Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 24, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document period end date | Sep. 30, 2017 | |
Amendment flag | false | |
Document Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 | |
Current fiscal year end date | --12-31 | |
Entity central index key | 1,489,393 | |
Entity current reporting status | Yes | |
Entity filer category | Large Accelerated Filer | |
Entity registrant name | LyondellBasell Industries N.V. | |
Trading symbol | LYB | |
Entity voluntary filers | No | |
Entity well known seasoned issuer | Yes | |
Entity common stock shares outstanding | 394,460,282 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Sales and other operating revenues: | ||||
Trade | $ 8,312 | $ 7,191 | $ 24,775 | $ 20,879 |
Related parties | 204 | 174 | 574 | 557 |
Sales revenue, net | 8,516 | 7,365 | 25,349 | 21,436 |
Operating costs and expenses: | ||||
Cost of sales | 6,939 | 5,903 | 20,531 | 16,771 |
Selling, general and administrative expenses | 218 | 188 | 622 | 580 |
Research and development expenses | 27 | 25 | 77 | 73 |
Costs and expenses | 7,184 | 6,116 | 21,230 | 17,424 |
Operating income | 1,332 | 1,249 | 4,119 | 4,012 |
Interest expense | (94) | (72) | (396) | (237) |
Interest income | 5 | 4 | 15 | 13 |
Other income, net | 114 | 19 | 173 | 104 |
Income from continuing operations before equity investments and income taxes | 1,357 | 1,200 | 3,911 | 3,892 |
Income from equity investments | 81 | 81 | 240 | 289 |
Income from continuing operations before income taxes | 1,438 | 1,281 | 4,151 | 4,181 |
Provision for income taxes | 380 | 326 | 1,154 | 1,104 |
Income from continuing operations | 1,058 | 955 | 2,997 | 3,077 |
Loss from discontinued operations, net of tax | (2) | (2) | (14) | (3) |
Net income | 1,056 | 953 | 2,983 | 3,074 |
Net (income) loss attributable to non-controlling interests | 1 | (1) | 2 | (1) |
Net income attributable to the Company shareholders | $ 1,057 | $ 952 | $ 2,985 | $ 3,073 |
Net income (loss) attributable to the Company shareholders - Basic: | ||||
Continuing operations (in dollars per share) | $ 2.67 | $ 2.31 | $ 7.49 | $ 7.26 |
Discontinued operations (in dollars per share) | 0 | (0.01) | (0.03) | (0.01) |
Basic (in dollars per share) | 2.67 | 2.3 | 7.46 | 7.25 |
Net income (loss) attributable to the Company shareholders - Diluted: | ||||
Continuing operations (in dollars per share) | 2.67 | 2.31 | 7.49 | 7.24 |
Discontinued operations (in dollars per share) | 0 | (0.01) | (0.03) | (0.01) |
Diluted (in dollars per share) | $ 2.67 | $ 2.3 | $ 7.46 | $ 7.23 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 1,056 | $ 953 | $ 2,983 | $ 3,074 |
Financial derivatives: | ||||
Loss on cash flow hedges arising during the period | (100) | (69) | (260) | (258) |
Reclassification adjustment included in net income | 74 | 5 | 232 | 52 |
Income tax benefit | (5) | (16) | (8) | (57) |
Financial derivatives, net of tax | (21) | (48) | (20) | (149) |
Unrealized gains (losses) on available-for-sale securities: | ||||
Unrealized holding gains (losses) arising during the period | 2 | (3) | (7) | (9) |
Income tax benefit | 0 | (2) | (2) | (2) |
Unrealized gains (losses) on available-for-sale securities, net of tax | 2 | (1) | (5) | (7) |
Unrealized gains on available-for-sale securities held by equity investees: | ||||
Unrealized holding gains arising during the period | 5 | 0 | 14 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Unrealized gains on available-for-sale securities held by equity investees, net of tax | 5 | 0 | 14 | 0 |
Defined pension and other postretirement benefit plans: | ||||
Reclassification adjustment for amortization of prior service cost included in net income | 0 | 1 | 0 | 1 |
Reclassification adjustment for net actuarial loss included in net income | 10 | 8 | 29 | 23 |
Income tax expense | 3 | 4 | 9 | 9 |
Defined pension and other postretirement benefit plans, net of tax | 7 | 5 | 20 | 15 |
Foreign currency translation adjustments: | ||||
Unrealized gains arising during the period | 11 | 17 | 112 | 73 |
Reclassification adjustment included in net income | 0 | 7 | 0 | 7 |
Income tax benefit | (12) | 0 | (31) | (7) |
Foreign currency translation adjustments, net of tax | 23 | 24 | 143 | 87 |
Total other comprehensive income (loss) | 16 | (20) | 152 | (54) |
Comprehensive income | 1,072 | 933 | 3,135 | 3,020 |
Comprehensive (income) loss attributable to non-controlling interests | 1 | (1) | 2 | (1) |
Comprehensive income attributable to the Company shareholders | $ 1,073 | $ 932 | $ 3,137 | $ 3,019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1,204 | $ 875 |
Restricted cash | 7 | 3 |
Short-term investments | 1,295 | 1,147 |
Accounts receivable: | ||
Trade, net | 3,097 | 2,716 |
Related parties | 178 | 126 |
Inventories | 4,177 | 3,809 |
Prepaid expenses and other current assets | 1,104 | 923 |
Total current assets | 11,062 | 9,599 |
Property, plant and equipment at cost | 16,039 | 14,635 |
Less: Accumulated depreciation | (5,302) | (4,498) |
Property, plant and equipment, net | 10,737 | 10,137 |
Investments and long-term receivables: | ||
Investment in PO joint ventures | 428 | 415 |
Equity investments | 1,644 | 1,575 |
Other investments and long-term receivables | 19 | 20 |
Goodwill | 570 | 528 |
Intangible assets, net | 480 | 550 |
Other assets | 303 | 618 |
Total assets | 25,243 | 23,442 |
Current liabilities: | ||
Current maturities of long-term debt | 3 | 2 |
Short-term debt | 381 | 594 |
Accounts payable: | ||
Trade | 2,138 | 2,028 |
Related parties | 597 | 501 |
Accrued liabilities | 1,493 | 1,415 |
Total current liabilities | 4,612 | 4,540 |
Long-term debt | 8,531 | 8,385 |
Other liabilities | 2,326 | 2,113 |
Deferred income taxes | 2,447 | 2,331 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Ordinary shares, EUR 0.04 par value, 1,275 million shares authorized, 394,458,141 and 404,046,331 shares outstanding, respectively | 31 | 31 |
Additional paid-in capital | 10,201 | 10,191 |
Retained earnings | 14,207 | 12,282 |
Accumulated other comprehensive loss | (1,359) | (1,511) |
Treasury stock, at cost, 183,982,022 and 174,389,139 ordinary shares, respectively | (15,754) | (14,945) |
Total Company share of stockholders' equity | 7,326 | 6,048 |
Non-controlling interests | 1 | 25 |
Total equity | 7,327 | 6,073 |
Total liabilities and equity | $ 25,243 | $ 23,442 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - € / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Stockholders' 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) | 394,458,141 | 404,046,331 |
Treasury stock, shares (in shares) | 183,982,022 | 174,389,139 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 2,983 | $ 3,074 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 876 | 791 |
Amortization of debt-related costs | 12 | 12 |
Charges related to repayment of debt | 49 | 0 |
Equity investments - | ||
Equity income | (240) | (289) |
Distributions of earnings, net of tax | 190 | 249 |
Deferred income taxes | 217 | 307 |
Gain on sale of business and equity method investments | (108) | (84) |
Gain on sale of assets | (31) | (5) |
Changes in assets and liabilities that provided (used) cash: | ||
Accounts receivable | (278) | (323) |
Inventories | (219) | 23 |
Accounts payable | 121 | 74 |
Other, net | 152 | 64 |
Net cash provided by operating activities | 3,724 | 3,893 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | (1,146) | (1,676) |
Proceeds from disposal of assets | 29 | 0 |
Payments for repurchase agreements | (512) | (500) |
Proceeds from repurchase agreements | 381 | 603 |
Purchases of available-for-sale securities | (653) | (607) |
Proceeds from maturities of available-for-sale securities | 499 | 665 |
Purchases of held-to-maturity securities | 0 | (76) |
Proceeds from maturities of held-to-maturity securities | 75 | 0 |
Purchases of business, equity method investment and non-controlling interest | (21) | (65) |
Net proceeds from sale of business and equity method investments | 155 | 209 |
Proceeds from settlement of net investment hedges | 609 | 1,295 |
Payments for settlement of net investment hedges | (658) | (1,356) |
Other, net | (12) | (22) |
Net cash used in investing activities | (1,254) | (1,530) |
Cash flows from financing activities: | ||
Repurchases of Company ordinary shares | (866) | (2,501) |
Dividends paid | (1,060) | (1,049) |
Issuance of long-term debt | 990 | 812 |
Repayment of long-term debt | (1,000) | 0 |
Debt extinguishment costs | (65) | 0 |
Net proceeds (repayments) from commercial paper | (178) | 177 |
Payments of debt issuance costs | (8) | (5) |
Other, net | (4) | (1) |
Net cash used in financing activities | (2,191) | (2,567) |
Effect of exchange rate changes on cash | 54 | 17 |
Increase (decrease) in cash and cash equivalents and restricted cash | 333 | (187) |
Cash and cash equivalents and restricted cash at beginning of period | 878 | 931 |
Cash and cash equivalents and restricted cash at end of period | $ 1,211 | $ 744 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2017 - USD ($) $ in Millions | Total | Ordinary Shares | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Company Share of Stockholders' Equity | Non-Controlling Interests |
Beginning balance at Dec. 31, 2016 | $ 6,073 | $ 31 | $ (14,945) | $ 10,191 | $ 12,282 | $ (1,511) | $ 6,048 | $ 25 |
Net income (loss) | 2,983 | 0 | 0 | 0 | 2,985 | 0 | 2,985 | (2) |
Other comprehensive income | 152 | 0 | 0 | 0 | 0 | 152 | 152 | 0 |
Share-based compensation | 0 | 36 | 9 | 0 | 0 | 45 | 0 | |
Dividends ($2.65 per share) | (1,060) | 0 | 0 | 0 | (1,060) | 0 | (1,060) | 0 |
Repurchases of Company ordinary shares | (845) | 0 | (845) | 0 | 0 | 0 | (845) | 0 |
Purchase of non-controlling interest | 0 | 0 | 1 | 0 | 0 | 1 | (22) | |
Ending balance at Sep. 30, 2017 | $ 7,327 | $ 31 | $ (15,754) | $ 10,201 | $ 14,207 | $ (1,359) | $ 7,326 | $ 1 |
Consolidated Statement of Stoc8
Consolidated Statement of Stockholders' Equity (Parentheticals) | 9 Months Ended |
Sep. 30, 2017$ / shares | |
Consolidated Statement of Stockholders' Equity [Abstract] | |
Dividends per share (in dollars per share) | $ 2.65 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Basis of Presentation [Abstract] | |
Basis of Presentation [Text Block] | 1 . Basis of Presentation LyondellBasell Industries N.V., together with its consolidated subsidiaries (collectively “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 production of polymers. Unless otherwise indicated, the “Company , ” “we,” “us,” “our” or similar words are used to refer to LyondellBasell N.V. The accompanying Consolidated Fina ncial Statements are unaudited and have been prepared from the books and records of LyondellBasell N.V. in accordance with the instructions to Form 10-Q and Rule 10-1 of Regulation S-X for interim financial information. 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. In our opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation have been included. The results for interim periods are not necessarily indicative of results for the entire year. 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, 2016 . |
Accounting and Reporting Change
Accounting and Reporting Changes | 9 Months Ended |
Sep. 30, 2017 | |
Accounting and Reporting Changes [Abstract] | |
Accounting and Reporting Changes [Text Block] | 2 . Accounting and Reporting Changes Recently Adopted Guidance Intangibles-Goodwill and Other —In January 2017, the F inancial A ccounting S tandards B oard (“FASB”) issued A ccounting S tandards U pdate (“ASU”) 2017-04 , Intangibles – Goodwil l and other (Topic 350): Simplifying the Test for Goodwill Impairment to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. All other goodwill impairment guidance will remain largely uncha nged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same one-step impairment test will be applied to goodwill at all reporting units, even those with zero or n egative carrying amounts. Entities will be required to disclose the amount of goodwill at reporting units with zero or negative carrying amounts. The early adoption of this amendment in the first quarter of 2017 did not have a material impact on our Consol idated Financial Statements. Inventories —In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. Under this new guidance, entities that measure inventory using any method other than last-in, first-out or the retail inventory method will be required to measure inventory at the lower of cost and net realizable value. The amendments in this ASU, which should be applied prospectively, are effective for annual and interim periods beginning after December 15, 20 16. The adoption of this amendment in the first quarter of 2017 did not have a material impact on our Consolidated Financial Statements. Compensation —In March 2016, the FASB issued ASU 2016-09, Compensation–Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This ASU simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this ASU are effective for public entities for annual and interim periods beginning after December 15, 2016. Adoption of the amendments in this guidance in the first quarter of 2017 did not have a material impact on our Consolidated Financial Statement s . Statement of Cash Flows —In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The updated accounting requirement is intended to reduce diversity in practice in the classification of certain transactions in the statement of cash flows. Su ch transactions include, but are not limited to, debt prepayment or debt extinguishment costs, settlement of zero coupon debt instruments, contingent consideration payments made after a business combination and distributions received from equity method of investments. The amendments in this ASU are effective for public entities for annual and interim periods beginning after December 15, 2017, with early adoption permitted. Early adoption of the amendments in this guidance in the second quarter of 2017 resul ted in a reclassification of cash flows related to debt extinguishment costs incurred in March 2017 of $ 65 million from operating to financing activity cash flows. Other aspects of the amendment did not have a material impact on our Consolidated Statement s of Cash Flows. Statement of Cash Flows —In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash . The ASU requires entities to include restricted cash and restricted cash equivalents in their cash and cash-equivalent balance s in the statement of cash flows. Early retrospective adoption of this amendment in the second quarter of 2017 did not have a material impact on our Consolidated Statement s of Cash Flows. Compensation – Stock Compensation —In May 2017, the FASB issued ASU 2 017-09, Stock Compensation: Scope of Modification Accounting . The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718 , Comp ensation–Stock Compensation . Early adoption of this amendment in the third quarter of 2017 did not have a material impact on our Consolidated Financial Statements. Accounting Guidance Issued But Not Adopted as of September 30, 2017 Revenue Recognition —In May 2 014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the current revenue recognition requirements in ASC 606, Revenue Recognition. Under this guidance, entities should recognize revenues to depict the transf er of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. This ASU also requires enhanced disclosures. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which deferred the original effective date for one year to annual and interim periods beginning after December 15, 2017. Retrospective and modified retrospective application is allowed. Amendments to Revenue Recognition —In 2016 the FASB issued several amendments to Topic 606, Revenue from Contracts with Customers. ASU 2016-08, Principal versus Agent Considerations, contains amendments that clarify the implementation guidance on principal versus agent considerations. ASU 2016-10, Identifying Performance Obligations and Licensing clarifies the guidance in the new revenue standard on identifying performance obligations and accounting for licenses of intellectual property. The FA SB also issued ASU 2016-12, Narrow-Scope Improvements and Practical Expedients, which further clarifies the new revenue guidance primarily in the areas of collectability, noncash consideration, presentation of sales tax, and transition. The FASB also issue d ASU 2016-20 Technical Corrections and Improvements to Topic 606 , which provides numerous improvements related to the Topic 606. All amendments are effective with the same date as ASU 2014-09. Management is currently assessing the effects of applying the new standard and has preliminarily determined that there will not be a material impact on our Consolidated Financial Statements. We expect to use the modified retrospective transition method. We will complete any required changes to our systems and process es, including updating our internal controls, during the fourth quarter of 2017. Financial Instruments —In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financ ial Liabilities . The new guidance in this ASU includes a requirement for equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes i n fair value recognized in net income. Prospective application of this ASU is required for public entities for annual and interim periods beginning on or after December 15, 2017. We do not expect the adoption of this new guidance to have a material impact on our Consolidated Financial Statements. Lease s —In February 2016, the FASB issued ASU 2016-0 2 , Leases ( T opic 842 ) , which supersedes the existing guidance for lease accounting in ASC 840 , Leases . Under the new guidance, for leases with a term longer than 12 months a lessee should recognize a liability for lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term . Topic 842 retains a classification distinction between finance leases and operating leases, with the classification affecting the pattern of expense recognition in the income statement . This ASU also requires enhanced disclosures. A m odified retrospective transition approach is required for annual and interim periods beginning on or after December 15, 201 8 . Early adoption is permitted. We are currently assessing the impact of this new guidance on our Consolidated Financial Statements via an extensive review of numerous existing lease contracts and other purcha se obligations