Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 27, 2022 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-34726 | |
Entity Registrant Name | LYONDELLBASELL INDUSTRIES N.V. | |
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 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 Common Stock, Shares Outstanding | 327,621,817 | |
Entity Central Index Key | 0001489393 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Sales and other operating revenues: | ||
Trade | $ 12,840 | $ 8,851 |
Related parties | 317 | 231 |
Sales revenue, net | 13,157 | 9,082 |
Operating costs and expenses: | ||
Cost of sales | 11,136 | 7,678 |
Selling, general and administrative expenses | 328 | 287 |
Research and development expenses | 32 | 29 |
Costs and expenses | 11,496 | 7,994 |
Operating income | 1,661 | 1,088 |
Interest expense | (74) | (110) |
Interest income | 2 | 2 |
Other income, net | 19 | 25 |
Income from continuing operations before equity investments and income taxes | 1,608 | 1,005 |
Income from equity investments | 29 | 137 |
Income from continuing operations before income taxes | 1,637 | 1,142 |
Provision for income taxes | 316 | 70 |
Income from continuing operations | 1,321 | 1,072 |
Loss from discontinued operations, net of tax | (1) | (2) |
Net income | 1,320 | 1,070 |
Dividends on redeemable non-controlling interests | (2) | (2) |
Net income attributable to the Company shareholders | $ 1,318 | $ 1,068 |
Net income (loss) attributable to the Company shareholders - Basic: | ||
Continuing operations (in dollars per share) | $ 4.01 | $ 3.20 |
Discontinued operations (in dollars per share) | 0 | (0.01) |
Basic (in dollars per share) | 4.01 | 3.19 |
Net income (loss) attributable to the Company shareholders - Diluted: | ||
Continuing operations (in dollars per share) | 4 | 3.19 |
Discontinued operations (in dollars per share) | 0 | (0.01) |
Diluted (in dollars per share) | $ 4 | $ 3.18 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 1,320 | $ 1,070 |
Other comprehensive income (loss), net of tax – | ||
Financial derivatives | 88 | 175 |
Defined benefit pension and other postretirement benefit plans | 5 | 11 |
Foreign currency translations | (25) | (107) |
Total other comprehensive income, net of tax | 68 | 79 |
Comprehensive income | 1,388 | 1,149 |
Dividends on redeemable non-controlling interests | (2) | (2) |
Comprehensive income attributable to the Company shareholders | $ 1,386 | $ 1,147 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,785 | $ 1,472 |
Restricted cash | 9 | 5 |
Short-term investments | 0 | 9 |
Accounts receivable: | ||
Trade, net | 5,092 | 4,565 |
Related parties | 299 | 243 |
Inventories | 4,979 | 4,901 |
Prepaid expenses and other current assets | 1,127 | 1,022 |
Total current assets | 13,291 | 12,217 |
Operating lease assets | 1,905 | 1,946 |
Property, plant and equipment | 22,733 | 22,382 |
Less: Accumulated depreciation | (8,004) | (7,826) |
Property, plant and equipment, net | 14,729 | 14,556 |
Equity investments | 4,743 | 4,786 |
Goodwill | 1,866 | 1,875 |
Intangible assets, net | 673 | 695 |
Other assets | 647 | 667 |
Total assets | 37,854 | 36,742 |
Current liabilities: | ||
Current maturities of long-term debt | 8 | 6 |
Short-term debt | 141 | 362 |
Accounts payable: | ||
Trade | 4,238 | 3,460 |
Related parties | 776 | 831 |
Accrued liabilities | 2,376 | 2,571 |
Total current liabilities | 7,539 | 7,230 |
Long-term debt | 11,175 | 11,246 |
Operating lease liabilities | 1,610 | 1,649 |
Other liabilities | 2,215 | 2,295 |
Deferred income taxes | 2,487 | 2,334 |
Commitments and contingencies | ||
Redeemable non-controlling interests | 116 | 116 |
Shareholders’ equity: | ||
Ordinary shares, €0.04 par value, 1,275 million shares authorized, 327,644,034 and 329,536,389 shares outstanding, respectively | 19 | 19 |
Additional paid-in capital | 6,056 | 6,044 |
Retained earnings | 9,514 | 8,563 |
Accumulated other comprehensive loss | (1,735) | (1,803) |
Treasury stock, at cost, 12,625,433 and 10,675,605 ordinary shares, respectively | (1,156) | (965) |
Total Company share of shareholders’ equity | 12,698 | 11,858 |
Non-controlling interests | 14 | 14 |
Total equity | 12,712 | 11,872 |
Total liabilities, redeemable non-controlling interests and equity | $ 37,854 | $ 36,742 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - € / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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) | 327,644,034 | 329,536,389 |
Treasury stock, shares (in shares) | 12,625,433 | 10,675,605 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 1,320 | $ 1,070 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 311 | 335 |
Amortization of debt-related costs | 4 | 5 |
Share-based compensation | 18 | 19 |
Equity investments - | ||
Equity income | (29) | (137) |
Distributions of earnings, net of tax | 34 | 20 |
Deferred income tax provision (benefit) | 137 | (83) |
Changes in assets and liabilities that provided (used) cash: | ||
Accounts receivable | (629) | (593) |
Inventories | (117) | (360) |
Accounts payable | 724 | 327 |
Other, net | (271) | (32) |
Net cash provided by operating activities | 1,502 | 571 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | (446) | (340) |
Proceeds from maturities of available-for-sale debt securities | 0 | 74 |
Proceeds from equity securities | 8 | 226 |
Other, net | (18) | (19) |
Net cash used in investing activities | (456) | (59) |
Cash flows from financing activities: | ||
Repurchases of Company ordinary shares | (217) | 0 |
Dividends paid - common stock | (371) | (352) |
Repayments of long-term debt | 0 | (500) |
Net repayments of commercial paper | (169) | 0 |
Collateral received from interest rate derivatives | 51 | 66 |
Other, net | (7) | 4 |
Net cash used in financing activities | (713) | (782) |
Effect of exchange rate changes on cash | (16) | (32) |
Increase (decrease) in cash and cash equivalents and restricted cash | 317 | (302) |
Cash and cash equivalents and restricted cash at beginning of period | 1,477 | 1,765 |
Cash and cash equivalents and restricted cash at end of period | $ 1,794 | $ 1,463 |
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 Loss | Company Share of Shareholders' Equity | Non-Controlling Interests |
Beginning balance at Dec. 31, 2020 | $ 19 | $ (531) | $ 5,986 | $ 4,440 | $ (1,943) | $ 7,971 | $ 17 | |
Net income | $ 1,070 | 0 | 0 | 0 | 1,070 | 0 | 1,070 | 0 |
Other comprehensive income | 79 | 0 | 0 | 0 | 0 | 79 | 79 | 0 |
Share-based compensation | 0 | 25 | 7 | 2 | 0 | 34 | 0 | |
Dividends - common stock | 0 | 0 | 0 | (352) | 0 | (352) | 0 | |
Dividends - redeemable non-controlling interests | (2) | 0 | 0 | 0 | (2) | 0 | (2) | 0 |
Sales of non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | (3) | |
Ending balance at Mar. 31, 2021 | 19 | (506) | 5,993 | 5,158 | (1,864) | 8,800 | 14 | |
Beginning balance at Dec. 31, 2021 | 11,872 | 19 | (965) | 6,044 | 8,563 | (1,803) | 11,858 | 14 |
Net income | 1,320 | 0 | 0 | 0 | 1,320 | 0 | 1,320 | 0 |
Other comprehensive income | 68 | 0 | 0 | 0 | 0 | 68 | 68 | 0 |
Share-based compensation | 0 | 11 | 12 | 4 | 0 | 27 | 0 | |
Dividends - common stock | 0 | 0 | 0 | (371) | 0 | (371) | 0 | |
Dividends - redeemable non-controlling interests | (2) | 0 | 0 | 0 | (2) | 0 | (2) | 0 |
Repurchases of Company ordinary shares | 0 | (202) | 0 | 0 | 0 | (202) | 0 | |
Ending balance at Mar. 31, 2022 | $ 12,712 | $ 19 | $ (1,156) | $ 6,056 | $ 9,514 | $ (1,735) | $ 12,698 | $ 14 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock, dividends per share (in dollars per share) | $ 1.13 | $ 1.05 |
Redeemable non-controlling interests, dividends per share (in dollars per share) | $ 15 | $ 15 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation [Text Block] | 1. Basis of Presentation LyondellBasell Industries N.V. is a limited liability company (Naamloze Vennootschap) incorporated under Dutch law by deed of incorporation dated October 15, 2009. Unless otherwise indicated, the “Company,” “we,” “us,” “our” or similar words are used to refer to LyondellBasell Industries N.V. together with its consolidated subsidiaries (“LyondellBasell N.V.”). LyondellBasell N.V. is a worldwide manufacturer of chemicals and polymers, a refiner of crude oil, a significant producer of gasoline blending components and a developer and licensor of technologies for the production of polymers. The accompanying unaudited Consolidated Financial Statements have been prepared from the books and records of LyondellBasell N.V. in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement have been included. These statements contain some amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The results for interim periods are not necessarily indicative of results for the entire year. |
Accounting and Reporting Change
Accounting and Reporting Changes | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting and Reporting Changes [Text Block] | 2. Accounting and Reporting Changes Recently Adopted Guidance There were no new standards or Accounting Standard Updates (“ASU”) adopted in the quarter ended March 31, 2022 that had a material impact on our Consolidated Financial Statements. Accounting Guidance Issued But Not Adopted as of March 31, 2022 Government Assistance—In November 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The guidance requires disclosures about assistance received from the government that have been accounted for by analogizing to a grant or contribution accounting model including the nature and form of assistance, the accounting policies used to account for the assistance and its impact on the entity’s financial statements. The guidance is effective for annual periods beginning after December 15, 2021, with early application permitted. The adoption of this guidance will not have a material impact on our Consolidated Financial Statements. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues [Text Block] | 3. Revenues Contract Balances— Contract liabilities were $214 million and $169 million at March 31, 2022 and December 31, 2021, respectively. Revenue recognized in each reporting period, included in the contract liability balance at the beginning of the period, was immaterial. Disaggregation of Revenues— The following table presents our revenues disaggregated by key products: Three Months Ended Millions of dollars 2022 2021 Sales and other operating revenues: Olefins and co-products $ 1,157 $ 1,091 Polyethylene 2,684 2,153 Polypropylene 2,014 1,718 Propylene oxide and derivatives 885 502 Oxyfuels and related products 1,254 607 Intermediate chemicals 1,110 578 Compounding and solutions 1,135 1,038 Advanced polymers 272 231 Refined products 2,458 993 Other 188 171 Total $ 13,157 $ 9,082 The following table presents our revenues disaggregated by geography, based upon the location of the customer: Three Months Ended Millions of dollars 2022 2021 Sales and other operating revenues: United States $ 6,074 $ 4,086 Germany 995 765 China 656 560 Italy 518 378 Mexico 442 247 Japan 423 230 Poland 395 270 The Netherlands 390 270 France 387 290 Other 2,877 1,986 Total $ 13,157 $ 9,082 |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Accounts Receivable [Text Block] | 4. Accounts Receivable Our accounts receivable are reflected in the Consolidated Balance Sheets, net of allowance for credit losses, of $6 million as of March 31, 2022 and December 31, 2021. