959 ) $ (204 ) $ (788 ) The following tables provide a reconciliation of benefit obligations of our unfunded other postretirement benefit plans: Year Ended December 31, 2019 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligation: Benefit obligation, beginning of period $ 234 $ 59 $ 280 $ 62 Service cost 1 2 2 2 Interest cost 9 1 9 1 Actuarial (gain) loss 20 18 (46 ) (3 ) Benefits paid (19 ) — (26 ) (1 ) Participant contributions 6 — 6 — Business combination — — 9 — Foreign exchange effects — (1 ) — (2 ) Benefit obligation, end of period 251 79 234 59 Change in plan assets: Fair value of plan assets, beginning of period — — — — Employer contributions 13 — 21 1 Participant contributions 6 — 5 — Benefits paid (19 ) — (26 ) (1 ) Fair value of plan assets, end of period — — — — Funded status, end of period $ (251 ) $ (79 ) $ (234 ) $ (59 ) |
Schedule of amounts recognized in the consolidated balance sheets [Table Text Block] | December 31, 2019 December 31, 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Accrued benefit liability, current $ (17 ) $ (1 ) $ (18 ) $ (1 ) Accrued benefit liability, long-term (234 ) (78 ) (216 ) (58 ) Funded status, end of period $ (251 ) $ (79 ) $ (234 ) $ (59 ) December 31, 2019 December 31, 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Prepaid benefit cost, long-term $ 4 $ 18 $ 10 $ 29 Accrued benefit liability, current — (28 ) — (27 ) Accrued benefit liability, long-term (332 ) (949 ) (214 ) (790 ) Funded status of continuing operations, end of period $ (328 ) $ (959 ) $ (204 ) $ (788 ) |
Schedule of amounts recognized in accumulated other comprehensive income (loss) [Table Text Block] | December 31, 2019 December 31, 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Actuarial and investment income (loss) $ 40 $ (32 ) $ 65 $ (15 ) Balance, end of period $ 40 $ (32 ) $ 65 $ (15 ) December 31, 2019 December 31, 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Actuarial and investment loss $ 516 $ 405 $ 374 $ 251 Prior service cost 1 32 2 11 Balance, end of period $ 517 $ 437 $ 376 $ 262 Accumulated Other Comprehensive Loss —The following pre-tax amounts were recognized in Accumulated other comprehensive loss as of and for the years ended December 31, 2019 and 2018 : Pension Benefits Other Benefits Millions of dollars Actuarial (Gain) Loss Prior Service Cost (Credit) Actuarial (Gain) Loss Prior Service Cost (Credit) December 31, 2017 $ 619 $ 10 $ — $ — Arising during the period 40 4 (49 ) — Actuarial loss amortization (31 ) (1 ) (1 ) — Settlement loss (3 ) — — — December 31, 2018 625 13 (50 ) — Arising during the period 327 22 38 — Actuarial (loss) gain amortization (30 ) (2 ) 4 — Settlement loss (1 ) — — — December 31, 2019 $ 921 $ 33 $ (8 ) $ — |
Schedule of accumulated benefit obligations for defined benefit plans [Table Text Block] | The following additional information is presented for our U.S. and non-U.S. pension plans: December 31, 2019 December 31, 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Accumulated benefit obligation for defined benefit plans $ 1,899 $ 1,859 $ 1,708 $ 1,528 |
Schedule of projected benefit obligations in excess of the fair value of assets [Table Text Block] | Pension plans with projected benefit obligations in excess of the fair value of assets are summarized as follows: December 31, 2019 December 31, 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Projected benefit obligations $ 1,915 $ 1,778 $ 1,618 $ 1,456 Fair value of assets 1,583 801 1,404 639 |
Schedule of accumulated benefit obligations in excess of the fair value of assets [Table Text Block] | Pension plans with accumulated benefit obligations in excess of the fair value of assets are summarized as follows: December 31, 2019 December 31, 2018 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. Accumulated benefit obligations $ 1,765 $ 1,079 $ 1,578 $ 904 Fair value of assets 1,493 243 1,404 198 |
Schedule of the components of net periodic costs [Table Text Block] | The components of net periodic other postretirement costs are as follows: U.S. Plans Year Ended December 31, Millions of dollars 2019 2018 2017 Service cost $ 1 $ 2 $ 3 Interest cost 9 9 9 Actuarial gain amortization (5 ) — — Net periodic benefit cost $ 5 $ 11 $ 12 Non-U.S. Plans Year Ended December 31, Millions of dollars 2019 2018 2017 Service cost $ 2 $ 2 $ 2 Interest cost 1 1 1 Actuarial loss amortization 1 1 3 Net periodic benefit cost $ 4 $ 4 $ 6 Components of net periodic pension costs for our U.S. and Non-U.S Plans are as follows: U.S. Plans Year Ended December 31, Millions of dollars 2019 2018 2017 Service cost $ 53 $ 51 $ 47 Interest cost 70 60 60 Expected return on plan assets (112 ) (122 ) (121 ) Settlement loss — 2 — Prior service cost amortization — — 1 Actuarial loss amortization 18 21 20 Net periodic benefit cost $ 29 $ 12 $ 7 Non-U.S. Plans Year Ended December 31, Millions of dollars 2019 2018 2017 Service cost $ 36 $ 35 $ 39 Interest cost 33 32 23 Expected return on plan assets (24 ) (24 ) (19 ) Settlement loss 1 1 2 Prior service cost amortization 2 1 2 Actuarial loss amortization 12 10 16 Net periodic benefit cost $ 60 $ 55 $ 63 |
Schedule of actual and target allocation of plan assets [Table Text Block] | The actual and target asset allocations for our plans are as follows: 2019 2018 Actual Target Actual Target Canada Equity securities 50 % 50 % 49 % 50 % Fixed income 50 % 50 % 51 % 50 % United Kingdom—Lyondell Chemical Plans Equity securities 36 % 37 % 49 % 50 % Fixed income 64 % 63 % 51 % 50 % United Kingdom—Basell Plans Equity securities 40 % 40 % 49 % 50 % Fixed income 60 % 60 % 51 % 50 % United Kingdom—A. Schulman Plans Growth assets 91 % 89 % 94 % 89 % Matching assets 9 % 11 % 6 % 11 % United States Equity securities 34 % 32 % 32 % 32 % Fixed income 38 % 38 % 39 % 38 % Alternatives 28 % 30 % 29 % 30 % |
Schedule of estimated contributions of the plans in the next fiscal year [Table Text Block] | We estimate the following contributions to our pension plans in 2020 : Millions of dollars U.S. Non-U.S. Defined benefit plans $ 46 $ 71 Multi-employer plans — 8 Total $ 46 $ 79 |
Schedule of future expected benefit payments [Table Text Block] | As of December 31, 2019 , future expected benefit payments by our other postretirement benefit plans, which reflect expected future service, as appropriate, were as follows: Millions of dollars U.S. Non-U.S. 2020 $ 17 $ 1 2021 17 1 2022 17 1 2023 17 1 2024 17 1 2025 through 2029 81 8 As of December 31, 2019 , future expected benefit payments by our pension plans which reflect expected future service, as appropriate, are as follows: Millions of dollars U.S. Non-U.S. 2020 $ 145 $ 59 2021 144 58 2022 145 59 2023 144 62 2024 143 64 2025 through 2029 676 339 |
Schedule of assumptions used [Table Text Block] | The weighted average assumptions used in determining the net benefit liabilities for our pension plans were as follows at December 31: 2019 2018 U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.16 % 1.03 % 4.51 % 2.07 % Rate of compensation increase 4.83 % 2.59 % 4.83 % 2.54 % The weighted average assumptions used in determining net benefit costs for our pension plans were as follows: Year Ended December 31, 2019 2018 2017 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 4.51 % 2.07 % 3.73 % 2.13 % 4.20 % 1.52 % Expected return on plan assets 7.50 % 2.79 % 7.50 % 2.92 % 8.00 % 2.15 % Rate of compensation increase 4.83 % 2.54 % 4.00 % 2.94 % 4.00 % 2.93 % The weighted average assumptions used in determining the net benefit liabilities for our other postretirement benefit plans were as follows: December 31, 2019 2018 U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.12 % 1.20 % 4.47 % 2.30 % Rate of compensation increase 4.50 % — 4.50 % — The weighted average assumptions used in determining the net benefit costs for our other postretirement benefit plans were as follows: Year Ended December 31, 2019 2018 2017 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 4.47 % 2.30 % 3.66 % 2.48 % 4.07 % 1.69 % Rate of compensation increase 4.50 % — 4.00 % — 4.00 % — The following tables set forth the assumed health care cost trend rates for our U.S. and Non-U.S. Plans: U.S. Plans December 31, 2019 2018 Immediate trend rate 6.1 % 6.4 % Ultimate trend rate (the rate to which the cost trend rate is assumed to decline) 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate 2038 2038 Non-U.S. Plans Canada France December 31, December 31, 2019 2018 2019 2018 Immediate trend rate 5.0 % 5.5 % 4.5 % 4.5 % Ultimate trend rate (the rate to which the cost trend rate is assumed to decline) 4.5 % 4.5 % 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate 2021 2021 — — |
Schedule of pension investments measured at fair value [Table Text Block] | The pension investments that are measured at fair value are summarized below: December 31, 2019 Millions of dollars Fair Value Level 1 Level 2 Level 3 U.S. Common and preferred stock $ 338 $ 338 $ — $ — Commingled funds measured at net asset value 446 Fixed income securities 218 — 218 — Real estate measured at net asset value 106 Hedge funds measured at net asset value 219 Private equity measured at net asset value 130 U.S. government securities 149 149 — — Cash and cash equivalents 33 33 — — Total U.S. Pension Assets $ 1,639 $ 520 $ 218 $ — December 31, 2019 Millions of dollars Fair Value Level 1 Level 2 Level 3 Non-U.S. Insurance arrangements $ 722 $ — $ — $ 722 Commingled funds measured at net asset value 332 Cash and cash equivalents 3 3 — — Total Non-U.S. Pension Assets $ 1,057 $ 3 $ — $ 722 December 31, 2018 Millions of dollars Fair Value Level 1 Level 2 Level 3 U.S. Common and preferred stock $ 330 $ 330 $ — $ — Commingled funds measured at net asset value 411 Fixed income securities 204 — 204 — Real estate measured at net asset value 107 Hedge funds measured at net asset value 241 Private equity measured at net asset value 108 U.S. government securities 133 133 — — Cash and cash equivalents 26 26 — — Total U.S. Pension Assets $ 1,560 $ 489 $ 204 $ — December 31, 2018 Millions of dollars Fair Value Level 1 Level 2 Level 3 Non-U.S. Insurance arrangements $ 570 $ — $ — $ 570 Commingled funds measured at net asset value 298 Cash and cash equivalents 2 2 — — Total Non-U.S. Pension Assets $ 870 $ 2 $ — $ 570 |
Fair value measurements of investments in certain entities that calculate net asset value per share [Table Text Block] | The fair value measurements of the investments in certain entities that calculate net asset value per share as of December 31, 2019 are as follows: Millions of dollars Fair Value Unfunded Commitments Remaining Life Redemption Frequency (if currently eligible) Trade to Settlement Terms Redemption Notice Period U.S. Commingled fund investing in Domestic Equity $ 132 $ — N/A daily 1 to 3 days 3 to 4 days Commingled fund investing in International Equity 65 — N/A daily 1 to 3 days 3 days Commingled fund investing in Fixed Income 249 — N/A daily 1 to 3 days 3 to 7 days Real Estate 106 8 10 years quarterly 15 to 25 days 45 to 90 days Hedge Funds 219 — N/A quarterly 10 to 30 days 20 to 90 days Private Equity 130 72 10 years Not eligible N/A N/A Total U.S. $ 901 $ 80 Millions of dollars Fair Value Unfunded Commitments Remaining Life Redemption Frequency (if currently eligible) Trade to Settlement Terms Redemption Notice Period Non-U.S. Commingled fund investing in Domestic Equity $ 36 $ — N/A 1 to 7 days 1 to 3 days 1 to 3 days Commingled fund investing in International Equity 110 — N/A 1 to 7 days 1 to 3 days 1 to 3 days Commingled fund investing in Fixed Income 186 — N/A daily 1 to 3 days 3 days Total Non-U.S. $ 332 $ — The fair value measurements of the investments in certain entities that calculate net asset value per share as of December 31, 2018 are as follows: Millions of dollars Fair Value Unfunded Commitments Remaining Life Redemption Frequency (if currently eligible) Trade to Settlement Terms Redemption Notice Period U.S. Commingled fund investing in Domestic Equity $ 112 $ — N/A daily 1 to 3 days 3 to 4 days Commingled fund investing in International Equity 58 — N/A daily 1 to 3 days 3 days Commingled fund investing in Fixed Income 241 — N/A daily 1 to 3 days 3 to 7 days Real Estate 107 8 10 years quarterly 15 to 25 days 45 to 90 days Hedge Funds 241 — N/A quarterly 10 to 30 days 20 to 90 days Private Equity 108 76 10 years Not eligible N/A N/A Total U.S. $ 867 $ 84 Millions of dollars Fair Value Unfunded Commitments Remaining Life Redemption Frequency (if currently eligible) Trade to Settlement Terms Redemption Notice Period Non-U.S. Commingled fund investing in Domestic Equity $ 33 $ — N/A 1 to 7 days 1 to 3 days 1 to 3 days Commingled fund investing in International Equity 122 — N/A 1 to 7 days 1 to 3 days 1 to 3 days Commingled fund investing in Fixed Income 143 — N/A daily 1 to 3 days 3 days Total Non-U.S. $ 298 $ — |
Company contributions to multi-employer plan [Table Text Block] | The following table provides disclosure related to the Company’s multi-employer plan: Company Contributions Millions of dollars 2019 2018 2017 Pensionskasse $ 8 $ 8 $ 27 |
Company contributions to employee savings plans [Table Text Block] | The following table provides the Company contributions to the Employee Savings Plans: Company Contributions 2019 2018 2017 Millions of dollars U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Employee Savings Plans $ 46 $ 7 $ 40 $ 5 $ 36 $ 5 |
Incentive and Share-Based Com_2
Incentive and Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of compensation expense and associated tax benefits [Table Text Block] | Total share-based compensation expense and the associated tax benefits are as follows: Year Ended December 31, Millions of dollars 2019 2018 2017 Compensation Expense: Restricted stock units $ 21 $ 15 $ 13 Stock options 7 7 7 Performance share units 20 17 35 Total $ 48 $ 39 $ 55 Tax Benefit: Restricted stock units $ 5 $ 4 $ 5 Stock options 2 2 2 Performance share units 4 4 12 Total $ 11 $ 10 $ 19 |
Summary of restricted stock unit activity [Table Text Block] | The following table summarizes RSU activity: Number of Units (in thousands) Weighted Average Grant Date Fair Value (per share) Outstanding at January 1, 2019 462 $ 95.69 Granted 338 87.36 Vested (147 ) 86.22 Forfeited (40 ) 95.67 Outstanding at December 31, 2019 613 $ 93.37 |
Weighted average fair value assumptions used to value stock options [Table Text Block] | Weighted average fair values of Stock Options granted and the assumptions used in estimating those fair values are as follows: Year Ended December 31, 2019 2018 2017 Weighted average fair value $ 15.76 $ 21.58 $ 21.55 Fair value assumptions: Dividend yield 4.2 % 4.0 % 4.0 % Expected volatility 27.2-28.1% 27.8-29.0% 34.9-35.1% Risk-free interest rate 1.5-2.6% 2.6-2.9% 2.1-2.3% Weighted average expected term, in years 6.0 6.0 6.0 |
Summary of stock option activity [Table Text Block] | The following table summarizes Stock Option activity: Number of Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Term Aggregate Intrinsic Value (millions of dollars) Outstanding at January 1, 2019 1,281 $ 90.30 Granted 604 89.78 Exercised (18 ) 70.33 Forfeited (64 ) 94.39 Expired (21 ) 98.82 Outstanding at December 31, 2019 1,782 $ 90.08 7.3 years $ 13 Exercisable at December 31, 2019 942 $ 87.25 6.2 years $ 9 |
Weighted average fair value assumptions used to value PSUs [Table Text Block] | The weighted average fair value of PSUs granted in each respective year and the assumptions used in the Monte Carlo simulation to estimate those fair value are as follows: 2019 2018 2017 Weighted average fair value $ 76.35 $ 89.32 $ 93.28 Fair value assumptions: Expected volatility of LyondellBasell N.V. common stock 24.11 % 27.15 % 30.98 % Expected volatility of peer companies 14.57-40.55% 17.45-42.99% 16.98-39.89% Average correlation coefficient of peer companies 0.50 0.50 0.51 Risk-free interest rate 2.48 % 2.40 % 1.46 % |
Summary of performance share unit activity [Table Text Block] | The following table summarizes PSU activity, which assumes target payout at 100%: Equity Awards Liability Awards Number of Units (in thousands) Weighted Average Grant Date Fair Value (per share) Number of Units (in thousands) Weighted Average Grant Date Fair Value (per share) Outstanding at January 1, 2019 430 $ 91.33 349 $ 78.01 Granted 307 76.35 — — Vested — — (349 ) 78.01 Forfeited (54 ) 82.27 — — Outstanding at December 31, 2019 683 $ 85.32 — $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of the provision for income taxes [Table Text Block] | The significant components of the provision for income taxes are as follows: Year Ended December 31, Millions of dollars 2019 2018 2017 Current: U.S. federal $ 122 $ (89 ) $ 543 Non-U.S. 296 404 595 State 21 38 47 Total current 439 353 1,185 Deferred: U.S. federal 124 197 (637 ) Non-U.S. 75 48 22 State 10 15 28 Total deferred 209 260 (587 ) Provision for income taxes before tax effects of other comprehensive income 648 613 598 Tax effects of elements of other comprehensive income: Pension and postretirement liabilities (92 ) 63 29 Financial derivatives (38 ) 16 (14 ) Foreign currency translation 8 18 (33 ) Unrealized gains (losses) from available-for-sale debt securities — — (3 ) Total income tax expense in comprehensive income $ 526 $ 710 $ 577 |
Schedule of income before taxes and schedule of effective income tax reconciliation [Table Text Block] | Since the proportion of U.S. revenues, assets, operating income and associated tax provisions is significantly greater than any other single taxing jurisdiction within the worldwide group, the reconciliation of the differences between the provision for income taxes and the statutory rate is presented on the basis of the U.S. statutory federal income tax rate of 21% as opposed to the United Kingdom statutory rate of 19% . Our effective tax rate for the year ended December 31, 2019 is 16.0% . This summary is shown below: Year Ended December 31, Millions of dollars 2019 2018 2017 Income before income taxes: U.S. $ 1,581 $ 2,795 $ 2,438 Non-U.S. 2,471 2,516 3,055 Total $ 4,052 $ 5,311 $ 5,493 Income tax at U.S. statutory rate $ 851 $ 1,115 $ 1,923 Increase (reduction) resulting from: Non-U.S. income taxed at different statutory rates 64 89 (164 ) Remeasurement of U.S. net deferred tax liability — — (819 ) State income taxes, net of federal benefit 29 53 40 Exempt income (182 ) (296 ) (385 ) Liquidation loss (51 ) — — Patent box ruling (65 ) — — Uncertain tax positions (42 ) (320 ) 28 U.S. manufacturing deduction — — (57 ) Other, net 44 (28 ) 32 Income tax provision $ 648 $ 613 $ 598 |
Schedule of deferred tax assets and liabilities [Table Text Block] | The deferred tax effects of tax loss, credit and interest carryforwards (“tax attributes”) and the tax effects of temporary differences between the tax basis of assets and liabilities and their reported amounts in the Consolidated Financial Statements, reduced by a valuation allowance where appropriate, are presented below. December 31, Millions of dollars 2019 2018 Deferred tax liabilities: Accelerated tax depreciation $ 1,973 $ 1,809 Investment in joint venture partnerships 141 147 Intangible assets 116 151 Inventory 319 285 Operating lease asset 322 — Other liabilities 45 22 Total deferred tax liabilities 2,916 2,414 Deferred tax assets: Tax attributes $ 168 $ 180 Employee benefit plans 397 334 Operating lease liability 326 — Other assets 133 76 Total deferred tax assets 1,024 590 Deferred tax asset valuation allowances (85 ) (120 ) Net deferred tax assets 939 470 Net deferred tax liabilities $ 1,977 $ 1,944 December 31, Millions of dollars 2019 2018 Balance sheet classifications: Deferred tax assets—long-term $ 38 $ 31 Deferred tax liabilities—long-term 2,015 1,975 Net deferred tax liabilities $ 1,977 $ 1,944 |
Schedule of the expiration of the tax attributes and the related deferred tax assets [Table Text Block] | The scheduled expiration of the tax attributes and the related deferred tax assets, before valuation allowance, as of December 31, 2019 are as follows: Millions of dollars Tax Attributes Deferred Tax on Tax Attributes 2020 $ 28 $ 1 2021 16 1 2022 28 2 2023 9 1 2024 4 1 Thereafter 152 16 Indefinite 640 146 Total $ 877 $ 168 |
Schedule of deferred tax assets of tax attributes by jurisdiction [Table Text Block] | The tax attributes are primarily related to operations in the United States, United Kingdom and France. The related deferred tax assets by primary jurisdictions are shown below: December 31, Millions of dollars 2019 2018 2017 United States $ 68 $ 14 $ 10 United Kingdom 36 36 17 France 30 64 92 Spain 8 11 32 The Netherlands 4 12 13 Canada — 28 31 Other 22 15 1 Total $ 168 $ 180 $ 196 |
Schedule of valuation allowance by jurisdiction [Table Text Block] | A summary of the valuation allowances by primary jurisdiction is shown below, reflecting the valuation allowances for all the net deferred tax assets, including deferred tax assets for tax attributes and other temporary differences. December 31, Millions of dollars 2019 2018 2017 United Kingdom $ 36 $ 33 $ 17 France 23 23 25 United States 13 13 10 The Netherlands 3 12 12 Canada — 28 32 Other 10 11 — $ 85 $ 120 $ 96 |
Schedule of unrecognized tax benefits [Table Text Block] | Tax benefits totaling $238 million , $269 million and $544 million relating to uncertain tax positions, which are reflected in Other liabilities, were unrecognized as of December 31, 2019 , 2018 and 2017 , respectively. The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits: Year Ended December 31, Millions of dollars 2019 2018 2017 Balance, beginning of period $ 269 $ 544 $ 546 Additions for tax positions of current year 49 16 15 Additions for tax positions of prior years 20 23 3 Reductions for tax positions of prior years (100 ) (299 ) (20 ) Settlements (payments/refunds) — (15 ) — Balance, end of period $ 238 $ 269 $ 544 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of environmental loss contingencies [Table Text Block] | The following table summarizes the activity in our accrued environmental liability included in “Accrued liabilities” and “Other liabilities:” Year Ended December 31, Millions of dollars 2019 2018 Beginning balance $ 90 $ 102 Additional provisions 44 — Changes in estimates 15 4 Amounts paid (16 ) (13 ) Foreign exchange effects (1 ) (3 ) Ending balance $ 132 $ 90 |
Shareholders' Equity and Rede_2
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Shareholders' Equity and Redeemable Non-controlling Interests [Abstract] | |
Dividends declared [Table Text Block] | Dividend Distributions —The following table summarizes the dividends paid to common shareholders in the periods presented: Millions of dollars, except per share amounts Dividend Per Ordinary Share Aggregate Dividends Paid Date of Record For the year 2019: March $ 1.00 $ 372 March 4, 2019 June 1.05 388 June 10, 2019 September 1.05 351 September 4, 2019 December 1.05 351 December 2, 2019 $ 4.15 $ 1,462 For the year 2018: March $ 1.00 $ 395 March 5, 2018 June 1.00 392 June 11, 2018 September 1.00 389 September 5, 2018 December 1.00 378 December 10, 2018 $ 4.00 $ 1,554 |
