| Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
| Dec. 31, 2017 |
| Summary of Significant Accounting Policies [Abstract] | |
| Basis of preparation and consolidation [Policy Text Block] | Basis of Preparation and Consolidation The accompanying C onsolidated F inancial S tatements have been prepared from the books and records of LyondellBasell N.V. under accounting principles generally accepted in the U.S. (“U.S. GAAP”). Subsidiaries are defined as being those companies over which we , either directly or indirectly, have c ontrol through a majority of the voting rights or the right to exercise control or to obtain the majority of the benefits and be exposed to the majority of the risks. Subsidiaries are consolidated from the date on which control is obtained until the date t hat such control ceases. All intercompany transactions and balances have been eliminated in consolidation. The Consolidated Financial Statements have been prepared under the historical cost convention, as modified for the accounting of certain financial as sets and financial liabilities (including derivative instruments) at fair value through profit or loss. Consolidated financial information, including subsidiaries, equity investments , has been prepared using uniform accounting policies for similar transact ions and other events in similar circumstances. |
| Cash and cash equivalents [Policy Text Block] | Cash and Cash Equivalents Cash equivalents consist of highly liquid debt instruments such as certificates of deposit, commercial paper and money market accounts. Cash equivalents include instruments with matu rities of three months or less when acquired. Cash equivalents are stated at cost, which approximates fair value. Cash and cash equivalents exclude restricted cash. Our cash equivalents are placed in certificates of deposit, high-quality commercial paper a nd money market accounts with major international banks and financial institutions. Although, w e have no current requirements for compensating balances in a specific amount at a specific point in time , w e maintain compensating balances at our discretion for some of our banking services and products. |
| Short-term investments [Policy Text Block] | Short-Term Investments We have investments in marketable securities classified as available-for-sale and held-to-maturity . These securities are included in Short-term investments on the Consolidated Balance S heets . Investments classified as available-for-sale are carried at estimated fair value with unrealized gains and losses recorded as a component of Accumulated o ther c omprehensive i ncome (“AOCI”). Investments classified as held-to-maturity are carried at a mortized cost. We periodically review our available-for-sale and held-to-maturity securities for other-than-temporary declines in fair value below the cost basis, and when events or changes in circumstances indicate the carrying value of an asset may not b e recoverable, the investment is written down to fair value, establishing a new cost basis. |
| Trade receivables [Policy Text Block] | Trade Receivables Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. We calculate provi sions for doubtful accounts receivable based on our estimates of amounts that we believe are unlikely to be collected. Collectability of receivables is reviewed and the provision calculated for doubtful accounts is adjusted at least quarterly, based on agi ng of specific accounts and other available information about the associated customers. Provisions for doubtful accounts are included in S elling, general and administrative expenses. |
| Loan Receivables [Policy Text Block] | Loans Receivable We invest in tri-party repurchase agreements. Under these agreements, we make cash purchases of securities according to a pre-agreed profile from our counterparties. The counterparties have an obligation to repurchase, and we have an obligation to sell, the same or substantially the same securities at a pre -defined date for a price equal to the purchase price plus interest. These securities, which pursuant to our internal polic ies are held by a third-party custodian and must generally have a minimum collateral value of 102%, secure the counterparty’s obligat ion to repurchase the securities. Depending upon maturity, these 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 receivable reflected in Other i nvestments and long-term receivables on our Consolidated Balance Sheets. |
| Inventories [Policy Text Block] | Inventories Cost of our raw materials, work-in-progress and finished goods i nventories is determined using the last-in, first-out (“LIFO”) method and is carried at the lower of curre nt market value or cost. Cost of our materials and supplies inventory is determined using the moving average cost method and is carried at the lower of cost and net realizable value . Inventory exchange transactions, which involve fungible commodities, ar e not accounted for as purchases and sales. Any resulting volumetric exchange balances are accounted for as inventory, with cost determined using the LIFO method. |
| Property, plant and equipment [Policy Text Block] | Property, Plant and Equipment P roperty, plant and equipment are recorded at historical cost. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Costs may also include borrowing costs incurred on debt during construction or major projects exceeding one year, costs of major maintenance arising from turnarounds of major units and committed decommission costs. Routine maintenance costs are expensed as incurred. Land is not depreciated. Depreciation is computed using the straight-line method over the estimated useful asset lives to their residual value s. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. We evaluate property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which, for us, is generally at the plant group level (or, at times, individual plants in certain circumstances where we have isolated production units with separately identifiable cash flows). When it is probable t hat an asset or asset group’s undiscounted future cash flows will not be sufficient to recover the carrying amount, the asset is written down to its estimated fair value. Upon retirement or sale, we remove the cost of the asset and the related accumulate d depreciation from the accounts and reflect any resulting gain or loss in the Consolidated Statements of Income. |