that contain embedded lease features, all of which are classified as operating leases under the existing guidance . Financial Instruments —In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) : Measu rement of Credit Losses on Financial Instruments . This amendment requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected, resulting in the use of a current expected credit loss (“CECL”) model wh en measuring an impairment of financial instruments. Credit losses related to available-for-sale securities should be recorded in the consolidated income statement through an allowance for credit losses. Estimated credit losses utilizing the CECL model are based on reasonable use of historical experience, current conditions and forecasts that affect the collectability of reported financial assets. This ASU also modifies the impairment model for available-for-sale debt securities by eliminating the concept o f “other than temporary” as well as providing a simplified accounting model for purchased financial assets with credit deterioration since their origination. The guidance will be effective for public entities for annual and interim periods beginning after December 15, 2019. Early adoption is permitted. We are currently assessing the impact of the amendment in this guidance on our Consolidated Financial Statements. Income Taxes —In October 2016, the FASB issued ASU 2016-16, Accounting for Income Taxes: Intra -Entity Asset Transfers of Assets Other than Inventory . The ASU is aimed at reducing complexity in accounting standards. Under current GAAP, the tax effects of intra-entity asset transfers (intercompany sales) are deferred until the transferred asset is so ld to a third party or otherwise recovered through use. The new guidance eliminates the exception for all intra-entity sales of assets other than inventory, and a reporting entity would recognize tax expense from the sale of assets in the seller’s tax juri sdiction when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation. Any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized at the time of the transfer. The new guidance wi ll be effective for public entities for annual periods beginning after December 15, 2017. We are currently assessing the impact of this new guidance on our Consolidated Financial Statements. Business Combinations — In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business. This ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether a transaction should be accounted for as an acquisi tion (or disposal) of an asset or a business. The amendments will be effective for public entities for annual and interim periods beginning after December 15, 2017. Ea rly adoption is permitted. We do not expect the adoption of this new guidance to have a m aterial impact on our Consolidated Financial Statements. Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets — In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecogn i tion Guidance and Accounting for Part ial Sales of Nonfinancial Assets . The guidance provides clarification about the term in substance nonfinancial asset , other aspects of the scope of Subtopic 610-20 Other Income , and how an entity should account for partia l sales of nonfinancial assets once the amendments in Update 2014-09 become effective. The amendments will be effective for public entities for annual and interim periods beginning after December 15, 2017. We do not expect the adoption of this new guidance to have a material impact on our Consolidated Financial Statements. Compensation – Retirement Benefits —In March 2017 , the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The gu idance will require changes in presentation of current service cost and other components of net benefit cost. The amendments will be effective for public entities for annual and interim periods beginning after December 15, 2017. We do not expect the adopti on of this new guidance to have a material impact on our Consolidated Financial Statements. Receivables–Nonrefundable Fees and Other Costs —In March 2017 , the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities . This new guidance requires the premium on callable debt securities to be amortized to the earliest call date. Under current requirements , premiums on callable debt securities are generally amortized over the contractual life of the security. The amend ments will be effective for public entities for annual and interim periods beginning after December 15, 2018 . E arly adoption is permitted. We do not expect the adoption of this new guidance to have a material impact on our Consolidated Financial Statements . Derivatives and Hedging— In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities. The new guidance will make more financial and nonfinancial hedging strategies eligible for hedge accounting and amends the pr esentation and disclosure requirements while changing how companies assess effectiveness. Overall, it is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The amendments will be effective for public entities for annual and interim periods beginning after December 15, 2018. Early adoption is permitted and the Company will adopt the guidance effecti ve January 1, 2018. We do not expect the adoption of this new guidance to have a material impact on our Consolidated Financial Statements. |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Sep. 30, 2017 | |
Accounts Receivable [Abstract] | |
Accounts Receivable [Text Block] | 3 . Accounts Receivable Our allowance for doubtful accounts receivable, which is reflected in the Consolidated Balance Sheets as a reduction of accounts receivable, totaled $ 17 million and $ 16 million at September 30, 2017 and December 31, 2016 , respectively . |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventories [Abstract] | |
Inventories [Text Block] | 4 . Inventories Inventories consisted of the following components: September 30, December 31, Millions of dollars 2017 2016 Finished goods $ 2,705 $ 2,575 Work-in-process 188 154 Raw materials and supplies 1,284 1,080 Total inventories $ 4,177 $ 3,809 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt [Abstract] | |
Debt [Text Block] | 5 . Debt Long-term loans, notes and other long-term debt consisted of the following: September 30, December 31, Millions of dollars 2017 2016 Senior Notes due 2019, $2,000 million, 5.0% ($3 million of debt issuance cost) $ 959 $ 1,906 Senior Notes due 2021, $1,000 million, 6.0% ($ 8 million of debt issuance cost) 990 988 Senior Notes due 2024, $1,000 million, 5.75% ($ 8 million of debt issuance cost) 992 991 Senior Notes due 2055, $1,000 million, 4.625% ($ 16 million of discount; $ 11 million of debt issuance cost) 973 972 Guaranteed Notes due 2044, $1,000 million, 4.875% ($ 11 million of discount; $ 10 million of debt issuance cost) 979 979 Guaranteed Notes due 2043, $750 million, 5.25% ($ 21 million of discount; $ 7 million of debt issuance cost) 722 721 Guaranteed Notes due 2023, $750 million, 4.0% ($ 6 million of discount; $ 4 million of debt issuance cost) 740 739 Guaranteed Notes due 2027, $300 million, 8.1% 300 300 Guaranteed Notes due 2022, €750 million, 1.875% ($3 million of discount; $3 million of debt issuance cost) 880 785 Guaranteed Notes due 2027, $1,000 million, 3.5% ($ 10 million of discount; $ 8 million of debt issuance cost) 992 - - Other 7 6 Total 8,534 8,387 Less current maturities (3) (2) Long-term debt $ 8,531 $ 8,385 Gains (losses) related to fair value adjustments associated with the fair value hedge accounting of our fixed-for-floating interest rate swaps for the applicable periods are as follows: Cumulative Three Months Ended Nine Months Ended Year Ended Amount Inception September 30, September 30, December 31, Since Millions of dollars Year 2017 2016 2017 2016 2016 Inception Senior Notes due 2019, 5.0% 2014 $ (4) $ 26 $ (46) $ 11 $ 42 $ 38 Senior Notes due 2021, 6.0% 2016 2 - - (1) - - 3 2 Guaranteed Notes due 2027, 3.5% 2017 - - - - (10) - - - - (10) These fair value adjustments are recognized in Interest expense in the Consolidated Statements of Income. Short-term loans, notes, and other short-term debt consisted of the following: September 30, December 31, Millions of dollars 2017 2016 $2,500 million Senior Revolving Credit Facility $ - - $ - - $900 million U.S. Receivables Securitization Facility - - - - Commercial paper 317 500 Precious metal financings 59 90 Other 5 4 Total short-term debt $ 381 $ 594 Long-Term Debt Guaranteed Notes due 2027— In March 2017 , LYB International Finance II B.V. (“LYB Finance II ”), a direct, 100 % owned finance subsi diary of LyondellBasell Industries N.V., as defined in Rule 3-10(b) of Regulation S-X, issued $1,000 million of 3.5% guaranteed notes due 2027 at a discounted price of 98.968 %. These unsecured notes, which are fully and unconditionally guaranteed by LyondellBasell Industries N.V ., rank equally in right of payment to all of LYB Finance II’s existing and future u nsecured indebtedness and to all of LyondellBasell N.V.’s existing and future unsubordinated indebtedness. There are no significant restrictions that would impede LyondellBasell N.V., as guarantor, from obtaining funds by dividend or loan from its subsidia ries. The indenture governing these notes contains limited covenants, including those restricting our ability and the ability of our subsidiaries to incur indebtedness secured by significant property or by capital stock of subsidiaries that own significant property, enter into certain sale and lease-back transactions with respect to any significant property or enter into consolidations, mergers or sales of all or substantially all of our assets. The notes may be redeemed before the date that is three months prior to the scheduled maturity date at a redemption price equal to the greater of 100% of the principal amount of the notes redeemed and the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applic able Treasury Yield plus 20 basis points) on the notes to be redeemed. The notes may also be redeemed on or after the date that is three months prior to the scheduled maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. Senior Notes due 2019 ―In March 2017, we redeemed $ 1,000 million aggregate principal amount of our outstanding 5 % senior notes due 2019 , and paid $ 65 million in make-whole premiums. In conjunction with the redemption of these notes, we recognized non-cash charges of $ 4 million for the write-off of unamortized debt issuance costs and $ 44 million for the write-off of the cumulative fair value hedge accounting adjustment related to the redeemed notes. Sho rt-Term Debt Senior Revolving Credit Facility ― In June 2017, the term of our $2,500 million revolving credit facility was extended for one year to June 2022 pursuant to a consent agreement. The revolving credit facility may be used for dollar and euro d enominated borrowings, has a $ 5 00 million sublimit for dollar and euro denominated letters of credit , a $ 1,000 million uncommitted accordion feature, and supports our commercial paper program . The aggregate balance of outstanding borrowings, including amou nts outstanding under our commercial paper program, and letters of credit under this facility may not exceed $2,500 million at any given time. Borrowings under the facility bear interest at a Base Rate or LIBOR, plus an applicable margin. Additional fees a re incurred for the average daily unused commitments. The facility contains customary covenants and warranties, including specified restrictions on indebtedness and liens. In addition, we are required to maintain a leverage ratio at the end of every fisca l quarter of 3.50 to 1.00 or less for the period covering the most recent four quarters. We are in compliance with these covenants as of September 30, 2017 . At September 30, 2017 , we had $317 million of outstanding commercial paper, no out standing letters of credit and no outstanding borrowings 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”). This program is backed by our $2,500 million Senior Revolving Credit Facility. Proceeds from the issuance of commercial paper may be used for general corporate purposes, including dividends and share repurchases. Interest rates on the commercial paper outstanding at September 30, 2017 are based on the term of the notes and range from 141 to 155 basis points. U.S. Receivables Securitization Facility ― Our $900 million U.S. accounts receivable securitization facility , which expires in 2018, has a pur chase 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 subsidi ary on an ongoing basis and without recourse . The bankruptcy-remote subsidiary may then, at its option and subject to a borrowing base of eligible receivables, sell undivided interests in the pool of trade receivables to financial institutions participatin g in the facility. In the event of liquidation, the bankruptcy-remote subsidiary’s assets will be used to satisfy the claims of its creditors prior to any assets or value in the bankruptcy-remote subsidiary becoming available to us. We are responsible for servicing the receivables. This facility also provides for the issuance of letters of credit up to $ 200 million. The term of the securitization facility may be extended in accordance with the terms of the agreement. The facility is also subject to customar y covenants and warranties, including limits and reserves and the maintenance of specified financial ratios. We are required to maintain a leverage ratio at the end of every fiscal quarter of 3.50 to 1.00 or less for the period covering the most recent fou r quarters. Performance obligations under the facility are guaranteed by the parent company. Additional fees are incurred for the average daily unused commitments. At September 30, 2017 , there were no borrowings or letters of credit under the facility. Ot her ― At September 30, 2017 and December 31, 2016 , our weighted average interest rate on outstanding short-term debt was 1. 4 % and 0.9 %, respectively. Debt Discount and Issuance Costs In the nine months ended September 30, 2017 and 2016 , amortization of debt discounts and debt issuance costs resulted in amortization expense of $ 16 million and $ 12 million, respectively, which is included in Interest expense in the Consolidated Statements of Income. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Financial Instruments and Fair Value Measurements [Text Block] | 6. Financial Instruments and Fair Value Measurements We are exposed to market risks, such as changes in commodity pricing, currency exchange rates and interest rates. To manage the volatility related to these exposures, we selectively enter into derivative transactions pursuant to our risk management policies. A summary of the Company's financial instruments, risk management policies, derivative instruments, hedging activities and fair value measurement can be found in Notes 14 and 15 to ou r Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. If applicable, updates have been included in the respective section s below. Financial Instruments Measured at Fair Value on a Recurring Basis — The following table summarizes financial instruments outstanding as of September 30, 2017 and December 31, 2016 that are measured at fair value on a recurring basis : September 30, 2017 December 31, 2016 Notional Fair Notional Fair Balance Sheet Millions of dollars Amount Value Amount Value Classification Assets– Derivatives designated as hedges: Commodities $ 22 $ - - $ 4 $ - - Prepaid expenses and other current assets Commodities 16 - - 54 3 Other assets Foreign currency - - 15 604 34 Prepaid expenses and other current assets Foreign currency 2,000 70 2,439 282 Other assets Interest rates - - 24 - - 5 Prepaid expenses and other current assets Interest rates 1,950 11 2,200 11 Other assets Derivatives not designated as hedges: Commodities 131 12 85 3 Prepaid expenses and other current assets Foreign currency 32 - - 11 - - Prepaid expenses and other current assets Non-derivatives: Available-for-sale 1,299 1,295 1,069 1,073 Short-term investments securities Total $ 5,450 $ 1,427 $ 6,466 $ 1,411 Liabilities– Derivatives designated as hedges: Commodities $ 59 $ 2 $ - - $ - - Accrued liabilities Commodities 13 - - - - - - Other liabilities Foreign currency 139 9 - - - - Accrued liabilities Foreign currency 950 120 - - - - Other liabilities Interest rates 2,050 42 1,400 20 Other liabilities Derivatives not designated as hedges: Commodities 192 16 103 11 Accrued liabilities Foreign currency 631 1 28 1 Accrued liabilities Non-derivatives: Performance share 20 20 19 19 Accrued liabilities awards Performance share 21 21 22 22 Other liabilities awards Total $ 4,075 $ 231 $ 1,572 $ 73 All derivatives and available-for-sale securities in the table s above are classified as Level 2 , ex cept for o ur limited partnership investments included in our available-for-sale securities discussed below , that are measured at fair value using the net asset per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. At September 30, 2017 , our outstanding foreign currency and commodity contracts not designated as hedges mature from October 2017 to December 2017 and from October 2017 to June 2018 , respectively. Financial Instruments Not Measured at Fair Value on a Recurring Basis —The following table presents the carrying value and estimated fair value of our financial instruments that are not measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 Carrying Fair Carrying Fair Millions of dollars Value Value Value Value Non-derivatives: Assets: Short-term loans receivable $ 561 $ 561 $ 369 $ 369 Liabilities: Short-term debt $ 59 $ 67 $ 90 $ 98 Long-term debt 8,528 9,428 8,382 9,147 Total $ 8,587 $ 9,495 $ 8,472 $ 9,245 All financial instruments in the table above are classified as Level 2. There were no transfers between Level 1 and Level 2 for any of our financial instruments during the nine months ended September 30, 2017 and the year ended December 31, 2016 . Net Investment Hedges— In August 2017 and September 2017, forward exchange contracts and basis swaps with an aggregate notional value of € 550 million expired. Upon settlement of these foreign currency contracts, we paid € 550 million ($ 658 million at the expiry spot rate ) to our counterparties and received $ 609 millio n from our counterparties. The $ 49 million loss is reflected in foreign currency translation adjustments in Accumulated