Schedule of share repurchase programs [Table Text Block] | The following table summarizes our share repurchase activity for the periods presented: Millions of dollars, except shares and per share amounts Shares Repurchased Average Purchase Price Total Purchase Price, Including Commissions and Fees For the year 2019: 2018 Share Repurchase Authorization 5,648,900 $ 86.38 $ 488 May 2019 Share Repurchase Authorization 37,032,594 87.50 3,240 42,681,494 $ 87.35 $ 3,728 For the year 2018: 2017 Share Repurchase Authorization 4,004,753 $ 106.05 $ 425 2018 Share Repurchase Authorization 15,215,966 95.49 1,453 19,220,719 $ 97.69 $ 1,878 For the year 2017: 2016 Share Repurchase Authorization 3,501,084 $ 85.71 $ 300 2017 Share Repurchase Authorization 6,516,917 83.54 545 10,018,001 $ 84.30 $ 845 Due to the timing of settlements, total cash paid for share repurchases for the years ended December 31, 2019 , 2018 and 2017 was $3,752 million , $1,854 million and $866 million , respectively. |
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: Year Ended December 31, 2019 2018 2017 Ordinary shares outstanding: Beginning balance 375,696,661 394,512,054 404,046,331 Share-based compensation 295,984 307,335 371,980 Warrants exercised — — 4,184 Employee stock purchase plan 165,743 121,398 107,560 Purchase of ordinary shares (42,681,505 ) (19,244,126 ) (10,018,001 ) Ending balance 333,476,883 375,696,661 394,512,054 Treasury Shares —The changes in the amounts of treasury shares held by the Company are as follows: Year Ended December 31, 2019 2018 2017 Ordinary shares held as treasury shares: Beginning balance 24,513,619 183,928,109 174,389,139 Share-based compensation (295,984 ) (307,335 ) (371,980 ) Warrants exercised — — 509 Employee stock purchase plan (165,743 ) (121,398 ) (107,560 ) Purchase of ordinary shares 42,681,505 19,244,126 10,018,001 Treasury shares canceled (60,164,652 ) (178,229,883 ) — Ending balance 6,568,745 24,513,619 183,928,109 |
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 years ended December 31, 2019 , 2018 and 2017 are presented in the following table: Millions of dollars Financial Derivatives Unrealized Gains (Losses) on Available-for-Sale Debt Securities Unrealized Gains on Equity Securities and Equity Securities Held by Equity Investees Defined Benefit Pension and Other Postretirement Benefit Plans Foreign Currency Translation Adjustments Total Balance—January 1, 2017 $ (75 ) $ 1 $ — $ (498 ) $ (939 ) $ (1,511 ) Other comprehensive income (loss) before reclassifications (323 ) (2 ) 15 62 145 (103 ) Tax (expense) benefit before reclassifications 86 1 2 (15 ) 33 107 Amounts reclassified from accumulated other comprehensive loss 264 — — 44 — 308 Tax expense (72 ) — — (14 ) — (86 ) Net other comprehensive income (loss) (45 ) (1 ) 17 77 178 226 Balance—December 31, 2017 $ (120 ) $ — $ 17 $ (421 ) $ (761 ) $ (1,285 ) Balance—January 1, 2018 $ (120 ) $ — $ 17 $ (421 ) $ (761 ) $ (1,285 ) Adoption of accounting standards (2 ) — (17 ) (51 ) — (70 ) Other comprehensive income (loss) before reclassifications 180 — — 5 (74 ) 111 Tax (expense) benefit before reclassifications (43 ) — — 2 (18 ) (59 ) Amounts reclassified from accumulated other comprehensive loss (110 ) — — 36 — (74 ) Tax (expense) benefit 27 — — (13 ) — 14 Net other comprehensive income (loss) 54 — — 30 (92 ) (8 ) Balance—December 31, 2018 $ (68 ) $ — $ — $ (442 ) $ (853 ) $ (1,363 ) Balance—January 1, 2019 $ (68 ) $ — $ — $ (442 ) $ (853 ) $ (1,363 ) Other comprehensive income (loss) before reclassifications (120 ) — — (390 ) (12 ) (522 ) Tax (expense) benefit before reclassifications 25 — — 98 (8 ) 115 Amounts reclassified from accumulated other comprehensive loss (50 ) — — 29 — (21 ) Tax (expense) benefit 13 — — (6 ) — 7 Net other comprehensive income (loss) (132 ) — — (269 ) (20 ) (421 ) Balance—December 31, 2019 $ (200 ) $ — $ — $ (711 ) $ (873 ) $ (1,784 ) |
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: Millions of dollars Year Ended December 31, Affected Line Items on the Consolidated Statements of Income 2019 2018 2017 Reclassification adjustments for: Financial derivatives $ (50 ) $ (110 ) $ 264 Other income, net Income tax expense (benefit) (13 ) (27 ) 72 Provision for income taxes Financial derivatives, net of tax (37 ) (83 ) 192 Amortization of defined pension items: Prior service cost 2 1 3 Other income, net Actuarial loss 26 32 39 Other income, net Settlement loss 1 3 2 Other income, net Income tax expense (benefit) 6 13 14 Provision for income taxes Defined pension items, net of tax 23 23 30 Total reclassifications, before tax (21 ) (74 ) 308 Income tax expense (benefit) (7 ) (14 ) 86 Provision for income taxes Total reclassifications, after tax $ (14 ) $ (60 ) $ 222 Amount included in net income |
Per Share Data (Tables)
Per Share Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: Year Ended December 31, 2019 2018 2017 Continuing Discontinued Continuing Discontinued Continuing Discontinued Millions of dollars Operations Operations Operations Operations Operations Operations Net income (loss) $ 3,404 $ (7 ) $ 4,698 $ (8 ) $ 4,895 $ (18 ) Less: net loss attributable to non-controlling interests — — — — 2 — Net income (loss) attributable to the Company shareholders 3,404 (7 ) 4,698 (8 ) 4,897 (18 ) Dividends on redeemable non-controlling interest stock (7 ) — (2 ) — — — Net income attributable to participating securities (6 ) — (6 ) — (5 ) — Net income (loss) attributable to ordinary shareholders—basic $ 3,391 $ (7 ) $ 4,690 $ (8 ) $ 4,892 $ (18 ) Potential diluted effect of performance share units — — (5 ) — — — Net income (loss) attributable to ordinary shareholders— diluted $ 3,391 $ (7 ) $ 4,685 $ (8 ) $ 4,892 $ (18 ) Millions of shares, except per share amounts Basic weighted average common stock outstanding 353 353 389 389 398 398 Effect of dilutive securities: Stock options — — — — 1 1 Potential dilutive shares 353 353 389 389 399 399 Earnings (loss) per share: Basic $ 9.61 $ (0.02 ) $ 12.06 $ (0.02 ) $ 12.28 $ (0.05 ) Diluted $ 9.60 $ (0.02 ) $ 12.03 $ (0.02 ) $ 12.28 $ (0.05 ) |
Segment and Related Informati_2
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of financial information concerning reportable segments [Table Text Block] | Summarized financial information concerning reportable segments is shown in the following tables for the periods presented: Year Ended December 31, 2019 O&P – O&P – I&D APS Refining Technology Other Total Millions of dollars Sales and other operating revenues: Customers $ 5,311 $ 8,764 $ 7,642 $ 4,846 $ 7,599 $ 565 $ — $ 34,727 Intersegment 3,124 740 192 4 652 98 (4,810 ) — 8,435 9,504 7,834 4,850 8,251 663 (4,810 ) 34,727 Depreciation and amortization expense 470 208 295 133 169 37 — 1,312 Other income, net 9 9 6 1 6 — 8 39 Income from equity investments 46 172 7 — — — — 225 Capital expenditures 1,099 213 1,064 59 149 94 16 2,694 EBITDA 2,302 1,062 1,557 424 (65 ) 411 1 5,692 Year Ended December 31, 2018 Millions of dollars O&P – O&P – I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 6,883 $ 9,984 $ 9,426 $ 4,022 $ 8,221 $ 468 $ — $ 39,004 Intersegment 3,525 854 162 2 936 115 (5,594 ) — 10,408 10,838 9,588 4,024 9,157 583 (5,594 ) 39,004 Depreciation and amortization expense 442 208 287 69 192 43 — 1,241 Other income, net 11 48 2 2 3 1 39 106 Income from equity investments 58 225 6 — — — — 289 Capital expenditures 1,079 248 409 62 250 48 9 2,105 EBITDA 2,762 1,163 2,011 400 167 328 36 6,867 Year Ended December 31, 2017 Millions of dollars O&P – Americas O&P – EAI I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 7,265 $ 9,445 $ 8,346 $ 2,922 $ 6,165 $ 341 $ — $ 34,484 Intersegment 2,739 773 126 — 683 109 (4,430 ) — 10,004 10,218 8,472 2,922 6,848 450 (4,430 ) 34,484 Depreciation and amortization expense 433 210 279 35 177 40 — 1,174 Other income (expense), net 42 138 1 (2 ) 2 — (2 ) 179 Income from equity investments 42 271 8 — — — — 321 Capital expenditures 741 163 332 55 213 32 11 1,547 EBITDA 2,899 1,927 1,490 438 157 223 — 7,134 |
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: Year Ended December 31, Millions of dollars 2019 2018 2017 EBITDA: Total segment EBITDA $ 5,691 $ 6,831 $ 7,134 Other EBITDA 1 36 — Less: Depreciation and amortization expense (1,312 ) (1,241 ) (1,174 ) Interest expense (347 ) (360 ) (491 ) Add: Interest income 19 45 24 Income from continuing operations before income taxes $ 4,052 $ 5,311 $ 5,493 |
Reconciliation of segment assets including goodwill [Table Text Block] | The following assets are summarized and reconciled to consolidated totals in the following table: Millions of dollars O&P – Americas O&P – EAI I&D APS Refining Technology Total December 31, 2019 Property, plant and equipment, net $ 6,454 $ 1,706 $ 3,640 $ 806 $ 1,190 $ 334 $ 14,130 Investment in PO joint ventures — — 504 — — — 504 Equity investments 193 1,335 71 3 — — 1,602 Goodwill 162 112 228 1,380 — 9 1,891 December 31, 2018 Property, plant and equipment, net $ 5,769 $ 1,745 $ 2,663 $ 818 $ 1,216 $ 266 $ 12,477 Investment in PO joint ventures — — 469 — — — 469 Equity investments 196 1,326 73 16 — — 1,611 Goodwill 162 114 229 1,300 — 9 1,814 |
Schedule of Long-lived Assets by Geographic Areas [Table Text Block] | Long-lived assets include Property, plant and equipment, net, Intangible assets, net, Investments in PO joint ventures, and Equity investments (see Notes 8 , 9 and 10 to the Consolidated Financial Statements). The following long-lived assets data is based upon the location of the assets: December 31, Millions of dollars 2019 2018 Long-lived assets: United States $ 11,999 $ 10,346 Germany 1,476 1,527 The Netherlands 814 757 France 540 565 Italy 326 343 Mexico 249 254 Other 1,701 1,730 Total $ 17,105 $ 15,522 |
Unaudited Quarterly Results (Ta
Unaudited Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information [Table Text Block] | The following table presents selected quarterly financial data: For the 2019 Quarter Ended Millions of dollars, except per share amounts March 31 June 30 September 30 December 31 Sales and other operating revenues $ 8,778 $ 9,048 $ 8,722 $ 8,179 Gross profit (a) 1,332 1,506 1,453 1,135 Operating income (b) 1,017 1,177 1,124 798 Income from equity investments 64 64 51 46 Income from continuing operations (b)(c) 817 1,006 969 612 Loss from discontinued operations, net of tax — (3 ) (4 ) — Net income (b)(c) 817 1,003 965 612 Earnings per share: Basic 2.19 2.70 2.85 1.83 Diluted 2.19 2.70 2.85 1.83 For the 2018 Quarter Ended Millions of dollars, except per share amounts March 31 June 30 September 30 December 31 Sales and other operating revenues $ 9,767 $ 10,206 $ 10,155 $ 8,876 Gross profit (a) 1,755 1,916 1,656 1,148 Operating income (b) 1,494 1,626 1,317 794 Income from equity investments 96 68 89 36 Income from continuing operations (b)(c) 1,231 1,655 1,115 697 Loss from discontinued operations, net of tax — (1 ) (2 ) (5 ) Net income (b)(c) 1,231 1,654 1,113 692 Earnings per share: Basic 3.12 4.23 2.86 1.81 Diluted 3.11 4.22 2.85 1.79 (a) Represents Sales and other operating revenues less Cost of sales. (b) The three months ended March, June, September and December 2019 include charges for integration costs associated with our acquisition of A. Schulman of $16 million , $19 million , $43 million and $38 million ( $12 million , $15 million , $33 million and $29 million , after tax), respectively. Includes a pretax LCM inventory valuation charge of $33 million ( $25 million , after tax) in the three months ended December 31, 2019. The three months ended September 30, 2018 includes charges for acquisition-related transaction and integration costs associated with our acquisition of A. Schulman of $53 million ( $42 million , after tax). The three months ended December 31, 2018 includes charges for integration costs of $20 million ( $15 million , after tax). (c) The three months ended September 2019 and June 2018 include a non-cash benefit of $85 million and $346 million benefits, respectively, related to previously unrecognized tax benefits and the release of associated accrued interest. The three months ended December 31, 2019 includes an after tax gain of $5 million on the sale of a joint venture interest in Asia. The three months ended December 31, 2018 includes a $34 million after tax gain on the sale of our carbon black subsidiary in France. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New accounting pronouncements [Line Items] | |||
Operating lease assets | $ 1,468 | ||
Operating lease liabilities | 1,489 | ||
Other liabilities | $ 2,213 | $ 1,897 | |
ASU 2016-02 adoption [Member] | |||
New accounting pronouncements [Line Items] | |||
Operating lease assets | $ 1,533 | ||
Operating lease liabilities | 1,553 | ||
Accrued liabilities | (2) | ||
Other liabilities | $ (18) |
Business Combination and Disp_2
Business Combination and Dispositions, Summary of consideration transferred (Details) - USD ($) $ in Millions | Aug. 21, 2018 | Dec. 31, 2019 |
Disclosure Text Block Supplement [Abstract] | ||
Business acquisition, effective date of acquisition | Aug. 21, 2018 | |
Business acquisition, name of acquired entity | A. Schulman Inc. | |
Adjusted aggregate purchase price | $ 1,933 | |
Goodwill, period increase (decrease) | $ 86 |
Business Combination and Disp_3
Business Combination and Dispositions, Dispositions (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Additional disclosures by disposal groups [Line Items] | ||||
Net proceeds from sale of business | $ 5 | $ 37 | $ 155 | |
Disposal group disposed of by sale not discontinued operations [Member] | Carbon black subsidiary in France [Member] | ||||
Additional disclosures by disposal groups [Line Items] | ||||
Net proceeds from sale of business | $ 37 | |||
Gain on sale of wholly owned subsidiary | $ 36 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Contract with customer, liability [Abstract] | ||
Contract with customer, liability | $ 124 | $ 138 |
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. |
Revenues, Key product revenues
Revenues, Key product revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | $ 8,179 | $ 8,722 | $ 9,048 | $ 8,778 | $ 8,876 | $ 10,155 | $ 10,206 | $ 9,767 | $ 34,727 | $ 39,004 | $ 34,484 |
Olefins & co-products [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 2,957 | 3,679 | 4,304 | ||||||||
Polyethylene [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 6,070 | 7,439 | 7,368 | ||||||||
Polypropylene [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 5,010 | 5,703 | 5,005 | ||||||||
Propylene oxide and derivatives [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 1,924 | 2,378 | 2,059 | ||||||||
Oxyfuels and related products [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 3,116 | 3,399 | 3,022 | ||||||||
Intermediate chemicals [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 2,516 | 3,568 | 3,196 | ||||||||
Compounding and solutions [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 4,096 | 3,091 | 2,139 | ||||||||
Advanced polymers [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 750 | 930 | 783 | ||||||||
Refined products [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 7,599 | 8,221 | 6,165 | ||||||||
Other [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | $ 689 | $ 596 | $ 443 |
Revenues, Geographic location (
Revenues, Geographic location (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | $ 8,179 | $ 8,722 | $ 9,048 | $ 8,778 | $ 8,876 | $ 10,155 | $ 10,206 | $ 9,767 | $ 34,727 | $ 39,004 | $ 34,484 |
U.S. [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 16,349 | 18,671 | 16,618 | ||||||||
Germany [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 2,708 | 2,949 | 2,746 | ||||||||
Mexico [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 1,634 | 2,308 | 1,504 | ||||||||
Italy [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 1,435 | 1,582 | 1,352 | ||||||||
France [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 1,345 | 1,460 | 1,306 | ||||||||
Japan | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 1,039 | 1,257 | 1,185 | ||||||||
China | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 1,225 | 1,137 | 1,024 | ||||||||
Netherlands [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | 929 | 1,050 | 1,069 | ||||||||
Other [Member] | |||||||||||
Disaggregation of revenue [Abstract] | |||||||||||
Sales and other operating revenues | $ 8,063 | $ 8,590 | $ 7,680 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
The Company billed related parties for: [Abstract] | |||
Sales of products billed to related parties | $ 819 | $ 878 | $ 779 |
Joint venture partners [Member] | |||
Related party [Line Items] | |||
Description of transaction | These related party transactions include the sales and purchases of goods in the normal course of business as well as certain financing arrangements. In addition, under contractual arrangements with certain of our equity investees, we receive certain services, utilities and materials at some of our manufacturing sites, and we provide certain services to our equity investees. | ||
Guarantee of joint venture indebtedness | $ 40 | ||
The Company billed related parties for: [Abstract] | |||
Sales of products billed to related parties | 819 | 878 | 779 |
Shared service agreements billed to related parties | 8 | 9 | 16 |
Related parties billed the Company for: [Abstract] | |||
Sales of products billed the company | 2,830 | 2,999 | 2,759 |
Shared service agreements billed the company | $ 71 | $ 70 | $ 75 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | |||
Allowance for credit losses, receivables | $ 16 | $ 16 | |
Provisions for credit losses, receivables | less than $1 million | less than $1 million | less than $1 million |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory, finished goods, work-in-process, and raw materials and supplies [Abstract] | ||
Finished goods | $ 3,083 | $ 3,066 |
Work-in-process | 130 | 138 |
Raw materials and supplies | 1,375 | 1,311 |
Total inventories | 4,588 | $ 4,515 |
LIFO Method Related Items [Abstract] | ||
Percentage of inventories valued using the LIFO method (in hundredths) | 85.00% | |
Excess of inventories at estimated net realizable value over LIFO cost after lower of cost or market charges | $ 670 | $ 798 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Goodwill and Intangible Assets, Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 21,260 | $ 18,701 | |
Less: accumulated depreciation | (7,130) | (6,224) | |
Property, plant and equipment, net | 14,130 | 12,477 | |
Capitalized Interest | $ 87 | 45 | $ 20 |
Major manufacturing equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 25 years | ||
Total property, plant and equipment | $ 11,572 | 10,684 | |
Light equipment and instrumentation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 2,968 | 2,639 | |
Light equipment and instrumentation [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years | ||
Light equipment and instrumentation [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 20 years | ||
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 3,310 | 2,255 | |
Major turnarounds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 1,866 | 1,750 | |
Major turnarounds [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 4 years | ||
Major turnarounds [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 7 years | ||
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 30 years | ||
Total property, plant and equipment | $ 1,090 | 924 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 359 | 364 | |
Information system equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 69 | 60 | |
Information system equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Information system equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years | ||
Office furniture [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 15 years | ||
Total property, plant and equipment | $ 26 | $ 25 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Goodwill and Intangible Assets, Intangible assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 2,048 | $ 1,978 |
Accumulated amortization | (1,179) | (1,013) |
Net | 869 | 965 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2020 | 167 | |
2021 | 76 | |
2022 | 72 | |
2023 | 65 | |
2024 | 57 | |
Emission allowances [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 874 | 807 |
Accumulated amortization | (593) | (531) |
Net | 281 | 276 |
Various contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 506 | 508 |
Accumulated amortization | (359) | (329) |
Net | 147 | 179 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 299 | 300 |
Accumulated amortization | (32) | (8) |
Net | 267 | 292 |
In-process research and development costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 109 | 111 |
Accumulated amortization | (82) | (75) |
Net | 27 | 36 |
Trade name and trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 102 | 104 |
Accumulated amortization | (37) | (7) |
Net | 65 | 97 |
Know-how [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 84 | 84 |
Accumulated amortization | (15) | (4) |
Net | 69 | 80 |
Software costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 74 | 64 |
Accumulated amortization | (61) | (59) |
Net | $ 13 | $ 5 |
Property, Plant and Equipment_5
Property, Plant and Equipment, Goodwill and Intangible Assets, Depreciation and amortization expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation and amortization expense [Abstract] | |||
Depreciation and amortization | $ 1,312 | $ 1,241 | $ 1,174 |
Property, plant and equipment [Member] | |||
Depreciation and amortization expense [Abstract] | |||
Depreciation and amortization | 1,092 | 1,075 | 1,023 |
Investment in PO joint ventures [Member] | |||
Depreciation and amortization expense [Abstract] | |||
Depreciation and amortization | 49 | 41 | 41 |
Emission allowances [Member] | |||
Depreciation and amortization expense [Abstract] | |||
Depreciation and amortization | 63 | 63 | 67 |
Various contracts [Member] | |||
Depreciation and amortization expense [Abstract] | |||
Depreciation and amortization | 32 | 31 | 27 |
Customer relationships [Member] | |||
Depreciation and amortization expense [Abstract] | |||
Depreciation and amortization | 24 | 8 | |
In-process research and development costs [Member] | |||
Depreciation and amortization expense [Abstract] | |||
Depreciation and amortization | 8 | 7 | 9 |
Trade name and trademarks [Member] | |||
Depreciation and amortization expense [Abstract] | |||
Depreciation and amortization | 30 | 7 | |
Know-how [Member] | |||
Depreciation and amortization expense [Abstract] | |||
Depreciation and amortization | 12 | 4 | |
Software costs [Member] | |||
Depreciation and amortization expense [Abstract] | |||
Depreciation and amortization | $ 2 | $ 5 | $ 7 |
Property, Plant and Equipment_6
Property, Plant and Equipment, Goodwill and Intangible Assets, Asset retirement obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Asset retirement obligation [Roll Forward] | ||
Beginning balance | $ 58 | $ 58 |
Payments | 0 | (2) |
Changes in estimates | 7 | 2 |
Accretion expense | 1 | 2 |
Effects of exchange rate changes | (1) | (2) |
Ending balance | $ 65 | $ 58 |
Property, Plant and Equipment_7
Property, Plant and Equipment, Goodwill and Intangible Assets Property, Plant and Equipment, Goodwill and Intangible Assets, Goodwill (Details) - USD ($) $ in Millions | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||||
Goodwill | $ 1,814 | $ 1,891 | $ 1,814 | $ 570 |
Acquisition of A. Schulman | 1,259 | |||
Measurement period adjustments | 86 | 12 | ||
Foreign currency translation adjustments | (9) | (27) | ||
O&P - Americas [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 162 | 162 | 162 | 162 |