| Equity investments [Policy Text Block] | Equity Investments We account for equity investments using the equity method of accounting if we have the ability to exercise significant infl uence over, but not control of, an investee. S ignificant influence generally exists if we have an ownership interest representing between 20% and 50% of the voting rights. Under the equity method of accounting , investments are stated initially at cost and are adjusted for subsequent additional investments and our proportionate share of profit or losses and distributions . We record our share of the profits or losses of the equity method investments, net of income taxes, in the Consolidated Statements of I ncome . When our share of losses in an equity investment equals or exceeds our interest in the equity investment, including any other unsecured receivables, we do not recognize further losses, unless we have incurred obligations or made payments on behalf o f the equity investment. We evaluate our equity method investment s for impairment when events or changes in circumstances indicate, in management’s judgment, that the carrying value of such investment s may have experienced an other-than-temporary decline i n value. When evidence of loss in value has occurred, management compares the estimated fair value of investment to the carrying value of investment to determine whether an impairment has occurred. If the estimated fair value is less than the carrying valu e and management considers the decline in value to be other-than temporary, the excess of the carrying value over the estimated fair value is recognized in the Consolidated F inancial S tatements as an impairment. |
| Goodwill [Policy Text Block] | Goodwill We recorded goodwill upon our appli cation of fresh-start accounting on May 1, 2010 . Goodwill is not amortized, but is tested annually for impairmen t. We assess the recoverability of the carrying value of goodwill during the fourth quarter of each year or whenever events or changes in circum stances indicate that the carrying amount of the goodwill of a reporting unit may not be fully recoverable. We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carryi ng value. Qualitative factors assessed for each of the reporting units include, but are not limited to, changes in long-term commodity prices, discount rates, competitive environments, planned capacity, cost factors such as raw material prices, and financi al performance of the reporting units. If the qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, a quantitative test is required. In 2017 and 2016, manage ment performed qualitative impairment assessments of our reporting units which indicated that the fair value of our reporting units was greater than their carrying value. Accordingly, a quantitative goodwill impairment test was not required and no goodwill impairment was recognized. |
| Intangible assets [Policy Text Block] | Intangible Assets — Intangible assets consist of emission allowances, various contracts, in-process research and development and software costs . These assets are amortized using the straight-line method over th eir estimated useful lives or over the term of the related agreement. We evaluate definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. |
| Research and development [Policy Text Block] | Research and Development — Research and d evelopment (“R&D”) costs are expensed when incurred. Subsidies for research and development are included in Other income (expense), net . Depreciation expense related to R&D assets is included as a cost of R&D. |
| Income taxes [Policy Text Block] | Income Taxes The income tax for the period comprises current and deferred tax. Income t ax is recognized in the Consolidated Statement s of Income , except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In these cases, t he applicable tax amount is recognized in other comprehensive income or directly in equity, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial report ing purposes and the amounts used for income tax purposes, as well as the net tax effects of net operating loss carryforwards. Valuation allowances are provided against deferred tax assets when it is more likely than not that some portion or all of the def erred tax asset will not be realized. We recognize uncertain income tax position s in our financial statements when we believe it is more likely than not, based on the technical merits, that the position or a portion thereof will be sustained upon examinati on. |
| Environmental remediation costs [Policy Text Block] | Environmental Remediation Costs — Environmental remediation liabilities include liabilities related to sites we currently own, sites we no longer own , as well as sites where we have operated that belong to other parties . L iabilities for a nticipated expenditures related to investigation and remediation of contaminated sites are accrued when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated. Only ongoing operating and monitoring costs, the timing of which can be determined with reasonable certainty, are discounted to present value. Future legal costs associated with such matters, which generally are not estimable, are not included in these liabilities. |
| Asset retirement obligations [Policy Text Block] | Asset Retirement Obligation s — At some sites , we are contractually obligated to decommission our plants upon site exit. Asset retirement obligations are recorded at the present value of the estimated costs to retire the asset at the time the obligation is incurred. T hat cost , which is capi talized as part of the related long - lived asset , is depreciated on a straight - line basis over the remaining useful life of the related asset. Accretion expense in connection with the discounted liability is also recognized over the remaining useful life of the related asset. Such depreciation and accretion expenses are included in Cost of sales. |