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories [Text Block] | 5. Inventories Inventories consisted of the following components: Millions of dollars March 31, 2022 December 31, 2021 Finished goods $ 3,382 $ 3,329 Work-in-process 206 178 Raw materials and supplies 1,391 1,394 Total inventories $ 4,979 $ 4,901 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt [Text Block] | 6. Debt Long-term loans, notes and other debt, net of unamortized discount and debt issuance cost, consisted of the following: Millions of dollars March 31, 2022 December 31, 2021 Senior Notes due 2024, $1,000 million, 5.75% ($2 million of debt issuance cost) $ 773 $ 773 Senior Notes due 2055, $1,000 million, 4.625% ($15 million of discount; $11 million of debt issuance cost) 974 974 Guaranteed Notes due 2027, $300 million, 8.1% 300 300 Issued by LYB International Finance B.V.: Guaranteed Notes due 2023, $750 million, 4.0% ($1 million of discount) 424 423 Guaranteed Notes due 2043, $750 million, 5.25% ($19 million of discount; $7 million of debt issuance cost) 724 724 Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 million of discount; $9 million of debt issuance cost) 981 981 Issued by LYB International Finance II B.V.: Guaranteed Notes due 2026, €500 million, 0.875% ($1 million of discount; $2 million of debt issuance cost) 547 562 Guaranteed Notes due 2027, $1,000 million, 3.5% ($3 million of discount; $3 million of debt issuance cost) 612 631 Guaranteed Notes due 2031, €500 million, 1.625% ($5 million of discount; $3 million of debt issuance cost) 547 558 Issued by LYB International Finance III LLC: Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of discount; $3 million of debt issuance cost) 479 486 Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of debt issuance cost) 133 143 Guaranteed Notes due 2030, $500 million, 2.25% ($3 million of discount; $4 million of debt issuance cost) 481 490 Guaranteed Notes due 2040, $750 million, 3.375% ($2 million of discount; $7 million of debt issuance cost) 741 741 Guaranteed Notes due 2049, $1,000 million, 4.2% ($15 million of discount; $10 million of debt issuance cost) 975 975 Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost) 976 981 Guaranteed Notes due 2051, $1,000 million, 3.625% ($3 million of discount; $11 million of debt issuance cost) 957 986 Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost) 490 490 Other 69 34 Total 11,183 11,252 Less current maturities (8) (6) Long-term debt $ 11,175 $ 11,246 Fair value hedging adjustments associated with the fair value hedge accounting of our fixed-for-floating interest rate swaps for the applicable periods are as follows: Gains (Losses) Cumulative Fair Value Three Months Ended March 31, December 31, Millions of dollars 2022 2021 2022 2021 Guaranteed Notes due 2025, 1.25% $ 7 $ — $ 9 $ 2 Guaranteed Notes due 2026, 0.875% 4 1 5 1 Guaranteed Notes due 2027, 3.5% 19 4 (27) (46) Guaranteed Notes due 2030, 3.375% 10 — 8 (2) Guaranteed Notes due 2030, 2.25% 10 — 12 2 Guaranteed Notes due 2050, 4.2% 5 — 8 3 Guaranteed Notes due 2051, 3.625% 29 — 29 — Total $ 84 $ 5 $ 44 $ (40) Fair value adjustments are recognized in Interest expense in the Consolidated Statements of Income. Short-term loans, notes and other debt consisted of the following: Millions of dollars March 31, 2022 December 31, 2021 U.S. Receivables Facility $ — $ — Commercial paper 35 204 Precious metal financings 106 155 Other — 3 Total Short-term debt $ 141 $ 362 Long-Term Debt Senior Revolving Credit Facility —Our $3,250 million Senior Revolving Credit Facility, which expires in November 2026, may be used for dollar and euro denominated borrowings. The facility has a $200 million sub-limit for dollar and euro denominated letters of credit, a $1,000 million uncommitted accordion feature and supports our commercial paper program. Borrowings under the facility bear interest at either a base rate, LIBOR rate or EURIBOR rate, plus an applicable margin. Additional fees are incurred for the average daily unused commitments. At March 31, 2022, we had no borrowings or letters of credit outstanding and $3,215 million of unused availability under this facility. Short-Term Debt U.S. Receivables Facility —Our U.S. Receivables Facility, which expires in June 2024, has a purchase limit of $900 million in addition to a $300 million uncommitted accordion feature. This facility provides liquidity through the sale or contribution of trade receivables by certain of our U.S. subsidiaries to a wholly owned, bankruptcy-remote subsidiary on an ongoing basis and without recourse. We pay variable interest rates on our secured borrowings. Additional fees are incurred for the average daily unused commitments. This facility also provides for the issuance of letters of credit up to $200 million. At March 31, 2022, we had no borrowings or letters of credit outstanding and $900 million unused availability under this facility. Commercial Paper Program —We have a commercial paper program under which we may issue up to $2,500 million of privately placed, unsecured, short-term promissory notes (“commercial paper”). Interest rates on the commercial paper outstanding at March 31, 2022 are based on the terms of the notes and range from 0.45% to 0.55%. At March 31, 2022, we had $35 million of outstanding commercial paper. Weighted Average Interest Rate —At March 31, 2022 and December 31, 2021, our weighted average interest rates on outstanding Short-term debt were 1.2% and 0.9%, respectively. Additional Information Debt Discount and Issuance Costs —Amortization of debt discounts and debt issuance costs resulted in amortization expense of $4 million and $5 million for the three months ended March 31, 2022 and 2021, respectively, which is included in Interest expense in the Consolidated Statements of Income. As of March 31, 2022, we are in compliance with our debt covenants. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Fair Value Measurements [Text Block] | 7. Financial Instruments and Fair Value Measurements We are exposed to market risks, such as changes in commodity pricing, interest rates and currency exchange rates. To manage the volatility related to these exposures, we selectively enter into derivative contracts pursuant to our risk management policies. Financial Instruments Measured at Fair Value on a Recurring Basis —The following table summarizes financial instruments outstanding for the periods presented that are measured at fair value on a recurring basis: March 31, 2022 December 31, 2021 Millions of dollars Notional Amount Fair Value Notional Amount Fair Value Balance Sheet Assets– Derivatives designated as hedges: Commodities $ 30 $ 40 $ 41 $ 24 Prepaid expenses and other current assets Foreign currency 614 90 614 63 Prepaid expenses and other current assets Foreign currency 2,085 61 1,785 43 Other assets Interest rates — 13 — 7 Prepaid expenses and other current assets Interest rates — — 300 1 Other assets Derivatives not designated as hedges: Commodities 55 12 221 30 Prepaid expenses and other current assets Commodities 12 1 — — Other assets Foreign currency 83 — 34 1 Prepaid expenses and other current assets Non-derivatives: Equity securities — — 9 8 Short-term investments Total $ 2,879 $ 217 $ 3,004 $ 177 March 31, 2022 December 31, 2021 Millions of dollars Notional Amount Fair Value Notional Amount Fair Value Balance Sheet Liabilities– Derivatives designated as hedges: Foreign currency $ — $ 26 $ — $ 14 Accrued liabilities Foreign currency 1,499 80 1,800 99 Other liabilities Interest rates — 5 — 3 Accrued liabilities Interest rates 2,763 247 1,863 280 Other liabilities Derivatives not designated as hedges: Commodities 176 14 24 1 Accrued liabilities Commodities 31 6 — — Other Liabilities Foreign currency 544 14 188 2 Accrued liabilities Total $ 5,013 $ 392 $ 3,875 $ 399 The financial instruments in the table above are classified as Level 2, except for our investment in equity securities which are measured at fair value using the net asset value per share, or its equivalent, practical expedient and are not classified in the fair value hierarchy. We present the gross assets and liabilities of our derivative financial instruments on the Consolidated Balance Sheets. Financial Instruments Not Measured at Fair Value on a Recurring Basis —The following table presents the carrying value and estimated fair value of our Short-term precious metal financings and Long-term debt: March 31, 2022 December 31, 2021 Millions of dollars Carrying Fair Carrying Fair Precious metal financings $ 106 $ 105 $ 155 $ 130 Long-term debt 11,150 11,379 11,218 12,756 Total $ 11,256 $ 11,484 $ 11,373 $ 12,886 The financial instruments in the table above are classified as Level 2. Our other financial instruments classified within Current assets and Current liabilities have a short maturity and their carrying value generally approximates fair value. Derivative Instruments: Commodity Prices —The following table presents the notional amounts of our outstanding commodity derivative instruments: March 31, 2022 December 31, 2021 Millions of dollars Notional Amount Notional Amount Maturity Date Derivatives designated as hedges: Cash flow hedges $ 30 $ 41 2022 Derivatives not designated as hedges: Commodity contracts 274 245 2022 Interest Rates —The following table presents the notional amounts of our outstanding interest rate derivative instruments: March 31, 2022 December 31, 2021 Millions of dollars Notional Amount Notional Amount Maturity Date Cash flow hedges $ 1,000 $ 1,000 2023 to 2024 Fair value hedges 1,763 1,163 2025 to 2030 As of March 31, 2022 and December 31, 2021, Other assets included $187 million and $238 million of collateral related to these forward-starting interest swaps, representing the maximum amount of collateral that may be required under these contracts. Foreign Currency Rates —The following table presents the notional amounts of our outstanding foreign currency derivative instruments: March 31, 2022 December 31, 2021 Millions of dollars Notional Amount Notional Amount Maturity Date Net investment hedges $ 3,048 $ 3,048 2022 to 2030 Cash flow hedges 1,150 1,150 2024 to 2027 Not designated 627 222 2022 to 2023 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: Effects of Financial Instruments Three Months Ended March 31, Balance Sheet Income Statement Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified Additional Gain (Loss) Recognized in Income Income Statement Millions of dollars 2022 2021 2022 2021 2022 2021 Classification Derivatives designated as hedges: Commodities $ 26 $ 6 $ (11) $ (1) $ — $ — Cost of sales Foreign currency 44 148 (25) (92) (4) 12 Interest expense Interest rates 112 223 1 1 4 2 Interest expense Derivatives not designated as hedges: Commodities — — — — 36 3 Sales and other operating revenues Commodities — — — — 3 11 Cost of sales Foreign currency — — — — (19) (14) Other income, net Total $ 182 $ 377 $ (35) $ (92) $ 20 $ 14 As of March 31, 2022, on a pre-tax basis, $6 million is scheduled to be reclassified from Accumulated other comprehensive loss as an increase to interest expense over the next twelve months. Other Financial Instruments: |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | 8. Income Taxes For interim tax reporting, we estimate an annual effective tax rate which is applied to the year-to-date ordinary income. Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. Our effective income tax rate fluctuates based on, among other factors, changes in pretax income in countries with varying statutory tax rates, changes in valuation allowances, changes in foreign exchange gains or losses, the amount of exempt income, changes in unrecognized tax benefits associated with uncertain tax positions and changes in tax laws. Our exempt income primarily includes interest income, export incentives, and equity earnings of joint ventures. Interest income earned by certain of our European subsidiaries through intercompany financings is taxed at rates substantially lower than the U.S. statutory rate. Export incentives relate to tax benefits derived from elections and structures available for U.S. exports. Equity earnings attributable to the earnings of our joint ventures, when paid through dividends to certain European subsidiaries, are exempt from all or portions of normal statutory income tax rates. We currently anticipate the favorable treatment for interest income, dividends, and export incentives to continue in the near term; however, this treatment is based on current law and tax rulings, which could change if the tax reform proposals in the U.S. and the Pillar Two proposals by the Organization for Economic Cooperation and Development (“OECD”) are enacted. Our effective income tax rates for the first quarter of 2022 was 19.3% compared to 6.1% for the first quarter of 2021. In the first quarter of 2021, we benefited from return to accrual adjustments primarily associated with a step-up of certain Italian assets to fair market value and benefits resulting from the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) of 10.5% and 2.6% respectively; such benefits did not impact our effective tax rate in the first quarter of 2022. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | 9. 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 March 31, 2022, we had capital expenditure commitments, which we incurred in our normal course of business, including commitments of approximately $366 million related to building our new PO/TBA plant in Houston, Texas. Financial Assurance Instruments —We have obtained letters of credit, performance and surety bonds and have issued financial and performance guarantees to support trade payables, potential liabilities and other obligations. Considering the frequency of claims made against the financial instruments we use to support our obligations, and the magnitude of those financial instruments in light of our current financial position, management does not expect that any claims against or draws on these instruments would have a material adverse effect on our Consolidated Financial Statements. We have not experienced any unmanageable difficulties 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 $135 million and $138 million as of March 31, 2022 and December 31, 2021, respectively. At March 31, 2022, the accrued liabilities for individual sites range from less than $1 million to $27 million. The remediation expenditures are expected to occur over a number of years and are not concentrated in any single year. In our opinion, it is reasonably possible that losses in excess of the liabilities recorded may have been incurred. However, we cannot estimate any amount or range of such possible additional losses. New information about sites, new technology or future developments, such as involvement in investigations by regulatory agencies, could require us to reassess our potential exposure related to environmental matters. Indemnification —We are parties to various indemnification arrangements, including arrangements entered into in connection with acquisitions, divestitures and the formation and dissolution of joint ventures. Pursuant to these arrangements, we provide indemnification to and/or receive indemnification from other parties in connection with liabilities that may arise in connection with the transactions and in connection with activities prior to completion of the transactions. These indemnification arrangements typically include provisions pertaining to third-party claims relating to environmental and tax matters and various types of litigation. As of March 31, 2022, we had not accrued any significant amounts for our indemnification obligations, and we are not aware of other circumstances that would likely lead to significant future indemnification obligations. We cannot determine with certainty the potential amount of future payments under the indemnification arrangements until events arise that would trigger a liability under the arrangements. As part of our technology licensing contracts, we give indemnifications to our licensees for liabilities arising from possible patent infringement claims with respect to certain proprietary licensed technologies. Such indemnifications have a stated maximum amount and generally cover a period of 5 to 10 years. Legal Proceedings— We are subject to various lawsuits and claims, including but not limited to, matters involving contract disputes, environmental damages, personal injury and property damage. We vigorously defend ourselves and prosecute these matters as appropriate. Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor legal proceedings in which we are a party. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial, mediation or other resolution. We regularly assess the adequacy of legal accruals based on our professional judgment, experience and the information available regarding our cases. Based on a consideration of all relevant facts and circumstances, we do not believe the ultimate outcome of any currently pending lawsuit against us will have a material adverse effect upon our operations, financial condition or Consolidated Financial Statements. |
Shareholders' Equity and Redeem
Shareholders' Equity and Redeemable Non-controlling Interests | 3 Months Ended |
Mar. 31, 2022 | |
Shareholders Equity and Redeemable Non-controlling Interests Abstract [Abstract] | |
Shareholders' Equity and Redeemable Non-controlling Interests Disclosure [Text Block] | 10. Shareholders’ Equity and Redeemable Non-controlling Interests Shareholders’ Equity Dividend Distributions —The following table summarized the dividends paid in the period presented: Millions of dollars, except per share amounts Dividend Per Ordinary Share Aggregate Dividends Paid Date of Record March 2022 $ 1.13 $ 371 March 7, 2022 Share Repurchase Authorization —In May 2021, our shareholders approved a proposal to authorize us to repurchase up to 34.0 million ordinary shares, through November 28, 2022 (“2021 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. The following table summarizes our share repurchase activity for the period presented: Millions of dollars, except shares and per share amounts Shares Average Total Purchase Price, Including For three months ended March 31, 2022: 2021 Share Repurchase Authorization 2,073,378 $ 97.70 $ 202 Total cash paid for share repurchases for the three months ended March 31, 2022 was $217 million. Cash payments made during the reporting period may differ from the total purchase price, including commissions and fees, due to the timing of payments. There were no share repurchases during the three months ended March 31, 2021. Ordinary Shares —The changes in the outstanding amounts of ordinary shares are as follows: Three Months Ended 2022 2021 Ordinary shares outstanding: Beginning balance 329,536,389 334,015,220 Share-based compensation 123,550 247,964 Employee stock purchase plan 57,473 49,956 Purchase of ordinary shares (2,073,378) — Ending balance 327,644,034 334,313,140 Treasury Shares— The changes in the amounts of treasury shares held by the Company are as follows: Three Months Ended 2022 2021 Ordinary shares held as treasury shares: Beginning balance 10,675,605 6,030,408 Share-based compensation (123,550) (247,964) Employee stock purchase plan — (49,956) Purchase of ordinary shares 2,073,378 — Ending balance 12,625,433 5,732,488 Accumulated Other Comprehensive Loss —The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the three months ended March 31, 2022 and 2021 are presented in the following tables: Millions of dollars Financial Defined Benefit Foreign Total Balance – December 31, 2021 $ (354) $ (528) $ (921) $ (1,803) Other comprehensive income (loss) before reclassifications 147 — (14) 133 Tax expense before reclassifications (32) — (11) (43) Amounts reclassified from accumulated other comprehensive loss (35) 8 — (27) Tax (expense) benefit 8 (3) — 5 Net other comprehensive income (loss) 88 5 (25) 68 Balance – March 31, 2022 $ (266) $ (523) $ (946) $ (1,735) Millions of dollars Financial Unrealized Defined Benefit Foreign Total Balance – December 31, 2020 $ (426) $ 1 $ (752) $ (766) $ (1,943) Other comprehensive income (loss) before reclassifications 315 — — (93) 222 Tax expense before reclassifications (68) — — (14) (82) Amounts reclassified from accumulated other comprehensive loss (92) — 15 — (77) Tax (expense) benefit 20 — (4) — 16 Net other comprehensive income (loss) 175 — 11 (107) 79 Balance – March 31, 2021 $ (251) $ 1 $ (741) $ (873) $ (1,864) The amounts reclassified out of each component of Accumulated other comprehensive loss are as follows: Three Months Ended Affected Line Item on Millions of dollars 2022 2021 Reclassification adjustments for: Financial derivatives: Commodities $ (11) $ (1) Cost of sales Foreign currency (25) (92) Interest expense Interest rates 1 1 Interest expense Income tax benefit 8 20 Provision for income taxes Financial derivatives, net of tax (27) (72) Amortization of defined pension items: Prior service cost 1 1 Other income, net Actuarial loss 7 14 Other income, net Income tax expense (3) (4) Provision for income taxes Defined pension items, net of tax 5 11 Total reclassifications, before tax (27) (77) Income tax benefit 5 16 Provision for income taxes Total reclassifications, after tax $ (22) $ (61) Amount included in net income Redeemable Non-controlling Interests |
Per Share Data