Foreign currency translation adjustments | 0 | 0 | ||
O&P - EAI [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 114 | 112 | 114 | 121 |
Foreign currency translation adjustments | (2) | (7) | ||
I&D [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 229 | 228 | 229 | 237 |
Foreign currency translation adjustments | (1) | (8) | ||
APS [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 1,300 | 1,380 | 1,300 | 41 |
Acquisition of A. Schulman | 1,259 | |||
Measurement period adjustments | 12 | 86 | ||
Foreign currency translation adjustments | (6) | (12) | ||
Technology [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 9 | 9 | 9 | $ 9 |
Foreign currency translation adjustments | $ 0 | $ 0 |
Investment in PO Joint Ventur_4
Investment in PO Joint Ventures (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Investment in PO joint ventures supplemental information [Abstract] | |||
Joint venture partner right to annual in-kind propylene oxide production (in thousand tons) | 680 | 680 | |
Product offtake (in thousand tons) | 2,431 | 2,623 | 2,807 |
Schedule of changes in the investment in POJVs [Abstract] | |||
Beginning balance | $ 469 | ||
Depreciation and amortization | (1,312) | $ (1,241) | $ (1,174) |
Effect of exchange rate changes | 13 | (28) | |
Period end | 504 | 469 | |
U. S. PO Joint Venture [Member] | |||
Schedule of changes in the investment in POJVs [Abstract] | |||
Beginning balance | 363 | 310 | |
Cash contributions | 27 | 85 | |
Depreciation and amortization | (41) | (32) | |
Effect of exchange rate changes | 0 | 0 | |
Period end | $ 349 | 363 | 310 |
European PO Joint Venture [Member] | |||
Investment in PO joint ventures supplemental information [Abstract] | |||
Ownership percentage in the PO joint venture (in hundredths) | 50.00% | ||
Schedule of changes in the investment in POJVs [Abstract] | |||
Beginning balance | $ 106 | 110 | |
Cash contributions | 59 | 10 | |
Depreciation and amortization | (8) | (9) | |
Effect of exchange rate changes | (2) | (5) | |
Period end | 155 | 106 | 110 |
Total PO Joint Ventures [Member] | |||
Schedule of changes in the investment in POJVs [Abstract] | |||
Beginning balance | 469 | 420 | |
Cash contributions | 86 | 95 | |
Depreciation and amortization | (49) | (41) | |
Effect of exchange rate changes | (2) | (5) | |
Period end | $ 504 | $ 469 | $ 420 |
Equity Investments, Direct and
Equity Investments, Direct and indirect equity investments (Details) | Dec. 31, 2019 | Nov. 30, 2019 | Dec. 31, 2018 |
Basell Orlen Polyolefins Sp. Z.o.o. [Member] | |||
Schedule of equity method investments [Line Items] | |||
Equity investment, ownership percentage (in hundredths) | 50.00% | 50.00% | |
PolyPacific Pty. Ltd. [Member] | |||
Schedule of equity method investments [Line Items] | |||
Equity investment, ownership percentage (in hundredths) | 50.00% | 50.00% | |
Saudi Polyolefins Company [Member] | |||
Schedule of equity method investments [Line Items] | |||
Equity investment, ownership percentage (in hundredths) | 25.00% | 25.00% | |
Saudi Ethylene & Polyethylene Company Ltd. [Member] | |||
Schedule of equity method investments [Line Items] | |||
Equity investment, ownership percentage (in hundredths) | 25.00% | 25.00% | |
Al-Waha Petrochemicals Ltd. [Member] | |||
Schedule of equity method investments [Line Items] | |||
Equity investment, ownership percentage (in hundredths) | 25.00% | 25.00% | |
Polymirae Co. Ltd. [Member] | |||
Schedule of equity method investments [Line Items] | |||
Equity investment, ownership percentage (in hundredths) | 50.00% | 50.00% | |
HMC Polymers Company Ltd. [Member] | |||
Schedule of equity method investments [Line Items] | |||
Equity investment, ownership percentage (in hundredths) | 28.56% | 28.56% | |
Indelpro S.A. de C.V. [Member] | |||
Schedule of equity method investments [Line Items] | |||
Equity investment, ownership percentage (in hundredths) | 49.00% | 49.00% | |
Ningbo ZRCC Lyondell Chemical Co. Ltd. [Member] | |||
Schedule of equity method investments [Line Items] | |||
Equity investment, ownership percentage (in hundredths) | 26.65% | 26.65% | |
Ningbo ZRCC Lyondell Chemical Marketing Co. [Member] | |||
Schedule of equity method investments [Line Items] | |||
Equity investment, ownership percentage (in hundredths) | 50.00% | 50.00% | |
NOC Asia Ltd. [Member] | |||
Schedule of equity method investments [Line Items] | |||
Equity investment, ownership percentage (in hundredths) | 0.00% | 40.00% | 40.00% |
Equity Investments, Changes in
Equity Investments, Changes in equity investments (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in equity investments [Abstract] | ||||
Beginning balance | $ 1,611 | $ 1,635 | ||
Income from equity investments | 225 | 289 | ||
Distributions of earnings, net of tax | (247) | (307) | $ (309) | |
Business combination | 0 | 16 | ||
Currency exchange effects | 13 | (28) | ||
Other | 0 | 6 | ||
Ending balance | 1,602 | 1,611 | 1,635 | |
Other disclosures [Abstract] | ||||
Net proceeds from sale of business | $ 5 | $ 37 | $ 155 | |
NOC Asia Ltd. [Member] | ||||
Other disclosures [Abstract] | ||||
Equity investment, ownership percentage (in hundredths) | 40.00% | 0.00% | 40.00% | |
Net proceeds from sale of business | $ 5 |
Equity Investments, Summarized
Equity Investments, Summarized balance sheet information (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Equity method investment summarized financial information assets and liabilities [Abstract] | ||
Current assets | $ 2,591 | $ 2,824 |
Noncurrent assets | 4,491 | 4,625 |
Total assets | 7,082 | 7,449 |
Current liabilities | 1,640 | 1,485 |
Noncurrent liabilities | 1,060 | 1,592 |
Net assets | $ 4,382 | $ 4,372 |
Equity Investments,Summarized i
Equity Investments,Summarized income statement information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity method investment summarized financial information income statement [Abstract] | |||
Revenues | $ 6,753 | $ 7,449 | $ 6,632 |
Cost of sales | (5,499) | (5,899) | (5,119) |
Gross profit | 1,254 | 1,550 | 1,513 |
Net operating expenses | (253) | (310) | (223) |
Operating income | 1,001 | 1,240 | 1,290 |
Interest income | 5 | 6 | 7 |
Interest expense | (63) | (70) | (74) |
Foreign currency translation | 4 | 1 | 11 |
Other income, net | (24) | 25 | 11 |
Income before income taxes | 923 | 1,202 | 1,245 |
Provision for income taxes | (194) | (260) | (153) |
Net income | $ 729 | $ 942 | $ 1,092 |
Prepaid Expenses, Other Curre_3
Prepaid Expenses, Other Current Assets and Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Components of prepaid expenses and other current assets [Abstract] | ||
Loans receivable | $ 0 | $ 544 |
VAT receivables | 178 | 218 |
Income tax receivable | 175 | 169 |
Financial derivatives | 54 | 80 |
Advances to suppliers | 54 | 57 |
Renewable identification numbers | 39 | 65 |
Prepaid insurance | 26 | 25 |
Other | 210 | 97 |
Total prepaid expenses and other current assets | 736 | 1,255 |
Components of other assets [Abstract] | ||
Derivative contracts | 255 | 118 |
Company-owned life insurance | 61 | 62 |
Deferred tax assets | 38 | 31 |
Pension assets | 22 | 39 |
Debt issuance costs | 11 | 12 |
Other | 52 | 91 |
Total other assets | $ 439 | $ 353 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued liabilities [Abstract] | ||
Payroll and benefits | $ 385 | $ 534 |
Operating lease liabilities | 273 | |
Taxes other than income taxes | 202 | 186 |
Financial derivatives | 183 | 30 |
Interest | 161 | 154 |
Product sales rebates | 142 | 163 |
Contract liabilities | 103 | 128 |
Income taxes | 66 | 16 |
Renewable identification numbers | 46 | 72 |
Other | 261 | 253 |
Total accrued liabilities | $ 1,822 | $ 1,536 |
Debt, Long-term debt (Details)
Debt, Long-term debt (Details) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Oct. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Sep. 30, 2019EUR (€) | Dec. 31, 2018USD ($) | |
Long-term debt [Line Items] | |||||||
Unamortized debt issuance cost | $ 11 | $ 12 | |||||
Long-term debt | 11,617 | 8,502 | |||||
Current maturities of long-term debt | (3) | (5) | |||||
Long-term debt, noncurrent portion | $ 11,614 | 8,497 | |||||
Senior Notes due 2019, $1,000 million, 5.0% | |||||||
Long-term debt [Line Items] | |||||||
Maturity year | 2019 | ||||||
Face amount | $ 1,000 | ||||||
Stated interest rate (in hundredths) | 5.00% | 5.00% | |||||
Unamortized debt issuance cost | |||||||
Long-term debt | $ 0 | 988 | |||||
Senior Notes due 2021, $1,000 million, 6.0% ($3 million of debt issuance cost) | |||||||
Long-term debt [Line Items] | |||||||
Maturity year | 2021 | ||||||
Face amount | $ 1,000 | ||||||
Stated interest rate (in hundredths) | 6.00% | 6.00% | |||||
Unamortized debt issuance cost | $ 3 | ||||||
Long-term debt | $ 998 | 975 | |||||
Senior Notes due 2024, $1,000 million, 5.75% ($5 million of debt issuance cost) | |||||||
Long-term debt [Line Items] | |||||||
Maturity year | 2024 | ||||||
Face amount | $ 1,000 | ||||||
Stated interest rate (in hundredths) | 5.75% | 5.75% | |||||
Unamortized debt issuance cost | $ 5 | ||||||
Long-term debt | $ 995 | 993 | |||||
Senior Notes due 2055, $1,000 million, 4.625% ($16 million of discount; $11 million of debt issuance cost) | |||||||
Long-term debt [Line Items] | |||||||
Maturity year | 2055 | ||||||
Face amount | $ 1,000 | ||||||
Stated interest rate (in hundredths) | 4.625% | 4.625% | |||||
Unamortized discount | $ 16 | ||||||
Unamortized debt issuance cost | 11 | ||||||
Long-term debt | $ 973 | 973 | |||||
Term Loan due 2022, $4,000 million | |||||||
Long-term debt [Line Items] | |||||||
Maturity year | 2022 | 2022 | |||||
Face amount | $ 4,000 | $ 4,000 | |||||
Maximum borrowing capacity | $ 4,000 | ||||||
Long-term debt | $ 1,950 | ||||||
Guaranteed Notes due 2022, €750 million, 1.875% ($1 million of discount; $2 million of debt issuance cost) | |||||||
Long-term debt [Line Items] | |||||||
Maturity year | 2022 | ||||||
Face amount | € | € 750 | ||||||
Stated interest rate (in hundredths) | 1.875% | 1.875% | |||||
Unamortized discount | $ 1 | ||||||
Unamortized debt issuance cost | 2 | ||||||
Long-term debt | $ 841 | 855 | |||||
Guaranteed Notes due 2023, $750 million, 4.0% ($4 million of discount; $2 million of debt issuance cost) | |||||||
Long-term debt [Line Items] | |||||||
Maturity year | 2023 | ||||||
Face amount | $ 750 | ||||||
Stated interest rate (in hundredths) | 4.00% | 4.00% | |||||
Unamortized discount | $ 4 | ||||||
Unamortized debt issuance cost | 2 | ||||||
Long-term debt | $ 744 | 742 | |||||
Guaranteed Notes due 2026, €500 million, 0.875% ($2 million of discount; $4 million of debt issuance cost) | |||||||
Long-term debt [Line Items] | |||||||
Maturity year | 2026 | 2026 | |||||
Face amount | € | € 500 | € 500 | |||||
Stated interest rate (in hundredths) | 0.875% | 0.875% | 0.875% | 0.875% | |||
Unamortized discount | $ 2 | ||||||
Unamortized debt issuance cost | 4 | ||||||
Long-term debt | $ 555 | ||||||
Guaranteed Notes due 2027, $1,000 million, 3.5% ($8 million of discount; $6 million of debt issuance cost) | |||||||
Long-term debt [Line Items] | |||||||
Maturity year | 2027 | ||||||
Face amount | $ 1,000 | ||||||
Stated interest rate (in hundredths) | 3.50% | 3.50% | |||||
Unamortized discount | $ 8 | ||||||
Unamortized debt issuance cost | 6 | ||||||
Long-term debt | $ 1,023 | 964 | |||||
Guaranteed Notes due 2027, $300 million, 8.1% | |||||||
Long-term debt [Line Items] | |||||||
Maturity year | 2027 | ||||||
Face amount | $ 300 | ||||||
Stated interest rate (in hundredths) | 8.10% | 8.10% | |||||
Long-term debt | $ 300 | 300 | |||||
Guaranteed Notes due 2031, €500 million, 1.625% ($6 million of discount; $3 million of debt issuance cost) | |||||||
Long-term debt [Line Items] | |||||||
Maturity year | 2031 | 2031 | |||||
Face amount | € | € 500 | € 500 | |||||
Stated interest rate (in hundredths) | 1.625% | 1.625% | 1.625% | 1.625% | |||
Unamortized discount | $ 6 | ||||||
Unamortized debt issuance cost | 3 | ||||||
Long-term debt | $ 552 | ||||||
Guaranteed Notes due 2043, $750 million, 5.25% ($20 million of discount; $7 million of debt issuance cost) | |||||||
Long-term debt [Line Items] | |||||||
Maturity year | 2043 | ||||||
Face amount | $ 750 | ||||||
Stated interest rate (in hundredths) | 5.25% | 5.25% | |||||
Unamortized discount | $ 20 | ||||||
Unamortized debt issuance cost | 7 | ||||||
Long-term debt | $ 723 | 722 | |||||
Guaranteed Notes due 2044, $1,000 million, 4.875% ($11 million of discount; $9 million of debt issuance cost) | |||||||
Long-term debt [Line Items] | |||||||
Maturity year | 2044 | ||||||
Face amount | $ 1,000 | ||||||
Stated interest rate (in hundredths) | 4.875% | 4.875% | |||||
Unamortized discount | $ 11 | ||||||
Unamortized debt issuance cost | 9 | ||||||
Long-term debt | $ 980 | 980 | |||||
Guaranteed Notes due 2049, $1,000 million, 4.2% ($15 million of discount; $10 million of debt issuance cost) | |||||||
Long-term debt [Line Items] | |||||||
Maturity year | 2049 | 2049 | |||||
Face amount | $ 1,000 | $ 1,000 | |||||
Stated interest rate (in hundredths) | 4.20% | 4.20% | 4.20% | ||||
Unamortized discount | $ 15 | ||||||
Unamortized debt issuance cost | 10 | ||||||
Long-term debt | 975 | ||||||
Other long-term debt [Member] | |||||||
Long-term debt [Line Items] | |||||||
Long-term debt | $ 8 | $ 10 |
Debt, Description of fair value
Debt, Description of fair value adjustments for senior and guaranteed notes (Details) - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | 36 Months Ended | 48 Months Ended | 60 Months Ended | 72 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Long-term debt [Line Items] | |||||||||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ (91) | $ 4 | $ 51 | $ (40) | |||||
Senior Notes due 2019, $1,000 million, 5.0% [Member] | |||||||||
Long-term debt [Line Items] | |||||||||
Maturity year | 2019 | ||||||||
Stated interest rate (in hundredths) | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||
Inception year | 2014 | ||||||||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ (11) | (25) | $ 11 | $ 0 | |||||
Cumulative fair value hedging adjustment remaining for discontinued hedges | 7 | ||||||||
Senior Notes due 2021, $1,000 million, 6.0% [Member] | |||||||||
Long-term debt [Line Items] | |||||||||
Maturity year | 2021 | ||||||||
Stated interest rate (in hundredths) | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | ||||
Inception year | 2016 | ||||||||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ (21) | 8 | $ 20 | $ (1) | |||||
Guaranteed Notes due 2027, $1,000 million, 3.5% [Member] | |||||||||
Long-term debt [Line Items] | |||||||||
Maturity year | 2027 | ||||||||
Stated interest rate (in hundredths) | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | ||||
Inception year | 2017 | ||||||||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ (58) | 22 | $ 21 | $ (37) | |||||
Guaranteed Notes due 2022, Euro 750 million, 1.875% [Member] | |||||||||
Long-term debt [Line Items] | |||||||||
Maturity year | 2022 | ||||||||
Stated interest rate (in hundredths) | 1.875% | 1.875% | 1.875% | 1.875% | 1.875% | ||||
Inception year | 2018 | ||||||||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ (1) | $ (1) | $ (2) |
Debt, Short-term debt (Details)
Debt, Short-term debt (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Short-term debt [Line Items] | ||
Short-term debt | $ 445 | $ 885 |
Senior Revolving Credit Facility, $2,500 million [Member] | ||
Short-term debt [Line Items] | ||
Maximum borrowing capacity | 2,500 | |
Short-term debt | 0 | 0 |
U.S. Receivables Facility, $900 million [Member] | ||
Short-term debt [Line Items] | ||
Maximum borrowing capacity | 900 | |
Short-term debt | 0 | 0 |
Commercial paper [Member] | ||
Short-term debt [Line Items] | ||
Maximum borrowing capacity | 2,500 | |
Short-term debt | 262 | 809 |
Precious metal financings [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | 181 | 71 |
Other short-term debt [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | $ 2 | $ 5 |
Debt, Description of long-term
Debt, Description of long-term debt (Details) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Oct. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jul. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Feb. 28, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019EUR (€) | Sep. 30, 2019EUR (€) | |
Aggregate maturities of debt during the next five years and thereafter [Abstract] | |||||||||||
2020 | $ 448 | $ 448 | |||||||||
2021 | 1,002 | 1,002 | |||||||||
2022 | 2,793 | 2,793 | |||||||||
2023 | 751 | 751 | |||||||||
2024 | 1,000 | 1,000 | |||||||||
Aggregate maturities of debt after 2024 | 6,173 | 6,173 | |||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Repayments of long-term debt | 2,974 | $ 394 | $ 1,000 | ||||||||
Proceeds from issuance of long-term debt | 5,031 | 0 | 990 | ||||||||
Premium paid on redemption of Senior Notes due 2019 | 0 | $ 0 | $ (65) | ||||||||
Guaranteed Notes due 2049, $1,000 4.2% [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Issuance date | 2019-10 | ||||||||||
Face amount | $ 1,000 | $ 1,000 | $ 1,000 | ||||||||
Interest rate (in hundredths) | 4.20% | 4.20% | 4.20% | 4.20% | |||||||
Maturity year | 2049 | 2049 | |||||||||
Discounted prices at which long-term debt was issued (in hundredths) | 98.488% | ||||||||||
Proceeds from issuance of long-term debt | $ 974 | ||||||||||
Description of debt redemption terms | The 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 100% of the principal amount of the notes redeemed or 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. The 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. The notes are also redeemable upon certain tax events. | ||||||||||
Guaranteed Notes due 2026, €500 million, 0.875% [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Face amount | € | € 500 | € 500 | |||||||||
Interest rate (in hundredths) | 0.875% | 0.875% | 0.875% | 0.875% | 0.875% | ||||||
Maturity year | 2026 | 2026 | |||||||||
Discounted prices at which long-term debt was issued (in hundredths) | 99.642% | 99.642% | |||||||||
Guaranteed Notes due 2031, €500 million,1.625% [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Face amount | € | € 500 | € 500 | |||||||||
Interest rate (in hundredths) | 1.625% | 1.625% | 1.625% | 1.625% | 1.625% | ||||||
Maturity year | 2031 | 2031 | |||||||||
Discounted prices at which long-term debt was issued (in hundredths) | 98.924% | 98.924% | |||||||||
Guaranteed Notes due 2026 and 2031 [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Issuance date | 2019-09 | ||||||||||
Description of debt redemption terms | The 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 100% of the principal amount of the notes redeemed and the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable comparable government bond rate plus 30 basis points in the case of the 2026 Notes and 35 basis points in the case of the 2031 Notes) on the notes to be redeemed. The notes may also be redeemed 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 redeemed plus accrued and unpaid interest. The notes are also redeemable upon certain tax events. | ||||||||||
Term Loan due 2022, $4,000 million [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Issuance date | 2019-03 | ||||||||||
Long-term debt, term | 3 years | ||||||||||
Maximum borrowing capacity | $ 4,000 | ||||||||||
Description of interest rate | Borrowings under the credit agreement bear interest at either a base rate or LIBOR rate, as defined, plus in each case, an applicable margin determined by reference to LyondellBasell N.V.’s current credit ratings. | ||||||||||
Terms of debt covenants | The credit agreement contains customary representations and warranties and contains certain restrictive covenants regarding, among other things, secured indebtedness, subsidiary indebtedness, mergers and sales of assets. In addition, we are required to maintain a leverage ratio at the end of every fiscal quarter of 3.50 to 1.00, or less, for the period covering the most recent four quarters. | ||||||||||
Face amount | $ 4,000 | $ 4,000 | $ 4,000 | ||||||||
Maturity year | 2022 | 2022 | |||||||||
Repayments of long-term debt | $ 1,000 | ||||||||||
Proceeds from issuance of long-term debt | 1,950 | $ 1,000 | |||||||||
Senior Notes due 2019, $1,000 million, 5.0% [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Issuance date | 2017-03 | ||||||||||
Face amount | $ 1,000 | $ 1,000 | |||||||||
Interest rate (in hundredths) | 5.00% | 5.00% | 5.00% | ||||||||
Maturity year | 2019 | ||||||||||
Repayments of long-term debt | $ 1,000 | $ 1,000 | |||||||||
Premium paid on redemption of Senior Notes due 2019 | (65) | ||||||||||
Write-off of debt issuance cost | less than $1 million | ||||||||||
Write-off of debt Issuance cost | 4 | ||||||||||
Charges associated with the redemption of Senior Notes due 2019 before write off of debt issuance cost | $ (8) | $ (44) | |||||||||
Guaranteed Notes due 2027, $1,000 million, 3.5% [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Issuance date | 2017-03 | ||||||||||
Face amount | $ 1,000 | $ 1,000 | |||||||||
Interest rate (in hundredths) | 3.50% | 3.50% | 3.50% | ||||||||
Maturity year | 2027 | ||||||||||
Discounted prices at which long-term debt was issued (in hundredths) | 98.968% | 98.968% | 98.968% | ||||||||
Description of debt redemption terms | The 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 100% of the principal amount of the notes redeemed and the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 20 basis points) on the notes to be redeemed. The notes may also be redeemed 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 redeemed plus accrued and unpaid interest. | ||||||||||
Senior Notes due 2021, $1,000 million, 6.0% [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Face amount | $ 1,000 | $ 1,000 | |||||||||
Interest rate (in hundredths) | 6.00% | 6.00% | 6.00% | ||||||||
Maturity year | 2021 | ||||||||||
Senior Notes due 2024, $1,000 million, 5.75% [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Face amount | $ 1,000 | $ 1,000 | |||||||||
Interest rate (in hundredths) | 5.75% | 5.75% | 5.75% | ||||||||
Maturity year | 2024 | ||||||||||
Senior Notes due 2021 and 2024 [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Description of debt redemption terms | These notes may be redeemed and repaid, in whole or in part, at any time and from time to time prior to the date that is 90 days 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 a premium for each note redeemed equal to the greater of 1.00% of the then outstanding principal amount of the note and the excess of: (a) the present value at such redemption date of (i) the principal amount of the note at maturity plus (ii) all required interest payments due on the note through maturity (excluding accrued but unpaid interest), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the outstanding principal amount of the note. These notes may also be redeemed, in whole or in part, at any time on or after the date which is 90 days 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 2022, Euro 750 million, 1.875% [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Issuance date | 2016-03 | ||||||||||
Face amount | € | € 750 | ||||||||||
Interest rate (in hundredths) | 1.875% | 1.875% | 1.875% | ||||||||
Maturity year | 2022 | ||||||||||
Discounted prices at which long-term debt was issued (in hundredths) | 99.607% | 99.607% | 99.607% | ||||||||
