Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 26, 2022 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | 325,624,433 | |
Entity Central Index Key | 0001489393 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Sales and other operating revenues: | ||||
Trade | $ 12,044 | $ 12,401 | $ 39,443 | $ 32,586 |
Related parties | 206 | 299 | 802 | 757 |
Sales revenue, net | 12,250 | 12,700 | 40,245 | 33,343 |
Operating costs and expenses: | ||||
Cost of sales | 11,088 | 10,109 | 34,491 | 26,463 |
Impairments | 0 | 0 | 69 | 0 |
Selling, general and administrative expenses | 319 | 313 | 976 | 927 |
Research and development expenses | 31 | 30 | 95 | 91 |
Costs and expenses | 11,438 | 10,452 | 35,631 | 27,481 |
Operating income | 812 | 2,248 | 4,614 | 5,862 |
Interest expense | (70) | (126) | (202) | (366) |
Interest income | 7 | 1 | 13 | 8 |
Other income (expense), net | 4 | (12) | (63) | 27 |
Income from continuing operations before equity investments and income taxes | 753 | 2,111 | 4,362 | 5,531 |
(Loss) income from equity investments | (26) | 104 | 25 | 389 |
Income from continuing operations before income taxes | 727 | 2,215 | 4,387 | 5,920 |
Provision for income taxes | 154 | 452 | 848 | 1,028 |
Income from continuing operations | 573 | 1,763 | 3,539 | 4,892 |
Loss from discontinued operations, net of tax | (1) | (1) | (3) | (1) |
Net income | 572 | 1,762 | 3,536 | 4,891 |
Dividends on redeemable non-controlling interests | (2) | (2) | (5) | (5) |
Net income attributable to the Company shareholders | $ 570 | $ 1,760 | $ 3,531 | $ 4,886 |
Net income (loss) attributable to the Company shareholders - Basic: | ||||
Continuing operations (in dollars per share) | $ 1.75 | $ 5.25 | $ 10.77 | $ 14.58 |
Discontinued operations (in dollars per share) | 0 | 0 | (0.01) | 0 |
Basic (in dollars per share) | 1.75 | 5.25 | 10.76 | 14.58 |
Net income (loss) attributable to the Company shareholders - Diluted: | ||||
Continuing operations (in dollars per share) | 1.75 | 5.25 | 10.75 | 14.57 |
Discontinued operations (in dollars per share) | 0 | 0 | (0.01) | 0 |
Diluted (in dollars per share) | $ 1.75 | $ 5.25 | $ 10.74 | $ 14.57 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 572 | $ 1,762 | $ 3,536 | $ 4,891 |
Other comprehensive income (loss), net of tax – | ||||
Financial derivatives | 23 | 35 | 213 | 132 |
Unrealized losses on available-for-sale debt securities | 0 | 0 | 0 | (1) |
Defined benefit pension and other postretirement benefit plans | 51 | 28 | 134 | 56 |
Foreign currency translations | (169) | (97) | (355) | (127) |
Total other comprehensive (loss) income, net of tax | (95) | (34) | (8) | 60 |
Comprehensive income | 477 | 1,728 | 3,528 | 4,951 |
Dividends on redeemable non-controlling interests | (2) | (2) | (5) | (5) |
Comprehensive income attributable to the Company shareholders | $ 475 | $ 1,726 | $ 3,523 | $ 4,946 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,480 | $ 1,472 |
Restricted cash | 6 | 5 |
Short-term investments | 0 | 9 |
Accounts receivable: | ||
Trade, net | 4,149 | 4,565 |
Related parties | 180 | 243 |
Inventories | 5,153 | 4,901 |
Prepaid expenses and other current assets | 1,360 | 1,022 |
Total current assets | 12,328 | 12,217 |
Operating lease assets | 1,769 | 1,946 |
Property, plant and equipment | 22,640 | 22,382 |
Less: Accumulated depreciation | (7,817) | (7,826) |
Property, plant and equipment, net | 14,823 | 14,556 |
Equity investments | 4,386 | 4,786 |
Goodwill | 1,746 | 1,875 |
Intangible assets, net | 594 | 695 |
Other assets | 845 | 667 |
Total assets | 36,491 | 36,742 |
Current liabilities: | ||
Current maturities of long-term debt | 432 | 6 |
Short-term debt | 439 | 362 |
Accounts payable: | ||
Trade | 3,508 | 3,460 |
Related parties | 622 | 831 |
Accrued liabilities | 2,633 | 2,571 |
Total current liabilities | 7,634 | 7,230 |
Long-term debt | 10,445 | 11,246 |
Operating lease liabilities | 1,514 | 1,649 |
Other liabilities | 2,106 | 2,295 |
Deferred income taxes | 2,473 | 2,334 |
Commitments and contingencies | ||
Redeemable non-controlling interests | 114 | 116 |
Shareholders’ equity: | ||
Ordinary shares, €0.04 par value, 1,275 million shares authorized, 325,623,082 and 329,536,389 shares outstanding, respectively | 19 | 19 |
Additional paid-in capital | 6,099 | 6,044 |
Retained earnings | 9,232 | 8,563 |
Accumulated other comprehensive loss | (1,811) | (1,803) |
Treasury stock, at cost, 14,799,416 and 10,675,605 ordinary shares, respectively | (1,348) | (965) |
Total Company share of shareholders’ equity | 12,191 | 11,858 |
Non-controlling interests | 14 | 14 |
Total equity | 12,205 | 11,872 |
Total liabilities, redeemable non-controlling interests and equity | $ 36,491 | $ 36,742 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - € / shares | Sep. 30, 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) | 325,623,082 | 329,536,389 |
Treasury stock, shares (in shares) | 14,799,416 | 10,675,605 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 3,536 | $ 4,891 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 933 | 1,016 |
Impairments | 69 | 0 |
Amortization of debt-related costs | 11 | 21 |
Share-based compensation | 54 | 50 |
Equity investments - | ||
Equity income | (25) | (389) |
Distributions of earnings, net of tax | 219 | 169 |
Deferred income tax provision | 83 | 7 |
Changes in assets and liabilities that provided (used) cash: | ||
Accounts receivable | 134 | (1,915) |
Inventories | (601) | (741) |
Accounts payable | 200 | 1,139 |
Other, net | (98) | 368 |
Net cash provided by operating activities | 4,515 | 4,616 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | (1,417) | (1,285) |
Proceeds from maturities of available-for-sale debt securities | 0 | 346 |
Proceeds from equity securities | 8 | 309 |
Acquisition of equity method investment | (14) | (104) |
Proceeds from settlement of net investment hedges | 614 | 358 |
Payments for settlement of net investment hedges | (501) | (355) |
Other, net | (123) | (66) |
Net cash used in investing activities | (1,433) | (797) |
Cash flows from financing activities: | ||
Repurchases of Company ordinary shares | (420) | (78) |
Dividends paid - common stock | (2,859) | (1,110) |
Repayments of long-term debt | 0 | (2,275) |
Debt extinguishment costs | 0 | (57) |
Net proceeds from (repayments of) commercial paper | 96 | (103) |
Collateral received from interest rate derivatives | 238 | 0 |
Other, net | 16 | (4) |
Net cash used in financing activities | (2,929) | (3,627) |
Effect of exchange rate changes on cash | (144) | (59) |
Increase in cash and cash equivalents and restricted cash | 9 | 133 |
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 | $ 1,486 | $ 1,898 |
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 | $ 4,891 | 0 | 0 | 0 | 4,891 | 0 | 4,891 | 0 |
Other comprehensive income (loss) | 60 | 0 | 0 | 0 | 0 | 60 | 60 | 0 |
Share-based compensation | 0 | 39 | 43 | 0 | 0 | 82 | 0 | |
Dividends - common stock | 0 | 0 | 0 | (1,110) | 0 | (1,110) | 0 | |
Dividends - redeemable non-controlling interests | (5) | 0 | 0 | 0 | (5) | 0 | (5) | 0 |
Repurchases of Company ordinary shares | 0 | (89) | 0 | 0 | 0 | (89) | 0 | |
Sales of non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | (3) | |
Ending balance at Sep. 30, 2021 | 19 | (581) | 6,029 | 8,216 | (1,883) | 11,800 | 14 | |
Beginning balance at Jun. 30, 2021 | 19 | (494) | 6,011 | 6,837 | (1,849) | 10,524 | 14 | |
Net income | 1,762 | 0 | 0 | 0 | 1,762 | 0 | 1,762 | 0 |
Other comprehensive income (loss) | (34) | 0 | 0 | 0 | 0 | (34) | (34) | 0 |
Share-based compensation | 0 | 2 | 18 | (1) | 0 | 19 | 0 | |
Dividends - common stock | 0 | 0 | 0 | (380) | 0 | (380) | 0 | |
Dividends - redeemable non-controlling interests | (2) | 0 | 0 | 0 | (2) | 0 | (2) | 0 |
Repurchases of Company ordinary shares | 0 | (89) | 0 | 0 | 0 | (89) | 0 | |
Ending balance at Sep. 30, 2021 | 19 | (581) | 6,029 | 8,216 | (1,883) | 11,800 | 14 | |
Beginning balance at Dec. 31, 2021 | 11,872 | 19 | (965) | 6,044 | 8,563 | (1,803) | 11,858 | 14 |
Net income | 3,536 | 0 | 0 | 0 | 3,536 | 0 | 3,536 | 0 |
Other comprehensive income (loss) | (8) | 0 | 0 | 0 | 0 | (8) | (8) | 0 |
Share-based compensation | 0 | 23 | 55 | (3) | 0 | 75 | 0 | |
Dividends - common stock | 0 | 0 | 0 | (1,155) | 0 | (1,155) | 0 | |
Special dividends - common stock | 0 | 0 | 0 | (1,704) | 0 | (1,704) | 0 | |
Dividends - redeemable non-controlling interests | (5) | 0 | 0 | 0 | (5) | 0 | (5) | 0 |
Repurchases of Company ordinary shares | (406) | 0 | (406) | 0 | 0 | 0 | (406) | 0 |
Ending balance at Sep. 30, 2022 | 12,205 | 19 | (1,348) | 6,099 | 9,232 | (1,811) | 12,191 | 14 |
Beginning balance at Jun. 30, 2022 | 19 | (1,200) | 6,077 | 9,050 | (1,716) | 12,230 | 14 | |
Net income | 572 | 0 | 0 | 0 | 572 | 0 | 572 | 0 |
Other comprehensive income (loss) | (95) | 0 | 0 | 0 | 0 | (95) | (95) | 0 |
Share-based compensation | 0 | 2 | 22 | 7 | 0 | 31 | 0 | |
Dividends - common stock | 0 | 0 | 0 | (395) | 0 | (395) | 0 | |
Dividends - redeemable non-controlling interests | (2) | 0 | 0 | 0 | (2) | 0 | (2) | 0 |
Repurchases of Company ordinary shares | 0 | (150) | 0 | 0 | 0 | (150) | 0 | |
Ending balance at Sep. 30, 2022 | $ 12,205 | $ 19 | $ (1,348) | $ 6,099 | $ 9,232 | $ (1,811) | $ 12,191 | $ 14 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, dividends per share (in dollars per share) | $ 1.19 | $ 1.13 | $ 3.51 | $ 3.31 |
Common stock, special dividends per share (in dollars per share) | 5.20 | |||
Redeemable non-controlling interests, dividends per share (in dollars per share) | $ 15 | $ 15 | $ 45 | $ 45 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 during the nine months ended September 30, 2022 that had a material impact on our Consolidated Financial Statements. Accounting Guidance Issued But Not Adopted as of September 30, 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 adoption permitted. The adoption of this guidance will not have a material impact on our Consolidated Financial Statements. Fair Value Measurement—In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security because it is a characteristic of the entity holding the equity security rather than a characteristic of the security and is not considered in measuring its fair value. The guidance is effective prospectively for the year ending December 31, 2024 including the interim periods, with the impact of adoption reflected in earnings. Early adoption is permitted. The adoption of this guidance will not have a material impact on our Consolidated Financial Statements. Supplier Finance Program—In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The guidance requires an entity that uses supplier finance programs in connection with the purchase of goods and services to disclose certain qualitative and quantitative information about its programs including the key terms and conditions, activity during the period, and potential magnitude. The guidance is effective retrospectively for the year ending December 31, 2023, including interim periods, with disclosures required for each period for which a balance sheet is presented, except for the disclosure of roll forward information, which is effective for fiscal years beginning after December 15, 2023. We are in the process of the assessing the impact of the new guidance on our Consolidated Financial Statements. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues [Text Block] | 3. Revenues Contract Balances— Contract liabilities were $179 million and $169 million at September 30, 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 Nine Months Ended Millions of dollars 2022 2021 2022 2021 Sales and other operating revenues: Olefins and co-products $ 1,281 $ 1,453 $ 3,835 $ 3,729 Polyethylene 2,306 2,705 7,714 7,469 Polypropylene 1,466 2,162 5,383 5,876 Propylene oxide and derivatives 721 832 2,537 2,059 Oxyfuels and related products 1,563 1,088 4,370 2,533 Intermediate chemicals 917 910 3,228 2,436 Compounding and solutions 1,049 1,019 3,297 3,134 Advanced polymers 245 261 827 748 Refined products 2,506 2,050 8,467 4,784 Other 196 220 587 575 Total $ 12,250 $ 12,700 $ 40,245 $ 33,343 The following table presents our revenues disaggregated by geography, based upon the location of the customer: Three Months Ended Nine Months Ended Millions of dollars 2022 2021 2022 2021 Sales and other operating revenues: United States $ 5,966 $ 6,387 $ 19,465 $ 16,089 Germany 822 886 2,892 2,585 China 647 572 1,989 1,693 Japan 800 432 1,684 993 Mexico 482 496 1,522 1,133 Italy 387 489 1,426 1,339 France 312 384 1,145 1,040 Poland 270 300 1,039 841 The Netherlands 261 423 995 1,039 Other 2,303 2,331 8,088 6,591 Total $ 12,250 $ 12,700 $ 40,245 $ 33,343 |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Sep. 30, 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 $5 million and $6 million as of September 30, 2022 and December 31, 2021, respectively. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories [Text Block] | 5. Inventories Inventories consisted of the following components: Millions of dollars September 30, December 31, Finished goods $ 3,287 $ 3,329 Work-in-process 184 178 Raw materials and supplies 1,682 1,394 Total inventories $ 5,153 $ 4,901 |