| Foreign currency translation [Policy Text Block] | Foreign Currency Translation Functional and R eporting C urrency —Items included in the financial information of each of LyondellBasell N.V.’s entities are measured u sing the currency of the primary economic environment in which the entity operates ( “ the functional currency ” ) and then translated to the U.S. dollar reporting currency through Other comprehensive income . Transactions and B alances —Foreign currency transa ctions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Consolidated Statement s of Income . In the Consolidated Financial Statements, the results and financial position of all subsidiaries that have a functional currency di fferent from the presentation currency are translated into the reporting currency as follows: Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; Income and expenses for each income statement are translated at average exchange rates; and All resulting exchange differences are recognized as a separate component within O ther comprehensive income ( foreign currency translation). |
| Revenue recognition [Policy Text Block] | Revenue Recognition Substantially all of the Company’s reven ue is derived from product sales. Revenues are recognized when sales are realized or realizable, and the earnings process is complete. Revenue from product sales is recognized when the price is fixed or determinable, collectability is reasonably assured, a nd the customer has an obligation to pay at the time of transfer of title and risk of loss to the customer, which usually occurs at the time of shipment. Revenue is recognized at the time of delivery if we retain the risk of loss during shipment. |
| Share-based compensation [Policy Text Block] | Share-Based Compensation The Company recognizes compensation expense in the financial statements for share-based compensation awards based upon the grant date fair value over the vesting period. Contingent share awards are recognized ratably over the vest ing period as a liability and re-measured, at fair value, at the balance sheet date, see Note 16 to the Consolidated Financial Statements. |
| Lessee, Leases [Policy Text Block] | Leases We lease land and other assets for use in our operations. All lease agreements are evaluated and c lassified as either an operating lease or a capital lease. A lease is classified as a capital lease if any of the following criteria are met: transfer of ownership to the lessee by the end of the lease term; the lease contains a bargain purchase option; th e lease term is equal to 75% or greater of the asset’s useful economic life; or the present value of the future minimum lease payments is equal to or greater than 90% of the asset’s fair market value. Capital leases are recorded at the lower of the net pre sent value of the total amount of rent payable under the leasing agreement (excluding finance charges) or fair market value of the leased asset. Capital lease assets are depreciated on a straight-line basis, over a period consistent with our normal depreci ation policy for tangible fixed assets, but generally not exceeding the lease term. Operating lease expense is recognized ratably over the entire lease term. |
| Financial instruments and hedging activities [Policy Text Block] | Financial Instruments and Hedging Activities Pursuant to our risk management policies, w e selectively enter into derivative transactions to manage market risk volatility associated with changes in commodity pricing, currency exchange rates and interest rates. Derivatives used for this purpose are generally designated as net investment hedges, cash flow hedges or fair value hedges. Derivative instruments are recorded at fair value on the balance sheet. Gains and losses related to changes in the fair value of derivative instruments not designated as hedges are recorded in earnings. For derivativ es designated as net investment hedges and cash flow hedges , the effective portion of the gains and losses is recorded in Other comprehensive income (loss) and t he ineffective portion is recorded in earnings. For derivatives designated as net investment he dges, gains or losses resulting from its settlement are reflected in foreign currency translations adjustments in Other comprehensive income (loss). For derivatives that have been designated as fair value hedges, the gains and losses of the derivatives and hedged instruments are recorded in earnings. Net Investment Hedges— We enter into foreign currency contracts and foreign currency denominated debt 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. Our foreign currency derivatives currently consist of cross-currency basis swap contracts and forward exchange contracts. For our basis swaps, w e use the long-haul method to assess hedge effectiveness using a regression analysis approach under the hypothetical derivative met hod. We perform the regression analysis at least on a quarterly basis over an observation period of three years, utilizing data that is relevant to the hedge duration. We use the forward method to measure ineffectiveness. For our forward exchange contracts and our euro denominated notes payable, we use the critical terms match to assess both prospective and retrospective hedge effectiveness by comparing the spot rate change in the hedging instrument and the spot rate change in the designated net investment. We use the forward method to measure ineffectiveness. Cash flows related to our foreign currency contracts designated as net investment hedges are reported in Cash flows from investing activities and related interest payments are reported in Cash flows fr om operating activities in the Consolidated Statement of Cash Flows. Cash flows related to our foreign currency denominated debt designated as net investment hedges are reported in Cash flows from financing activities and related interest payments are repo rted in Cash flows from operating activities in the Consolidated Statement of Cash Flows. Cash Flow Hedges — Our cash flow hedges include cross currency