other comprehensive loss. Cash flows from the settlement of these foreign currency contracts are reported in Cash flows from investing activities in the Consol idated Statement s of Cash Flows. In February 2017, we entered into € 617 million of basis swaps to reduce the volatility in stockholders’ equity resulting from changes in currency exchange rates of our foreign subsidiaries with respect to the U.S. dollar. We use the critical terms match to assess hedge effectiveness of these basis swaps by comparing the spot rate change in the basis swaps and the spot rate change in the designated net investment. In September 2016, € 450 million of our basis swaps expired. Upon settlement of these basis swap contracts , we paid € 450 million ($ 506 million at the expiry spot rate) to our counterparties and received $ 500 million from our counterparties. The $ 6 million loss is reflected in foreign currency translation adjustments in Accumulated other comprehensive loss. Cash flows from the settl ement of these basis swap contracts are reported in Cash flows from investing activities in the Consolidated Statements of Cash Flows. On March 31, 2016, we settled forward exchange contracts with an aggregate notional value of € 750 million. Upon settleme nt of these contracts, we paid € 750 million ($ 850 million at the expiry spot rate) to our counterparties and received $ 795 million from our counterparties. The $ 55 million difference, which includes a $ 30 million loss in the first quarter of 2016, is refle cted in foreign currency translations adjustments in Accumulated other comprehensive loss. Cash flows from the settlement of these forward exchange contracts are reported in Cash flows from investing activities in the Consolidated Statement s of Cash Flows. At September 30, 2017 and December 31, 2016, we had outstanding foreign currency contracts with an aggregate notional value of € 742 million ($ 789 million) and € 675 million ($ 74 3 million), respectively, designated as net investment hedges. In addition, we had outstanding foreign-currency denominated debt, with notional amounts totaling € 750 million ($ 850 million), designated as a net investment hedge at each of September 30, 2017 and December 31, 2016 . There was no ineffectiveness recorded for any of these net investment hedging relationships during the three and nine months ended September 30, 2017 and 2016 . Cash Flow Hedges— The following table summarizes our cash flow hedges outstanding at September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 Notional Notional Expiration Millions of dollars Value Value Date Foreign currency $ 2,300 $ 2,300 2021 to 2027 Interest rates 1,000 1,000 2049 Commodities 110 58 2017 to 2019 The ineffectiveness recorded for these cash flow hedging relationships was losses of less than $1 million during each of the three months ended September 30, 2017 and 2016 and losses of $1 million and $1 million during the nine months ended September 30, 2017 and 2016. As of September 30, 2017, less than $1 million (on a pretax basis) and $ 2 million (on a pretax basis) are scheduled to be reclassified as decreases to interest expense and cost of sales respectively over the next twelve m onths. Fair Value Hedges — In February 2017, we entered into U.S. dollar fixed-for-floating interest rate swaps to mitigate changes in the fair value of our $ 1,000 million 3.5 % guaranteed notes due 2027 associated with the risk of variability in the 3 Month USD LIBOR rate (the benchmark interest rate). The fixed-rate and variable-rate are settled semi-annually and quarterly, respectively. In the third quarter of 2014, we entered into U.S. dollar fixed-fo r-floating interest rate swaps to mitigate changes in the fair value of our $ 2,000 million 5 % senior notes due 2019 . In March 2017, concurrent with the redemption of $1,000 million of our outstanding 5% senior notes due 2019, we dedesignated the related $2 ,000 million fair value hedge and terminated swaps in the notional amount of $1,000 million. At the same time, we redesignated the remaining $1,000 million notional amount of swaps as a fair value hedge of the remaining $1,000 million of 5% senior notes ou tstanding. For information related to charges recognized as a result of the dedesignation of the hedging relationship, see Note 5 . At September 30, 2017 and December 31, 2016, we had outstanding interest rate contracts with aggregate notional amoun ts of $ 3,000 million and $ 2,600 million, respectively, designated as fair value hedges. Our interest rate contracts outstanding at September 30, 2017 mature from 20 19 to 2027 . The ineffectiveness related to these fair value hedging relationships resulted in net losses of $ 4 million and $ 11 million for the three months and nine months ended September 30, 2017, respectively, and net gains of $ 8 million and $ 26 million , respectively, for the three and nine months ended September 30, 2016 , respectively. Impact on Earnings and Other Comprehensive Income — The following table summarizes the pre - tax effect of derivative instruments and non-derivative instruments on Other comprehensive income and earnings for the three months ended September 30: Effect of Financial Instruments Gain (Loss) Gain (Loss) Additional Recognized Reclassified from Gain (Loss) Income in AOCI AOCI to Income Recognized in Income Statement Millions of dollars 2017 2016 2017 2016 2017 2016 Classification Derivatives designated as hedges: Commodities $ 3 $ - - $ - - $ - - $ - - $ - - Cost of sales Foreign currency (155) (52) 74 5 - - - - Other income, net Interest rates (5) (21) - - - - 3 (12) Interest expense Derivatives not designated as hedges: Commodities - - - - - - - - (6) (4) Sales and other operating revenues Commodities - - - - - - - - 6 (5) Cost of sales Foreign currency - - - - - - - - (6) 1 Other income, net Non-derivatives designated as hedges: Long-term debt (30) (2) - - - - - - - - Total $ (187) $ (75) $ 74 $ 5 $ (3) $ (20) The following table summarizes the pre - tax effect of derivative instruments and non-derivative instruments on Other comprehensive income and earnings for the nine months ended September 30: Effect of Financial Instruments Gain (Loss) Gain (Loss) Additional Recognized Reclassified from Gain (Loss) Income in AOCI AOCI to Income Recognized in Income Statement Millions of dollars 2017 2016 2017 2016 2017 2016 Classification Derivatives designated as hedges: Commodities $ (4) $ - - $ - - $ - - $ - - $ - - Cost of sales Foreign currency (403) (134) 232 52 - - - - Other income, net Interest rates (23) (175) - - - - 20 31 Interest expense Derivatives not designated as hedges: Commodities - - - - - - - - (9) 6 Sales and other operating revenues Commodities - - - - - - - - (31) (27) Cost of sales Foreign currency - - - - - - - - (7) 13 Other income, net Non-derivatives designated as hedges: Long-term debt (95) 12 - - - - - - - - Total $ (525) $ (297) $ 232 $ 52 $ (27) $ 23 Foreign currency losses recognized in other comprehensive income representing the effective portion of our net investment hedges include losses of $ 87 million and $ 265 million in the three and nine months ended September 30, 2017, respectively, and $ 6 million and $ 39 million in the three and nine months ended September 30, 2016, respectively. T he pre - tax effect of the gain s (losses) recognized in income for our fixed-for-floating interest rate swaps includes the net value of intere st accrued of $ 5 million and $ 1 8 million during the three and nine months ended September 30, 2017 and $ 6 million and $ 17 million for the three and nine months ended 2016 , respectively . Investments in Marketable Securities — The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of our available-for-sale and held-to maturity securities that are outstanding as of September 30, 2017 and December 31, 2016 : September 30, 2017 Gross Gross Unrealized Unrealized Fair Millions of dollars Cost Gains Losses Value Available-for-sale securities: Commercial paper $ 177 $ - - $ - - $ 177 Bonds 621 1 - - 622 Certificates of deposit 150 - - - - 150 Time deposits 1 - - - - 1 Limited partnership investments 350 1 (6) 345 Total available-for-sale securities $ 1,299 $ 2 $ (6) $ 1,295 December 31, 2016 Gross Gross Unrealized Unrealized Fair Millions of dollars Cost Gains Losses Value Available-for-sale securities: Commercial paper $ 232 $ - - $ - - $ 232 Bonds 141 - - - - 141 Certificates of deposit 347 1 - - 348 Limited partnership investments 350 2 - - 352 Total available-for-sale securities $ 1,070 $ 3 $ - - $ 1,073 Held-to-maturity securities: Time deposits $ 74 $ - - $ - - $ 74 At September 30, 2017 and December 31, 2016 , we had marketable securities classified as Cash and cash equivalents of $ 725 million and $ 351 million, respectively. N o losses related to other-than-temporary impairments of our available-for-sale and held-to-maturity investments have been recorded in Accumulated other comprehensive loss during the three and nine months ended September 30, 2017 and the year ended December 31, 2016 . As of September 30, 2017 , our available-for-sale securities had the following maturities: commercial paper securities held by the Company had maturities between five and six months; bonds had maturities between seven and thirty - seven months ; certificates of deposit mature within six months ; and limited partnership investments mature between one and three months. The proceeds from maturities and sales of our available-for-sale securities during the three and nine months ended September 30, 2017 and 2016 are summarized in the following table: Three Months Ended Nine Months Ended September 30, September 30, Millions of dollars 2017 2016 2017 2016 Proceeds from maturities of securities $ 12 $ 8 $ 499 $ 665 Proceeds from sales of securities - - - - - - - - No gain or loss was realized in con nection with the sales of our available-for-sale securities during the three and nine months ended September 30, 2017 and 2016. During the nine months ended September 30, 2017, we had maturities of our held-to-maturity securities of $ 75 million. During the three and nine months ended September 30, 2017, we had no sales of our held-to-maturity securities and we had no transfers of investments classified as held-to-maturity to available-for-sale. The following table summarizes the fair value and unrealized losses related to available-for-sale and held-to-maturity securities that were in a continuous unrealized loss position for less than and greater than twelve months as of September 30, 2017 and December 31, 2016 : September 30, 2017 Less than 12 months Greater than 12 months Fair Unrealized Fair Unrealized Millions of dollars Value Loss Value Loss Available-for-sale securities: Limited partnership investments $ 122 $ (5) $ 105 $ (2) December 31, 2016 Less than 12 months Greater than 12 months Fair Unrealized Fair Unrealized Millions of dollars Value Loss Value Loss Available-for-sale securities: Limited partnership investments $ - - $ - - $ 105 $ (3) Foreign Currency Gain (Loss) ―Other income , net, in the Consolidated Statements of Income reflected losses of less than $1 million and $6 million for the three and nine months ended September 30, 2017 , respectively, and a gain of $ 1 million and a loss of $ 5 million for the three and nine months ended September 30, 2016 , respectively . Repurchase Agreements ― At September 30, 2017 and December 31, 2016 , we had investments in tri-party repurchase agreements of $ 561 million and $ 369 million, respectively. Depending upon maturity, t hese tri-party repurchase agreements are treated as short-term loans receivable and are reflected in Prepaid expenses and other current assets or as long-term loans recei vable reflected in Other investments and long-term receivables on our Co nsolidated Balance Sheets . |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2017 | |
Pension and Other Postretirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits [Text Block] | 7 . Pension and Other Postretirement Benefits Net periodic pension benefits included the following cost components for the periods presented : U.S. Plans Three Months Ended Nine Months Ended September 30, September 30, Millions of dollars 2017 2016 2017 2016 Service cost $ 11 $ 11 $ 35 $ 33 Interest cost 15 22 45 66 Expected return on plan assets (30) (34) (91) (104) Actuarial and investment loss amortization 5 5 16 15 Net periodic benefit costs $ 1 $ 4 $ 5 $ 10 Non-U.S. Plans Three Months Ended Nine Months Ended September 30, September 30, Millions of dollars 2017 2016 2017 2016 Service cost $ 9 $ 8 $ 28 $ 24 Interest cost 5 8 16 24 Expected return on plan assets (4) (6) (13) (18) Actuarial and investment loss amortization 4 2 11 6 Net periodic benefit costs $ 14 $ 12 $ 42 $ 36 Net periodic other postretirement benefits included the following cost components for the periods presented: U.S. Plans Three Months Ended Nine Months Ended September 30, September 30, Millions of dollars 2017 2016 2017 2016 Service cost $ - - $ - - $ 2 $ 2 Interest cost 3 3 7 9 Net periodic benefit costs $ 3 $ 3 $ 9 $ 11 Non-U.S. Plans Three Months Ended Nine Months Ended September 30, September 30, Millions of dollars 2017 2016 2017 2016 Service cost $ 1 $ - - $ 2 $ 1 Interest cost - - - - 1 1 Actuarial loss amortization 1 1 2 2 Net periodic benefit costs $ 2 $ 1 $ 5 $ 4 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Taxes [Abstract] | |
Income Taxes [Text Block] | 8 . Income Taxes Our effective income tax rate for the three months ended September 30, 2017 was 26.4% compared with 25.4% for the three months ended September 30, 2016 . For the nine months ended September 30, 2017 , the effective income tax rate was 27.8% compared with 26.4% for the first nine months ended September 30, 2016 . Our effective income tax rate fluctuates based on, among other factors, changes in pretax income in countries with varying statut ory tax rates, the U.S. domestic production activity deduction, changes in valuation allowances, changes in foreign exchange gains/losses, the amount of exempt income, and changes in unrecognized tax benefits associated with uncertain tax positions. Compar ed with the third quarter of 2016, the higher effective tax rate for the third quarter of 2017 was primarily attributable to changes in pretax income in countries with varying statutory tax rates, prior year adjustments to our deferred tax liabilities, and an increase in foreign currency exchange gains, partially offset by an increase in exempt income, and an increase in U.S. domestic production activity deduction. Compared with the first nine months of 2016, the higher effective tax rate for the first nine months of 2017 was primarily attributable to changes in valuation allowances, changes in pretax income in countries with varying statutory tax rates, a decrease in exempt income, and prior year adjustments to our deferred tax liabilities, partially offset by an increase in U.S. domestic production activity deduction. We operate in multiple jurisdictions throughout the world, and our tax returns are periodically audited or subjected to review by tax authorities. The Company is currently under examination in a number of tax jurisdictions. As a result, there is an uncertainty in income taxes recognized in the Company's financial statements. Tax benefits totaling $ 552 million and $ 546 million were unrecognized as of September 30, 2017 and December 31, 2016, respectively. Positions challenged by the tax authorities may be settled or appealed by the Company. It is reasonably possible that, within the next twelve months, due to the settlement of uncertain tax positions with various tax authorities and the expi ration of statutes of limitations, unrecognized tax benefits could decrease by up to approximately $ 90 million. We monitor income tax developments (including, for example, the U.S. tax reform proposals and the European Union’s state aid investigations) in countries where we conduct business. Recently, there has been an increase in attention, both in the U.K. and globally, to the tax practices of multinational companies, including proposals by the Organization for Economic Cooperation and Development with respect to base erosion and profit shifting. Such attention may result in legislative changes that could affect our tax rate. Management does not believe that recent changes in income tax laws will have a material impact on our Consolidated Finan cial Statements, although new or proposed changes to tax laws could affect our tax liabilities in the future. In October 2016, the U.S. Treasury issued final Section 385 debt-equity regulations that may impact our internal financings in future years. Purs uant to an Executive Order, the Treasury Department reviewed these regulations and recently concluded to partially retain the regulations pending potential enactment of U . S . tax reform, which is expected to make it possible for the regulations to be revoke d. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies [Text Block] | 9 . Commitments and Contingencies Financial Assurance Instruments —We have obtained letters of credit, performance and surety bonds and have issued financial and performance guarantees to support trade payables, potential liabilities and other obligations. Considering the frequency of claims made against the financial instruments we use to support our obligations, and the magnitude of those financial instruments in light of our current financial position, management does not expect that any claims against or draws on these instruments would have a material adverse effect on our Consolidated Financial Statements. We have not experienced any unmanageable difficulty in obtaining the require d 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 $ 99 million and $ 95 million as of September 30, 2017 and December 31, 2016 , respectively. At September 30, 2017 , the accrued liabilities for individual sites range from less than $1 million to $1 7 million . The remediation expenditures are expected to occur o ver a number of years, and not to be 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 addit ional losses. New information about sites, new technology or future developments such as involvement in investigations by regulatory agencies, could require us to reassess our potential exposure related to environmental matters . The following table summarizes the activity in our accrued environmental liability included in “Accrued liabilities” and “Other liabilities : ” Nine Months Ended September 30, Millions of dollars 2017 2016 Beginning balance $ 95 $ 106 Additional provision - - 3 Changes in estimates 3 10 Amounts paid (7) (16) Foreign exchange effects 8 2 Ending balance $ 99 $ 105 Access Indemnity Demand ―In December 2010, one of our subsidiaries received demand letters from affiliates of Access Industries (collectively, “Access Entities”), a more than five percent shareholder of the Company , demanding indemnity for losses, including attorney’s fees and expenses, arising out of a pending lawsuit styled Edward S. Weisfelner, as Litigation Trustee of the LB Litigation Trust v. Leonard Blavatnik, et al., Adversary Proceeding No. 09-1375 (REG), in the United States Bankruptcy Cou rt, Southern District of New York. In the Weisfelner lawsuit, the plaintiffs seek to recover from Access the return of all amounts earned by the Access Entities related to their purchase of shares of Lyondell Chemical prior to its acquisition by Basell AF S.C.A.; distributions by Basell AF S.C.A. to its shareholders before it acquired Lyondell Chemical; and management and transaction fees and expenses. Trial of the lawsuit was held in October 2016 . In April 2017, the court awarded $ 7.2 million to the plaint iffs and denied all other relief, and in May 2017 the court issued its Final Judgment reflecting this ruling. With prejudgment interest included, the total Final Judgment is $ 12.6 million. In May 2017 , the p laintiffs filed an appeal of this Final Judgmen t to the Federal District Court for the Southern District of New York. That appeal remains pending. The Access Entities have also demanded $ 100 million in management fees under a 2007 management agreement between an Access affiliate and the predecessor of LyondellBasell AF, as well as other unspecified amounts relating to advice purportedly given in connection with financing and other strategic transactions. In June 2009, an Access affiliate filed a proof of claim in Bankruptcy Court against LyondellBasell AF seeking “no less than ” $ 72 3 thousand for amounts allegedly owed under the 2007 management agreement . In April 2011, Lyondell Chemical filed an objection to the claim and brought a declaratory judgment action for a determination that the demands are not valid. The declaratory judgment action is stayed pending the outcome of the Weisfelner lawsuit. We do not believe that the 2007 management agreement is in effect or that the Company or any Company-affiliated entity owes any obligations under the managemen t agreement, including for management fees or for indemnification. We intend to vigorously defend our position in any proceedings and against any claims or demands that may be asserted. Although the court issued its Final Judgment in Weisfelner in May 2017 as noted above, it remains on appeal and subject to further potential appeal by the parties. Accordingly, w e cannot at this time estimate the reasonably possible loss or range of loss that may be incur red . 409A Matter —Certain of the Company’s current and former executives were being audited by the Internal Revenue Service for the 2012 tax year regarding the treatment of their Company stock options under Section 409A of the Internal Revenue Code. In early 2017, the audits were settled and the Company has i ncurred an aggregate of $ 1.7 million for all liabilities relating to the 2012 tax year. The Company believes that any additional future liability that may arise related to this issue will not be material. 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/o r 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 p rovisions pertaining to third party claims relating to environmental and tax matters and various types of litigation. As of September 30, 2017 , 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 und er 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 five to ten years . |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity [Text Block] | 10 . Stockholders’ Equity Dividend distributions ―The following table summarizes the dividends paid in the periods presented: Dividend Per Aggregate Ordinary Dividends Millions of dollars, except per share amounts Share Paid Date of Record March $ 0.85 $ 343 March 6, 2017 June 0.90 361 June 5, 2017 September 0.90 356 + September 6, 2017 $ 2.65 $ 1,060 Share Repurchase Program s — In May 2017 , our shareholders approved a proposal to authoriz e us to repurchase up to an additional 10 % of our outstanding ordinary shares through November 2018 (“May 2017 Share Repurchase Program”). As a result , the authorization of the remaining unpurchased shares under the share repurchase program approved by our shareholders in May 2016 (“May 2016 Share Repurchase Program”) was super s eded . These repurchases, which are determined at the discretion of our Management Board, may be execut ed from time to time through open market or privately negotiated transactions. The repurchased shares, which are recorded at cost, are recorded as Treasury stock and may be retired or used for general corporate purposes, including for various employee bene fit and compensation plans. The following table summarizes our share repurchase activity for the periods presented: Nine Months Ended September 30, 2017 Average Total Purchase Shares Purchase Price, Including Millions of dollars, except shares and per share amounts Repurchased Price Commissions May 2016 Share Repurchase Program 3,501,084 $ 85.71 $ 300 May 2017 Share Repurchase Program 6,516,917 83.54 545 10,018,001 $ 84.30 $ 845 Nine Months Ended September 30, 2016 Average Total Purchase Shares Purchase Price, Including Millions of dollars, except shares and per share amounts Repurchased Price Commissions May 2015 Share Repurchase Program 15,302,707 $ 80.15 $ 1,226 May 2016 Share Repurchase Program 16,091,214 77.73 1,251 31,393,921 $ 78.91 $ 2,477 Due to the timing of settlements, total cash paid for share repurchases for the nine months ended September 30, 2017 and 2016 was $866 million and $2,501 million, respe ctively . Ordinary Shares —The changes in the outstanding amounts of ordinary shares are as follows: Nine Months Ended September 30, 2017 2016 Ordinary shares outstanding: Beginning balance 404,046,331 440,150,069 Share-based compensation 343,663 338,103 Warrants expired or exercised 4,184 200 Employee stock purchase plan 81,964 71,108 Repurchase of ordinary shares (10,018,001) (31,393,921) Ending balance 394,458,141 409,165,559 Treasury Shares— The changes in the amounts of treasury shares held by the Company are as follows: Nine Months Ended September 30, 2017 2016 Ordinary shares held as treasury shares: Beginning balance 174,389,139 138,285,201 Share-based compensation (343,663) (338,103) Warrants exercised 509 - - Employee stock purchase plan (81,964) (71,108) Repurchase of ordinary shares 10,018,001 31,393,921 Ending balance 183,982,022 169,269,911 Accumulated O ther C omprehensive Income (Loss) — The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the nine months ended September 30, 2017 and 2016 are presented in the following table : Net Unrealized Net Holding Unrealized Gains Defined Holding (Losses) Pension Foreign Gains Attributable and Other Currency Financial (Losses) on to Equity Postretirement Translation Millions of dollars Derivatives Investments Investees Benefit Plans Adjustments Total Balance – January 1, 2017 $ (75) $ 1 $ - - $ (498) $ (939) $ (1,511) Other comprehensive income (loss) before reclassifications (187) (5) 14 - - 143 (35) Amounts reclassified from Accumulated other comprehensive loss 167 - - - - 20 - - 187 Net other comprehensive income (20) (5) 14 20 143 152 (loss) Balance – September 30, 2017 $ (95) $ (4) $ 14 $ (478) $ (796) $ (1,359) Balance – January 1, 2016 $ (79) $ (5) $ - - $ (428) $ (926) $ (1,438) Other comprehensive income (loss) before reclassifications (201) (7) - - - - 80 (128) Amounts reclassified from Accumulated other comprehensive loss 52 - - - - 15 7 74 Net other comprehensive income (loss) (149) (7) - - 15 87 (54) Balance – September 30, 2016 $ (228) $ (12) $ - - $ (413) $ (839) $ (1,492) The amounts reclassified out of each component of A ccumulated other comprehensive loss are as follows: Three Months Ended Nine Months Ended Affected line item on September 30, September 30, the Consolidated Millions of dollars 2017 2016 2017 2016 Statements of Income Reclassification adjustments for: Financial derivatives $ 74 $ 5 $ 232 $ 52 Other income, net Defined pension and other postretirement benefit plan items: Amortization of: Prior service cost - - 1 - - 1 Actuarial loss 10 8 29 23 Foreign currency translation adjustments - - 7 - - 7 Other income, net Reclassifications, before tax 84 21 261 83 Income tax expense 21 4 74 9 Provision for income taxes Amounts reclassified out of Accumulated other comprehensive loss $ 63 $ 17 $ 187 $ 74 Amortization of a ctuarial loss and prio r service cost is included in the computation of net periodic pension and other postretirement benefit costs (see Note 7 ). |
Per Share Data
Per Share Data | 9 Months Ended |
Sep. 30, 2017 | |
Per Share Data [Abstract] | |
Per Share Data [Text Block] | 11 . Per Share Data Basic earnings per share is based upon the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share includes the effect of certain stock option awards and other equity-based compensation awards . We have unvested restricted stock units that are considered participating securities for earnings per share. Earnings per share data and dividends declared per share of common stock are as follows: Three Months Ended September 30, 2017 2016 Continuing Discontinued Continuing Discontinued Millions of dollars Operations Operations Operations Operations Net income (loss) $ 1,058 $ (2) $ 955 $ (2) Less: net (income) loss attributable to 1 - - (1) - - non-controlling interests Net income (loss) attributable to the 1,059 (2) 954 (2) Company shareholders Net income attributable to (1) - - (1) - - participating securities Net income (loss) attributable to ordinary shareholders – basic and diluted $ 1,058 $ (2) $ 953 $ (2) Millions of shares, except per share amounts Basic weighted average common stock 395 395 413 413 outstanding Effect of dilutive securities: PSU awards - - - - 1 1 Potential dilutive shares 395 395 414 414 Earnings (loss) per share: Basic $ 2.67 $ - - $ 2.31 $ (0.01) Diluted $ 2.67 $ - - $ 2.31 $ (0.01) Millions of shares Participating securities 0.4 0.4 0.4 0.4 Dividends declared per share of common stock $ 0.90 $ - - $ 0.85 $ - - Nine Months Ended September 30, 2017 2016 Continuing Discontinued Continuing Discontinued Millions of dollars Operations Operations Operations Operations Net income (loss) $ 2,997 $ (14) $ 3,077 $ (3) Less: net (income) loss attributable to 2 - - (1) - - non-controlling interests Net income (loss) attributable to the 2,999 (14) 3,076 (3) Company shareholders Net income attributable to (3) - - (3) - - participating securities Net income (loss) attributable to ordinary shareholders – basic and diluted $ 2,996 $ (14) $ 3,073 $ (3) Millions of shares, except per share amounts Basic weighted average common stock 400 400 423 423 outstanding Effect of dilutive securities: PSU awards - - - - 1 1 Potential dilutive shares 400 400 424 424 Earnings (loss) per share: Basic $ 7.49 $ (0.03) $ 7.26 $ (0.01) Diluted $ 7.49 $ (0.03) $ 7.24 $ (0.01) Millions of shares Participating securities 0.4 0.4 0.4 0.4 Dividends declared per share of common stock $ 2.65 $ - - $ 2.48 $ - - |
Segment and Related Information
Segment and Related Information | 9 Months Ended |
Sep. 30, 2017 | |
Segment and Related Information [Abstract] | |
Segment and Related Information [Text Block] | 12 . Segment and Related Information Our operations are managed through five operating segments, as shown below . We disclose the results of each of our operating segments in accordance with ASC 280, Segment Reporting . Each of our operating segments is managed by a senior executive reporting directly to our Chief Executive Officer , the chief operating decision maker. D iscrete financial information is available for each of the segments , and o ur Chief Executive Officer uses the opera ting 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 , including polypropylene compounds. Intermediates and Derivatives (“I&D”). Our I&D segment produces and markets propylene oxide and its co-products and derivatives, oxyfuels and related products and intermediate chemicals such as styrene mono mer, acetyls, ethylene oxide and ethylene glycol. Refining . Our Refining segment refines heavy, high-sulfur crude oils and other crude oils of varied types and sources available on the U.S. Gulf Coast into refined products, including gasoline and distillat es. 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 our segments’ pr ofitability and therefore, in accordance with ASC 280, Segment Reporting , we have presented EBITDA for all segments. We define EBITDA as earnings before interest, taxes and depreciation and amortization. Intersegment eliminations and i tems that are not di rectly related or allocated to business operations are incl u ded in “Other.” Sales between segments are made primarily at prices approximating prevailing market prices. Summarized financial information concerning reportable segments is shown in the following table for the periods presented : Three Months Ended September 30, 2017 O&P– O&P– Millions of dollars Americas EAI I&D Refining Technology Other Total Sales and other operating revenues: Customers $ 1,817 $ 3,096 $ 2,043 $ 1,491 $ 69 $ - - $ 8,516 Intersegment 632 56 34 179 29 (930) - - 2,449 3,152 2,077 1,670 98 (930) 8,516 Income from equity investments 8 69 4 - - - - - - 81 EBITDA 616 698 402 58 47 - - 1,821 Three Months Ended September 30, 2016 O&P– O&P– Millions of dollars Americas EAI I&D Refining Technology Other Total Sales and other operating revenues: Customers $ 1,740 $ 2,585 $ 1,769 $ 1,192 $ 80 $ (1) $ 7,365 Intersegment 602 49 36 138 22 (847) - - 2,342 2,634 1,805 1,330 102 (848) 7,365 Income from equity investments 12 67 2 - - - - - - 81 EBITDA 682 584 304 (10) 45 1 1,606 Nine Months Ended September 30, 2017 O&P – O&P – Millions of dollars Americas EAI I&D Refining Technology Other Total Sales and other operating revenues: Customers $ 5,631 $ 9,029 $ 6,142 $ 4,306 $ 241 $ - - $ 25,349 Intersegment 1,969 155 99 430 84 (2,737) - - 7,600 9,184 6,241 4,736 325 (2,737) 25,349 Income from equity investments 33 202 5 - - - - - - 240 EBITDA 2,198 1,926 1,080 53 155 (4) 5,408 Nine Months Ended September 30, 2016 O&P – O&P – Millions of dollars Americas EAI I&D Refining Technology Other Total Sales and other operating revenues: Customers $ 4,978 $ 7,805 $ 5,186 $ 3,179 $ 288 $ - - $ 21,436 Intersegment 1,690 128 90 395 75 (2,378) - - 6,668 7,933 5,276 3,574 363 (2,378) 21,436 Income from equity investments 54 232 3 - - - - - - 289 EBITDA 2,314 1,669 1,027 (9) 201 (6) 5,196 Our O&P–Americas results for the first nine months of 2017 include a $ 31 million gain on the first quarter sale of our Lake Charles, Louisiana site. EBITDA for our O&P–EAI segment in the third quarter and first nine months of 2017 includes a $ 108 million gain on the sale of our 27 % interest in Geosel and the first nine months of 2017 also includes a $ 21 million non-cash gain stemming from the elimination of an obligation associated with a lease. In the first nine months of 2016, our O&P–Americas and O&P–EAI segments also benefited from gains of $ 57 million and $ 21 million, respectively, related to the sale of our wholly owned Arg entine subsidiary, Petroken Petroquimica Ensenada S.A . 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 September 30, Nine Months Ended September 30, Millions of dollars 2017 2016 2017 2016 EBITDA: Total segment EBITDA $ 1,821 $ 1,605 $ 5,412 $ 5,202 Other EBITDA - - 1 (4) (6) Less: Depreciation and amortization expense (294) (257) (876) (791) Interest expense (94) (72) (396) (237) Add: Interest income 5 4 15 13 Income from continuing operations before income taxes $ 1,438 $ 1,281 $ 4,151 $ 4,181 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventories [Abstract] | |
Schedule of inventory, current [Table Text Block] | Inventories consisted of the following components: September 30, December 31, Millions of dollars 2017 2016 Finished goods $ 2,705 $ 2,575 Work-in-process 188 154 Raw materials and supplies 1,284 1,080 Total inventories $ 4,177 $ 3,809 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt [Abstract] | |
Schedule of long-term debt [Table Text Block] | Long-term loans, notes and other long-term debt consisted of the following: September 30, December 31, Millions of dollars 2017 2016 Senior Notes due 2019, $2,000 million, 5.0% ($3 million of debt issuance cost) $ 959 $ 1,906 Senior Notes due 2021, $1,000 million, 6.0% ($ 8 million of debt issuance cost) 990 988 Senior Notes due 2024, $1,000 million, 5.75% ($ 8 million of debt issuance cost) 992 991 Senior Notes due 2055, $1,000 million, 4.625% ($ 16 million of discount; $ 11 million of debt issuance cost) 973 972 Guaranteed Notes due 2044, $1,000 million, 4.875% ($ 11 million of discount; $ 10 million of debt issuance cost) 979 979 Guaranteed Notes due 2043, $750 million, 5.25% ($ 21 million of discount; $ 7 million of debt issuance cost) 722 721 Guaranteed Notes due 2023, $750 million, 4.0% ($ 6 million of discount; $ 4 million of debt issuance cost) 740 739 Guaranteed Notes due 2027, $300 million, 8.1% 300 300 Guaranteed Notes due 2022, €750 million, 1.875% ($3 million of discount; $3 million of debt issuance cost) 880 785 Guaranteed Notes due 2027, $1,000 million, 3.5% ($ 10 million of discount; $ 8 million of debt issuance cost) 992 - - Other 7 6 Total 8,534 8,387 Less current maturities (3) (2) Long-term debt $ 8,531 $ 8,385 Gains (losses) related to fair value adjustments associated with the fair value hedge accounting of our fixed-for-floating interest rate swaps for the applicable periods are as follows: Cumulative Three Months Ended Nine Months Ended Year Ended Amount Inception September 30, September 30, December 31, Since Millions of dollars Year 2017 2016 2017 2016 2016 Inception Senior Notes due 2019, 5.0% 2014 $ (4) $ 26 $ (46) $ 11 $ 42 $ 38 Senior Notes due 2021, 6.0% 2016 2 - - (1) - - 3 2 Guaranteed Notes due 2027, 3.5% 2017 - - - - (10) - - - - (10) These 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 short-term debt consisted of the following: September 30, December 31, Millions of dollars 2017 2016 $2,500 million Senior Revolving Credit Facility $ - - $ - - $900 million U.S. Receivables Securitization Facility - - - - Commercial paper 317 500 Precious metal financings 59 90 Other 5 4 Total short-term debt $ 381 $ 594 |