Debt
Debt | 9 Months Ended |
Sep. 30, 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 September 30, December 31, Senior Notes due 2024, $1,000 million, 5.75% ($1 million of debt issuance cost) $ 774 $ 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; $6 million of debt issuance cost) 725 724 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) 474 562 Guaranteed Notes due 2027, $1,000 million, 3.5% ($3 million of discount; $2 million of debt issuance cost) 588 631 Guaranteed Notes due 2031, €500 million, 1.625% ($4 million of discount; $3 million of debt issuance cost) 471 558 Issued by LYB International Finance III LLC: Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of discount; $2 million of debt issuance cost) 475 486 Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of debt issuance cost) 119 143 Guaranteed Notes due 2030, $500 million, 2.25% ($3 million of discount; $4 million of debt issuance cost) 468 490 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% ($14 million of discount; $10 million of debt issuance cost) 976 975 Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost) 971 981 Guaranteed Notes due 2051, $1,000 million, 3.625% ($2 million of discount; $11 million of debt issuance cost) 892 986 Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost) 480 490 Other 44 34 Total 10,877 11,252 Less current maturities (432) (6) Long-term debt $ 10,445 $ 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 Nine Months Ended September 30, December 31, Millions of dollars 2022 2021 2022 2021 2022 2021 Guaranteed Notes due 2025, 1.25% $ 3 $ 1 $ 12 $ 1 $ 14 $ 2 Guaranteed Notes due 2026, 0.875% 3 1 10 2 11 1 Guaranteed Notes due 2027, 3.5% 15 5 44 12 (2) (46) Guaranteed Notes due 2030, 3.375% 8 1 24 (3) 22 (2) Guaranteed Notes due 2030, 2.25% 7 1 23 1 25 2 Guaranteed Notes due 2031, 1.625% 7 — 10 — 10 — Guaranteed Notes due 2050, 4.2% 5 1 10 1 13 3 Guaranteed Notes due 2051, 3.625% 41 — 95 — 95 — Guaranteed Notes due 2060, 3.8% 8 — 10 — 10 — Total $ 97 $ 10 $ 238 $ 14 $ 198 $ (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 September 30, December 31, U.S. Receivables Facility $ — $ — Commercial paper 300 204 Precious metal financings 131 155 Other 8 3 Total Short-term debt $ 439 $ 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 September 30, 2022, we had no borrowings or letters of credit outstanding and $2,950 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 September 30, 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 commercial paper outstanding are based on the terms of the notes and was 3.35% at September 30, 2022. At September 30, 2022, we had $300 million of outstanding commercial paper. Weighted Average Interest Rate —At September 30, 2022 and December 31, 2021, our weighted average interest rates on outstanding Short-term debt were 3.0% and 0.9%, respectively. Additional Information Debt Discount and Issuance Costs —Amortization of debt discounts and debt issuance costs resulted in amortization expense of $11 million and $21 million for the nine months ended September 30, 2022 and 2021, respectively, which is included in Interest expense in the Consolidated Statements of Income. As of September 30, 2022, we are in compliance with our debt covenants. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 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: September 30, 2022 December 31, 2021 Millions of dollars Notional Amount Fair Value Notional Amount Fair Value Balance Sheet Assets– Derivatives designated as hedges: Commodities $ 35 $ 15 $ 41 $ 24 Prepaid expenses and other current assets Foreign currency 612 144 614 63 Prepaid expenses and other current assets Foreign currency 3,666 396 1,785 43 Other assets Interest rates — 26 — 7 Prepaid expenses and other current assets Interest rates 400 16 300 1 Other assets Derivatives not designated as hedges: Commodities 160 14 221 30 Prepaid expenses and other current assets Commodities 2 — — — Other assets Foreign currency 318 5 34 1 Prepaid expenses and other current assets Non-derivatives: Equity securities — — 9 8 Short-term investments Total $ 5,193 $ 616 $ 3,004 $ 177 Liabilities– Derivatives designated as hedges: Commodities $ 43 $ 4 $ — $ — Accrued liabilities Foreign currency — 23 — 14 Accrued liabilities Foreign currency — — 1,800 99 Other liabilities Interest rates — 15 — 3 Accrued liabilities Interest rates 2,145 237 1,863 280 Other liabilities Derivatives not designated as hedges: Commodities 101 19 24 1 Accrued liabilities Commodities 7 — — — Other liabilities Foreign currency 87 1 188 2 Accrued liabilities Total $ 2,383 $ 299 $ 3,875 $ 399 The financial instruments in the table above are classified as Level 2. We present the gross assets and liabilities of our derivative financial instruments on the Consolidated Balance Sheets. 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: September 30, 2022 December 31, 2021 Millions of dollars Carrying Fair Carrying Fair Precious metal financings $ 131 $ 126 $ 155 $ 130 Long-term debt 10,420 9,025 11,218 12,756 Total $ 10,551 $ 9,151 $ 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: September 30, 2022 December 31, 2021 Millions of dollars Notional Amount Notional Amount Maturity Date Derivatives designated as hedges: Cash flow hedges $ 78 $ 41 2022 to 2023 Derivatives not designated as hedges: Commodity contracts 270 245 2022 to 2024 Interest Rates —The following table presents the notional amounts of our outstanding interest rate derivative instruments: September 30, 2022 December 31, 2021 Millions of dollars Notional Amount Notional Amount Maturity Date Cash flow hedges $ 400 $ 1,000 2024 Fair value hedges 2,145 1,163 2025 to 2031 As of December 31, 2021, Other assets included $238 million of collateral related to forward-starting interest swaps. As of September 30, 2022, there was no collateral remaining as it had been returned. Foreign Currency Rates —The following table presents the notional amounts of our outstanding foreign currency derivative instruments: September 30, 2022 December 31, 2021 Millions of dollars Notional Amount Notional Amount Maturity Date Net investment hedges $ 3,128 $ 3,048 2023 to 2030 Cash flow hedges 1,150 1,150 2024 to 2027 Not designated 405 222 2022 to 2023 Impact on Earnings and Other Comprehensive Income —The following tables summarize the pre-tax effect of derivative instruments recorded in Accumulated other comprehensive loss (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings: Effects of Financial Instruments Three Months Ended September 30, Balance Sheet Income Statement Gain (Loss) Gain (Loss) Reclassified Additional Gain Income Statement Millions of dollars 2022 2021 2022 2021 2022 2021 Classification Derivatives designated as hedges: Commodities $ 10 $ 38 $ (22) $ (14) $ — $ — Cost of sales Foreign currency 285 135 (67) (60) 20 9 Interest expense Interest rates 29 17 1 1 (94) (5) Interest expense Derivatives not designated as hedges: Commodities — — — — (16) 6 Sales and other operating revenues Commodities — — — — (28) 49 Cost of sales Foreign currency — — — — (15) (32) Other income (expense), net Total $ 324 $ 190 $ (88) $ (73) $ (133) $ 27 Effects of Financial Instruments Nine Months Ended September 30, Balance Sheet Income Statement Gain (Loss) Gain (Loss) Reclassified Additional Gain Income Statement Millions of dollars 2022 2021 2022 2021 2022 2021 Classification Derivatives designated as hedges: Commodities $ 40 $ 67 $ (54) $ (18) $ — $ — Cost of sales Foreign currency 607 274 (169) (128) 51 34 Interest expense Interest rates 287 117 4 4 (221) — Interest expense Derivatives not designated as hedges: Commodities — — — — 66 18 Sales and other operating revenues Commodities — — — — (17) 72 Cost of sales Foreign currency — — — — (54) (61) Other income (expense), net Total $ 934 $ 458 $ (219) $ (142) $ (175) $ 63 As of September 30, 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: Cash and Cash Equivalents —At September 30, 2022 and December 31, 2021, we had marketable securities classified as Cash and cash equivalents of $1,075 million and $438 million, respectively. |
Pension Benefits