Description of debt redemption terms | The 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 100% of the principal amount of the notes redeemed and the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable comparable government bond rate plus 35 basis points) on the notes to be redeemed. The notes may also be redeemed 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 redeemed plus accrued and unpaid interest. The notes are also redeemable upon certain tax events. | ||||||||||
Senior Notes due 2055, $1,000 million, 4.625% [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Issuance date | 2015-03 | ||||||||||
Face amount | $ 1,000 | $ 1,000 | |||||||||
Interest rate (in hundredths) | 4.625% | 4.625% | 4.625% | ||||||||
Maturity year | 2055 | ||||||||||
Discounted prices at which long-term debt was issued (in hundredths) | 98.353% | 98.353% | 98.353% | ||||||||
Description of debt redemption terms | The 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 100% of the principal amount of the notes redeemed and 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. The 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 2044, $1,000 million, 4.875% [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Issuance date | 2014-02 | ||||||||||
Face amount | $ 1,000 | $ 1,000 | |||||||||
Interest rate (in hundredths) | 4.875% | 4.875% | 4.875% | ||||||||
Maturity year | 2044 | ||||||||||
Discounted prices at which long-term debt was issued (in hundredths) | 98.831% | 98.831% | 98.831% | ||||||||
Description of debt redemption terms | The 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 100% of the principal amount of the notes redeemed and the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 20 basis points) on the notes to be redeemed. The 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 2023, $750 million, 4.0% [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Issuance date | 2013-07 | ||||||||||
Face amount | $ 750 | $ 750 | |||||||||
Interest rate (in hundredths) | 4.00% | 4.00% | 4.00% | ||||||||
Maturity year | 2023 | ||||||||||
Discounted prices at which long-term debt was issued (in hundredths) | 98.678% | 98.678% | 98.678% | ||||||||
Guaranteed Notes due 2043, $750 million, 5.25% [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Issuance date | July 2013 | ||||||||||
Face amount | $ 750 | $ 750 | |||||||||
Interest rate (in hundredths) | 5.25% | 5.25% | 5.25% | ||||||||
Maturity year | 2043 | ||||||||||
Discounted prices at which long-term debt was issued (in hundredths) | 97.004% | 97.004% | 97.004% | ||||||||
Guaranteed Notes due 2023 and 2043 [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Description of debt redemption terms | The notes may be redeemed and repaid, in whole or in part, at any time and from time to time prior to maturity at a redemption price equal to the greater of 100% of the principal amount of the notes redeemed, and the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed. Such interest will be discounted to the date of redemption on a semi-annual basis at the applicable treasury yield plus 25 basis points in the case of the 4% Notes due 2023 and plus 30 basis points in the case of the 5.25% Notes due 2043. | ||||||||||
Guaranteed Notes due 2027, $300 million, 8.1% [Member] | |||||||||||
Description of long-term debt changes [Line Items] | |||||||||||
Face amount | $ 300 | $ 300 | |||||||||
Interest rate (in hundredths) | 8.10% | 8.10% | 8.10% | ||||||||
Maturity year | 2027 |
Debt, Description of short-term
Debt, Description of short-term debt (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Oct. 31, 2019 | Jul. 31, 2019 | Feb. 28, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Description of short-term debt [Line Items] | |||||||
Repayments of short-term debt | $ 1,526 | $ 0 | $ 0 | ||||
Proceeds from short-term debt | 2,500 | 0 | 0 | ||||
Proceeds from commercial paper | $ (549) | $ 810 | $ (493) | ||||
Weighted average interest rate, short-term debt (in hundredths) | 3.30% | 3.30% | 3.10% | ||||
Term Loan due 2020, $2,000 million [Member] | |||||||
Description of short-term debt [Line Items] | |||||||
Issuance date | 2019-02 | ||||||
Short-term debt, term | 364-day | ||||||
Face amount | $ 2,000 | ||||||
Repayments of short-term debt | $ 2,000 | ||||||
Senior Revolving Credit Facility, $2,500 million [Member] | |||||||
Description of short-term debt [Line Items] | |||||||
Expiration date | 2022-06 | ||||||
Maximum borrowing capacity | $ 2,500 | $ 2,500 | |||||
Maximum allowed letters of credit | 500 | 500 | |||||
Additional borrowing capacity, uncommitted loans | 1,000 | $ 1,000 | |||||
Terms of debt covenants | The facility contains customary covenants and warranties, including specified restrictions on indebtedness and liens. In addition, we are required to maintain a leverage ratio at the end of every fiscal quarter of 3.50 to 1.00 or less for the period covering the most recent four quarters. | ||||||
Outstanding borrowings | 0 | $ 0 | |||||
Outstanding letters of credit | 0 | 0 | |||||
Commercial paper program [Member] | |||||||
Description of short-term debt [Line Items] | |||||||
Maximum borrowing capacity | 2,500 | $ 2,500 | |||||
Description of interest rate | Interest rates on the commercial paper outstanding at December 31, 2019 are based on the terms of the notes and range from 1.87% to 1.99%. | ||||||
Outstanding borrowings | 262 | $ 262 | |||||
Proceeds from commercial paper | $ 726 | $ 1,280 | |||||
U.S. Receivables Facility, $900 million [Member] | |||||||
Description of short-term debt [Line Items] | |||||||
Expiration date | 2021-07 | ||||||
Maximum borrowing capacity | 900 | $ 900 | |||||
Maximum allowed letters of credit | 200 | 200 | |||||
Additional borrowing capacity, uncommitted loans | 300 | $ 300 | |||||
Terms of debt covenants | We are required to maintain a leverage ratio at the end of every fiscal quarter of 3.50 to 1.00, or less, for the period covering the most recent four quarters. | ||||||
Outstanding borrowings | 0 | $ 0 | |||||
Outstanding letters of credit | 0 | $ 0 | |||||
Repayments of short-term debt | $ 500 | ||||||
Proceeds from short-term debt | $ 500 |
Debt, Debt discount and issuanc
Debt, Debt discount and issuance costs included in interest expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt discount and issuance costs [Abstract] | |||
Amortization of debt discount and debt issuance costs | $ 11 | $ 14 | $ 15 |
Debt, Formation of LYB Internat
Debt, Formation of LYB International finance companies (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Formation of direct, 100% owned finance subsidiary [Abstract] | |
LYB International finance companies' business activities and description | LYB International Finance B.V., LYB International Finance II B.V. and LYB International Finance III, LLC are direct, 100% owned finance subsidiaries of LyondellBasell 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 will be fully and unconditionally guaranteed by LyondellBasell N.V. |
Leases, Operating leases (Detai
Leases, Operating leases (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease description [Line Items] | |
Operating lease assets | $ 1,468 |
Operating lease liabilities | 1,489 |
Operating lease liability, current | $ 273 |
Operating lease, weighted average discount rate | 4.20% |
Operating lease, weighted average remaining lease term | 7 years |
Operating lease, extension term | 20 years |
Accrued liabilities [Member] | |
Lease description [Line Items] | |
Operating lease liability, current | $ 273 |
Minimum [Member] | |
Lease description [Line Items] | |
Operating lease, lessee, term of contract | less than 1 year |
Maximum [Member] | |
Lease description [Line Items] | |
Operating lease, lessee, term of contract | 30 years |
Leases, Maturities of operating
Leases, Maturities of operating lease liabilities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Maturities of operating lease liabilities [Abstract] | |
2020 | $ 326 |
2021 | 275 |
2022 | 231 |
2023 | 198 |
2024 | 171 |
Thereafter | 530 |
Total lease payments | 1,731 |
Less: Imputed Interest | (242) |
Present value of lease liabilities | $ 1,489 |
Leases, Operating lease cost (D
Leases, Operating lease cost (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease, Cost [Abstract] | |
Operating lease cost | $ 366 |
Short-term lease cost | 152 |
Variable lease cost | 61 |
Net operating lease cost | $ 579 |
Leases, Other Information (Deta
Leases, Other Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases, Other information [Line Items] | |
Cash paid for operating leases | $ 363 |
Leased assets obtained in exchange for new operating lease liabilities | 1,833 |
Additional operating leases, not yet commenced | $ 539 |
Minimum [Member] | |
Leases, Other information [Line Items] | |
Additional operating leases, not yet commenced, term of contract | 2 years |
Maximum [Member] | |
Leases, Other information [Line Items] | |
Additional operating leases, not yet commenced, term of contract | 20 years |
Leases, Lease commitments, futu
Leases, Lease commitments, future operating lease commitments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | $ 365 |
2020 | 288 |
2021 | 256 |
2022 | 236 |
2023 | 204 |
Thereafter | 1,126 |
Total minimum lease payments | $ 2,475 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements, Market risks, commodity prices and foreign currency rates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Foreign currency [Abstract] | |||
Foreign currency gain (loss) | $ 9 | $ 24 | $ (1) |
Cash and cash equivalents [Abstract] | |||
Amount of marketable securities classified as cash and cash equivalents | $ 389 | $ 19 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements, Summary of derivative and non-derivative financial instruments outstanding measured at fair value on a recurring basis (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | $ 4,719 | $ 4,738 |
Notional amount, derivative and non-derivative financial instruments liabilities | 3,074 | 6,111 |
Fair value, derivative and non-derivative financial instruments assets | 505 | 1,090 |
Fair value, derivative and non-derivative financial instruments liabilities | 335 | 203 |
Derivative [Member] | Designated as hedges: [Member] | Commodities [Member] | Prepaid expenses and other current assets [Member] | Fair value, inputs, level 1 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 0 | 472 |
Fair value, derivative and non-derivative financial instruments assets | 0 | 12 |
Derivative [Member] | Designated as hedges: [Member] | Commodities [Member] | Accrued liabilities [Member] | Fair value, inputs, level 1 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 0 | 4 |
Fair value, derivative and non-derivative financial instruments liabilities | 0 | 0 |
Derivative [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Prepaid expenses and other current assets [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 0 | 0 |
Fair value, derivative and non-derivative financial instruments assets | 27 | 27 |
Derivative [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Other assets [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 2,000 | 2,000 |
Fair value, derivative and non-derivative financial instruments assets | 214 | 117 |
Derivative [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Accrued liabilities [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 0 | 0 |
Fair value, derivative and non-derivative financial instruments liabilities | 16 | 17 |
Derivative [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Other liabilities [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 950 | 950 |
Fair value, derivative and non-derivative financial instruments liabilities | 53 | 75 |
Derivative [Member] | Designated as hedges: [Member] | Interest rates [Member] | Prepaid expenses and other current assets [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 0 | 600 |
Fair value, derivative and non-derivative financial instruments assets | 22 | 33 |
Derivative [Member] | Designated as hedges: [Member] | Interest rates [Member] | Other assets [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 1,940 | 143 |
Fair value, derivative and non-derivative financial instruments assets | 41 | 1 |
Derivative [Member] | Designated as hedges: [Member] | Interest rates [Member] | Accrued liabilities [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 1,000 | 1,400 |
Fair value, derivative and non-derivative financial instruments liabilities | 154 | 16 |
Derivative [Member] | Designated as hedges: [Member] | Interest rates [Member] | Other liabilities [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 700 | 2,500 |
Fair value, derivative and non-derivative financial instruments liabilities | 77 | 45 |
Derivative [Member] | Not designated as hedges: [Member] | Commodities [Member] | Prepaid expenses and other current assets [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 3 | 35 |
Fair value, derivative and non-derivative financial instruments assets | 0 | 5 |
Derivative [Member] | Not designated as hedges: [Member] | Commodities [Member] | Accrued liabilities [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 224 | 63 |
Fair value, derivative and non-derivative financial instruments liabilities | 34 | 14 |
Derivative [Member] | Not designated as hedges: [Member] | Foreign currency [Member] | Prepaid expenses and other current assets [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 580 | 599 |
Fair value, derivative and non-derivative financial instruments assets | 5 | 3 |
Derivative [Member] | Not designated as hedges: [Member] | Foreign currency [Member] | Accrued liabilities [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 200 | 1,165 |
Fair value, derivative and non-derivative financial instruments liabilities | 1 | 7 |
Non-derivatives: [Member] | Available-for-sale debt securities [Member] | Short-term investments [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 162 | 567 |
Fair value, derivative and non-derivative financial instruments assets | 162 | 567 |
Non-derivatives: [Member] | Equity securities [Member] | Short-term investments [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 34 | |
Fair value, derivative and non-derivative financial instruments assets | 34 | |
Non-derivatives: [Member] | Equity securities [Member] | Short-term investments [Member] | Fair value measured at net asset value per share [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 322 | |
Fair value, derivative and non-derivative financial instruments assets | 325 | |
Non-derivatives: [Member] | Performance share units [Member] | Accrued liabilities [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 0 | 29 |
Fair value, derivative and non-derivative financial instruments liabilities | $ 0 | $ 29 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements, Outstanding foreign currency and commodity contracts (Details) - Not designated as hedges: [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Foreign currency rates [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | January 2020 |
Foreign currency rates [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | September 2020 |
Commodities [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | January 2020 |
Commodities [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | March 2020 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements, Carrying value and estimated fair value of non-derivative financial instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Liabilities: [Abstract] | ||
Short-term debt, carrying value | $ 445 | $ 885 |
Nonrecurring [Member] | Non-derivatives: [Member] | ||
Assets: [Abstract] | ||
Short-term loans receivable, carrying value | 0 | 544 |
Short-term loans receivable, fair value | 0 | 544 |
Liabilities: [Abstract] | ||
Short-term debt, carrying value | 181 | 70 |
Long-term debt, carrying value | 11,609 | 8,492 |
Total liabilities, carrying value | 11,790 | 8,562 |
Short-term debt, fair value | 215 | 77 |
Long-term debt, fair value | 12,561 | 8,476 |
Total liabilities, fair value | $ 12,776 | 8,553 |
Non-derivative fair value level description | All financial instruments in the table above are classified as Level 2. | |
Amount of transfers between Level 1 and Level 2 of the fair value hierarchy | $ 0 | $ 0 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements, Summary of net investment hedges (Details) € in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Mar. 31, 2015EUR (€) | |
Derivative [Line Items] | |||||||
Payments for settlement of net investment hedges | $ 0 | $ 1,078 | $ 658 | ||||
Proceeds from settlement of net investment hedges | 0 | 1,108 | $ 609 | ||||
Derivative [Member] | Net investment hedges [Member] | Foreign currency contracts [Member] | |||||||
Derivative [Line Items] | |||||||
Notional amounts value | 650 | 650 | € 617 | € 617 | |||
Notional amounts, initial value of derivatives | € | 800 | € 125 | |||||
Notional amounts, value of expired derivatives | € | 925 | ||||||
Payments for settlement of net investment hedges | 1,078 | € 925 | |||||
Proceeds from settlement of net investment hedges | 1,108 | ||||||
Non-derivatives [Member] | Net investment hedges [Member] | Foreign currency denominated debt [Member] | |||||||
Derivative [Line Items] | |||||||
Notional amounts value | $ 842 | $ 858 | € 750 | € 750 |
Financial Instruments and Fai_8
Financial Instruments and Fair Value Measurements, Summary of cash flow hedges (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020 | Feb. 28, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||||
Redemption of 5% Senior Notes due 2019 | $ 2,974 | $ 394 | $ 1,000 | ||
Payments for settlement of hedges | 0 | 1,078 | 658 | ||
Proceeds from settlement of hedges | 0 | 1,108 | $ 609 | ||
Cash flow hedges [Member] | Interest expense [Member] | |||||
Derivative [Line Items] | |||||
Pre-tax unrealized gain (loss) to be reclassified to earnings over the next twelve months | (3) | ||||
Cash flow hedges [Member] | Foreign currency [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 2,300 | 2,300 | |||
Cash flow hedges [Member] | Foreign currency [Member] | Minimum [Member] | |||||
Derivative [Line Items] | |||||
Expiration date | 2021 | ||||
Cash flow hedges [Member] | Foreign currency [Member] | Maximum [Member] | |||||
Derivative [Line Items] | |||||
Expiration date | 2027 | ||||
Cash flow hedges [Member] | Interest rates [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 1,000 | $ 1,500 | 1,500 | ||
Derivative expiration date | February 2020 | ||||
Description of interest rate cash flow hedge activities | mitigate the risk of variability in interest rates of future expected debt issuance by July 2023 and April 2024 | ||||
Cash flow hedges [Member] | Interest rates [Member] | Subsequent event [Member] | |||||
Derivative [Line Items] | |||||
Description of interest rate cash flow hedge activities | In January 2020, we amended the terms of the Swaps to extend their maturities to July 2023 and April 2024. | ||||
Derivative collateral related to the liability position held with counterparties | $ 238 | ||||
Cash flow hedges [Member] | Interest rates [Member] | Senior Notes due 2019, $1,000 million, 5.0% [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 1,000 | ||||
Redemption of 5% Senior Notes due 2019 | $ 1,000 | ||||
Stated interest rate (in hundredths) | 5.00% | ||||
Maturity year | 2019 | ||||
Proceeds from settlement of hedges | $ 4 | ||||
Cash flow hedges [Member] | Interest rates [Member] | Interest expense [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 500 | ||||
Description of interest rate cash flow hedge activities | mitigate the risk of variability in interest rates for an expected debt issuance by November 2021 | ||||
Cash flow hedges [Member] | Interest rates [Member] | Minimum [Member] | |||||
Derivative [Line Items] | |||||
Expiration date | 2020 | ||||
Cash flow hedges [Member] | Interest rates [Member] | Maximum [Member] | |||||
Derivative [Line Items] | |||||
Expiration date | 2021 | ||||
Cash flow hedges [Member] | Commodities [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 0 | $ 476 | |||
Expiration date | 2019 | ||||
Cash flow hedges [Member] | Commodity feedstock price [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 336 | ||||
Payments for settlement of hedges | 20 | ||||
Cash flow hedges [Member] | Commodity product sale price [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | 437 | ||||
Proceeds from settlement of hedges | $ 26 |
Financial Instruments and Fai_9
Financial Instruments and Fair Value Measurements, Summary of fair value hedges (Details) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018EUR (€) | |
Derivative [Line Items] | |||||
Redemption of 5% Senior Notes due 2019 | $ 2,974 | $ 394 | $ 1,000 | ||
Payments for settlement of hedges | $ 0 | 1,078 | 658 | ||
Guaranteed Notes due 2022, Euro 750 million, 1.875% [Member] | |||||
Derivative [Line Items] | |||||
Stated interest rate (in hundredths) | 1.875% | ||||
Maturity year | 2022 | ||||
Senior Notes due 2019, $1,000 million, 5.0% [Member] | |||||
Derivative [Line Items] | |||||
Redemption of 5% Senior Notes due 2019 | $ 1,000 | $ 1,000 | |||
Stated interest rate (in hundredths) | 5.00% | ||||
Maturity year | 2019 | ||||
Fair value hedges [Member] | Interest rates [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts value | $ 2,140 | 3,143 | |||
Fair value hedges [Member] | Interest rates [Member] | Minimum [Member] | |||||
Derivative [Line Items] | |||||
Maturity year | 2021 | ||||
Fair value hedges [Member] | Interest rates [Member] | Maximum [Member] | |||||
Derivative [Line Items] | |||||
Maturity year | 2027 | ||||
Fair value hedges [Member] | Interest rates [Member] | Guaranteed Notes due 2022, Euro 750 million, 1.875% [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts value | $ 147 | € 125 | |||
Fair value hedges [Member] | Interest rates [Member] | Senior Notes due 2019, $1,000 million, 5.0% [Member] | |||||
Derivative [Line Items] | |||||
Redemption of 5% Senior Notes due 2019 | 1,000 | ||||
Payments for settlement of hedges | $ 5 | ||||
Stated interest rate (in hundredths) | 5.00% | ||||
Maturity year | 2019 | ||||
Notional amounts value | $ 1,000 |
Financial Instruments and Fa_10
Financial Instruments and Fair Value Measurements, Pretax impact of derivative instruments on earnings and other comprehensive income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in AOCI | $ (94) | $ 304 | $ (611) |
Gain (loss) reclassified from AOCI to income | (50) | (112) | 264 |
Additional gain (loss) recognized in income | 142 | 85 | (20) |
Amount of gain (loss) recognized in other comprehensive income on derivative amount excluded for effectiveness testing | 3 | 19 | |
Amount of gain (loss) recognized in earnings on derivative amount excluded for effectiveness testing | 19 | 27 | |
Pretax effect of the periodic receipt of fixed interest and payment of variable interest | (6) | (5) | 23 |
Derivative [Member] | Designated as hedges: [Member] | Commodities [Member] | Sales and other operating revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in AOCI | (34) | 60 | |
Gain (loss) reclassified from AOCI to income | (26) | 0 | |
Additional gain (loss) recognized in income | 0 | 0 | |
Derivative [Member] | Designated as hedges: [Member] | Commodities [Member] | Cost of sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in AOCI | 28 | (30) | (11) |