Financial Instruments and Fai23
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Summary of fair value of outstanding financial instruments [Table Text Block] | Financial Instruments Measured at Fair Value on a Recurring Basis — The following table summarizes financial instruments outstanding as of September 30, 2017 and December 31, 2016 that are measured at fair value on a recurring basis : September 30, 2017 December 31, 2016 Notional Fair Notional Fair Balance Sheet Millions of dollars Amount Value Amount Value Classification Assets– Derivatives designated as hedges: Commodities $ 22 $ - - $ 4 $ - - Prepaid expenses and other current assets Commodities 16 - - 54 3 Other assets Foreign currency - - 15 604 34 Prepaid expenses and other current assets Foreign currency 2,000 70 2,439 282 Other assets Interest rates - - 24 - - 5 Prepaid expenses and other current assets Interest rates 1,950 11 2,200 11 Other assets Derivatives not designated as hedges: Commodities 131 12 85 3 Prepaid expenses and other current assets Foreign currency 32 - - 11 - - Prepaid expenses and other current assets Non-derivatives: Available-for-sale 1,299 1,295 1,069 1,073 Short-term investments securities Total $ 5,450 $ 1,427 $ 6,466 $ 1,411 Liabilities– Derivatives designated as hedges: Commodities $ 59 $ 2 $ - - $ - - Accrued liabilities Commodities 13 - - - - - - Other liabilities Foreign currency 139 9 - - - - Accrued liabilities Foreign currency 950 120 - - - - Other liabilities Interest rates 2,050 42 1,400 20 Other liabilities Derivatives not designated as hedges: Commodities 192 16 103 11 Accrued liabilities Foreign currency 631 1 28 1 Accrued liabilities Non-derivatives: Performance share 20 20 19 19 Accrued liabilities awards Performance share 21 21 22 22 Other liabilities awards Total $ 4,075 $ 231 $ 1,572 $ 73 All derivatives and available-for-sale securities in the table s above are classified as Level 2 , ex cept for o ur limited partnership investments included in our available-for-sale securities discussed below , that are measured at fair value using the net asset per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. |
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 financial instruments that are not measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 Carrying Fair Carrying Fair Millions of dollars Value Value Value Value Non-derivatives: Assets: Short-term loans receivable $ 561 $ 561 $ 369 $ 369 Liabilities: Short-term debt $ 59 $ 67 $ 90 $ 98 Long-term debt 8,528 9,428 8,382 9,147 Total $ 8,587 $ 9,495 $ 8,472 $ 9,245 All financial instruments in the table above are classified as Level 2. There were no transfers between Level 1 and Level 2 for any of our financial instruments during the nine months ended September 30, 2017 and the year ended December 31, 2016 . |
Summary of cash flow hedges [Table Text Block] | Cash Flow Hedges— The following table summarizes our cash flow hedges outstanding at September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 Notional Notional Expiration Millions of dollars Value Value Date Foreign currency $ 2,300 $ 2,300 2021 to 2027 Interest rates 1,000 1,000 2049 Commodities 110 58 2017 to 2019 The ineffectiveness recorded for these cash flow hedging relationships was losses of less than $1 million during each of the three months ended September 30, 2017 and 2016 and losses of $1 million and $1 million during the nine months ended September 30, 2017 and 2016. |
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 table summarizes the pre - tax effect of derivative instruments and non-derivative instruments on Other comprehensive income and earnings for the three months ended September 30: Effect of Financial Instruments Gain (Loss) Gain (Loss) Additional Recognized Reclassified from Gain (Loss) Income in AOCI AOCI to Income Recognized in Income Statement Millions of dollars 2017 2016 2017 2016 2017 2016 Classification Derivatives designated as hedges: Commodities $ 3 $ - - $ - - $ - - $ - - $ - - Cost of sales Foreign currency (155) (52) 74 5 - - - - Other income, net Interest rates (5) (21) - - - - 3 (12) Interest expense Derivatives not designated as hedges: Commodities - - - - - - - - (6) (4) Sales and other operating revenues Commodities - - - - - - - - 6 (5) Cost of sales Foreign currency - - - - - - - - (6) 1 Other income, net Non-derivatives designated as hedges: Long-term debt (30) (2) - - - - - - - - Total $ (187) $ (75) $ 74 $ 5 $ (3) $ (20) The following table summarizes the pre - tax effect of derivative instruments and non-derivative instruments on Other comprehensive income and earnings for the nine months ended September 30: Effect of Financial Instruments Gain (Loss) Gain (Loss) Additional Recognized Reclassified from Gain (Loss) Income in AOCI AOCI to Income Recognized in Income Statement Millions of dollars 2017 2016 2017 2016 2017 2016 Classification Derivatives designated as hedges: Commodities $ (4) $ - - $ - - $ - - $ - - $ - - Cost of sales Foreign currency (403) (134) 232 52 - - - - Other income, net Interest rates (23) (175) - - - - 20 31 Interest expense Derivatives not designated as hedges: Commodities - - - - - - - - (9) 6 Sales and other operating revenues Commodities - - - - - - - - (31) (27) Cost of sales Foreign currency - - - - - - - - (7) 13 Other income, net Non-derivatives designated as hedges: Long-term debt (95) 12 - - - - - - - - Total $ (525) $ (297) $ 232 $ 52 $ (27) $ 23 Foreign currency losses recognized in other comprehensive income representing the effective portion of our net investment hedges include losses of $ 87 million and $ 265 million in the three and nine months ended September 30, 2017, respectively, and $ 6 million and $ 39 million in the three and nine months ended September 30, 2016, respectively. T he pre - tax effect of the gain s (losses) recognized in income for our fixed-for-floating interest rate swaps includes the net value of intere st accrued of $ 5 million and $ 1 8 million during the three and nine months ended September 30, 2017 and $ 6 million and $ 17 million for the three and nine months ended 2016 , respectively . |
Summary of marketable securities [Table Text Block] | Investments in Marketable Securities — The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of our available-for-sale and held-to maturity securities that are outstanding as of September 30, 2017 and December 31, 2016 : September 30, 2017 Gross Gross Unrealized Unrealized Fair Millions of dollars Cost Gains Losses Value Available-for-sale securities: Commercial paper $ 177 $ - - $ - - $ 177 Bonds 621 1 - - 622 Certificates of deposit 150 - - - - 150 Time deposits 1 - - - - 1 Limited partnership investments 350 1 (6) 345 Total available-for-sale securities $ 1,299 $ 2 $ (6) $ 1,295 December 31, 2016 Gross Gross Unrealized Unrealized Fair Millions of dollars Cost Gains Losses Value Available-for-sale securities: Commercial paper $ 232 $ - - $ - - $ 232 Bonds 141 - - - - 141 Certificates of deposit 347 1 - - 348 Limited partnership investments 350 2 - - 352 Total available-for-sale securities $ 1,070 $ 3 $ - - $ 1,073 Held-to-maturity securities: Time deposits $ 74 $ - - $ - - $ 74 At September 30, 2017 and December 31, 2016 , we had marketable securities classified as Cash and cash equivalents of $ 725 million and $ 351 million, respectively. The proceeds from maturities and sales of our available-for-sale securities during the three and nine months ended September 30, 2017 and 2016 are summarized in the following table: Three Months Ended Nine Months Ended September 30, September 30, Millions of dollars 2017 2016 2017 2016 Proceeds from maturities of securities $ 12 $ 8 $ 499 $ 665 Proceeds from sales of securities - - - - - - - - No gain or loss was realized in con nection with the sales of our available-for-sale securities during the three and nine months ended September 30, 2017 and 2016. The following table summarizes the fair value and unrealized losses related to available-for-sale and held-to-maturity securities that were in a continuous unrealized loss position for less than and greater than twelve months as of September 30, 2017 and December 31, 2016 : September 30, 2017 Less than 12 months Greater than 12 months Fair Unrealized Fair Unrealized Millions of dollars Value Loss Value Loss Available-for-sale securities: Limited partnership investments $ 122 $ (5) $ 105 $ (2) December 31, 2016 Less than 12 months Greater than 12 months Fair Unrealized Fair Unrealized Millions of dollars Value Loss Value Loss Available-for-sale securities: Limited partnership investments $ - - $ - - $ 105 $ (3) |
Pension and Other Postretirem24
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Pension and Other Postretirement Benefits [Abstract] | |
Schedule of the components of net periodic benefit costs (credits) [TableText Block] | Net periodic pension benefits included the following cost components for the periods presented : U.S. Plans Three Months Ended Nine Months Ended September 30, September 30, Millions of dollars 2017 2016 2017 2016 Service cost $ 11 $ 11 $ 35 $ 33 Interest cost 15 22 45 66 Expected return on plan assets (30) (34) (91) (104) Actuarial and investment loss amortization 5 5 16 15 Net periodic benefit costs $ 1 $ 4 $ 5 $ 10 Non-U.S. Plans Three Months Ended Nine Months Ended September 30, September 30, Millions of dollars 2017 2016 2017 2016 Service cost $ 9 $ 8 $ 28 $ 24 Interest cost 5 8 16 24 Expected return on plan assets (4) (6) (13) (18) Actuarial and investment loss amortization 4 2 11 6 Net periodic benefit costs $ 14 $ 12 $ 42 $ 36 Net periodic other postretirement benefits included the following cost components for the periods presented: U.S. Plans Three Months Ended Nine Months Ended September 30, September 30, Millions of dollars 2017 2016 2017 2016 Service cost $ - - $ - - $ 2 $ 2 Interest cost 3 3 7 9 Net periodic benefit costs $ 3 $ 3 $ 9 $ 11 Non-U.S. Plans Three Months Ended Nine Months Ended September 30, September 30, Millions of dollars 2017 2016 2017 2016 Service cost $ 1 $ - - $ 2 $ 1 Interest cost - - - - 1 1 Actuarial loss amortization 1 1 2 2 Net periodic benefit costs $ 2 $ 1 $ 5 $ 4 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies [Abstract] | |
Schedule of environmental loss contingencies [Table Text Block] | The following table summarizes the activity in our accrued environmental liability included in “Accrued liabilities” and “Other liabilities : ” Nine Months Ended September 30, Millions of dollars 2017 2016 Beginning balance $ 95 $ 106 Additional provision - - 3 Changes in estimates 3 10 Amounts paid (7) (16) Foreign exchange effects 8 2 Ending balance $ 99 $ 105 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity [Abstract] | |
Dividends declared [Table Text Block] | Dividend distributions ―The following table summarizes the dividends paid in the periods presented: Dividend Per Aggregate Ordinary Dividends Millions of dollars, except per share amounts Share Paid Date of Record March $ 0.85 $ 343 March 6, 2017 June 0.90 361 June 5, 2017 September 0.90 356 + September 6, 2017 $ 2.65 $ 1,060 |
Schedule of share repurchase programs [Table Text Block] | The following table summarizes our share repurchase activity for the periods presented: Nine Months Ended September 30, 2017 Average Total Purchase Shares Purchase Price, Including Millions of dollars, except shares and per share amounts Repurchased Price Commissions May 2016 Share Repurchase Program 3,501,084 $ 85.71 $ 300 May 2017 Share Repurchase Program 6,516,917 83.54 545 10,018,001 $ 84.30 $ 845 Nine Months Ended September 30, 2016 Average Total Purchase Shares Purchase Price, Including Millions of dollars, except shares and per share amounts Repurchased Price Commissions May 2015 Share Repurchase Program 15,302,707 $ 80.15 $ 1,226 May 2016 Share Repurchase Program 16,091,214 77.73 1,251 31,393,921 $ 78.91 $ 2,477 Due to the timing of settlements, total cash paid for share repurchases for the nine months ended September 30, 2017 and 2016 was $866 million and $2,501 million, respe ctively . |
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 September 30, 2017 2016 Ordinary shares outstanding: Beginning balance 404,046,331 440,150,069 Share-based compensation 343,663 338,103 Warrants expired or exercised 4,184 200 Employee stock purchase plan 81,964 71,108 Repurchase of ordinary shares (10,018,001) (31,393,921) Ending balance 394,458,141 409,165,559 Treasury Shares— The changes in the amounts of treasury shares held by the Company are as follows: Nine Months Ended September 30, 2017 2016 Ordinary shares held as treasury shares: Beginning balance 174,389,139 138,285,201 Share-based compensation (343,663) (338,103) Warrants exercised 509 - - Employee stock purchase plan (81,964) (71,108) Repurchase of ordinary shares 10,018,001 31,393,921 Ending balance 183,982,022 169,269,911 |
Schedule of accumulated other comprehensive income (loss) [Table Text Block] | Accumulated O ther C omprehensive Income (Loss) — The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the nine months ended September 30, 2017 and 2016 are presented in the following table : Net Unrealized Net Holding Unrealized Gains Defined Holding (Losses) Pension Foreign Gains Attributable and Other Currency Financial (Losses) on to Equity Postretirement Translation Millions of dollars Derivatives Investments Investees Benefit Plans Adjustments Total Balance – January 1, 2017 $ (75) $ 1 $ - - $ (498) $ (939) $ (1,511) Other comprehensive income (loss) before reclassifications (187) (5) 14 - - 143 (35) Amounts reclassified from Accumulated other comprehensive loss 167 - - - - 20 - - 187 Net other comprehensive income (20) (5) 14 20 143 152 (loss) Balance – September 30, 2017 $ (95) $ (4) $ 14 $ (478) $ (796) $ (1,359) Balance – January 1, 2016 $ (79) $ (5) $ - - $ (428) $ (926) $ (1,438) Other comprehensive income (loss) before reclassifications (201) (7) - - - - 80 (128) Amounts reclassified from Accumulated other comprehensive loss 52 - - - - 15 7 74 Net other comprehensive income (loss) (149) (7) - - 15 87 (54) Balance – September 30, 2016 $ (228) $ (12) $ - - $ (413) $ (839) $ (1,492) |
Reclassification out of accumulated other comprehensive income (loss) [Table Text Block] | The amounts reclassified out of each component of A ccumulated other comprehensive loss are as follows: Three Months Ended Nine Months Ended Affected line item on September 30, September 30, the Consolidated Millions of dollars 2017 2016 2017 2016 Statements of Income Reclassification adjustments for: Financial derivatives $ 74 $ 5 $ 232 $ 52 Other income, net Defined pension and other postretirement benefit plan items: Amortization of: Prior service cost - - 1 - - 1 Actuarial loss 10 8 29 23 Foreign currency translation adjustments - - 7 - - 7 Other income, net Reclassifications, before tax 84 21 261 83 Income tax expense 21 4 74 9 Provision for income taxes Amounts reclassified out of Accumulated other comprehensive loss $ 63 $ 17 $ 187 $ 74 Amortization of a ctuarial loss and prio r service cost is included in the computation of net periodic pension and other postretirement benefit costs (see Note 7 ). |
Per Share Data (Tables)
Per Share Data (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Per Share Data [Abstract] | |
Schedule of earnings per share, basic and diluted [Table Text Block] | Earnings per share data and dividends declared per share of common stock are as follows: Three Months Ended September 30, 2017 2016 Continuing Discontinued Continuing Discontinued Millions of dollars Operations Operations Operations Operations Net income (loss) $ 1,058 $ (2) $ 955 $ (2) Less: net (income) loss attributable to 1 - - (1) - - non-controlling interests Net income (loss) attributable to the 1,059 (2) 954 (2) Company shareholders Net income attributable to (1) - - (1) - - participating securities Net income (loss) attributable to ordinary shareholders – basic and diluted $ 1,058 $ (2) $ 953 $ (2) Millions of shares, except per share amounts Basic weighted average common stock 395 395 413 413 outstanding Effect of dilutive securities: PSU awards - - - - 1 1 Potential dilutive shares 395 395 414 414 Earnings (loss) per share: Basic $ 2.67 $ - - $ 2.31 $ (0.01) Diluted $ 2.67 $ - - $ 2.31 $ (0.01) Millions of shares Participating securities 0.4 0.4 0.4 0.4 Dividends declared per share of common stock $ 0.90 $ - - $ 0.85 $ - - Nine Months Ended September 30, 2017 2016 Continuing Discontinued Continuing Discontinued Millions of dollars Operations Operations Operations Operations Net income (loss) $ 2,997 $ (14) $ 3,077 $ (3) Less: net (income) loss attributable to 2 - - (1) - - non-controlling interests Net income (loss) attributable to the 2,999 (14) 3,076 (3) Company shareholders Net income attributable to (3) - - (3) - - participating securities Net income (loss) attributable to ordinary shareholders – basic and diluted $ 2,996 $ (14) $ 3,073 $ (3) Millions of shares, except per share amounts Basic weighted average common stock 400 400 423 423 outstanding Effect of dilutive securities: PSU awards - - - - 1 1 Potential dilutive shares 400 400 424 424 Earnings (loss) per share: Basic $ 7.49 $ (0.03) $ 7.26 $ (0.01) Diluted $ 7.49 $ (0.03) $ 7.24 $ (0.01) Millions of shares Participating securities 0.4 0.4 0.4 0.4 Dividends declared per share of common stock $ 2.65 $ - - $ 2.48 $ - - |
Segment and Related Informati28
Segment and Related Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment and Related Information [Abstract] | |