Pension Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Pension Benefits [Text Block] | 8. Pension Benefits Components of net periodic pension costs for our U.S. and non-U.S. plans are as follows: U.S. Plans Three Months Ended Nine Months Ended Millions of dollars 2022 2021 2022 2021 Service cost $ 11 $ 15 $ 37 $ 45 Interest cost 13 9 34 26 Expected return on plan assets (20) (28) (77) (82) Settlement loss 6 20 100 24 Actuarial loss amortization 4 8 16 29 Net periodic benefit costs $ 14 $ 24 $ 110 $ 42 Non-U.S. Plans Three Months Ended Nine Months Ended Millions of dollars 2022 2021 2022 2021 Service cost $ 9 $ 11 $ 28 $ 33 Interest cost 7 5 21 16 Expected return on plan assets (5) (4) (15) (12) Prior service amortization 2 1 3 2 Actuarial loss amortization 2 4 6 12 Net periodic benefit costs $ 15 $ 17 $ 43 $ 51 The components of net periodic benefit cost other than the service cost component are included in Other income (expense), net in the Consolidated Statements of Income. In May 2022, a LyondellBasell sponsored pension plan purchased a group annuity contract from an insurance company to transfer $361 million of our outstanding pension benefit obligations related to certain U.S. retirees and beneficiaries. The purchase of the group annuity contract was funded with pension plan assets. The insurance company is now required to pay and administer the retirement benefits owed to approximately 9,000 U.S. retirees and beneficiaries with no change to their monthly retirement benefit payment amounts. In connection with this transaction, in the second quarter of 2022, we recognized a non-cash pension settlement loss of $80 million, reflected in Other income (expense), net, primarily related to the accelerated recognition of actuarial losses included in Accumulated other comprehensive loss. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | 9. Income Taxes For interim tax reporting, we estimate an annual effective tax rate which is applied to the year-to-date ordinary income. Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. Our effective income tax rate fluctuates based on, among other factors, changes in pre-tax income in countries with varying statutory tax rates, changes in valuation allowances, changes in foreign exchange gains or losses, the amount of exempt income, changes in unrecognized tax benefits associated with uncertain tax positions and changes in tax laws. Our exempt income primarily includes interest income, export incentives, and equity earnings of joint ventures. Interest income earned by certain of our 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 certain legislative changes are enacted, including Pillar Two proposals by the Organization for Economic Cooperation and Development (“OECD”). On August 16, 2022, the U.S. enacted the Inflation Reduction Act (“IRA”) which is intended to address climate change, lower health-care costs and reduce the federal deficit. We are continuing to analyze the provisions included in the IRA; however we do not expect it to have a material impact on our Consolidated Financial Statements. Our effective income tax rate for the third quarter of 2022 was 21.2% compared with 20.4% for the third quarter of 2021. The higher effective tax rate for the third quarter of 2022 is primarily attributable to return to accrual adjustments and decreased exempt income of 1.9% and 0.3% respectively, offset by changes in pre-tax income in countries with varying statutory tax rates of 1.6%. Our effective income tax rate for the first nine months of 2022 was 19.3% compared with 17.4% for the first nine months of 2021. In the first nine months 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, also known as “CARES Act” of 2.0% and 1.1%, respectively; such benefits did not impact our effective tax rate in the first nine months of 2022. These increases were partially offset by 1.4% decrease in our effective income tax rate due to changes in pre-tax income in countries with varying statutory tax rates. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | 10. Commitments and Contingencies Commitments —We have various purchase commitments for materials, supplies and services incidental to the ordinary conduct of business, generally for quantities required for our businesses and at prevailing market prices. These commitments are designed to assure sources of supply and are not expected to be in excess of normal requirements. As of September 30, 2022, we had capital expenditure commitments, which we incurred in our normal course of business, including commitments of approximately $137 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 $122 million and $138 million as of September 30, 2022 and December 31, 2021, respectively. At September 30, 2022, the accrued liabilities for individual sites range from less than $1 million to $26 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 September 30, 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 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 | 9 Months Ended |
Sep. 30, 2022 | |
Shareholders Equity and Redeemable Non-controlling Interests Abstract [Abstract] | |
Shareholders' Equity and Redeemable Non-controlling Interests Disclosure [Text Block] | 11. Shareholders’ Equity and Redeemable Non-controlling Interests Shareholders’ Equity Dividend Distributions —The following table summarizes the dividends paid in the periods presented, including the special dividend that our board of directors declared in May 2022: Millions of dollars, except per share amounts Dividend Per Aggregate Date of Record March 2022 - Quarterly dividend $ 1.13 $ 371 March 7, 2022 June 2022 - Quarterly dividend 1.19 389 June 6, 2022 June 2022 - Special dividend 5.20 1,704 June 6, 2022 September 2022 - Quarterly dividend 1.19 388 August 29, 2022 $ 8.71 $ 2,852 In addition to the dividends paid to ordinary shareholders above, we paid $7 million of dividend equivalents to holders of restricted stock unit awards during the first nine months of 2022, which are recognized as dividends in Retained earnings. Share Repurchase Authorization —In May 2022, our shareholders approved a proposal to authorize us to repurchase up to 34.0 million ordinary shares, through November 27, 2023 (“2022 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 periods presented: Millions of dollars, except shares and per share amounts Shares Average Total Purchase Price, Including For nine months ended September 30, 2022: 2021 Share Repurchase Authorization 2,111,538 $ 97.72 $ 206 2022 Share Repurchase Authorization 2,286,216 87.50 200 4,397,754 $ 92.41 $ 406 For nine months ended September 30, 2021: 2021 Share Repurchase Authorization 953,681 $ 93.34 $ 89 Total cash paid for share repurchases for the nine months ended September 30, 2022 and 2021 was $420 million and $78 million, respectively. Cash payments made during the reporting period may differ from the total purchase price, including commissions and fees, due to the timing of payments. Ordinary Shares —The changes in the outstanding amounts of ordinary shares are as follows: Nine Months Ended 2022 2021 Ordinary shares outstanding: Beginning balance 329,536,389 334,015,220 Share-based compensation 273,943 415,857 Employee stock purchase plan 210,504 149,956 Purchase of ordinary shares (4,397,754) (953,681) Ending balance 325,623,082 333,627,352 Treasury Shares— The changes in the amounts of treasury shares held by the Company are as follows: Nine Months Ended 2022 2021 Ordinary shares held as treasury shares: Beginning balance 10,675,605 6,030,408 Share-based compensation (273,943) (415,857) Employee stock purchase plan — (50,006) Purchase of ordinary shares 4,397,754 953,681 Ending balance 14,799,416 6,518,226 Accumulated Other Comprehensive Loss —The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the nine months ended September 30, 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 490 53 (236) 307 Tax expense before reclassifications (113) (12) (119) (244) Amounts reclassified from accumulated other comprehensive loss (219) 121 — (98) Tax (expense) benefit 55 (28) — 27 Net other comprehensive income (loss) 213 134 (355) (8) Balance – September 30, 2022 $ (141) $ (394) $ (1,276) $ (1,811) 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 311 (1) — (92) 218 Tax expense before reclassifications (69) — — (35) (104) Amounts reclassified from accumulated other comprehensive loss (142) — 66 — (76) Tax (expense) benefit 32 — (10) — 22 Net other comprehensive income (loss) 132 (1) 56 (127) 60 Balance – September 30, 2021 $ (294) $ — $ (696) $ (893) $ (1,883) The amounts reclassified out of each component of Accumulated other comprehensive loss are as follows: Three Months Ended Nine Months Ended Affected Line Item on Millions of dollars 2022 2021 2022 2021 Reclassification adjustments for: Financial derivatives: Commodities $ (22) $ (14) $ (54) $ (18) Cost of sales Foreign currency (67) (60) (169) (128) Interest expense Interest rates 1 1 4 4 Interest expense Income tax benefit 22 17 55 32 Provision for income taxes Financial derivatives, net of tax (66) (56) (164) (110) Amortization of defined pension items: Settlement loss 6 20 100 24 Other income (expense), net Actuarial loss 5 14 18 40 Other income (expense), net Prior service cost 1 — 3 2 Other income (expense), net Income tax expense (2) (6) (28) (10) Provision for income taxes Defined pension items, net of tax 10 28 93 56 Total reclassifications, before tax (76) (39) (98) (76) Income tax benefit 20 11 27 22 Provision for income taxes Total reclassifications, after tax $ (56) $ (28) $ (71) $ (54) Amount included in net income Redeemable Non-controlling Interests Our redeemable non-controlling interests relate to shares of cumulative perpetual special stock (“redeemable non-controlling interest stock”) issued by a consolidated subsidiary. As of September 30, 2022 and December 31, 2021, we had 113,471 and 115,374 shares of redeemable non-controlling interest stock outstanding, respectively. These shares may be redeemed at any time at the discretion of the holders. During the three and nine months ended September 30, 2022, 1,903 shares were redeemed for approximately $2 million. In February, May and August 2022, we paid cash dividends of $15.00 per share to our redeemable non-controlling interest shareholders of record as of January 15, 2022, April 15, 2022 and July 15, 2022, respectively. Dividends totaled $5 million for each of the nine months ended September 30, 2022 and 2021. |
Per Share Data
Per Share Data | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Per Share Data [Text Block] | 12. Per Share Data Basic earnings per share is based upon the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share includes the effect of certain stock option and other equity-based compensation awards. Our unvested restricted stock units contain non-forfeitable rights to dividend equivalents and are considered participating securities. We calculate basic and diluted earnings per share under the two-class method. Earnings per share data is as follows: Three Months Ended September 30, 2022 2021 Millions of dollars Continuing Discontinued Continuing Discontinued Net income (loss) $ 573 $ (1) $ 1,763 $ (1) Dividends on redeemable non-controlling interests (2) — (2) — Net income attributable to participating securities — — (4) — Net income (loss) attributable to ordinary shareholders – basic and diluted $ 571 $ (1) $ 1,757 $ (1) Millions of shares, except per share amounts Basic weighted average common stock outstanding 326 326 334 334 Effect of dilutive securities 1 1 — — Potential dilutive shares 327 327 334 334 Earnings per share: Basic $ 1.75 $ — $ 5.25 $ — Diluted $ 1.75 $ — $ 5.25 $ — Nine Months Ended September 30, 2022 2021 Millions of dollars Continuing Discontinued Continuing Discontinued Net income (loss) $ 3,539 $ (3) $ 4,892 $ (1) Dividends on redeemable non-controlling interests (5) — (5) — Net income attributable to participating securities (9) — (12) — Net income (loss) attributable to ordinary shareholders – basic and diluted $ 3,525 $ (3) $ 4,875 $ (1) Millions of shares, except per share amounts Basic weighted average common stock outstanding 327 327 334 334 Effect of dilutive securities 1 1 — — Potential dilutive shares 328 328 334 334 Earnings per share: Basic $ 10.77 $ (0.01) $ 14.58 $ — Diluted $ 10.75 $ (0.01) $ 14.57 $ — |
Segment and Related Information