Per Share Data | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Per Share Data [Text Block] | 11. 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 option and other equity-based compensation awards. Our unvested restricted stock units contain non-forfeitable rights to dividend equivalents and are considered participating securities. We calculate basic and diluted earnings per share under the two-class method. Earnings per share data is as follows: Three Months Ended March 31, 2022 2021 Millions of dollars Continuing Discontinued Continuing Discontinued Net income (loss) $ 1,321 $ (1) $ 1,072 $ (2) Dividends on redeemable non-controlling interests (2) — (2) — Net income attributable to participating securities (2) — (2) — Net income (loss) attributable to ordinary shareholders – basic and diluted $ 1,317 $ (1) $ 1,068 $ (2) Millions of shares, except per share amounts Basic weighted average common stock outstanding 328 328 334 334 Effect of dilutive securities 1 1 — — Potential dilutive shares 329 329 334 334 Earnings per share: Basic $ 4.01 $ — $ 3.20 $ (0.01) Diluted $ 4.00 $ — $ 3.19 $ (0.01) |
Segment and Related Information
Segment and Related Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment and Related Information [Text Block] | 12. 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 from continuing operations 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: Three Months Ended March 31, 2022 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 2,325 $ 3,543 $ 3,276 $ 1,407 $ 2,458 $ 148 $ — $ 13,157 Intersegment 1,270 219 63 1 262 33 (1,848) — 3,595 3,762 3,339 1,408 2,720 181 (1,848) 13,157 Income (loss) from equity investments 33 1 (5) — — — — 29 EBITDA 911 188 546 125 148 103 (1) 2,020 Capital expenditures 132 89 163 18 14 29 1 446 Three Months Ended March 31, 2021 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 2,135 $ 2,840 $ 1,704 $ 1,269 $ 993 $ 141 $ — $ 9,082 Intersegment 724 207 63 1 133 24 (1,152) — 2,859 3,047 1,767 1,270 1,126 165 (1,152) 9,082 Income from equity investments 30 95 12 — — — — 137 EBITDA 867 412 182 135 (110) 94 5 1,585 Capital expenditures 65 40 145 20 25 22 23 340 In April 2022 we announced our decision to cease operation of our Houston Refinery no later than December 31, 2023. We determined that exiting the refining business by the end of next year is the best strategic and financial path forward for the company. Our exit of the refining business progresses our decarbonization goals, and the site’s prime location gives us more options for advancing our future strategic objectives, including circularity. In the interim, we will continue serving the fuels market, which is expected to remain strong in the near-term, and consider potential transactions and alternatives for the site. In connection with the exit plan, we expect to incur certain costs primarily consisting of accelerated amortization of operating lease assets of approximately $300 million to $400 million, asset decommissioning costs of approximately $150 million to $250 million, personnel related costs of approximately $80 million to $120 million, and other charges of approximately $50 million to $100 million. As we intend to proceed with an orderly shut-down, we do not expect to recognize these charges all at once, but over time through 2024. The actual size and timing of costs associated with the closure may differ from our current expectations, and such differences may be material. A reconciliation of EBITDA to Income from continuing operations before income taxes is shown in the following table for each of the periods presented: Three Months Ended Millions of dollars 2022 2021 EBITDA: Total segment EBITDA $ 2,021 $ 1,580 Other EBITDA (1) 5 Less: Depreciation and amortization expense (311) (335) Interest expense (74) (110) Add: Interest income 2 2 Income from continuing operations before income taxes $ 1,637 $ 1,142 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue [Table Text Block] | Disaggregation of Revenues— The following table presents our revenues disaggregated by key products: Three Months Ended Millions of dollars 2022 2021 Sales and other operating revenues: Olefins and co-products $ 1,157 $ 1,091 Polyethylene 2,684 2,153 Polypropylene 2,014 1,718 Propylene oxide and derivatives 885 502 Oxyfuels and related products 1,254 607 Intermediate chemicals 1,110 578 Compounding and solutions 1,135 1,038 Advanced polymers 272 231 Refined products 2,458 993 Other 188 171 Total $ 13,157 $ 9,082 The following table presents our revenues disaggregated by geography, based upon the location of the customer: Three Months Ended Millions of dollars 2022 2021 Sales and other operating revenues: United States $ 6,074 $ 4,086 Germany 995 765 China 656 560 Italy 518 378 Mexico 442 247 Japan 423 230 Poland 395 270 The Netherlands 390 270 France 387 290 Other 2,877 1,986 Total $ 13,157 $ 9,082 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory [Table Text Block] | Inventories consisted of the following components: Millions of dollars March 31, 2022 December 31, 2021 Finished goods $ 3,382 $ 3,329 Work-in-process 206 178 Raw materials and supplies 1,391 1,394 Total inventories $ 4,979 $ 4,901 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: Millions of dollars March 31, 2022 December 31, 2021 Senior Notes due 2024, $1,000 million, 5.75% ($2 million of debt issuance cost) $ 773 $ 773 Senior Notes due 2055, $1,000 million, 4.625% ($15 million of discount; $11 million of debt issuance cost) 974 974 Guaranteed Notes due 2027, $300 million, 8.1% 300 300 Issued by LYB International Finance B.V.: Guaranteed Notes due 2023, $750 million, 4.0% ($1 million of discount) 424 423 Guaranteed Notes due 2043, $750 million, 5.25% ($19 million of discount; $7 million of debt issuance cost) 724 724 Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 million of discount; $9 million of debt issuance cost) 981 981 Issued by LYB International Finance II B.V.: Guaranteed Notes due 2026, €500 million, 0.875% ($1 million of discount; $2 million of debt issuance cost) 547 562 Guaranteed Notes due 2027, $1,000 million, 3.5% ($3 million of discount; $3 million of debt issuance cost) 612 631 Guaranteed Notes due 2031, €500 million, 1.625% ($5 million of discount; $3 million of debt issuance cost) 547 558 Issued by LYB International Finance III LLC: Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of discount; $3 million of debt issuance cost) 479 486 Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of debt issuance cost) 133 143 Guaranteed Notes due 2030, $500 million, 2.25% ($3 million of discount; $4 million of debt issuance cost) 481 490 Guaranteed Notes due 2040, $750 million, 3.375% ($2 million of discount; $7 million of debt issuance cost) 741 741 Guaranteed Notes due 2049, $1,000 million, 4.2% ($15 million of discount; $10 million of debt issuance cost) 975 975 Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost) 976 981 Guaranteed Notes due 2051, $1,000 million, 3.625% ($3 million of discount; $11 million of debt issuance cost) 957 986 Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost) 490 490 Other 69 34 Total 11,183 11,252 Less current maturities (8) (6) Long-term debt $ 11,175 $ 11,246 Fair value hedging adjustments associated with the fair value hedge accounting of our fixed-for-floating interest rate swaps for the applicable periods are as follows: Gains (Losses) Cumulative Fair Value Three Months Ended March 31, December 31, Millions of dollars 2022 2021 2022 2021 Guaranteed Notes due 2025, 1.25% $ 7 $ — $ 9 $ 2 Guaranteed Notes due 2026, 0.875% 4 1 5 1 Guaranteed Notes due 2027, 3.5% 19 4 (27) (46) Guaranteed Notes due 2030, 3.375% 10 — 8 (2) Guaranteed Notes due 2030, 2.25% 10 — 12 2 Guaranteed Notes due 2050, 4.2% 5 — 8 3 Guaranteed Notes due 2051, 3.625% 29 — 29 — Total $ 84 $ 5 $ 44 $ (40) Fair value adjustments are recognized in Interest expense in the Consolidated Statements of Income. |
Schedule of short-term debt [Table Text Block] | Short-term loans, notes and other debt consisted of the following: Millions of dollars March 31, 2022 December 31, 2021 U.S. Receivables Facility $ — $ — Commercial paper 35 204 Precious metal financings 106 155 Other — 3 Total Short-term debt $ 141 $ 362 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of fair value of outstanding financial instruments [Table Text Block] | Financial Instruments Measured at Fair Value on a Recurring Basis —The following table summarizes financial instruments outstanding for the periods presented that are measured at fair value on a recurring basis: March 31, 2022 December 31, 2021 Millions of dollars Notional Amount Fair Value Notional Amount Fair Value Balance Sheet Assets– Derivatives designated as hedges: Commodities $ 30 $ 40 $ 41 $ 24 Prepaid expenses and other current assets Foreign currency 614 90 614 63 Prepaid expenses and other current assets Foreign currency 2,085 61 1,785 43 Other assets Interest rates — 13 — 7 Prepaid expenses and other current assets Interest rates — — 300 1 Other assets Derivatives not designated as hedges: Commodities 55 12 221 30 Prepaid expenses and other current assets Commodities 12 1 — — Other assets Foreign currency 83 — 34 1 Prepaid expenses and other current assets Non-derivatives: Equity securities — — 9 8 Short-term investments Total $ 2,879 $ 217 $ 3,004 $ 177 March 31, 2022 December 31, 2021 Millions of dollars Notional Amount Fair Value Notional Amount Fair Value Balance Sheet Liabilities– Derivatives designated as hedges: Foreign currency $ — $ 26 $ — $ 14 Accrued liabilities Foreign currency 1,499 80 1,800 99 Other liabilities Interest rates — 5 — 3 Accrued liabilities Interest rates 2,763 247 1,863 280 Other liabilities Derivatives not designated as hedges: Commodities 176 14 24 1 Accrued liabilities Commodities 31 6 — — Other Liabilities Foreign currency 544 14 188 2 Accrued liabilities Total $ 5,013 $ 392 $ 3,875 $ 399 The financial instruments in the table above are classified as Level 2, except for our investment in equity securities which are measured at fair value using the net asset value per share, or its equivalent, practical expedient and are not classified in the fair value hierarchy. We present the gross assets and liabilities of our derivative financial instruments on the Consolidated Balance Sheets. |
Schedule of the carrying value and estimated fair value of non-derivative financial instruments [Table Text Block] | Financial Instruments Not Measured at Fair Value on a Recurring Basis —The following table presents the carrying value and estimated fair value of our Short-term precious metal financings and Long-term debt: March 31, 2022 December 31, 2021 Millions of dollars Carrying Fair Carrying Fair Precious metal financings $ 106 $ 105 $ 155 $ 130 Long-term debt 11,150 11,379 11,218 12,756 Total $ 11,256 $ 11,484 $ 11,373 $ 12,886 The financial instruments in the table above are classified as Level 2. Our other financial instruments classified within Current assets and Current liabilities have a short maturity and their carrying value generally approximates fair value. |