Summary of financial information concerning reportable segments [Table Text Block] | Summarized financial information concerning reportable segments is shown in the following table for the periods presented : Three Months Ended September 30, 2017 O&P– O&P– Millions of dollars Americas EAI I&D Refining Technology Other Total Sales and other operating revenues: Customers $ 1,817 $ 3,096 $ 2,043 $ 1,491 $ 69 $ - - $ 8,516 Intersegment 632 56 34 179 29 (930) - - 2,449 3,152 2,077 1,670 98 (930) 8,516 Income from equity investments 8 69 4 - - - - - - 81 EBITDA 616 698 402 58 47 - - 1,821 Three Months Ended September 30, 2016 O&P– O&P– Millions of dollars Americas EAI I&D Refining Technology Other Total Sales and other operating revenues: Customers $ 1,740 $ 2,585 $ 1,769 $ 1,192 $ 80 $ (1) $ 7,365 Intersegment 602 49 36 138 22 (847) - - 2,342 2,634 1,805 1,330 102 (848) 7,365 Income from equity investments 12 67 2 - - - - - - 81 EBITDA 682 584 304 (10) 45 1 1,606 Nine Months Ended September 30, 2017 O&P – O&P – Millions of dollars Americas EAI I&D Refining Technology Other Total Sales and other operating revenues: Customers $ 5,631 $ 9,029 $ 6,142 $ 4,306 $ 241 $ - - $ 25,349 Intersegment 1,969 155 99 430 84 (2,737) - - 7,600 9,184 6,241 4,736 325 (2,737) 25,349 Income from equity investments 33 202 5 - - - - - - 240 EBITDA 2,198 1,926 1,080 53 155 (4) 5,408 Nine Months Ended September 30, 2016 O&P – O&P – Millions of dollars Americas EAI I&D Refining Technology Other Total Sales and other operating revenues: Customers $ 4,978 $ 7,805 $ 5,186 $ 3,179 $ 288 $ - - $ 21,436 Intersegment 1,690 128 90 395 75 (2,378) - - 6,668 7,933 5,276 3,574 363 (2,378) 21,436 Income from equity investments 54 232 3 - - - - - - 289 EBITDA 2,314 1,669 1,027 (9) 201 (6) 5,196 |
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 September 30, Nine Months Ended September 30, Millions of dollars 2017 2016 2017 2016 EBITDA: Total segment EBITDA $ 1,821 $ 1,605 $ 5,412 $ 5,202 Other EBITDA - - 1 (4) (6) Less: Depreciation and amortization expense (294) (257) (876) (791) Interest expense (94) (72) (396) (237) Add: Interest income 5 4 15 13 Income from continuing operations before income taxes $ 1,438 $ 1,281 $ 4,151 $ 4,181 |
Accounting and Reporting Chan29
Accounting and Reporting Changes (Details) $ in Millions | 1 Months Ended |
Mar. 31, 2017USD ($) | |
ASU 2016-15 Adoption Effect [Member] | |
Early Adoption [Line Items] | |
A reclassification of cash flows related to debt extinguishment cost incurred, from operating to financing activity cash flows | $ 65 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts Receivable [Abstract] | ||
Allowance for doubtful accounts receivable | $ 17 | $ 16 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory, finished goods, work-in-process, and raw materials and supplies [Abstract] | ||
Finished goods | $ 2,705 | $ 2,575 |
Work-in-process | 188 | 154 |
Raw materials and supplies | 1,284 | 1,080 |
Total inventories | $ 4,177 | $ 3,809 |
Debt, Long-term debt (Details)
Debt, Long-term debt (Details) € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017 | Sep. 30, 2017EUR (€) | Sep. 30, 2016 | Sep. 30, 2017EUR (€) | Sep. 30, 2016 | Dec. 31, 2016EUR (€) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Long-term debt [Line Items] | ||||||||
Long-term debt | $ 8,534 | $ 8,387 | ||||||
Long-term debt, current portion | (3) | (2) | ||||||
Long-term debt, non-current portion | 8,531 | 8,385 | ||||||
Senior Notes due 2019, $2,000 million, 5.0% ($3 million of debt issuance cost) [Member] | ||||||||
Long-term debt [Line Items] | ||||||||
Maturity year | 2,019 | 2,019 | 2,019 | 2,019 | 2,019 | 2,019 | ||
Face amount | $ 2,000 | $ 2,000 | ||||||
Stated interest rate (in hundredths) | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% |
Unamortized debt issuance cost | $ 3 | |||||||
Long-term debt | 959 | $ 1,906 | ||||||
Senior Notes due 2021, $1,000 million, 6.0% ($8 million of debt issuance cost) [Member] | ||||||||
Long-term debt [Line Items] | ||||||||
Maturity year | 2,021 | 2,021 | 2,021 | 2,021 | 2,021 | |||
Face amount | $ 1,000 | $ 1,000 | ||||||
Stated interest rate (in hundredths) | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |
Unamortized debt issuance cost | $ 8 | |||||||
Long-term debt | 990 | $ 988 | ||||||
Senior Notes due 2024, $1,000 million, 5.75% ($8 million of debt issuance cost) [Member] | ||||||||
Long-term debt [Line Items] | ||||||||
Maturity year | 2,024 | 2,024 | ||||||
Face amount | $ 1,000 | $ 1,000 | ||||||
Stated interest rate (in hundredths) | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | |||
Unamortized debt issuance cost | $ 8 | |||||||
Long-term debt | 992 | $ 991 | ||||||
Senior Notes due 2055, $1,000 million, 4.625% ($16 million of discount; $11 million of debt issuance cost) [Member] | ||||||||
Long-term debt [Line Items] | ||||||||
Maturity year | 2,055 | 2,055 | ||||||
Face amount | $ 1,000 | $ 1,000 | ||||||
Stated interest rate (in hundredths) | 4.625% | 4.625% | 4.625% | 4.625% | 4.625% | |||
Unamortized debt issuance cost | $ 11 | |||||||
Unamortized discount | 16 | |||||||
Long-term debt | 973 | $ 972 | ||||||
Guaranteed Notes due 2044, $1,000 million, 4.875% ($11 million of discount; $10 million of debt issuance cost) [Member] | ||||||||
Long-term debt [Line Items] | ||||||||
Maturity year | 2,044 | 2,044 | ||||||
Face amount | $ 1,000 | $ 1,000 | ||||||
Stated interest rate (in hundredths) | 4.875% | 4.875% | 4.875% | 4.875% | 4.875% | |||
Unamortized debt issuance cost | $ 10 | |||||||
Unamortized discount | 11 | |||||||
Long-term debt | 979 | $ 979 | ||||||
Guaranteed Notes due 2043, $750 million, 5.25% ($21 million of discount; $7 million of debt issuance cost) [Member] | ||||||||
Long-term debt [Line Items] | ||||||||
Maturity year | 2,043 | 2,043 | ||||||
Face amount | $ 750 | $ 750 | ||||||
Stated interest rate (in hundredths) | 5.25% | 5.25% | 5.25% | 5.25% | 5.25% | |||
Unamortized debt issuance cost | $ 7 | |||||||
Unamortized discount | 21 | |||||||
Long-term debt | 722 | $ 721 | ||||||
Guaranteed Notes due 2023, $750 million, 4.0% ($6 million of discount; $4 million of debt issuance cost) [Member] | ||||||||
Long-term debt [Line Items] | ||||||||
Maturity year | 2,023 | 2,023 | ||||||
Face amount | $ 750 | $ 750 | ||||||
Stated interest rate (in hundredths) | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | |||
Unamortized debt issuance cost | $ 4 | |||||||
Unamortized discount | 6 | |||||||
Long-term debt | 740 | $ 739 | ||||||
Guaranteed Notes due 2027, $300 million, 8.1% [Member] | ||||||||
Long-term debt [Line Items] | ||||||||
Maturity year | 2,027 | 2,027 | ||||||
Face amount | $ 300 | $ 300 | ||||||
Stated interest rate (in hundredths) | 8.10% | 8.10% | 8.10% | 8.10% | 8.10% | |||
Long-term debt | $ 300 | $ 300 | ||||||
Guaranteed Notes due 2022, Euro 750 million, 1.875% ($3 million of discount; $3 million of debt issuance cost) [Member] | ||||||||
Long-term debt [Line Items] | ||||||||
Maturity year | 2,022 | 2,022 | ||||||
Face amount | € | € 750 | € 750 | € 750 | |||||
Stated interest rate (in hundredths) | 1.875% | 1.875% | 1.875% | 1.875% | 1.875% | |||
Unamortized debt issuance cost | $ 3 | |||||||
Unamortized discount | 3 | |||||||
Long-term debt | 880 | $ 785 | ||||||
Guaranteed Notes due 2027, $1,000 million, 3.50% ($10 million of discount; $8 million of debt issuance cost) [Member] | ||||||||
Long-term debt [Line Items] | ||||||||
Maturity year | 2,027 | 2,027 | ||||||
Face amount | $ 1,000 | |||||||
Stated interest rate (in hundredths) | 3.50% | 3.50% | 3.50% | |||||
Unamortized debt issuance cost | $ 8 | |||||||
Unamortized discount | 10 | |||||||
Long-term debt | 992 | |||||||
Other long-term debt [Member] | ||||||||
Long-term debt [Line Items] | ||||||||
Long-term debt | $ 7 | $ 6 |
Debt, Description of fair value
Debt, Description of fair value adjustments for senior and guaranteed notes (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 21 Months Ended | 45 Months Ended | ||
Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2017 | |
Senior Notes due 2019, $2,000 million, 5.0% [Member] | ||||||||
Interest rate swap fair value adjustments related to long-term debt [Line Items] | ||||||||
Maturity year | 2,019 | 2,019 | 2,019 | 2,019 | 2,019 | 2,019 | ||
Stated interest rate (in hundredths) | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% |
Inception Year | 2,014 | 2,014 | 2,014 | 2,014 | 2,014 | |||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ (4) | $ 26 | $ (46) | $ 11 | $ 42 | $ 38 | ||
Senior Notes due 2021, $1,000 million, 6.0% [Member] | ||||||||
Interest rate swap fair value adjustments related to long-term debt [Line Items] | ||||||||
Maturity year | 2,021 | 2,021 | 2,021 | 2,021 | 2,021 | |||
Stated interest rate (in hundredths) | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |
Inception Year | 2,016 | 2,016 | 2,016 | 2,016 | 2,016 | |||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 2 | $ 0 | $ (1) | $ 0 | $ 3 | $ 2 | ||
Guaranteed Notes due 2027, $1,000 million, 3.50% [Member] | ||||||||
Interest rate swap fair value adjustments related to long-term debt [Line Items] | ||||||||
Maturity year | 2,027 | 2,027 | ||||||
Stated interest rate (in hundredths) | 3.50% | 3.50% | 3.50% | 3.50% | ||||
Inception Year | 2,017 | 2,017 | ||||||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 0 | $ (10) |
Debt, Short-term debt (Details)
Debt, Short-term debt (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Short-term debt [Line Items] | ||
Short-term debt | $ 381 | $ 594 |
$2,500 million Senior Revolving Credit Facility [Member] | ||
Short-term debt [Line Items] | ||
Maximum borrowing capacity on line of credit | 2,500 | 2,500 |
Short-term debt | 0 | 0 |
$900 million U.S. Receivables Securitization Facility [Member] | ||
Short-term debt [Line Items] | ||
Maximum borrowing capacity on line of credit | 900 | 900 |
Short-term debt | 0 | 0 |
Commercial paper [Member] | ||
Short-term debt [Line Items] | ||
Maximum borrowing capacity on line of credit | 2,500 | |
Short-term debt | 317 | 500 |
Precious metal financings [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | 59 | 90 |
Other short-term debt [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | $ 5 | $ 4 |
Debt, Description of long-term
Debt, Description of long-term debt (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Description of long-term debt changes [Line Items] | ||||||
Redemption of 5% Senior Notes due 2019 | $ 1,000 | $ 0 | ||||
Guaranteed Notes due 2027, $1,000 million, 3.50% [Member] | ||||||
Description of long-term debt changes [Line Items] | ||||||
Issuance date | March 2,017 | |||||
Percentage ownership by parent of finance subsidiary (in hundredths) | 100.00% | 100.00% | ||||
Face amount | $ 1,000 | $ 1,000 | ||||
Interest rate (in hundredths) | 3.50% | 3.50% | ||||
Maturity year | 2,027 | 2,027 | ||||
Discounted price at which long-term debt was issued (in hundredths) | 98.968% | 98.968% | ||||
Description of debt redemption terms | The notes may be redeemed before the date that is three months prior to the scheduled maturity date at a redemption price equal to the greater of 100% of the principal amount of the notes redeemed and the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable Treasury Yield plus 20 basis points) on the notes to be redeemed. The notes may also be redeemed on or after the date that is three months prior to the scheduled maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. | |||||
Senior Notes due 2019, $2,000 million, 5.0% [Member] | ||||||
Description of long-term debt changes [Line Items] | ||||||
Face amount | $ 2,000 | $ 2,000 | $ 2,000 | |||
Interest rate (in hundredths) | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% |
Maturity year | 2,019 | 2,019 | 2,019 | 2,019 | 2,019 | 2,019 |
Redemption of 5% Senior Notes due 2019 | $ 1,000 | |||||
Premium paid on redemption of Senior Notes due 2019 | 65 | |||||
Write-off of debt issuance costs | 4 | |||||
Charges associated with the redemption of Senior Notes due 2019 | $ 44 |
Debt, Description of short-term
Debt, Description of short-term debt (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Description of short-term debt [Line Items] | ||
Weighted average interest rate, short-term debt (in hundredths) | 1.40% | 0.90% |
$2,500 million Senior Revolving Credit Facility [Member] | ||
Description of short-term debt [Line Items] | ||
Expiration date | 2022-06 | |
Maximum allowed letters of credit | $ 500 | |
Maximum borrowing capacity | 2,500 | $ 2,500 |
Additional borrowing capacity, uncommitted loans | $ 1,000 | |
Terms of debt covenants | The facility contains customary covenants and warranties, including specified restrictions on indebtedness and liens. In addition, we are required to maintain a leverage ratio at the end of every fiscal quarter of 3.50 to 1.00 or less for the period covering the most recent four quarters. | |
Outstanding borrowings | $ 0 | |
Outstanding letters of credit | 0 | |
Commercial paper program [Member] | ||
Description of short-term debt [Line Items] | ||
Maximum borrowing capacity | 2,500 | |
Outstanding borrowings | $ 317 | |
Description of commercial paper interest rate | Interest rates on the commercial paper outstanding at September 30, 2017 are based on the term of the notes and range from 141 to 155 basis points. | |
$900 million U.S. Receivables Securitization Facility [Member] | ||
Description of short-term debt [Line Items] | ||
Expiration date | 2,018 | |
Maximum allowed letters of credit | $ 200 | |
Maximum borrowing capacity | 900 | $ 900 |
Additional borrowing capacity, uncommitted loans | $ 300 | |
Terms of debt covenants | The term of the securitization facility may be extended in accordance with the terms of the agreement. The facility is also subject to customary covenants and warranties, including limits and reserves and the maintenance of specified financial ratios. We are required to maintain a leverage ratio at the end of every fiscal quarter of 3.50 to 1.00 or less for the period covering the most recent four quarters. Performance obligations under the facility are guaranteed by the parent company. | |
Outstanding borrowings | $ 0 | |
Outstanding letters of credit | $ 0 |
Debt, Debt discount and issuanc
Debt, Debt discount and issuance costs (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Debt discount and issuance costs [Abstract] | ||
Amortization of debt discounts and debt issuance costs | $ 16 | $ 12 |
Financial Instruments and Fai38
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 | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
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 | $ 5,450 | $ 6,466 |
Notional amount, derivative and non-derivative financial instruments liabilities | 4,075 | 1,572 |
Fair value, derivative and non-derivative financial instruments assets | 1,427 | 1,411 |
Fair value, derivative and non-derivative financial instruments liabilities | $ 231 | 73 |
Derivatives and available-for-sale securities | All derivatives and available-for-sale securities in the tables above are classified as Level 2, except for our limited partnership investments included in our available-for-sale securities discussed below, that are measured at fair value using the net asset per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. | |
Derivatives: [Member] | Designated as hedges: [Member] | Commodities [Member] | Prepaid expenses and other current assets [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 | $ 22 | 4 |
Fair value, derivative and non-derivative financial instruments assets | 0 | 0 |
Derivatives: [Member] | Designated as hedges: [Member] | Commodities [Member] | Other assets [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 | 16 | 54 |
Fair value, derivative and non-derivative financial instruments assets | 0 | 3 |
Derivatives: [Member] | Designated as hedges: [Member] | Commodities [Member] | Accrued liabilities [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 | 59 | 0 |
Fair value, derivative and non-derivative financial instruments liabilities | 2 | 0 |
Derivatives: [Member] | Designated as hedges: [Member] | Commodities [Member] | Other liabilities [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 | 13 | 0 |
Fair value, derivative and non-derivative financial instruments liabilities | 0 | 0 |
Derivatives: [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Prepaid expenses and other current assets [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 | 604 |
Fair value, derivative and non-derivative financial instruments assets | 15 | 34 |
Derivatives: [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Other assets [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 2,000 | 2,439 |
Fair value, derivative and non-derivative financial instruments assets | 70 | 282 |
Derivatives: [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Accrued liabilities [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 | 139 | 0 |
Fair value, derivative and non-derivative financial instruments liabilities | 9 | 0 |
Derivatives: [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Other liabilities [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 950 | 0 |
Fair value, derivative and non-derivative financial instruments liabilities | 120 | 0 |
Derivatives: [Member] | Designated as hedges: [Member] | Interest rates [Member] | Prepaid expenses and other current assets [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 | 24 | 5 |
Derivatives: [Member] | Designated as hedges: [Member] | Interest rates [Member] | Other assets [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 1,950 | 2,200 |
Fair value, derivative and non-derivative financial instruments assets | 11 | 11 |
Derivatives: [Member] | Designated as hedges: [Member] | Interest rates [Member] | Other liabilities [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 | 2,050 | 1,400 |
Fair value, derivative and non-derivative financial instruments liabilities | 42 | 20 |
Derivatives: [Member] | Not designated as hedges: [Member] | Commodities [Member] | Prepaid expenses and other current assets [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 | 131 | 85 |
Fair value, derivative and non-derivative financial instruments assets | 12 | 3 |
Derivatives: [Member] | Not designated as hedges: [Member] | Commodities [Member] | Accrued liabilities [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 | 192 | 103 |
Fair value, derivative and non-derivative financial instruments liabilities | 16 | 11 |
Derivatives: [Member] | Not designated as hedges: [Member] | Foreign currency [Member] | Prepaid expenses and other current assets [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 | 32 | 11 |
Fair value, derivative and non-derivative financial instruments assets | 0 | 0 |
Derivatives: [Member] | Not designated as hedges: [Member] | Foreign currency [Member] | Accrued liabilities [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 | 631 | 28 |