Segment and Related Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment and Related Information [Text Block] | 13. 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 September 30, 2022 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 2,300 $ 2,767 $ 3,229 $ 1,294 $ 2,506 $ 154 $ — $ 12,250 Intersegment 1,266 181 54 — 246 19 (1,766) — 3,566 2,948 3,283 1,294 2,752 173 (1,766) 12,250 Income (loss) from equity investments 19 (39) (6) — — — — (26) EBITDA 559 (83) 360 66 106 92 8 1,108 Capital expenditures 69 52 245 20 22 25 6 439 Three Months Ended September 30, 2021 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 3,071 $ 3,262 $ 2,851 $ 1,280 $ 2,050 $ 186 $ — $ 12,700 Intersegment 1,337 196 43 6 238 52 (1,872) — 4,408 3,458 2,894 1,286 2,288 238 (1,872) 12,700 Income from equity investments 29 66 9 — — — — 104 EBITDA 1,568 474 348 121 41 155 (16) 2,691 Capital expenditures 72 54 327 20 17 22 2 514 Nine Months Ended September 30, 2022 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 7,184 $ 9,786 $ 10,219 $ 4,124 $ 8,467 $ 465 $ — $ 40,245 Intersegment 4,046 638 169 3 793 83 (5,732) — 11,230 10,424 10,388 4,127 9,260 548 (5,732) 40,245 Income (loss) from equity investments 81 (39) (17) — — — — 25 EBITDA 2,375 264 1,581 309 672 307 1 5,509 Capital expenditures 305 250 673 50 48 81 10 1,417 Nine Months Ended September 30, 2021 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 7,770 $ 9,342 $ 7,086 $ 3,882 $ 4,784 $ 479 $ — $ 33,343 Intersegment 3,220 618 160 10 575 107 (4,690) — 10,990 9,960 7,246 3,892 5,359 586 (4,690) 33,343 Income from equity investments 94 263 32 — — — — 389 EBITDA 4,011 1,594 1,126 385 (150) 341 (13) 7,294 Capital expenditures 219 141 717 55 62 64 27 1,285 In April 2022 we announced our decision to cease operation of our Houston Refinery no later than the end of 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 and consider potential alternatives for the site. In connection with the planned exit from the refinery business, we expensed accelerated lease amortization costs and personnel costs of $36 million and $48 million, respectively, during the third quarter of 2022. We also recorded liabilities for asset retirement obligations of $121 million at September 30, 2022. We expect to expense additional costs primarily consisting of accelerated amortization of operating lease assets of approximately $200 million to $300 million, personnel costs of approximately $50 million to $80 million, and other charges of approximately $50 million to $100 million. We intend to proceed with an orderly shut-down and do not expect to recognize these charges all at once, but rather over time. As of September 30, 2022, we had $473 million and $533 million of renewable identification numbers reflected in Prepaid expenses and other current assets and Accrued liabilities, respectively, for our refinery business. In the second quarter of 2022 we sold our ownership interest in our polypropylene manufacturing facility located in Geelong, Australia, LyondellBasell Australia (Holdings) Pty Ltd, for consideration of $38 million. In connection with this sale, we assessed the net assets of the disposal group for impairment and determined that the carrying value exceeded the fair value less costs to sell. As a result, we recognized a non-cash impairment charge in the second quarter of 2022 of $69 million in the operating results of our O&P—EAI segment. The fair value measurement for the disposal group is based on expected consideration and classified as Level 3 within the fair value hierarchy. The charge is reflected as Impairments in our Consolidated Statements of Income. 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 Nine Months Ended Millions of dollars 2022 2021 2022 2021 EBITDA: Total segment EBITDA $ 1,100 $ 2,707 $ 5,508 $ 7,307 Other EBITDA 8 (16) 1 (13) Less: Depreciation and amortization expense (318) (351) (933) (1,016) Interest expense (70) (126) (202) (366) Add: Interest income 7 1 13 8 Income from continuing operations before income taxes $ 727 $ 2,215 $ 4,387 $ 5,920 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended Millions of dollars 2022 2021 2022 2021 Sales and other operating revenues: Olefins and co-products $ 1,281 $ 1,453 $ 3,835 $ 3,729 Polyethylene 2,306 2,705 7,714 7,469 Polypropylene 1,466 2,162 5,383 5,876 Propylene oxide and derivatives 721 832 2,537 2,059 Oxyfuels and related products 1,563 1,088 4,370 2,533 Intermediate chemicals 917 910 3,228 2,436 Compounding and solutions 1,049 1,019 3,297 3,134 Advanced polymers 245 261 827 748 Refined products 2,506 2,050 8,467 4,784 Other 196 220 587 575 Total $ 12,250 $ 12,700 $ 40,245 $ 33,343 The following table presents our revenues disaggregated by geography, based upon the location of the customer: Three Months Ended Nine Months Ended Millions of dollars 2022 2021 2022 2021 Sales and other operating revenues: United States $ 5,966 $ 6,387 $ 19,465 $ 16,089 Germany 822 886 2,892 2,585 China 647 572 1,989 1,693 Japan 800 432 1,684 993 Mexico 482 496 1,522 1,133 Italy 387 489 1,426 1,339 France 312 384 1,145 1,040 Poland 270 300 1,039 841 The Netherlands 261 423 995 1,039 Other 2,303 2,331 8,088 6,591 Total $ 12,250 $ 12,700 $ 40,245 $ 33,343 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory [Table Text Block] | Inventories consisted of the following components: Millions of dollars September 30, December 31, Finished goods $ 3,287 $ 3,329 Work-in-process 184 178 Raw materials and supplies 1,682 1,394 Total inventories $ 5,153 $ 4,901 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, December 31, Senior Notes due 2024, $1,000 million, 5.75% ($1 million of debt issuance cost) $ 774 $ 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; $6 million of debt issuance cost) 725 724 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) 474 562 Guaranteed Notes due 2027, $1,000 million, 3.5% ($3 million of discount; $2 million of debt issuance cost) 588 631 Guaranteed Notes due 2031, €500 million, 1.625% ($4 million of discount; $3 million of debt issuance cost) 471 558 Issued by LYB International Finance III LLC: Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of discount; $2 million of debt issuance cost) 475 486 Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of debt issuance cost) 119 143 Guaranteed Notes due 2030, $500 million, 2.25% ($3 million of discount; $4 million of debt issuance cost) 468 490 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% ($14 million of discount; $10 million of debt issuance cost) 976 975 Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost) 971 981 Guaranteed Notes due 2051, $1,000 million, 3.625% ($2 million of discount; $11 million of debt issuance cost) 892 986 Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost) 480 490 Other 44 34 Total 10,877 11,252 Less current maturities (432) (6) Long-term debt $ 10,445 $ 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 Nine Months Ended September 30, December 31, Millions of dollars 2022 2021 2022 2021 2022 2021 Guaranteed Notes due 2025, 1.25% $ 3 $ 1 $ 12 $ 1 $ 14 $ 2 Guaranteed Notes due 2026, 0.875% 3 1 10 2 11 1 Guaranteed Notes due 2027, 3.5% 15 5 44 12 (2) (46) Guaranteed Notes due 2030, 3.375% 8 1 24 (3) 22 (2) Guaranteed Notes due 2030, 2.25% 7 1 23 1 25 2 Guaranteed Notes due 2031, 1.625% 7 — 10 — 10 — Guaranteed Notes due 2050, 4.2% 5 1 10 1 13 3 Guaranteed Notes due 2051, 3.625% 41 — 95 — 95 — Guaranteed Notes due 2060, 3.8% 8 — 10 — 10 — Total $ 97 $ 10 $ 238 $ 14 $ 198 $ (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 September 30, December 31, U.S. Receivables Facility $ — $ — Commercial paper 300 204 Precious metal financings 131 155 Other 8 3 Total Short-term debt $ 439 $ 362 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2022 December 31, 2021 Millions of dollars Notional Amount Fair Value Notional Amount Fair Value Balance Sheet Assets– Derivatives designated as hedges: Commodities $ 35 $ 15 $ 41 $ 24 Prepaid expenses and other current assets Foreign currency 612 144 614 63 Prepaid expenses and other current assets Foreign currency 3,666 396 1,785 43 Other assets Interest rates — 26 — 7 Prepaid expenses and other current assets Interest rates 400 16 300 1 Other assets Derivatives not designated as hedges: Commodities 160 14 221 30 Prepaid expenses and other current assets Commodities 2 — — — Other assets Foreign currency 318 5 34 1 Prepaid expenses and other current assets Non-derivatives: Equity securities — — 9 8 Short-term investments Total $ 5,193 $ 616 $ 3,004 $ 177 Liabilities– Derivatives designated as hedges: Commodities $ 43 $ 4 $ — $ — Accrued liabilities Foreign currency — 23 — 14 Accrued liabilities Foreign currency — — 1,800 99 Other liabilities Interest rates — 15 — 3 Accrued liabilities Interest rates 2,145 237 1,863 280 Other liabilities Derivatives not designated as hedges: Commodities 101 19 24 1 Accrued liabilities Commodities 7 — — — Other liabilities Foreign currency 87 1 188 2 Accrued liabilities Total $ 2,383 $ 299 $ 3,875 $ 399 The financial instruments in the table above are classified as Level 2. We present the gross assets and liabilities of our derivative financial instruments on the Consolidated Balance Sheets. |
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: September 30, 2022 December 31, 2021 Millions of dollars Carrying Fair Carrying Fair Precious metal financings $ 131 $ 126 $ 155 $ 130 Long-term debt 10,420 9,025 11,218 12,756 Total $ 10,551 $ 9,151 $ 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: September 30, 2022 December 31, 2021 Millions of dollars Notional Amount Notional Amount Maturity Date Derivatives designated as hedges: Cash flow hedges $ 78 $ 41 2022 to 2023 Derivatives not designated as hedges: Commodity contracts 270 245 2022 to 2024 |
Summary of interest rate derivatives [Table Text Block] | Interest Rates —The following table presents the notional amounts of our outstanding interest rate derivative instruments: September 30, 2022 December 31, 2021 Millions of dollars Notional Amount Notional Amount Maturity Date Cash flow hedges $ 400 $ 1,000 2024 Fair value hedges 2,145 1,163 2025 to 2031 As of December 31, 2021, Other assets included $238 million of collateral related to forward-starting interest swaps. As of September 30, 2022, there was no collateral remaining as it had been returned. |
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: September 30, 2022 December 31, 2021 Millions of dollars Notional Amount Notional Amount Maturity Date Net investment hedges $ 3,128 $ 3,048 2023 to 2030 Cash flow hedges 1,150 1,150 2024 to 2027 Not designated 405 222 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 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 September 30, Balance Sheet Income Statement Gain (Loss) Gain (Loss) Reclassified Additional Gain Income Statement Millions of dollars 2022 2021 2022 2021 2022 2021 Classification Derivatives designated as hedges: Commodities $ 10 $ 38 $ (22) $ (14) $ — $ — Cost of sales Foreign currency 285 135 (67) (60) 20 9 Interest expense Interest rates 29 17 1 1 (94) (5) Interest expense Derivatives not designated as hedges: Commodities — — — — (16) 6 Sales and other operating revenues Commodities — — — — (28) 49 Cost of sales Foreign currency — — — — (15) (32) Other income (expense), net Total $ 324 $ 190 $ (88) $ (73) $ (133) $ 27 Effects of Financial Instruments Nine Months Ended September 30, Balance Sheet Income Statement Gain (Loss) Gain (Loss) Reclassified Additional Gain Income Statement Millions of dollars 2022 2021 2022 2021 2022 2021 Classification Derivatives designated as hedges: Commodities $ 40 $ 67 $ (54) $ (18) $ — $ — Cost of sales Foreign currency 607 274 (169) (128) 51 34 Interest expense Interest rates 287 117 4 4 (221) — Interest expense Derivatives not designated as hedges: Commodities — — — — 66 18 Sales and other operating revenues Commodities — — — — (17) 72 Cost of sales Foreign currency — — — — (54) (61) Other income (expense), net Total $ 934 $ 458 $ (219) $ (142) $ (175) $ 63 |
Pension Benefits (Tables)