Summary of commodity derivatives [Table Text Block] | Commodity Prices —The following table presents the notional amounts of our outstanding commodity derivative instruments: March 31, 2022 December 31, 2021 Millions of dollars Notional Amount Notional Amount Maturity Date Derivatives designated as hedges: Cash flow hedges $ 30 $ 41 2022 Derivatives not designated as hedges: Commodity contracts 274 245 2022 |
Summary of interest rate derivatives [Table Text Block] | Interest Rates —The following table presents the notional amounts of our outstanding interest rate derivative instruments: March 31, 2022 December 31, 2021 Millions of dollars Notional Amount Notional Amount Maturity Date Cash flow hedges $ 1,000 $ 1,000 2023 to 2024 Fair value hedges 1,763 1,163 2025 to 2030 As of March 31, 2022 and December 31, 2021, Other assets included $187 million and $238 million of collateral related to these forward-starting interest swaps, representing the maximum amount of collateral that may be required under these contracts. |
Summary of foreign currency hedges [Table Text Block] | Foreign Currency Rates —The following table presents the notional amounts of our outstanding foreign currency derivative instruments: March 31, 2022 December 31, 2021 Millions of dollars Notional Amount Notional Amount Maturity Date Net investment hedges $ 3,048 $ 3,048 2022 to 2030 Cash flow hedges 1,150 1,150 2024 to 2027 Not designated 627 222 2022 to 2023 |
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: Effects of Financial Instruments Three Months Ended March 31, Balance Sheet Income Statement Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified Additional Gain (Loss) Recognized in Income Income Statement Millions of dollars 2022 2021 2022 2021 2022 2021 Classification Derivatives designated as hedges: Commodities $ 26 $ 6 $ (11) $ (1) $ — $ — Cost of sales Foreign currency 44 148 (25) (92) (4) 12 Interest expense Interest rates 112 223 1 1 4 2 Interest expense Derivatives not designated as hedges: Commodities — — — — 36 3 Sales and other operating revenues Commodities — — — — 3 11 Cost of sales Foreign currency — — — — (19) (14) Other income, net Total $ 182 $ 377 $ (35) $ (92) $ 20 $ 14 |
Shareholders' Equity and Rede_2
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Shareholders Equity and Redeemable Non-controlling Interests Abstract [Abstract] | |
Dividend distributions [Table Text Block] | Dividend Distributions —The following table summarized the dividends paid in the period presented: Millions of dollars, except per share amounts Dividend Per Ordinary Share Aggregate Dividends Paid Date of Record March 2022 $ 1.13 $ 371 March 7, 2022 |
Schedule of share repurchase authorization [Table Text Block] | The following table summarizes our share repurchase activity for the period presented: Millions of dollars, except shares and per share amounts Shares Average Total Purchase Price, Including For three months ended March 31, 2022: 2021 Share Repurchase Authorization 2,073,378 $ 97.70 $ 202 Total cash paid for share repurchases for the three months ended March 31, 2022 was $217 million. Cash payments made during the reporting period may differ from the total purchase price, including commissions and fees, due to the timing of payments. There were no share repurchases during the three months ended March 31, 2021. |
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: Three Months Ended 2022 2021 Ordinary shares outstanding: Beginning balance 329,536,389 334,015,220 Share-based compensation 123,550 247,964 Employee stock purchase plan 57,473 49,956 Purchase of ordinary shares (2,073,378) — Ending balance 327,644,034 334,313,140 Treasury Shares— The changes in the amounts of treasury shares held by the Company are as follows: Three Months Ended 2022 2021 Ordinary shares held as treasury shares: Beginning balance 10,675,605 6,030,408 Share-based compensation (123,550) (247,964) Employee stock purchase plan — (49,956) Purchase of ordinary shares 2,073,378 — Ending balance 12,625,433 5,732,488 |
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 three months ended March 31, 2022 and 2021 are presented in the following tables: Millions of dollars Financial Defined Benefit Foreign Total Balance – December 31, 2021 $ (354) $ (528) $ (921) $ (1,803) Other comprehensive income (loss) before reclassifications 147 — (14) 133 Tax expense before reclassifications (32) — (11) (43) Amounts reclassified from accumulated other comprehensive loss (35) 8 — (27) Tax (expense) benefit 8 (3) — 5 Net other comprehensive income (loss) 88 5 (25) 68 Balance – March 31, 2022 $ (266) $ (523) $ (946) $ (1,735) Millions of dollars Financial Unrealized Defined Benefit Foreign Total Balance – December 31, 2020 $ (426) $ 1 $ (752) $ (766) $ (1,943) Other comprehensive income (loss) before reclassifications 315 — — (93) 222 Tax expense before reclassifications (68) — — (14) (82) Amounts reclassified from accumulated other comprehensive loss (92) — 15 — (77) Tax (expense) benefit 20 — (4) — 16 Net other comprehensive income (loss) 175 — 11 (107) 79 Balance – March 31, 2021 $ (251) $ 1 $ (741) $ (873) $ (1,864) |
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: Three Months Ended Affected Line Item on Millions of dollars 2022 2021 Reclassification adjustments for: Financial derivatives: Commodities $ (11) $ (1) Cost of sales Foreign currency (25) (92) Interest expense Interest rates 1 1 Interest expense Income tax benefit 8 20 Provision for income taxes Financial derivatives, net of tax (27) (72) Amortization of defined pension items: Prior service cost 1 1 Other income, net Actuarial loss 7 14 Other income, net Income tax expense (3) (4) Provision for income taxes Defined pension items, net of tax 5 11 Total reclassifications, before tax (27) (77) Income tax benefit 5 16 Provision for income taxes Total reclassifications, after tax $ (22) $ (61) Amount included in net income |
Per Share Data (Tables)
Per Share Data (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted [Table Text Block] | Earnings per share data is as follows: Three Months Ended March 31, 2022 2021 Millions of dollars Continuing Discontinued Continuing Discontinued Net income (loss) $ 1,321 $ (1) $ 1,072 $ (2) Dividends on redeemable non-controlling interests (2) — (2) — Net income attributable to participating securities (2) — (2) — Net income (loss) attributable to ordinary shareholders – basic and diluted $ 1,317 $ (1) $ 1,068 $ (2) Millions of shares, except per share amounts Basic weighted average common stock outstanding 328 328 334 334 Effect of dilutive securities 1 1 — — Potential dilutive shares 329 329 334 334 Earnings per share: Basic $ 4.01 $ — $ 3.20 $ (0.01) Diluted $ 4.00 $ — $ 3.19 $ (0.01) |
Segment and Related Informati_2
Segment and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment [Table Text Block] | Summarized financial information concerning reportable segments is shown in the following tables for the periods presented: Three Months Ended March 31, 2022 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 2,325 $ 3,543 $ 3,276 $ 1,407 $ 2,458 $ 148 $ — $ 13,157 Intersegment 1,270 219 63 1 262 33 (1,848) — 3,595 3,762 3,339 1,408 2,720 181 (1,848) 13,157 Income (loss) from equity investments 33 1 (5) — — — — 29 EBITDA 911 188 546 125 148 103 (1) 2,020 Capital expenditures 132 89 163 18 14 29 1 446 Three Months Ended March 31, 2021 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 2,135 $ 2,840 $ 1,704 $ 1,269 $ 993 $ 141 $ — $ 9,082 Intersegment 724 207 63 1 133 24 (1,152) — 2,859 3,047 1,767 1,270 1,126 165 (1,152) 9,082 Income from equity investments 30 95 12 — — — — 137 EBITDA 867 412 182 135 (110) 94 5 1,585 Capital expenditures 65 40 145 20 25 22 23 340 |
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: Three Months Ended Millions of dollars 2022 2021 EBITDA: Total segment EBITDA $ 2,021 $ 1,580 Other EBITDA (1) 5 Less: Depreciation and amortization expense (311) (335) Interest expense (74) (110) Add: Interest income 2 2 Income from continuing operations before income taxes $ 1,637 $ 1,142 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Contract with customer, liability [Abstract] | |||
Contract with customer liability | $ 214 | $ 169 | |
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 products (Details
Revenues, Key products (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | $ 13,157 | $ 9,082 |
Olefins & co-products [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 1,157 | 1,091 |
Polyethylene [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 2,684 | 2,153 |
Polypropylene [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 2,014 | 1,718 |
Propylene oxide and derivatives [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 885 | 502 |
Oxyfuels and related products [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 1,254 | 607 |
Intermediate chemicals [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 1,110 | 578 |
Compounding and solutions [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 1,135 | 1,038 |
Advanced polymers [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 272 | 231 |
Refined products [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 2,458 | 993 |
Other [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | $ 188 | $ 171 |
Revenues, Geographic locations
Revenues, Geographic locations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | $ 13,157 | $ 9,082 |
United States [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 6,074 | 4,086 |
Germany [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 995 | 765 |
China [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 656 | 560 |
Italy [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 518 | 378 |
Mexico [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 442 | 247 |
Japan [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 423 | 230 |
Poland [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 395 | 270 |
The Netherlands [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 390 | 270 |
France [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 387 | 290 |
Other [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | $ 2,877 | $ 1,986 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Allowance for credit losses, receivables | $ 6 | $ 6 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory, finished goods, work-in-process, and raw materials and supplies [Abstract] | ||
Finished goods | $ 3,382 | $ 3,329 |
Work-in-process | 206 | 178 |
Raw materials and supplies | 1,391 | 1,394 |
Total inventories | $ 4,979 | $ 4,901 |
Debt, Long-term debt (Details)
Debt, Long-term debt (Details) € in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2022EUR (€) | Dec. 31, 2021USD ($) | |
Long-term debt [Line Items] | |||
Long-term debt | $ 11,183 | $ 11,252 | |
Current maturities of long-term debt | (8) | (6) | |
Long-term debt, non-current portion | $ 11,175 | 11,246 | |
Senior Notes due 2024, $1,000 million, 5.75% ($2 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 | $ 2 | ||
Long-term debt | $ 773 | 773 | |
Senior Notes due 2055, $1,000 million, 4.625% ($15 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 | $ 15 | ||