Fair value, derivative and non-derivative financial instruments liabilities | 1 | 1 |
Non-derivatives: [Member] | Available-for-sale securities [Member] | Short-term investments [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 1,299 | 1,069 |
Fair value, derivative and non-derivative financial instruments assets | 1,295 | 1,073 |
Non-derivatives: [Member] | Performance share awards [Member] | Accrued liabilities [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 | 20 | 19 |
Fair value, derivative and non-derivative financial instruments liabilities | 20 | 19 |
Non-derivatives: [Member] | Performance share awards [Member] | Other liabilities [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 | 21 | 22 |
Fair value, derivative and non-derivative financial instruments liabilities | $ 21 | $ 22 |
Financial Instruments and Fai39
Financial Instruments and Fair Value Measurements, Outstanding foreign currency and commodity contracts (Details) - Not designated as hedges: [Member] | 9 Months Ended |
Sep. 30, 2017 | |
Foreign currency rates [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | 2017-10 |
Foreign currency rates [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | 2017-12 |
Commodities [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | 2017-10 |
Commodities [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | 2018-06 |
Financial Instruments and Fai40
Financial Instruments and Fair Value Measurements, Carrying value and estimated fair value of non-derivative financial instruments (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Liabilities: [Abstract] | ||
Short-term debt, carrying value | $ 381 | $ 594 |
Amount of transfers between Level 1 and Level 2 of the fair value hierarchy | 0 | 0 |
Nonrecurring [Member] | Non-derivatives: [Member] | ||
Assets: [Abstract] | ||
Short-term loans receivable, carrying value | 561 | 369 |
Short-term loans receivable, fair value | 561 | 369 |
Liabilities: [Abstract] | ||
Short-term debt, carrying value | 59 | 90 |
Long-term debt, carrying value | 8,528 | 8,382 |
Total liabilities, carrying value | 8,587 | 8,472 |
Short-term debt, fair value | 67 | 98 |
Long-term debt, fair value | 9,428 | 9,147 |
Total liabilities, fair value | $ 9,495 | $ 9,245 |
Financial Instruments and Fai41
Financial Instruments and Fair Value Measurements, Summary of net investment hedges (Details) € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2016EUR (€) | Sep. 30, 2016USD ($) | Mar. 31, 2016EUR (€) | Mar. 31, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017EUR (€) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Feb. 28, 2017EUR (€) | Dec. 31, 2016EUR (€) | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |||||||||||||
Proceeds from settlement of net investment hedges | $ 609 | $ 1,295 | |||||||||||
Payments for settlement of net investment hedges | 658 | 1,356 | |||||||||||
Gain (loss) recognized in AOCI | $ (187) | $ (75) | (525) | (297) | |||||||||
Net-investment hedge [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Gain (loss) recognized related to the ineffectiveness of net investment hedging relationship | $ 0 | $ 0 | 0 | $ 0 | |||||||||
Derivatives: [Member] | Net-investment hedge [Member] | Basis swaps [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts value | € | € 450 | € 617 | |||||||||||
Proceeds from settlement of net investment hedges | $ 500 | ||||||||||||
Payments for settlement of net investment hedges | € 450 | 506 | |||||||||||
Gain (loss) recognized in AOCI | $ (6) | ||||||||||||
Derivatives: [Member] | Net-investment hedge [Member] | Forward exchange contracts [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts value | € | € 750 | ||||||||||||
Proceeds from settlement of net investment hedges | $ 795 | ||||||||||||
Payments for settlement of net investment hedges | € 750 | 850 | |||||||||||
Gain (loss) recognized in AOCI | (30) | ||||||||||||
Amount of payments in excess of proceeds for settlement of net investment hedges | $ 55 | ||||||||||||
Derivatives: [Member] | Net-investment hedge [Member] | Forward exchange contracts and basis swaps [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts value | € | € 550 | ||||||||||||
Proceeds from settlement of net investment hedges | 609 | ||||||||||||
Payments for settlement of net investment hedges | 550 | 658 | |||||||||||
Gain (loss) recognized in AOCI | $ (49) | ||||||||||||
Derivatives: [Member] | Net-investment hedge [Member] | Foreign currency contracts [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts value | 742 | $ 789 | € 675 | $ 743 | |||||||||
Non-derivatives: [Member] | Net-investment hedge [Member] | Foreign-currency denominated debt [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts value | € 750 | $ 850 | € 750 | $ 850 |
Financial Instruments and Fai42
Financial Instruments and Fair Value Measurements, Summary of cash flow hedges (Details) - Cash-flow hedge [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||
Gain (loss) recognized related to the ineffectiveness of cash flow hedging relationships | loss of less than $1 million | loss of less than $1 million | loss of $1 million | loss of $1 million | |
Pre-tax deferred gains (losses) scheduled to be reclassified from AOCI to interest expense over the next twelve months | less than $1 million | ||||
Pre-tax unrealized gain (loss) to be reclassified to cost of sales over the next twelve months | $ 2 | $ 2 | |||
Foreign currency [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts value | 2,300 | $ 2,300 | $ 2,300 | ||
Foreign currency [Member] | Minimum [Member] | |||||
Derivative [Line Items] | |||||
Expiration Date | 2,021 | ||||
Foreign currency [Member] | Maximum [Member] | |||||
Derivative [Line Items] | |||||
Expiration Date | 2,027 | ||||
Interest rate contract [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts value | 1,000 | $ 1,000 | 1,000 | ||
Expiration Date | 2,049 | ||||
Commodity contract [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts value | $ 110 | $ 110 | $ 58 | ||
Commodity contract [Member] | Minimum [Member] | |||||
Derivative [Line Items] | |||||
Expiration Date | 2,017 | ||||
Commodity contract [Member] | Maximum [Member] | |||||
Derivative [Line Items] | |||||
Expiration Date | 2,019 |
Financial Instruments and Fai43
Financial Instruments and Fair Value Measurements, Summary of fair value hedges (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017 | Feb. 28, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Senior Notes due 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Face amount | $ 2,000 | $ 2,000 | $ 2,000 | |||||
Stated interest rate (in hundredths) | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||
Maturity year | 2,019 | 2,019 | 2,019 | 2,019 | 2,019 | 2,019 | ||
Fixed-for-floating interest rate swaps [Member] | Interest rate swaps [Member] | ||||||||
Derivative [Line Items] | ||||||||
Gain (loss) recognized related to the ineffectiveness of fair value hedging relationships | $ (4) | $ 8 | $ (11) | $ 26 | ||||
Notional amounts value | $ 3,000 | $ 3,000 | $ 2,600 | |||||
Fixed-for-floating interest rate swaps [Member] | Interest rate swaps [Member] | Minimum [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, maturity date | 2,019 | |||||||
Fixed-for-floating interest rate swaps [Member] | Interest rate swaps [Member] | Maximum [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, maturity date | 2,027 | |||||||
Fixed-for-floating interest rate swaps [Member] | Interest rate swaps [Member] | Senior Notes due 2027 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Face amount | $ 1,000 | |||||||
Stated interest rate (in hundredths) | 3.50% | |||||||
Maturity year | 2,027 | |||||||
Fixed-for-floating interest rate swaps [Member] | Interest rate swaps [Member] | Senior Notes due 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Face amount | $ 2,000 | |||||||
Stated interest rate (in hundredths) | 5.00% | |||||||
Dedesignation of fixed-for-floating interest rate swap hedging arrangement | In March 2017, concurrent with the redemption of $1,000 million of our outstanding 5% senior notes due 2019, we dedesignated the related $2,000 million fair value hedge and terminated swaps in the notional amount of $1,000 million. At the same time, we redesignated the remaining $1,000 million notional amount of swaps as a fair value hedge of the remaining $1,000 million of 5% senior notes outstanding. | |||||||
Derivative, maturity date | 2,019 |
Financial Instruments and Fai44
Financial Instruments and Fair Value Measurements, Pretax effect of derivative instruments charged directly to income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative instruments gain (loss) [Line Items] | ||||
Gain (loss) recognized in AOCI | $ (187) | $ (75) | $ (525) | $ (297) |
Gain (loss) reclassified from AOCI to income | 74 | 5 | 232 | 52 |
Additional gain (loss) recognized in income | (3) | (20) | (27) | 23 |
Foreign currency losses on net investment hedges | (87) | (6) | (265) | (39) |
Net value for accrued interest | 5 | 6 | 18 | 17 |
Derivatives: [Member] | Designated as hedges: [Member] | Commodities [Member] | Cost of sales [Member] | ||||
Derivative instruments gain (loss) [Line Items] | ||||
Gain (loss) recognized in AOCI | 3 | 0 | (4) | 0 |
Gain (loss) reclassified from AOCI to income | 0 | 0 | 0 | 0 |
Additional gain (loss) recognized in income | 0 | 0 | 0 | 0 |
Derivatives: [Member] | Designated as hedges: [Member] | Foreign currency contracts [Member] | Other income (expense), net [Member] | ||||
Derivative instruments gain (loss) [Line Items] | ||||
Gain (loss) recognized in AOCI | (155) | (52) | (403) | (134) |
Gain (loss) reclassified from AOCI to income | 74 | 5 | 232 | 52 |
Additional gain (loss) recognized in income | 0 | 0 | 0 | 0 |
Derivatives: [Member] | Designated as hedges: [Member] | Interest rate contract [Member] | Interest expense [Member] | ||||
Derivative instruments gain (loss) [Line Items] | ||||
Gain (loss) recognized in AOCI | (5) | (21) | (23) | (175) |
Gain (loss) reclassified from AOCI to income | 0 | 0 | 0 | 0 |
Additional gain (loss) recognized in income | 3 | (12) | 20 | 31 |
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 from AOCI to income | 0 | 0 | 0 | 0 |
Additional gain (loss) recognized in income | (6) | (4) | (9) | 6 |
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 from AOCI to income | 0 | 0 | 0 | 0 |
Additional gain (loss) recognized in income | 6 | (5) | (31) | (27) |
Derivatives: [Member] | Not designated as hedges: [Member] | Foreign currency contracts [Member] | Other income (expense), net [Member] | ||||
Derivative instruments gain (loss) [Line Items] | ||||
Gain (loss) recognized in AOCI | 0 | 0 | 0 | 0 |
Gain (loss) reclassified from AOCI to income | 0 | 0 | 0 | 0 |
Additional gain (loss) recognized in income | (6) | 1 | (7) | 13 |
Non-derivatives: [Member] | Not designated as hedges: [Member] | Long-term debt [Member] | ||||
Derivative instruments gain (loss) [Line Items] | ||||
Gain (loss) recognized in AOCI | (30) | (2) | (95) | 12 |
Gain (loss) reclassified from AOCI to income | 0 | 0 | 0 | 0 |
Additional gain (loss) recognized in income | $ 0 | $ 0 | $ 0 | $ 0 |
Financial Instruments and Fai45
Financial Instruments and Fair Value Measurements, Summary of available-for-sale and held-to-maturity securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Available-for-sale securities [Abstract] | |||||
Cost | $ 1,299 | $ 1,299 | $ 1,070 | ||
Gross unrealized gains | 2 | 3 | |||
Gross unrealized losses | (6) | 0 | |||
Fair value | 1,295 | 1,295 | 1,073 | ||
Available-for-sale and held-to-maturity securities, additional information [Abstract] | |||||
Amount of marketable securities classified as cash and cash equivalents | 725 | 725 | 351 | ||
Amount of losses related to other-than-temporary impairments on available-for-sale securities | 0 | $ 0 | 0 | $ 0 | 0 |
Amount of losses related to other than temporary impairments on held-to-maturity securities | 0 | 0 | 0 | 0 | 0 |
Proceeds from maturities and sales of available-for-sale securities and the related gross realized gains and losses [Abstract] | |||||
Proceeds from maturities of securities | 12 | 8 | 499 | 665 | |
Proceeds from sales of securities | 0 | 0 | 0 | 0 | |
Gross realized gains | 0 | $ 0 | 0 | $ 0 | |
Proceeds from sales of held-to-maturity securities | 0 | 0 | |||
Proceeds from maturities of held-to-maturity securities | 75 | ||||
Commercial paper [Member] | |||||
Available-for-sale securities [Abstract] | |||||
Cost | 177 | 177 | 232 | ||
Gross unrealized gains | 0 | 0 | |||
Gross unrealized losses | 0 | 0 | |||
Fair value | 177 | $ 177 | 232 | ||
Commercial paper [Member] | Minimum [Member] | |||||
Available-for-sale and held-to-maturity securities, additional information [Abstract] | |||||
Investment maturity period | 5 months | ||||
Commercial paper [Member] | Maximum [Member] | |||||
Available-for-sale and held-to-maturity securities, additional information [Abstract] | |||||
Investment maturity period | 6 months | ||||
Bonds [Member] | |||||
Available-for-sale securities [Abstract] | |||||
Cost | 621 | $ 621 | 141 | ||
Gross unrealized gains | 1 | 0 | |||
Gross unrealized losses | 0 | 0 | |||
Fair value | 622 | 622 | 141 | ||
Available-for-sale and held-to-maturity securities continuous unrealized loss position [Abstract] | |||||
Fair value of available-for-sale securities in continuous unrealized loss position for less than twelve months | 309 | 309 | |||
Unrealized losses on available-for-sale securities in continuous unrealized loss position for less than twelve months | 0 | ||||
Fair value of available-for-sale securities in continuous unrealized loss position for greater than twelve months | 0 | 0 | |||
Unrealized losses on available-for-sale securities in continuous unrealized loss position for greater than twelve months | $ 0 | ||||
Bonds [Member] | Minimum [Member] | |||||
Available-for-sale and held-to-maturity securities, additional information [Abstract] | |||||
Investment maturity period | 7 months | ||||
Bonds [Member] | Maximum [Member] | |||||
Available-for-sale and held-to-maturity securities, additional information [Abstract] | |||||
Investment maturity period | 37 months | ||||
Certificates of deposit [Member] | |||||
Available-for-sale securities [Abstract] | |||||
Cost | 150 | $ 150 | 347 | ||
Gross unrealized gains | 0 | 1 | |||
Gross unrealized losses | 0 | 0 | |||
Fair value | 150 | $ 150 | 348 | ||
Available-for-sale and held-to-maturity securities, additional information [Abstract] | |||||
Investment maturity period | 6 months | ||||
Time deposit [Member] | |||||
Available-for-sale securities [Abstract] | |||||
Cost | 1 | $ 1 | |||
Gross unrealized gains | 0 | ||||
Gross unrealized losses | 0 | ||||
Fair value | 1 | 1 | |||
Held-to-maturity securities: [Abstract] | |||||
Cost | 74 | ||||
Gross unrealized gains | 0 | ||||
Gross unrealized losses | 0 | ||||
Fair value | 74 | ||||
Limited partnership investments [Member] | |||||
Available-for-sale securities [Abstract] | |||||
Cost | 350 | 350 | 350 | ||
Gross unrealized gains | 1 | 2 | |||
Gross unrealized losses | (6) | 0 | |||
Fair value | 345 | 345 | 352 | ||
Available-for-sale and held-to-maturity securities continuous unrealized loss position [Abstract] | |||||
Fair value of available-for-sale securities in continuous unrealized loss position for less than twelve months | 122 | 122 | 0 | ||
Unrealized losses on available-for-sale securities in continuous unrealized loss position for less than twelve months | (5) | 0 | |||
Fair value of available-for-sale securities in continuous unrealized loss position for greater than twelve months | $ 105 | 105 | 105 | ||
Unrealized losses on available-for-sale securities in continuous unrealized loss position for greater than twelve months | $ (2) | $ (3) | |||
Limited partnership investments [Member] | Minimum [Member] | |||||
Available-for-sale and held-to-maturity securities, additional information [Abstract] | |||||
Investment maturity period | 1 month | ||||
Limited partnership investments [Member] | Maximum [Member] | |||||
Available-for-sale and held-to-maturity securities, additional information [Abstract] | |||||
Investment maturity period | 3 months |
Financial Instruments and Fai46
Financial Instruments and Fair Value, Summary of foreign currency gain (loss) and repurchase agreements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Foreign currency [Abstract] | |||||
Foreign currency gain (loss) | loss of less than $1 million | gain of $1 million | loss of $6 million | loss of $5 million | |
Repurchase agreements [Abstract] | |||||
Amount of repurchase agreements | $ 561 | $ 561 | $ 369 |
Pension and Other Postretirem47
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
U.S. [Member] | Pension plan [Member] | ||||
Net periodic pension and other postretirement benefit costs (credits): [Abstract] | ||||
Service cost | $ 11 | $ 11 | $ 35 | $ 33 |
Interest cost | 15 | 22 | 45 | 66 |
Expected return on plan assets | (30) | (34) | (91) | (104) |
Actuarial and investment loss amortization | 5 | 5 | 16 | 15 |
Net periodic benefit costs (credits) | 1 | 4 | 5 | 10 |
U.S. [Member] | Other postretirement benefits plan [Member] | ||||
Net periodic pension and other postretirement benefit costs (credits): [Abstract] | ||||
Service cost | 0 | 0 | 2 | 2 |
Interest cost | 3 | 3 | 7 | 9 |
Net periodic benefit costs (credits) | 3 | 3 | 9 | 11 |
Foreign plan [Member] | Pension plan [Member] | ||||
Net periodic pension and other postretirement benefit costs (credits): [Abstract] | ||||
Service cost | 9 | 8 | 28 | 24 |
Interest cost | 5 | 8 | 16 | 24 |
Expected return on plan assets | (4) | (6) | (13) | (18) |
Actuarial and investment loss amortization | 4 | 2 | 11 | 6 |
Net periodic benefit costs (credits) | 14 | 12 | 42 | 36 |
Foreign plan [Member] | Other postretirement benefits plan [Member] | ||||
Net periodic pension and other postretirement benefit costs (credits): [Abstract] | ||||
Service cost | 1 | 0 | 2 | 1 |
Interest cost | 0 | 0 | 1 | 1 |
Actuarial and investment loss amortization | 1 | 1 | 2 | 2 |
Net periodic benefit costs (credits) | $ 2 | $ 1 | $ 5 | $ 4 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Effective income tax rate [Abstract] | ||||
Effective income tax rate (in hundredths) | 26.40% | 25.40% | 27.80% | 26.40% |
Income Taxes, Unrecognized tax