Pension Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of the components of net periodic benefit costs (credits) [TableText Block] | Components of net periodic pension costs for our U.S. and non-U.S. plans are as follows: U.S. Plans Three Months Ended Nine Months Ended Millions of dollars 2022 2021 2022 2021 Service cost $ 11 $ 15 $ 37 $ 45 Interest cost 13 9 34 26 Expected return on plan assets (20) (28) (77) (82) Settlement loss 6 20 100 24 Actuarial loss amortization 4 8 16 29 Net periodic benefit costs $ 14 $ 24 $ 110 $ 42 Non-U.S. Plans Three Months Ended Nine Months Ended Millions of dollars 2022 2021 2022 2021 Service cost $ 9 $ 11 $ 28 $ 33 Interest cost 7 5 21 16 Expected return on plan assets (5) (4) (15) (12) Prior service amortization 2 1 3 2 Actuarial loss amortization 2 4 6 12 Net periodic benefit costs $ 15 $ 17 $ 43 $ 51 |
Shareholders' Equity and Rede_2
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Shareholders Equity and Redeemable Non-controlling Interests Abstract [Abstract] | |
Dividend distributions [Table Text Block] | Dividend Distributions —The following table summarizes the dividends paid in the periods presented, including the special dividend that our board of directors declared in May 2022: Millions of dollars, except per share amounts Dividend Per Aggregate Date of Record March 2022 - Quarterly dividend $ 1.13 $ 371 March 7, 2022 June 2022 - Quarterly dividend 1.19 389 June 6, 2022 June 2022 - Special dividend 5.20 1,704 June 6, 2022 September 2022 - Quarterly dividend 1.19 388 August 29, 2022 $ 8.71 $ 2,852 |
Schedule of share repurchase authorization [Table Text Block] | The following table summarizes our share repurchase activity for the periods presented: Millions of dollars, except shares and per share amounts Shares Average Total Purchase Price, Including For nine months ended September 30, 2022: 2021 Share Repurchase Authorization 2,111,538 $ 97.72 $ 206 2022 Share Repurchase Authorization 2,286,216 87.50 200 4,397,754 $ 92.41 $ 406 For nine months ended September 30, 2021: 2021 Share Repurchase Authorization 953,681 $ 93.34 $ 89 |
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: Nine Months Ended 2022 2021 Ordinary shares outstanding: Beginning balance 329,536,389 334,015,220 Share-based compensation 273,943 415,857 Employee stock purchase plan 210,504 149,956 Purchase of ordinary shares (4,397,754) (953,681) Ending balance 325,623,082 333,627,352 Treasury Shares— The changes in the amounts of treasury shares held by the Company are as follows: Nine Months Ended 2022 2021 Ordinary shares held as treasury shares: Beginning balance 10,675,605 6,030,408 Share-based compensation (273,943) (415,857) Employee stock purchase plan — (50,006) Purchase of ordinary shares 4,397,754 953,681 Ending balance 14,799,416 6,518,226 |
Schedule of accumulated other comprehensive income (loss) [Table Text Block] | Accumulated Other Comprehensive Loss —The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the nine months ended September 30, 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 490 53 (236) 307 Tax expense before reclassifications (113) (12) (119) (244) Amounts reclassified from accumulated other comprehensive loss (219) 121 — (98) Tax (expense) benefit 55 (28) — 27 Net other comprehensive income (loss) 213 134 (355) (8) Balance – September 30, 2022 $ (141) $ (394) $ (1,276) $ (1,811) 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 311 (1) — (92) 218 Tax expense before reclassifications (69) — — (35) (104) Amounts reclassified from accumulated other comprehensive loss (142) — 66 — (76) Tax (expense) benefit 32 — (10) — 22 Net other comprehensive income (loss) 132 (1) 56 (127) 60 Balance – September 30, 2021 $ (294) $ — $ (696) $ (893) $ (1,883) |
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 Nine Months Ended Affected Line Item on Millions of dollars 2022 2021 2022 2021 Reclassification adjustments for: Financial derivatives: Commodities $ (22) $ (14) $ (54) $ (18) Cost of sales Foreign currency (67) (60) (169) (128) Interest expense Interest rates 1 1 4 4 Interest expense Income tax benefit 22 17 55 32 Provision for income taxes Financial derivatives, net of tax (66) (56) (164) (110) Amortization of defined pension items: Settlement loss 6 20 100 24 Other income (expense), net Actuarial loss 5 14 18 40 Other income (expense), net Prior service cost 1 — 3 2 Other income (expense), net Income tax expense (2) (6) (28) (10) Provision for income taxes Defined pension items, net of tax 10 28 93 56 Total reclassifications, before tax (76) (39) (98) (76) Income tax benefit 20 11 27 22 Provision for income taxes Total reclassifications, after tax $ (56) $ (28) $ (71) $ (54) Amount included in net income |
Per Share Data (Tables)
Per Share Data (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2022 2021 Millions of dollars Continuing Discontinued Continuing Discontinued Net income (loss) $ 573 $ (1) $ 1,763 $ (1) Dividends on redeemable non-controlling interests (2) — (2) — Net income attributable to participating securities — — (4) — Net income (loss) attributable to ordinary shareholders – basic and diluted $ 571 $ (1) $ 1,757 $ (1) Millions of shares, except per share amounts Basic weighted average common stock outstanding 326 326 334 334 Effect of dilutive securities 1 1 — — Potential dilutive shares 327 327 334 334 Earnings per share: Basic $ 1.75 $ — $ 5.25 $ — Diluted $ 1.75 $ — $ 5.25 $ — Nine Months Ended September 30, 2022 2021 Millions of dollars Continuing Discontinued Continuing Discontinued Net income (loss) $ 3,539 $ (3) $ 4,892 $ (1) Dividends on redeemable non-controlling interests (5) — (5) — Net income attributable to participating securities (9) — (12) — Net income (loss) attributable to ordinary shareholders – basic and diluted $ 3,525 $ (3) $ 4,875 $ (1) Millions of shares, except per share amounts Basic weighted average common stock outstanding 327 327 334 334 Effect of dilutive securities 1 1 — — Potential dilutive shares 328 328 334 334 Earnings per share: Basic $ 10.77 $ (0.01) $ 14.58 $ — Diluted $ 10.75 $ (0.01) $ 14.57 $ — |
Segment and Related Informati_2
Segment and Related Information (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2022 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 2,300 $ 2,767 $ 3,229 $ 1,294 $ 2,506 $ 154 $ — $ 12,250 Intersegment 1,266 181 54 — 246 19 (1,766) — 3,566 2,948 3,283 1,294 2,752 173 (1,766) 12,250 Income (loss) from equity investments 19 (39) (6) — — — — (26) EBITDA 559 (83) 360 66 106 92 8 1,108 Capital expenditures 69 52 245 20 22 25 6 439 Three Months Ended September 30, 2021 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 3,071 $ 3,262 $ 2,851 $ 1,280 $ 2,050 $ 186 $ — $ 12,700 Intersegment 1,337 196 43 6 238 52 (1,872) — 4,408 3,458 2,894 1,286 2,288 238 (1,872) 12,700 Income from equity investments 29 66 9 — — — — 104 EBITDA 1,568 474 348 121 41 155 (16) 2,691 Capital expenditures 72 54 327 20 17 22 2 514 Nine Months Ended September 30, 2022 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 7,184 $ 9,786 $ 10,219 $ 4,124 $ 8,467 $ 465 $ — $ 40,245 Intersegment 4,046 638 169 3 793 83 (5,732) — 11,230 10,424 10,388 4,127 9,260 548 (5,732) 40,245 Income (loss) from equity investments 81 (39) (17) — — — — 25 EBITDA 2,375 264 1,581 309 672 307 1 5,509 Capital expenditures 305 250 673 50 48 81 10 1,417 Nine Months Ended September 30, 2021 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 7,770 $ 9,342 $ 7,086 $ 3,882 $ 4,784 $ 479 $ — $ 33,343 Intersegment 3,220 618 160 10 575 107 (4,690) — 10,990 9,960 7,246 3,892 5,359 586 (4,690) 33,343 Income from equity investments 94 263 32 — — — — 389 EBITDA 4,011 1,594 1,126 385 (150) 341 (13) 7,294 Capital expenditures 219 141 717 55 62 64 27 1,285 |
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 Nine Months Ended Millions of dollars 2022 2021 2022 2021 EBITDA: Total segment EBITDA $ 1,100 $ 2,707 $ 5,508 $ 7,307 Other EBITDA 8 (16) 1 (13) Less: Depreciation and amortization expense (318) (351) (933) (1,016) Interest expense (70) (126) (202) (366) Add: Interest income 7 1 13 8 Income from continuing operations before income taxes $ 727 $ 2,215 $ 4,387 $ 5,920 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Contract with customer, liability [Abstract] | |||
Contract with customer liability | $ 179 | $ 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | $ 12,250 | $ 12,700 | $ 40,245 | $ 33,343 |
Olefins & co-products [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 1,281 | 1,453 | 3,835 | 3,729 |
Polyethylene [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 2,306 | 2,705 | 7,714 | 7,469 |
Polypropylene [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 1,466 | 2,162 | 5,383 | 5,876 |
Propylene oxide and derivatives [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 721 | 832 | 2,537 | 2,059 |
Oxyfuels and related products [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 1,563 | 1,088 | 4,370 | 2,533 |
Intermediate chemicals [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 917 | 910 | 3,228 | 2,436 |
Compounding and solutions [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 1,049 | 1,019 | 3,297 | 3,134 |
Advanced polymers [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 245 | 261 | 827 | 748 |
Refined products [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 2,506 | 2,050 | 8,467 | 4,784 |
Other [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | $ 196 | $ 220 | $ 587 | $ 575 |
Revenues, Geographic locations
Revenues, Geographic locations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | $ 12,250 | $ 12,700 | $ 40,245 | $ 33,343 |
U. S. [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 5,966 | 6,387 | 19,465 | 16,089 |
Germany [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 822 | 886 | 2,892 | 2,585 |
China [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 647 | 572 | 1,989 | 1,693 |
Japan [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 800 | 432 | 1,684 | 993 |
Mexico [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 482 | 496 | 1,522 | 1,133 |
Italy [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 387 | 489 | 1,426 | 1,339 |
France [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 312 | 384 | 1,145 | 1,040 |
Poland [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 270 | 300 | 1,039 | 841 |
The Netherlands [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | 261 | 423 | 995 | 1,039 |
Other [Member] | ||||
Disaggregation of revenue [Abstract] | ||||
Sales and other operating revenues | $ 2,303 | $ 2,331 | $ 8,088 | $ 6,591 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Allowance for credit losses, receivables | $ 5 | $ 6 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory, finished goods, work-in-process, and raw materials and supplies [Abstract] | ||
Finished goods | $ 3,287 | $ 3,329 |
Work-in-process | 184 | 178 |
Raw materials and supplies | 1,682 | 1,394 |
Total inventories | $ 5,153 | $ 4,901 |
Debt, Long-term debt (Details)
Debt, Long-term debt (Details) € in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2022 EUR (€) | Dec. 31, 2021 USD ($) | |
Long-term debt [Line Items] | |||
Long-term debt | $ 10,877 | $ 11,252 | |
Current maturities of long-term debt | (432) | (6) | |
Long-term debt, non-current portion | $ 10,445 | 11,246 | |
Senior Notes due 2024, $1,000 million, 5.75% ($1 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 | $ 1 | ||
Long-term debt | $ 774 | 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) | Subsidiary Issuer, LYB International Finance B.V. | |||
Long-term debt [Line Items] | |||
Maturity year | 2023 | ||
Face amount | $ 750 | ||
Stated interest rate (in hundredths) | 4% | 4% | |
Unamortized discount | $ 1 | ||
Long-term debt | $ 424 | 423 | |