Gain (loss) reclassified from AOCI to income | 20 | (11) | 0 |
Additional gain (loss) recognized in income | 0 | 0 | 0 |
Derivative [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Other income (expense), net; Interest expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in AOCI | 119 | 190 | (466) |
Gain (loss) reclassified from AOCI to income | (40) | (100) | 265 |
Additional gain (loss) recognized in income | 65 | 68 | 42 |
Derivative [Member] | Designated as hedges: [Member] | Interest rates [Member] | Interest expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in AOCI | (223) | 43 | (25) |
Gain (loss) reclassified from AOCI to income | (4) | (1) | (1) |
Additional gain (loss) recognized in income | 75 | (30) | 2 |
Derivative [Member] | Not designated as hedges: [Member] | Commodities [Member] | Sales and other operating revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in AOCI | 0 | 0 | 0 |
Gain (loss) reclassified from AOCI to income | 0 | 0 | 0 |
Additional gain (loss) recognized in income | 3 | 3 | (18) |
Derivative [Member] | Not designated as hedges: [Member] | Commodities [Member] | Cost of sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in AOCI | 0 | 0 | 0 |
Gain (loss) reclassified from AOCI to income | 0 | 0 | 0 |
Additional gain (loss) recognized in income | (34) | 1 | (23) |
Derivative [Member] | Not designated as hedges: [Member] | Foreign currency [Member] | Other income (expense), net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in AOCI | 0 | 0 | 0 |
Gain (loss) reclassified from AOCI to income | 0 | 0 | 0 |
Additional gain (loss) recognized in income | 33 | 43 | (23) |
Non-derivatives: [Member] | Not designated as hedges: [Member] | Long-term debt [Member] | Other income (expense), net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in AOCI | 16 | 41 | (109) |
Gain (loss) reclassified from AOCI to income | 0 | 0 | 0 |
Additional gain (loss) recognized in income | $ 0 | $ 0 | $ 0 |
Financial Instruments and Fa_11
Financial Instruments and Fair Value Measurements, Summary of available-for-sale debt securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Available-for-sale debt securities, additional information [Abstract] | |||
Amount of allowance for credit losses related to available-for-sale debt securities | $ 0 | ||
Amount of losses related to other-than-temporary impairments on available-for-sale debt securities | $ 0 | $ 0 | |
Proceeds from maturities and sales of available-for-sale debt securities and the related gross realized gains and losses [Abstract] | |||
Proceeds from maturities of available-for-sale debt securities | 331 | 423 | 499 |
Proceeds from sales of available-for-sale debt securities | $ 180 | 0 | 0 |
Gross realized gains | less than $1 million | ||
Gross realized losses | less than $1 million | ||
Gross realized gains | 0 | 0 | |
Gross realized losses | 0 | $ 0 | |
Bonds [Member] | |||
Available-for-sale debt securities [Abstract] | |||
Cost | $ 162 | 567 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Fair value | 162 | 567 | |
Available-for-sale debt securities in continuous unrealized loss position [Abstract] | |||
Fair value of available-for-sale debt securities in continuous unrealized loss position for less than twelve months | 118 | ||
Unrealized loss on available-for-sale debt securities in continuous unrealized loss position for less than twelve months | 0 | (1) | |
Fair value of available-for-sale debt securities in continuous unrealized loss position for greater than twelve months | 45 | ||
Unrealized loss on available-for-sale debt securities in continuous unrealized loss position for greater than twelve months | $ 0 | $ 0 | |
Minimum [Member] | Bonds [Member] | |||
Available-for-sale debt securities, additional information [Abstract] | |||
Investment maturity period | 3 months | ||
Maximum [Member] | Bonds [Member] | |||
Available-for-sale debt securities, additional information [Abstract] | |||
Investment maturity period | 45 months |
Financial Instruments and Fa_12
Financial Instruments and Fair Value Measurements, Equity securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Proceeds from sale of equity securities [Abstract] | |||
Proceeds from sale of equity securities | $ 332 | $ 97 | $ 0 |
Equity securities [Member] | |||
Derivative [Line Items] | |||
Notional amount | 34 | 322 | |
Fair value | 34 | 325 | |
Proceeds from sale of equity securities [Abstract] | |||
Proceeds from sale of equity securities | 332 | 97 | $ 0 |
Unrealized gains and losses for equity securities [Abstract] | |||
Net gains (losses) recognized during the period | 9 | 11 | |
Less: Net gains (losses) during the period on securities sold | 9 | 5 | |
Unrealized gains (losses) recognized during the period | $ 0 | $ 6 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits, Pension changes in PBO and plan assets (Details) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. [Member] | |||
Change in benefit obligation: [Roll Forward] | |||
Benefit obligation, beginning of period | $ 1,752 | $ 1,924 | |
Service cost | 53 | 51 | $ 47 |
Interest cost | 70 | 60 | 60 |
Actuarial loss (gain) | 241 | (147) | |
Plan amendments | 0 | 0 | |
Benefits paid | (151) | (129) | |
Participant contributions | 0 | 0 | |
Settlement | 0 | (10) | |
Curtailment | 0 | ||
Business combination | 0 | 3 | |
Foreign exchange effects | 0 | 0 | |
Benefit obligation, end of period | 1,965 | 1,752 | 1,924 |
Change in plan assets: [Roll Forward] | |||
Fair value of plan assets, beginning of period | 1,548 | 1,680 | |
Actual return on plan assets | 194 | (37) | |
Company contributions | 46 | 44 | |
Benefits paid | (151) | (129) | |
Participant contributions | 0 | 0 | |
Settlement | 0 | (10) | |
Business combination | 0 | 0 | |
Foreign exchange effects | 0 | 0 | |
Fair value of plan assets, end of period | 1,637 | 1,548 | 1,680 |
Funded status of continuing operations [Abstract] | |||
Funded status of continuing operations, end of period | (328) | (204) | |
Non-U.S. [Member] | |||
Change in benefit obligation: [Roll Forward] | |||
Benefit obligation, beginning of period | 1,659 | 1,511 | |
Service cost | 36 | 35 | 39 |
Interest cost | 33 | 32 | 23 |
Actuarial loss (gain) | 331 | 23 | |
Plan amendments | 24 | 4 | |
Benefits paid | (43) | (38) | |
Participant contributions | 2 | 1 | |
Settlement | (10) | (20) | |
Curtailment | (2) | ||
Business combination | 0 | 192 | |
Foreign exchange effects | (13) | (81) | |
Benefit obligation, end of period | 2,017 | 1,659 | 1,511 |
Change in plan assets: [Roll Forward] | |||
Fair value of plan assets, beginning of period | 871 | 852 | |
Actual return on plan assets | 186 | 18 | |
Company contributions | 51 | 56 | |
Benefits paid | (43) | (38) | |
Participant contributions | 2 | 1 | |
Settlement | (10) | (20) | |
Business combination | 0 | 48 | |
Foreign exchange effects | 1 | (46) | |
Fair value of plan assets, end of period | 1,058 | 871 | $ 852 |
Funded status of continuing operations [Abstract] | |||
Funded status of continuing operations, end of period | $ (959) | $ (788) |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits, Pension amounts recognized in the consolidated balance sheets and in accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Amounts recognized in the consolidated balance sheets consist of: [Abstract] | |||
Prepaid benefit cost, long-term | $ 22 | $ 39 | |
Pension Plan [Member] | |||
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | |||
Actuarial and investment (gain) loss | (921) | (625) | $ (619) |
Prior service cost (credit) | 33 | 13 | $ 10 |
Pension Plan [Member] | U.S. [Member] | |||
Amounts recognized in the consolidated balance sheets consist of: [Abstract] | |||
Prepaid benefit cost, long-term | 4 | 10 | |
Accrued benefit liability, current | 0 | 0 | |
Accrued benefit liability, long-term | (332) | (214) | |
Funded status of continuing operations, end of period | (328) | (204) | |
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | |||
Actuarial and investment (gain) loss | 516 | 374 | |
Prior service cost (credit) | 1 | 2 | |
Balance, end of period | 517 | 376 | |
Pension Plan [Member] | Non-U.S. [Member] | |||
Amounts recognized in the consolidated balance sheets consist of: [Abstract] | |||
Prepaid benefit cost, long-term | 18 | 29 | |
Accrued benefit liability, current | (28) | (27) | |
Accrued benefit liability, long-term | (949) | (790) | |
Funded status of continuing operations, end of period | (959) | (788) | |
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | |||
Actuarial and investment (gain) loss | 405 | 251 | |
Prior service cost (credit) | 32 | 11 | |
Balance, end of period | $ 437 | $ 262 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits, Pension additional information (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. [Member] | ||
Accumulated benefit obligation for defined benefit plans [Abstract] | ||
Accumulated benefit obligation for defined benefit plans | $ 1,899 | $ 1,708 |
Pension plans with projected benefit obligations in excess of the fair value of assets [Abstract] | ||
Projected benefit obligations | 1,915 | 1,618 |
Fair value of assets | 1,583 | 1,404 |
Pension plans with accumulated benefit obligations in excess of the fair value of assets [Abstract] | ||
Accumulated benefit obligations | 1,765 | 1,578 |
Fair value of assets | 1,493 | 1,404 |
Non-U.S. [Member] | ||
Accumulated benefit obligation for defined benefit plans [Abstract] | ||
Accumulated benefit obligation for defined benefit plans | 1,859 | 1,528 |
Pension plans with projected benefit obligations in excess of the fair value of assets [Abstract] | ||
Projected benefit obligations | 1,778 | 1,456 |
Fair value of assets | 801 | 639 |
Pension plans with accumulated benefit obligations in excess of the fair value of assets [Abstract] | ||
Accumulated benefit obligations | 1,079 | 904 |
Fair value of assets | $ 243 | $ 198 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits, Pension periodic costs (Details) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. [Member] | |||
Net periodic pension cost: [Abstract] | |||
Service cost | $ 53 | $ 51 | $ 47 |
Interest cost | 70 | 60 | 60 |
Expected return on plan assets | (112) | (122) | (121) |
Settlement (gain) loss | 0 | 2 | 0 |
Prior service cost (benefit) amortization | 0 | 0 | 1 |
Actuarial (gain) loss amortization | 18 | 21 | 20 |
Net periodic benefit cost (credit) | 29 | 12 | 7 |
Non-U.S. [Member] | |||
Net periodic pension cost: [Abstract] | |||
Service cost | 36 | 35 | 39 |
Interest cost | 33 | 32 | 23 |
Expected return on plan assets | (24) | (24) | (19) |
Settlement (gain) loss | 1 | 1 | 2 |
Prior service cost (benefit) amortization | 2 | 1 | 2 |
Actuarial (gain) loss amortization | 12 | 10 | 16 |
Net periodic benefit cost (credit) | $ 60 | $ 55 | $ 63 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits, Pension actual and target asset allocations (Details) - Pension Plan [Member] | Dec. 31, 2019 | Dec. 31, 2018 |
Canadian plan equity securities [Member] | ||
Actual and target asset allocation [Abstract] | ||
Actual asset allocation (in hundredths) | 50.00% | 49.00% |
Target asset allocation (in hundredths) | 50.00% | 50.00% |
Canadian plan fixed income [Member] | ||
Actual and target asset allocation [Abstract] | ||
Actual asset allocation (in hundredths) | 50.00% | 51.00% |
Target asset allocation (in hundredths) | 50.00% | 50.00% |
United Kingdom LCC plan equity securities [Member] | ||
Actual and target asset allocation [Abstract] | ||
Actual asset allocation (in hundredths) | 36.00% | 49.00% |
Target asset allocation (in hundredths) | 37.00% | 50.00% |
United Kingdom LCC plan fixed income [Member] | ||
Actual and target asset allocation [Abstract] | ||
Actual asset allocation (in hundredths) | 64.00% | 51.00% |
Target asset allocation (in hundredths) | 63.00% | 50.00% |
United Kingdom Basell plan equity securities [Member] | ||
Actual and target asset allocation [Abstract] | ||
Actual asset allocation (in hundredths) | 40.00% | 49.00% |
Target asset allocation (in hundredths) | 40.00% | 50.00% |
United Kingdom Basell plan fixed income [Member] | ||
Actual and target asset allocation [Abstract] | ||
Actual asset allocation (in hundredths) | 60.00% | 51.00% |
Target asset allocation (in hundredths) | 60.00% | 50.00% |
United Kingdom A Schulman plan growth assets [Member] | ||
Actual and target asset allocation [Abstract] | ||
Actual asset allocation (in hundredths) | 91.00% | 94.00% |
Target asset allocation (in hundredths) | 89.00% | 89.00% |
United Kingdom A Schulman plan matching assets [Member] | ||
Actual and target asset allocation [Abstract] | ||
Actual asset allocation (in hundredths) | 9.00% | 6.00% |
Target asset allocation (in hundredths) | 11.00% | 11.00% |
United States plan equity securities [Member] | ||
Actual and target asset allocation [Abstract] | ||
Actual asset allocation (in hundredths) | 34.00% | 32.00% |
Target asset allocation (in hundredths) | 32.00% | 32.00% |
Unites States plan fixed income [Member] | ||
Actual and target asset allocation [Abstract] | ||
Actual asset allocation (in hundredths) | 38.00% | 39.00% |
Target asset allocation (in hundredths) | 38.00% | 38.00% |
Unites States plan alternative investments [Member] | ||
Actual and target asset allocation [Abstract] | ||
Actual asset allocation (in hundredths) | 28.00% | 29.00% |
Target asset allocation (in hundredths) | 30.00% | 30.00% |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits, Pension contributions in the next twelve months (Details) - Pension Plan [Member] $ in Millions | Dec. 31, 2019USD ($) |
U.S. [Member] | |
Contributions to the various plans in the next twelve months [Abstract] | |
Defined benefit plans | $ 46 |
Multi-employer plans | 0 |
Total estimated future employer contributions in next fiscal year for defined benefit plans and multi-employer plans | 46 |
Non-U.S. [Member] | |
Contributions to the various plans in the next twelve months [Abstract] | |
Defined benefit plans | 71 |
Multi-employer plans | 8 |
Total estimated future employer contributions in next fiscal year for defined benefit plans and multi-employer plans | $ 79 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits, Pension future expected benefit payments (Details) - Pension Plan [Member] $ in Millions | Dec. 31, 2019USD ($) |
U.S. [Member] | |
Future expected benefit payments by our plans which reflect expected future service [Abstract] | |
2020 | $ 145 |
2021 | 144 |
2022 | 145 |
2023 | 144 |
2024 | 143 |
2025 through 2029 | 676 |
Non-U.S. [Member] | |
Future expected benefit payments by our plans which reflect expected future service [Abstract] | |
2020 | 59 |
2021 | 58 |
2022 | 59 |
2023 | 62 |
2024 | 64 |
2025 through 2029 | $ 339 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits, Pension weighted average assumptions (Details) - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Description of defined benefit plan related party transactions | Our pension plans have not directly invested in securities of LyondellBasell N.V., and there have been no significant transactions between any of the pension plans and the Company or related parties thereof. | ||
U.S. [Member] | |||
Weighted average assumptions used in determining the net benefit liabilities [Abstract] | |||
Discount rate (in hundredths) | 3.16% | 4.51% | |
Rate of compensation increase (in hundredths) | 4.83% | 4.83% | |
Weighted average assumptions used in determining net benefit costs [Abstract] | |||
Discount rate (in hundredths) | 4.51% | 3.73% | 4.20% |
Expected return on plan assets (in hundredths) | 7.50% | 7.50% | 8.00% |
Rate of compensation increase (in hundredths) | 4.83% | 4.00% | 4.00% |
Description of basis used to determine overall expected long-term rate of return, on asset assumptions | At the beginning of 2017, we changed the approach used to measure service and interest costs for pension and other postretirement benefits under significant U.S. plans. We measure service and interest costs by applying the specific spot rates along that same yield curve to the projected cash flows of the plans. This approach provides a more precise measurement of service and interest costs. This change did not affect the measurement of our plan obligations. The weighted average expected long-term rate of return on assets in our U.S. plans of 7.50% is based on the average level of earnings that our independent pension investment adviser had advised could be expected to be earned over a fifteen to twenty year time period consistent with the target asset allocation of the plans, historical capital market performance, historical plan performance (since the 1997 inception of the U.S. Master Trust) and a forecast of expected future asset returns. The weighted average expected long-term rate of return on assets in our non-U.S. plans of 2.79% is based on expectations and asset allocations that vary by region. We review these long-term assumptions on a periodic basis. | ||
Non-U.S. [Member] | |||
Weighted average assumptions used in determining the net benefit liabilities [Abstract] | |||
Discount rate (in hundredths) | 1.03% | 2.07% | |
Rate of compensation increase (in hundredths) | 2.59% | 2.54% | |
Weighted average assumptions used in determining net benefit costs [Abstract] | |||
Discount rate (in hundredths) | 2.07% | 2.13% | 1.52% |
Expected return on plan assets (in hundredths) | 2.79% | 2.92% | 2.15% |
Rate of compensation increase (in hundredths) | 2.54% | 2.94% | 2.93% |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits, Pension fair value of plan assets (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | $ 901 | $ 867 |
U.S. [Member] | Fixed income securities [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 249 | 241 |
U.S. [Member] | Real estate measured at net asset value [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 106 | 107 |
U.S. [Member] | Hedge funds measured at net asset value [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 219 | 241 |
U.S. [Member] | Private equity measured at net asset value [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 130 | 108 |
U.S. [Member] | Level 1 [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 520 | 489 |
U.S. [Member] | Level 1 [Member] | Common and preferred stock [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 338 | 330 |
U.S. [Member] | Level 1 [Member] | Fixed income securities [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 0 | 0 |
U.S. [Member] | Level 1 [Member] | U.S. government securities [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 149 | 133 |
U.S. [Member] | Level 1 [Member] | Cash and cash equivalents [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 33 | 26 |
U.S. [Member] | Level 2 [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 218 | 204 |
U.S. [Member] | Level 2 [Member] | Common and preferred stock [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 0 | 0 |
U.S. [Member] | Level 2 [Member] | Fixed income securities [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 218 | 204 |
U.S. [Member] | Level 2 [Member] | U.S. government securities [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 0 | 0 |
U.S. [Member] | Level 2 [Member] | Cash and cash equivalents [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 0 | 0 |
U.S. [Member] | Level 3 [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 0 | 0 |
U.S. [Member] | Level 3 [Member] | Common and preferred stock [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 0 | 0 |
U.S. [Member] | Level 3 [Member] | Fixed income securities [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 0 | 0 |
U.S. [Member] | Level 3 [Member] | U.S. government securities [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 0 | 0 |
U.S. [Member] | Level 3 [Member] | Cash and cash equivalents [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 0 | 0 |
Non-U.S. [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 332 | 298 |
Non-U.S. [Member] | Fixed income securities [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 186 | 143 |
Non-U.S. [Member] | Level 1 [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 3 | 2 |
Non-U.S. [Member] | Level 1 [Member] | Insurance arrangements [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 0 | 0 |
Non-U.S. [Member] | Level 1 [Member] | Cash and cash equivalents [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 3 | 2 |
Non-U.S. [Member] | Level 2 [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 0 | 0 |
Non-U.S. [Member] | Level 2 [Member] | Insurance arrangements [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 0 | 0 |
Non-U.S. [Member] | Level 2 [Member] | Cash and cash equivalents [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 0 | 0 |
Non-U.S. [Member] | Level 3 [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 722 | 570 |
Non-U.S. [Member] | Level 3 [Member] | Insurance arrangements [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 722 | 570 |
Non-U.S. [Member] | Level 3 [Member] | Cash and cash equivalents [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 0 | 0 |
Fair Value [Member] | U.S. [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 1,639 | 1,560 |
Fair Value [Member] | U.S. [Member] | Common and preferred stock [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 338 | 330 |
Fair Value [Member] | U.S. [Member] | Fixed income securities [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 218 | 204 |
Fair Value [Member] | U.S. [Member] | U.S. government securities [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 149 | 133 |
Fair Value [Member] | U.S. [Member] | Cash and cash equivalents [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 33 | 26 |
Fair Value [Member] | U.S. [Member] | Fair value measured at net asset value per share [Member] | Commingled funds measured at net asset value [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 446 | 411 |
Fair Value [Member] | U.S. [Member] | Fair value measured at net asset value per share [Member] | Real estate measured at net asset value [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 106 | 107 |
Fair Value [Member] | U.S. [Member] | Fair value measured at net asset value per share [Member] | Hedge funds measured at net asset value [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 219 | 241 |
Fair Value [Member] | U.S. [Member] | Fair value measured at net asset value per share [Member] | Private equity measured at net asset value [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 130 | 108 |
Fair Value [Member] | Non-U.S. [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 1,057 | 870 |
Fair Value [Member] | Non-U.S. [Member] | Insurance arrangements [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 722 | 570 |
Fair Value [Member] | Non-U.S. [Member] | Cash and cash equivalents [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | 3 | 2 |
Fair Value [Member] | Non-U.S. [Member] | Fair value measured at net asset value per share [Member] | Commingled funds measured at net asset value [Member] | ||
Fair value of plan assets [Abstract] | ||
Fair value of investment | $ 332 | $ 298 |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits, General information regarding various existing and terminated plans (Details) - Pension Plan [Member] - Non-U.S. [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Plan assets underlying insurance arrangements | $ 1,058 | $ 871 | $ 852 |