Income Taxes, Unrecognized tax benefits (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Unrecognized tax benefits [Abstract] | ||
Unrecognized tax benefits relating to uncertain tax positions | $ 552 | $ 546 |
Reasonably possible decrease in unrecognized tax benefits within the next twelve months | $ 90 |
Commitments and Contingencies50
Commitments and Contingencies (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Environmental remediation [Abstract] | ||
Total accrued liability for future environmental remediation costs | $ 95 | $ 106 |
Accrual for environmental loss contingencies [Roll Forward] | ||
Beginning balance | 95 | 106 |
Additional provision | 0 | 3 |
Changes in estimates | 3 | 10 |
Amounts paid | (7) | (16) |
Foreign exchange effects | 8 | 2 |
Ending balance | $ 99 | $ 105 |
Minimum [Member] | ||
Site contingencies [Line Items] | ||
Accrued liability for individual site range | less than $1 million | |
Maximum [Member] | ||
Site contingencies [Line Items] | ||
Accrued liability for individual site range | $17 million |
Commitments and Contingencies,
Commitments and Contingencies, Loss contingencies (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
May 31, 2017 | Apr. 30, 2017 | Jun. 30, 2009 | Sep. 30, 2017 | |
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 | |||
Pending or threatened litigation [Member] | Affiliates of Access Industries indemnity demand letter [Member] | ||||
Loss contingencies [Line Items] | ||||
Description of parties who issued the demand letters | affiliates of Access Industries (collectively, “Access Entities”), a more than five percent shareholder of the Company | |||
Award to plaintiffs in lawsuit | $ 12,600 | $ 7,200 | ||
Description of indemnity demanded | demanding indemnity for losses, including attorney’s fees and expenses, arising out of a pending lawsuit styled Edward S. Weisfelner, as Litigation Trustee of the LB Litigation Trust v. Leonard Blavatnik, et al., Adversary Proceeding No. 09-1375 (REG), in the United States Bankruptcy Court, Southern District of New York. | |||
Pending or threatened litigation [Member] | Affiliates of Access Industries management agreement fee demand letters [Member] | ||||
Loss contingencies [Line Items] | ||||
Description of parties who issued the demand letters | affiliates of Access Industries (collectively, “Access Entities”), a more than five percent shareholder of the Company | |||
Amount of management fees demanded | $ 100,000 | |||
Pending or threatened litigation [Member] | Affiliates of Access Industries management agreement fee demand letters [Member] | Predecessor [Member] | ||||
Loss contingencies [Line Items] | ||||
Description of parties who issued the demand letters | affiliates of Access Industries (collectively, “Access Entities”), a more than five percent shareholder of the Company | |||
Proof of claim for management fees previously filed in Bankruptcy Court | $ 723 | |||
IRC Section 409A Matter [Member] | ||||
Loss contingencies [Line Items] | ||||
Liability incurred for IRC Section 409A matter | $ 1,700 |
Stockholders' Equity, Dividend
Stockholders' Equity, Dividend distributions (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | |
Summary of dividend payments [Abstract] | ||||
Dividend per ordinary share (per share) | $ 0.9 | $ 0.9 | $ 0.85 | $ 2.65 |
Aggregate dividends paid | $ 356 | $ 361 | $ 343 | $ 1,060 |
Date of record | Sep. 6, 2017 | Jun. 5, 2017 | Mar. 6, 2017 |
Stockholders' Equity, Share rep
Stockholders' Equity, Share repurchase programs (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | |
May 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share repurchase programs [Line Items] | |||
Shares repurchased (in shares) | 10,018,001 | 31,393,921 | |
Average purchase price (in dollars per share) | $ 84.3 | $ 78.91 | |
Total purchase price, including commissions | $ 845 | $ 2,477 | |
Cash paid for shares repurchased | $ 866 | $ 2,501 | |
May 2015 share repurchase program [Member] | |||
Share repurchase programs [Line Items] | |||
Shares repurchased (in shares) | 15,302,707 | ||
Average purchase price (in dollars per share) | $ 80.15 | ||
Total purchase price, including commissions | $ 1,226 | ||
May 2016 share repurchase program [Member] | |||
Share repurchase programs [Line Items] | |||
Shares repurchased (in shares) | 3,501,084 | 16,091,214 | |
Average purchase price (in dollars per share) | $ 85.71 | $ 77.73 | |
Total purchase price, including commissions | $ 300 | $ 1,251 | |
May 2017 share repurchase program [Member] | |||
Share repurchase programs [Line Items] | |||
Approval date of share repurchase program | 2017-05 | ||
Percent of outstanding shares authorized to be repurchased under a share repurchase program (in hundredths) | 10.00% | ||
The date through which shares are authorized for repurchase under a share repurchase program | 2018-11 | ||
Shares repurchased (in shares) | 6,516,917 | ||
Average purchase price (in dollars per share) | $ 83.54 | ||
Total purchase price, including commissions | $ 545 |
Stockholders' Equity, Ordinary
Stockholders' Equity, Ordinary shares (Details) - shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Ordinary shares outstanding: [Abstract] | ||
Beginning balance (in shares) | 404,046,331 | |
Repurchase of ordinary shares (in shares) | (10,018,001) | (31,393,921) |
Ending balance (in shares) | 394,458,141 | |
Ordinary shares [Member] | ||
Ordinary shares outstanding: [Abstract] | ||
Beginning balance (in shares) | 404,046,331 | 440,150,069 |
Share-based compensation (in shares) | 343,663 | 338,103 |
Warrants expired or exercised (in shares) | 4,184 | 200 |
Employee stock purchase plan (in shares) | 81,964 | 71,108 |
Repurchase of ordinary shares (in shares) | (10,018,001) | (31,393,921) |
Ending balance (in shares) | 394,458,141 | 409,165,559 |
Stockholders' Equity, Treasury
Stockholders' Equity, Treasury shares (Details) - shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Ordinary shares held as treasury shares: [Abstract] | ||
Beginning balance (in shares) | 174,389,139 | |
Repurchase of ordinary shares (in shares) | 10,018,001 | 31,393,921 |
Ending balance (in shares) | 183,982,022 | |
Treasury shares [Member] | ||
Ordinary shares held as treasury shares: [Abstract] | ||
Beginning balance (in shares) | 174,389,139 | 138,285,201 |
Share-based compensation (in shares) | (343,663) | (338,103) |
Warrants exercised (in shares) | 509 | 0 |
Employee stock purchase plan (in shares) | (81,964) | (71,108) |
Repurchase of ordinary shares (in shares) | 10,018,001 | 31,393,921 |
Ending balance (in shares) | 183,982,022 | 169,269,911 |
Stockholders' Equity, Component
Stockholders' Equity, Components of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated other comprehensive income (loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), beginning of period | $ (1,511) | $ (1,438) | ||
Other comprehensive income (loss) before reclassifications | (35) | (128) | ||
Amounts reclassified from accumulated other comprehensive (income) loss | 187 | 74 | ||
Total other comprehensive income (loss) | $ 16 | $ (20) | 152 | (54) |
Accumulated other comprehensive income (loss), end of period | (1,359) | (1,492) | (1,359) | (1,492) |
Financial derivatives [Member] | ||||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), beginning of period | (75) | (79) | ||
Other comprehensive income (loss) before reclassifications | (187) | (201) | ||
Amounts reclassified from accumulated other comprehensive (income) loss | 167 | 52 | ||
Total other comprehensive income (loss) | (20) | (149) | ||
Accumulated other comprehensive income (loss), end of period | (95) | (228) | (95) | (228) |
Net unrealized holding gains (losses) on investments [Member] | ||||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), beginning of period | 1 | (5) | ||
Other comprehensive income (loss) before reclassifications | (5) | (7) | ||
Amounts reclassified from accumulated other comprehensive (income) loss | 0 | 0 | ||
Total other comprehensive income (loss) | (5) | (7) | ||
Accumulated other comprehensive income (loss), end of period | (4) | (12) | (4) | (12) |
Net unrealized holding gains (losses) attributable to equity investees [Member] | ||||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), beginning of period | 0 | 0 | ||
Other comprehensive income (loss) before reclassifications | 14 | 0 | ||
Amounts reclassified from accumulated other comprehensive (income) loss | 0 | 0 | ||
Total other comprehensive income (loss) | 14 | 0 | ||
Accumulated other comprehensive income (loss), end of period | 14 | 0 | 14 | 0 |
Defined pension and other postretirement benefit plans [Member] | ||||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), beginning of period | (498) | (428) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive (income) loss | 20 | 15 | ||
Total other comprehensive income (loss) | 20 | 15 | ||
Accumulated other comprehensive income (loss), end of period | (478) | (413) | (478) | (413) |
Foreign currency translation adjustments [Member] | ||||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), beginning of period | (939) | (926) | ||
Other comprehensive income (loss) before reclassifications | 143 | 80 | ||
Amounts reclassified from accumulated other comprehensive (income) loss | 0 | 7 | ||
Total other comprehensive income (loss) | 143 | 87 | ||
Accumulated other comprehensive income (loss), end of period | $ (796) | $ (839) | $ (796) | $ (839) |
Stockholders' Equity, Reclassif
Stockholders' Equity, Reclassification out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||||
Amortization of prior service cost | $ 0 | $ 1 | $ 0 | $ 1 |
Amortization of actuarial (gain) loss | 10 | 8 | 29 | 23 |
Other income (expense), net | 114 | 19 | 173 | 104 |
Income (loss) from continuing operations before income taxes | 1,438 | 1,281 | 4,151 | 4,181 |
Provision for (benefit from) income taxes | 380 | 326 | 1,154 | 1,104 |
Net income attributable to the Company shareholders | 1,057 | 952 | 2,985 | 3,073 |
Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||||
Income (loss) from continuing operations before income taxes | 84 | 21 | 261 | 83 |
Provision for (benefit from) income taxes | 21 | 4 | 74 | 9 |
Net income attributable to the Company shareholders | 63 | 17 | 187 | 74 |
Financial derivatives [Member] | Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||||
Other income (expense), net | 74 | 5 | 232 | 52 |
Defined pension and other postretirement benefit plans [Member] | Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||||
Amortization of prior service cost | 0 | 1 | 0 | 1 |
Amortization of actuarial (gain) loss | 10 | 8 | 29 | 23 |
Foreign currency translation adjustments [Member] | Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||||
Other income (expense), net | $ 0 | $ 7 | $ 0 | $ 7 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings per share reconciliation [Abstract] | ||||
Net income (loss) | $ 1,056 | $ 953 | $ 2,983 | $ 3,074 |
Less: net (income) loss attributable to non-controlling interests | 1 | (1) | 2 | (1) |
Net income attributable to the Company shareholders | $ 1,057 | $ 952 | $ 2,985 | $ 3,073 |
Earnings (loss) per share: [Abstract] | ||||
Basic (in dollars per share) | $ 2.67 | $ 2.3 | $ 7.46 | $ 7.25 |
Diluted (in dollars per share) | $ 2.67 | $ 2.3 | 7.46 | $ 7.23 |
Earnings per share, basic and diluted, other disclosures [Abstract] | ||||
Dividends declared per share of common stock (in dollars per share) | $ 2.65 | |||
Continuing operations [Member] | ||||
Earnings per share reconciliation [Abstract] | ||||
Net income (loss) | $ 1,058 | $ 955 | $ 2,997 | $ 3,077 |
Less: net (income) loss attributable to non-controlling interests | 1 | (1) | 2 | (1) |
Net income attributable to the Company shareholders | 1,059 | 954 | 2,999 | 3,076 |
Net (income) loss attributable to participating securities | (1) | (1) | (3) | (3) |
Net income (loss) attributable to ordinary shareholders - Basic | 1,058 | 953 | 2,996 | 3,073 |
Net income (loss) attributable to ordinary shareholders - Diluted | $ 1,058 | $ 953 | $ 2,996 | $ 3,073 |
Weighted average number of shares outstanding reconciliation [Abstract] | ||||
Basic weighted average common stock outstanding (in shares) | 395 | 413 | 400 | 423 |
Effect of dilutive securities: [Abstract] | ||||
PSU awards (in shares) | 0 | 1 | 0 | 1 |
Potential dilutive shares (in shares) | 395 | 414 | 400 | 424 |
Earnings (loss) per share: [Abstract] | ||||
Basic (in dollars per share) | $ 2.67 | $ 2.31 | $ 7.49 | $ 7.26 |
Diluted (in dollars per share) | $ 2.67 | $ 2.31 | $ 7.49 | $ 7.24 |
Earnings per share, basic and diluted, other disclosures [Abstract] | ||||
Participating securities (in shares) | 0.4 | 0.4 | 0.4 | 0.4 |
Dividends declared per share of common stock (in dollars per share) | $ 0.9 | $ 0.85 | $ 2.65 | $ 2.48 |
Discontinued operations [Member] | ||||
Earnings per share reconciliation [Abstract] | ||||
Net income (loss) | $ (2) | $ (2) | $ (14) | $ (3) |
Less: net (income) loss attributable to non-controlling interests | 0 | 0 | 0 | 0 |
Net income attributable to the Company shareholders | (2) | (2) | (14) | (3) |
Net (income) loss attributable to participating securities | 0 | 0 | 0 | 0 |
Net income (loss) attributable to ordinary shareholders - Basic | (2) | (2) | (14) | (3) |
Net income (loss) attributable to ordinary shareholders - Diluted | $ (2) | $ (2) | $ (14) | $ (3) |
Weighted average number of shares outstanding reconciliation [Abstract] | ||||
Basic weighted average common stock outstanding (in shares) | 395 | 413 | 400 | 423 |
Effect of dilutive securities: [Abstract] | ||||
PSU awards (in shares) | 0 | 1 | 0 | 1 |
Potential dilutive shares (in shares) | 395 | 414 | 400 | 424 |
Earnings (loss) per share: [Abstract] | ||||
Basic (in dollars per share) | $ 0 | $ (0.01) | $ (0.03) | $ (0.01) |
Diluted (in dollars per share) | $ 0 | $ (0.01) | $ (0.03) | $ (0.01) |
Earnings per share, basic and diluted, other disclosures [Abstract] | ||||
Participating securities (in shares) | 0.4 | 0.4 | 0.4 | 0.4 |
Dividends declared per share of common stock (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Segment and Related Informati59
Segment and Related Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)OperatingSegments | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Segment and Related Information [Abstract] | ||||
Number of operating segments | OperatingSegments | 5 | |||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | $ 8,516 | $ 7,365 | $ 25,349 | $ 21,436 |
Income from equity investments | 81 | 81 | 240 | 289 |
EBITDA | 1,821 | 1,606 | 5,408 | 5,196 |
Additional benefits (charges) recognized in various segments [Abstract] | ||||
Gain on sale of assets | 31 | 5 | ||
O&P - Americas [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 1,817 | 1,740 | 5,631 | 4,978 |
Income from equity investments | 8 | 12 | 33 | 54 |
EBITDA | 616 | 682 | 2,198 | 2,314 |
Additional benefits (charges) recognized in various segments [Abstract] | ||||
Gain on sale of assets | 31 | |||
Gain on sale of our wholly owned Argentine subsidiary | 57 | |||
O&P - EAI [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 3,096 | 2,585 | 9,029 | 7,805 |
Income from equity investments | 69 | 67 | 202 | 232 |
EBITDA | 698 | 584 | 1,926 | 1,669 |
Additional benefits (charges) recognized in various segments [Abstract] | ||||
Gain on sale of equity method investment | $ 108 | $ 108 | ||
Ownership percentage of equity method investment | 27.00% | 27.00% | ||
Noncash gain on elimination of a lease obligation | $ 21 | |||
Gain on sale of our wholly owned Argentine subsidiary | 21 | |||
I&D [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | $ 2,043 | 1,769 | 6,142 | 5,186 |
Income from equity investments | 4 | 2 | 5 | 3 |
EBITDA | 402 | 304 | 1,080 | 1,027 |
Refining [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 1,491 | 1,192 | 4,306 | 3,179 |
Income from equity investments | 0 | 0 | 0 | 0 |
EBITDA | 58 | (10) | 53 | (9) |
Technology [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 69 | 80 | 241 | 288 |
Income from equity investments | 0 | 0 | 0 | 0 |
EBITDA | 47 | 45 | 155 | 201 |
Operating segments [Member] | O&P - Americas [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 2,449 | 2,342 | 7,600 | 6,668 |
Operating segments [Member] | O&P - EAI [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 3,152 | 2,634 | 9,184 | 7,933 |
Operating segments [Member] | I&D [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 2,077 | 1,805 | 6,241 | 5,276 |
Operating segments [Member] | Refining [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 1,670 | 1,330 | 4,736 | 3,574 |
Operating segments [Member] | Technology [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 98 | 102 | 325 | 363 |
Other and total intersegment eliminations [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | (930) | (848) | (2,737) | (2,378) |
Intersegment eliminations [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | (930) | (847) | (2,737) | (2,378) |
Intersegment eliminations [Member] | O&P - Americas [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | (632) | (602) | (1,969) | (1,690) |
Intersegment eliminations [Member] | O&P - EAI [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | (56) | (49) | (155) | (128) |
Intersegment eliminations [Member] | I&D [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | (34) | (36) | (99) | (90) |
Intersegment eliminations [Member] | Refining [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | (179) | (138) | (430) | (395) |
Intersegment eliminations [Member] | Technology [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | (29) | (22) | (84) | (75) |
Other [Member] | ||||
Summarized financial information concerning reportable segments: [Abstract] | ||||
Sales and other operating revenues | 0 | (1) | 0 | 0 |
Income from equity investments | 0 | 0 | 0 | 0 |
EBITDA | $ 0 | $ 1 | $ (4) | $ (6) |
Segment and Related Informati60
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
EBITDA: [Abstract] | ||||
Total segment EBITDA | $ 1,821 | $ 1,605 | $ 5,412 | $ 5,202 |
Other EBITDA | 0 | 1 | (4) | (6) |
Less: [Abstract] | ||||
Depreciation and amortization expense | (294) | (257) | (876) | (791) |
Interest expense | (94) | (72) | (396) | (237) |
Add: [Abstract] | ||||
Interest income | 5 | 4 | 15 | 13 |
Income from continuing operations before income taxes | $ 1,438 | $ 1,281 | $ 4,151 | $ 4,181 |