Guaranteed Notes due 2043, $750 million, 5.25% ($19 million of discount; $6 million of debt issuance cost) | Subsidiary Issuer, LYB International Finance B.V. | |||
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 | 6 | ||
Long-term debt | $ 725 | 724 | |
Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 million of discount; $9 million of debt issuance cost) | Subsidiary Issuer, LYB International Finance B.V. | |||
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) | Subsidiary Issuer, LYB International Finance II B.V. | |||
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 | $ 474 | 562 | |
Guaranteed Notes due 2027, $1,000 million, 3.5% ($3 million of discount; $2 million of debt issuance cost) | Subsidiary Issuer, LYB International Finance II B.V. | |||
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 | 2 | ||
Long-term debt | $ 588 | 631 | |
Guaranteed Notes due 2031, €500 million, 1.625% ($4 million of discount; $3 million of debt issuance cost) | Subsidiary Issuer, LYB International Finance II B.V. | |||
Long-term debt [Line Items] | |||
Maturity year | 2031 | ||
Face amount | € | € 500 | ||
Stated interest rate (in hundredths) | 1.625% | 1.625% | |
Unamortized discount | $ 4 | ||
Unamortized debt issuance cost | 3 | ||
Long-term debt | $ 471 | 558 | |
Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of discount; $2 million of debt issuance cost) | Subsidiary Issuer, LYB International Finance III LLC | |||
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 | 2 | ||
Long-term debt | $ 475 | 486 | |
Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of debt issuance cost) | Subsidiary Issuer, LYB International Finance III LLC | |||
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 | $ 119 | 143 | |
Guaranteed Notes due 2030, $500 million, 2.25% ($3 million of discount; $4 million of debt issuance cost) | Subsidiary Issuer, LYB International Finance III LLC | |||
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 | $ 468 | 490 | |
Guaranteed Notes due 2040, $750 million, 3.375% ($2 million of discount; $7 million of debt issuance cost) | Subsidiary Issuer, LYB International Finance III LLC | |||
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% ($14 million of discount; $10 million of debt issuance cost) | Subsidiary Issuer, LYB International Finance III LLC | |||
Long-term debt [Line Items] | |||
Maturity year | 2049 | ||
Face amount | $ 1,000 | ||
Stated interest rate (in hundredths) | 4.20% | 4.20% | |
Unamortized discount | $ 14 | ||
Unamortized debt issuance cost | 10 | ||
Long-term debt | $ 976 | 975 | |
Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost) | Subsidiary Issuer, LYB International Finance III LLC | |||
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 | $ 971 | 981 | |
Guaranteed Notes due 2051, $1,000 million, 3.625% ($2 million of discount; $11 million of debt issuance cost) | Subsidiary Issuer, LYB International Finance III LLC | |||
Long-term debt [Line Items] | |||
Maturity year | 2051 | ||
Face amount | $ 1,000 | ||
Stated interest rate (in hundredths) | 3.625% | 3.625% | |
Unamortized discount | $ 2 | ||
Unamortized debt issuance cost | 11 | ||
Long-term debt | $ 892 | 986 | |
Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost) | Subsidiary Issuer, LYB International Finance III LLC | |||
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 | 480 | 490 | |
Other long-term debt [Member] | |||
Long-term debt [Line Items] | |||
Long-term debt | $ 44 | $ 34 |
Debt, Description of fair value
Debt, Description of fair value adjustments for senior and guaranteed notes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 97 | $ 10 | $ 238 | $ 14 | |
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 198 | $ 198 | $ (40) | ||
Guaranteed Notes due 2025, 1.25% [Member] | Subsidiary Issuer, LYB International Finance III LLC | |||||
Debt Instrument [Line Items] | |||||
Maturity year | 2025 | ||||
Stated interest rate (in hundredths) | 1.25% | 1.25% | |||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 3 | 1 | $ 12 | 1 | |
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 14 | $ 14 | 2 | ||
Guaranteed Notes due 2026, 0.875% [Member] | Subsidiary Issuer, LYB International Finance II B.V. | |||||
Debt Instrument [Line Items] | |||||
Maturity year | 2026 | ||||
Stated interest rate (in hundredths) | 0.875% | 0.875% | |||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 3 | 1 | $ 10 | 2 | |
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 11 | $ 11 | 1 | ||
Guaranteed Notes due 2027, 3.5% [Member] | Subsidiary Issuer, LYB International Finance II B.V. | |||||
Debt Instrument [Line Items] | |||||
Maturity year | 2027 | ||||
Stated interest rate (in hundredths) | 3.50% | 3.50% | |||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 15 | 5 | $ 44 | 12 | |
Cumulative fair value hedging adjustments included in carrying amount of debt | $ (2) | $ (2) | (46) | ||
Guaranteed Notes due 2030, 3.375% [Member] | Subsidiary Issuer, LYB International Finance III LLC | |||||
Debt Instrument [Line Items] | |||||
Maturity year | 2030 | ||||
Stated interest rate (in hundredths) | 3.375% | 3.375% | |||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 8 | 1 | $ 24 | (3) | |
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 22 | $ 22 | (2) | ||
Guaranteed Notes due 2030, 2.25% [Member] | Subsidiary Issuer, LYB International Finance III LLC | |||||
Debt Instrument [Line Items] | |||||
Maturity year | 2030 | ||||
Stated interest rate (in hundredths) | 2.25% | 2.25% | |||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 7 | 1 | $ 23 | 1 | |
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 25 | $ 25 | 2 | ||
Guaranteed Notes due 2031, 1.625% [Member] | Subsidiary Issuer, LYB International Finance II B.V. | |||||
Debt Instrument [Line Items] | |||||
Maturity year | 2031 | ||||
Stated interest rate (in hundredths) | 1.625% | 1.625% | |||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 7 | $ 10 | |||
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 10 | $ 10 | |||
Guaranteed Notes due 2050, 4.2% [Member] | Subsidiary Issuer, LYB International Finance III LLC | |||||
Debt Instrument [Line Items] | |||||
Maturity year | 2050 | ||||
Stated interest rate (in hundredths) | 4.20% | 4.20% | |||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 5 | $ 1 | $ 10 | $ 1 | |
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 13 | $ 13 | $ 3 | ||
Guaranteed Notes due 2051, 3.625%[Member] | Subsidiary Issuer, LYB International Finance III LLC | |||||
Debt Instrument [Line Items] | |||||
Maturity year | 2051 | ||||
Stated interest rate (in hundredths) | 3.625% | 3.625% | |||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 41 | $ 95 | |||
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 95 | $ 95 | |||
Guaranteed Notes due 2060, 3.8% [Member] | Subsidiary Issuer, LYB International Finance III LLC | |||||
Debt Instrument [Line Items] | |||||
Maturity year | 2060 | ||||
Stated interest rate (in hundredths) | 3.80% | 3.80% | |||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 8 | $ 10 | |||
Cumulative fair value hedging adjustments included in carrying amount of debt | $ 10 | $ 10 |
Debt, Short-term debt (Details)
Debt, Short-term debt (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Short-term debt [Line Items] | ||
Short-term debt | $ 439 | $ 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 | 300 | 204 |
Precious metal financings [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | 131 | 155 |
Other short-term debt [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | $ 8 | $ 3 |
Debt, Description of long-term
Debt, Description of long-term debt (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Long-term debt [Line Items] | ||
Outstanding borrowings | $ 10,877 | $ 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 | $ 2,950 |
Debt, Description of short-term
Debt, Description of short-term debt (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Description of short-term debt [Line Items] | ||
Outstanding short-term borrowings | $ 439 | |
Weighted average interest rate, short-term debt (in hundredths) | 3% | 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 | $ 300 | |
Description of interest rate | Interest rates on commercial paper outstanding are based on the terms of the notes and was 3.35% at September 30, 2022 |
Debt, Debt discount and issuanc
Debt, Debt discount and issuance costs included in interest expense (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Debt discount and issuance costs [Abstract] | ||
Amortization of debt discounts and debt issuance costs | $ 11 | $ 21 |
Debt, Covenant Compliance (Deta
Debt, Covenant Compliance (Details) | 9 Months Ended |
Sep. 30, 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 | Sep. 30, 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 | $ 5,193 | $ 3,004 |
Notional amount, derivative and non-derivative financial instruments liabilities | 2,383 | 3,875 |
Fair value, derivative and non-derivative financial instruments assets | 616 | 177 |
Fair value, derivative and non-derivative financial instruments liabilities | 299 | 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 | 35 | 41 |
Fair value, derivative and non-derivative financial instruments assets | 15 | 24 |
Derivative [Member] | 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 | 43 | 0 |
Fair value, derivative and non-derivative financial instruments liabilities | 4 | 0 |
Derivative [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Prepaid expenses and other current assets [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 612 | 614 |
Fair value, derivative and non-derivative financial instruments assets | 144 | 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 | 3,666 | 1,785 |
Fair value, derivative and non-derivative financial instruments assets | 396 | 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 | 23 | 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 | 0 | 1,800 |
Fair value, derivative and non-derivative financial instruments liabilities | 0 | 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 | 26 | 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 | 400 | 300 |
Fair value, derivative and non-derivative financial instruments assets | 16 | 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 | 15 | 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 | 2,145 | 1,863 |
Fair value, derivative and non-derivative financial instruments liabilities | 237 | 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 | 160 | 221 |
Fair value, derivative and non-derivative financial instruments assets | 14 | 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 | 2 | 0 |
Fair value, derivative and non-derivative financial instruments assets | 0 | 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 | 101 | 24 |
Fair value, derivative and non-derivative financial instruments liabilities | 19 | 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 | 7 | 0 |
Fair value, derivative and non-derivative financial instruments liabilities | 0 | 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 | 318 | 34 |
Fair value, derivative and non-derivative financial instruments assets | 5 | 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 | 87 | 188 |
Fair value, derivative and non-derivative financial instruments liabilities | 1 | 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 | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Liabilities: [Abstract] | ||