swaps, forward starting interest rate swaps and commodity swaps. We have cross-currency swap contracts designated as cash flow hedges to reduce our exposure to the foreign currency exchange risk associated with certain intercompany loans. Under the terms of these contracts, we make interest payments in euros and receive interest in U.S. dollars. Upon the ma turities of these contracts, we will pay the principal amount of the loans in euros and receive U.S. dollars from our counterparties. We enter into forward-starting interest rate contracts to mitigate the risk of adverse changes in benchmark interest rate s on the anticipated refinancing of our senior notes due 2019. We also have commodity swaps to manage the volatility of the commodity price related to anticipated purchases of raw materials . We enter into over-the-counter commodity swaps with one or more counterparties whereby we pay a predetermined fixed price and receive a price based on the average monthly rate of a specified index for the specified nominated volumes. We use the long-haul method to assess hedge effectiveness of these cash flow hedges us ing a regression analysis approach under the hypothetical derivative method. We perform the regression analysis at least on a quarterly basis. We use the dollar offset method under the hypothetical derivative method to measure ineffectiveness. Fair Value H edges— We use interest rate swaps as part of our current interest rate risk management strategy to achieve a desired proportion of variable versus fixed rate debt. Under these arrangements, we exchange fixed-rate for floating-rate interest payments to effec tively convert our fixed-rate debt to floating-rate debt. These payments are classified as Other, net, in the Cash flows from operating activities section of the Consolidated Statements of Cash Flows. We use the long-haul method to assess hedge effectiven ess using a regression analysis approach. We perform the regression analysis over an observation period of three years, utilizing data that is relevant to the hedge duration. We use the dollar offset method to measure ineffectiveness. We evaluate the effe ctiveness of the hedging relationship at least on quarterly basis and calculate the changes in the fair value of the derivatives and the underlying hedged items separately. Fair Value Measurements We categorize assets and liabilities, measured at fair valu e, into one of three different levels depending on the observability of the inpu ts employed in the measurement : Level 1—Quoted prices for identical instruments in active markets. Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable. Level 3—Model-derived valuations in which one or more significant inputs o r significant value-drivers are unobservable. Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable. Changes in fair value levels —Management reviews the disclosures regarding fair value measurements at least quarterly. If an instrument classified as Level 1 subsequently ceases to be actively traded, it is t ransferred out of Level 1. In such cases, instruments are reclassified as Level 2, unless the measurement of its fair value requires the use of significant unobservable inputs, in which case it is reclassified as Level 3. We use the following inputs and va luation techniques to estimate the fair value of our financial instruments disclosed in Note 14 : Basis Swaps— The fair value of our basis swap contracts is calculated using the present value of future cash flows discounted using observable input s such as known notional value amounts, yield curves, and spot and forward exchange rates . Cross-Currency Swaps ―The fair value of our cross-currency swaps is calculated using the present value of future cash flows discounted using observable inputs with th e foreign currency leg revalued using published spot and future exchange rates on the valuation date. Forward-Starting Interest Rate Swaps— The fair value of our forward-starting interest rate swaps is calculated using the present value of future cash flo ws method and based on observable inputs such as benchmark interest rates. Fixed-for-Floating Interest Rate Swaps —The fair value of our fixed-for-floating interest rate swaps is calculated using the present value of future cash flows using observable input s such as interest rates and market yield curves. Commodity and Embedded Derivatives ―The fair value s of our commodity derivatives classified as Level 1 and embedded derivatives are measured using closing market price s of public exchanges and from third-pa rty broker quotes and pricing providers. The fair value of our commodity swaps classified as Level 2 is determined using a combination of observable and unobservable inputs. The observable inputs consist of future market values of various crude and heavy fuel oils, which are readily available through public data sources. The unobservable input, which is the estimated discount or premium used in the market pricing, is calculated using an internally-developed, multi-linear regression model based on the obse rvable prices of the known components and their relationships to historical prices. A significant change in this unobservable input would not have a material impact on the fair value measurement of our Level 2 commodity swaps. Forward Exchange Contracts ―T he fair value of our forward exchange contracts is based on forward market rates. Available-for-Sale Securities— The f air value of our available-for-sale securities is calculated using observable market data for similar securities and broker quotes from r ecognized purveyors of market data or the net asset value for limited partnership investments provided by the fund administrator. Our limited partnership investments include investments in, among other things, equities and equity related securities, debt s ecurities, credit instruments, global interest rate products, currencies, commodities, futures, options, warrants and swaps. These investments, which include both long and short positions, may be redeemed at least monthly with advance notice ranging up to ninety days. Loans Receivable— The fair value