Netherlands defined benefit pension plans insurance arrangements [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Plan assets underlying insurance arrangements | $ 675 | $ 524 |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits, Pension fair value of investments in entities that calculate net asset value per share (Details) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Fair value of investment | $ 901 | $ 867 |
Unfunded commitments | 80 | 84 |
U.S. [Member] | Domestic equity at net asset value [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Fair value of investment | 132 | 112 |
Unfunded commitments | $ 0 | $ 0 |
Remaining life | ||
Redemption frequency | daily | daily |
Trade to settlement terms | 1 to 3 days | 1 to 3 days |
U.S. [Member] | Domestic equity at net asset value [Member] | Minimum [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Redemption notice period | 3 days | 3 days |
U.S. [Member] | Domestic equity at net asset value [Member] | Maximum [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Redemption notice period | 4 days | 4 days |
U.S. [Member] | International equity at net asset value [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Fair value of investment | $ 65 | $ 58 |
Unfunded commitments | $ 0 | $ 0 |
Remaining life | ||
Redemption frequency | daily | daily |
Trade to settlement terms | 1 to 3 days | 1 to 3 days |
Redemption notice period | 3 days | 3 days |
U.S. [Member] | Fixed income securities [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Fair value of investment | $ 249 | $ 241 |
Unfunded commitments | $ 0 | $ 0 |
Remaining life | ||
Redemption frequency | daily | daily |
Trade to settlement terms | 1 to 3 days | 1 to 3 days |
U.S. [Member] | Fixed income securities [Member] | Minimum [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Redemption notice period | 3 days | 3 days |
U.S. [Member] | Fixed income securities [Member] | Maximum [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Redemption notice period | 7 days | 7 days |
U.S. [Member] | Real estate measured at net asset value [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Fair value of investment | $ 106 | $ 107 |
Unfunded commitments | $ 8 | $ 8 |
Remaining life | 10 years | 10 years |
Redemption frequency | quarterly | quarterly |
Trade to settlement terms | 15 to 25 days | 15 to 25 days |
U.S. [Member] | Real estate measured at net asset value [Member] | Minimum [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Redemption notice period | 45 days | 45 days |
U.S. [Member] | Real estate measured at net asset value [Member] | Maximum [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Redemption notice period | 90 days | 90 days |
U.S. [Member] | Hedge funds measured at net asset value [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Fair value of investment | $ 219 | $ 241 |
Unfunded commitments | $ 0 | $ 0 |
Remaining life | ||
Redemption frequency | quarterly | quarterly |
Trade to settlement terms | 10 to 30 days | 10 to 30 days |
U.S. [Member] | Hedge funds measured at net asset value [Member] | Minimum [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Redemption notice period | 20 days | 20 days |
U.S. [Member] | Hedge funds measured at net asset value [Member] | Maximum [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Redemption notice period | 90 days | 90 days |
U.S. [Member] | Private equity measured at net asset value [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Fair value of investment | $ 130 | $ 108 |
Unfunded commitments | $ 72 | $ 76 |
Remaining life | 10 years | 10 years |
Redemption frequency | Not eligible | Not eligible |
Trade to settlement terms | ||
Redemption notice period | ||
Non-U.S. [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Fair value of investment | $ 332 | $ 298 |
Unfunded commitments | 0 | 0 |
Non-U.S. [Member] | Domestic equity at net asset value [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Fair value of investment | 36 | 33 |
Unfunded commitments | $ 0 | $ 0 |
Remaining life | ||
Redemption frequency | 1 to 7 days | 1 to 7 days |
Trade to settlement terms | 1 to 3 days | 1 to 3 days |
Non-U.S. [Member] | Domestic equity at net asset value [Member] | Minimum [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Redemption notice period | 1 day | 1 day |
Non-U.S. [Member] | Domestic equity at net asset value [Member] | Maximum [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Redemption notice period | 3 days | 3 days |
Non-U.S. [Member] | International equity at net asset value [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Fair value of investment | $ 110 | $ 122 |
Unfunded commitments | $ 0 | $ 0 |
Remaining life | ||
Redemption frequency | 1 to 7 days | 1 to 7 days |
Trade to settlement terms | 1 to 3 days | 1 to 3 days |
Non-U.S. [Member] | International equity at net asset value [Member] | Minimum [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Redemption notice period | 1 day | 1 day |
Non-U.S. [Member] | International equity at net asset value [Member] | Maximum [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Redemption notice period | 3 days | 3 days |
Non-U.S. [Member] | Fixed income securities [Member] | ||
Fair value of investments in entities that calculate net asset value per share [Line Items] | ||
Fair value of investment | $ 186 | $ 143 |
Unfunded commitments | $ 0 | $ 0 |
Remaining life | ||
Redemption frequency | daily | daily |
Trade to settlement terms | 1 to 3 days | 1 to 3 days |
Redemption notice period | 3 days | 3 days |
Pension and Other Postretire_14
Pension and Other Postretirement Benefits, Pension multi-employer plans (Details) - Pensionskasse [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer Plans [Line Items] | |||
Company contributions to multi-employer plans | $ 8 | $ 8 | $ 27 |
Multi-employer plans, plan assets | 9,456 | 9,093 | |
Multi-employer plans, actuarial present value of accumulated plan benefits | 9,061 | 8,747 | |
Multi-employer plans, total contributions for all participating employers | $ 258 | $ 653 | |
Description of whether our contributions represent more than five percent of total contributions to the multi-employer plan | false | false | false |
Pension and Other Postretire_15
Pension and Other Postretirement Benefits, Other postretirement benefits plans changes in benefit obligation and plan assets (Details) - Other postretirement benefits plans [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. [Member] | |||
Change in benefit obligation: [Roll Forward] | |||
Benefit obligation, beginning of period | $ 234 | $ 280 | |
Service cost | 1 | 2 | $ 3 |
Interest cost | 9 | 9 | 9 |
Actuarial (gain) loss | 20 | (46) | |
Benefits paid | (19) | (26) | |
Participant contributions | 6 | 6 | |
Business combination | 0 | 9 | |
Foreign exchange effects | 0 | 0 | |
Benefit obligation, end of period | 251 | 234 | 280 |
Change in plan assets: [Roll Forward] | |||
Fair value of plan assets, beginning of period | 0 | 0 | |
Employer contributions | 13 | 21 | |
Participant contributions | 6 | 5 | |
Benefits paid | (19) | (26) | |
Fair value of plan assets, end of period | 0 | 0 | 0 |
Funded status of plan assets [Abstract] | |||
Funded status of continuing operations, end of period | (251) | (234) | |
Non-U.S. [Member] | |||
Change in benefit obligation: [Roll Forward] | |||
Benefit obligation, beginning of period | 59 | 62 | |
Service cost | 2 | 2 | 2 |
Interest cost | 1 | 1 | 1 |
Actuarial (gain) loss | 18 | (3) | |
Benefits paid | 0 | (1) | |
Participant contributions | 0 | 0 | |
Business combination | 0 | 0 | |
Foreign exchange effects | (1) | (2) | |
Benefit obligation, end of period | 79 | 59 | 62 |
Change in plan assets: [Roll Forward] | |||
Fair value of plan assets, beginning of period | 0 | 0 | |
Employer contributions | 0 | 1 | |
Participant contributions | 0 | 0 | |
Benefits paid | 0 | (1) | |
Fair value of plan assets, end of period | 0 | 0 | $ 0 |
Funded status of plan assets [Abstract] | |||
Funded status of continuing operations, end of period | $ (79) | $ (59) |
Pension and Other Postretire_16
Pension and Other Postretirement Benefits, Other postretirement benefits plans amounts recognized in the consolidated balance sheets and in accumulated other comprehensive income (loss) (Details) - Other postretirement benefits plans [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | |||
Actuarial and investment income (loss) | $ (8) | $ (50) | $ 0 |
U.S. [Member] | |||
Amounts recognized in the consolidated balance sheets consist of: [Abstract] | |||
Accrued benefit liability, current | (17) | (18) | |
Accrued benefit liability, long-term | (234) | (216) | |
Funded status of continuing operations, end of period | (251) | (234) | |
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | |||
Actuarial and investment income (loss) | 40 | 65 | |
Balance, end of period | 40 | 65 | |
Non-U.S. [Member] | |||
Amounts recognized in the consolidated balance sheets consist of: [Abstract] | |||
Accrued benefit liability, current | (1) | (1) | |
Accrued benefit liability, long-term | (78) | (58) | |
Funded status of continuing operations, end of period | (79) | (59) | |
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | |||
Actuarial and investment income (loss) | (32) | (15) | |
Balance, end of period | $ (32) | $ (15) |
Pension and Other Postretire_17
Pension and Other Postretirement Benefits, Other postretirement benefits plans net periodic costs (Details) - Other postretirement benefits plans [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. [Member] | |||
Net periodic other postretirement costs: [Abstract] | |||
Service cost | $ 1 | $ 2 | $ 3 |
Interest cost | 9 | 9 | 9 |
Actuarial (gain) loss amortization | (5) | 0 | 0 |
Net periodic benefit cost (credit) | 5 | 11 | 12 |
Non-U.S. [Member] | |||
Net periodic other postretirement costs: [Abstract] | |||
Service cost | 2 | 2 | 2 |
Interest cost | 1 | 1 | 1 |
Actuarial (gain) loss amortization | 1 | 1 | 3 |
Net periodic benefit cost (credit) | $ 4 | $ 4 | $ 6 |
Pension and Other Postretire_18
Pension and Other Postretirement Benefits, Other postretirement benefits plans assumed health care cost trend rates (Details) - Other postretirement benefits plans [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. [Member] | ||
Assumed health care trend rate: [Abstract] | ||
Immediate trend rate (in hundredths) | 6.10% | 6.40% |
Ultimate trend rate (the rate to which the cost trend rate is assumed to decline) (in hundredths) | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | 2038 | 2038 |
Effect of one percentage point change in assumed health care cost trend rates [Abstract] | ||
Effect of one percentage point increase on accumulated postretirement benefit obligation | less than $1 million | |
Effect of one percentage point decrease on accumulated postretirement benefit obligation | less than $1 million | |
Non-U.S. [Member] | ||
Effect of one percentage point change in assumed health care cost trend rates [Abstract] | ||
Effect of one percentage point increase on accumulated postretirement benefit obligation | $24 million | |
Effect of one percentage point decrease on accumulated postretirement benefit obligation | $15 million | |
Canada [Member] | ||
Assumed health care trend rate: [Abstract] | ||
Immediate trend rate (in hundredths) | 5.00% | 5.50% |
Ultimate trend rate (the rate to which the cost trend rate is assumed to decline) (in hundredths) | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | 2021 | 2021 |
France [Member] | ||
Assumed health care trend rate: [Abstract] | ||
Immediate trend rate (in hundredths) | 4.50% | 4.50% |
Ultimate trend rate (the rate to which the cost trend rate is assumed to decline) (in hundredths) | 4.50% | 4.50% |
Pension and Other Postretire_19
Pension and Other Postretirement Benefits, Other postretirement benefits plans assumptions used to determine net benefit liabilities and costs (Details) - Other postretirement benefits plans [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. [Member] | |||
Weighted average assumptions used in determining the net benefit liabilities [Abstract] | |||
Discount rate (in hundredths) | 3.12% | 4.47% | |
Rate of compensation increase (in hundredths) | 4.50% | 4.50% | |
Weighted average assumptions used in determining net benefit costs for the year [Abstract] | |||
Discount rate (in hundredths) | 4.47% | 3.66% | 4.07% |
Rate of compensation increase (in hundredths) | 4.50% | 4.00% | 4.00% |
Non-U.S. [Member] | |||
Weighted average assumptions used in determining the net benefit liabilities [Abstract] | |||
Discount rate (in hundredths) | 1.20% | 2.30% | |
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | |
Weighted average assumptions used in determining net benefit costs for the year [Abstract] | |||
Discount rate (in hundredths) | 2.30% | 2.48% | 1.69% |
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | 0.00% |
Pension and Other Postretire_20
Pension and Other Postretirement Benefits, Other postretirement benefits plans future expected benefit payments (Details) - Other postretirement benefits plans [Member] $ in Millions | Dec. 31, 2019USD ($) |
U.S. [Member] | |
Future expected benefit payments by our plans which reflect expected future service [Abstract] | |
2020 | $ 17 |
2021 | 17 |
2022 | 17 |
2023 | 17 |
2024 | 17 |
2025 through 2029 | 81 |
Non-U.S. [Member] | |
Future expected benefit payments by our plans which reflect expected future service [Abstract] | |
2020 | 1 |
2021 | 1 |
2022 | 1 |
2023 | 1 |
2024 | 1 |
2025 through 2029 | $ 8 |
Pension and Other Postretire_21
Pension and Other Postretirement Benefits, Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred income tax provision related to AOCI [Abstract] | ||
Deferred income taxes provision related to pension and other postretirement benefit amounts in accumulated other comprehensive income (loss) | $ 236 | $ 144 |
Pension Plan [Member] | ||
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | ||
Actuarial (gain) loss recognized in accumulated other comprehensive loss, beginning balance | 625 | 619 |
Actuarial (gain) loss arising during the period | 327 | 40 |
Amortization of actuarial (gain) loss | (30) | (31) |
Actuarial (gain) loss - settlement loss | (1) | (3) |
Actuarial (gain) loss recognized in accumulated other comprehensive loss, end of period | 921 | 625 |
Prior service cost (credit) recognized in accumulated other comprehensive income (loss), beginning balance | 13 | 10 |
Prior service cost (credit) arising during the period | 22 | 4 |
Prior service cost (credit) amortization included in net periodic benefit cost | (2) | (1) |
Prior service cost (credit) - settlement loss | 0 | 0 |
Prior service cost (credit) recognized in accumulated other comprehensive income (loss), end of period | 33 | 13 |
Pension Plan [Member] | Discount rate assumption changes [Member] | ||
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | ||
Actuarial (gain) loss arising during the period | 327 | |
Pension Plan [Member] | Return on plan asset (gain) loss [Member] | ||
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | ||
Actuarial (gain) loss arising during the period | 40 | |
Pension Plan [Member] | U.S. [Member] | ||
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | ||
Actuarial (gain) loss recognized in accumulated other comprehensive loss, beginning balance | (374) | |
Actuarial (gain) loss recognized in accumulated other comprehensive loss, end of period | (516) | (374) |
Prior service cost (credit) recognized in accumulated other comprehensive income (loss), beginning balance | 2 | |
Prior service cost (credit) recognized in accumulated other comprehensive income (loss), end of period | 1 | 2 |
Amounts amortized from AOCI next fiscal year [Abstract] | ||
Net actuarial and investment loss included in accumulated other comprehensive income (loss) expected to be recognized as a component of net periodic benefit cost next fiscal year | (29) | |
Pension Plan [Member] | Non-U.S. [Member] | ||
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | ||
Actuarial (gain) loss recognized in accumulated other comprehensive loss, beginning balance | (251) | |
Actuarial (gain) loss recognized in accumulated other comprehensive loss, end of period | (405) | (251) |
Prior service cost (credit) recognized in accumulated other comprehensive income (loss), beginning balance | 11 | |
Prior service cost (credit) recognized in accumulated other comprehensive income (loss), end of period | 32 | 11 |
Amounts amortized from AOCI next fiscal year [Abstract] | ||
Net actuarial and investment loss included in accumulated other comprehensive income (loss) expected to be recognized as a component of net periodic benefit cost next fiscal year | (22) | |
Prior service cost (credit) included in accumulated other comprehensive income (loss) expected to be recognized as a component of net periodic benefit cost next fiscal year | 3 | |
Other postretirement benefits plans [Member] | ||
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | ||
Actuarial (gain) loss recognized in accumulated other comprehensive loss, beginning balance | (50) | 0 |
Actuarial (gain) loss arising during the period | 38 | (49) |
Amortization of actuarial (gain) loss | 4 | (1) |
Actuarial (gain) loss - settlement loss | 0 | 0 |
Actuarial (gain) loss recognized in accumulated other comprehensive loss, end of period | (8) | (50) |
Prior service cost (credit) recognized in accumulated other comprehensive income (loss), beginning balance | 0 | 0 |
Prior service cost (credit) arising during the period | 0 | 0 |
Prior service cost (credit) amortization included in net periodic benefit cost | 0 | 0 |
Prior service cost (credit) - settlement loss | 0 | 0 |
Prior service cost (credit) recognized in accumulated other comprehensive income (loss), end of period | 0 | 0 |
Other postretirement benefits plans [Member] | Discount rate assumption changes [Member] | ||
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | ||
Actuarial (gain) loss arising during the period | 38 | |
Other postretirement benefits plans [Member] | Liability experience (gain) and loss [Member] | ||
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | ||
Actuarial (gain) loss arising during the period | (49) | |
Other postretirement benefits plans [Member] | U.S. [Member] | ||
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | ||
Actuarial (gain) loss recognized in accumulated other comprehensive loss, beginning balance | 65 | |
Actuarial (gain) loss recognized in accumulated other comprehensive loss, end of period | 40 | 65 |
Amounts amortized from AOCI next fiscal year [Abstract] | ||
Net actuarial and investment loss included in accumulated other comprehensive income (loss) expected to be recognized as a component of net periodic benefit cost next fiscal year | 2 | |
Other postretirement benefits plans [Member] | Non-U.S. [Member] | ||
Amounts recognized in accumulated other comprehensive income (loss): [Abstract] | ||
Actuarial (gain) loss recognized in accumulated other comprehensive loss, beginning balance | (15) | |
Actuarial (gain) loss recognized in accumulated other comprehensive loss, end of period | (32) | $ (15) |
Amounts amortized from AOCI next fiscal year [Abstract] | ||
Net actuarial and investment loss included in accumulated other comprehensive income (loss) expected to be recognized as a component of net periodic benefit cost next fiscal year | $ (3) |
Pension and Other Postretire_22
Pension and Other Postretirement Benefits, Defined contribution plan (Details) - Contribution plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Company contributions | $ 46 | $ 40 | $ 36 |
Non-U.S. [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Company contributions | $ 7 | $ 5 | $ 5 |
Incentive and Share-Based Com_3
Incentive and Share-Based Compensation, Long-Term Incentive Plan (Details) - Long-term incentive plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based compensation arrangements [Line Items] | |||
Number of shares authorized for issuance (in shares) | 22,000,000 | ||
Number of shares available for issuance (in shares) | 4,034,158 | ||
Compensation expense | $ 48 | $ 39 | $ 55 |
Tax benefit of related compensation expense | 11 | 10 | 19 |
Restricted stock units [Member] | |||
Share-based compensation arrangements [Line Items] | |||
Compensation expense | 21 | 15 | 13 |
Tax benefit of related compensation expense | 5 | 4 | 5 |
Stock options [Member] | |||
Share-based compensation arrangements [Line Items] | |||
Compensation expense | 7 | 7 | 7 |
Tax benefit of related compensation expense | 2 | 2 | 2 |
Performance share units [Member] | |||
Share-based compensation arrangements [Line Items] | |||
Compensation expense | 20 | 17 | 35 |
Tax benefit of related compensation expense | $ 4 | $ 4 | $ 12 |
Incentive and Share-Based Com_4
Incentive and Share-Based Compensation, Restricted stock unit awards (Details) - Restricted stock units [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based compensation disclosures [Line Items] | |||
Description of award | RSUs entitle the recipient to be paid out an equal number of ordinary shares upon vesting. RSUs generally cliff vest on the third anniversary of the grant date. The holders of RSUs are entitled to nonforfeitable dividend equivalents settled in the form of cash payments. | ||
Dividend equivalent payments relating to award | $ 2 | $ 2 | $ 1 |
Weighted average grant date fair value for restricted stock units (in dollars per share) | $ 87.36 | $ 108.52 | $ 91.14 |
Total fair value of vested restricted stock units | $ 13 | $ 13 | $ 8 |
Restricted stock units activity, number of units [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 462 | ||
Granted (in shares) | 338 | ||
Vested (in shares) | (147) | ||
Forfeited (in shares) | (40) | ||
Outstanding at end of period (in shares) | 613 | 462 | |
Weighted average grant date fair value, restricted stock units [Roll Forward] | |||
Outstanding at beginning of period (in dollars per share) | $ 95.69 | ||
Weighted average grant date fair value for restricted stock units (in dollars per share) | 87.36 | $ 108.52 | $ 91.14 |
Vested (in dollars per share) | 86.22 | ||
Forfeited (in dollars per share) | 95.67 | ||
Outstanding at end of period (in dollars per share) | $ 93.37 | $ 95.69 | |
Additional disclosures, restricted stock units [Abstract] | |||
Unrecognized compensation cost related to award, restricted stock units | $ 26 | ||
Weighted average remaining contractual term, restricted stock units | 2 years |
Incentive and Share-Based Com_5
Incentive and Share-Based Compensation, Stock options (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based compensation disclosures [Line Items] | |||
Description of award | Stock Options allow employees the opportunity in the future to purchase ordinary shares of stock at an exercise price equal to the market price at the date of grant. The awards generally have a three-year vesting period that vests in equal increments on the first, second, and third anniversary of the grant date and have a contractual term of ten years. None of the Stock Options are designed to qualify as incentive Stock Options as defined in Section 422 of the Internal Revenue Code. | ||
Weighted average fair value per share of options granted (in dollars per share) | $ 15.76 | $ 21.58 | $ 21.55 |