Precious metal financings, carrying value | $ 439 | $ 362 |
Nonrecurring [Member] | Non-derivatives: [Member] | ||
Liabilities: [Abstract] | ||
Precious metal financings, carrying value | 131 | 155 |
Long-term debt, carrying value | 10,420 | 11,218 |
Total liabilities, carrying value | 10,551 | 11,373 |
Precious metal financings, fair value | 126 | 130 |
Long-term debt, fair value | 9,025 | 12,756 |
Total liabilities, fair value | $ 9,151 | $ 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 | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Designated as hedges: [Member] | Cash flow hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 78 | $ 41 |
Designated as hedges: [Member] | Cash flow hedging [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Maturity date | 2022 | |
Designated as hedges: [Member] | Cash flow hedging [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Maturity date | 2023 | |
Not designated as hedges [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 270 | $ 245 |
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 | 2024 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements, Summary of interest rate hedges (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Cash flow hedge [Member] | Other assets [Member] | Interest rates [Member] | ||
Derivative [Line Items] | ||
Derivative collateral | $ 0 | $ 238 |
Interest rate contract [Member] | Cash flow hedge [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 400 | 1,000 |
Maturity date | 2024 | |
Interest rate contract [Member] | Fair value hedge [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 2,145 | $ 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 | 2031 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements, Summary of foreign currency hedges (Details) - Foreign currency [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Designated as hedges: [Member] | Derivative [Member] | Net investment hedges [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 3,128 | $ 3,048 |
Designated as hedges: [Member] | Derivative [Member] | Net investment hedges [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Maturity date | 2023 | |
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 | $ 405 | $ 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, gain (loss) [Line Items] | ||||
Gain (loss) recognized in AOCI | $ 324 | $ 190 | $ 934 | $ 458 |
Gain (loss) reclassified to income from AOCI | (88) | (73) | (219) | (142) |
Additional gain (loss) recognized in income | (133) | 27 | (175) | 63 |
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 | 6 | ||
Derivatives: [Member] | Designated as hedges: [Member] | Commodities [Member] | Cost of sales [Member] | ||||
Derivative Instruments, gain (loss) [Line Items] | ||||
Gain (loss) recognized in AOCI | 10 | 38 | 40 | 67 |
Gain (loss) reclassified to income from AOCI | (22) | (14) | (54) | (18) |
Additional gain (loss) recognized in income | 0 | 0 | 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 | 285 | 135 | 607 | 274 |
Gain (loss) reclassified to income from AOCI | (67) | (60) | (169) | (128) |
Additional gain (loss) recognized in income | 20 | 9 | 51 | 34 |
Derivatives: [Member] | Designated as hedges: [Member] | Interest rate contract [Member] | Interest expense [Member] | ||||
Derivative Instruments, gain (loss) [Line Items] | ||||
Gain (loss) recognized in AOCI | 29 | 17 | 287 | 117 |
Gain (loss) reclassified to income from AOCI | 1 | 1 | 4 | 4 |
Additional gain (loss) recognized in income | (94) | (5) | (221) | 0 |
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 | 0 | 0 |
Gain (loss) reclassified to income from AOCI | 0 | 0 | 0 | 0 |
Additional gain (loss) recognized in income | (16) | 6 | 66 | 18 |
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 | 0 | 0 |
Gain (loss) reclassified to income from AOCI | 0 | 0 | 0 | 0 |
Additional gain (loss) recognized in income | (28) | 49 | (17) | 72 |
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 | 0 | 0 |
Gain (loss) reclassified to income from AOCI | 0 | 0 | 0 | 0 |
Additional gain (loss) recognized in income | $ (15) | $ (32) | $ (54) | $ (61) |
Financial Instruments and Fai_9
Financial Instruments and Fair Value Measurements, Summary of marketable securities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalents [Abstract] | ||
Amount of marketable securities classified as cash and cash equivalents | $ 1,075 | $ 438 |
Pension Benefits (Details)
Pension Benefits (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | May 31, 2022 USD ($) retiree | |
Pension Plan [Member] | U. S. [Member] | ||||||
Net periodic pension and other postretirement benefit costs (credits): [Abstract] | ||||||
Service cost | $ 11 | $ 15 | $ 37 | $ 45 | ||
Interest cost | 13 | 9 | 34 | 26 | ||
Expected return on plan assets | (20) | (28) | (77) | (82) | ||
Settlement loss | 6 | 20 | 100 | 24 | ||
Actuarial loss amortization | 4 | 8 | 16 | 29 | ||
Net periodic benefit costs (credits) | 14 | 24 | 110 | 42 | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||||
Settlement loss | (6) | (20) | (100) | (24) | ||
Pension Plan [Member] | Non-U.S. [Member] | ||||||
Net periodic pension and other postretirement benefit costs (credits): [Abstract] | ||||||
Service cost | 9 | 11 | 28 | 33 | ||
Interest cost | 7 | 5 | 21 | 16 | ||
Expected return on plan assets | (5) | (4) | (15) | (12) | ||
Prior service cost (benefit) amortization | 2 | 1 | 3 | 2 | ||
Actuarial loss amortization | 2 | 4 | 6 | 12 | ||
Net periodic benefit costs (credits) | $ 15 | $ 17 | $ 43 | $ 51 | ||
Pension Plans Included As Part of Group Annuity Contract Transfer [Member] | U. S. [Member] | ||||||
Net periodic pension and other postretirement benefit costs (credits): [Abstract] | ||||||
Settlement loss | $ 80 | |||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||||
Pension benefit obligation | $ 361 | |||||
Number of retirees and beneficiaries insurance company is required to pay | retiree | 9,000 | |||||
Settlement loss | $ (80) |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Effective income tax rate reconciliation, percent [Abstract] | ||||
Effective income tax rate (in hundredths) | 21.20% | 20.40% | 19.30% | 17.40% |
Income tax benefit [Abstract] | ||||
Return to accrual adjustments tax benefit, percent | 1.90% | 2% | ||
Tax exempt income tax benefit, percent | 0.30% | |||
CARES Act tax benefit, percent | 1.10% | |||
Varying statutory tax rates, percent | (1.60%) | (1.40%) |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Capital expenditure commitments | $ 137 | |
Site contingency [Line Items] | ||
Future environmental remediation costs | $ 122 | $ 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 | $ 26 |
Commitments and Contingencies,
Commitments and Contingencies, Indemnification (Details) | 9 Months Ended |
Sep. 30, 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) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | |
Dividend Paid [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividend per ordinary share (per share) | $ 8.71 | |||
Aggregate dividends paid | $ 2,852 | |||
Mar 2022 Quarterly dividend [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividend per ordinary share (per share) | $ 1.13 | |||
Aggregate dividends paid | $ 371 | |||
Date of record | Mar. 07, 2022 | |||
Jun 2022 Quarterly dividend [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividend per ordinary share (per share) | $ 1.19 | |||
Aggregate dividends paid | $ 389 | |||
Date of record | Jun. 06, 2022 | |||
Jun 2022 Special dividend [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividend per ordinary share (per share) | $ 5.20 | |||
Aggregate dividends paid | $ 1,704 | |||
Date of record | Jun. 06, 2022 | |||
Sep 2022 Quarterly dividend [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividend per ordinary share (per share) | $ 1.19 | |||
Aggregate dividends paid | $ 388 | |||
Date of record | Aug. 29, 2022 | |||
Dividend equivalent [Member] | ||||
Dividends Payable [Line Items] | ||||
Aggregate dividends paid | $ 7 |
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 | 9 Months Ended | |
May 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share repurchase authorization [Line Items] | |||
Shares repurchased (in shares) | 4,397,754 | ||
Average purchase price (in dollars per share) | $ 92.41 | ||
Total purchase price, including commissions and fees | $ 406 | ||
Cash paid for shares repurchased | $ 420 | $ 78 | |
2021 Share Repurchase Authorization [Member] | |||
Share repurchase authorization [Line Items] | |||
Shares repurchased (in shares) | 2,111,538 | 953,681 | |
Average purchase price (in dollars per share) | $ 97.72 | $ 93.34 | |
Total purchase price, including commissions and fees | $ 206 | $ 89 | |
2022 Share Repurchase Authorization [Member] | |||
Share repurchase authorization [Line Items] | |||
Shares authorized to be repurchased | 34,000,000 | ||
Share repurchase authorization expiration date | Nov. 27, 2023 | ||
Shares repurchased (in shares) | 2,286,216 | ||
Average purchase price (in dollars per share) | $ 87.50 | ||
Total purchase price, including commissions and fees | $ 200 |
Shareholders' Equity and Rede_5
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Ordinary shares (Details) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Ordinary share outstanding [Abstract] | ||
Beginning balance (in shares) | 329,536,389 | |
Purchase of ordinary shares (in shares) | (4,397,754) | |
Ending balance (in shares) | 325,623,082 | |
Ordinary shares [Member] | ||
Ordinary share outstanding [Abstract] | ||
Beginning balance (in shares) | 329,536,389 | 334,015,220 |
Share-based compensation (in shares) | 273,943 | 415,857 |
Employee stock purchase plan (in shares) | 210,504 | 149,956 |
Purchase of ordinary shares (in shares) | (4,397,754) | (953,681) |
Ending balance (in shares) | 325,623,082 | 333,627,352 |
Shareholders' Equity and Rede_6
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Treasury shares (Details) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Increase (Decrease) in Treasury Stock [Roll Forward] | ||
Beginning balance (in shares) | 10,675,605 | |
Purchase of ordinary shares (in shares) | 4,397,754 | |
Ending balance (in shares) | 14,799,416 | |
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) | (273,943) | (415,857) |
Employee stock purchase plan (in shares) | 0 | (50,006) |
Purchase of ordinary shares (in shares) | 4,397,754 | 953,681 |
Ending balance (in shares) | 14,799,416 | 6,518,226 |
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 | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 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 | 307 | 218 |
Tax (expense) benefit before reclassifications | (244) | (104) |
Amounts reclassified from accumulated other comprehensive income (loss) | (98) | (76) |
Tax (expense) benefit | 27 | 22 |
Net other comprehensive income (loss) | (8) | 60 |
Accumulated other comprehensive income (loss), end of period | (1,811) | (1,883) |
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 | 490 | 311 |
Tax (expense) benefit before reclassifications | (113) | (69) |
Amounts reclassified from accumulated other comprehensive income (loss) | (219) | (142) |
Tax (expense) benefit | 55 | 32 |
Net other comprehensive income (loss) | 213 | 132 |
Accumulated other comprehensive income (loss), end of period | (141) | (294) |
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 | (1) | |
Tax (expense) benefit before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Tax (expense) benefit | 0 | |