of our tri-party repurchase agreements are based on discounted cash flows, which consider prevailing market rates for the respective instrument maturity in addition to corroborative support from the minimum unde rlying collateral requirements. Short-Term Debt ―Fair value s of short-term borrowings related to precious metal financing arrangements are determined based on the current market price of the associated precious metal. Long-Term Debt ―Fair value is calculated using pricing data obtained from well-established and recognized vendors of market data for debt valuations. Due to the short maturity, the fair value of all non-derivative financial instruments included in Current assets , Current liabilities, approximate s the applicable carrying value. Current assets include Cash and cash equivalents, Restricted cash, held-to-maturity time deposits and Accounts receivable. Current liabilities include Accounts payable and Short-term debt excluding precious metal financings . We use the following inputs and valuation techniques to estimate the fair value of our pension assets disclosed in Note 15 : Common and preferred stock— Valued at the closing price reported on the market on which the individual securities are traded. Fixed income securities— Certain securities that are not traded on an exchange are valued at the closing price reported by pricing services. Other securities are valued based on yields currently available on comparable securities of issuers with similar cr edit ratings. Commingled funds— Valued based upon the unit values of such collective trust funds held at year end by the pension plans. Unit values are based on the fair value of the underlying assets of the fund derived from inputs principally from, or cor roborated by, observable market data by correlation or other means. Real estate— Valued on the basis of a discounted cash flow approach, which includes the future rental receipts, expenses, and residual values as the highest and best use of the real estate from a market participant view as rental property. Hedge funds— Valued based upon the unit values of such alternative investments held at year end by the pension plans. Unit values are based on the fair value of the underlying assets of the fund. Private eq uity— Valued based upon the unit values of such alternative investments held at year end by the pension plans. Unit values are based on the fair value of the underlying assets of the fund. Certain securities held in the fund are valued at the closing price reported on the exchange or other established quotation service for over-the-counter securities. Other assets held in the fund are valued based on the most recent financial statements prepared by the fund manager. Convertible securities— Valued at the qu oted prices for similar assets or liabilities in active markets. U.S. government securities— Certain securities are valued at the closing price reported on the active market on which the individual securities are traded. Other securities are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Cash and cash equivalents— Valued at the quoted prices for similar assets or liabilities in active markets. Non-U.S. insurance arrangements — Valued based upon the es timated cash surrender value of the underlying insurance contract , which is derived from an actuarial determination of the discounted benefits cash flows. |
| Fair value measurements, Policy [Policy Text Block] | Fair Value Measurements We categorize assets and liabilities, measured at fair valu e, into one of three different levels depending on the observability of the inpu ts employed in the measurement : Level 1—Quoted prices for identical instruments in active markets. Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable. Level 3—Model-derived valuations in which one or more significant inputs o r significant value-drivers are unobservable. Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable. |
| Pension plans [Policy Text Block] | Pension P lans — We have both defined benefit (funded and unfunded) and defined contribution plans. For the defined benefit plans , a p rojected b enefit o bligation is calculated annually by independent actuaries using the projected unit credit method. Pension costs primarily represent the increase in the actuarial present value of the o bligation for pension benefits based on employee service during the year and the interest on this obligation in respect of employee service in previous years, net of expected return on plan assets. Actuarial gains and losses arising from experience adjustm ents and changes in actuarial assumptions are charged or credited to equity and are reflected in Accumulated other comprehensive income in the period in which they arise. |
| Other post-employment obligations [Policy Text Block] | Other P ost- E mployment O bligations — Certain employees are entitled to postretirement me dical benefits upon retirement . The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the per iod of employment applying the same accounting methodology used for defined benefit plans. |
| Termination benefits [Policy Text Block] | Termination B enefits — Contractual termination benefits are payable when employment is terminated due to an event specified in the provisions of a social/labor plan or statutory law. A liability is recognized for one-time termination benefits when we are committed to i) make payments and the number of affected employees and the benefits received are known to both parties, and ii) terminating the employment of current em ployees according to a detailed formal plan without possibility of withdrawal and can reasonably estimate such amount . Benefits falling due more than 12 months after the balance sheet date are discounted to present value. |
| Use of estimates [Policy Text Block] | Use of E stimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