Fair value assumptions [Abstract] | |||
Dividend yield (in hundredths) | 4.20% | 4.00% | 4.00% |
Expected volatility, minimum (in hundredths) | 27.20% | 27.80% | 34.90% |
Expected volatility, maximum (in hundredths) | 28.10% | 29.00% | 35.10% |
Risk-free interest rate, minimum (in hundredths) | 1.50% | 2.60% | 2.10% |
Risk-free interest rate, maximum (in hundredths) | 2.60% | 2.90% | 2.30% |
Weighted average expected term, in years | 6 years | 6 years | 6 years |
Stock options activity, number of shares [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 1,281 | ||
Granted (in shares) | 604 | ||
Exercised (in shares) | (18) | ||
Forfeited (in shares) | (64) | ||
Expired (in shares) | (21) | ||
Outstanding at end of period (in shares) | 1,782 | 1,281 | |
Exercisable at end of period (in shares) | 942 | ||
Weighted average exercise price, stock options [Roll Forward] | |||
Outstanding at beginning of period (in dollars per share) | $ 90.30 | ||
Granted (in dollars per share) | 89.78 | ||
Exercised (in dollars per share) | 70.33 | ||
Forfeited (in dollars per share) | 94.39 | ||
Expired (in shares) | 98.82 | ||
Outstanding at end of period (in dollars per share) | 90.08 | $ 90.30 | |
Exercisable at end of period (in dollars per share) | $ 87.25 | ||
Additional disclosures, stock options [Abstract] | |||
Weighted average remaining term, outstanding options | 7 years 3 months 18 days | ||
Weighted average remaining term, exercisable options | 6 years 2 months 12 days | ||
Aggregate intrinsic value, outstanding options | $ 13 | ||
Aggregate intrinsic value, exercisable options | $ 9 | ||
Aggregate intrinsic value of stock options exercised during the period | less than $1 million | ||
Aggregate intrinsic value of stock options exercised during the period | $ 3 | $ 6 | |
Unrecognized compensation cost related to award, stock options | $ 6 | ||
Weighted average remaining contractual term, stock options | 2 years | ||
Cash received from stock option exercises | $ 1 | ||
Tax benefit from stock option exercises | less than $1 million |
Incentive and Share-Based Com_6
Incentive and Share-Based Compensation, Performance Share Units ("PSUs") (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Performance share units [Member] | |||
Share-based compensation disclosures [Line Items] | |||
Description of award | A target number of PSUs are granted to participants at the beginning of each performance period. These awards cliff vest after a three-year performance cycle and are settled in shares of common stock, where the ultimate payout can be between 0% and 200% of the target shares granted. Each unit is equivalent to one share of our common stock. For PSUs granted beginning in 2017, the final number of shares payable is determined after the performance period based on the relative Total Shareholder Return (“TSR”). TSR is an objective calculation that takes into account LYB’s TSR rank within its peer group and whether LYB’s specific TSR is positive or negative. The fair value of PSUs is estimated on the grant date using a Monte-Carlo simulation. For PSUs granted prior to 2017, the final number of shares payable was determined at the end of the performance period by the Compensation Committee based generally on subjective criteria established at the beginning of the performance period. These share awards were treated as liability awards and fair value adjustments were based on the market price of the underlying stock on the date of payment. Outstanding PSUs accrue dividend equivalent units, which will be converted to shares upon payment at the end of the performance period and are classified in Accrued liabilities and Other liabilities on the Consolidated Balance Sheets. Dividend equivalents for PSUs granted in 2016 were recorded as compensation expense while PSUs granted beginning in 2017 were recorded in Retained earnings. | ||
Additional disclosures, performance share units [Abstract] | |||
Total fair value of shares vested in the period | $ 22 | $ 25 | $ 21 |
Unrecognized compensation cost | $ 23 | ||
Weighted average remaining contractual term | 2 years | ||
Performance Units, Equity Award [Member] | |||
Fair value assumptions [Abstract] | |||
Granted (in dollars per share) | $ 76.35 | $ 89.32 | $ 93.28 |
Volatility of common stock (in hundredths) | 24.11% | 27.15% | 30.98% |
Average correlation coefficient of peer companies | 0.50 | 0.50 | 0.51 |
Risk-free interest rate (in hundredths) | 2.48% | 2.40% | 1.46% |
Performance share units activity, number of units [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 430 | ||
Granted (in shares) | 307 | ||
Vested (in shares) | 0 | ||
Forfeited (in shares) | (54) | ||
Outstanding at end of period (in shares) | 683 | 430 | |
Weighted average grant date fair value, performance share units [Roll Forward] | |||
Outstanding at beginning of period (in dollars per share) | $ 91.33 | ||
Granted (in dollars per share) | 76.35 | $ 89.32 | $ 93.28 |
Vested (in dollars per share) | 0 | ||
Forfeited (in dollars per share) | 82.27 | ||
Outstanding at end of period (in dollars per share) | $ 85.32 | $ 91.33 | |
Performance Units, Equity Award [Member] | Minimum [Member] | |||
Fair value assumptions [Abstract] | |||
Average volatility of peer companies (in hundredths) | 14.57% | 17.45% | 16.98% |
Performance Units, Equity Award [Member] | Maximum [Member] | |||
Fair value assumptions [Abstract] | |||
Average volatility of peer companies (in hundredths) | 40.55% | 42.99% | 39.89% |
Performance Units, Liability Award [Member] | |||
Fair value assumptions [Abstract] | |||
Granted (in dollars per share) | $ 0 | ||
Performance share units activity, number of units [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 349 | ||
Granted (in shares) | 0 | ||
Vested (in shares) | (349) | ||
Forfeited (in shares) | 0 | ||
Outstanding at end of period (in shares) | 0 | 349 | |
Weighted average grant date fair value, performance share units [Roll Forward] | |||
Outstanding at beginning of period (in dollars per share) | $ 78.01 | ||
Granted (in dollars per share) | 0 | ||
Vested (in dollars per share) | 78.01 | ||
Forfeited (in dollars per share) | 0 | ||
Outstanding at end of period (in dollars per share) | $ 0 | $ 78.01 |
Incentive and Share-Based Com_7
Incentive and Share-Based Compensation, Employee stock purchase plan (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Discount rate for purchases made under the employee stock purchase plan (in hundredths) | 10.00% |
Income Taxes, Components of inc
Income Taxes, Components of income tax provision (Details) - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Corporate income tax rate (in hundredths) | 21.00% | 35.00% | ||
Remeasurement of U.S. net deferred tax liability | $ 0 | $ 0 | $ 819 | |
Cumulative remeasurement of U.S. net deferred tax liability and tax accruals | $ 814 | |||
Deferred tax liability not recognized, Undistributed earnings of foreign subsidiaries [Abstract] | ||||
Undistributed earnings of foreign subsidiaries | 550 | |||
Unrecognized deferred tax liability of undistributed earnings of foreign subsidiaries | 60 | |||
Current: [Abstract] | ||||
U.S. federal | 122 | (89) | 543 | |
Non-U.S. | 296 | 404 | 595 | |
State | 21 | 38 | 47 | |
Total current | 439 | 353 | 1,185 | |
Deferred: [Abstract] | ||||
U.S. federal | 124 | 197 | (637) | |
Non-U.S. | 75 | 48 | 22 | |
State | 10 | 15 | 28 | |
Total deferred | 209 | 260 | (587) | |
Provision for income taxes before tax effects of other comprehensive income | 648 | 613 | 598 | |
Tax effects of elements of other comprehensive income: [Abstract] | ||||
Pension and postretirement liabilities | (92) | 63 | 29 | |
Financial derivatives | (38) | 16 | (14) | |
Foreign currency translation | 8 | 18 | (33) | |
Unrealized gains (losses) from available-for-sale debt securities | 0 | 0 | (3) | |
Total income tax expense (benefit) in comprehensive income | $ 526 | $ 710 | $ 577 |
Income Taxes, Statutory tax rat
Income Taxes, Statutory tax rates and income tax provision (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Corporate Income Tax Rate [Line Items] | ||
Corporate income tax rate (in hundredths) | 21.00% | 35.00% |
Effective tax rate (in hundredths) | 16.00% | |
United States [Member] | ||
Corporate Income Tax Rate [Line Items] | ||
Corporate income tax rate (in hundredths) | 21.00% | |
United Kingdom [Member] | ||
Corporate Income Tax Rate [Line Items] | ||
Corporate income tax rate (in hundredths) | 19.00% |
Income Taxes, Reconciliation of
Income Taxes, Reconciliation of tax expense at US statutory rate and provision for taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income (loss) before income taxes: [Abstract] | |||
U.S. | $ 1,581 | $ 2,795 | $ 2,438 |
Non-U.S. | 2,471 | 2,516 | 3,055 |
Income from continuing operations before income taxes | 4,052 | 5,311 | 5,493 |
Income tax expense (benefit), continuing operations, income tax reconciliation [Abstract] | |||
Income tax at U.S. statutory rate | 851 | 1,115 | 1,923 |
Increase (reduction) resulting from: [Abstract] | |||
Non-U.S. income taxed at different statutory rates | 64 | 89 | (164) |
Remeasurement of U.S. net deferred tax liability | 0 | 0 | (819) |
State income taxes, net of federal benefit | 29 | 53 | 40 |
Exempt income | (182) | (296) | (385) |
Liquidation loss | (51) | ||
Patent box ruling | (65) | ||
Uncertain tax positions | (42) | (320) | 28 |
U.S. manufacturing deduction | 0 | 0 | (57) |
Other, net | 44 | (28) | 32 |
Provision for income taxes before tax effects of other comprehensive income | $ 648 | $ 613 | $ 598 |
Income Taxes, Components of def
Income Taxes, Components of deferred tax liabilities and assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax liabilities: [Abstract] | |||
Accelerated tax depreciation | $ 1,973 | $ 1,809 | |
Investments in joint venture partnerships | 141 | 147 | |
Intangible assets | 116 | 151 | |
Inventory | 319 | 285 | |
Operating lease asset | 322 | ||
Other liabilities | 45 | 22 | |
Total deferred tax liabilities | 2,916 | 2,414 | |
Deferred tax assets: [Abstract] | |||
Tax attributes | 168 | 180 | $ 196 |
Employee benefit plans | 397 | 334 | |
Operating lease liability | 326 | ||
Other assets | 133 | 76 | |
Total deferred tax assets | 1,024 | 590 | |
Deferred tax asset valuation allowance | (85) | (120) | $ (96) |
Net deferred tax assets | 939 | 470 | |
Net deferred tax liabilities | 1,977 | 1,944 | |
Balance sheet classifications: [Abstract] | |||
Deferred tax assets - long-term | 38 | 31 | |
Deferred tax liabilities - long-term | 2,015 | 1,975 | |
Net deferred tax liabilities | 1,977 | 1,944 | |
Deferred tax liabilities on unremitted earnings of certain equity joint ventures and subsidiaries [Abstract] | |||
Deferred taxes on unremitted earnings of certain equity joint ventures and subsidiaries | $ 95 | $ 96 |
Income Taxes, Tax attributes an
Income Taxes, Tax attributes and related deferred tax asset (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Tax attributes and related deferred tax assets [Line Items] | |||
Tax attributes | $ 877 | $ 938 | |
Deferred tax asset on tax attributes | 168 | 180 | $ 196 |
Deferred tax asset on tax attributes that more likely than not will be realized | 83 | ||
U.S. [Member] | |||
Tax attributes and related deferred tax assets [Line Items] | |||
Deferred tax asset on tax attributes | 68 | 14 | 10 |
United Kingdom [Member] | |||
Tax attributes and related deferred tax assets [Line Items] | |||
Deferred tax asset on tax attributes | 36 | 36 | 17 |
France [Member] | |||
Tax attributes and related deferred tax assets [Line Items] | |||
Deferred tax asset on tax attributes | 30 | 64 | 92 |
Spain [Member] | |||
Tax attributes and related deferred tax assets [Line Items] | |||
Deferred tax asset on tax attributes | 8 | 11 | 32 |
Netherlands [Member] | |||
Tax attributes and related deferred tax assets [Line Items] | |||
Deferred tax asset on tax attributes | 4 | 12 | 13 |
Canada [Member] | |||
Tax attributes and related deferred tax assets [Line Items] | |||
Deferred tax asset on tax attributes | 0 | 28 | 31 |
Other [Member] | |||
Tax attributes and related deferred tax assets [Line Items] | |||
Deferred tax asset on tax attributes | 22 | $ 15 | $ 1 |
2020 [Member] | |||
Tax attributes and related deferred tax assets [Line Items] | |||
Tax attributes | 28 | ||
Deferred tax asset on tax attributes | 1 | ||
2021 [Member] | |||
Tax attributes and related deferred tax assets [Line Items] | |||
Tax attributes | 16 | ||
Deferred tax asset on tax attributes | 1 | ||
2022 [Member] | |||
Tax attributes and related deferred tax assets [Line Items] | |||
Tax attributes | 28 | ||
Deferred tax asset on tax attributes | 2 | ||
2023 [Member] | |||
Tax attributes and related deferred tax assets [Line Items] | |||
Tax attributes | 9 | ||
Deferred tax asset on tax attributes | 1 | ||
2024 [Member] | |||
Tax attributes and related deferred tax assets [Line Items] | |||
Tax attributes | 4 | ||
Deferred tax asset on tax attributes | 1 | ||
Thereafter [Member] | |||
Tax attributes and related deferred tax assets [Line Items] | |||
Tax attributes | 152 | ||
Deferred tax asset on tax attributes | 16 | ||
Indefinite [Member] | |||
Tax attributes and related deferred tax assets [Line Items] | |||
Tax attributes | 640 | ||
Deferred tax asset on tax attributes | $ 146 |
Income Taxes, Valuation allowan
Income Taxes, Valuation allowances by jurisdiction (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Valuation allowance [Line Items] | |||
Valuation allowance | $ 85 | $ 120 | $ 96 |
United Kingdom [Member] | |||
Valuation allowance [Line Items] | |||
Valuation allowance | 36 | 33 | 17 |
France [Member] | |||
Valuation allowance [Line Items] | |||
Valuation allowance | 23 | 23 | 25 |
U.S. [Member] | |||
Valuation allowance [Line Items] | |||
Valuation allowance | 13 | 13 | 10 |
Netherlands [Member] | |||
Valuation allowance [Line Items] | |||
Valuation allowance | 3 | 12 | 12 |
Canada [Member] | |||
Valuation allowance [Line Items] | |||
Valuation allowance | 0 | 28 | 32 |
Other [Member] | |||
Valuation allowance [Line Items] | |||
Valuation allowance | $ 10 | $ 11 | $ 0 |
Income Taxes, Unrecognized tax
Income Taxes, Unrecognized tax benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||||||
Unrecognized tax benefits relating to uncertain tax positions | $ 269 | $ 544 | $ 546 | $ 238 | $ 269 | $ 544 | ||
Unrecognized tax benefits [Abstract] | ||||||||
Balance, beginning of period | 269 | 544 | 546 | |||||
Additions for tax positions of current year | 49 | 16 | 15 | |||||
Additions for tax positions of prior years | 20 | 23 | 3 | |||||
Reductions for tax positions of prior years | (100) | (299) | (20) | |||||
Settlements (payments/refunds) | 0 | (15) | 0 | |||||
Balance, end of period | 238 | 269 | 544 | |||||
Non-cash benefit of reductions for tax positions of prior years including released interest | $ 85 | $ 346 | 113 | 358 | ||||
Reductions for tax positions of prior years | (100) | (299) | (20) | |||||
Released interest expenses recognized in uncertain tax positions | 13 | 59 | ||||||
Reasonably possible decrease in unrecognized tax benefits within the next twelve months | 100 | |||||||
Interest and penalties recognized on uncertain tax positions | $ 1 | $ 47 | $ 16 | |||||
Interest and penalties accrued on uncertain tax positions | $ 15 | $ 16 | $ 63 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Capital purchase commitment | $ 449 | ||
Environmental remediation [Abstract] | |||
Total accrued liability for future environmental remediation costs | 132 | $ 102 | $ 132 |
Accrual for environmental loss contingencies [Roll Forward] | |||
Beginning balance | 90 | 102 | |
Additional provisions | 44 | 0 | |
Changes in estimates | 15 | 4 | |
Amounts paid | (16) | (13) | |
Foreign exchange effects | (1) | (3) | |
Ending balance | $ 132 | $ 90 | |
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 | $ 17 |
Commitments and Contingencies,
Commitments and Contingencies, Indemnification (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 Rede_3
Shareholders' Equity and Redeemable Non-controlling Interests, Dividend distribution (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Payments of Dividends [Abstract] | ||||||||||
Dividend per ordinary share (per share) | $ 1.05 | $ 1.05 | $ 1.05 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 4.15 | $ 4 |
Aggregate dividends paid | $ 351 | $ 351 | $ 388 | $ 372 | $ 378 | $ 389 | $ 392 | $ 395 | $ 1,462 | $ 1,554 |
Date of record | Dec. 2, 2019 | Sep. 4, 2019 | Jun. 10, 2019 | Mar. 4, 2019 | Dec. 10, 2018 | Sep. 5, 2018 | Jun. 11, 2018 | Mar. 5, 2018 |
Shareholders' Equity and Rede_4
Shareholders' Equity and Redeemable Non-controlling Interests, Share repurchase programs (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2019 | Aug. 31, 2019 | Jul. 31, 2019 | May 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share repurchase programs [Line Items] | |||||||
Shares repurchased (in shares) | 42,681,494 | 19,220,719 | 10,018,001 | ||||
Average purchase price (in dollars per share) | $ 87.35 | $ 97.69 | $ 84.30 | ||||
Total purchase price, including commissions and fees | $ 3,728 | $ 1,878 | $ 845 | ||||
Cash paid for shares repurchased | $ 3,752 | $ 1,854 | $ 866 | ||||
May 2019 share repurchase program [Member] | |||||||
Share repurchase programs [Line Items] | |||||||
Stock repurchase program shares authorized to be repurchased | 37,000,000 | ||||||
Stock repurchase program expiration date | Nov. 30, 2020 | ||||||
Shares repurchased (in shares) | 1,900,000 | 37,032,594 | |||||
Average purchase price (in dollars per share) | $ 87.50 | ||||||
Total purchase price, including commissions and fees | $ 3,240 | ||||||
2019 modified dutch auction tender offer [Member] | |||||||
Share repurchase programs [Line Items] | |||||||
Shares repurchased (in shares) | 35,100,000 | ||||||
Average purchase price (in dollars per share) | $ 88 | ||||||
Total purchase price, including commissions and fees | $ 3,099 | ||||||
Tender offer fees and expenses | $ 6 | ||||||
Sept 2019 share repurchase program [Member] | |||||||
Share repurchase programs [Line Items] | |||||||
Stock repurchase program shares authorized to be repurchased | 33,300,000 | ||||||
Stock repurchase program expiration date | Mar. 12, 2021 | ||||||
Shares repurchased (in shares) | 0 | ||||||
2018 share repurchase program [Member] | |||||||
Share repurchase programs [Line Items] | |||||||
Shares repurchased (in shares) | 5,648,900 | 15,215,966 | |||||
Average purchase price (in dollars per share) | $ 86.38 | $ 95.49 | |||||
Total purchase price, including commissions and fees | $ 488 | $ 1,453 | |||||
2017 share repurchase program [Member] | |||||||
Share repurchase programs [Line Items] | |||||||
Shares repurchased (in shares) | 4,004,753 | 6,516,917 | |||||
Average purchase price (in dollars per share) | $ 106.05 | $ 83.54 | |||||
Total purchase price, including commissions and fees | $ 425 | $ 545 | |||||
2016 share repurchase program [Member] | |||||||
Share repurchase programs [Line Items] | |||||||
Shares repurchased (in shares) | 3,501,084 | ||||||
Average purchase price (in dollars per share) | $ 85.71 | ||||||
Total purchase price, including commissions and fees | $ 300 |
Shareholders' Equity and Rede_5
Shareholders' Equity and Redeemable Non-controlling Interests, Ordinary shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Ordinary shares outstanding: [Abstract] | |||
Beginning balance (in shares) | 375,696,661 | ||
Purchase of ordinary shares (in shares) | (42,681,494) | (19,220,719) | (10,018,001) |
Ending balance (in shares) | 333,476,883 | 375,696,661 | |
Ordinary shares [Member] | |||
Ordinary shares outstanding: [Abstract] | |||
Beginning balance (in shares) | 394,512,054 | 404,046,331 | |
Share-based compensation (in shares) | 295,984 | 307,335 | 371,980 |
Warrants exercised (in shares) | 0 | 0 | 4,184 |
Employee stock purchase plan (in shares) | 165,743 | 121,398 | 107,560 |
Purchase of ordinary shares (in shares) | (42,681,505) | (19,244,126) | (10,018,001) |
Ending balance (in shares) | 333,476,883 | 394,512,054 |
Shareholders' Equity and Rede_6
Shareholders' Equity and Redeemable Non-controlling Interests, Treasury shares (Details) - shares | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Ordinary shares held as treasury shares: [Abstract] | |||||
Beginning balance (in shares) | 24,513,619 | ||||
Purchase of ordinary shares (in shares) | 42,681,494 | 19,220,719 | 10,018,001 | ||
Ending balance (in shares) | 6,568,745 | 24,513,619 | |||
Treasury shares [Member] | |||||
Ordinary shares held as treasury shares: [Abstract] | |||||
Beginning balance (in shares) | 24,513,619 | 183,928,109 | 174,389,139 | ||
Share-based compensation (in shares) | (295,984) | (307,335) | (371,980) | ||
Warrants exercised (in shares) | 0 | 0 | 509 | ||
Employee stock purchase plan (in shares) | (165,743) | (121,398) | (107,560) | ||
Purchase of ordinary shares (in shares) | 11 | 23,407 | 42,681,505 | 19,244,126 | 10,018,001 |
Treasury shares canceled | (60,164,652) | (178,229,883) | 0 | ||
Ending balance (in shares) | 6,568,745 | 24,513,619 | 183,928,109 |
Shareholders' Equity and Rede_7
Shareholders' Equity and Redeemable Non-controlling Interests, Components of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated other comprehensive income (loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning of period | $ (1,363) | $ (1,285) | $ (1,511) |
Adoption of accounting standards | (70) | ||
Other comprehensive income (loss) before reclassifications | (522) | 111 | (103) |
Tax (expense) benefit before reclassifications | 115 | (59) | 107 |
Amounts reclassified from accumulated other comprehensive income (loss) | (21) | (74) | 308 |
Tax (expense) benefit | 7 | 14 | (86) |
Total other comprehensive income (loss), net of tax | (421) | (8) | 226 |
Accumulated other comprehensive income (loss), end of period | (1,784) | (1,363) | (1,285) |
Financial derivatives [Member] | |||
Accumulated other comprehensive income (loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning of period | (68) | (120) | (75) |
Adoption of accounting standards | (2) | ||
Other comprehensive income (loss) before reclassifications | (120) | 180 | (323) |
Tax (expense) benefit before reclassifications | 25 | (43) | 86 |
Amounts reclassified from accumulated other comprehensive income (loss) | (50) | (110) | 264 |
Tax (expense) benefit | 13 | 27 | (72) |
Total other comprehensive income (loss), net of tax | (132) | 54 | (45) |
Accumulated other comprehensive income (loss), end of period | (200) | (68) | (120) |
Unrealized gains (losses) on available-for-sale debt securities [Member] | |||
Accumulated other comprehensive income (loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning of period | 0 | 0 | 1 |
Adoption of accounting standards | 0 | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | (2) |
Tax (expense) benefit before reclassifications | 0 | 0 | 1 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Tax (expense) benefit | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | 0 | 0 | (1) |
Accumulated other comprehensive income (loss), end of period | 0 | 0 | 0 |
Unrealized gains (losses) on equity securities and equity securities held by equity investees [Member] | |||
Accumulated other comprehensive income (loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning of period | 0 | 17 | 0 |