Net other comprehensive income (loss) | (1) | |
Accumulated other comprehensive income (loss), end of period | 0 | |
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 | 53 | 0 |
Tax (expense) benefit before reclassifications | (12) | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 121 | 66 |
Tax (expense) benefit | (28) | (10) |
Net other comprehensive income (loss) | 134 | 56 |
Accumulated other comprehensive income (loss), end of period | (394) | (696) |
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 | (236) | (92) |
Tax (expense) benefit before reclassifications | (119) | (35) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Tax (expense) benefit | 0 | 0 |
Net other comprehensive income (loss) | (355) | (127) |
Accumulated other comprehensive income (loss), end of period | $ (1,276) | $ (893) |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||||
Sales and other operating revenue | $ 12,250 | $ 12,700 | $ 40,245 | $ 33,343 |
Cost of sales | 11,088 | 10,109 | 34,491 | 26,463 |
Interest expense (income) | 70 | 126 | 202 | 366 |
Income (loss) before income taxes | 727 | 2,215 | 4,387 | 5,920 |
Income tax (expense) benefit | (154) | (452) | (848) | (1,028) |
Net income | 572 | 1,762 | 3,536 | 4,891 |
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 | (76) | (39) | (98) | (76) |
Income tax (expense) benefit | 20 | 11 | 27 | 22 |
Net income | (56) | (28) | (71) | (54) |
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 | 22 | 17 | 55 | 32 |
Net income | (66) | (56) | (164) | (110) |
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 | (22) | (14) | (54) | (18) |
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) | (67) | (60) | (169) | (128) |
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 | 4 | 4 |
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] | ||||
Settlement (gain) loss | 6 | 20 | 100 | 24 |
Amortization of actuarial (gain) loss | 5 | 14 | 18 | 40 |
Amortization of prior service cost (benefit) | 1 | 0 | 3 | 2 |
Income tax (expense) benefit | (2) | (6) | (28) | (10) |
Net income | $ 10 | $ 28 | $ 93 | $ 56 |
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 | 9 Months Ended | |||||
Aug. 31, 2022 | May 31, 2022 | Feb. 28, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Temporary Equity [Abstract] | ||||||||
Cumulative redeemable non-controlling interest stock outstanding | 113,471 | 113,471 | 115,374 | |||||
Cumulative redeemable non-controlling interest stock redeemed during the period, in shares | 1,903 | 1,903 | ||||||
Cumulative redeemable non-controlling interest stock redeemed during the period, in value | $ 2 | $ 2 | ||||||
Redeemable non-controlling interests, dividends per share (in dollars per share) | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 45 | $ 45 | |
Date of record redeemable non-controlling interest shareholders | Jul. 15, 2022 | Apr. 15, 2022 | Jan. 15, 2022 | |||||
Dividends on redeemable non-controlling interests | $ 2 | $ 2 | $ 5 | $ 5 |
Per Share Data (Details)
Per Share Data (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings per share reconciliation [Abstract] | ||||
Net income (loss) | $ 572 | $ 1,762 | $ 3,536 | $ 4,891 |
Dividends on redeemable non-controlling interests | $ (2) | $ (2) | $ (5) | $ (5) |
Earnings per share, Basic [Abstract] | ||||
Basic (in dollars per share) | $ 1.75 | $ 5.25 | $ 10.76 | $ 14.58 |
Earnings per share, Diluted [Abstract] | ||||
Diluted (in dollars per share) | $ 1.75 | $ 5.25 | $ 10.74 | $ 14.57 |
Continuing operations [Member] | ||||
Earnings per share reconciliation [Abstract] | ||||
Net income (loss) | $ 573 | $ 1,763 | $ 3,539 | $ 4,892 |
Dividends on redeemable non-controlling interests | (2) | (2) | (5) | (5) |
Net (income) loss attributable to participating securities | 0 | (4) | (9) | (12) |
Net income (loss) attributable to ordinary shareholders - Basic | 571 | 1,757 | 3,525 | 4,875 |
Net income (loss) attributable to ordinary shareholders - Diluted | $ 571 | $ 1,757 | $ 3,525 | $ 4,875 |
Weighted average number of shares outstanding reconciliation [Abstract] | ||||
Basic weighted average common stock outstanding (in shares) | 326 | 334 | 327 | 334 |
Effect of dilutive securities: [Abstract] | ||||
Effect of dilutive securities (in shares) | 1 | 0 | 1 | 0 |
Potential dilutive shares (in shares) | 327 | 334 | 328 | 334 |
Earnings per share, Basic [Abstract] | ||||
Basic (in dollars per share) | $ 1.75 | $ 5.25 | $ 10.77 | $ 14.58 |
Earnings per share, Diluted [Abstract] | ||||
Diluted (in dollars per share) | $ 1.75 | $ 5.25 | $ 10.75 | $ 14.57 |
Discontinued operations [Member] | ||||
Earnings per share reconciliation [Abstract] | ||||
Net income (loss) | $ (1) | $ (1) | $ (3) | $ (1) |
Dividends on redeemable non-controlling interests | 0 | 0 | 0 | 0 |
Net (income) loss attributable to participating securities | 0 | 0 | 0 | 0 |
Net income (loss) attributable to ordinary shareholders - Basic | (1) | (1) | (3) | (1) |
Net income (loss) attributable to ordinary shareholders - Diluted | $ (1) | $ (1) | $ (3) | $ (1) |
Weighted average number of shares outstanding reconciliation [Abstract] | ||||
Basic weighted average common stock outstanding (in shares) | 326 | 334 | 327 | 334 |
Effect of dilutive securities: [Abstract] | ||||
Effect of dilutive securities (in shares) | 1 | 0 | 1 | 0 |
Potential dilutive shares (in shares) | 327 | 334 | 328 | 334 |
Earnings per share, Basic [Abstract] | ||||
Basic (in dollars per share) | $ 0 | $ 0 | $ (0.01) | $ 0 |
Earnings per share, Diluted [Abstract] | ||||
Diluted (in dollars per share) | $ 0 | $ 0 | $ (0.01) | $ 0 |
Segment and Related Informati_3
Segment and Related Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | $ 12,250 | $ 12,700 | $ 40,245 | $ 33,343 |
Income (loss) from equity investments | (26) | 104 | 25 | 389 |
EBITDA | 1,108 | 2,691 | 5,509 | 7,294 |
Capital expenditures | 439 | 514 | 1,417 | 1,285 |
O&P - Americas [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 2,300 | 3,071 | 7,184 | 7,770 |
Income (loss) from equity investments | 19 | 29 | 81 | 94 |
EBITDA | 559 | 1,568 | 2,375 | 4,011 |
Capital expenditures | 69 | 72 | 305 | 219 |
O&P - EAI [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 2,767 | 3,262 | 9,786 | 9,342 |
Income (loss) from equity investments | (39) | 66 | (39) | 263 |
EBITDA | (83) | 474 | 264 | 1,594 |
Capital expenditures | 52 | 54 | 250 | 141 |
I&D [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 3,229 | 2,851 | 10,219 | 7,086 |
Income (loss) from equity investments | (6) | 9 | (17) | 32 |
EBITDA | 360 | 348 | 1,581 | 1,126 |
Capital expenditures | 245 | 327 | 673 | 717 |
APS [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 1,294 | 1,280 | 4,124 | 3,882 |
Income (loss) from equity investments | 0 | 0 | 0 | 0 |
EBITDA | 66 | 121 | 309 | 385 |
Capital expenditures | 20 | 20 | 50 | 55 |
Refining [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 2,506 | 2,050 | 8,467 | 4,784 |
Income (loss) from equity investments | 0 | 0 | 0 | 0 |
EBITDA | 106 | 41 | 672 | (150) |
Capital expenditures | 22 | 17 | 48 | 62 |
Technology [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 154 | 186 | 465 | 479 |
Income (loss) from equity investments | 0 | 0 | 0 | 0 |
EBITDA | 92 | 155 | 307 | 341 |
Capital expenditures | 25 | 22 | 81 | 64 |
Other [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 0 | 0 | 0 | 0 |
Income (loss) from equity investments | 0 | 0 | 0 | 0 |
EBITDA | 8 | (16) | 1 | (13) |
Capital expenditures | 6 | 2 | 10 | 27 |
Intersegment elimination [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 0 | 0 | 0 | 0 |
Intersegment elimination [Member] | O&P - Americas [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 1,266 | 1,337 | 4,046 | 3,220 |
Intersegment elimination [Member] | O&P - EAI [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 181 | 196 | 638 | 618 |
Intersegment elimination [Member] | I&D [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 54 | 43 | 169 | 160 |
Intersegment elimination [Member] | APS [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 0 | 6 | 3 | 10 |
Intersegment elimination [Member] | Refining [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 246 | 238 | 793 | 575 |
Intersegment elimination [Member] | Technology [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 19 | 52 | 83 | 107 |
Intersegment elimination [Member] | Other [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | (1,766) | (1,872) | (5,732) | (4,690) |
Operating segments [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 12,250 | 12,700 | 40,245 | 33,343 |
Operating segments [Member] | O&P - Americas [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 3,566 | 4,408 | 11,230 | 10,990 |
Operating segments [Member] | O&P - EAI [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 2,948 | 3,458 | 10,424 | 9,960 |
Operating segments [Member] | I&D [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 3,283 | 2,894 | 10,388 | 7,246 |
Operating segments [Member] | APS [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 1,294 | 1,286 | 4,127 | 3,892 |
Operating segments [Member] | Refining [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 2,752 | 2,288 | 9,260 | 5,359 |
Operating segments [Member] | Technology [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 173 | 238 | 548 | 586 |
Operating segments [Member] | Other [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | $ (1,766) | $ (1,872) | $ (5,732) | $ (4,690) |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | |||||
Impairments | $ 0 | $ 0 | $ 69 | $ 0 | |
O&P - EAI [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Consideration | $ 38 | ||||
Impairments | $ 69 | ||||
Refining [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Prepaid RINs | 473 | 473 | |||
Accrual for RINs current | 533 | 533 | |||
Refining [Member] | Accelerated amortization of operating lease assets | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 36 | ||||
Refining [Member] | Personnel costs | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 48 | ||||
Refining [Member] | Asset Retirement Obligation Costs | |||||
Segment Reporting Information [Line Items] | |||||
Asset Retirement Obligation, Revision of Estimate | 121 | ||||
Refining [Member] | Minimum [Member] | Accelerated amortization of operating lease assets | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 200 | 200 | |||
Refining [Member] | Minimum [Member] | Personnel costs | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 50 | 50 | |||
Refining [Member] | Minimum [Member] | Other restructuring | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 50 | 50 | |||
Refining [Member] | Maximum [Member] | Accelerated amortization of operating lease assets | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 300 | 300 | |||
Refining [Member] | Maximum [Member] | Personnel costs | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 80 | 80 | |||
Refining [Member] | Maximum [Member] | Other restructuring | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | $ 100 | $ 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
EBITDA: [Abstract] | ||||
Total segment EBITDA | $ 1,100 | $ 2,707 | $ 5,508 | $ 7,307 |
Other EBITDA | 8 | (16) | 1 | (13) |
Less: [Abstract] | ||||
Depreciation and amortization expense | (318) | (351) | (933) | (1,016) |
Interest expense | (70) | (126) | (202) | (366) |
Add: [Abstract] | ||||
Interest income | 7 | 1 | 13 | 8 |
Income from continuing operations before income taxes | $ 727 | $ 2,215 | $ 4,387 | $ 5,920 |