Unamortized debt issuance cost | 11 | ||
Long-term debt | $ 974 | 974 | |
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 2023, $750 million, 4.0% ($1 million of discount) | |||
Long-term debt [Line Items] | |||
Maturity year | 2023 | ||
Face amount | $ 750 | ||
Stated interest rate (in hundredths) | 4.00% | 4.00% | |
Unamortized discount | $ 1 | ||
Long-term debt | $ 424 | 423 | |
Guaranteed Notes due 2043, $750 million, 5.25% ($19 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 | $ 19 | ||
Unamortized debt issuance cost | 7 | ||
Long-term debt | $ 724 | 724 | |
Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 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 | $ 10 | ||
Unamortized debt issuance cost | 9 | ||
Long-term debt | $ 981 | 981 | |
Guaranteed Notes due 2026, €500 million, 0.875% ($1 million of discount; $2 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2026 | ||
Face amount | € | € 500 | ||
Stated interest rate (in hundredths) | 0.875% | 0.875% | |
Unamortized discount | $ 1 | ||
Unamortized debt issuance cost | 2 | ||
Long-term debt | $ 547 | 562 | |
Guaranteed Notes due 2027, $1,000 million, 3.5% ($3 million of discount; $3 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 | $ 3 | ||
Unamortized debt issuance cost | 3 | ||
Long-term debt | $ 612 | 631 | |
Guaranteed Notes due 2031, €500 million, 1.625% ($5 million of discount; $3 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2031 | ||
Face amount | € | € 500 | ||
Stated interest rate (in hundredths) | 1.625% | 1.625% | |
Unamortized discount | $ 5 | ||
Unamortized debt issuance cost | 3 | ||
Long-term debt | $ 547 | 558 | |
Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of discount; $3 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2025 | ||
Face amount | $ 500 | ||
Stated interest rate (in hundredths) | 1.25% | 1.25% | |
Unamortized discount | $ 1 | ||
Unamortized debt issuance cost | 3 | ||
Long-term debt | $ 479 | 486 | |
Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2030 | ||
Face amount | $ 500 | ||
Stated interest rate (in hundredths) | 3.375% | 3.375% | |
Unamortized debt issuance cost | $ 1 | ||
Long-term debt | $ 133 | 143 | |
Guaranteed Notes due 2030, $500 million, 2.25% ($3 million of discount; $4 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2030 | ||
Face amount | $ 500 | ||
Stated interest rate (in hundredths) | 2.25% | 2.25% | |
Unamortized discount | $ 3 | ||
Unamortized debt issuance cost | 4 | ||
Long-term debt | $ 481 | 490 | |
Guaranteed Notes due 2040, $750 million, 3.375% ($2 million of discount; $7 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2040 | ||
Face amount | $ 750 | ||
Stated interest rate (in hundredths) | 3.375% | 3.375% | |
Unamortized discount | $ 2 | ||
Unamortized debt issuance cost | 7 | ||
Long-term debt | $ 741 | 741 | |
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 | ||
Face amount | $ 1,000 | ||
Stated interest rate (in hundredths) | 4.20% | 4.20% | |
Unamortized discount | $ 15 | ||
Unamortized debt issuance cost | 10 | ||
Long-term debt | $ 975 | 975 | |
Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2050 | ||
Face amount | $ 1,000 | ||
Stated interest rate (in hundredths) | 4.20% | 4.20% | |
Unamortized discount | $ 6 | ||
Unamortized debt issuance cost | 10 | ||
Long-term debt | $ 976 | 981 | |
Guaranteed Notes due 2051, $1,000 million, 3.625% ($3 million of discount; $11 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2051 | ||
Face amount | $ 1,000 | ||
Stated interest rate (in hundredths) | 3.625% | 3.625% | |
Unamortized discount | $ 3 | ||
Unamortized debt issuance cost | 11 | ||
Long-term debt | $ 957 | 986 | |
Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2060 | ||
Face amount | $ 500 | ||
Stated interest rate (in hundredths) | 3.80% | 3.80% | |
Unamortized discount | $ 4 | ||
Unamortized debt issuance cost | 6 | ||
Long-term debt | 490 | 490 | |
Other long-term debt [Member] | |||
Long-term debt [Line Items] | |||
Long-term debt | $ 69 | $ 34 |
Debt, Description of fair value
Debt, Description of fair value adjustments for senior and guaranteed notes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 84 | $ 5 | |
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 44 | $ (40) | |
Guaranteed Notes due 2025, 1.25% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity year | 2025 | ||
Stated interest rate (in hundredths) | 1.25% | ||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 7 | ||
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 9 | 2 | |
Guaranteed Notes due 2026, 0.875% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity year | 2026 | ||
Stated interest rate (in hundredths) | 0.875% | ||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 4 | 1 | |
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 5 | 1 | |
Guaranteed Notes due 2027, 3.5% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity year | 2027 | ||
Stated interest rate (in hundredths) | 3.50% | ||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 19 | $ 4 | |
Cumulative fair value hedging adjustments included in carrying amount of debt | $ (27) | (46) | |
Guaranteed Notes due 2030, 3.375% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity year | 2030 | ||
Stated interest rate (in hundredths) | 3.375% | ||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 10 | ||
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 8 | (2) | |
Guaranteed Notes due 2030, 2.25% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity year | 2030 | ||
Stated interest rate (in hundredths) | 2.25% | ||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 10 | ||
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 12 | 2 | |
Guaranteed Notes due 2050, 4.2% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity year | 2050 | ||
Stated interest rate (in hundredths) | 4.20% | ||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 5 | ||
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 8 | $ 3 | |
Guaranteed Notes due 2051, 3.625%[Member] | |||
Debt Instrument [Line Items] | |||
Maturity year | 2051 | ||
Stated interest rate (in hundredths) | 3.625% | ||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 29 | ||
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 29 |
Debt, Short-term debt (Details)
Debt, Short-term debt (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Short-term debt [Line Items] | ||
Short-term debt | $ 141 | $ 362 |
U.S. Receivables Facility [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | 0 | 0 |
Commercial paper [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | 35 | 204 |
Precious metal financings [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | 106 | 155 |
Other short-term debt [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | $ 0 | $ 3 |
Debt, Description of long-term
Debt, Description of long-term debt (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Long-term debt [Line Items] | ||
Outstanding borrowings | $ 11,183 | $ 11,252 |
Senior Revolving Credit Facility [Member] | ||
Long-term debt [Line Items] | ||
Maximum borrowing capacity | $ 3,250 | |
Expiration date | November 2026 | |
Maximum allowed letters of credit | $ 200 | |
Additional borrowing capacity, uncommitted loans | $ 1,000 | |
Credit facility description of interest rate | Borrowings under the facility bear interest at either a base rate, LIBOR rate or EURIBOR rate, plus an applicable margin. Additional fees are incurred for the average daily unused commitments. | |
Outstanding borrowings | $ 0 | |
Outstanding letters of credit | 0 | |
Unused availability | $ 3,215 |
Debt, Description of short-term
Debt, Description of short-term debt (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Description of short-term debt [Line Items] | ||
Outstanding short-term borrowings | $ 141 | |
Weighted average interest rate, short-term debt (in hundredths) | 1.20% | 0.90% |
U.S. Receivables Facility [Member] | ||
Description of short-term debt [Line Items] | ||
Expiration date | June 2024 | |
Maximum borrowing capacity | $ 900 | |
Additional borrowing capacity, uncommitted loans | $ 300 | |
Credit facility description of interest rate | We pay variable interest rates on our secured borrowings. Additional fees are incurred for the average daily unused commitments. | |
Maximum allowed letters of credit | $ 200 | |
Outstanding short-term borrowings | 0 | |
Outstanding letters of credit | 0 | |
Unused availability | 900 | |
Commercial paper [Member] | ||
Description of short-term debt [Line Items] | ||
Maximum borrowing capacity | 2,500 | |
Outstanding short-term borrowings | $ 35 | |
Description of interest rate | Interest rates on the commercial paper outstanding at March 31, 2022 are based on the terms of the notes and range from 0.45% to 0.55% |
Debt, Debt discount and issuanc
Debt, Debt discount and issuance costs included in interest expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt discount and issuance costs [Abstract] | ||
Amortization of debt discounts and debt issuance costs | $ 4 | $ 5 |
Debt, Covenant Compliance (Deta
Debt, Covenant Compliance (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt instrument, covenant compliance | we are in compliance with our debt covenants |
Financial Instruments and Fai_3
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 | Mar. 31, 2022 | Dec. 31, 2021 |
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 | $ 2,879 | $ 3,004 |
Notional amount, derivative and non-derivative financial instruments liabilities | 5,013 | 3,875 |
Fair value, derivative and non-derivative financial instruments assets | 217 | 177 |
Fair value, derivative and non-derivative financial instruments liabilities | 392 | 399 |
Derivative [Member] | 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 | 30 | 41 |
Fair value, derivative and non-derivative financial instruments assets | 40 | 24 |
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 | 614 | 614 |
Fair value, derivative and non-derivative financial instruments assets | 90 | 63 |
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 | 2,085 | 1,785 |
Fair value, derivative and non-derivative financial instruments assets | 61 | 43 |
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 | 26 | 14 |
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 | 1,499 | 1,800 |
Fair value, derivative and non-derivative financial instruments liabilities | 80 | 99 |
Derivative [Member] | Designated as hedges: [Member] | Interest rate contract [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 | 13 | 7 |
Derivative [Member] | Designated as hedges: [Member] | Interest rate contract [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 | 0 | 300 |
Fair value, derivative and non-derivative financial instruments assets | 0 | 1 |
Derivative [Member] | Designated as hedges: [Member] | Interest rate contract [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 | 5 | 3 |