Adoption of accounting standards | (17) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | 15 |
Tax (expense) benefit before reclassifications | 0 | 0 | 2 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Tax (expense) benefit | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | 0 | 0 | 17 |
Accumulated other comprehensive income (loss), end of period | 0 | 0 | 17 |
Defined benefit pension and other postretirement benefit plans [Member] | |||
Accumulated other comprehensive income (loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning of period | (442) | (421) | (498) |
Adoption of accounting standards | (51) | ||
Other comprehensive income (loss) before reclassifications | (390) | 5 | 62 |
Tax (expense) benefit before reclassifications | 98 | 2 | (15) |
Amounts reclassified from accumulated other comprehensive income (loss) | 29 | 36 | 44 |
Tax (expense) benefit | (6) | (13) | (14) |
Total other comprehensive income (loss), net of tax | (269) | 30 | 77 |
Accumulated other comprehensive income (loss), end of period | (711) | (442) | (421) |
Foreign currency translation adjustments [Member] | |||
Accumulated other comprehensive income (loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning of period | (853) | (761) | (939) |
Adoption of accounting standards | 0 | ||
Other comprehensive income (loss) before reclassifications | (12) | (74) | 145 |
Tax (expense) benefit before reclassifications | (8) | (18) | 33 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Tax (expense) benefit | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | (20) | (92) | 178 |
Accumulated other comprehensive income (loss), end of period | $ (873) | $ (853) | $ (761) |
Shareholders' Equity and Rede_8
Shareholders' Equity and Redeemable Non-controlling Interests, Reclassification out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | |||
Other income (expense), net | $ 39 | $ 106 | $ 179 |
Income (loss) from continuing operations before income taxes | 4,052 | 5,311 | 5,493 |
Provision for (benefit from) income taxes | 648 | 613 | 598 |
Net income attributable to LyondellBasell Industries N.V. | 3,397 | 4,690 | 4,879 |
Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | |||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | |||
Income (loss) from continuing operations before income taxes | (21) | (74) | 308 |
Provision for (benefit from) income taxes | (7) | (14) | 86 |
Net income attributable to LyondellBasell Industries N.V. | (14) | (60) | 222 |
Financial derivatives [Member] | Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | |||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | |||
Other income (expense), net | (50) | (110) | 264 |
Provision for (benefit from) income taxes | (13) | (27) | 72 |
Net income attributable to LyondellBasell Industries N.V. | (37) | (83) | 192 |
Defined pension and other postretirement benefit plan items [Member] | Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | |||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | |||
Amortization of prior service cost (benefit) | 2 | 1 | 3 |
Amortization of actuarial (gain) loss | 26 | 32 | 39 |
Settlement (gain) loss | 1 | 3 | 2 |
Provision for (benefit from) income taxes | 6 | 13 | 14 |
Net income attributable to LyondellBasell Industries N.V. | $ 23 | $ 23 | $ 30 |
Shareholders' Equity and Rede_9
Shareholders' Equity and Redeemable Non-controlling Interests, Purchase of non-controlling interests (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Feb. 28, 2019 | Apr. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | |
La Porte Methanol Company, L.P [Member] | ||||
Noncontrolling interest, ownership percentage by parent | 100.00% | 85.00% | ||
Purchase of noncontrolling interest in subsidiary | $ 63 | |||
Al Waha Petrochemicals Ltd. [Member] | ||||
Noncontrolling interest, ownership percentage by parent | 100.00% | 83.79% | ||
Purchase of noncontrolling interest in subsidiary | $ 21 | |||
Purchase of noncontrolling interest in subsidiary (in hundredths) | 16.21% |
Shareholders' Equity and Red_10
Shareholders' Equity and Redeemable Non-controlling Interests, Dividends on redeemable non-controlling interests (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2019 | Aug. 31, 2019 | May 31, 2019 | Feb. 28, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Temporary Equity [Abstract] | ||||||
Cumulative perpetual special stock, shares outstanding | 115,374 | 115,374 | ||||
Special stock, dividends per share (in dollars per share) | $ 15 | $ 15 | $ 15 | $ 15 | $ 60 | $ 15 |
Date of record special stock of subsidiary shareholders | Oct. 15, 2019 | Jul. 15, 2019 | Apr. 15, 2019 | Jan. 15, 2019 | ||
Dividends on redeemable non-controlling interest stock | $ 7 | $ 2 |
Per Share Data (Details)
Per Share Data (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | [1],[2] | Sep. 30, 2019 | [1],[2] | Jun. 30, 2019 | [1],[2] | Mar. 31, 2019 | [1],[2] | Dec. 31, 2018 | [1],[2] | Sep. 30, 2018 | [1],[2] | Jun. 30, 2018 | [1],[2] | Mar. 31, 2018 | [1],[2] | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share reconciliation [Abstract] | |||||||||||||||||||
Net income (loss) | $ 612 | $ 965 | $ 1,003 | $ 817 | $ 692 | $ 1,113 | $ 1,654 | $ 1,231 | $ 3,397 | $ 4,690 | $ 4,877 | ||||||||
Less: net (income) loss attributable to non-controlling interests | 0 | 0 | 2 | ||||||||||||||||
Net income attributable to LyondellBasell Industries N.V. | 3,397 | 4,690 | 4,879 | ||||||||||||||||
Dividends on redeemable non-controlling interest stock | (7) | (2) | |||||||||||||||||
Net income (loss) attributable to ordinary shareholders - Basic | $ 3,390 | $ 4,688 | $ 4,879 | ||||||||||||||||
Earnings (loss) per share: [Abstract] | |||||||||||||||||||
Basic from continuing operations (in dollars in per share) | $ 9.61 | $ 12.06 | $ 12.28 | ||||||||||||||||
Basic from discontinued operations (in dollars per share) | (0.02) | (0.02) | (0.05) | ||||||||||||||||
Diluted from continuing operations (in dollars in per share) | 9.60 | 12.03 | 12.28 | ||||||||||||||||
Diluted from discontinued operations (in dollars per share) | $ (0.02) | $ (0.02) | $ (0.05) | ||||||||||||||||
Continuing operations [Member] | |||||||||||||||||||
Earnings per share reconciliation [Abstract] | |||||||||||||||||||
Net income (loss) | $ 3,404 | $ 4,698 | $ 4,895 | ||||||||||||||||
Less: net (income) loss attributable to non-controlling interests | 0 | 0 | 2 | ||||||||||||||||
Net income attributable to LyondellBasell Industries N.V. | 3,404 | 4,698 | 4,897 | ||||||||||||||||
Dividends on redeemable non-controlling interest stock | (7) | (2) | |||||||||||||||||
Net (income) loss attributable to participating securities | (6) | (6) | (5) | ||||||||||||||||
Net income (loss) attributable to ordinary shareholders - Basic | 3,391 | 4,690 | 4,892 | ||||||||||||||||
Potential diluted effects of performance share units | 0 | (5) | 0 | ||||||||||||||||
Net income (loss) atrributable to ordinary shareholders, Diluted | $ 3,391 | $ 4,685 | $ 4,892 | ||||||||||||||||
Weighted average number of shares outstanding reconciliation [Abstract] | |||||||||||||||||||
Basic weighted average common stock outstanding (in share) | 353 | 389 | 398 | ||||||||||||||||
Effect of dilutive securities [Abstract] | |||||||||||||||||||
Stock options (in shares) | 0 | 0 | 1 | ||||||||||||||||
Potential dilutive shares (in shares) | 353 | 389 | 399 | ||||||||||||||||
Discontinued operations [Member] | |||||||||||||||||||
Earnings per share reconciliation [Abstract] | |||||||||||||||||||
Net income (loss) | $ (7) | $ (8) | $ (18) | ||||||||||||||||
Less: net (income) loss attributable to non-controlling interests | 0 | 0 | 0 | ||||||||||||||||
Net income attributable to LyondellBasell Industries N.V. | (7) | (8) | (18) | ||||||||||||||||
Dividends on redeemable non-controlling interest stock | 0 | 0 | |||||||||||||||||
Net (income) loss attributable to participating securities | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) attributable to ordinary shareholders - Basic | (7) | (8) | (18) | ||||||||||||||||
Potential diluted effects of performance share units | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) atrributable to ordinary shareholders, Diluted | $ (7) | $ (8) | $ (18) | ||||||||||||||||
Weighted average number of shares outstanding reconciliation [Abstract] | |||||||||||||||||||
Basic weighted average common stock outstanding (in share) | 353 | 389 | 398 | ||||||||||||||||
Effect of dilutive securities [Abstract] | |||||||||||||||||||
Stock options (in shares) | 0 | 0 | 1 | ||||||||||||||||
Potential dilutive shares (in shares) | 353 | 389 | 399 | ||||||||||||||||
[1] | The three months ended March, June, September and December 2019 include charges for integration costs associated with our acquisition of A. Schulman of $16 million , $19 million , $43 million and $38 million ( $12 million , $15 million , $33 million and $29 million , after tax), respectively. Includes a pretax LCM inventory valuation charge of $33 million ( $25 million , after tax) in the three months ended December 31, 2019. The three months ended September 30, 2018 includes charges for acquisition-related transaction and integration costs associated with our acquisition of A. Schulman of $53 million ( $42 million , after tax). The three months ended December 31, 2018 includes charges for integration costs of $20 million ( $15 million , after tax). | ||||||||||||||||||
[2] | The three months ended September 2019 and June 2018 include a non-cash benefit of $85 million and $346 million benefits, respectively, related to previously unrecognized tax benefits and the release of associated accrued interest. The three months ended December 31, 2019 includes an after tax gain of $5 million on the sale of a joint venture interest in Asia. The three months ended December 31, 2018 includes a $34 million after tax gain on the sale of our carbon black subsidiary in France. |
Segment and Related Informati_3
Segment and Related Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | $ 8,179 | $ 8,722 | $ 9,048 | $ 8,778 | $ 8,876 | $ 10,155 | $ 10,206 | $ 9,767 | $ 34,727 | $ 39,004 | $ 34,484 | |
Depreciation and amortization expense | 1,312 | 1,241 | 1,174 | |||||||||
Other income (expense), net | 39 | 106 | 179 | |||||||||
Income (loss) from equity investments | 46 | 51 | 64 | 64 | 36 | $ 89 | $ 68 | $ 96 | 225 | 289 | 321 | |
Capital expenditures | 2,694 | 2,105 | 1,547 | |||||||||
EBITDA | 5,692 | 6,867 | 7,134 | |||||||||
Additional benefits (charges) recognized in various segments [Abstract] | ||||||||||||
A. Schulman acquisition-related transactions and integration costs | 38 | $ 43 | $ 19 | $ 16 | 20 | |||||||
Inventory valuation adjustment | $ 33 | 33 | 0 | 0 | ||||||||
O&P - Americas [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 5,311 | 6,883 | 7,265 | |||||||||
Depreciation and amortization expense | 470 | 442 | 433 | |||||||||
Other income (expense), net | 9 | 11 | 42 | |||||||||
Income (loss) from equity investments | 46 | 58 | 42 | |||||||||
Capital expenditures | 1,099 | 1,079 | 741 | |||||||||
EBITDA | 2,302 | 2,762 | 2,899 | |||||||||
Additional benefits (charges) recognized in various segments [Abstract] | ||||||||||||
Gain on sale of assets | $ 31 | |||||||||||
Inventory valuation adjustment | 25 | |||||||||||
O&P - EAI [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 8,764 | 9,984 | 9,445 | |||||||||
Depreciation and amortization expense | 208 | 208 | 210 | |||||||||
Other income (expense), net | 9 | 48 | 138 | |||||||||
Income (loss) from equity investments | 172 | 225 | 271 | |||||||||
Capital expenditures | 213 | 248 | 163 | |||||||||
EBITDA | 1,062 | 1,163 | 1,927 | |||||||||
Additional benefits (charges) recognized in various segments [Abstract] | ||||||||||||
Gain on sale of wholly owned subsidiary | $ 36 | |||||||||||
Gain on sale of equity method investment | $ 108 | |||||||||||
Equity investment, ownership percentage (in hundredths) | 27.00% | |||||||||||
Noncash gain on elimination of a lease obligation | $ 21 | |||||||||||
I&D [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 7,642 | 9,426 | 8,346 | |||||||||
Depreciation and amortization expense | 295 | 287 | 279 | |||||||||
Other income (expense), net | 6 | 2 | 1 | |||||||||
Income (loss) from equity investments | 7 | 6 | 8 | |||||||||
Capital expenditures | 1,064 | 409 | 332 | |||||||||
EBITDA | 1,557 | 2,011 | 1,490 | |||||||||
APS [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 4,846 | 4,022 | 2,922 | |||||||||
Depreciation and amortization expense | 133 | 69 | 35 | |||||||||
Other income (expense), net | 1 | 2 | (2) | |||||||||
Income (loss) from equity investments | 0 | 0 | 0 | |||||||||
Capital expenditures | 59 | 62 | 55 | |||||||||
EBITDA | 424 | 400 | 438 | |||||||||
Additional benefits (charges) recognized in various segments [Abstract] | ||||||||||||
A. Schulman acquisition-related transactions and integration costs | 116 | 69 | ||||||||||
Inventory valuation adjustment | 8 | |||||||||||
Refining [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 7,599 | 8,221 | 6,165 | |||||||||
Depreciation and amortization expense | 169 | 192 | 177 | |||||||||
Other income (expense), net | 6 | 3 | 2 | |||||||||
Income (loss) from equity investments | 0 | 0 | 0 | |||||||||
Capital expenditures | 149 | 250 | 213 | |||||||||
EBITDA | (65) | 167 | 157 | |||||||||
Technology [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 565 | 468 | 341 | |||||||||
Depreciation and amortization expense | 37 | 43 | 40 | |||||||||
Other income (expense), net | 0 | 1 | 0 | |||||||||
Income (loss) from equity investments | 0 | 0 | 0 | |||||||||
Capital expenditures | 94 | 48 | 32 | |||||||||
EBITDA | 411 | 328 | 223 | |||||||||
Other [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 0 | 0 | 0 | |||||||||
Depreciation and amortization expense | 0 | 0 | 0 | |||||||||
Other income (expense), net | 8 | 39 | (2) | |||||||||
Income (loss) from equity investments | 0 | 0 | 0 | |||||||||
Capital expenditures | 16 | 9 | 11 | |||||||||
EBITDA | 1 | 36 | 0 | |||||||||
Operating Segments [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 34,727 | 39,004 | 34,484 | |||||||||
Operating Segments [Member] | O&P - Americas [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 8,435 | 10,408 | 10,004 | |||||||||
Operating Segments [Member] | O&P - EAI [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 9,504 | 10,838 | 10,218 | |||||||||
Operating Segments [Member] | I&D [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 7,834 | 9,588 | 8,472 | |||||||||
Operating Segments [Member] | APS [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 4,850 | 4,024 | 2,922 | |||||||||
Operating Segments [Member] | Refining [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 8,251 | 9,157 | 6,848 | |||||||||
Operating Segments [Member] | Technology [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 663 | 583 | 450 | |||||||||
Operating Segments [Member] | Other [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | (4,810) | (5,594) | (4,430) | |||||||||
Intersegment Eliminations [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 0 | 0 | 0 | |||||||||
Intersegment Eliminations [Member] | O&P - Americas [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 3,124 | 3,525 | 2,739 | |||||||||
Intersegment Eliminations [Member] | O&P - EAI [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 740 | 854 | 773 | |||||||||
Intersegment Eliminations [Member] | I&D [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 192 | 162 | 126 | |||||||||
Intersegment Eliminations [Member] | APS [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 4 | 2 | 0 | |||||||||
Intersegment Eliminations [Member] | Refining [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 652 | 936 | 683 | |||||||||
Intersegment Eliminations [Member] | Technology [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | 98 | 115 | 109 | |||||||||
Intersegment Eliminations [Member] | Other [Member] | ||||||||||||
Summarized financial information concerning reportable segments [Abstract] | ||||||||||||
Sales and other operating revenues | $ (4,810) | $ (5,594) | $ (4,430) |
Segment and Related Informati_4
Segment and Related Information, Reconciliation of EBITDA to income (loss) from continuing operations before income taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
EBITDA: [Abstract] | |||
Total segment EBITDA | $ 5,691 | $ 6,831 | $ 7,134 |
Other EBITDA | 1 | 36 | 0 |
Less: [Abstract] | |||
Depreciation and amortization expense | (1,312) | (1,241) | (1,174) |
Interest expense | (347) | (360) | (491) |
Add: [Abstract] | |||
Interest income | 19 | 45 | 24 |
Income from continuing operations before income taxes | $ 4,052 | $ 5,311 | $ 5,493 |
Segment and Related Informati_5
Segment and Related Information, Long-lived assets by segments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment reporting asset reconciling items [Line Items] | |||
Property, plant and equipment, net | $ 14,130 | $ 12,477 | |
Investment in PO joint ventures | 504 | 469 | |
Equity investments | 1,602 | 1,611 | $ 1,635 |
Goodwill | 1,891 | 1,814 | 570 |
O&P - Americas [Member] | |||
Segment reporting asset reconciling items [Line Items] | |||
Property, plant and equipment, net | 6,454 | 5,769 | |
Investment in PO joint ventures | 0 | 0 | |
Equity investments | 193 | 196 | |
Goodwill | 162 | 162 | 162 |
O&P - EAI [Member] | |||
Segment reporting asset reconciling items [Line Items] | |||
Property, plant and equipment, net | 1,706 | 1,745 | |
Investment in PO joint ventures | 0 | 0 | |
Equity investments | 1,335 | 1,326 | |
Goodwill | 112 | 114 | 121 |
I&D [Member] | |||
Segment reporting asset reconciling items [Line Items] | |||
Property, plant and equipment, net | 3,640 | 2,663 | |
Investment in PO joint ventures | 504 | 469 | |
Equity investments | 71 | 73 | |
Goodwill | 228 | 229 | 237 |
Advanced Polymer Solutions [Member] | |||
Segment reporting asset reconciling items [Line Items] | |||
Property, plant and equipment, net | 806 | 818 | |
Investment in PO joint ventures | 0 | 0 | |
Equity investments | 3 | 16 | |
Goodwill | 1,380 | 1,300 | 41 |
Refining [Member] | |||
Segment reporting asset reconciling items [Line Items] | |||
Property, plant and equipment, net | 1,190 | 1,216 | |
Investment in PO joint ventures | 0 | 0 | |
Equity investments | 0 | 0 | |
Goodwill | 0 | 0 | |
Technology [Member] | |||
Segment reporting asset reconciling items [Line Items] | |||
Property, plant and equipment, net | 334 | 266 | |
Investment in PO joint ventures | 0 | 0 | |
Equity investments | 0 | 0 | |
Goodwill | $ 9 | $ 9 | $ 9 |
Segment and Related Informati_6
Segment and Related Information, Long-lived assets by geographic location (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. [Member] | ||
Long-lived assets by geographic locations [Abstract] | ||
Long-lived assets | $ 11,999 | $ 10,346 |
Germany [Member] | ||
Long-lived assets by geographic locations [Abstract] | ||
Long-lived assets | 1,476 | 1,527 |
Netherlands [Member] | ||
Long-lived assets by geographic locations [Abstract] | ||
Long-lived assets | 814 | 757 |
France [Member] | ||
Long-lived assets by geographic locations [Abstract] | ||
Long-lived assets | 540 | 565 |
Italy [Member] | ||
Long-lived assets by geographic locations [Abstract] | ||
Long-lived assets | 326 | 343 |
Mexico [Member] | ||
Long-lived assets by geographic locations [Abstract] | ||
Long-lived assets | 249 | 254 |
Other [Member] | ||
Long-lived assets by geographic locations [Abstract] | ||
Long-lived assets | 1,701 | 1,730 |
Total long-lived assets [Member] | ||
Long-lived assets by geographic locations [Abstract] | ||
Long-lived assets | $ 17,105 | $ 15,522 |
Unaudited Quarterly Results (De
Unaudited Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Sales and other operating revenues | $ 8,179 | $ 8,722 | $ 9,048 | $ 8,778 | $ 8,876 | $ 10,155 | $ 10,206 | $ 9,767 | $ 34,727 | $ 39,004 | $ 34,484 | |||||||||
Gross profit | [1] | 1,135 | 1,453 | 1,506 | 1,332 | 1,148 | 1,656 | 1,916 | 1,755 | |||||||||||
Operating income | 798 | [2] | 1,124 | [2] | 1,177 | [2] | 1,017 | [2] | 794 | [2] | 1,317 | [2] | 1,626 | [2] | 1,494 | [2] | 4,116 | 5,231 | 5,460 | |
Income (loss) from equity investments | 46 | 51 | 64 | 64 | 36 | 89 | 68 | 96 | 225 | 289 | 321 | |||||||||
Income from continuing operations | 612 | [2],[3] | 969 | [2],[3] | 1,006 | [2],[3] | 817 | [2],[3] | 697 | [2],[3] | 1,115 | [2],[3] | 1,655 | [2],[3] | 1,231 | [2],[3] | 3,404 | 4,698 | 4,895 | |
Loss from discontinued operations, net of tax | 0 | (4) | (3) | 0 | (5) | (2) | (1) | 0 | (7) | (8) | (18) | |||||||||
Net income (loss) | $ 612 | [2],[3] | $ 965 | [2],[3] | $ 1,003 | [2],[3] | $ 817 | [2],[3] | $ 692 | [2],[3] | $ 1,113 | [2],[3] | $ 1,654 | [2],[3] | $ 1,231 | [2],[3] | $ 3,397 | $ 4,690 | $ 4,877 | |
Earnings (loss) per share: [Abstract] | ||||||||||||||||||||
Basic (in dollars in per share) | $ 1.83 | $ 2.85 | $ 2.70 | $ 2.19 | $ 1.81 | $ 2.86 | $ 4.23 | $ 3.12 | $ 9.59 | $ 12.04 | $ 12.23 | |||||||||
Diluted (in dollars per share) | $ 1.83 | $ 2.85 | $ 2.70 | $ 2.19 | $ 1.79 | $ 2.85 | $ 4.22 | $ 3.11 | $ 9.58 | $ 12.01 | $ 12.23 | |||||||||
[1] | Represents Sales and other operating revenues less Cost of sales. | |||||||||||||||||||
[2] | The three months ended March, June, September and December 2019 include charges for integration costs associated with our acquisition of A. Schulman of $16 million , $19 million , $43 million and $38 million ( $12 million , $15 million , $33 million and $29 million , after tax), respectively. Includes a pretax LCM inventory valuation charge of $33 million ( $25 million , after tax) in the three months ended December 31, 2019. The three months ended September 30, 2018 includes charges for acquisition-related transaction and integration costs associated with our acquisition of A. Schulman of $53 million ( $42 million , after tax). The three months ended December 31, 2018 includes charges for integration costs of $20 million ( $15 million , after tax). | |||||||||||||||||||
[3] | The three months ended September 2019 and June 2018 include a non-cash benefit of $85 million and $346 million benefits, respectively, related to previously unrecognized tax benefits and the release of associated accrued interest. The three months ended December 31, 2019 includes an after tax gain of $5 million on the sale of a joint venture interest in Asia. The three months ended December 31, 2018 includes a $34 million after tax gain on the sale of our carbon black subsidiary in France. |
Unaudited Quarterly Results, Fo
Unaudited Quarterly Results, Footnotes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
A. Schulman integration costs | $ 38 | $ 43 | $ 19 | $ 16 | $ 20 | |||||
A. Schulman integration costs, after tax | 29 | 33 | $ 15 | $ 12 | 15 | $ 29 | $ 15 | |||
LCM inventory valuation adjustment | 33 | 33 | 0 | $ 0 | ||||||
LCM inventory valuation adjustment, after tax | 25 | |||||||||
A. Schulman acquisition-related transactions and integration costs | $ 53 | |||||||||
A. Schulman acquisition-related transactions and integration costs, after tax | $ 42 | |||||||||
Non-cash benefit of reductions for tax positions of prior years including released interest | $ 85 | $ 346 | $ 113 | $ 358 | ||||||
Gain on sale of subsidiary or equity method investment, after tax | $ 5 | |||||||||
French carbon black subsidiary [Member] | ||||||||||
Gain on sale of subsidiary or equity method investment, after tax | $ 34 |