| Recently adopted guidance and accounting guidance issued but not adopted as of December 31, 2017 [Policy Text Block] | Accounting Guidance Issued But Not Adopted as of December 31, 2017 Revenue Recognition —In May 2014, the FASB issued ASU 2014-09, Revenue from Contr acts with Customers (Topic 606) , which supersedes the current revenue recognition requirements in Accounting Standard Codification (“ ASC ”) 606, Revenue Recognition. Under this guidance, entities should recognize revenues to depict the transfer 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 Contra cts 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. We will adopt this standard as of January 1, 2018 foll owing the modified retrospective method. 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 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 accounting for collectability, noncash consideration, presentation of sales tax, and transition. The FASB also issued 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. We have completed any required changes to our systems and processes, including updating our intern al controls. We do not expect that adoption of this guidance and amendments to have a material impact on our Consolidated Financial Statements. Financial Instruments —In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 82 5-10): Recognition and Measurement of Financial Assets and Financial 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 consolida tion of the investee) to be measured at fair value with changes in 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 ex pect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. Leases —In February 2016, the FASB issued ASU 2016-02, Leases (Topic 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 lease liability and a right-of-use asset representing its right to use the unde rlying 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 modified retrospective transition approach is required for annual and interim periods beginning on or after December 15, 2018. Early adoption is permitted. We are currently assessing the impact of this new guidance on our Consolidated Financial Statements via review of existing lease contracts and other purchase obligations that contain embedded lease features, which are generally classified as operating leases under the existing guidance. In 2018, the FASB also issued ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842. Under this guidance, an optional transition practical expedient is available whereby existing or expired land easements that were not previously accounted for as leases under Topic 840 are not required to be evaluated under Topic 842. We will evaluate the application of this ASU together with the overall assessment of Topic 842. Financial Instruments —In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) : Measurement 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 when measuring an impairment of financial instruments. Credit losses related to available-fo r-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 historical experience, current conditions and forecasts that affect the collecta bility. This ASU also modifies the impairment model for available-for-sale debt securities by eliminating the concept of “other than temporary” as well as providing a simplified accounting model for purchased financial assets with credit deterioration sinc e their origination. The guidance will be effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted. We are currently assessing the impact of the amendment 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 . Under current GAAP, the tax effects of intra-entity asset transfers (intercompany sales) are deferred until the transfe rred asset is sold 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 s eller’s tax jurisdiction when the transfer occurs, even though the pretax effects of that transaction are eliminated in consolidation. The new guidance will be effective for public entities for annual periods beginning after December 15, 2017. We do not ex pect the adoption of this new guidance to have a material impact on our Consolidated Financial Statements. Business Combinations — In January 2017, the FASB issued ASU 2017-01 , Clarifying the Definition of a Business . Th is ASU clarifies the definition of a b usiness in evaluating whether a transaction should be accounted for as an acquisition (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. Early adop tion is permitted. We do not expect the adoption of this guidance to have a material 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 Derecognition Guidance and Accounting for Partial 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 partial sales of nonfinancial assets once the amendments in Update 2014-09 become effective. The amendments will be effective for annual and interim periods beginning after December 15, 2017. We do not expect the adop tion of this 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 guidance will require changes in presentation of current service cost and other components of net benefit cost. This amendment 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. Receivables–Nonrefundable Fees and Other Costs —In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Secu rities . This 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 amendm ents will be effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. We do not expect the adoption of this 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 guidance will make more financial and nonfinancial hedging strategies eligible for hedge accounting and amends the presentation and disclosure req uirements while changing how companies assess hedge effectiveness. The amendments will be effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted and the Company will adopt the guidance effective January 1, 2 018. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. Accumulated Other Comprehensive In come— In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The guidance will permit entities to reclassify tax effects stranded in accumulated other comprehensive income as a result of the Tax Act to retained earnings . The amendment will be effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. We are currently assessing the impact of the amendment on our Consolidated Financial Statements. |