Derivative [Member] | Designated as hedges: [Member] | Interest rate contract [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 | 2,763 | 1,863 |
Fair value, derivative and non-derivative financial instruments liabilities | 247 | 280 |
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 | 55 | 221 |
Fair value, derivative and non-derivative financial instruments assets | 12 | 30 |
Derivative [Member] | Not designated as hedges: [Member] | Commodities [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 | 12 | 0 |
Fair value, derivative and non-derivative financial instruments assets | 1 | 0 |
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 | 176 | 24 |
Fair value, derivative and non-derivative financial instruments liabilities | 14 | 1 |
Derivative [Member] | Not designated as hedges: [Member] | Commodities [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 | 31 | 0 |
Fair value, derivative and non-derivative financial instruments liabilities | 6 | 0 |
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 | 83 | 34 |
Fair value, derivative and non-derivative financial instruments assets | 0 | 1 |
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 | 544 | 188 |
Fair value, derivative and non-derivative financial instruments liabilities | 14 | 2 |
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 | 0 | 9 |
Fair value, derivative and non-derivative financial instruments assets | $ 0 | $ 8 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements, Carrying value and estimated fair value of non-derivative financial instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Liabilities: [Abstract] | ||
Precious metal financings, carrying value | $ 141 | $ 362 |
Nonrecurring [Member] | Non-derivatives: [Member] | ||
Liabilities: [Abstract] | ||
Precious metal financings, carrying value | 106 | 155 |
Long-term debt, carrying value | 11,150 | 11,218 |
Total liabilities, carrying value | 11,256 | 11,373 |
Precious metal financings, fair value | 105 | 130 |
Long-term debt, fair value | 11,379 | 12,756 |
Total liabilities, fair value | $ 11,484 | $ 12,886 |
Non-derivative fair value level description | The financial instruments in the table above are classified as Level 2 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements, Summary of commodity derivatives (Details) - Commodities [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Designated as hedges: [Member] | Cash flow hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 30 | $ 41 |
Maturity date | 2022 | |
Not designated as hedges [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 274 | $ 245 |
Maturity date | 2022 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements, Summary of interest rate hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Cash flow hedge [Member] | Other assets [Member] | Interest rates [Member] | ||
Derivative [Line Items] | ||
Derivative collateral | $ 187 | $ 238 |
Interest rate contract [Member] | Cash flow hedge [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 1,000 | 1,000 |
Interest rate contract [Member] | Cash flow hedge [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Maturity date | 2023 | |
Interest rate contract [Member] | Cash flow hedge [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Maturity date | 2024 | |
Interest rate contract [Member] | Fair value hedge [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 1,763 | $ 1,163 |
Interest rate contract [Member] | Fair value hedge [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Maturity date | 2025 | |
Interest rate contract [Member] | Fair value hedge [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Maturity date | 2030 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements, Summary of foreign currency hedges (Details) - Foreign currency [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Designated as hedges: [Member] | Derivative [Member] | Net investment hedges [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 3,048 | $ 3,048 |
Designated as hedges: [Member] | Derivative [Member] | Net investment hedges [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Maturity date | 2022 | |
Designated as hedges: [Member] | Derivative [Member] | Net investment hedges [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Maturity date | 2030 | |
Designated as hedges: [Member] | Derivative [Member] | Cash flow hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 1,150 | 1,150 |
Designated as hedges: [Member] | Derivative [Member] | Cash flow hedging [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Maturity date | 2024 | |
Designated as hedges: [Member] | Derivative [Member] | Cash flow hedging [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Maturity date | 2027 | |
Not designated as hedges [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 627 | $ 222 |
Not designated as hedges [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Maturity date | 2022 | |
Not designated as hedges [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Maturity date | 2023 |
Financial Instruments and Fai_8
Financial Instruments and Fair Value Measurements, Pretax effect of derivative instruments charged directly to income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, gain (loss) [Line Items] | ||
Gain (loss) recognized in AOCI | $ 182 | $ 377 |
Gain (loss) reclassified to income from AOCI | (35) | (92) |
Additional gain (loss) recognized in income | 20 | 14 |
Interest expense [Member] | ||
Derivative Instruments, gain (loss) [Line Items] | ||
Pre-tax unrealized gain (loss) to be reclassified to earnings over the next twelve months | 6 | |
Derivatives: [Member] | Designated as hedges: [Member] | Commodities [Member] | Cost of sales [Member] | ||
Derivative Instruments, gain (loss) [Line Items] | ||
Gain (loss) recognized in AOCI | 26 | 6 |
Gain (loss) reclassified to income from AOCI | (11) | (1) |
Additional gain (loss) recognized in income | 0 | 0 |
Derivatives: [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Interest expense [Member] | ||
Derivative Instruments, gain (loss) [Line Items] | ||
Gain (loss) recognized in AOCI | 44 | 148 |
Gain (loss) reclassified to income from AOCI | (25) | (92) |
Additional gain (loss) recognized in income | (4) | 12 |
Derivatives: [Member] | Designated as hedges: [Member] | Interest rate contract [Member] | Interest expense [Member] | ||
Derivative Instruments, gain (loss) [Line Items] | ||
Gain (loss) recognized in AOCI | 112 | 223 |
Gain (loss) reclassified to income from AOCI | 1 | 1 |
Additional gain (loss) recognized in income | 4 | 2 |
Derivatives: [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 |
Gain (loss) reclassified to income from AOCI | 0 | 0 |
Additional gain (loss) recognized in income | 36 | 3 |
Derivatives: [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 |
Gain (loss) reclassified to income from AOCI | 0 | 0 |
Additional gain (loss) recognized in income | 3 | 11 |
Derivatives: [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 |
Gain (loss) reclassified to income from AOCI | 0 | 0 |
Additional gain (loss) recognized in income | $ (19) | $ (14) |
Financial Instruments and Fai_9
Financial Instruments and Fair Value Measurements, Summary of marketable securities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents [Abstract] | ||
Amount of marketable securities classified as cash and cash equivalents | $ 1,089 | $ 438 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Effective income tax rate reconciliation, percent [Abstract] | ||
Effective income tax rate (in hundredths) | 19.30% | 6.10% |
Income tax benefit [Abstract] | ||
Return to accrual adjustments tax benefit, percent | 10.50% | |
CARES Act tax benefit, percent | 2.60% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Capital expenditure commitments | $ 366 | |
Site contingency [Line Items] | ||
Future environmental remediation costs | $ 135 | $ 138 |
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 | $ 27 |
Commitments and Contingencies,
Commitments and Contingencies, Indemnification (Details) | 3 Months Ended |
Mar. 31, 2022 | |
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, Shareholders' Equity, Dividend distributions (Details) $ / shares in Units, $ in Millions | 1 Months Ended |
Mar. 31, 2022USD ($)$ / shares | |
Payments of Dividends [Abstract] | |
Dividend per ordinary share (per share) | $ / shares | $ 1.13 |
Aggregate dividends paid | $ | $ 371 |
Date of record | Mar. 7, 2022 |
Shareholders' Equity and Rede_4
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Share repurchase authorization (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |
May 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share repurchase authorization [Line Items] | |||
Cash paid for shares repurchased | $ 217 | $ 0 | |
2021 Share Repurchase Authorization [Member] | |||
Share repurchase authorization [Line Items] | |||
Shares authorized to be repurchased | 34,000,000 | ||
Share repurchase authorization expiration date | Nov. 28, 2022 | ||
Shares repurchased (in shares) | 2,073,378 | ||
Average purchase price (in dollars per share) | $ 97.70 | ||
Total purchase price, including commissions and fees | $ 202 |
Shareholders' Equity and Rede_5
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Ordinary shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Ordinary share outstanding [Abstract] | ||
Beginning balance (in shares) | 329,536,389 | |
Ending balance (in shares) | 327,644,034 | |
Ordinary shares [Member] | ||
Ordinary share outstanding [Abstract] | ||
Beginning balance (in shares) | 329,536,389 | 334,015,220 |
Share-based compensation (in shares) | 123,550 | 247,964 |
Employee stock purchase plan (in shares) | 57,473 | 49,956 |
Purchase of ordinary shares (in shares) | (2,073,378) | 0 |
Ending balance (in shares) | 327,644,034 | 334,313,140 |
Shareholders' Equity and Rede_6
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Treasury shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Increase (Decrease) in Treasury Stock [Roll Forward] | ||
Beginning balance (in shares) | 10,675,605 | |
Ending balance (in shares) | 12,625,433 | |
Treasury shares [Member] | ||
Increase (Decrease) in Treasury Stock [Roll Forward] | ||
Beginning balance (in shares) | 10,675,605 | 6,030,408 |
Share-based compensation (in shares) | (123,550) | (247,964) |
Employee stock purchase plan (in shares) | 0 | (49,956) |
Purchase of ordinary shares (in shares) | 2,073,378 | 0 |
Ending balance (in shares) | 12,625,433 | 5,732,488 |
Shareholders' Equity and Rede_7
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Components of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of period | $ (1,803) | $ (1,943) |
Other comprehensive income (loss) before reclassifications | 133 | 222 |
Tax (expense) benefit before reclassifications | (43) | (82) |
Amounts reclassified from accumulated other comprehensive income (loss) | (27) | (77) |
Tax (expense) benefit | 5 | 16 |
Net other comprehensive income (loss) | 68 | 79 |
Accumulated other comprehensive income (loss), end of period | (1,735) | (1,864) |
Financial derivatives [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of period | (354) | (426) |
Other comprehensive income (loss) before reclassifications | 147 | 315 |
Tax (expense) benefit before reclassifications | (32) | (68) |
Amounts reclassified from accumulated other comprehensive income (loss) | (35) | (92) |
Tax (expense) benefit | 8 | 20 |
Net other comprehensive income (loss) | 88 | 175 |
Accumulated other comprehensive income (loss), end of period | (266) | (251) |
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 | 1 | |
Other comprehensive income (loss) before reclassifications | 0 | |
Tax (expense) benefit before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Tax (expense) benefit | 0 | |
Net other comprehensive income (loss) | 0 | |
Accumulated other comprehensive income (loss), end of period | 1 | |
Defined benefit pension and other postretirement benefit plans [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of period | (528) | (752) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Tax (expense) benefit before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 8 | 15 |
Tax (expense) benefit | (3) | (4) |
Net other comprehensive income (loss) | 5 | 11 |
Accumulated other comprehensive income (loss), end of period | (523) | (741) |
Foreign currency translation adjustments [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of period | (921) | (766) |
Other comprehensive income (loss) before reclassifications | (14) | (93) |
Tax (expense) benefit before reclassifications | (11) | (14) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Tax (expense) benefit | 0 | 0 |
Net other comprehensive income (loss) | (25) | (107) |
Accumulated other comprehensive income (loss), end of period | $ (946) | $ (873) |
Shareholders' Equity and Rede_8
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Reclassification out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||
Sales and other operating revenue | $ 13,157 | $ 9,082 |
Cost of sales | 11,136 | 7,678 |
Interest expense (income) | 74 | 110 |
Income (loss) before income taxes | 1,637 | 1,142 |
Income tax (expense) benefit | (316) | (70) |
Net income | 1,320 | 1,070 |
Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||
Income (loss) before income taxes | (27) | (77) |
Income tax (expense) benefit | 5 | 16 |
Net income | (22) | (61) |
Financial derivatives [Member] | Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||
Income tax (expense) benefit | 8 | 20 |
Net income | (27) | (72) |
Financial derivatives [Member] | Commodities [Member] | Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||
Cost of sales | (11) | (1) |
Financial derivatives [Member] | Foreign currency [Member] | Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||
Interest expense (income) | (25) | (92) |
Financial derivatives [Member] | Interest rate contract [Member] | Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||
Interest expense (income) | 1 | 1 |
Amortization of defined pension 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) | 1 | 1 |
Amortization of actuarial (gain) loss | 7 | 14 |
Income tax (expense) benefit | (3) | (4) |
Net income | $ 5 | $ 11 |
Shareholders' Equity and Rede_9
Shareholders' Equity and Redeemable Non-controlling Interests, Redeemable non-controlling interests (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Temporary Equity [Abstract] | ||||
Cumulative redeemable non-controlling interest stock outstanding | 115,374 | 115,374 | ||
Redeemable non-controlling interests, dividends per share (in dollars per share) | $ 15 | $ 15 | $ 15 | |
Date of record redeemable non-controlling interest shareholders | Jan. 15, 2022 | |||
Dividends on redeemable non-controlling interests | $ 2 | $ 2 |
Per Share Data (Details)
Per Share Data (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings per share reconciliation [Abstract] | ||
Net income (loss) | $ 1,320 | $ 1,070 |
Dividends on redeemable non-controlling interests | $ (2) | $ (2) |
Earnings (loss) per share: [Abstract] | ||
Basic (in dollars per share) | $ 4.01 | $ 3.19 |
Diluted (in dollars per share) | $ 4 | $ 3.18 |
Continuing operations [Member] | ||
Earnings per share reconciliation [Abstract] | ||
Net income (loss) | $ 1,321 | $ 1,072 |
Dividends on redeemable non-controlling interests | (2) | (2) |
Net income attributable to participating securities | (2) | (2) |
Net income (loss) attributable to ordinary shareholders - Basic | 1,317 | 1,068 |
Net income (loss) attributable to ordinary shareholders - Diluted | $ 1,317 | $ 1,068 |
Weighted average number of shares outstanding reconciliation [Abstract] | ||
Basic weighted average common stock outstanding (in shares) | 328 | 334 |
Effect of dilutive securities: [Abstract] | ||
Effect of dilutive securities (in shares) | 1 | 0 |
Potential dilutive shares (in shares) | 329 | 334 |
Earnings (loss) per share: [Abstract] | ||
Basic (in dollars per share) | $ 4.01 | $ 3.20 |
Diluted (in dollars per share) | $ 4 | $ 3.19 |
Discontinued operations [Member] | ||
Earnings per share reconciliation [Abstract] | ||
Net income (loss) | $ (1) | $ (2) |
Dividends on redeemable non-controlling interests | 0 | 0 |
Net income attributable to participating securities | 0 | 0 |
Net income (loss) attributable to ordinary shareholders - Basic | (1) | (2) |
Net income (loss) attributable to ordinary shareholders - Diluted | $ (1) | $ (2) |
Weighted average number of shares outstanding reconciliation [Abstract] | ||
Basic weighted average common stock outstanding (in shares) | 328 | 334 |
Effect of dilutive securities: [Abstract] | ||
Effect of dilutive securities (in shares) | 1 | 0 |
Potential dilutive shares (in shares) | 329 | 334 |
Earnings (loss) per share: [Abstract] | ||
Basic (in dollars per share) | $ 0 | $ (0.01) |
Diluted (in dollars per share) | $ 0 | $ (0.01) |
Segment and Related Informati_3
Segment and Related Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | $ 13,157 | $ 9,082 |
Income (loss) from equity investments | 29 | 137 |
EBITDA | 2,020 | 1,585 |
Capital expenditures | 446 | 340 |
O&P - Americas [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 2,325 | 2,135 |
Income (loss) from equity investments | 33 | 30 |
EBITDA | 911 | 867 |
Capital expenditures | 132 | 65 |
O&P - EAI [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 3,543 | 2,840 |
Income (loss) from equity investments | 1 | 95 |
EBITDA | 188 | 412 |
Capital expenditures | 89 | 40 |
I&D [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 3,276 | 1,704 |
Income (loss) from equity investments | (5) | 12 |
EBITDA | 546 | 182 |
Capital expenditures | 163 | 145 |
APS [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 1,407 | 1,269 |
Income (loss) from equity investments | 0 | 0 |
EBITDA | 125 | 135 |
Capital expenditures | 18 | 20 |
Refining [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 2,458 | 993 |
Income (loss) from equity investments | 0 | 0 |
EBITDA | 148 | (110) |
Capital expenditures | 14 | 25 |
Technology [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 148 | 141 |
Income (loss) from equity investments | 0 | 0 |
EBITDA | 103 | 94 |
Capital expenditures | 29 | 22 |
Other [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 0 | 0 |
Income (loss) from equity investments | 0 | 0 |
EBITDA | (1) | 5 |
Capital expenditures | 1 | 23 |
Intersegment elimination [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 0 | 0 |
Intersegment elimination [Member] | O&P - Americas [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 1,270 | 724 |
Intersegment elimination [Member] | O&P - EAI [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 219 | 207 |
Intersegment elimination [Member] | I&D [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 63 | 63 |
Intersegment elimination [Member] | APS [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 1 | 1 |
Intersegment elimination [Member] | Refining [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 262 | 133 |
Intersegment elimination [Member] | Technology [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 33 | 24 |
Intersegment elimination [Member] | Other [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | (1,848) | (1,152) |
Operating segments [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 13,157 | 9,082 |
Operating segments [Member] | O&P - Americas [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 3,595 | 2,859 |
Operating segments [Member] | O&P - EAI [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 3,762 | 3,047 |
Operating segments [Member] | I&D [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 3,339 | 1,767 |
Operating segments [Member] | APS [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 1,408 | 1,270 |
Operating segments [Member] | Refining [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 2,720 | 1,126 |
Operating segments [Member] | Technology [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 181 | 165 |
Operating segments [Member] | Other [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | $ (1,848) | $ (1,152) |
Segment Reporting, Subsequent e
Segment Reporting, Subsequent event (Details) - Refining [Member] - Subsequent Event [Member] $ in Millions | Apr. 21, 2022USD ($) |
Minimum [Member] | Accelerated amortization of operating lease assets | |
Restructuring and Related Cost, Expected Cost [Abstract] | |
Restructuring and Related Cost, Expected Cost | $ 300 |
Minimum [Member] | Asset decommissioning | |
Restructuring and Related Cost, Expected Cost [Abstract] | |
Restructuring and Related Cost, Expected Cost | 150 |
Minimum [Member] | Personnel costs | |
Restructuring and Related Cost, Expected Cost [Abstract] | |
Restructuring and Related Cost, Expected Cost | 80 |
Minimum [Member] | Other restructuring | |
Restructuring and Related Cost, Expected Cost [Abstract] | |
Restructuring and Related Cost, Expected Cost | 50 |
Maximum [Member] | Accelerated amortization of operating lease assets | |
Restructuring and Related Cost, Expected Cost [Abstract] | |
Restructuring and Related Cost, Expected Cost | 400 |
Maximum [Member] | Asset decommissioning | |
Restructuring and Related Cost, Expected Cost [Abstract] | |
Restructuring and Related Cost, Expected Cost | 250 |
Maximum [Member] | Personnel costs | |
Restructuring and Related Cost, Expected Cost [Abstract] | |
Restructuring and Related Cost, Expected Cost | 120 |
Maximum [Member] | Other restructuring | |
Restructuring and Related Cost, Expected Cost [Abstract] | |
Restructuring and Related Cost, Expected Cost | $ 100 |
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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
EBITDA: [Abstract] | ||
Total segment EBITDA | $ 2,021 | $ 1,580 |
Other EBITDA | (1) | 5 |
Less: [Abstract] | ||
Depreciation and amortization expense | (311) | (335) |
Interest expense | (74) | (110) |
Add: [Abstract] | ||
Interest income | 2 | 2 |
Income from continuing operations before income taxes | $ 1,637 | $ 1,142 |